Coupa Software today announced financial results for its third fiscal quarter ended October 31, 2021.
“We delivered another strong quarter with record revenue and profitability,” said Rob Bernshteyn, chairman and chief executive officer at Coupa. “As demonstrated by our third quarter results, we are seeing strong adoption of the Coupa platform as our customers continue to prioritize Business Spend Management as a fundamental aspect of their go-forward strategy. With the fourth quarter well under way, we continue to leverage our Value-as-a-Service approach to add strategic customers across many industries and of all sizes.”
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Third Quarter Results:
- Total revenues were $185.8 million, an increase of 40% compared to the same period last year. Subscription revenues were $164.7 million, an increase of 40% compared to the same period last year.
- GAAP operating loss was $56.1 million, compared to $33.6 million for the same period last year. Non-GAAP operating income was $27.9 million, compared to $14.3 million for the same period last year.
- GAAP net loss attributable to Coupa Software Incorporated was $91.2 million, compared to $60.8 million for the same period last year. GAAP net loss per basic and diluted share attributable to Coupa Software Incorporated was $1.23, compared to $0.88 for the same period last year. Non-GAAP net income attributable to Coupa Software Incorporated was $23.5 million, compared to $13.0 million for the same period last year. Non-GAAP net income per diluted share attributable to Coupa Software Incorporated was $0.31, compared to $0.18 for the same period last year.
- Operating cash flows and adjusted free cash flows were positive $31.0 million and $28.2 million, respectively.
See the section titled “Non-GAAP Financial Measures” and the reconciliation tables below for important information regarding the non-GAAP financial measures used by Coupa.
Business Outlook:
The following forward-looking statements reflect Coupa’s expectations as of December 6, 2021.
Fourth quarter of fiscal 2022:
- Total revenues are expected to be $185.0 to $186.0 million.
- Subscription revenues are expected to be $166.0 to $167.0 million.
- Professional services and other revenues are expected to be approximately $19.0 million.
- Non-GAAP income from operations is expected to be $8.0 to $10.0 million.
- Non-GAAP net income per diluted share attributable to Coupa Software Incorporated is expected to be $0.03 to $0.05 per share.
- Diluted weighted average share count is expected to be approximately 77.0 million shares.
Full year fiscal 2022:
- Total revenues are expected to be $717.0 to $718.0 million.
- Non-GAAP income from operations is expected to be $70.0 to $72.0 million.
- Non-GAAP net income per diluted share attributable to Coupa Software Incorporated is expected to be $0.66 to $0.69 per share.
- Diluted weighted average share count is expected to be approximately 76.5 million shares.
Coupa has not reconciled its expectations for non-GAAP income from operations to GAAP loss from operations, or non-GAAP net income per diluted share attributable to Coupa Software Incorporated to GAAP net loss per share attributable to Coupa Software Incorporated because certain items excluded from non-GAAP income from operations and non-GAAP net income per diluted share attributable to Coupa Software Incorporated, such as charges related to stock-based compensation expenses, amortization of acquired intangible assets, amortization of debt discount and issuance costs, gain or loss on conversion of convertible senior notes, the adjustment attributable to redeemable non-controlling interests, and related tax effects, including non-recurring income tax adjustments, cannot be reasonably calculated or predicted at this time. In addition, the effect of the anti-dilutive impact of the capped call transactions entered into in connection with the company’s offerings of convertible notes in 2018, 2019 and 2020, respectively, cannot be reasonably calculated or predicted at this time. The effect of these items may be significant.
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Recent Business Highlights:
- Welcomed many new customers into the Coupa community in Q3, including the following: Angi, Aptim Holdings, Atr, Capsida Biotherapeutics, Compass Minerals International, Covetrus, DEVK Versicherungen, EDEKA Handelsgesellschaft Nord, Endeavor Group Limited, Orbia Advance Corporation, Softbank, and Yazaki North America.
- Named a Gartner® Magic Quadrant™ Leader for P2P Suites for the sixth consecutive time1
- Named a leader in ten Spend Matters SolutionMaps, covering every area of Source-to-Pay2
- Named a Best Led Workplace in 2021 by Inc3
- Became a Globally Certified Great Place to Work across the US, UK, India, Germany, and Ireland for 2021-20224
- Named to Fortune’s 2021 Future 50 list5
- Awarded a Silver medal sustainability rating from EcoVadis
- Debuted its campaign, “Behold the Power of Spend” at the World Series, F-1, Premier League, and Bundesliga events
- Opened registration for its 2022 global Business Spend Management (BSM) community conference Inspire in North America and EMEA
- Hosted its annual Global Volunteer Day with well over 500 employees participating across 35 offices
- Hosted a virtual panel “Women of Impact: Own Your Career” put on by Coupa Empower
- Hosted a Supply Chain Symposium in London bringing together supply chain leaders from across the UK
- Welcomed supply chain risk management and operational resilience company Interos to its portfolio of Coupa Ventures investments
Conference Call Information:
Coupa will host a conference call and live webcast for analysts and investors at 4:30 p.m. Eastern time today.
The live webcast will be accessible on Coupa’s investor relations website at http://investors.coupa.com. A replay will be available through the same link.
