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nCino Reports Second Quarter Fiscal Year 2026 Financial Results

1. nCino's total revenues increased by 12% year-over-year. 2. Subscription revenue rose 15% to $130.8 million. 3. Non-GAAP operating income grew 56%, signaling strong demand. 4. Repurchased 750,000 shares for $20 million, enhancing shareholder value. 5. Expanded relationships with major banks and entered Spain market.

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nCino's strong revenue growth and increasing demand indicate positive market reception. Historical parallels show that consistent revenue growth often drives stock appreciation.

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The article reflects significant operational achievements and future growth, highlighting profitability potential and solidifying investor confidence.

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The immediate response to quarterly results typically drives short-term price movement. The outlook for the next quarter suggests continued positive performance.

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August 26, 2025 16:05 ET  | Source: nCino, Inc. Total Revenues of $148.8M, up 12% year-over-yearSubscription Revenues of $130.8M, up 15% year-over-year WILMINGTON, N.C., Aug. 26, 2025 (GLOBE NEWSWIRE) -- nCino, Inc. (NASDAQ: NCNO), the leading provider of intelligent, best-in-class banking solutions, today announced financial results for the second quarter of fiscal year 2026, ended July 31, 2025. "We are pleased to report financial results that again exceeded quarterly guidance for total and subscription revenues, as well as non-GAAP operating income," said Sean Desmond, CEO at nCino. "We saw customer demand continue to strengthen in the second quarter, including for newer solutions and across our target markets, reinforcing our confidence in our strategy and in our improved financial outlook. Our vision of being the leader in AI-banking is rapidly coming into focus through continuous innovation and relentless pursuit of the substantial opportunity we are uniquely positioned for." Financial Highlights Revenues: Total revenues for the second quarter of fiscal 2026 were $148.8 million, a 12% increase from $132.4 million in the second quarter of fiscal 2025. Subscription revenues for the second quarter were $130.8 million, up from $113.9 million one year ago, an increase of 15%.Income (Loss) from Operations: GAAP loss from operations in the second quarter of fiscal 2026 was $(9.3) million compared to $(7.9) million in the same quarter of fiscal 2025. Non-GAAP operating income in the second quarter of fiscal 2026 was $30.0 million compared to $19.3 million in the second quarter of fiscal 2025, an increase of 56%.Net Income (Loss) Attributable to nCino: GAAP net income (loss) attributable to nCino in the second quarter of fiscal 2026 was $(15.3) million compared to $(11.0) million in the second quarter of fiscal 2025. Non-GAAP net income attributable to nCino in the second quarter of fiscal 2026 was $25.7 million compared to $15.6 million in the second quarter of fiscal 2025, an increase of 64%.Net Income (Loss) Attributable to nCino per Share: GAAP net income (loss) attributable to nCino in the second quarter of fiscal 2026 was $(0.13) per basic and diluted share compared to $(0.10) per basic and diluted share in the second quarter of fiscal 2025. Non-GAAP net income attributable to nCino in the second quarter was $0.22 per diluted share compared to $0.13 per diluted share in the second quarter of fiscal 2025.Cash: Cash, cash equivalents, and restricted cash were $123.2 million as of July 31, 2025 and $203.5 million was outstanding under nCino's revolving credit facility. In the second quarter ended July 31, 2025, nCino repurchased approximately 750,000 shares of the Company's outstanding common stock at an average share price of $26.89 for total consideration of approximately $20.0 million. Recent Business Highlights Renewed and expanded relationships with two top-50 banks in the U.S. and a top-5 Canadian bank: Continued to grow wallet share among North America's largest financial institutions with expanded commitments from commercial customers.Signed first Spanish customer: A non-bank lender in Spain became nCino's first customer in the country and will leverage nCino to scale their lending business.Expanded relationship with a British challenger bank: Upon renewal, expanded relationship with an existing customer in the UK to include nCino Client Lifecycle Management to deliver efficient onboarding and continuous compliance monitoring.Signed lending division of a top-25 home builder for nCino Mortgage: Signed a top home-builder for nCino Mortgage to enable nationwide growth. Financial Outlook nCino is providing guidance for its third quarter ending October 31, 2025, as follows: Total revenues between $146.0 million and $148.0 million.Subscription revenues between $127.5 million and $129.5 million.Non-GAAP operating income between $31.5 million and $33.5 million.Non-GAAP net income attributable to nCino per diluted share of $0.20 to $0.21. nCino is providing guidance for its fiscal year 2026 ending January 31, 2026, as follows: Total revenues between $585.0 million and $589.0 million.Subscription revenues between $513.5 million and $517.5 million.Non-GAAP operating income between $117.5 million and $121.5 million.Non-GAAP net income attributable to nCino per diluted share of $0.77 to $0.80.Annual Contract Value (ACV) between $564.0 million and $567.0 million. Conference CallnCino will host a conference call at 4:30 p.m. ET today to discuss its financial results and outlook. The conference call will be available via live webcast and replay at the Investor Relations section of nCino’s website: https://investor.ncino.com/news-events/events-and-presentations. About nCinonCino (NASDAQ: NCNO) is powering a new era in financial services. The Company was founded to help financial institutions digitize and reengineer business processes to boost efficiencies and create better banking experiences. With over 2,700 customers worldwide - including community banks, credit unions, independent mortgage banks, and the largest financial entities globally - nCino offers a trusted platform of best-in-class, intelligent solutions. By integrating artificial intelligence and actionable insights into its platform, nCino is helping financial institutions consolidate legacy systems to enhance strategic decision-making, improve risk management, and elevate customer satisfaction by cohesively bringing together people, AI and data. For more information, visit www.ncino.com. INVESTOR CONTACT Harrison Masters Harrison.masters@ncino.com MEDIA CONTACTpress@ncino.com  Forward-Looking Statements: This press release contains forward-looking statements about nCino's financial and operating results, which include statements regarding nCino’s future performance, outlook, guidance, the benefits from the use of nCino’s solutions, our strategies, and general business conditions. Forward-looking statements generally include actions, events, results, strategies and expectations and are often identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans,” “seeks,” “estimates,” “projects,” “may,” “will,” “could,” “might,” or “continues” or similar expressions and the negatives thereof. Any forward-looking statements contained in this press release are based upon nCino’s historical performance and its current plans, estimates, and expectations and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent nCino’s expectations as of the date of this press release. Subsequent events may cause these expectations to change and, except as may be required by law, nCino does not undertake any obligation to update or revise these forward-looking statements. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially including, but not limited to risks associated with (i) adverse changes in the financial services industry, including as a result of customer consolidation or bank failures; (ii) adverse changes in economic, regulatory, or market conditions, including as a direct or indirect consequence of higher interest rates; (iii) risks associated with acquisitions we have completed or may undertake, (iv) breaches in our security measures or unauthorized access to our customers’ or their clients' data; (v) the accuracy of management’s assumptions and estimates; (vi) our ability to attract new customers and succeed in having current customers expand their use of our solution, including in connection with our migration to an asset-based pricing model; (vii) competitive factors, including pricing pressures and migration to asset-based pricing, consolidation among competitors, entry of new competitors, the launch of new products and marketing initiatives by our competitors, and difficulty securing rights to access or integrate with third party products or data used by our customers; (viii) the rate of adoption of our newer solutions and the results of our efforts to sustain or expand the use and adoption of our more established solutions; (ix) fluctuation of our results of operations, which may make period-to-period comparisons less meaningful; (x) our ability to manage our growth effectively including expanding outside of the United States; (xi) adverse changes in our relationship with Salesforce; (xii) our ability to successfully acquire new companies and/or integrate acquisitions into our existing organization; (xiii) the loss of one or more customers, particularly any of our larger customers, or a reduction in the number of users our customers purchase access and use rights for; (xiv) system unavailability, system performance problems, or loss of data due to disruptions or other problems with our computing infrastructure or the infrastructure we rely on that is operated by third parties; (xv) our ability to maintain our corporate culture and attract and retain highly skilled employees; and (xvi) the outcome and impact of legal proceedings and related fees and expenses.  nCino, Inc.CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands)(Unaudited)  January 31, 2025 July 31, 2025Assets   Current assets   Cash and cash equivalents$120,928  $122,935 Accounts receivable, net 146,787   98,468 Costs capitalized to obtain revenue contracts, current portion, net 13,462   14,299 Prepaid expenses and other current assets 21,072   19,383 Total current assets 302,249   255,085 Property and equipment, net 74,953   77,430 Operating lease right-of-use assets, net 16,026   12,936 Costs capitalized to obtain revenue contracts, noncurrent, net 23,735   22,676 Goodwill 1,019,375   1,070,947 Intangible assets, net 154,571   151,920 Investments 9,294   7,262 Long-term prepaid expenses and other assets 10,178   17,761 Total assets$1,610,381  $1,616,017 Liabilities, redeemable non-controlling interest, and stockholders’ equity   Current liabilities   Accounts payable$13,640  $14,069 Accrued expenses and other current liabilities 39,865   33,654 Deferred revenue, current portion 191,174   194,883 Financing obligations, current portion 1,680   1,780 Operating lease liabilities, current portion 5,153   4,251 Total current liabilities 251,512   248,637 Operating lease liabilities, noncurrent 12,819   9,706 Deferred income taxes, noncurrent 13,851   19,421 Deferred revenue, noncurrent 269   157 Revolving credit facility, noncurrent 166,000   203,500 Financing obligations, noncurrent 51,172   50,248 Other long-term liabilities 17,160   17,185 Total liabilities 512,783   548,854 Commitments and contingencies   Redeemable non-controlling interest 8,286   10,345 Stockholders’ equity   Common stock 58   59 Treasury stock, at cost —   (60,598)Additional paid-in capital 1,474,413   1,510,517 Accumulated other comprehensive income (loss) 176   (121)Accumulated deficit (385,335)  (393,039)Total stockholders’ equity 1,089,312   1,056,818 Total liabilities, redeemable non-controlling interest, and stockholders’ equity$1,610,381  $1,616,017   nCino, Inc.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except share and per share data)(Unaudited)  Three Months Ended July 31, Six Months Ended July 31,  2024   2025   2024   2025 Revenues       Subscription$113,911  $130,752  $224,317  $256,340 Professional services and other 18,492   18,063   36,173   36,612 Total revenues 132,403   148,815   260,490   292,952 Cost of revenues       Subscription 33,367   37,992   65,147   74,117 Professional services and other 20,564   22,698   39,964   44,268 Total cost of revenues 53,931   60,690   105,111   118,385 Gross profit 78,472   88,125   155,379   174,567 Gross margin % 59%  59%  60%  60%Operating expenses       Sales and marketing 31,713   37,265   59,758   70,236 Research and development 34,271   34,667   64,252   68,008 General and administrative 20,394   25,489   42,938   47,132 Total operating expenses 86,378   97,421   166,948   185,376 Loss from operations (7,906)  (9,296)  (11,569)  (10,809)Non-operating income (expense)       Interest income 321   513   926   930 Interest expense (1,835)  (4,444)  (3,312)  (8,894)Other income (expense), net 150   717   (594)  16,814 Loss before income taxes (9,270)  (12,510)  (14,549)  (1,959)Income tax provision (benefit) 1,753   1,209   (1,229)  5,743 Net loss (11,023)  (13,719)  (13,320)  (7,702)Net income (loss) attributable to redeemable non-controlling interest (58)  (74)  (223)  2 Adjustment attributable to redeemable non-controlling interest 75   1,612   919   1,991 Net loss attributable to nCino, Inc.$(11,040) $(15,257) $(14,016) $(9,695)Net loss per share attributable to nCino, Inc.:       Basic and diluted$(0.10) $(0.13) $(0.12) $(0.08)Weighted average number of common shares outstanding:       Basic and diluted 115,180,130   115,256,497   114,694,001   114,657,339   nCino, Inc.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands)(Unaudited)  Six Months Ended July 31,  2024   2025 Cash flows from operating activities   Net loss attributable to nCino, Inc.$(14,016) $(9,695)Net loss and adjustment attributable to redeemable non-controlling interest 696   1,993 Net loss (13,320)  (7,702)Adjustments to reconcile net loss to net cash provided by operating activities:   Depreciation and amortization 17,219   21,407 Non-cash operating lease costs 2,715   2,273 Amortization of costs capitalized to obtain revenue contracts 5,645   7,230 Amortization of debt issuance costs 31   144 Stock-based compensation 35,044   34,430 Change in fair value of contingent consideration —   300 Deferred income taxes (2,656)  4,003 Provision for bad debt 25   153 Net foreign currency losses (gains) 392   (14,018)Gains on investments —   (1,652)Loss on disposal of long-lived assets 30   463 Change in operating assets and liabilities:   Accounts receivable 37,778   51,837 Costs capitalized to obtain revenue contracts (8,382)  (6,639)Prepaid expenses and other assets (2,430)  1,629 Accounts payable 768   660 Accrued expenses and other liabilities (8,645)  (16,368)Deferred revenue (2,572)  (3,411)Operating lease liabilities (2,201)  (2,606)Other long term liabilities —   (77)Net cash provided by operating activities 59,441   72,056 Cash flows from investing activities   Acquisition of business, net of cash acquired (90,839)  (50,263)Acquisition of assets (300)  — Purchases of property and equipment (786)  (6,866)Sale of investment —   3,684 Net cash used in investing activities (91,925)  (53,445)Cash flows from financing activities   Repurchases of common stock —   (60,598)Proceeds from borrowings on revolving credit facility 75,000   102,500 Payments on revolving credit facility (35,000)  (65,000)Payments of debt issuance costs (370)  — Exercise of stock options 1,737   1,294 Stock issuance under the employee stock purchase plan 2,514   2,444 Principal payments on financing obligations (722)  (824)Net cash provided by (used in) financing activities 43,159   (20,184)Effect of foreign currency exchange rate changes on cash, cash equivalents, and restricted cash (1,354)  3,529 Net increase in cash, cash equivalents, and restricted cash 9,321   1,956 Cash, cash equivalents, and restricted cash, beginning of period 117,444   121,267 Cash, cash equivalents, and restricted cash, end of period$126,765  $123,223     Reconciliation of cash, cash equivalents, and restricted cash, end of period:   Cash and cash equivalents$121,410  $122,935 Restricted cash included in long-term prepaid expenses and other assets 5,355   156 Total cash, cash equivalents, and restricted cash, end of period$126,765  $123,223   Non-GAAP Financial Measures In nCino’s public disclosures, nCino has provided non-GAAP measures, which are measurements of financial performance that have not been prepared in accordance with generally accepted accounting principles in the United States, or GAAP. In addition to its GAAP measures, nCino uses these non-GAAP financial measures internally for budgeting and resource allocation purposes and in analyzing our financial results. For the reasons set forth below, nCino believes that excluding the following items provides information that is helpful in understanding our operating results, evaluating our future prospects, comparing our financial results across accounting periods, and comparing our financial results to our peers, many of which provide similar non-GAAP financial measures. Amortization of Purchased Intangibles. nCino incurs amortization expense for purchased intangible assets in connection with certain mergers and acquisitions. Because these costs have already been incurred, cannot be recovered, are non-cash, and are affected by the inherent subjective nature of purchase price allocations, nCino excludes these expenses for our internal management reporting processes. nCino’s management also finds it useful to exclude these charges when assessing the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Although nCino excludes amortization expense for purchased intangibles from these non-GAAP measures, management believes it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation. Stock-Based Compensation Expenses. nCino excludes stock-based compensation expenses primarily because they are non-cash expenses that nCino excludes from our internal management reporting processes. nCino’s management also finds it useful to exclude these expenses when they assess the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Moreover, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use, nCino believes excluding stock-based compensation expenses allows investors to make meaningful comparisons between our recurring core business operating results and those of other companies.  Acquisition-Related Expenses. nCino excludes expenses related to acquisitions as they limit comparability of operating results with prior periods. Acquisition-related expenses include but are not limited to: costs incurred from third-party professional services firms in connection with business combination and one-time integration activities. We believe these costs are non-recurring in nature and outside the ordinary course of business.  Litigation Expenses. nCino excludes fees and expenses related to litigation expenses incurred from legal matters outside the ordinary course of our business as we believe their exclusion from non-GAAP operating expenses will facilitate a more meaningful explanation of operating results and comparisons with prior period results. Restructuring Costs. nCino excludes costs incurred related to bespoke restructuring plans and other one-time costs, if any, that are fundamentally different in strategic nature and frequency from ongoing initiatives. We believe excluding these costs facilitates a more consistent comparison of operating performance over time. Adjustments to stock-based compensation in connection with restructuring events, if any, are presented in Stock-Based Compensation Expenses. Intercompany Foreign Currency Exchange Gains/Losses. Beginning with the first quarter of fiscal 2026, nCino adjusts for foreign currency exchange gains and losses primarily from the remeasurement of intercompany loans and transactions that are denominated in currencies other than the underlying functional currency of the applicable entity. We believe foreign currency gains and losses on intercompany loans and transactions is not indicative of our results and business outlook. Prior period amounts have been recast to reflect this change. Tax (Benefit) Provision Related to Acquisitions. Upon certain acquisitions, nCino may adjust the valuation allowance against deferred tax assets, resulting in a one-time tax benefit or provision recorded in income tax (benefit) provision. We believe that the exclusion of this benefit or provision from our non-GAAP net loss attributable to nCino and non-GAAP net loss attributable to nCino per share provides a more direct comparison to all periods presented. Income Tax Effect on Non-GAAP Adjustments. The income tax effects are related to the imputed tax impact on the difference between GAAP and non-GAAP costs and expenses. Adjustment to Redeemable Non-Controlling Interest. nCino adjusts the value of redeemable non-controlling interest of its joint venture nCino K.K. in accordance with the operating agreement for that entity. nCino believes investors benefit from an understanding of the company’s operating results absent the effect of this adjustment, and for comparability, has reconciled this adjustment for previously reported non-GAAP results.  There are limitations to using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures provided by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by nCino’s management about which items are adjusted to calculate its non-GAAP financial measures. nCino compensates for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in its public disclosures. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. nCino encourages investors and others to review our financial information in its entirety, not to rely on any single financial measure to evaluate our business, and to view our non-GAAP financial measures in conjunction with the most directly comparable GAAP financial measures. A reconciliation of GAAP to the non-GAAP financial measures has been provided in the tables below. nCino, Inc.RECONCILIATION OF GAAP TO NON-GAAP MEASURES(In thousands, except share and per share data)(Unaudited)  Three Months Ended July 31, Six Months Ended July 31,  2024   2025   2024   2025 GAAP total revenues$132,403  $148,815  $260,490  $292,952         GAAP cost of subscription revenues$33,367  $37,992  $65,147  $74,117 Amortization expense - developed technology (4,404)  (5,115)  (8,522)  (10,190)Stock-based compensation (793)  (830)  (1,355)  (1,494)Restructuring charges —   (496)  —   (496)Non-GAAP cost of subscription revenues$28,170  $31,551  $55,270  $61,937         GAAP cost of professional services and other revenues$20,564  $22,698  $39,964  $44,268 Amortization expense - other (83)  (83)  (165)  (165)Stock-based compensation (2,980)  (3,315)  (5,759)  (6,069)Restructuring charges —   (722)  —   (722)Non-GAAP cost of professional services and other$17,501  $18,578  $34,040  $37,312         GAAP gross profit$78,472  $88,125  $155,379  $174,567 Amortization expense - developed technology 4,404   5,115   8,522   10,190 Amortization expense - other 83   83   165   165 Stock-based compensation 3,773   4,145   7,114   7,563 Restructuring charges —   1,218   —   1,218 Non-GAAP gross profit$86,732  $98,686  $171,180  $193,703         The following table sets forth reconciling items as a percentage of total revenue for the periods presented.1GAAP gross margin % 59%  59%  60%  60%Amortization expense - developed technology 3   3   3   3 Amortization expense - other —   —   —   — Stock-based compensation 3   3   3   3 Restructuring charges —   1   —   — Non-GAAP gross margin % 66%  66%  66%  66%        GAAP sales & marketing expense$31,713  $37,265  $59,758  $70,236 Amortization expense - customer relationships (2,730)  (3,631)  (5,153)  (7,211)Amortization expense - trade name (104)  (384)  (147)  (808)Amortization expense - other (28)  (28)  (44)  (56)Stock-based compensation (4,184)  (3,746)  (8,140)  (6,674)Restructuring charges —   (1,383)  —   (1,383)Acquisition-related expenses —   —   —   (335)Non-GAAP sales & marketing expense$24,667  $28,093  $46,274  $53,769         GAAP research & development expense$34,271  $34,667  $64,252  $68,008 Stock-based compensation (5,286)  (3,685)  (9,512)  (7,800)Restructuring charges —   (4,026)  —   (4,026)Acquisition-related expenses —   (366)  —   (456)Non-GAAP research & development expense$28,985  $26,590  $54,740  $55,726         GAAP general & administrative expense$20,394  $25,489  $42,938  $47,132 Stock-based compensation (5,596)  (7,040)  (10,278)  (12,393)Acquisition-related expenses (947)  (1,018)  (5,987)  (1,933)Litigation expenses (69)  —   (250)  — Restructuring charges —   (3,438)  —   (3,438)Non-GAAP general & administrative expense$13,782  $13,993  $26,423  $29,368         GAAP loss from operations$(7,906) $(9,296) $(11,569) $(10,809)Amortization of intangible assets 7,349   9,241   14,031   18,430 Stock-based compensation 18,839   18,616   35,044   34,430 Acquisition-related expenses 947   1,384   5,987   2,724 Litigation expenses 69   —   250   — Restructuring charges —   10,065   —   10,065 Non-GAAP operating income$19,298  $30,010  $43,743  $54,840         The following table sets forth reconciling items as a percentage of total revenue for the periods presented.1GAAP operating margin %(6) % (6) % (4) % (4) %Amortization of intangible assets 6   6   5   6 Stock-based compensation 14   13   13   12 Acquisition-related expenses 1   1   2   1 Litigation expenses —   —   —   — Restructuring charges —   7   —   3 Non-GAAP operating margin % 15%  20%  17%  19%        GAAP net loss attributable to nCino, Inc.$(11,040) $(15,257) $(14,016) $(9,695)Amortization of intangible assets 7,349   9,241   14,031   18,430 Stock-based compensation 18,839   18,616   35,044   34,430 Acquisition-related expenses 947   1,384   5,987   2,724 Litigation expenses 69   —   250   — Restructuring charges —   10,065   —   10,065 Intercompany foreign currency Exchange (gain)/loss2 (278)  (650)  566   (14,950)Tax provision (benefit) related to acquisition —   2,508   (3,609)  553 Income tax effect on non-GAAP adjustments3 (313)  (1,845)  (763)  533 Adjustment attributable to redeemable non-controlling interest 75   1,612   919   1,991 Non-GAAP net income attributable to nCino, Inc.$15,648  $25,674  $38,409  $44,081         Basic and diluted GAAP net loss attributable to nCino, Inc. per share$(0.10) $(0.13) $(0.12) $(0.08)Weighted-average shares used to compute basic and diluted GAAP net loss attributable to nCino, Inc. per share 115,180,130   115,256,497   114,694,001   114,657,339         Basic non-GAAP net income attributable to nCino, Inc. per share$0.14  $0.22  $0.33  $0.38 Weighted-average shares used to compute basic non-GAAP net income attributable to nCino, Inc. per share 115,180,130   115,256,497   114,694,001   114,657,339         Diluted non-GAAP net income attributable to nCino, Inc. per share$0.13  $0.22  $0.33  $0.38 Weighted-average shares used to compute diluted non-GAAP net income attributable to nCino, Inc. per share 116,849,057   116,561,782   116,706,457   116,208,579         Free cash flow       Net cash provided by operating activities$4,999  $17,736  $59,441  $72,056 Purchases of property and equipment (444)  (5,148)  (786)  (6,866)Free cash flow$4,555  $12,588  $58,655  $65,190 Principal payments on financing obligations4 (363)  (414)  (722)  (824)Free cash flow less principal payments on financing obligations$4,192  $12,174  $57,933  $64,366  1 Columns may not foot due to rounding.2 Effective the beginning of our first quarter for fiscal year 2026, we are excluding intercompany foreign currency exchange gains and losses from the remeasurement of intercompany loans and transactions that are denominated in currencies other than the underlying functional currency of the applicable entity. Prior period amounts have been recast to reflect this change.3 Income tax adjustments for prior periods have been recast related to excluding intercompany foreign currency exchange gains and losses related to intercompany loans and transactions from the remeasurement of intercompany loans and transactions that are denominated in currencies other than the underlying functional currency of the applicable entity as stated in the note above.4 These amounts represent the non-interest component of payments towards financing obligations for facilities.

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