Record Quarterly Revenues of $56.4 million and
Free Cash Flows of $11.5 million
Coupa Software (NASDAQ:COUP), a leader in business spend management
(BSM), today announced financial results for its first fiscal
quarter ended April 30, 2018.
“We delivered strong Q1 financial results, including 40%
year-over-year subscription revenue growth, positive non-GAAP
operating income, and positive free cash flows,” said Rob
Bernshteyn, CEO of Coupa. “On the business front, we expanded our
customer base by adding blue chip and high growth customers, and we
saw several marquee customers go live. We believe we are well
positioned to deliver on our business and financial objectives for
the fiscal year.”
Fiscal First Quarter Results:
- Total revenues were $56.4 million, an increase of 37% compared
to the same period last year. Subscription revenues were $50.0
million, an increase of 40% compared to the same period last
year.
- GAAP operating loss was $12.1 million, compared to a loss of
$10.4 million for the same period last year. Non-GAAP operating
income was $0.3 million, compared to a loss of $4.6 million for the
same period last year.
- GAAP net loss was $15.5 million, compared to a loss of $10.0
million for the same period last year. GAAP net loss per basic and
diluted share was $0.28, compared to a loss of $0.20 for the same
period last year. Non-GAAP net loss was $0.5 million, compared to a
loss of $4.5 million for the same period last year. Non-GAAP net
loss per basic and diluted share was $0.01, compared to a loss of
$0.09 per basic and diluted share for the same period last
year.
- Operating cash flows and free cash flows for the quarter ended
April 30, 2018, were $12.6 million and $11.5 million,
respectively.
Business Outlook:
The following forward-looking statements reflect Coupa’s
expectations as of June 4, 2018. Guidance is based on the new
revenue recognition standard ASC 606, which Coupa adopted on
February 1, 2018.
Second quarter of fiscal 2019:
- Total revenues are expected to be between $56.0 and $57.0
million.
- Subscription revenues are expected to be between $51.0 and
$52.0 million.
- Professional services and other revenues are expected to be
approximately $5.0 million.
- Non-GAAP loss from operations is expected to be between $4.5
and $5.5 million.
- Non-GAAP net loss per share is expected to be between $0.08
loss and $0.10 loss per share.
- Basic and diluted weighted average share count is expected to
be approximately 56.8 million shares.
Full year fiscal 2019:
- Total revenues are expected to be between $233.0 and $236.0
million.
- Non-GAAP loss from operations is expected to be between $8.0
and $11.0 million.
- Non-GAAP net loss per share is expected to be between $0.14
loss and $0.19 loss per share.
- Basic and diluted weighted average share count is expected to
be approximately 57.2 million shares.
See the section titled “Non-GAAP Financial Measures” and the
reconciliation tables below for important details regarding Coupa’s
non-GAAP measures. Coupa defines free cash flows as operating cash
flows less purchases of property and equipment.
Recent Business Highlights:
- Coupa added new customers in Q1, including but not limited to:
Ingersoll Rand, First American Financial Corporation, Assa Abloy,
COMPAREX AG, Fastweb, Just Energy, Evotec AG, Renew Financial,
Simons Foundation, Vituity, Monash University, Klöckner & Co
SE, Arena Offshore, PRA Group, Snowflake, Couchbase, and NAL
Resources Management.
- Coupa announced new product innovations to advance the
company’s BSM capabilities, including enhancements to community
intelligence and additional user-centric experiences that will
provide businesses even more visibility into spend, processes, and
performance.
- Coupa commissioned a study by The Economist Intelligence Unit
which polled more than 500 CFOs and senior finance executives. The
study revealed that greater than 60% of finance executives lack
complete visibility into the transactions within their
organizations. In addition, 76% think leveraging new
technologies or improving
processes would enable their organizations to work better
with other functions to execute corporate
finance strategy.
- Coupa hosted its sixth annual INSPIRE conference where nearly
2,000 customers, prospective customers, partners, industry analysts
and employees, plus many more online, convened to collaborate and
innovate on BSM.
- Coupa was named as a leader in two IDC MarketScape Reports: the
IDC MarketScape report for Worldwide SaaS and Cloud Enabled
Sourcing Applications and the IDC MarketScape report for Worldwide
SaaS and Cloud Enabled Procure-to-Pay Applications.
- Coupa hired experienced business executive Hiroyuki Okuma as
Japan country manager, where he will be responsible for driving
strategy, brand awareness, sales execution, partner alliances, and
customer success.
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) 437-9445, using conference code 7508183.
- International parties can access the call by dialing (719)
325-2106, using conference code 7508183.
A 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. A telephonic replay of the conference call
will be available through Monday, June 11, 2018. To access the
replay, parties in the U.S. and Canada should call (888) 203-1112
and enter conference code 7508183. International parties should
call (719) 457-0820 and enter conference code 7508183.
Non-GAAP Financial Measures:
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 share-based
compensation expense, amortization of intangible assets acquired,
amortization of debt discount and issuance costs from convertible
notes, and related tax effects. Coupa believes these non-GAAP
measures are useful in evaluating its operating performance and
regularly reviews these measures as it evaluates its business.
Coupa believes these non-GAAP measures provide investors and
other users of its financial information consistency and
comparability with its past financial performance and facilitate
period to period comparisons of operations. Coupa believes these
non-GAAP measures are useful in evaluating its operating
performance compared to that of other companies in its industry, as
they generally eliminate the effects of certain items that may vary
for different companies for reasons unrelated to overall operating
performance.
Coupa uses these non-GAAP measures in conjunction with GAAP
measures as part of its overall assessment of its performance,
including the preparation of its annual operating budget and
quarterly forecasts, to evaluate the effectiveness of its business
strategies and to communicate with its board of directors
concerning its financial performance. The definitions of its
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,
Coupa’s non-GAAP measures should be considered in addition to, not
as substitutes for, or in isolation from, measures prepared in
accordance with GAAP.
Coupa compensates for these limitations by providing investors
and other users of its financial information a reconciliation of
non-GAAP measures to the related GAAP financial measures. Coupa
encourages investors and others to review its financial information
in its entirety, not to rely on any single financial measure and to
view its 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 for
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 and net loss,
such as charges related to share-based compensation expense,
amortization of acquired intangible assets, amortization of debt
discount and issuance costs from our convertible notes, and related
tax effects, cannot be reasonably calculated or predicted at this
time. The effect of these excluded items may be significant.
Coupa also uses key metrics such as cumulative spend under
management, which represents the aggregate amount of money that has
been transacted through its core platform for all of its customers
collectively since it launched its platform. Coupa calculates this
metric by aggregating the actual transaction data, such as
invoices, purchase orders and expenses, from customers on its core
platform. While Coupa does not believe this metric is directly
correlated to its financial results, it believes that the adoption
of its core platform, as evidenced by growth in cumulative spend
under management, drives additional value to its customers, which
will enhance its 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
of management and 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: Coupa has a limited operating
history, which makes it difficult to predict its future operating
results; if Coupa is unable to attract new customers, the growth of
its revenues will be adversely affected; because its platform is
sold to large enterprises with complex operating environments,
Coupa encounters long and unpredictable sales cycles; risks and
liabilities related to breach of its security measures or
unauthorized access to customer data; the markets in which Coupa
participates are intensely competitive; Coupa’s business depends
substantially on its customers renewing their subscriptions and
purchasing additional subscriptions; if Coupa fails to develop
widespread brand awareness cost-effectively, its business may
suffer; and if Coupa fails to manage its recent rapid growth
effectively, Coupa may be unable to execute its 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 annual report on
Form 10-K filed with the Securities and Exchange Commission (SEC)
on March 28, 2018, which is available at 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
periodic filings Coupa makes with the SEC.
The forward-looking statements in this release reflect Coupa’s
expectations as of June 4, 2018. 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 its expectations.
About Coupa Software
Coupa Software (NASDAQ:COUP) is the leading provider of business
spend management, or BSM, solutions. We offer a comprehensive,
cloud-based BSM platform that has connected hundreds of
organizations with more than four million suppliers globally. Our
platform provides greater visibility into and control over how
companies spend money. Using our platform, businesses are able to
achieve real, measurable value and savings that drive their
profitability. Learn more at www.coupa.com. Read more on the Coupa
Blog or follow @Coupa on Twitter.
Investor Relations:NMN Advisors for Coupa
Nicole Noutsios(510) 315-1003 ir@coupa.com
Media Contact: Global Public Relations Stefanie
Gordish(415) 590-9722 stefanie.gordish@coupa.com
|
|
|
COUPA SOFTWARE INCORPORATED |
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
|
(In thousands, except per share
amounts) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
April 30, |
|
|
|
2018 |
|
2017 |
|
Revenues: |
|
|
|
|
|
Subscription services |
|
$ |
49,966 |
|
|
$ |
35,664 |
|
|
Professional services and other |
|
|
6,386 |
|
|
|
5,473 |
|
|
Total
revenues |
|
|
56,352 |
|
|
|
41,137 |
|
|
Cost of
revenues: |
|
|
|
|
|
Subscription services |
|
|
11,174 |
|
|
|
7,996 |
|
|
Professional services and other |
|
|
6,951 |
|
|
|
5,501 |
|
|
Total
cost of revenues |
|
|
18,125 |
|
|
|
13,497 |
|
|
Gross
profit |
|
|
38,227 |
|
|
|
27,640 |
|
|
Operating expenses: |
|
|
|
|
|
Research
and development |
|
|
13,201 |
|
|
|
9,171 |
|
|
Sales and
marketing |
|
|
24,660 |
|
|
|
20,679 |
|
|
General
and administrative |
|
|
12,435 |
|
|
|
8,177 |
|
|
Total
operating expenses |
|
|
50,296 |
|
|
|
38,027 |
|
|
Loss
from operations |
|
|
(12,069 |
) |
|
|
(10,387 |
) |
|
Interest
expense |
|
|
(2,973 |
) |
|
|
— |
|
|
Interest
income and other, net |
|
|
78 |
|
|
|
433 |
|
|
Loss
before provision for income taxes |
|
|
(14,964 |
) |
|
|
(9,954 |
) |
|
Provision for income taxes |
|
|
490 |
|
|
|
84 |
|
|
Net
loss |
|
$ |
(15,454 |
) |
|
$ |
(10,038 |
) |
|
Net loss
per share attributable to common stockholders, basic and
diluted |
|
$ |
(0.28 |
) |
|
$ |
(0.20 |
) |
|
Weighted-average number of shares used in computing net loss per
share attributable to common stockholders, basic and diluted |
|
|
55,873 |
|
|
|
50,577 |
|
|
|
|
|
|
|
|
|
COUPA SOFTWARE INCORPORATED |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
(In thousands, except per share
amounts) |
(unaudited) |
|
|
|
|
|
|
|
April 30, |
|
January 31, |
|
|
2018 |
|
2018 |
Assets |
|
|
|
|
Current
assets: |
|
|
|
|
Cash and
cash equivalents |
|
$ |
430,030 |
|
|
$ |
412,903 |
|
Accounts
receivable, net of allowances |
|
|
47,052 |
|
|
|
61,366 |
|
Prepaid
expenses and other current assets |
|
|
11,497 |
|
|
|
10,952 |
|
Deferred
commissions, current portion |
|
|
4,883 |
|
|
|
3,756 |
|
Total
current assets |
|
|
493,462 |
|
|
|
488,977 |
|
Property
and equipment, net |
|
|
5,411 |
|
|
|
5,186 |
|
Deferred
commissions, net of current portion |
|
|
12,541 |
|
|
|
3,896 |
|
Goodwill |
|
|
44,410 |
|
|
|
44,410 |
|
Intangible assets, net |
|
|
18,946 |
|
|
|
20,020 |
|
Other
assets |
|
|
5,326 |
|
|
|
9,961 |
|
Total
assets |
|
$ |
580,096 |
|
|
$ |
572,450 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts
payable |
|
$ |
1,875 |
|
|
$ |
1,342 |
|
Accrued
expenses and other current liabilities |
|
|
28,573 |
|
|
|
26,643 |
|
Deferred
revenue, current portion |
|
|
120,458 |
|
|
|
125,714 |
|
Total
current liabilities |
|
|
150,906 |
|
|
|
153,699 |
|
Convertible senior notes, net |
|
|
165,758 |
|
|
|
163,010 |
|
Deferred
revenue, net of current portion |
|
|
1,428 |
|
|
|
2,316 |
|
Other
liabilities |
|
|
12,874 |
|
|
|
12,880 |
|
Total
liabilities |
|
|
330,966 |
|
|
|
331,905 |
|
Stockholders’ equity: |
|
|
|
|
Preferred
stock, $0.0001 par value per share |
|
|
— |
|
|
|
— |
|
Common
stock, $0.0001 par value per share |
|
|
6 |
|
|
|
6 |
|
Additional paid-in capital |
|
|
463,911 |
|
|
|
445,318 |
|
Accumulated other comprehensive loss |
|
|
(258 |
) |
|
|
(298 |
) |
Accumulated deficit |
|
|
(214,529 |
) |
|
|
(204,481 |
) |
Total
stockholders’ equity |
|
|
249,130 |
|
|
|
240,545 |
|
Total
liabilities and stockholders’ equity |
|
$ |
580,096 |
|
|
$ |
572,450 |
|
|
|
|
|
|
|
|
|
|
COUPA SOFTWARE
INCORPORATED |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(In
thousands) |
(unaudited) |
|
|
|
|
|
|
|
Three Months Ended |
|
|
April 30, |
|
|
2018 |
|
2017 |
Cash flows from operating activities |
|
|
|
|
Net
loss |
|
$ |
(15,454 |
) |
|
$ |
(10,038 |
) |
Adjustments to reconcile net loss to net cash provided by operating
activities: |
|
|
|
|
Depreciation and amortization |
|
|
2,015 |
|
|
|
1,536 |
|
Amortization of deferred commissions |
|
|
1,192 |
|
|
|
1,040 |
|
Amortization of debt discount and issuance costs |
|
|
2,748 |
|
|
|
— |
|
Stock-based compensation |
|
|
11,312 |
|
|
|
5,277 |
|
Other
non-cash items |
|
|
— |
|
|
|
105 |
|
Changes
in operating assets and liabilities: |
|
|
|
|
Accounts
receivable |
|
|
14,314 |
|
|
|
12,570 |
|
Prepaid
expenses and other current assets |
|
|
(1,679 |
) |
|
|
(336 |
) |
Other
assets |
|
|
161 |
|
|
|
(660 |
) |
Deferred
commissions |
|
|
(1,927 |
) |
|
|
(887 |
) |
Accounts
payable |
|
|
534 |
|
|
|
31 |
|
Accrued
expenses and other liabilities |
|
|
3,822 |
|
|
|
529 |
|
Deferred
revenue |
|
|
(4,402 |
) |
|
|
(2,224 |
) |
Net cash provided by operating
activities |
|
|
12,636 |
|
|
|
6,943 |
|
Cash flows from investing activities |
|
|
|
|
Acquisitions, net of cash acquired |
|
|
(1,178 |
) |
|
|
(140 |
) |
Purchases
of property and equipment |
|
|
(1,124 |
) |
|
|
(996 |
) |
Net cash used in investing
activities |
|
|
(2,302 |
) |
|
|
(1,136 |
) |
Cash flows from financing activities |
|
|
|
|
Payment
of issuance costs for the issuance of senior convertible notes |
|
|
(639 |
) |
|
|
— |
|
Proceeds
from issuance of common stock, net of underwriting discounts,
commissions and offering costs |
|
|
— |
|
|
|
23,040 |
|
Proceeds
from the exercise of common stock options |
|
|
3,295 |
|
|
|
4,527 |
|
Proceeds
from issuance of common stock for employee stock purchase plan |
|
|
4,137 |
|
|
|
3,026 |
|
Net cash provided by financing
activities |
|
|
6,793 |
|
|
|
30,593 |
|
Net
increase in cash, cash equivalents, and restricted cash |
|
|
17,127 |
|
|
|
36,400 |
|
Cash,
cash equivalents, and restricted cash at beginning of year |
|
|
412,976 |
|
|
|
201,972 |
|
Cash,
cash equivalents, and restricted cash at end of period |
|
$ |
430,103 |
|
|
$ |
238,372 |
|
|
|
|
|
|
Reconciliation of cash, cash equivalents, and restricted
cash to the condensed consolidated balance sheets |
|
|
|
|
Cash and
cash equivalents |
|
$ |
430,030 |
|
|
$ |
238,121 |
|
Restricted cash, included in prepaid expenses and other current
assets |
|
|
— |
|
|
|
251 |
|
Restricted cash, included in other assets |
|
|
73 |
|
|
|
— |
|
Total cash, cash equivalents, and restricted
cash |
|
$ |
430,103 |
|
|
$ |
238,372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COUPA SOFTWARE
INCORPORATED |
|
Three Months Ended
April 30, 2018 |
|
Reconciliation of GAAP
to Non-GAAP Financial Measures |
|
(in thousands, except
per share amounts) |
|
(unaudited) |
|
|
GAAP |
|
Share-BasedCompensationExpenses |
|
Amortizationof
AcquiredIntangibleAssets |
|
Amortization ofDebt
Discountand IssuanceCosts |
|
Non-GAAP |
|
Costs
and expenses: |
|
|
|
|
|
|
|
|
|
|
Costs of
subscription services |
$ |
11,174 |
|
|
$ |
(831 |
) |
|
$ |
(784 |
) |
|
$ |
— |
|
|
$ |
9,559 |
|
|
Costs of
professional services and other |
|
6,951 |
|
|
|
(946 |
) |
|
|
— |
|
|
|
— |
|
|
|
6,005 |
|
|
Gross
profit |
|
67.8 |
% |
|
|
3.2 |
% |
|
|
1.4 |
% |
|
|
0.0 |
% |
|
|
72.4 |
% |
|
Research
and development |
|
13,201 |
|
|
|
(2,547 |
) |
|
|
- |
|
|
|
— |
|
|
|
10,654 |
|
|
Sales
and marketing |
|
24,660 |
|
|
|
(2,970 |
) |
|
|
(290 |
) |
|
|
— |
|
|
|
21,400 |
|
|
General
and administrative |
|
12,435 |
|
|
|
(4,018 |
) |
|
|
— |
|
|
|
— |
|
|
|
8,417 |
|
|
Income
(loss) from operations |
|
(12,069 |
) |
|
|
11,312 |
|
|
|
1,074 |
|
|
|
— |
|
|
|
317 |
|
|
Operating margin |
|
-21.4 |
% |
|
|
20.1 |
% |
|
|
1.9 |
% |
|
|
0.0 |
% |
|
|
0.6 |
% |
|
Interest
expense |
|
(2,973 |
) |
|
|
— |
|
|
|
— |
|
|
|
2,748 |
|
|
|
(225 |
) |
|
Interest
income and other, net |
|
78 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
78 |
|
|
Income
(loss) before provision for income taxes |
|
(14,964 |
) |
|
|
11,312 |
|
|
|
1,074 |
|
|
|
2,748 |
|
|
|
170 |
|
|
Provision for income taxes |
|
490 |
|
|
|
169 |
|
|
|
48 |
|
|
|
— |
|
|
|
707 |
|
|
Net
loss |
|
(15,454 |
) |
|
|
11,143 |
|
|
|
1,026 |
|
|
|
2,748 |
|
|
|
(537 |
) |
|
Net loss
per share attributable to common stockholders, basic and diluted
(1) |
$ |
(0.28 |
) |
|
|
|
|
|
|
|
$ |
(0.01 |
) |
|
|
|
(1) Calculated based upon 55,873 basic and diluted
weighted-average shares of common stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COUPA SOFTWARE
INCORPORATED |
|
Three Months Ended
April 30, 2017 |
|
Reconciliation of GAAP
to Non-GAAP Financial Measures |
|
(in thousands, except
per share amounts) |
|
(unaudited) |
|
|
GAAP |
|
Share-BasedCompensationExpense |
|
Amortizationof
AcquiredIntangibleAssets |
|
Amortization ofDebt
Discountand IssuanceCosts |
|
Non-GAAP |
|
Costs
and expenses: |
|
|
|
|
|
|
|
|
|
|
Costs of
subscription services |
$ |
7,996 |
|
|
$ |
(355 |
) |
|
$ |
(486 |
) |
|
$ |
— |
|
|
$ |
7,155 |
|
|
Costs of
professional services and other |
|
5,501 |
|
|
|
(563 |
) |
|
|
— |
|
|
|
— |
|
|
|
4,938 |
|
|
Gross
profit |
|
67.2 |
% |
|
|
2.2 |
% |
|
|
1.2 |
% |
|
|
0.0 |
% |
|
|
70.6 |
% |
|
Research
and development |
|
9,171 |
|
|
|
(1,152 |
) |
|
|
— |
|
|
|
— |
|
|
|
8,019 |
|
|
Sales
and marketing |
|
20,679 |
|
|
|
(1,600 |
) |
|
|
— |
|
|
|
— |
|
|
|
19,079 |
|
|
General
and administrative |
|
8,177 |
|
|
|
(1,607 |
) |
|
|
— |
|
|
|
— |
|
|
|
6,570 |
|
|
Loss
from operations |
|
(10,387 |
) |
|
|
5,277 |
|
|
|
486 |
|
|
|
— |
|
|
|
(4,624 |
) |
|
Operating margin |
|
-25.2 |
% |
|
|
12.8 |
% |
|
|
1.2 |
% |
|
|
0.0 |
% |
|
|
-11.2 |
% |
|
Interest
expense |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Interest
income and other, net |
|
433 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
433 |
|
|
Loss
before provision for income taxes |
|
(9,954 |
) |
|
|
5,277 |
|
|
|
486 |
|
|
|
— |
|
|
|
(4,191 |
) |
|
Provision for income taxes |
|
84 |
|
|
|
175 |
|
|
|
— |
|
|
|
— |
|
|
|
259 |
|
|
Net
loss |
|
(10,038 |
) |
|
|
5,102 |
|
|
|
486 |
|
|
|
— |
|
|
|
(4,450 |
) |
|
Net loss
per share attributable to common stockholders, basic and diluted
(1) |
$ |
(0.20 |
) |
|
|
|
|
|
|
|
$ |
(0.09 |
) |
|
|
|
(1) Calculated based upon 50,577 basic and diluted
weighted-average shares of common stock |
|
|
|
|
COUPA SOFTWARE
INCORPORATED |
|
Reconciliation of GAAP
Cash Flows from Operations to Free Cash
Flows |
|
(A Non-GAAP Financial
Measure) |
|
(in
thousands) |
|
(unaudited) |
|
|
|
Three Months Ended |
|
|
|
April 30, |
|
|
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
Net cash
provided by operating activities |
|
$ |
12,636 |
|
|
$ |
6,943 |
|
|
Less:
purchases of property and equipment |
|
|
(1,124 |
) |
|
|
(996 |
) |
|
Free
cash flows |
|
$ |
11,512 |
|
|
$ |
5,947 |
|
|
|
|
|
|
|
|
|
|
|
|
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