nCino announces 7% workforce reduction

In a regulatory filing last night, nCino announced a workforce reduction of approximately seven percent and office space reductions in certain markets in "furtherance of its efforts to improve operating margins and advance the company’s objective of profitable growth as discussed on its third quarter fiscal 2023 earnings call." The company stated: "Communications to impacted employees will be completed by the end of the fourth quarter of the company’s fiscal 2023. The actions associated with the office space reductions are expected to be fully completed in fiscal 2024. The company expects to incur charges in the fourth quarter of the company’s fiscal 2023 of approximately $4.5 to $5.0M in connection with the plan. Cash payments consisting of severance and related benefit costs for terminated employees as well as lease exit fees are expected to be made in the first quarter of the company’s fiscal 2024. The company intends to exclude these charges from its non-GAAP financial measures."