nCino, Inc. (NCNO) presents a deeply negative liquidation posture as of January 31, 2026. The company's $1.65B total asset base is dominated by goodwill ($1.08B, 65% of total assets) and finite-lived intangibles ($136M net), both of which receive a zero recovery haircut under the liquidation lens. Cash and equivalents of $88M recover at face value, and gross AR of $140M (net $167M including unbilled) recovers at approximately 90-95%, yielding roughly $125-133M. Total assets at liquidation value approximate $280-310M after applying standard haircuts across the remaining balance sheet — primarily cash, AR, operating ROU assets at partial recovery, and property/equipment net of accumulated depreciation ($74M gross PP&E less $30M accumulated depreciation, recovering at 50-70% or ~$22-31M). Against this, total liabilities stand at $579M at face value, including $213.5M drawn on the 2024 revolving credit facility (up from $166M at January 31, 2025, a $47.5M increase in one year), $51.2M in financing obligations tied to the headquarters building/parking structure (extended to October 2039 with purchase option to November 2028), $14.0M operating lease obligations, $210.6M current deferred revenue (which survives on wind-up as a refund obligation), and $9.7M contingent consideration liability. The MFFAIS cash liquidation value of negative $266M is directionally consistent with this construct. The most significant change from the prior period (Q3 FY2026, 10-Q for period ended October 31, 2025) is the revolving credit facility drawdown increasing from $203.5M to $213.5M by January 31, 2026, and the subsequent post-period-end layering of a $200M term loan facility (executed March 30, 2026) plus a $100M accelerated share repurchase — materially worsening the pro forma liability stack before the next annual filing. The 2026 Restructuring Plan generated $10.1M in charges (substantially complete by Q2 FY2026), including $1.3M in asset write-offs, slightly reducing the tangible asset base. Purchase commitments of $165.8M (heavily front-loaded: $86.5M in FY2027 and $78.2M in FY2028 for licenses and hosting) do not appear on the balance sheet but represent firm obligations that would crystallize on wind-up. Goodwill of $1.08B and intangibles of $136M net are the primary drivers of the equity deficiency under liquidation analysis. Filing discusses significant deferred tax assets ($226M gross, $152M valuation allowance) but these are excluded from recovery under the liquidation lens. No goodwill impairment was recorded in FY2026.
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