Record Quarterly Revenues of $44.6 Million,
First Half Operating Cash Flows of $16.3 Million
Coupa Software (NASDAQ:COUP), a leader in cloud-based spend
management, today announced its financial results for the second
quarter of fiscal 2018, as follows:
- Revenues: Total revenues were $44.6 million,
an increase of 43% from the same period last year. Subscription
services revenues were $39.8 million, an increase of 43% from the
same period last year.
- Loss from Operations: GAAP operating loss was
$14.4 million, compared to a loss of $11.4 million for the same
period last year. Non-GAAP operating loss was $5.7 million,
compared to a loss of $9.6 million for the same period last
year.
- Net Loss: GAAP net loss was $13.7 million,
compared to a loss of $12.4 million for the same period last year.
GAAP net loss per basic and diluted share was $0.26, compared to a
loss of $2.13 for the same period last year. Non-GAAP net loss was
$5.4 million, compared to a loss of $10.6 million for the same
period last year. Non-GAAP net loss per basic and diluted share was
$0.10, compared to a loss of $1.83 for the same period last
year.
- Balance Sheet: Cash and cash equivalents were
$208.3 million as of July 31, 2017. Total deferred revenue was
$95.8 million as of July 31, 2017.
- Cash Flow: Cash flow provided from operating
activities for the six months ended July 31, 2017, was $16.3
million.
“Q2 was another strong quarter for Coupa, and I am pleased with
our performance across the board,” said Rob Bernshteyn, CEO of
Coupa. “Both total and subscription revenues grew 43%
year-over-year, and we achieved positive operating cash flows for
the quarter and year to date. Cumulative spend under management
surpassed $500 billion this quarter, nearly doubling from our
cumulative total a year ago, as companies continue to realize
substantial value from the Coupa platform.”
Business Outlook:
The following forward-looking statements reflect Coupa’s
expectations as of September 5, 2017.
Third quarter of fiscal 2018:
- Total revenues are expected to be between $44.8 and $45.3
million, with approximately $4 million from professional
services.
- Non-GAAP loss from operations is expected to be between $5.5
and $6.5 million.
- Non-GAAP net loss per share is expected to be between $0.10
loss and $0.12 loss per share.
- Basic and diluted weighted average share count is expected to
be approximately 53.8 million shares.
Full year fiscal 2018:
- Total revenues are expected to be between $177 and $179
million.
- Non-GAAP loss from operations is expected to be between $25.0
and $26.0 million.
- Non-GAAP net loss per share is expected to be between $0.48
loss and $0.50 loss per share.
- Basic and diluted weighted average share count is expected to
be approximately 53.0 million shares.
See the sections titled “Non-GAAP Financial Measures and Key
Metrics” and the reconciliation tables below for important details
regarding our non-GAAP measures.
Recent Business Highlights:
• New customer wins in Q2 included, among others, the
following key customers:
- Unilever: A multinational Fortune 500 company with 2.5 billion
consumers who use Unilever products to look good, feel good and get
more out of life;
- Glencore Canada: One of the world’s largest global diversified
natural resource companies and a major producer and marketer of
more than 90 commodities;
- FlexTrade Systems: The global leader in high performance
execution management and order management systems for equities,
foreign exchange, options, futures and fixed income;
- Mineral Resources Limited: A leading Australian based mining
services and processing company;
- Other customer wins included: QuikTrip, Harley Marine Services,
GEODIS, Opendoor Labs, Costcutter Supermarkets Group, Amerisource
Industrial Supply Company, American National Insurance Company and
Armanino LLP.
• Coupa appointed veteran software industry marketer
Chandar Pattabhiram as Chief Marketing Officer. With over 23
years of experience in technology companies including Marketo, IBM
and Accenture, Pattabhiram will lead Coupa’s global marketing
strategy.
• Coupa was recognized by various leading industry
analysts, including the following:
- Coupa was named “one of today’s leading global AP automation
providers” in the 2017 Global AP Automation Report by PayStream
Advisors.
- Coupa’s travel and expense management (TEM) capabilities were
profiled in a recent Gartner report on how modern TEM applications
can improve the end user experience and add business value for
organizations.
- Coupa was listed in a Billentis report entitled E-Invoicing /
E-Billing Report, 2017, as one of the forward-thinking companies
that provides disruptive, next-generation technologies to digitize
paper-based systems.
- Finally, Coupa was officially certified as a “Great Place to
Work” by the Great Place to Work Organization, the global authority
on building, sustaining, and recognizing high-trust,
high-performing workplace cultures.
Conference Call Information:
Coupa will host a conference call and live webcast for analysts
and investors at 5:00 p.m. Eastern time today.
- Parties in the U.S. and Canada can access the call by dialing
888-213-3918, using conference code 8088764.
- International parties can access the call by dialing
719-325-2312, using conference code 8088764.
The webcast will be accessible on Coupa’s investor relations
website at http://investors.coupa.com. A replay will be available
through the same link. A telephonic replay of the conference call
will be available through Tuesday, September 12, 2017. To access
the replay, parties in the U.S. and Canada should call 888-203-1112
and enter conference code 8088764. International parties should
call 719-457-0820 and enter conference code 8088764.
Non-GAAP Financial Measures and Key
Metrics:
In addition to disclosing financial measures prepared in
accordance with U.S. generally accepted accounting principles
(GAAP), this press release and the accompanying tables contain
certain non-GAAP financial measures that exclude stock-based
compensation expense, litigation-related costs, amortization of
intangible assets acquired in mergers and acquisitions, and related
tax effects. We believe these non-GAAP measures are useful in
evaluating our operating performance and regularly review these
measures as we evaluate our business.
We believe these non-GAAP measures provide investors and other
users of our financial information consistency and comparability
with our past financial performance and facilitate period to period
comparisons of operations. We believe these non-GAAP measures are
useful in evaluating our operating performance compared to that of
other companies in our industry, as they generally eliminate the
effects of certain items that may vary for different companies for
reasons unrelated to overall operating performance.
We use these non-GAAP measures in conjunction with GAAP measures
as part of our overall assessment of our performance, including the
preparation of our annual operating budget and quarterly forecasts,
to evaluate the effectiveness of our business strategies and to
communicate with our board of directors concerning our financial
performance. The definitions of our non-GAAP measures may differ
from the definitions used by other companies and therefore
comparability may be limited. In addition, other companies may not
publish these or similar metrics. Thus, our non-GAAP measures
should be considered in addition to, not as substitutes for, or in
isolation from, measures prepared in accordance with GAAP.
We compensate for these limitations by providing investors and
other users of our financial information a reconciliation of
non-GAAP measures to the related GAAP financial measures. We
encourage investors and others to review our financial information
in its entirety, not to rely on any single financial measure and to
view our non-GAAP measures in conjunction with GAAP financial
measures. Please see the reconciliation of non-GAAP financial
measures to the most directly comparable GAAP measures attached to
this release.
With respect to Coupa’s guidance as provided under “Business
Outlook” above, Coupa has not reconciled its expectations as to
non-GAAP loss from operations to GAAP loss from operations or
non-GAAP net loss per share to GAAP net loss per share because
certain items excluded from non-GAAP operating loss, such as
charges related to stock-based compensation expense,
litigation-related costs, amortization of intangible assets
acquired in mergers and acquisitions, and related tax effects,
cannot be reasonably calculated or predicted at this time. The
effect of these excluded items may be significant.
We also use key metrics such as cumulative spend under
management, which represents the aggregate amount of money that has
been transacted through our core Coupa platform for all of our
customers collectively since we launched our platform. We calculate
this metric by aggregating the actual transaction data, such as
invoices, purchase orders and expenses, from customers on our core
Coupa platform. While we do not believe this metric is directly
correlated to our financial results, we believe the adoption of our
core platform, as evidenced by growth in cumulative spend under
management, drives additional value to our customers, which will
enhance our ability to acquire new customers and to increase
renewals and upsells to existing customers.
Forward-Looking Statements:
This release includes forward-looking statements. All statements
other than statements of historical facts, including the statements
in “Business Outlook" are forward-looking statements. These
forward-looking statements are based on Coupa’s current
expectations and projections about future events and trends that
Coupa believes may affect its financial condition, results of
operations, strategy, short- and long-term business operations and
objectives, and financial needs.
These forward-looking statements are subject to a number of
risks, uncertainties and assumptions that may cause actual results
to differ materially, including: we have a limited operating
history, which makes it difficult to predict our future operating
results; if we are unable to attract new customers, the growth of
our revenues will be adversely affected; because our platform is
sold to large enterprises with complex operating environments, we
encounter long and unpredictable sales cycles; the markets in which
we participate are intensely competitive; our business depends
substantially on our customers renewing their subscriptions and
purchasing additional subscriptions from us; risks and liabilities
related to breach of our security measures or unauthorized access
to customer data; if we fail to develop widespread brand awareness
cost-effectively, our business may suffer; and we have experienced
rapid growth in recent periods, and if we fail to manage our growth
effectively, we may be unable to execute our business plan,
maintain high levels of service or adequately address competitive
challenges.
These and other risks and uncertainties that could affect
Coupa’s future results are included under the captions “Risk
Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations,” in Coupa’s quarterly report
on Form 10-Q filed with the SEC on June 9, 2017, which is available
at www.investors.coupa.com and on the SEC’s website at www.sec.gov.
Further information on potential risks that could affect actual
results will be included in other filings Coupa makes with the SEC
from time to time.
The forward-looking statements in this release reflect Coupa’s
expectations as of September 5, 2017. Coupa undertakes no
obligation to update publicly any forward-looking statements for
any reason after the date of this release to conform these
statements to actual results or to changes in our expectations.
About Coupa Software Coupa Software
(NASDAQ:COUP) is the cloud platform for business spend. We deliver
“Value as a Service” by helping our customers maximize their spend
under management, achieve significant cost savings and drive
profitability. Coupa provides a unified, cloud-based spend
management platform that connects hundreds of organizations
representing the Americas, EMEA, and APAC with millions of
suppliers globally. The Coupa platform provides greater visibility
into and control over how companies spend money. Customers – small,
medium and large – have used the Coupa platform to bring billions
of dollars in cumulative spend under management. Learn more at
www.coupa.com. Read more on the Coupa Blog or follow @Coupa on
Twitter.
COUPA SOFTWARE INCORPORATED |
|
Condensed Consolidated Statements of
Operations and Comprehensive Loss |
|
(In thousands, except per share
amounts) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
July 31, |
|
July 31, |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
Subscription services |
|
$ |
39,764 |
|
|
$ |
27,783 |
|
|
$ |
75,428 |
|
|
$ |
53,155 |
|
|
Professional services and other |
|
|
4,787 |
|
|
|
3,349 |
|
|
|
10,260 |
|
|
|
7,160 |
|
|
Total
revenues |
|
|
44,551 |
|
|
|
31,132 |
|
|
|
85,688 |
|
|
|
60,315 |
|
|
Cost of
revenues: |
|
|
|
|
|
|
|
|
|
Subscription services |
|
|
9,025 |
|
|
|
6,029 |
|
|
|
17,021 |
|
|
|
12,079 |
|
|
Professional services and other |
|
|
5,923 |
|
|
|
5,452 |
|
|
|
11,424 |
|
|
|
11,420 |
|
|
Total
cost of revenues |
|
|
14,948 |
|
|
|
11,481 |
|
|
|
28,445 |
|
|
|
23,499 |
|
|
Gross
profit |
|
|
29,603 |
|
|
|
19,651 |
|
|
|
57,243 |
|
|
|
36,816 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
Research
and development |
|
|
10,720 |
|
|
|
7,206 |
|
|
|
19,892 |
|
|
|
15,046 |
|
|
Sales and
marketing |
|
|
23,812 |
|
|
|
19,252 |
|
|
|
44,490 |
|
|
|
35,088 |
|
|
General
and administrative |
|
|
9,430 |
|
|
|
4,620 |
|
|
|
17,607 |
|
|
|
10,173 |
|
|
Total
operating expenses |
|
|
43,962 |
|
|
|
31,078 |
|
|
|
81,989 |
|
|
|
60,307 |
|
|
Loss
from operations |
|
|
(14,359 |
) |
|
|
(11,427 |
) |
|
|
(24,746 |
) |
|
|
(23,491 |
) |
|
Other
income (expense), net |
|
|
707 |
|
|
|
(846 |
) |
|
|
1,141 |
|
|
|
(523 |
) |
|
Loss
before provision for income taxes |
|
|
(13,652 |
) |
|
|
(12,273 |
) |
|
|
(23,605 |
) |
|
|
(24,014 |
) |
|
Provision for income taxes |
|
|
90 |
|
|
|
165 |
|
|
|
175 |
|
|
|
291 |
|
|
Net loss
and comprehensive loss |
|
$ |
(13,742 |
) |
|
$ |
(12,438 |
) |
|
$ |
(23,780 |
) |
|
$ |
(24,305 |
) |
|
Net loss
per share attributable to common stockholders, basic and
diluted |
|
$ |
(0.26 |
) |
|
$ |
(2.13 |
) |
|
$ |
(0.46 |
) |
|
$ |
(4.25 |
) |
|
Weighted-average number of shares used in computing net loss per
share attributable to common stockholders, basic and diluted |
|
|
52,749 |
|
|
|
5,826 |
|
|
|
51,681 |
|
|
|
5,721 |
|
|
|
|
|
|
|
|
|
|
|
|
COUPA SOFTWARE INCORPORATED |
|
Condensed Consolidated Balance
Sheets |
|
(In thousands, except share and per share
amounts) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
July 31, |
|
January 31, |
|
|
|
|
2017 |
|
|
|
2017 |
|
|
Assets |
|
|
|
|
|
Current
assets: |
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
208,340 |
|
|
$ |
201,721 |
|
|
Accounts
receivable, net of allowances |
|
|
36,730 |
|
|
|
47,614 |
|
|
Prepaid
expenses and other current assets |
|
|
7,652 |
|
|
|
9,150 |
|
|
Deferred
commissions, current portion |
|
|
2,978 |
|
|
|
3,091 |
|
|
Total
current assets |
|
|
255,700 |
|
|
|
261,576 |
|
|
Property
and equipment, net |
|
|
4,654 |
|
|
|
4,642 |
|
|
Deferred
commissions, net of current portion |
|
|
2,870 |
|
|
|
2,895 |
|
|
Goodwill |
|
|
37,146 |
|
|
|
6,306 |
|
|
Intangible assets, net |
|
|
17,521 |
|
|
|
5,848 |
|
|
Other
assets |
|
|
3,643 |
|
|
|
2,597 |
|
|
Total
assets |
|
$ |
321,534 |
|
|
$ |
283,864 |
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts
payable |
|
$ |
1,056 |
|
|
$ |
1,175 |
|
|
Accrued
expenses and other current liabilities |
|
|
25,435 |
|
|
|
17,490 |
|
|
Deferred
revenue, current portion |
|
|
94,758 |
|
|
|
89,872 |
|
|
Total
current liabilities |
|
|
121,249 |
|
|
|
108,537 |
|
|
Deferred
revenue, net of current portion |
|
|
1,023 |
|
|
|
968 |
|
|
Other
liabilities |
|
|
4,262 |
|
|
|
467 |
|
|
Total
liabilities |
|
|
126,534 |
|
|
|
109,972 |
|
|
Commitments and contingencies |
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
Preferred
stock, $0.0001 par value per share |
|
|
- |
|
|
|
- |
|
|
Common
stock, $0.0001 par value per share |
|
|
6 |
|
|
|
5 |
|
|
Additional paid-in capital |
|
|
379,450 |
|
|
|
334,363 |
|
|
Accumulated deficit |
|
|
(184,456 |
) |
|
|
(160,476 |
) |
|
Total
stockholders’ equity |
|
|
195,000 |
|
|
|
173,892 |
|
|
Total liabilities and stockholders’ equity |
|
$ |
321,534 |
|
|
$ |
283,864 |
|
|
|
|
|
|
|
|
COUPA SOFTWARE
INCORPORATED |
Condensed Consolidated Statements of Cash
Flows |
(In
thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
|
July 31, |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
Cash flows from operating activities |
|
|
|
|
|
Net
loss |
|
$ |
(23,780 |
) |
|
$ |
(24,305 |
) |
|
Adjustments to reconcile net loss to net cash provided (used) in
operating activities: |
|
|
|
|
|
Depreciation and amortization |
|
|
3,613 |
|
|
|
2,104 |
|
|
Amortization of deferred commissions |
|
|
2,011 |
|
|
|
2,024 |
|
|
Stock-based compensation |
|
|
12,916 |
|
|
|
3,265 |
|
|
Other
non-cash items |
|
|
202 |
|
|
|
117 |
|
|
Changes
in operating assets and liabilities net of effects from
acquisitions: |
|
|
|
|
|
Accounts
receivable |
|
|
11,854 |
|
|
|
1,247 |
|
|
Prepaid
expenses and other current assets |
|
|
1,802 |
|
|
|
(107 |
) |
|
Other
assets |
|
|
893 |
|
|
|
(879 |
) |
|
Deferred
commissions |
|
|
(1,873 |
) |
|
|
(1,530 |
) |
|
Accounts
payable |
|
|
(299 |
) |
|
|
1,101 |
|
|
Accrued
expenses and other liabilities |
|
|
5,158 |
|
|
|
2,034 |
|
|
Deferred
revenue |
|
|
3,841 |
|
|
|
7,210 |
|
|
Net cash provided by (used in) operating
activities |
|
|
16,338 |
|
|
|
(7,719 |
) |
|
Cash flows from investing activities |
|
|
|
|
|
Acquisitions, net of cash acquired |
|
|
(39,073 |
) |
|
|
- |
|
|
Purchase
of property and equipment |
|
|
(2,101 |
) |
|
|
(2,456 |
) |
|
Increase
in restricted cash |
|
|
(217 |
) |
|
|
- |
|
|
Net cash used in investing activities |
|
|
(41,391 |
) |
|
|
(2,456 |
) |
|
Cash flows from financing activities |
|
|
|
|
|
Proceeds
from issuance of common stock, net of underwriting
discounts, commissions and offering costs |
|
|
22,264 |
|
|
|
(2,824 |
) |
|
Proceeds
from the exercise of common stock options |
|
|
6,383 |
|
|
|
577 |
|
|
Excess
tax benefit from stock-based compensation |
|
|
- |
|
|
|
17 |
|
|
Proceeds
from issuance of common stock for ESPP |
|
|
3,025 |
|
|
|
- |
|
|
Net cash provided by (used in) financing
activities |
|
|
31,672 |
|
|
|
(2,230 |
) |
|
Net
increase (decrease) in cash and cash equivalents |
|
|
6,619 |
|
|
|
(12,405 |
) |
|
Cash and
cash equivalents at beginning of period |
|
|
201,721 |
|
|
|
92,348 |
|
|
Cash and
cash equivalents at end of period |
|
$ |
208,340 |
|
|
$ |
79,943 |
|
|
|
|
|
|
|
COUPA SOFTWARE
INCORPORATED |
|
Three Months Ended July
31, 2017 |
|
Reconciliation of GAAP
to Non-GAAP Financial Measures |
|
(in thousands, except per share
amounts) |
|
(unaudited) |
|
|
|
|
GAAP |
|
Share-Based Compensation
Expenses |
|
Amortization of Acquired
Intangible Assets |
|
Litigation-Related
Costs |
|
Non-GAAP |
|
Costs
and expenses: |
|
|
|
|
|
|
|
|
|
|
Costs of
subscription services |
$ |
9,025 |
|
|
$ |
(529 |
) |
|
$ |
(788 |
) |
|
$ |
- |
|
|
$ |
7,708 |
|
|
Costs of
professional services and other |
|
5,923 |
|
|
|
(716 |
) |
|
|
- |
|
|
|
- |
|
|
|
5,207 |
|
|
Gross
profit |
|
66.4 |
% |
|
|
2.8 |
% |
|
|
1.8 |
% |
|
|
0.0 |
% |
|
|
71.0 |
% |
|
Research
and development |
|
10,720 |
|
|
|
(1,647 |
) |
|
|
- |
|
|
|
- |
|
|
|
9,073 |
|
|
Sales
and marketing |
|
23,812 |
|
|
|
(2,340 |
) |
|
|
(189 |
) |
|
|
- |
|
|
|
21,283 |
|
|
General
and administrative |
|
9,430 |
|
|
|
(2,406 |
) |
|
|
- |
|
|
|
- |
|
|
|
7,024 |
|
|
Loss
from operations |
|
(14,359 |
) |
|
|
7,638 |
|
|
|
977 |
|
|
|
- |
|
|
|
(5,744 |
) |
|
Operating margin |
|
-32.2 |
% |
|
|
17.1 |
% |
|
|
2.2 |
% |
|
|
0.0 |
% |
|
|
-12.9 |
% |
|
Other
income, net |
|
707 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
707 |
|
|
Loss
before provision for income taxes |
|
(13,652 |
) |
|
|
7,638 |
|
|
|
977 |
|
|
|
- |
|
|
|
(5,037 |
) |
|
Aggregate adjustment for income taxes |
|
90 |
|
|
|
188 |
|
|
|
119 |
|
|
|
- |
|
|
|
397 |
|
|
Net
loss |
|
(13,742 |
) |
|
|
7,450 |
|
|
|
858 |
|
|
|
- |
|
|
|
(5,434 |
) |
|
Net loss
per share attributable to common stockholders, basic and diluted
(1) |
$ |
(0.26 |
) |
|
|
|
|
|
|
|
$ |
(0.10 |
) |
|
(1)
Calculated based upon 52,749 basic and diluted weighted-average
shares of common stock |
|
|
|
|
|
|
|
|
|
|
COUPA SOFTWARE
INCORPORATED |
|
Three Months Ended July
31, 2016 |
|
Reconciliation of GAAP
to Non-GAAP Financial Measures |
|
(in thousands, except per share
amounts) |
|
(unaudited) |
|
|
|
|
GAAP |
|
Share-Based Compensation
Expenses |
|
Amortization of Acquired
Intangible Assets |
|
Litigation-Related
Costs |
|
Non-GAAP |
|
Costs
and expenses: |
|
|
|
|
|
|
|
|
|
|
Costs of
subscription services |
$ |
6,029 |
|
|
$ |
(140 |
) |
|
$ |
(212 |
) |
|
$ |
- |
|
|
$ |
5,677 |
|
|
Costs of
professional services and other |
|
5,452 |
|
|
|
(109 |
) |
|
|
- |
|
|
|
- |
|
|
|
5,343 |
|
|
Gross
profit |
|
63.1 |
% |
|
|
0.8 |
% |
|
|
0.7 |
% |
|
|
0.0 |
% |
|
|
64.6 |
% |
|
Research
and development |
|
7,206 |
|
|
|
(303 |
) |
|
|
- |
|
|
|
- |
|
|
|
6,903 |
|
|
Sales
and marketing |
|
19,252 |
|
|
|
(441 |
) |
|
|
- |
|
|
|
- |
|
|
|
18,811 |
|
|
General
and administrative |
|
4,620 |
|
|
|
(566 |
) |
|
|
- |
|
|
|
(26 |
) |
|
|
4,028 |
|
|
Loss
from operations |
|
(11,427 |
) |
|
|
1,559 |
|
|
|
212 |
|
|
|
26 |
|
|
|
(9,630 |
) |
|
Operating margin |
|
-36.7 |
% |
|
|
5.0 |
% |
|
|
0.7 |
% |
|
|
0.1 |
% |
|
|
-30.9 |
% |
|
Other
expense, net |
|
(846 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(846 |
) |
|
Loss
before provision for income taxes |
|
(12,273 |
) |
|
|
1,559 |
|
|
|
212 |
|
|
|
26 |
|
|
|
(10,476 |
) |
|
Aggregate adjustment for income taxes |
|
165 |
|
|
|
7 |
|
|
|
- |
|
|
|
- |
|
|
|
172 |
|
|
Net
loss |
|
(12,438 |
) |
|
|
1,552 |
|
|
|
212 |
|
|
|
26 |
|
|
|
(10,648 |
) |
|
Net loss
per share attributable to common stockholders, basic and diluted
(1) |
$ |
(2.13 |
) |
|
|
|
|
|
|
|
$ |
(1.83 |
) |
|
(1)
Calculated based upon 5,826 basic and diluted weighted-average
shares of common stock |
|
|
|
|
|
|
|
|
|
|
COUPA SOFTWARE
INCORPORATED |
|
Six Months Ended July
31, 2017 |
|
Reconciliation of GAAP
to Non-GAAP Financial Measures |
|
(in thousands, except per share
amounts) |
|
(unaudited) |
|
|
|
|
GAAP |
|
Share-Based Compensation
Expenses |
|
Amortization of Acquired
Intangible Assets |
|
Litigation-Related
Costs |
|
Non-GAAP |
|
Costs
and expenses: |
|
|
|
|
|
|
|
|
|
|
Costs of
subscription services |
$ |
17,021 |
|
|
$ |
(884 |
) |
|
$ |
(1,274 |
) |
|
$ |
- |
|
|
$ |
14,863 |
|
|
Costs of
professional services and other |
|
11,424 |
|
|
|
(1,280 |
) |
|
|
- |
|
|
|
- |
|
|
|
10,144 |
|
|
Gross
profit |
|
66.8 |
% |
|
|
2.5 |
% |
|
|
1.5 |
% |
|
|
0.0 |
% |
|
|
70.8 |
% |
|
Research
and development |
|
19,892 |
|
|
|
(2,799 |
) |
|
|
- |
|
|
|
- |
|
|
|
17,093 |
|
|
Sales
and marketing |
|
44,490 |
|
|
|
(3,940 |
) |
|
|
(189 |
) |
|
|
- |
|
|
|
40,361 |
|
|
General
and administrative |
|
17,607 |
|
|
|
(4,013 |
) |
|
|
- |
|
|
|
- |
|
|
|
13,594 |
|
|
Loss
from operations |
|
(24,746 |
) |
|
|
12,916 |
|
|
|
1,463 |
|
|
|
- |
|
|
|
(10,367 |
) |
|
Operating margin |
|
-28.9 |
% |
|
|
15.1 |
% |
|
|
1.7 |
% |
|
|
0.0 |
% |
|
|
-12.1 |
% |
|
Other
expense, net |
|
1,141 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,141 |
|
|
Loss
before provision for income taxes |
|
(23,605 |
) |
|
|
12,916 |
|
|
|
1,463 |
|
|
|
- |
|
|
|
(9,226 |
) |
|
Aggregate adjustment for income taxes |
|
175 |
|
|
|
363 |
|
|
|
119 |
|
|
|
- |
|
|
|
657 |
|
|
Net
loss |
|
(23,780 |
) |
|
|
12,553 |
|
|
|
1,344 |
|
|
|
- |
|
|
|
(9,883 |
) |
|
Net loss
per share attributable to common stockholders, basic and diluted
(1) |
$ |
(0.46 |
) |
|
|
|
|
|
|
|
$ |
(0.19 |
) |
|
(1)
Calculated based upon 51,681 basic and diluted weighted-average
shares of common stock |
|
|
|
|
|
|
|
|
|
|
COUPA SOFTWARE
INCORPORATED |
|
Six Months Ended July
31, 2016 |
|
Reconciliation of GAAP
to Non-GAAP Financial Measures |
|
(in thousands, except per share
amounts) |
|
(unaudited) |
|
|
|
|
GAAP |
|
Share-Based Compensation
Expenses |
|
Amortization of Acquired
Intangible Assets |
|
Litigation-Related
Costs |
|
Non-GAAP |
|
Costs
and expenses: |
|
|
|
|
|
|
|
|
|
|
Costs of
subscription services |
$ |
12,079 |
|
|
$ |
(265 |
) |
|
$ |
(432 |
) |
|
$ |
- |
|
|
$ |
11,382 |
|
|
Costs of
professional services and other |
|
11,420 |
|
|
|
(244 |
) |
|
|
- |
|
|
|
- |
|
|
|
11,176 |
|
|
Gross
profit |
|
61.0 |
% |
|
|
0.8 |
% |
|
|
0.7 |
% |
|
|
0.0 |
% |
|
|
62.6 |
% |
|
Research
and development |
|
15,046 |
|
|
|
(625 |
) |
|
|
- |
|
|
|
- |
|
|
|
14,421 |
|
|
Sales
and marketing |
|
35,088 |
|
|
|
(911 |
) |
|
|
- |
|
|
|
- |
|
|
|
34,177 |
|
|
General
and administrative |
|
10,173 |
|
|
|
(1,220 |
) |
|
|
- |
|
|
|
(149 |
) |
|
|
8,804 |
|
|
Loss
from operations |
|
(23,491 |
) |
|
|
3,265 |
|
|
|
432 |
|
|
|
149 |
|
|
|
(19,645 |
) |
|
Operating margin |
|
-38.9 |
% |
|
|
5.4 |
% |
|
|
0.7 |
% |
|
|
0.2 |
% |
|
|
-32.6 |
% |
|
Other
expense, net |
|
(523 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(523 |
) |
|
Loss
before provision for income taxes |
|
(24,014 |
) |
|
|
3,265 |
|
|
|
432 |
|
|
|
149 |
|
|
|
(20,168 |
) |
|
Aggregate adjustment for income taxes |
|
291 |
|
|
|
45 |
|
|
|
- |
|
|
|
- |
|
|
|
336 |
|
|
Net
loss |
|
(24,305 |
) |
|
|
3,220 |
|
|
|
432 |
|
|
|
149 |
|
|
|
(20,504 |
) |
|
Net loss
per share attributable to common stockholders, basic and diluted
(1) |
$ |
(4.25 |
) |
|
|
|
|
|
|
|
$ |
(3.58 |
) |
|
(1)
Calculated based upon 5,721 basic and diluted weighted-average
shares of common stock |
|
|
|
|
|
|
|
|
|
|
Investor Relations:
The Blueshirt Group for Coupa
Cynthia Hiponia or Menaka Shankar
650-485-8603
ir@coupa.com
Media Contact:
Global Public Relations
Orlando De Bruce
650-485-8629
orlando.debruce@coupa.com
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