Coupa Software (NASDAQ:COUP), a leader in cloud-based spend
management, today announced its financial results for the third
fiscal quarter ended October 31, 2016.
Third Quarter Fiscal 2017 Financial
Highlights:
- Revenues: Total revenues were $35.4 million,
an increase of 55% from the same period last year. Subscription
services revenues were $30.8 million, an increase of 48% from the
same period last year.
- Loss from Operations: GAAP loss from
operations was $5.5 million compared to a GAAP loss from operations
of $9.4 million in the same period last year. Non-GAAP loss from
operations was $2.9 million compared to a non-GAAP loss from
operations of $7.4 million in the same period last year.
- Net Loss: GAAP net loss was $6.7 million
compared to a GAAP net loss of $9.5 million in the same period last
year. GAAP net loss per basic and diluted share was $0.36, compared
to a GAAP net loss per basic and diluted share of $1.94 for the
same period last year. Non-GAAP net loss was $4.1 million compared
to a non-GAAP net loss of $7.5 million for the same period last
year. Non-GAAP net loss per basic and diluted share was $0.22,
compared to a non-GAAP net loss per basic and diluted share of
$1.54 for the same period last year.
- Balance Sheet: Cash and cash equivalents were
$220.6 million and total deferred revenue was $73.0 million as of
October 31, 2016.
- Cash Flow: Cash flow from operating activities
was a use of $10.5 million for the nine months ending October 31,
2016.
“Our strong financial results in the third quarter reflect the
tremendous value we are creating in partnership with our
customers,” said Rob Bernshteyn, CEO of Coupa. “Companies are
leveraging our unified cloud platform to maximize spend under
management, achieve significant cost savings and drive
profitability. As of the end of the third quarter, Coupa has
helped deliver more than $10 billion in cumulative savings to our
customers. With the completion of our initial public offering
in October, we believe we are extremely well positioned to continue
driving measurable business value with all our customers
globally.”
Todd Ford, CFO of Coupa, added, "We are pleased with our fiscal
third quarter results and the scale we are beginning to see in our
business model. The quarter was highlighted by total revenue
growth of 55% year-over-year and subscription revenue growth of 48%
year-over-year. Our professional services strategy to ensure
customer success and build long-term partnerships with system
integrator partners is also working, and was accentuated by
approximately $1.4 million in revenue we recognized in Q3 from one
larger than normal customer go-live. We also achieved record GAAP
gross margins of 68%."
Business Outlook:
The following forward-looking statements reflect Coupa’s
expectations as of December 5, 2016.
Fourth quarter of fiscal 2017:
- Total revenues are expected to be between $35.5 and $36.0
million.
- Subscription revenues are expected to be between $31.8 and
$32.3 million, compared to $30.8 million actual in the third
quarter.
- Professional services revenues are expected to be approximately
$3.7 million, compared to $4.6 million actual in the third
quarter.
- Non-GAAP loss from operations is expected to be between $7.4
and $8.4 million.
- Non-GAAP net loss per share is expected to be between $0.16 and
$0.19 per share.
- Basic and diluted weighted average share count is expected to
be approximately 49.7 million shares.
Full year fiscal 2017:
- Total revenues are expected to be between $131.3 and $131.8
million.
- Non-GAAP loss from operations is expected to be between $29.9
and $30.9 million.
- Non-GAAP net loss per share is expected to be between $1.67 and
$1.73 per share.
- Basic and diluted weighted average share count is expected to
be approximately 19.6 million shares.
See the sections titled “Non-GAAP Financial Measures” and the
reconciliation tables below for important details regarding our
non-GAAP measures.
Recent Business Highlights:
- Coupa’s client roster continued to grow and new customers for
the third quarter included a wide range of companies and
industries, including FedEx, Toyota of Puerto Rico, Nasdaq,
CityFibre Holdings, Jive Communications and DBS Bank.
- We are excited about the progress with our global systems
integrators (SI) and how we have deepened our relationships this
quarter, specifically through our agreements with KPMG and
Deloitte. Exciting customer wins through our SIs include
Anheuser Busch Inbev SA, Lear Corporation, Frontier Airlines,
Huntington Bank and Cooper Standard.
- Coupa Release 16 (R16) was our third major cloud platform
update of the year. R16 delivers better visibility and control into
operations and spend management initiatives, increases
collaboration and adds new capabilities across the entire Coupa
platform from expense management to e-invoicing.
- Coupa was honored to receive the highest score for proficiency
by PayStream Advisors in its November
Procure-to-Pay Navigator assessment for our industry. This
report measured both the functional capabilities and the innovative
focus of selected software vendors and ranked Coupa as a leader in
many areas of financial process automation - particularly travel
and expense management. The report also noted that Coupa’s
solution is modern and intuitive, and its transparency and
versatility make it a strong option for larger organizations.
- Coupa hosted its annual Inspire European conference in London,
one of Europe’s premier spend management meetings that brought
together industry leaders to share best practices. Speakers
included Gartner, Deloitte and KPMG, who spoke with Aon about their
expanded rollout of the Coupa e-Invoicing solution. Additional
sponsors included IBM, BearingPoint, The Hackett Group, and
additional partners, OJC Conseil, Solmate, Acantis, Xoomworks, and
Excelerated S2P.
- Global business software executive Steven Winter joined Coupa
in September as its Chief Revenue Officer (CRO). Winter brings more
than two decades of operations, sales management and organizational
development experience from some of the largest and most successful
software organizations in the world.
- Enterprise software executive Paul Watts joined as Coupa’s Asia
Pacific (APAC) vice president of sales. Watts combines more than 20
years of experience based in the APAC region with his extensive
knowledge of the enterprise software space.
- Coupa recently signed up new customer, DiDi Chuxing, the
largest ride-sharing company in China with millions of riders in
hundreds of cities.
- Coupa extended its growth in Latin America with a customer win
in Mexico. Tecnológico (Tec) de Monterrey, a private, nonsectarian,
coeducational university with 30-plus campuses in 25 cities
throughout Mexico, selected the Coupa cloud platform. Tec will use
Coupa to modernize the university’s spend with digitized processes
and Coupa’s Open Business Network for fast supplier
collaboration.
- House of HR, one of Europe’s leading human resources management
groups, is rolling-out Coupa’s Procure-to-Pay (P2P) solution across
its European markets - Belgium, Netherlands, France, Germany,
Poland, Portugal, Switzerland and Romania.
- Coupa achieved a global ranking of 17 on the inaugural Forbes
2016 Cloud 100, which lists the top 100 private, cloud companies in
the world (as published in the October 4, 2016 issue of Forbes
magazine).
- Coupa is ranked 105 – up from 110 last year - on Deloitte’s
2016 Technology Fast 500™, which is a ranking of the 500 fastest
growing technology, media, telecommunications, life sciences and
energy tech companies in North America.
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
(877)-856-1969, using conference code 3693111.
- International parties can access the call by dialing
(719)-325-4771, using conference code 3693111.
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 Monday, December 12, 2016. To access the
replay, parties in the U.S. and Canada should call (888)-203-1112
and enter conference code 3693111. International parties should
call (719)-457-0820 and enter conference code 3693111.
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 stock-based
compensation, litigation-related costs, and amortization of
intangible assets acquired in mergers and acquisitions. 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 facilitates 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, and amortization of acquired intangible
assets, cannot be reasonably calculated or predicted at this time.
The effect of these excluded items may be significant.
Forward-Looking Statements:
This release includes forward-looking statements. All statements
other than statements of historical facts, including the quotations
from management and 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; if we fail to
develop widespread brand awareness cost-effectively, our business
may suffer; 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; any decline in our customer renewals would
harm our future operating results; because we recognize
subscription revenues over the term of the contract, fluctuations
in new sales will not be immediately reflected in our operating
results and may be difficult to discern; 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 final prospectus
filed with the SEC on October 6, 2016, 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 December 5, 2016. 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 |
(In thousands, except
per share amounts) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
|
October
31, |
|
October
31, |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
Revenues: |
|
|
|
|
|
|
|
|
Subscription
services |
|
$ |
30,799 |
|
|
$ |
20,757 |
|
|
$ |
83,954 |
|
|
$ |
52,379 |
|
Professional services
and other |
|
|
4,643 |
|
|
|
2,044 |
|
|
|
11,803 |
|
|
|
4,935 |
|
Total
revenues |
|
|
35,442 |
|
|
|
22,801 |
|
|
|
95,757 |
|
|
|
57,314 |
|
Cost of
revenues: |
|
|
|
|
|
|
|
|
Subscription
services |
|
|
6,346 |
|
|
|
4,280 |
|
|
|
18,425 |
|
|
|
11,825 |
|
Professional services
and other |
|
|
5,031 |
|
|
|
3,914 |
|
|
|
16,451 |
|
|
|
10,147 |
|
Total cost of
revenues |
|
|
11,377 |
|
|
|
8,194 |
|
|
|
34,876 |
|
|
|
21,972 |
|
Gross
profit |
|
|
24,065 |
|
|
|
14,607 |
|
|
|
60,881 |
|
|
|
35,342 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Research
and development |
|
|
7,179 |
|
|
|
5,965 |
|
|
|
22,225 |
|
|
|
16,188 |
|
Sales and
marketing |
|
|
16,315 |
|
|
|
14,306 |
|
|
|
51,403 |
|
|
|
38,517 |
|
General
and administrative |
|
|
6,068 |
|
|
|
3,709 |
|
|
|
16,241 |
|
|
|
14,908 |
|
Total operating
expenses |
|
|
29,562 |
|
|
|
23,980 |
|
|
|
89,869 |
|
|
|
69,613 |
|
Loss
from operations |
|
|
(5,497 |
) |
|
|
(9,373 |
) |
|
|
(28,988 |
) |
|
|
(34,271 |
) |
Other expense, net |
|
|
(986 |
) |
|
|
(70 |
) |
|
|
(1,509 |
) |
|
|
(194 |
) |
Loss before
provision for income taxes |
|
|
(6,483 |
) |
|
|
(9,443 |
) |
|
|
(30,497 |
) |
|
|
(34,465 |
) |
Provision for income
taxes |
|
|
211 |
|
|
|
75 |
|
|
|
502 |
|
|
|
200 |
|
Net loss and
comprehensive loss |
|
$ |
(6,694 |
) |
|
$ |
(9,518 |
) |
|
$ |
(30,999 |
) |
|
$ |
(34,665 |
) |
Net loss
per share attributable to common stockholders, basic and
diluted |
|
$ |
(0.36 |
) |
|
$ |
(1.94 |
) |
|
$ |
(3.10 |
) |
|
$ |
(7.64 |
) |
|
|
|
|
|
|
|
|
|
Weighted-average number of shares used in computing net loss per
share attributable to common stockholders, basic and diluted |
|
|
18,420 |
|
|
|
4,901 |
|
|
|
9,987 |
|
|
|
4,537 |
|
COUPA SOFTWARE
INCORPORATED |
|
Condensed Consolidated
Balance Sheets |
|
(In thousands, except
share and per share amounts) |
|
(unaudited) |
|
|
|
October
31, |
|
January
31, |
|
|
|
|
2016 |
|
|
|
2016 |
|
|
Assets |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
220,645 |
|
|
$ |
92,348 |
|
|
Accounts
receivable, net of allowances |
|
|
24,175 |
|
|
|
27,979 |
|
|
Prepaid
expenses and other current assets |
|
|
10,032 |
|
|
|
4,549 |
|
|
Deferred
commissions, current portion |
|
|
2,807 |
|
|
|
3,137 |
|
|
Total current assets |
|
|
257,659 |
|
|
|
128,013 |
|
|
Property and equipment,
net |
|
|
4,626 |
|
|
|
3,775 |
|
|
Deferred commissions,
net of current portion |
|
|
2,363 |
|
|
|
2,386 |
|
|
Goodwill |
|
|
1,605 |
|
|
|
1,605 |
|
|
Intangible assets,
net |
|
|
725 |
|
|
|
1,369 |
|
|
Other
assets |
|
|
2,405 |
|
|
|
2,778 |
|
|
Total assets |
|
$ |
269,383 |
|
|
$ |
139,926 |
|
|
Liabilities,
Convertible Preferred Stock and Stockholders' Equity
(Deficit) |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts
payable |
|
$ |
1,224 |
|
|
$ |
1,096 |
|
|
Accrued
expenses and other current liabilities |
|
|
21,744 |
|
|
|
14,446 |
|
|
Deferred
revenue, current portion |
|
|
71,379 |
|
|
|
63,870 |
|
|
Total current liabilities |
|
|
94,347 |
|
|
|
79,412 |
|
|
Deferred
revenue, net of current portion |
|
|
1,618 |
|
|
|
1,056 |
|
|
Other
liabilities |
|
|
390 |
|
|
|
747 |
|
|
Total liabilities |
|
|
96,355 |
|
|
|
81,215 |
|
|
Commitments and
contingencies |
|
|
|
|
|
Convertible preferred stock, $0.0001 par value per share |
|
|
- |
|
|
|
164,950 |
|
|
Stockholders' equity
(deficit) |
|
|
|
|
|
Common
stock, $0.0001 par value per share |
|
|
5 |
|
|
|
1 |
|
|
Additional paid-in capital |
|
|
326,891 |
|
|
|
16,629 |
|
|
Accumulated deficit |
|
|
(153,868 |
) |
|
|
(122,869 |
) |
|
Total stockholders'
equity (deficit) |
|
|
173,028 |
|
|
|
(106,239 |
) |
|
Total liabilities,
convertible preferred stock and stockholders' equity (deficit) |
|
$ |
269,383 |
|
|
$ |
139,926 |
|
|
COUPA SOFTWARE
INCORPORATED |
Condensed Consolidated
Statements of Cash Flows |
(In
thousands) |
(unaudited) |
|
Nine Months
Ended |
|
|
October
31, |
|
|
|
2016 |
|
|
|
2015 |
|
Cash flows from
operating activities |
|
|
|
|
Net loss |
|
$ |
(30,999 |
) |
|
$ |
(34,665 |
) |
Adjustments to
reconcile net loss to net cash used in operating activities: |
|
|
|
|
Depreciation and amortization |
|
|
3,265 |
|
|
|
1,859 |
|
Amortization of deferred commissions |
|
|
2,976 |
|
|
|
1,831 |
|
Stock-based compensation |
|
|
5,649 |
|
|
|
9,559 |
|
Change in
fair value of preferred stock warrant liability |
|
|
627 |
|
|
|
139 |
|
Other
non-cash items |
|
|
(21 |
) |
|
|
- |
|
Changes in operating
assets and liabilities net of effects from acquisitions: |
|
|
|
|
Accounts
receivable |
|
|
3,773 |
|
|
|
(1,259 |
) |
Prepaid
expenses and other current assets |
|
|
(5,483 |
) |
|
|
(1,089 |
) |
Other
assets |
|
|
(944 |
) |
|
|
(700 |
) |
Deferred
commissions |
|
|
(2,623 |
) |
|
|
(2,934 |
) |
Accounts
payable |
|
|
202 |
|
|
|
61 |
|
Accrued
expenses and other liabilities |
|
|
4,963 |
|
|
|
(716 |
) |
Deferred
revenue |
|
|
8,071 |
|
|
|
11,780 |
|
Net cash used in operating activities |
|
|
(10,544 |
) |
|
|
(16,134 |
) |
Cash flows from
investing activities |
|
|
|
|
Purchase
of property and equipment |
|
|
(3,500 |
) |
|
|
(2,783 |
) |
Acquisitions, net of cash acquired |
|
|
- |
|
|
|
(860 |
) |
Net cash used in investing activities |
|
|
(3,500 |
) |
|
|
(3,643 |
) |
Cash flows from
financing activities |
|
|
|
|
Proceeds
from issuance common stock, net of underwriting discounts and
commissions |
|
|
142,457 |
|
|
|
- |
|
Payments
of offering costs |
|
|
(4,268 |
) |
|
|
- |
|
Proceeds
from the exercise of common stock options |
|
|
4,100 |
|
|
|
289 |
|
Excess
tax benefit from shared-based compensation |
|
|
52 |
|
|
|
- |
|
Proceeds
from issuance of convertible preferred stock, net of issuance
costs |
|
|
- |
|
|
|
75,731 |
|
Proceeds
from the exercise of preferred stock warrant |
|
|
- |
|
|
|
500 |
|
Net cash provided by financing activities |
|
|
142,341 |
|
|
|
76,520 |
|
Net increase in cash
and cash equivalents |
|
|
128,297 |
|
|
|
56,743 |
|
Cash and cash
equivalents at beginning of period |
|
|
92,348 |
|
|
|
41,974 |
|
Cash and cash
equivalents at end of period |
|
$ |
220,645 |
|
|
$ |
98,717 |
|
Supplemental
disclosure of cash flow data |
|
|
|
|
Cash paid for income
taxes |
|
$ |
118 |
|
|
$ |
9 |
|
Supplemental
disclosure of non-cash investing and financing
activities |
|
|
|
|
Issuance of common
stock in connection with acquisitions |
|
$ |
- |
|
|
$ |
233 |
|
Vesting of early
exercised stock options |
|
$ |
389 |
|
|
$ |
96 |
|
Property and equipment
included in accounts payable and accrued expenses and other current
liabilities |
|
$ |
121 |
|
|
$ |
67 |
|
Conversion of
convertible preferred stock to common |
|
$ |
164,950 |
|
|
$ |
- |
|
Offering costs included
in accounts payable and accrued expenses and other current
liabilities |
|
$ |
974 |
|
|
$ |
- |
|
COUPA SOFTWARE
INCORPORATED |
Three Months Ended
October 31, 2016 |
Reconciliation of GAAP
to Non-GAAP Financial Measures |
(In thousands, except
per share amounts) |
(unaudited) |
|
GAAP |
|
Share-Based
CompensationExpenses |
|
Amortizationof
AcquiredIntangibleAssets |
|
Litigation-RelatedCosts |
|
Non-GAAP |
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
Costs of subscription
services |
$ |
6,346 |
|
|
$ |
(150 |
) |
|
$ |
(212 |
) |
|
$ |
- |
|
|
$ |
5,984 |
|
Costs of professional
services |
|
5,031 |
|
|
|
(155 |
) |
|
|
- |
|
|
|
- |
|
|
|
4,876 |
|
Gross profit |
|
67.9 |
% |
|
|
0.9 |
% |
|
|
0.6 |
% |
|
|
0.0 |
% |
|
|
69.4 |
% |
Research and
development |
|
7,179 |
|
|
|
(357 |
) |
|
|
- |
|
|
|
- |
|
|
|
6,822 |
|
Sales and
marketing |
|
16,315 |
|
|
|
(937 |
) |
|
|
- |
|
|
|
- |
|
|
|
15,378 |
|
General and
administrative |
|
6,068 |
|
|
|
(785 |
) |
|
|
- |
|
|
|
(1 |
) |
|
|
5,282 |
|
Loss from
operations |
|
(5,497 |
) |
|
|
2,384 |
|
|
|
212 |
|
|
|
1 |
|
|
|
(2,900 |
) |
Operating margin |
|
-15.5 |
% |
|
|
6.7 |
% |
|
|
0.6 |
% |
|
|
0.0 |
% |
|
|
-8.2 |
% |
Other expense, net |
|
(986 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(986 |
) |
Loss before provision
for income taxes |
|
(6,483 |
) |
|
|
2,384 |
|
|
|
212 |
|
|
|
1 |
|
|
|
(3,886 |
) |
Provision for income
taxes |
|
211 |
|
|
|
20 |
|
|
|
- |
|
|
|
- |
|
|
|
231 |
|
Net loss and
comprehensive loss |
$ |
(6,694 |
) |
|
$ |
2,364 |
|
|
$ |
212 |
|
|
$ |
1 |
|
|
$ |
(4,117 |
) |
Net loss per share
attributable to common stockholders, basic and diluted (1) |
$ |
(0.36 |
) |
|
|
|
|
|
|
|
$ |
(0.22 |
) |
(1)
Calculated based upon 18,420 basic and diluted weighted-average
shares of common stock |
|
|
|
|
COUPA SOFTWARE
INCORPORATED |
Three Months Ended
October 31, 2015 |
Reconciliation of GAAP
to Non-GAAP Financial Measures |
(In thousands, except
per share amounts) |
(unaudited) |
|
GAAP |
|
Share-Based Compensation
Expenses |
|
Amortizationof Acquired
Intangible Assets |
|
Litigation-Related
Costs |
|
Non-GAAP |
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
Costs of subscription
services |
$ |
4,280 |
|
|
$ |
(62 |
) |
|
$ |
(14 |
) |
|
$ |
- |
|
|
$ |
4,204 |
|
Costs of professional
services |
|
3,914 |
|
|
|
(59 |
) |
|
|
- |
|
|
|
- |
|
|
|
3,855 |
|
Gross profit |
|
64.1 |
% |
|
|
0.5 |
% |
|
|
0.1 |
% |
|
|
0.0 |
% |
|
|
64.7 |
% |
Research and
development |
|
5,965 |
|
|
|
(152 |
) |
|
|
(105 |
) |
|
|
- |
|
|
|
5,708 |
|
Sales and
marketing |
|
14,306 |
|
|
|
(706 |
) |
|
|
- |
|
|
|
- |
|
|
|
13,600 |
|
General and
administrative |
|
3,709 |
|
|
|
(547 |
) |
|
|
- |
|
|
|
(327 |
) |
|
|
2,835 |
|
Loss from
operations |
|
(9,373 |
) |
|
|
1,526 |
|
|
|
119 |
|
|
|
327 |
|
|
|
(7,401 |
) |
Operating margin |
|
-41.1 |
% |
|
|
6.7 |
% |
|
|
0.5 |
% |
|
|
1.4 |
% |
|
|
-32.5 |
% |
Other expense, net |
|
(70 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(70 |
) |
Loss before provision
for income taxes |
|
(9,443 |
) |
|
|
1,526 |
|
|
|
119 |
|
|
|
327 |
|
|
|
(7,471 |
) |
Provision for income
taxes |
|
75 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
75 |
|
Net loss and
comprehensive loss |
$ |
(9,518 |
) |
|
$ |
1,526 |
|
|
$ |
119 |
|
|
$ |
327 |
|
|
$ |
(7,546 |
) |
Net loss per share
attributable to common stockholders, basic and diluted (1) |
$ |
(1.94 |
) |
|
|
|
|
|
|
|
$ |
(1.54 |
) |
(1)
Calculated based upon 4,901 basic and diluted weighted-average
shares of common stock |
|
|
|
|
COUPA SOFTWARE
INCORPORATED |
Nine Months Ended
October 31, 2016 |
Reconciliation of GAAP
to Non-GAAP Financial Measures |
(In thousands, except
per share amounts) |
(unaudited) |
|
GAAP |
|
Share-BasedCompensationExpenses |
|
Amortizationof Acquired Intangible
Assets |
|
Litigation-Related
Costs |
|
Non-GAAP |
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
Costs of subscription
services |
$ |
18,425 |
|
|
$ |
(415 |
) |
|
$ |
(644 |
) |
|
$ |
- |
|
|
$ |
17,366 |
|
Costs of professional
services |
|
16,451 |
|
|
|
(399 |
) |
|
|
- |
|
|
|
- |
|
|
|
16,052 |
|
Gross profit |
|
63.6 |
% |
|
|
0.9 |
% |
|
|
0.7 |
% |
|
|
0.0 |
% |
|
|
65.1 |
% |
Research and
development |
|
22,225 |
|
|
|
(982 |
) |
|
|
- |
|
|
|
- |
|
|
|
21,243 |
|
Sales and
marketing |
|
51,403 |
|
|
|
(1,848 |
) |
|
|
- |
|
|
|
- |
|
|
|
49,555 |
|
General and
administrative |
|
16,241 |
|
|
|
(2,005 |
) |
|
|
- |
|
|
|
(151 |
) |
|
|
14,085 |
|
Loss from
operations |
|
(28,988 |
) |
|
|
5,649 |
|
|
|
644 |
|
|
|
151 |
|
|
|
(22,544 |
) |
Operating margin |
|
-30.3 |
% |
|
|
5.9 |
% |
|
|
0.7 |
% |
|
|
0.2 |
% |
|
|
-23.5 |
% |
Other expense, net |
|
(1,509 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,509 |
) |
Loss before provision
for income taxes |
|
(30,497 |
) |
|
|
5,649 |
|
|
|
644 |
|
|
|
151 |
|
|
|
(24,053 |
) |
Provision for income
taxes |
|
502 |
|
|
|
65 |
|
|
|
- |
|
|
|
- |
|
|
|
567 |
|
Net loss and
comprehensive loss |
$ |
(30,999 |
) |
|
$ |
5,584 |
|
|
$ |
644 |
|
|
$ |
151 |
|
|
$ |
(24,620 |
) |
Net loss per share
attributable to common stockholders, basic and diluted (1) |
$ |
(3.10 |
) |
|
|
|
|
|
|
|
$ |
(2.47 |
) |
(1)
Calculated based upon 9,987 basic and diluted weighted-average
shares of common stock |
|
|
|
|
COUPA SOFTWARE
INCORPORATED |
Nine Months Ended
October 31, 2015 |
Reconciliation of GAAP
to Non-GAAP Financial Measures |
(In thousands, except
per share amounts) |
(unaudited) |
|
GAAP |
|
Share-BasedCompensationExpenses |
|
Amortizationof AcquiredIntangible
Assets |
|
Litigation-RelatedCosts |
|
Non-GAAP |
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
Costs of subscription
services |
$ |
11,825 |
|
|
$ |
(161 |
) |
|
$ |
(41 |
) |
|
$ |
- |
|
|
$ |
11,623 |
|
Costs of professional
services |
|
10,147 |
|
|
|
(944 |
) |
|
|
- |
|
|
|
- |
|
|
|
9,203 |
|
Gross Profit |
|
61.7 |
% |
|
|
1.9 |
% |
|
|
0.1 |
% |
|
|
0.0 |
% |
|
|
63.7 |
% |
Research and
development |
|
16,188 |
|
|
|
(1,009 |
) |
|
|
(157 |
) |
|
|
- |
|
|
|
15,022 |
|
Sales and
marketing |
|
38,517 |
|
|
|
(1,092 |
) |
|
|
- |
|
|
|
- |
|
|
|
37,425 |
|
General and
administrative |
|
14,908 |
|
|
|
(6,353 |
) |
|
|
- |
|
|
|
(1,817 |
) |
|
|
6,738 |
|
Loss from
operations |
|
(34,271 |
) |
|
|
9,559 |
|
|
|
198 |
|
|
|
1,817 |
|
|
|
(22,697 |
) |
Operating margin |
|
-59.8 |
% |
|
|
16.7 |
% |
|
|
0.3 |
% |
|
|
3.2 |
% |
|
|
-39.6 |
% |
Other expense, net |
|
(194 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(194 |
) |
Loss before provision
for income taxes |
|
(34,465 |
) |
|
|
9,559 |
|
|
|
198 |
|
|
|
1,817 |
|
|
|
(22,891 |
) |
Provision for income
taxes |
|
200 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
200 |
|
Net loss and
comprehensive loss |
$ |
(34,665 |
) |
|
$ |
9,559 |
|
|
$ |
198 |
|
|
$ |
1,817 |
|
|
$ |
(23,091 |
) |
Net loss per share
attributable to common stockholders, basic and diluted (1) |
$ |
(7.64 |
) |
|
|
|
|
|
|
|
$ |
(5.09 |
) |
(1)
Calculated based upon 4,537 basic and diluted weighted-average
shares of common stock |
|
|
Investor Relations:
The Blueshirt Group for Coupa
Cynthia Hiponia or Erin Rheaume
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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