Coupa Software Reports First Quarter Fiscal 2022 Financial Results

Coupa Software announced financial results for its first fiscal quarter ended April 30, 2021.

 Rob Bernshteyn, chairman and chief executive officer at Coupa says "during the first quarter, we delivered record revenue, generated meaningful free cash flows, and added dozens of new customers to the Coupa Community." 

"With supply chain disruptions and an emphasis on frugality impacting the way companies approach Business Spend Management, our customers depend on us to help them build the agility and resiliency needed to strategically navigate a challenging but improving economic environment."

First Quarter Results:

• Total revenues were $166.9 million, an increase of 40% compared to the same period last year. Subscription revenues were $140.1 million, an increase of 33% compared to the same period last year.

• GAAP operating loss was $73.9 million, compared to a GAAP operating loss of $5.6 million for the same period last year. Non-GAAP operating income was $7.0 million, compared to a non-GAAP operating income of $14.9 million for the same period last year.

• GAAP net loss was $100.4 million, compared to a GAAP net loss of $14.8 million for the same period last year. GAAP net loss per basic and diluted share was $1.38, compared to a GAAP net loss per basic and diluted share of $0.23 for the same period last year. Non-GAAP net income was $5.0 million, compared to a non-GAAP net income of $14.5 million for the same period last year. Non-GAAP net income per diluted share was $0.07, compared to non-GAAP net income per diluted share of $0.20 for the same period last year.

• Operating cash flows and adjusted free cash flows were positive $32.1 million and $29.8 million, respectively.

Coupa released the following forward-looking statements reflect Coupa's expectations as of June 7, 2021.

Second quarter of fiscal 2022:

• Total revenues are expected to be $162.0 to $163.0 million.

• Subscription revenues are expected to be $142.0 to $143.0 million.

• Professional services and other revenues are expected to be approximately $20.0 million.

• Non-GAAP loss from operations is expected to be $2.0 to $3.0 million.

• Non-GAAP net loss per basic and diluted share is expected to be $0.05 to $0.07 per share.

• Basic and diluted weighted average share count is expected to be approximately 73.5 million shares.

Full year fiscal 2022:

• Total revenues are expected to be $681.0 to $684.0 million.

• Non-GAAP loss from operations is expected to be $2.0 to $7.0 million.

• Non-GAAP net loss per basic and diluted share is expected to be $0.14 to $0.20 per share.

• Basic and diluted weighted average share count is expected to be approximately 74.0 million shares.

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 loss from operations and non-GAAP net loss, such as charges related to stock-based compensation expenses, amortization of acquired intangible assets, amortization of debt discount and issuance costs, gain or loss on conversion of convertible senior notes, and related tax effects, including non-recurring income tax adjustments, cannot be reasonably calculated or predicted at this time. In addition, the effect of the anti-dilutive impact of the capped call transactions entered into in connection with the company's offerings of convertible notes in 2018, 2019 and 2020, respectively, cannot be reasonably calculated or predicted at this time. The effect of these items may be significant.

The press release also lists some recent business highlights including

• Coupa Welcomed many new customers into the community in Q1, including the following: A Lassonde Inc., Abzena, Acino Pharma, Adevinta, Aileron Therapeutics, American Cybersystems, Apogee Enterprises, Boels Verhuur, Bridgewater Associates, Catalyst Housing, Eagle Bancorp, Eisai Corporation, Flagstone Foods, Frucor Suntory, Hamburger Containerboard, Hopkins Public School District, J.B. Poindexter & Co., Kantar Group, Lagardère Travel Retail, Location d'outils Simplex, Novaria Group, One Medical Group, Osburn Contractors, Praxis Precision Medicines, Progroup AG, Protagonist Therapeutics, Punto Fa SL, Sage Housing, Siegwerk Druckfarben, Silverback Therapeutics, SiteOne Landscape Supply, Skillz, SoftPawa Ltd., Southcross Energy Partners, The Hain Celestial Group, Thumbtack Inc., Tupperware Brands, UserTesting, and Zeta Charter Schools.

• Announced a strategic partnership with Japan Cloud to establish Coupa K.K., a new joint venture to scale and accelerate Business Spend Management adoption among Japanese companies. 

• Launched Coupa Ventures, a $50M fund to support the next generation of companies shaping the future of Business Spend Management and made our first two strategic investments in Zylo and SourceDay. 

• Named to Inc's Best Workplaces list¹ and celebrated in both the "Enduring Impact" and "X-Large Company" categories.  

• Named to Fortune's Best Workplaces in Technology list². 

• Launched the 2021 Benchmark Report: From Resilience to Renewal, highlighting "The BSM Suite 16" to help businesses improve performance of 16 spend KPIs. 

• Received the Customers' Choice distinction in the Gartner Peer Insights "Voice of the Customer": Procure-to-Pay Suites 2021 report³. 

• Named a leader in Ardent Partners' 2021 ePayables Technology Advisory Report⁴.

• Named a leader in 11 Spend Matters Spring 2021 SolutionMaps⁵, covering every aspect of Source to Pay.

• Hosted a virtual panel "Women of Impact: A Seat at the Table" for International Women's Day.