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    Coupa Software Reports Third Quarter Fiscal 2022 Financial Results

    12/6/21 4:03:00 PM ET
    $COUP
    Computer Software: Prepackaged Software
    Technology
    Get the next $COUP alert in real time by email

    SAN MATEO, Calif., Dec. 6, 2021 /PRNewswire/ -- Coupa Software (NASDAQ:COUP) today announced financial results for its third fiscal quarter ended October 31, 2021.

    Coupa Software (PRNewsfoto/Coupa Software)

    "We delivered another strong quarter with record revenue and profitability," said Rob Bernshteyn, chairman and chief executive officer at Coupa. "As demonstrated by our third quarter results, we are seeing strong adoption of the Coupa platform as our customers continue to prioritize Business Spend Management as a fundamental aspect of their go-forward strategy. With the fourth quarter well under way, we continue to leverage our Value-as-a-Service approach to add strategic customers across many industries and of all sizes."

    Third Quarter Results:

    • Total revenues were $185.8 million, an increase of 40% compared to the same period last year. Subscription revenues were $164.7 million, an increase of 40% compared to the same period last year.
    • GAAP operating loss was $56.1 million, compared to $33.6 million for the same period last year. Non-GAAP operating income was $27.9 million, compared to $14.3 million for the same period last year.
    • GAAP net loss attributable to Coupa Software Incorporated was $91.2 million, compared to $60.8 million for the same period last year. GAAP net loss per basic and diluted share attributable to Coupa Software Incorporated was $1.23, compared to $0.88 for the same period last year. Non-GAAP net income attributable to Coupa Software Incorporated was $23.5 million, compared to $13.0 million for the same period last year. Non-GAAP net income per diluted share attributable to Coupa Software Incorporated was $0.31, compared to $0.18 for the same period last year.
    • Operating cash flows and adjusted free cash flows were positive $31.0 million and $28.2 million, respectively.

    See the section titled "Non-GAAP Financial Measures" and the reconciliation tables below for important information regarding the non-GAAP financial measures used by Coupa.

    Business Outlook:

    The following forward-looking statements reflect Coupa's expectations as of December 6, 2021.

    Fourth quarter of fiscal 2022:

    • Total revenues are expected to be $185.0 to $186.0 million.
    • Subscription revenues are expected to be $166.0 to $167.0 million.
    • Professional services and other revenues are expected to be approximately $19.0 million.
    • Non-GAAP income from operations is expected to be $8.0 to $10.0 million.
    • Non-GAAP net income per diluted share attributable to Coupa Software Incorporated is expected to be $0.03 to $0.05 per share.
    • Diluted weighted average share count is expected to be approximately 77.0 million shares.

    Full year fiscal 2022:

    • Total revenues are expected to be $717.0 to $718.0 million.
    • Non-GAAP income from operations is expected to be $70.0 to $72.0 million.
    • Non-GAAP net income per diluted share attributable to Coupa Software Incorporated is expected to be $0.66 to $0.69 per share.
    • Diluted weighted average share count is expected to be approximately 76.5 million shares.

    Coupa has not reconciled its expectations for non-GAAP income from operations to GAAP loss from operations, or non-GAAP net income per diluted share attributable to Coupa Software Incorporated to GAAP net loss per share attributable to Coupa Software Incorporated because certain items excluded from non-GAAP income from operations and non-GAAP net income per diluted share attributable to Coupa Software Incorporated, 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, the adjustment attributable to redeemable non-controlling interests, 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.

    Recent Business Highlights:

    • Welcomed many new customers into the Coupa community in Q3, including the following: Angi, Aptim Holdings, Atr, Capsida Biotherapeutics, Compass Minerals International, Covetrus, DEVK Versicherungen, EDEKA Handelsgesellschaft Nord, Endeavor Group Limited, Orbia Advance Corporation, Softbank, and Yazaki North America.
    • Named a Gartner® Magic Quadrant™ Leader for P2P Suites for the sixth consecutive time1
    • Named a leader in ten Spend Matters SolutionMaps, covering every area of Source-to-Pay2
    • Named a Best Led Workplace in 2021 by Inc3
    • Became a Globally Certified Great Place to Work across the US, UK, India, Germany, and Ireland for 2021-20224
    • Named to Fortune's 2021 Future 50 list5
    • Awarded a Silver medal sustainability rating from EcoVadis
    • Debuted its campaign, "Behold the Power of Spend" at the World Series, F-1, Premier League, and Bundesliga events
    • Opened registration for its 2022 global Business Spend Management (BSM) community conference Inspire in North America and EMEA 
    • Hosted its annual Global Volunteer Day with well over 500 employees participating across 35 offices
    • Hosted a virtual panel "Women of Impact: Own Your Career" put on by Coupa Empower
    • Hosted a Supply Chain Symposium in London bringing together supply chain leaders from across the UK
    • Welcomed supply chain risk management and operational resilience company Interos to its portfolio of Coupa Ventures investments

    Conference Call Information:

    Coupa will host a conference call and live webcast for analysts and investors at 4:30 p.m. Eastern time today.

    The 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.

    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, including non-GAAP operating (loss) income, non-GAAP net (loss) income attributable to Coupa Software Incorporated, non-GAAP net (loss) income per basic and diluted share attributable to Coupa Software Incorporated, and adjusted free cash flows. Coupa believes these non-GAAP measures are useful in evaluating its operating performance and Coupa's management regularly reviews and uses these measures for business planning and other purposes.

    Non-GAAP operating (loss) income and non-GAAP net (loss) income attributable to Coupa Software Incorporated exclude certain items from the corresponding GAAP measures, including: stock-based compensation expenses; amortization of acquired intangible assets; the change in fair value of contingent consideration related to an acquisition; amortization of debt discount and issuance costs; gain or loss on conversion of convertible senior notes; the adjustment attributable to redeemable non-controlling interests; and related tax effects, including non-recurring income tax adjustments. In addition, the weighted average diluted shares figure used to calculate non-GAAP net income per share attributable to Coupa Software Incorporated reflects the anti-dilutive impact of the capped call transactions entered into in connection with the company's offerings of convertible notes.

    Adjusted free cash flows is defined as net cash provided by operating activities, less purchases of property and equipment, plus repayments of convertible senior notes attributable to debt discount, plus one-time payout of legacy unvested equity awards accelerated in conjunction with a business combination. Coupa has the ability to settle obligations related to its senior notes through the use of cash, shares of its common stock, or a combination of both, at its election.

    Coupa believes these non-GAAP measures are useful to investors and other users of its financial information because they provide a way to measure and evaluate Coupa's underlying operating performance and the strength of its core business consistently across the periods presented. Coupa believes these non-GAAP measures are also useful for comparing its operating performance to that of other companies in its industry, because they eliminate the effects of certain items that may vary between companies for reasons unrelated to their operating performance. Coupa believes that adjusted free cash flows also provides a useful measure of the company's capital strength and liquidity, although it is not intended to represent and should not be viewed as the amount of residual cash flow available for discretionary expenditures.

    Coupa uses these non-GAAP measures in conjunction with GAAP measures as part of its overall assessment of its performance and liquidity, 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 and liquidity. Coupa's definitions of its non-GAAP measures may differ from those used by other companies for similarly-titled measures, 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, the company's GAAP results.

    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. In addition, Coupa compensates for the limitations of its non-GAAP financial measures by providing a reconciliation of each non-GAAP measure to the most directly comparable GAAP financial measure. These reconciliations are included in the tables attached to this release.

    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, cash flows, liquidity 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 from those projected, including, without limitation: the uncertain impact of the COVID-19 pandemic, including new variants such as the Delta and Omicron variants; Coupa has a limited operating history at its current scale, which makes it difficult to predict its future operating results; Coupa may not be able to manage its recent rapid growth effectively; risks related to past and future business acquisitions, including their integration with Coupa's existing business model, operations and culture; 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; the markets in which Coupa participates are intensely competitive; Coupa's business depends in part on its customers renewing their subscriptions and purchasing additional subscriptions; Coupa may not be successful in expanding its sales efforts or developing widespread brand awareness in a cost-effective manner; risks and liabilities related to breach of its security measures or unauthorized access to customer data; the impact of foreign currency exchange rates and global economic conditions; and risks relating to analyst coverage of its stock.

    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 8, 2021, 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 6, 2021. 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.

    1Gartner, "2021 Magic Quadrant™ for Procure-to-Pay Suites", October 27, 2021

    2Spend Matters, "Spend Matters Almanac", October 8, 2021

    3Inc, "Introducing the Best Workplaces of 2021", November 30, 2021

    4Great Place to Work, "Certified™ Companies - Best Companies to Work for 2021", July 2021

    5Fortune, "The Future 50: Growth stocks to bet on in an unpredictable world", December 2, 2021

    About Coupa Software

    Coupa empowers companies around the world with the visibility and control they need to spend smarter and safer. To learn more about how Coupa can help you spend smarter, visit 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

    October 31,



    Nine Months Ended

    October 31,







    2021



    2020



    2021



    2020

    Revenues:















    Subscription

    $

    164,745





    $

    118,083





    $

    461,079





    $

    335,399



    Professional services and other

    21,071





    14,881





    70,912





    42,700



    Total revenues

    185,816





    132,964





    531,991





    378,099



    Cost of revenues:















    Subscription

    52,279





    36,528





    154,701





    99,335



    Professional services and other

    25,341





    14,259





    81,865





    42,729



    Total cost of revenues

    77,620





    50,787





    236,566





    142,064



    Gross profit

    108,196





    82,177





    295,425





    236,035



    Operating expenses:















    Research and development

    39,990





    30,528





    125,625





    87,459



    Sales and marketing

    83,779





    53,204





    237,902





    149,831



    General and administrative

    40,513





    32,092





    116,139





    69,941



    Total operating expenses

    164,282





    115,824





    479,666





    307,231



    Loss from operations

    (56,086)





    (33,647)





    (184,241)





    (71,196)



    Interest expense

    (31,130)





    (29,308)





    (90,854)





    (61,820)



    Other income (expense), net

    (1,298)





    746





    (2,746)





    8,833



    Loss before benefit from income taxes

    (88,514)





    (62,209)





    (277,841)





    (124,183)



    Benefit from income taxes

    (476)





    (1,411)





    (2,697)





    (5,453)



    Net loss

    (88,038)





    (60,798)





    (275,144)





    (118,730)



    Net loss attributable to redeemable non-controlling interests

    (273)





    —





    (790)





    —



    Adjustment attributable to redeemable non-controlling interests

    3,438





    —





    8,673





    —



    Net loss attributable to Coupa Software Incorporated

    $

    (91,203)





    $

    (60,798)





    $

    (283,027)





    $

    (118,730)



    Net loss per share, basic and diluted, attributable to Coupa Software Incorporated

    $

    (1.23)





    $

    (0.88)





    $

    (3.85)





    $

    (1.76)



    Weighted-average number of shares used in computing net loss per share, basic and diluted

    74,133





    68,941





    73,514





    67,349



     

    COUPA SOFTWARE INCORPORATED

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (in thousands, except per share amounts)

    (unaudited)





    October 31, 2021



    January 31, 2021

    Assets







    Current assets:







    Cash and cash equivalents

    $

    458,195





    $

    323,284



    Marketable securities

    209,660





    283,036



    Accounts receivable, net of allowances

    179,278





    196,009



    Prepaid expenses and other current assets

    32,283





    36,381



    Deferred commissions, current portion

    18,848





    15,541



    Total current assets

    898,264





    854,251



    Property and equipment, net

    30,161





    28,266



    Deferred commissions, net of current portion

    42,623





    36,832



    Goodwill

    1,515,141





    1,480,847



    Intangible assets, net

    543,628





    632,173



    Operating lease right-of-use assets

    38,183





    41,305



    Other assets

    35,853





    31,491



    Total assets

    $

    3,103,853





    $

    3,105,165



    Liabilities, Redeemable Non-Controlling Interests, Other Temporary Equity and Stockholders' Equity







    Current liabilities:







    Accounts payable

    $

    5,279





    $

    4,831



    Accrued expenses and other current liabilities

    96,716





    80,271



    Deferred revenue, current portion

    352,198





    356,115



    Current portion of convertible senior notes, net

    633,641





    609,068



    Operating lease liabilities, current portion

    12,401





    11,222



    Total current liabilities

    1,100,235





    1,061,507



    Convertible senior notes, net

    952,285





    897,525



    Deferred revenue, net of current portion

    14,058





    5,773



    Operating lease liabilities, net of current portion

    27,174





    31,845



    Other liabilities

    68,210





    67,915



    Total liabilities

    2,161,962





    2,064,565



    Redeemable non-controlling interests

    10,044





    —



    Other temporary equity

    —





    369



    Stockholders' equity:







    Preferred stock, $0.0001 par value per share

    —





    —



    Common stock, $0.0001 par value per share

    7





    7



    Additional paid-in capital

    1,724,042





    1,556,865



    Accumulated other comprehensive income

    8,748





    9,165



    Accumulated deficit

    (800,950)





    (525,806)



    Total stockholders' equity

    931,847





    1,040,231



    Total liabilities, redeemable non-controlling interests, other temporary equity and stockholders' equity

    $

    3,103,853





    $

    3,105,165



     

    COUPA SOFTWARE INCORPORATED

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (in thousands)

    (unaudited)





    Nine Months Ended

    October 31,





    2021



    2020

    Cash flows from operating activities







    Net loss attributable to Coupa Software Incorporated

    $

    (283,027)





    $

    (118,730)



    Net loss and adjustment attributable to redeemable non-controlling interests

    7,883





    —



    Net loss

    (275,144)





    (118,730)



    Adjustments to reconcile net loss to net cash provided by operating activities:







    Depreciation and amortization

    109,900





    36,529



    Amortization of premium on marketable securities, net

    625





    869



    Amortization of deferred commissions

    13,335





    10,102



    Amortization of debt discount and issuance costs

    85,716





    58,727



    Stock-based compensation

    145,251





    94,851



    Loss (gain) on conversion of convertible senior notes

    357





    (3,166)



    Repayments of convertible senior notes attributable to debt discount

    (1,338)





    (27,208)



    Other

    (3,204)





    3,923



    Changes in operating assets and liabilities net of effects from acquisitions:







    Accounts receivable

    21,433





    22,519



    Prepaid expenses and other current assets

    4,529





    1,591



    Other assets

    13,968





    (2,730)



    Deferred commissions

    (22,445)





    (11,355)



    Accounts payable

    500





    (1,435)



    Accrued expenses and other liabilities

    6,795





    4,941



    Deferred revenue

    3,630





    (11,630)



    Net cash provided by operating activities

    103,908





    57,798



    Cash flows from investing activities







    Purchases of marketable securities

    (116,583)





    (788,047)



    Maturities of marketable securities

    94,142





    351,973



    Sales of marketable securities

    94,916





    830,125



    Acquisitions, net of cash acquired

    (46,719)





    (94,121)



    Purchases of other investments

    (10,000)





    —



    Purchases of property and equipment

    (10,256)





    (9,559)



    Net cash provided by (used in) investing activities

    5,500





    290,371



    Cash flows from financing activities







    Investment from redeemable non-controlling interests

    2,223





    —



    Proceeds from issuance of convertible senior notes, net of issuance costs

    —





    1,355,066



    Purchase of capped calls

    —





    (192,786)



    Repayments of convertible senior notes

    (5,748)





    (554,244)



    Proceeds from the exercise of common stock options

    7,444





    14,425



    Proceeds from issuance of common stock for employee stock purchase plan

    21,626





    15,631



    Net cash provided by financing activities

    25,545





    638,092



    Effects of foreign currency exchange rates on cash, cash equivalents, and restricted cash

    (178)





    128



    Net increase in cash, cash equivalents, and restricted cash

    134,775





    986,389



    Cash, cash equivalents, and restricted cash at beginning of year

    327,589





    268,280



    Cash, cash equivalents, and restricted cash at end of period

    $

    462,364





    $

    1,254,669



    Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets







    Cash and cash equivalents

    $

    458,195





    $

    1,251,006



    Restricted cash included in other assets

    4,169





    3,663



    Total cash, cash equivalents, and restricted cash

    $

    462,364





    $

    1,254,669



     

    COUPA SOFTWARE INCORPORATED

    Reconciliation of GAAP to Non-GAAP Financial Measures

    Three Months Ended October 31, 2021

    (in thousands, except percentages and per share amounts)

    (unaudited)





    GAAP



    Stock-Based

    Compensation

    Expenses



    Amortization of

    Acquired

    Intangible Assets



    Amortization of

    Debt Discount and

    Issuance Costs



    Loss on

    Conversion of

    Convertible

    Senior Notes



    Other (2)



    Non-GAAP

    Costs and expenses:



























    Costs of subscription

    $

    52,279





    $

    (4,162)





    $

    (16,736)





    $

    —





    $

    —





    $

    —





    $

    31,381



    Costs of professional services and other

    25,341





    (4,729)





    (3,642)





    —





    —





    —





    16,970



    Gross profit

    58.2

    %



    4.8

    %



    11.0

    %



    0.0

    %



    0.0

    %



    0.0

    %



    74.0

    %





























    Research and development

    39,990





    (11,357)





    —





    —





    —





    —





    28,633



    Sales and marketing

    83,779





    (13,217)





    (13,140)





    —





    —





    —





    57,422



    General and administrative

    40,513





    (16,994)





    —





    —





    —





    —





    23,519



    Income (loss) from operations

    (56,086)





    50,459





    33,518





    —





    —





    —





    27,891



    Operating margin

    (30.2)

    %



    27.2

    %



    18.0

    %



    0.0

    %



    0.0

    %



    0.0

    %



    15.0

    %





























    Interest expense

    (31,130)





    —





    —





    29,454





    —





    —





    (1,676)



    Other income (expense), net

    (1,298)





    —





    —





    —





    228





    —





    (1,070)



    Income (loss) before provision for (benefit from) income taxes

    (88,514)





    50,459





    33,518





    29,454





    228





    —





    25,145



    Provision for (benefit from) income taxes

    (476)





    733





    1,629





    —





    —





    —





    1,886



    Net income (loss)

    (88,038)





    49,726





    31,889





    29,454





    228





    —





    23,259



    Net loss attributable to non-controlling interests

    (273)





    —





    —





    —





    —





    —





    (273)



    Adjustment attributable to non-controlling interests

    3,438





    —





    —





    —





    —





    3,438





    —



    Net income (loss) attributable to Coupa Software Incorporated

    (91,203)





    49,726





    31,889





    29,454





    228





    3,438





    23,532































    Net income (loss) per share, basic, attributable to Coupa Software Incorporated (1)

    $

    (1.23)

























    $

    0.32



    Net income (loss) per share, diluted, attributable to Coupa Software Incorporated (1)

    $

    (1.23)

























    $

    0.31







    (1) 

    GAAP net loss per share attributable to Coupa Software Incorporated is calculated based upon 74,133 basic and diluted weighted-average shares of common stock. Non-GAAP net income per share attributable to Coupa Software Incorporated is calculated based upon 74,133 basic and 76,754 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 which reflects any anti-dilutive impact of the capped call transactions entered into in connection with the convertible notes.

    (2)

    Other consists of an adjustment attributable to redeemable non-controlling interests to its redemption amount.

     

    COUPA SOFTWARE INCORPORATED

    Reconciliation of GAAP to Non-GAAP Financial Measures

    Three Months Ended October 31, 2020

    (in thousands, except percentages and per share amounts)

    (unaudited)





    GAAP



    Stock-Based

    Compensation

    Expenses



    Amortization of

    Acquired

    Intangible Assets



    Amortization of

    Debt Discount and

    Issuance Costs



    Loss on

    Conversion of

    Convertible

    Senior Notes



    Non-GAAP

    Costs and expenses:























    Costs of subscription

    $

    36,528





    $

    (2,836)





    $

    (8,212)





    $

    —





    $

    —





    $

    25,480



    Costs of professional services and other

    14,259





    (2,939)





    (200)





    —





    —





    11,120



    Gross profit

    61.8

    %



    4.3

    %



    6.3

    %



    0.0

    %



    0.0

    %



    72.5

    %

























    Research and development

    30,528





    (7,691)





    —





    —





    —





    22,837



    Sales and marketing

    53,204





    (9,790)





    (2,698)





    —





    —





    40,716



    General and administrative

    32,092





    (13,555)





    —





    —





    —





    18,537



    Income (loss) from operations

    (33,647)





    36,811





    11,110





    —





    —





    14,274



    Operating margin

    (25.3)

    %



    27.7

    %



    8.4

    %



    0.0

    %



    0.0

    %



    10.7

    %

























    Interest expense

    (29,308)





    —





    —





    27,370





    —





    (1,938)



    Other income (expense), net

    746





    —





    —





    —





    36





    782



    Income (loss) before provision for (benefit from) income taxes

    (62,209)





    36,811





    11,110





    27,370





    36





    13,118



    Provision for (benefit from) income taxes

    (1,411)





    290





    (163)





    1,376





    —





    92



    Net income (loss) attributable to Coupa Software Incorporated

    (60,798)





    36,521





    11,273





    25,994





    36





    13,026



























    Net income (loss) per share, basic, attributable to Coupa Software Incorporated (1)

    $

    (0.88)





















    $

    0.19



    Net income (loss) per share, diluted, attributable to Coupa Software Incorporated (1)

    $

    (0.88)





















    $

    0.18







    (1)

    GAAP net loss per share attributable to Coupa Software Incorporated is calculated based upon 68,941 basic and diluted weighted-average shares of common stock. Non-GAAP net income per share attributable to Coupa Software Incorporated is calculated based upon 68,941 basic and 73,766 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 which reflects any anti-dilutive impact of the capped call transactions entered into in connection with the convertible notes.

     

    COUPA SOFTWARE INCORPORATED

    Reconciliation of GAAP to Non-GAAP Financial Measures

    Nine Months Ended October 31, 2021

    (in thousands, except percentages and per share amounts)

    (unaudited)





    GAAP



    Stock-Based

    Compensation

    Expenses



    Amortization of

    Acquired

    Intangible Assets



    Amortization of

    Debt Discount and

    Issuance Costs



    Loss on

    Conversion of

    Convertible

    Senior Notes



    Other (2)



    Non-GAAP

    Costs and expenses:



























    Costs of subscription

    $

    154,701





    $

    (11,063)





    $

    (45,146)





    $

    —





    $

    —





    $

    —





    $

    98,492



    Costs of professional services and other

    81,865





    (12,984)





    (16,016)





    —





    —





    —





    52,865



    Gross profit

    55.5

    %



    4.5

    %



    11.5

    %



    0.0

    %



    0.0

    %



    0.0

    %



    71.5

    %





























    Research and development

    125,625





    (33,075)





    —





    —





    —





    —





    92,550



    Sales and marketing

    237,902





    (36,668)





    (39,413)





    —





    —





    —





    161,821



    General and administrative

    116,139





    (51,461)





    —





    —





    —





    —





    64,678



    Income (loss) from operations

    (184,241)





    145,251





    100,575





    —





    —





    —





    61,585



    Operating margin

    (34.6)

    %



    27.3

    %



    18.9

    %



    0.0

    %



    0.0

    %



    0.0

    %



    11.6

    %





























    Interest expense

    (90,854)





    —





    —





    85,716





    —





    —





    (5,138)



    Other income (expense), net

    (2,746)





    —





    —





    —





    357





    —





    (2,389)



    Income (loss) before provision for (benefit from) income taxes

    (277,841)





    145,251





    100,575





    85,716





    357





    —





    54,058



    Provision for (benefit from) income taxes

    (2,697)





    2,550





    5,448





    —





    —





    746





    6,047



    Net income (loss)

    (275,144)





    142,701





    95,127





    85,716





    357





    (746)





    48,011



    Net loss attributable to non-controlling interests

    (790)





    —





    —





    —





    —





    —





    (790)



    Adjustment attributable to non-controlling interests

    8,673





    —





    —





    —





    —





    8,673





    —



    Net income (loss) attributable to Coupa Software Incorporated

    (283,027)





    142,701





    95,127





    85,716





    357





    7,927





    48,801































    Net income (loss) per share, basic, attributable to Coupa Software Incorporated (1)

    $

    (3.85)

























    $

    0.66



    Net income (loss) per share, diluted, attributable to Coupa Software Incorporated (1)

    $

    (3.85)

























    $

    0.64







    (1)

    GAAP net loss per share attributable to Coupa Software Incorporated is calculated based upon 73,514 basic and diluted weighted-average shares of common stock. Non-GAAP net income per share attributable to Coupa Software Incorporated is calculated based upon 73,514 basic and 76,295 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 which reflects any anti-dilutive impact of the capped call transactions entered into in connection with the convertible notes.

    (2)

    Other consists of the removal of a one-time income tax benefit associated with the remeasurement of foreign deferred tax assets and an adjustment attributable to redeemable non-controlling interests to its redemption amount.

     

    COUPA SOFTWARE INCORPORATED

    Reconciliation of GAAP to Non-GAAP Financial Measures

    Nine Months Ended October 31, 2020

    (in thousands, except percentages and per share amounts)

    (unaudited)





    GAAP



    Stock-Based

    Compensation

    Expenses



    Amortization of

    Acquired

    Intangible Assets



    Change in Fair Value of

     Contingent Consideration

    Liability



    Amortization of

    Debt Discount and

    Issuance Costs



    Gain on Conversion

     of Convertible Senior

     Notes



    Other (2)



    Non-GAAP

    Costs and expenses:































    Costs of subscription

    $

    99,335





    $

    (7,641)





    $

    (22,370)





    $

    —





    $

    —





    $

    —





    $

    —





    $

    69,324



    Costs of professional services and other

    42,729





    (8,303)





    (600)





    —





    —





    —





    —





    33,826



    Gross profit

    62.4

    %



    4.2

    %



    6.1

    %



    0.0

    %



    0.0

    %



    0.0

    %



    0.0

    %



    72.7

    %

































    Research and development

    87,459





    (21,131)





    —





    —





    —





    —





    —





    66,328



    Sales and marketing

    149,831





    (26,558)





    (7,368)





    —





    —





    —





    —





    115,905



    General and administrative

    69,941





    (31,218)





    —





    12,500





    —





    —





    —





    51,223



    Income (loss) from operations

    (71,196)





    94,851





    30,338





    (12,500)





    —





    —





    —





    41,493



    Operating margin

    (18.8)

    %



    25.1

    %



    8.0

    %



    (3.3)

    %



    0.0

    %



    0.0

    %



    0.0

    %



    11.0

    %

































    Interest expense

    (61,820)





    —





    —





    —





    58,727





    —





    —





    (3,093)



    Other income (expense), net

    8,833





    —





    —





    —





    —





    (3,166)





    —





    5,667



    Income (loss) before provision for (benefit from) income taxes

    (124,183)





    94,851





    30,338





    (12,500)





    58,727





    (3,166)





    —





    44,067



    Provision for (benefit from) income taxes

    (5,453)





    4,321





    (315)





    —





    2,485





    —





    310





    1,348



    Net income (loss) attributable to Coupa Software Incorporated

    (118,730)





    90,530





    30,653





    (12,500)





    56,242





    (3,166)





    (310)





    42,719



































    Net income (loss) per share, basic, attributable to Coupa Software Incorporated (1)

    $

    (1.76)





























    $

    0.63



    Net income (loss) per share, diluted, attributable to Coupa Software Incorporated (1)

    $

    (1.76)





























    $

    0.59







    (1)

    GAAP net loss per share attributable to Coupa Software Incorporated is calculated based upon 67,349 basic and diluted weighted-average shares of common stock. Non-GAAP net income per share attributable to Coupa Software Incorporated is calculated based upon 67,349 basic and 71,854 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 which reflects any anti-dilutive impact of the capped call transactions entered into in connection with the convertible notes.

    (2) 

    Other consists of the release of valuation allowances against deferred tax assets.

     

    COUPA SOFTWARE INCORPORATED

    Reconciliation of GAAP Cash Flows from Operations to Adjusted Free Cash Flows and Adjusted Free Cash Flows Margin

    (Non-GAAP Financial Measures)

    (in thousands, except percentages)

    (unaudited)





    Three Months Ended October 31,



    Nine Months Ended October 31,



    2021



    2020



    2021



    2020

    Net cash provided by operating activities

    $

    31,015





    $

    19,001





    $

    103,908





    $

    57,798



    Less: purchases of property and equipment

    (3,594)





    (2,531)





    (10,256)





    (9,559)



    Add: repayments of convertible senior notes attributable to debt discount

    821





    872





    1,338





    27,208



    Adjusted free cash flows

    $

    28,242





    $

    17,342





    $

    94,990





    $

    75,447









    Trailing Twelve Months Ended October

    31,



    2021



    2020

    Net cash provided by operating activities

    $

    124,312





    $

    80,077



    Less: purchases of property and equipment

    (12,189)





    (11,667)



    Add: repayments of convertible senior notes attributable to debt discount

    1,538





    27,208



    Add: one-time payout of legacy unvested equity awards accelerated in conjunction with a business combination

    19,428





    —



    Adjusted free cash flows

    133,089





    95,618



    Divided by: total revenues

    $

    695,535





    $

    489,551



    Adjusted free cash flows margin

    19.1

    %



    19.5

    %

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/coupa-software-reports-third-quarter-fiscal-2022-financial-results-301438292.html

    SOURCE Coupa Software

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