Record Full Year Revenue of $134
Million
Coupa Software (NASDAQ:COUP), a leader in cloud-based spend
management, today announced its financial results for the fourth
quarter and fiscal year-ended January 31, 2017.
Fourth Quarter Results
- Revenues: Total revenues were $38.0 million,
an increase of 44% from the same period last year. Subscription
services revenues were $33.8 million, an increase of 45% from the
same period last year.
- Loss from Operations: GAAP operating loss was
$6.4 million, compared to a loss of $11.0 million for the same
period last year. Non-GAAP operating loss was $2.3 million,
compared to a loss of $9.7 million for the same period last year.
- Net Loss: GAAP net loss was $6.6 million,
compared to a loss of $11.5 million for the same period last year.
GAAP net loss per basic and diluted share was $0.13, compared to a
loss of $2.18 for the same period last year. Non-GAAP net loss was
$2.5 million, compared to a loss of $10.2 million for the same
period last year. Non-GAAP net loss per basic and diluted share was
$0.05, compared to a loss of $1.93 for the same period last
year.
Fiscal Year 2017 Results
- Revenues: Total revenues were $133.8 million,
an increase of 60% from the prior year. Subscription services
revenues were $117.8 million, an increase of 56% from the prior
year.
- Loss from Operations: GAAP operating loss was
$35.4 million, compared to a loss of $45.3 million for the prior
year. Non-GAAP operating loss was $24.9 million, compared to a loss
of $32.4 million for the prior year.
- Net Loss: GAAP net loss was $37.6 million,
compared to a loss of $46.2 million for the prior year. GAAP net
loss per basic and diluted share was $1.88, compared to a loss of
$9.81 for the prior year. Non-GAAP net loss was $27.1 million,
compared to a loss of $33.3 million for the prior year. Non-GAAP
net loss per basic and diluted share was $1.36, compared to a loss
of $7.07 for the prior year.
- Balance Sheet: Cash and cash equivalents were
$201.7 million, and total deferred revenue was $90.8 million, as of
January 31, 2017.
- Cash Flow: Cash flow from operating activities
was a use of $21.0 million for the full fiscal 2017 year.
“We closed a successful fiscal 2017 by achieving strong results
across the board in Q4,” said Rob Bernshteyn, CEO of Coupa.
“Our unified platform has now processed more than $360 billion in
cumulative spend, driving cost savings and increasing profitability
for our customers. We made significant advancements in our
technology with the release of R17 and acquisition of Spend360, and
added marquee customers including Caterpillar, Paul HARTMANN, and
many others. With continued strength in North America and Europe
and increasing traction in Asia Pacific and Latin America, we are
well positioned as we enter the new fiscal year.”
Business Outlook:
The following forward-looking statements reflect Coupa’s
expectations as of March 13, 2017.
First quarter of fiscal 2018:
- Total revenues are expected to be between $38.0 and $38.5
million.
- Non-GAAP loss from operations is expected to be between $6.0
and $8.5 million.
- Non-GAAP net loss per share is expected to be between $0.12
loss and $0.17 loss per share.
- Basic and diluted weighted average share count is expected to
be approximately 50.8 million shares.
Full year fiscal 2018:
- Total revenues are expected to be between $167 and $170
million.
- Non-GAAP loss from operations is expected to be between $27 and
$30 million.
- Non-GAAP net loss per share is expected to be between $0.53
loss and $0.58 loss per share.
- Basic and diluted weighted average share count is expected to
be approximately 53 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:
- Coupa surpassed 500 total customers during the fourth quarter,
ending its fiscal year with 535 customers. New customers to
highlight from Q4 included some of the world’s biggest brands, such
as Caterpillar, the world’s leading manufacturer of construction
and mining equipment, and Paul HARTMANN, a leading provider of
medical and hygiene products and Coupa’s first manufacturing
customer in Germany.
- Other new customer wins included Asian Development Bank,
FrieslandCampina, Clark Construction, KMG Rompetrol, LKQ
Corporation, The Andersons, Bynder, Turtle Entertainment (ESL
Gaming), PDF Solutions, InvoCare, Apex Parks Group, LLC, USO World
Headquarters, Kubota Tractor Corporation, ACLD, Reliance
Properties, Brightpoint Health, Great Wolf Resorts, GoHealth Urgent
Care, and R1 RCM Inc., formerly Accretive Health Inc.
- Coupa acquired substantially all of the assets of Spend360
International Ltd. to help companies digitize antiquated processes
for data classification. Based outside London, Spend360 is an
analytics solution that uses deep machine learning and artificial
intelligence to structure and cleanse data.
- Coupa delivered Release 17 (R17) – its first major cloud
platform update of the calendar year. R17 leverages data network
effects to deliver comprehensive B2B insights to customers,
allowing them to increase value and spend smarter.
- After signing a premier new customer in China in Q3, KPMG
China, Coupa's implementation partner, completed a rapid 10-week
spend transformation project to optimize purchasing and invoicing
processes.
- Coupa debuted in the 2017 Gartner Magic Quadrant for Strategic
Sourcing Suites.
- Gartner also recognized Coupa as a “Vendor to Watch” in a
report entitled “Market Opportunity Map: Enterprise Resource
Planning, Worldwide.” Coupa was one of only five vendors named as a
mega-vendor and emerging Enterprise Resource Planning (ERP)
provider.
- Coupa grew its Coupa Advantage program with expanded category
coverage via regional and global supplier partners. Notable new
suppliers to Coupa Advantage include Zoom, a market leading video
conferencing solution, as well as two new European suppliers;
Manutan, Europe’s largest provider of business products and
services, and Little Big Connection, a European marketplace for IT
and engineering consultants.
- Coupa was one of 50 companies named one of the best workplaces
of 2016 by the Silicon Review.
- Coupa announced that Apple Co-Founder Steve Wozniak will be a
distinguished speaker at Coupa Inspire ’17, the company’s fifth
annual user conference, which takes place May 16-18 at the Westin
St. Francis Union Square in San Francisco, CA.
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)-874-1567, using conference code 6255862.
- International parties can access the call by dialing
(719)-325-4907, using conference code 6255862.
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, March 20, 2017. To access the
replay, parties in the U.S. and Canada should call (888)-203-1112
and enter conference code 6255862. International parties should
call (719)-457-0820 and enter conference code 6255862.
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 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
or purchase orders, from customers on our platform. While we do not
believe this metric is directly correlated to our financial
results, we believe the adoption of our 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, to increase renewals and to increase upsells due to
an increase in the number of authorized users and modules per
customer.
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; 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 December 9, 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 March 13, 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 |
(in thousands, except per share amounts) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Year
Ended |
|
|
January
31, |
|
January
31, |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
Revenues |
|
|
|
|
|
|
|
|
Subscription
services |
|
$ |
33,834 |
|
|
$ |
23,288 |
|
|
$ |
117,788 |
|
|
$ |
75,667 |
|
Professional services
and other |
|
|
4,184 |
|
|
|
3,076 |
|
|
|
15,987 |
|
|
|
8,011 |
|
Total
revenues |
|
|
38,018 |
|
|
|
26,364 |
|
|
|
133,775 |
|
|
|
83,678 |
|
Cost of
revenues |
|
|
|
|
|
|
|
|
Subscription
services |
|
|
6,630 |
|
|
|
4,979 |
|
|
|
25,055 |
|
|
|
16,804 |
|
Professional services
and other |
|
|
4,763 |
|
|
|
4,960 |
|
|
|
21,214 |
|
|
|
15,107 |
|
Total cost of
revenues |
|
|
11,393 |
|
|
|
9,939 |
|
|
|
46,269 |
|
|
|
31,911 |
|
Gross profit |
|
|
26,625 |
|
|
|
16,425 |
|
|
|
87,506 |
|
|
|
51,767 |
|
Operating expenses |
|
|
|
|
|
|
|
|
Research
and development |
|
|
8,037 |
|
|
|
6,579 |
|
|
|
30,262 |
|
|
|
22,767 |
|
Sales and
marketing |
|
|
17,159 |
|
|
|
16,196 |
|
|
|
68,562 |
|
|
|
54,713 |
|
General
and administrative |
|
|
7,865 |
|
|
|
4,632 |
|
|
|
24,106 |
|
|
|
19,540 |
|
Total operating
expenses |
|
|
33,061 |
|
|
|
27,407 |
|
|
|
122,930 |
|
|
|
97,020 |
|
|
|
|
|
|
|
|
|
|
Loss
from operations |
|
|
(6,436 |
) |
|
|
(10,982 |
) |
|
|
(35,424 |
) |
|
|
(45,253 |
) |
Other income (expense),
net |
|
|
174 |
|
|
|
(374 |
) |
|
|
(1,335 |
) |
|
|
(568 |
) |
Loss before
provision for income taxes |
|
|
(6,262 |
) |
|
|
(11,356 |
) |
|
|
(36,759 |
) |
|
|
(45,821 |
) |
Provision for income
taxes |
|
|
346 |
|
|
|
135 |
|
|
|
848 |
|
|
|
335 |
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(6,608 |
) |
|
$ |
(11,491 |
) |
|
$ |
(37,607 |
) |
|
$ |
(46,156 |
) |
|
|
|
|
|
|
|
|
|
Net loss per share attributable to common stockholders, basic
and diluted |
|
|
|
|
|
|
|
|
|
$ |
(0.13 |
) |
|
$ |
(2.18 |
) |
|
$ |
(1.88 |
) |
|
$ |
(9.81 |
) |
|
|
|
|
|
|
|
|
|
Weighted-average number of shares used in computing net loss
per share attributable to common stockholders, basic and
diluted |
|
|
|
|
|
|
|
|
|
|
49,776 |
|
|
|
5,261 |
|
|
|
19,988 |
|
|
|
4,704 |
|
COUPA SOFTWARE
INCORPORATED |
|
Condensed Consolidated
Balance Sheets |
|
(in thousands) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
January
31, |
|
January
31, |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
201,721 |
|
|
$ |
92,348 |
|
|
Accounts
receivable, net of allowances |
|
|
47,614 |
|
|
|
27,979 |
|
|
Prepaid
expenses and other current assets |
|
|
9,150 |
|
|
|
4,549 |
|
|
Deferred
commissions, current portion |
|
|
3,091 |
|
|
|
3,137 |
|
|
Total
current assets |
|
|
261,576 |
|
|
|
128,013 |
|
|
Property and equipment,
net |
|
|
4,642 |
|
|
|
3,775 |
|
|
Deferred commissions,
net of current portion |
|
|
2,895 |
|
|
|
2,386 |
|
|
Goodwill |
|
|
6,306 |
|
|
|
1,605 |
|
|
Intangible assets,
net |
|
|
5,848 |
|
|
|
1,369 |
|
|
Other
assets |
|
|
2,597 |
|
|
|
2,778 |
|
|
Total
assets |
|
$ |
283,864 |
|
|
$ |
139,926 |
|
|
|
|
|
|
|
|
Liabilities,
Convertible Preferred Stock and Stockholders' Equity
(Deficit) |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts
payable |
|
$ |
1,175 |
|
|
$ |
1,096 |
|
|
Accrued
expenses and other current liabilities |
|
|
17,490 |
|
|
|
14,446 |
|
|
Deferred
revenue, current portion |
|
|
89,872 |
|
|
|
63,870 |
|
|
Total
current liabilities |
|
|
108,537 |
|
|
|
79,412 |
|
|
Deferred
revenue, net of current portion |
|
|
968 |
|
|
|
1,056 |
|
|
Other
liabilities |
|
|
467 |
|
|
|
747 |
|
|
Total
liabilities |
|
|
109,972 |
|
|
|
81,215 |
|
|
Commitments and
contingencies |
|
|
|
|
|
Convertible preferred stock, $0.0001 par value |
|
|
- |
|
|
|
164,950 |
|
|
Stockholders' equity
(deficit): |
|
|
|
|
|
Preferred
stock, $0.0001 par value |
|
|
- |
|
|
|
- |
|
|
Common
stock, $0.0001 par value |
|
|
5 |
|
|
|
1 |
|
|
Additional paid-in capital |
|
|
334,363 |
|
|
|
16,629 |
|
|
Accumulated deficit |
|
|
(160,476 |
) |
|
|
(122,869 |
) |
|
Total
stockholders' equity (deficit) |
|
|
173,892 |
|
|
|
(106,239 |
) |
|
Total
liabilities, convertible preferred stock and stockholders'
equity |
|
$ |
283,864 |
|
|
$ |
139,926 |
|
|
COUPA SOFTWARE
INCORPORATED |
Condensed Consolidated
Statements of Cash Flows |
(in thousands) |
(unaudited) |
|
|
Year
Ended |
|
|
January
31, |
|
|
|
2017 |
|
|
|
2016 |
|
Cash flows from
operating activities |
|
|
|
|
Net loss |
|
$ |
(37,607 |
) |
|
$ |
(46,156 |
) |
Adjustments to
reconcile net loss to net cash used in operating activities: |
|
|
|
|
Depreciation and amortization |
|
|
4,575 |
|
|
|
2,758 |
|
Amortization of deferred commissions |
|
|
4,004 |
|
|
|
2,834 |
|
Stock-based compensation |
|
|
9,452 |
|
|
|
10,568 |
|
Change in
fair value of preferred stock warrant liability |
|
|
627 |
|
|
|
190 |
|
Other
non-cash items |
|
|
355 |
|
|
|
- |
|
Changes in operating
assets and liabilities net of effects from acquisitions: |
|
|
|
|
Accounts
receivable |
|
|
(20,041 |
) |
|
|
(8,314 |
) |
Prepaid
expenses and other current assets |
|
|
(4,600 |
) |
|
|
(1,289 |
) |
Other
assets |
|
|
(1,136 |
) |
|
|
(2,006 |
) |
Deferred
commissions |
|
|
(4,468 |
) |
|
|
(5,384 |
) |
Accounts
payable |
|
|
224 |
|
|
|
(121 |
) |
Accrued
and other liabilities |
|
|
1,772 |
|
|
|
696 |
|
Deferred
revenue |
|
|
25,888 |
|
|
|
24,155 |
|
Net cash used in operating activities |
|
|
(20,955 |
) |
|
|
(22,069 |
) |
Cash flows from
investing activities |
|
|
|
|
Purchase
of property and equipment |
|
|
(4,491 |
) |
|
|
(3,868 |
) |
Acquisitions, net of cash acquired |
|
|
(6,750 |
) |
|
|
(1,426 |
) |
Net cash used in investing activities |
|
|
(11,241 |
) |
|
|
(5,294 |
) |
Cash flows from
financing activities |
|
|
|
|
Proceeds
from issuance common stock, net of underwriting discounts,
commissions and offering costs |
|
|
137,216 |
|
|
|
(64 |
) |
Proceeds
from the exercise of common stock options |
|
|
4,252 |
|
|
|
1,570 |
|
Proceeds
from issuance of convertible preferred stock, net of issuance
costs |
|
|
- |
|
|
|
75,731 |
|
Proceeds
from the exercise of preferred stock warrants |
|
|
50 |
|
|
|
500 |
|
Excess
tax benefit from shared-based compensation |
|
|
51 |
|
|
|
- |
|
Net cash provided by financing activities |
|
$ |
141,569 |
|
|
$ |
77,737 |
|
Net increase in cash
and cash equivalents |
|
|
109,373 |
|
|
|
50,374 |
|
Cash and cash
equivalents at beginning of year |
|
|
92,348 |
|
|
|
41,974 |
|
Cash and cash
equivalents at end of year |
|
$ |
201,721 |
|
|
$ |
92,348 |
|
COUPA SOFTWARE
INCORPORATED |
|
Three Months Ended
January 31, 2017 |
|
Reconciliation of GAAP
to Non-GAAP Financial Measures |
|
(in thousands, except per share amounts) |
|
(unaudited) |
|
|
GAAP |
|
Share-Based Compensation
Expense |
|
Amortization of Acquired
Intangible Assets |
|
Litigation-Related
Costs |
|
Non-GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
Costs of subscription
services |
$ |
6,630 |
|
|
$ |
(300 |
) |
|
$ |
(308 |
) |
|
$ |
- |
|
|
$ |
6,022 |
|
|
Costs of professional
services |
|
4,763 |
|
|
|
(373 |
) |
|
|
- |
|
|
|
- |
|
|
|
4,390 |
|
|
Gross profit |
|
70.0 |
% |
|
|
1.8 |
% |
|
|
0.8 |
% |
|
|
0.0 |
% |
|
|
72.6 |
% |
|
Research and
development |
|
8,037 |
|
|
|
(784 |
) |
|
|
- |
|
|
|
- |
|
|
|
7,253 |
|
|
Sales and
marketing |
|
17,159 |
|
|
|
(1,282 |
) |
|
|
- |
|
|
|
- |
|
|
|
15,877 |
|
|
General and
administrative |
|
7,865 |
|
|
|
(1,064 |
) |
|
|
- |
|
|
|
- |
|
|
|
6,801 |
|
|
Loss from
operations |
|
(6,436 |
) |
|
|
3,803 |
|
|
|
308 |
|
|
|
- |
|
|
|
(2,325 |
) |
|
Operating margin |
|
-16.9 |
% |
|
|
10.0 |
% |
|
|
0.8 |
% |
|
|
0.0 |
% |
|
|
-6.1 |
% |
|
Other income, net |
|
174 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
174 |
|
|
Loss before provision
for income taxes |
|
(6,262 |
) |
|
|
3,803 |
|
|
|
308 |
|
|
|
- |
|
|
|
(2,151 |
) |
|
Aggregate adjustment
for income taxes |
|
346 |
|
|
|
8 |
|
|
|
- |
|
|
|
- |
|
|
|
354 |
|
|
Net loss |
$ |
(6,608 |
) |
|
$ |
3,795 |
|
|
$ |
308 |
|
|
$ |
- |
|
|
$ |
(2,505 |
) |
|
Net loss per share
attributable to common stockholders, basic and diluted (1) |
$ |
(0.13 |
) |
|
|
|
|
|
|
|
$ |
(0.05 |
) |
|
(1) Calculated based upon 49,776 basic and diluted
weighted-average shares of common stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COUPA SOFTWARE
INCORPORATED |
|
Three Months Ended
January 31, 2016 |
|
Reconciliation of GAAP
to Non-GAAP Financial Measures |
|
(in thousands, except per share amounts) |
|
(unaudited) |
|
|
GAAP |
|
Share-Based Compensation
Expense |
|
Amortization of Acquired
Intangible Assets |
|
Litigation-Related
Costs |
|
Non-GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
Costs of subscription
services |
$ |
4,979 |
|
|
$ |
(74 |
) |
|
$ |
(346 |
) |
|
$ |
- |
|
|
$ |
4,559 |
|
|
Costs of professional
services |
|
4,960 |
|
|
|
(70 |
) |
|
|
- |
|
|
|
- |
|
|
|
4,890 |
|
|
Gross profit |
|
62.3 |
% |
|
|
0.5 |
% |
|
|
1.3 |
% |
|
|
0.0 |
% |
|
|
64.2 |
% |
|
Research and
development |
|
6,579 |
|
|
|
(227 |
) |
|
|
157 |
|
|
|
- |
|
|
|
6,509 |
|
|
Sales and
marketing |
|
16,196 |
|
|
|
(255 |
) |
|
|
- |
|
|
|
- |
|
|
|
15,941 |
|
|
General and
administrative |
|
4,632 |
|
|
|
(383 |
) |
|
|
- |
|
|
|
(126 |
) |
|
|
4,123 |
|
|
Loss from
operations |
|
(10,982 |
) |
|
|
1,009 |
|
|
|
189 |
|
|
|
126 |
|
|
|
(9,658 |
) |
|
Operating margin |
|
-41.7 |
% |
|
|
3.8 |
% |
|
|
0.7 |
% |
|
|
0.5 |
% |
|
|
-36.6 |
% |
|
Other expense, net |
|
(374 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(374 |
) |
|
Loss before provision
for income taxes |
|
(11,356 |
) |
|
|
1,009 |
|
|
|
189 |
|
|
|
126 |
|
|
|
(10,032 |
) |
|
Aggregate adjustment
for income taxes |
|
135 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
135 |
|
|
Net loss |
$ |
(11,491 |
) |
|
$ |
1,009 |
|
|
$ |
189 |
|
|
$ |
126 |
|
|
$ |
(10,167 |
) |
|
Net loss per share
attributable to common stockholders, basic and diluted (1) |
$ |
(2.18 |
) |
|
|
|
|
|
|
|
$ |
(1.93 |
) |
|
(1) Calculated based upon 5,261 basic and diluted
weighted-average shares of common stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COUPA SOFTWARE
INCORPORATED |
|
For the Year Ended
January 31, 2017 |
|
Reconciliation of GAAP
to Non-GAAP Financial Measures |
|
(in thousands, except per share amounts) |
|
(unaudited) |
|
|
GAAP |
|
Share-Based Compensation
Expense |
|
Amortization of Acquired
Intangible Assets |
|
Litigation-Related
Costs |
|
Non-GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
Costs of subscription
services |
$ |
25,055 |
|
|
$ |
(715 |
) |
|
$ |
(952 |
) |
|
$ |
- |
|
|
$ |
23,388 |
|
|
Costs of professional
services |
|
21,214 |
|
|
|
(772 |
) |
|
|
- |
|
|
|
- |
|
|
|
20,442 |
|
|
Gross profit |
|
65.4 |
% |
|
|
1.1 |
% |
|
|
0.7 |
% |
|
|
0.0 |
% |
|
|
67.2 |
% |
|
Research and
development |
|
30,262 |
|
|
|
(1,766 |
) |
|
|
- |
|
|
|
- |
|
|
|
28,496 |
|
|
Sales and
marketing |
|
68,562 |
|
|
|
(3,130 |
) |
|
|
- |
|
|
|
- |
|
|
|
65,432 |
|
|
General and
administrative |
|
24,106 |
|
|
|
(3,069 |
) |
|
|
- |
|
|
|
(151 |
) |
|
|
20,886 |
|
|
Loss from
operations |
|
(35,424 |
) |
|
|
9,452 |
|
|
|
952 |
|
|
|
151 |
|
|
|
(24,869 |
) |
|
Operating margin |
|
-26.5 |
% |
|
|
7.1 |
% |
|
|
0.7 |
% |
|
|
0.1 |
% |
|
|
-18.6 |
% |
|
Other expense, net |
|
(1,335 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,335 |
) |
|
Loss before provision
for income taxes |
|
(36,759 |
) |
|
|
9,452 |
|
|
|
952 |
|
|
|
151 |
|
|
|
(26,204 |
) |
|
Aggregate adjustment
for income taxes |
|
848 |
|
|
|
73 |
|
|
|
- |
|
|
|
- |
|
|
|
921 |
|
|
Net loss |
$ |
(37,607 |
) |
|
$ |
9,379 |
|
|
$ |
952 |
|
|
$ |
151 |
|
|
$ |
(27,125 |
) |
|
Net loss per share
attributable to common stockholders, basic and diluted (1) |
$ |
(1.88 |
) |
|
|
|
|
|
|
|
$ |
(1.36 |
) |
|
(1) Calculated based upon 19,988 basic and diluted
weighted-average shares of common stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COUPA SOFTWARE
INCORPORATED |
|
For the Year Ended
January 31, 2016 |
|
Reconciliation of GAAP
to Non-GAAP Financial Measures |
|
(in thousands, except per share amounts) |
|
(unaudited) |
|
|
GAAP |
|
Share-Based Compensation
Expense |
|
Amortization of Acquired
Intangible Assets |
|
Litigation-Related
Costs |
|
Non-GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
Costs of subscription
services |
$ |
16,804 |
|
|
$ |
(235 |
) |
|
$ |
(387 |
) |
|
$ |
- |
|
|
$ |
16,182 |
|
|
Costs of professional
services |
|
15,107 |
|
|
|
(1,014 |
) |
|
|
- |
|
|
|
- |
|
|
|
14,093 |
|
|
Gross profit |
|
61.9 |
% |
|
|
1.5 |
% |
|
|
0.5 |
% |
|
|
0.0 |
% |
|
|
63.8 |
% |
|
Research and
development |
|
22,767 |
|
|
|
(1,236 |
) |
|
|
- |
|
|
|
- |
|
|
|
21,531 |
|
|
Sales and
marketing |
|
54,713 |
|
|
|
(1,347 |
) |
|
|
- |
|
|
|
- |
|
|
|
53,366 |
|
|
General and
administrative |
|
19,540 |
|
|
|
(6,736 |
) |
|
|
- |
|
|
|
(1,943 |
) |
|
|
10,861 |
|
|
Loss from
operations |
|
(45,253 |
) |
|
|
10,568 |
|
|
|
387 |
|
|
|
1,943 |
|
|
|
(32,358 |
) |
|
Operating margin |
|
-54.1 |
% |
|
|
12.6 |
% |
|
|
0.5 |
% |
|
|
2.3 |
% |
|
|
-38.7 |
% |
|
Other expense, net |
|
(568 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(568 |
) |
|
Loss before provision
for income taxes |
|
(45,821 |
) |
|
|
10,568 |
|
|
|
387 |
|
|
|
1,943 |
|
|
|
(32,923 |
) |
|
Aggregate adjustment
for income taxes |
|
335 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
335 |
|
|
Net loss |
$ |
(46,156 |
) |
|
$ |
10,568 |
|
|
$ |
387 |
|
|
$ |
1,943 |
|
|
$ |
(33,258 |
) |
|
Net loss per share
attributable to common stockholders, basic and diluted (1) |
$ |
(9.81 |
) |
|
|
|
|
|
|
|
$ |
(7.07 |
) |
|
(1) Calculated based upon 4,704 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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