SAN MATEO, Calif., Dec. 3, 2018 /PRNewswire/ -- Coupa Software
(NASDAQ: COUP) today announced financial results for its third
fiscal quarter ended October 31,
2018.
"We continue to extend our market leadership position, reporting
40% revenue growth and 39% calculated billings growth for the
trailing 12 months, along with non-GAAP diluted earnings per share of
8 cents for the quarter.
Cumulative spend under management through our platform surpassed
$940 billion, with $1 trillion clearly in our sights," said Rob
Bernshteyn, chief executive officer at Coupa. "The foundation for
our strong financial results continues to be our ability to deliver
repeatable and measurable value for our customers worldwide across
all areas of business spend management. We believe we are uniquely
positioned to win this large market."
Fiscal Third Quarter Results
- Total revenues were $67.5
million, an increase of 42% compared to the same period last
year. Subscription revenues were $60.6
million, an increase of 42% compared to the same period last
year.
- GAAP operating loss was $9.9
million, compared to a loss of $11.2
million for the same period last year. Non-GAAP operating
income was $5.8 million, compared to
a loss of $2.4 million for the same
period last year.
- GAAP net loss was $9.6 million,
compared to a loss of $11.3 million
for the same period last year. GAAP net loss per basic and diluted
share was $0.17, compared to a loss
of $0.21 for the same period last
year. Non-GAAP net income was $5.5
million, compared to a loss of $2.8
million for the same period last year. Non-GAAP net income
per diluted share was $0.08, compared
to a loss of $0.05 per basic and
diluted share for the same period last year.
- Operating cash flows and free cash flows for the quarter ended
October 31, 2018, were $4.0 million and $2.6
million, respectively.
Business Outlook:
The following forward-looking statements reflect Coupa's
expectations as of December 3, 2018.
Guidance is based on the new revenue recognition standard, ASC 606,
which Coupa adopted on February 1,
2018.
Fourth quarter of fiscal 2019:
- Total revenues are expected to be between $67.8 and $68.3
million.
- Subscription revenues are expected to be between $62.0 and $62.5
million.
- Professional services and other revenues are expected to be
approximately $5.8 million.
- Non-GAAP income from operations is expected to be approximately
break-even.
- Non-GAAP net income per share is expected to be approximately
break-even.
- Basic and fully diluted weighted average share counts are
expected to be approximately 59.8 and 68.0 million shares,
respectively.
Full year fiscal 2019:
- Total revenues are expected to be between $253.0 and $253.5
million.
- Non-GAAP income from operations is expected to be between
$9.5 and $10.5
million.
- Non-GAAP net income per share is expected to be between
$0.11 and $0.13 per share.
- Fully diluted weighted average share count is expected to be
approximately 65.3 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 (i) free cash flows as operating
cash flows less purchases of property and equipment and (ii)
calculated billings as the change in deferred revenue on the
balance sheet for the period, plus revenue recognized during the
period.
Recent Business Highlights:
- Coupa's new customers in Q3 included: United Airlines, Finnair,
ISS Group, Golden State Warriors, Coors Distribution Company,
Darden Restaurants, Cvent, AAA Club Alliance, Lime Bike, Axiata
Group, Genesis Energy, SkillSoft, Consolis, KPMG Canada, POWDR,
Informa Exhibitions, Santos Limited, and many others.
- Coupa held its largest ever Inspire EMEA event, as well as its
inaugural APAC Symposium in Sydney,
Australia, and its inaugural Japan Symposium in Tokyo, collectively bringing together well
over 1,000 business spend management (BSM) professionals.
- Coupa Community Intelligence continued to garner great
enthusiasm from our growing community of customers. In Q3, the
majority of our customers accessed our platform's Community
Insights capabilities, as evidenced by a near doubling of page
views from Q2 to Q3.
- For the 6th time, Coupa was named to Deloitte's
Technology Fast 500™, a ranking of the 500 fastest growing
technology, media, telecommunications, life sciences, and energy
tech companies in North
America.
- Coupa purchased Aquiire, the leader in real-time supplier
catalog search, to extend Coupa's capability to deliver a
comprehensive business-to-business (B2B) shopping experience
spanning real-time, cached, and localized catalog search.
- Coupa unveiled its vision for a B2B payments solution called
CoupaPay. This industry-first offering spans a set of payment and
financing solutions that empower businesses to spend smarter at
every transactional step of their BSM process.
- Coupa announced a strategic partnership with Barclaycard,
starting with virtual cards to create a fast, secure, and
convenient way for businesses to manage payments.
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) 256-1007, using conference
code 1552666.
- International parties can access the call by dialing +1 (323)
994-2093, using conference code 1552666.
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, December
10, 2018. To access the replay, parties in the U.S. and
Canada should call (888) 203-1112
and enter conference code 1552666. International parties should
call +1 (719) 457-0820 and enter conference code 1552666.
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 expenses, amortization
of acquired intangible assets, amortization of debt discount and
issuance costs from convertible notes, and related tax effects
including non-recurring income tax adjustments. 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 income (loss) from operations to GAAP loss from operations
or non-GAAP net income (loss) per share to GAAP net loss per share
because certain items excluded from non-GAAP operating income
(loss) and net income (loss), such as charges related to
share-based compensation expenses,
amortization of acquired intangible assets, amortization of debt
discount and issuance costs from our convertible notes, and related
tax effects including non-recurring income tax adjustments, 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 quarterly report
on Form 10-Q filed with the Securities and Exchange Commission
(SEC) on September 6, 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 December 3, 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 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.
COUPA SOFTWARE
INCORPORATED
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(In thousands, except
per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
October
31,
|
|
October
31,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Revenues:
|
|
|
|
|
|
|
|
|
Subscription
services
|
|
$ 60,559
|
|
$
42,795
|
|
$ 165,899
|
|
$ 118,223
|
Professional services
and other
|
|
6,896
|
|
4,545
|
|
19,559
|
|
14,805
|
Total
revenues
|
|
67,455
|
|
47,340
|
|
185,458
|
|
133,028
|
Cost of
revenues:
|
|
|
|
|
|
|
|
|
Subscription
services
|
|
13,990
|
|
9,554
|
|
36,937
|
|
26,575
|
Professional services
and other
|
|
7,674
|
|
5,441
|
|
21,492
|
|
16,865
|
Total cost of
revenues
|
|
21,664
|
|
14,995
|
|
58,429
|
|
43,440
|
Gross
profit
|
|
45,791
|
|
32,345
|
|
127,029
|
|
89,588
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Research and
development
|
|
16,077
|
|
11,409
|
|
42,693
|
|
31,301
|
Sales and
marketing
|
|
25,622
|
|
22,402
|
|
76,862
|
|
66,892
|
General and
administrative
|
|
14,010
|
|
9,693
|
|
40,085
|
|
27,300
|
Total operating
expenses
|
|
55,709
|
|
43,504
|
|
159,640
|
|
125,493
|
Loss from
operations
|
|
(9,918)
|
|
(11,159)
|
|
(32,611)
|
|
(35,905)
|
Interest
expense
|
|
(3,181)
|
|
(6)
|
|
(9,276)
|
|
(12)
|
Interest income and
other, net
|
|
1,112
|
|
126
|
|
1,562
|
|
1,273
|
Loss before provision
for (benefit from) income taxes
|
|
(11,987)
|
|
(11,039)
|
|
(40,325)
|
|
(34,644)
|
Provision for
(benefit from) income taxes
|
|
(2,342)
|
|
263
|
|
(1,372)
|
|
438
|
Net
loss
|
|
$ (9,645)
|
|
$(11,302)
|
|
$ (38,953)
|
|
$
(35,082)
|
Net loss per share
attributable to common stockholders, basic and
diluted
|
|
$
(0.17)
|
|
$
(0.21)
|
|
$
(0.68)
|
|
$
(0.67)
|
Weighted-average
number of shares used in computing net loss per share attributable
to common stockholders, basic and diluted
|
|
58,212
|
|
53,779
|
|
57,030
|
|
52,388
|
COUPA SOFTWARE
INCORPORATED
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(In thousands, except
per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
October
31,
|
|
January 31,
|
|
|
2018
|
|
2018
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$ 227,606
|
|
$ 412,903
|
Marketable
securities
|
|
178,686
|
|
—
|
Accounts receivable,
net of allowances
|
|
50,526
|
|
61,366
|
Prepaid expenses and
other current assets
|
|
13,480
|
|
10,952
|
Deferred commissions,
current portion
|
|
6,029
|
|
3,756
|
Total current
assets
|
|
476,327
|
|
488,977
|
Property and
equipment, net
|
|
8,583
|
|
5,186
|
Deferred commissions,
net of current portion
|
|
14,998
|
|
3,896
|
Goodwill
|
|
125,621
|
|
44,410
|
Intangible assets,
net
|
|
41,189
|
|
20,020
|
Other
assets
|
|
7,090
|
|
9,961
|
Total
assets
|
|
$ 673,808
|
|
$ 572,450
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
|
$
4,037
|
|
$
1,342
|
Accrued expenses and
other current liabilities
|
|
34,068
|
|
26,643
|
Deferred revenue,
current portion
|
|
128,683
|
|
125,714
|
Convertible senior
notes, net
|
|
171,605
|
|
—
|
Total current
liabilities
|
|
338,393
|
|
153,699
|
Convertible senior
notes, net
|
|
—
|
|
163,010
|
Deferred revenue, net
of current portion
|
|
1,430
|
|
2,316
|
Other
liabilities
|
|
22,464
|
|
12,880
|
Total
liabilities
|
|
362,287
|
|
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
|
|
550,113
|
|
445,318
|
Accumulated other
comprehensive loss
|
|
(311)
|
|
(298)
|
Accumulated
deficit
|
|
(238,287)
|
|
(204,481)
|
Total stockholders'
equity
|
|
311,521
|
|
240,545
|
Total liabilities and
stockholders' equity
|
|
$ 673,808
|
|
$ 572,450
|
COUPA SOFTWARE
INCORPORATED
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
October
31,
|
|
|
2018
|
|
2017
|
Cash flows from
operating activities
|
|
|
|
|
Net
loss
|
|
$ (38,953)
|
|
$ (35,082)
|
Adjustments to
reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
|
6,720
|
|
5,557
|
Accretion of
discounts on marketable securities, net
|
|
(956)
|
|
—
|
Amortization of
deferred commissions
|
|
4,127
|
|
2,967
|
Amortization of debt
discount and issuance costs
|
|
8,595
|
|
—
|
Stock-based
compensation
|
|
38,690
|
|
20,783
|
Other
|
|
(374)
|
|
202
|
Changes in operating
assets and liabilities net of effects from acquisitions:
|
|
|
|
|
Accounts
receivable
|
|
12,391
|
|
15,625
|
Prepaid expenses and
other current assets
|
|
(3,304)
|
|
(571)
|
Other
assets
|
|
(542)
|
|
286
|
Deferred
commissions
|
|
(8,467)
|
|
(2,915)
|
Accounts
payable
|
|
2,458
|
|
335
|
Accrued expenses and
other liabilities
|
|
6,362
|
|
8,408
|
Deferred
revenue
|
|
1,216
|
|
5,703
|
Net cash provided
by operating activities
|
|
27,963
|
|
21,298
|
Cash flows from
investing activities
|
|
|
|
|
Purchases of marketable
securities
|
|
(209,331)
|
|
—
|
Maturities of
marketable securities
|
|
31,834
|
|
—
|
Acquisitions, net of
cash acquired
|
|
(49,211)
|
|
(39,593)
|
Purchases of property and
equipment
|
|
(4,870)
|
|
(3,587)
|
Net cash used in
investing activities
|
|
(231,578)
|
|
(43,180)
|
Cash flows from
financing activities
|
|
|
|
|
Payment of issuance
costs for the issuance of convertible senior notes
|
|
(639)
|
|
—
|
Proceeds from
issuance of common stock, net of underwriting
discounts, commissions and offering costs
|
|
—
|
|
22,264
|
Proceeds from the
exercise of common stock options
|
|
10,174
|
|
10,120
|
Proceeds from
issuance of common stock for employee stock purchase
plan
|
|
8,778
|
|
6,824
|
Net cash provided
by financing activities
|
|
18,313
|
|
39,208
|
Net (decrease)
increase in cash, cash equivalents, and restricted
cash
|
|
(185,302)
|
|
17,326
|
Cash, cash
equivalents, and restricted cash at beginning of year
|
|
412,976
|
|
201,972
|
Cash, cash
equivalents, and restricted cash at end of period
|
|
$ 227,674
|
|
$ 219,298
|
|
|
|
|
|
Reconciliation of
cash, cash equivalents, and restricted cash to the consolidated
balance sheets
|
|
|
|
|
Cash and cash
equivalents
|
|
227,606
|
|
219,298
|
Restricted cash
included in other assets
|
|
68
|
|
—
|
Total cash, cash
equivalents, and restricted cash
|
|
$ 227,674
|
|
$ 219,298
|
COUPA
SOFTWARE INCORPORATED
|
Reconciliation of GAAP to Non-GAAP Financial
Measures
|
Three Months
Ended October 31, 2018
|
(in thousands,
except per share amounts)
|
(unaudited)
|
|
|
GAAP
|
|
Share-Based
Compensation Expenses
|
|
Amortization
of Acquired Intangible Assets
|
|
Amortization
of Debt Discount and Issuance Costs
|
|
Other
Expenses (2)
|
|
Non-GAAP
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Costs of subscription
services
|
$13,990
|
|
$
(1,152)
|
|
$
(1,408)
|
|
—
|
|
—
|
|
$11,430
|
Costs of professional
services and other
|
7,674
|
|
(1,071)
|
|
—
|
|
—
|
|
—
|
|
6,603
|
Gross
profit
|
67.9%
|
|
3.3%
|
|
2.1%
|
|
0.0%
|
|
0.0%
|
|
73.3%
|
Research and
development
|
16,077
|
|
(3,046)
|
|
—
|
|
—
|
|
—
|
|
13,031
|
Sales and
marketing
|
25,622
|
|
(3,899)
|
|
(453)
|
|
—
|
|
—
|
|
21,270
|
General and
administrative
|
14,010
|
|
(4,652)
|
|
—
|
|
—
|
|
—
|
|
9,358
|
Income (loss) from
operations
|
(9,918)
|
|
13,820
|
|
1,861
|
|
—
|
|
—
|
|
5,763
|
Operating
margin
|
-14.7%
|
|
20.5%
|
|
2.8%
|
|
0.0%
|
|
0.0%
|
|
8.5%
|
Interest
expense
|
(3,181)
|
|
—
|
|
—
|
|
2,953
|
|
—
|
|
(228)
|
Interest income and
other, net
|
1,112
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,112
|
Loss before provision
for (benefit from) income taxes
|
(11,987)
|
|
13,820
|
|
1,861
|
|
2,953
|
|
—
|
|
6,647
|
Provision for
(benefit from) income taxes
|
(2,342)
|
|
382
|
|
20
|
|
—
|
|
3,126
|
|
1,186
|
Net income
(loss)
|
(9,645)
|
|
13,438
|
|
1,841
|
|
2,953
|
|
(3,126)
|
|
5,461
|
Net income (loss) per
share attributable to common stockholders, basic
(1)
|
$
(0.17)
|
|
|
|
|
|
|
|
|
|
$
0.09
|
Net income (loss) per
share attributable to common stockholders, diluted
(1)
|
$
(0.17)
|
|
|
|
|
|
|
|
|
|
$
0.08
|
|
(1) GAAP net loss per
share is calculated based upon 58,212 basic and diluted
weighted-average shares of common stock. Non-GAAP net income per
share is calculated based upon 58,212 basic and 67,933 diluted
weighted-average shares of common stock. The Company uses the
treasury stock method to calculate the non-GAAP diluted shares
related to the convertible notes.
|
(2) Other expenses
consists of the release of a valuation allowance against deferred
tax assets.
|
COUPA
SOFTWARE INCORPORATED
|
Reconciliation of GAAP to Non-GAAP Financial
Measures
|
Three Months
Ended October 31, 2017
|
(in thousands,
except per share amounts)
|
(unaudited)
|
|
|
GAAP
|
|
Share-Based
Compensation Expenses
|
|
Amortization
of Acquired Intangible Assets
|
|
Non-GAAP
|
Costs and
expenses:
|
|
|
|
|
|
|
|
Costs of subscription
services
|
$
9,554
|
|
$
(585)
|
|
$
(747)
|
|
$ 8,222
|
Costs of professional
services and other
|
5,441
|
|
(685)
|
|
—
|
|
4,756
|
Gross
profit
|
68.3%
|
|
2.7%
|
|
1.6%
|
|
72.6%
|
Research and
development
|
11,409
|
|
(1,999)
|
|
—
|
|
9,410
|
Sales and
marketing
|
22,402
|
|
(2,212)
|
|
(195)
|
|
19,995
|
General and
administrative
|
9,693
|
|
(2,386)
|
|
—
|
|
7,307
|
Loss from
operations
|
(11,159)
|
|
7,867
|
|
942
|
|
(2,350)
|
Operating
margin
|
-23.6%
|
|
16.6%
|
|
2.0%
|
|
-5.0%
|
Interest
expense
|
(6)
|
|
—
|
|
—
|
|
(6)
|
Interest income and
other, net
|
126
|
|
—
|
|
—
|
|
126
|
Loss before provision
for income taxes
|
(11,039)
|
|
7,867
|
|
942
|
|
(2,230)
|
Provision for income
taxes
|
263
|
|
222
|
|
119
|
|
604
|
Net loss
|
(11,302)
|
|
7,645
|
|
823
|
|
(2,834)
|
Net loss per share
attributable to common stockholders, basic and diluted
(1)
|
$
(0.21)
|
|
|
|
|
|
$ (0.05)
|
|
(1) Calculated based upon
53,779 basic and diluted weighted-average shares of common
stock.
|
COUPA
SOFTWARE INCORPORATED
|
Reconciliation of GAAP to Non-GAAP Financial
Measures
|
Nine Months
Ended October 31, 2018
|
(in thousands,
except per share amounts)
|
(unaudited)
|
|
|
GAAP
|
|
Share-Based
Compensation Expenses
|
|
Amortization
of Acquired Intangible Assets
|
|
Amortization
of Debt Discount and Issuance Costs
|
|
Other
Expenses (2)
|
|
Non-GAAP
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Costs of subscription
services
|
$36,937
|
|
$
(3,076)
|
|
$
(3,036)
|
|
—
|
|
—
|
|
$30,825
|
Costs of professional
services and other
|
21,492
|
|
(3,086)
|
|
—
|
|
—
|
|
—
|
|
18,406
|
Gross
profit
|
68.5%
|
|
3.3%
|
|
1.6%
|
|
0.0%
|
|
0.0%
|
|
73.5%
|
Research and
development
|
42,693
|
|
(8,551)
|
|
—
|
|
—
|
|
—
|
|
34,142
|
Sales and
marketing
|
76,862
|
|
(10,732)
|
|
(994)
|
|
—
|
|
—
|
|
65,136
|
General and
administrative
|
40,085
|
|
(13,245)
|
|
—
|
|
—
|
|
—
|
|
26,840
|
Income (loss) from
operations
|
(32,611)
|
|
38,690
|
|
4,030
|
|
—
|
|
—
|
|
10,109
|
Operating
margin
|
-17.6%
|
|
20.9%
|
|
2.2%
|
|
0.0%
|
|
0.0%
|
|
5.5%
|
Interest
expense
|
(9,276)
|
|
—
|
|
—
|
|
8,595
|
|
—
|
|
(681)
|
Interest income and
other, net
|
1,562
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,562
|
Loss before provision
for (benefit from) income taxes
|
(40,325)
|
|
38,690
|
|
4,030
|
|
8,595
|
|
—
|
|
10,990
|
Provision for
(benefit from) income taxes
|
(1,372)
|
|
922
|
|
93
|
|
—
|
|
3,126
|
|
2,769
|
Net income
(loss)
|
(38,953)
|
|
37,768
|
|
3,937
|
|
8,595
|
|
(3,126)
|
|
8,221
|
Net income (loss) per
share attributable to common stockholders, basic
(1)
|
$
(0.68)
|
|
|
|
|
|
|
|
|
|
$
0.14
|
Net income (loss) per
share attributable to common stockholders, diluted
(1)
|
$
(0.68)
|
|
|
|
|
|
|
|
|
|
$
0.13
|
|
(1) GAAP net loss per
share is calculated based upon 57,030 basic and diluted
weighted-average shares of common stock. Non-GAAP net income per
share is calculated based upon 57,030 basic and 65,529 diluted
weighted-average shares of common stock. The Company uses the
treasury stock method to calculate the non-GAAP diluted shares
related to the convertible notes.
|
(2) Other expenses
consists of the release of a valuation allowance against deferred
tax assets.
|
COUPA
SOFTWARE INCORPORATED
|
Reconciliation of GAAP to Non-GAAP Financial
Measures
|
Nine Months
Ended October 31, 2017
|
(in thousands,
except per share amounts)
|
(unaudited)
|
|
|
GAAP
|
|
Share-Based
Compensation Expenses
|
|
Amortization
of Acquired Intangible Assets
|
|
Non-GAAP
|
Costs and
expenses:
|
|
|
|
|
|
|
|
Costs of subscription
services
|
$26,575
|
|
$ (1,469)
|
|
$
(2,021)
|
|
$23,085
|
Costs of professional
services and other
|
16,865
|
|
(1,965)
|
|
—
|
|
14,900
|
Gross
profit
|
67.3%
|
|
2.6%
|
|
1.5%
|
|
71.4%
|
Research and
development
|
31,301
|
|
(4,798)
|
|
—
|
|
26,503
|
Sales and
marketing
|
66,892
|
|
(6,152)
|
|
(384)
|
|
60,356
|
General and
administrative
|
27,300
|
|
(6,399)
|
|
—
|
|
20,901
|
Loss from
operations
|
(35,905)
|
|
20,783
|
|
2,405
|
|
(12,717)
|
Operating
margin
|
-27.0%
|
|
15.6%
|
|
1.8%
|
|
-9.6%
|
Interest
expense
|
(12)
|
|
—
|
|
—
|
|
(12)
|
Interest income and
other, net
|
1,273
|
|
—
|
|
—
|
|
1,273
|
Loss before provision
for income taxes
|
(34,644)
|
|
20,783
|
|
2,405
|
|
(11,456)
|
Provision for income
taxes
|
438
|
|
585
|
|
238
|
|
1,261
|
Net loss
|
(35,082)
|
|
20,198
|
|
2,167
|
|
(12,717)
|
Net loss per share
attributable to common stockholders, basic and diluted
(1)
|
$
(0.67)
|
|
|
|
|
|
$
(0.24)
|
|
(1) Calculated based
upon 52,388 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
|
|
Nine Months
Ended
|
|
|
October
31,
|
|
October
31,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Net cash provided by
operating activities
|
|
$ 4,019
|
|
$ 5,177
|
|
$ 27,963
|
|
$ 21,298
|
Less: purchases of
property and equipment
|
|
(1,454)
|
|
(1,486)
|
|
(4,870)
|
|
(3,587)
|
Free cash
flows
|
|
$ 2,565
|
|
$ 3,691
|
|
$ 23,093
|
|
$ 17,711
|
View original
content:http://www.prnewswire.com/news-releases/coupa-software-reports-financial-results-for-the-third-quarter-of-fiscal-2019-300759313.html
SOURCE Coupa Software