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Coupa Software Reports Fourth Quarter & Full Year Fiscal 2021 Financial Results


SAN MATEO, Calif., March 16, 2021 /PRNewswire/ — Coupa Software (NASDAQ: COUP) today announced financial results for its fourth quarter and fiscal year ended January 31, 2021.

“This year, we delivered record financial results across all key measures amid a difficult macroeconomic environment,” said Rob Bernshteyn, chairman and chief executive officer at Coupa. “As part of our strategy to develop and own the Business Spend Management market, we continued to invest meaningfully into all areas of our business. We also made strategic acquisitions in supply chain design and planning, treasury, and the enhancement of our supplier diversity and travel and expense offerings.  We believe that we are now more optimally positioned than ever to deliver broad based global customer success.”

Fourth Quarter Results:

  • Total revenues were $163.5 million, an increase of 47% compared to the same period last year. Subscription revenues were $134.9 million, an increase of 37% compared to the same period last year.
  • GAAP operating loss was $95.4 million, compared to a GAAP operating loss of $15.9 million for the same period last year. Non-GAAP operating income was $11.2 million, compared to a non-GAAP operating income of $13.3 million for the same period last year.
  • GAAP net loss was $61.4 million, compared to a GAAP net loss of $24.1 million for the same period last year. GAAP net loss per basic and diluted share was $0.85, compared to a GAAP net loss per basic and diluted share of $0.38 for the same period last year. Non-GAAP net income was $13.0 million, compared to a non-GAAP net income of $15.0 million for the same period last year. Non-GAAP net income per diluted share was $0.17, compared to non-GAAP net income per diluted share of $0.21 for the same period last year.
  • Operating cash flows and adjusted free cash flows were positive $20.4 million and $38.1 million, respectively.

Fiscal Year 2021 Results:

  • Total revenues were $541.6 million, an increase of 39% from the previous year. Subscription revenues were $470.3 million, an increase of 36% from the previous year.
  • GAAP operating loss was $166.6 million, compared to a GAAP operating loss of $73.4 million for the previous year. Non-GAAP operating income was $52.7 million, compared to a non-GAAP operating income of $31.9 million for the previous year.
  • GAAP net loss was $180.1 million, compared to a GAAP net loss of $90.8 million for the previous year. GAAP net loss per basic and diluted share was $2.63, compared to a GAAP net loss per basic and diluted share of $1.45 for the previous year. Non-GAAP net income was $55.7 million, compared to a non-GAAP net income of $36.6 million for the previous year. Non-GAAP net income per diluted share was $0.77, compared to non-GAAP net income per diluted share of $0.52 for the previous year.
  • Operating cash flows and adjusted free cash flows for the year ended January 31, 2021, were positive $78.2 million and $113.5 million, respectively.

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

Business Outlook:

The following forward-looking statements reflect Coupa’s expectations as of March 16, 2021.

First quarter of fiscal 2022:

  • Total revenues are expected to be $151.5 to $152.5 million.
  • Subscription revenues are expected to be $133.5 to $134.5 million.
  • Professional services and other revenues are expected to be approximately $18.0 million.
  • Non-GAAP loss from operations is expected to be $10.0 to $12.0 million.
  • Non-GAAP net loss per basic and diluted share is expected to be $0.18 to $0.21 per share.
  • Basic and diluted weighted average share count is expected to be approximately 73.0 million shares.

Full year fiscal 2022:

  • Total revenues are expected to be $675.0 to $678.0 million.
  • Non-GAAP loss from operations is expected to be $7.0 to $10.0 million.
  • Non-GAAP net loss per basic and diluted share is expected to be $0.23 to $0.27 per share.
  • Basic and diluted weighted average share count is expected to be approximately 73.5 million shares.

Coupa has not reconciled its expectations for non-GAAP income or loss from operations to GAAP loss from operations, or non-GAAP net income or loss per share to GAAP net loss per share because certain items excluded from non-GAAP income or loss from operations and non-GAAP net income or loss, such as charges related to 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, 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 Q4, including the following: 8×8, AbCellera Biologics, Adverum Biotechnologies, AHS Residential, Amaggi Group, Aspen Pharmacare, Ball Corporation, Bank of New Zealand, Carvana, Checkout, Cloudera, Commonwealth Care Alliance, Curology, Daniels Health, Diagma, Egnyte, Fresno Economic Opportunities Commission, Galderma Pharmaceutical, Heathrow Airport, Highspot, Honda Research Institute, Hotmart Technology, IDEAYA Biosciences, INEOS Styrolution, International Development Research Centre, NAVBLUE, NorthPower, PagerDuty, Prodigios Interactivos, REEF Technology, Repare Therapeutics, REVOLUTION Medicines, RSG Group, SCO Family of Services, Sigilon Therapeutics, Stuttgarter Straßenbahnen, SUEZ UK, Synchrony Financial, Tronox, Tyson Foods, and Waystar.
  • Acquired Pana Industries, Inc., a leading travel booking company.
  • Named a Leader in six IDC MarketScape reports: Procurement, Spend Analysis, Sourcing, Procure-to-Pay, Supplier Relationship Management, and Buy-Side Contract.
  • Recognized with the Customer Choice distinction in the Gartner Peer Insights “Choice of the Customer”: Procure-to-Pay Suites 2021 report.
  • Hosted Virtual 1TC Event, which pulls together treasury and other finance experts, customers, prospects, and partners.
  • Included on Fast Company’s Most Innovative Company List.
  • Listed among Fortune’s 100 Best Medium Workplaces.

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 income, non-GAAP net income 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 income and non-GAAP net income 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; 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 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, 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; Coupa has a limited operating history at its current scale, which makes it difficult to predict its future operating results; if Coupa fails to manage its recent rapid growth effectively, Coupa may be unable to execute its business plan, maintain high levels of service, or adequately address competitive challenges; the impact of acquisitions on its business, such as integration issues, assumption of unknown or unforeseen liabilities and ability to retain customers; 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; if Coupa fails to develop widespread brand awareness cost-effectively, its business may suffer; risks and liabilities related to breach of its security measures or unauthorized access to customer data; and the impact of foreign currency exchange rates and global economic conditions.

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 December 8, 2020, 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 March 16, 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.

Disclaimers
Gartner Peer Insights Customers’ Choice constitute the subjective opinions of individual end-user reviews, ratings, and data applied against a documented methodology; they neither represent the views of, nor constitute an endorsement by, Gartner or its affiliates.

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

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

 



Three Months Ended

January 31,


Year Ended

January 31,




2021


2020


2021


2020

Revenues:








Subscription

$

134,942



$

98,647



$

470,341



$

345,261


Professional services and other

28,602



12,805



71,302



44,458


Total revenues

163,544



111,452



541,643



389,719


Cost of revenues:








Subscription

48,039



26,235



147,374



89,452


Professional services and other

31,598



13,868



74,327



49,764


Total cost of revenues

79,637



40,103



221,701



139,216


Gross profit

83,907



71,349



319,942



250,503


Operating expenses:








Research and development

46,383



25,251



133,842



93,089


Sales and marketing

86,481



42,641



236,312



155,216


General and administrative

46,400



19,326



116,341



75,623


Total operating expenses

179,264



87,218



486,495



323,928


Loss from operations

(95,357)



(15,869)



(166,553)



(73,425)


Interest expense

(29,451)



(12,784)



(91,271)



(37,658)


Interest income and other, net

4,488



2,837



13,321



9,316


Loss before benefit from income taxes

(120,320)



(25,816)



(244,503)



(101,767)


Benefit from income taxes

(58,933)



(1,763)



(64,386)



(10,935)


Net loss

$

(61,387)



$

(24,053)



$

(180,117)



$

(90,832)


Net loss per share, basic and diluted

$

(0.85)



$

(0.38)



$

(2.63)



$

(1.45)


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

72,160



63,999



68,559



62,484


 

COUPA SOFTWARE INCORPORATED

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)

(unaudited)

 



January 31,
2021


January 31,
2020

Assets




Current assets:




Cash and cash equivalents

$

323,284



$

268,045


Marketable securities

283,036



499,160


Accounts receivable, net of allowances

196,009



118,508


Prepaid expenses and other current assets

36,381



31,636


Deferred commissions, current portion

15,541



11,982


Total current assets

854,251



929,331


Property and equipment, net

28,266



18,802


Deferred commissions, net of current portion

36,832



30,921


Goodwill

1,480,847



442,112


Intangible assets, net

632,173



128,660


Operating lease right-of-use assets

41,305



32,026


Other assets

31,491



12,221


Total assets

$

3,105,165



$

1,594,073


Liabilities, Temporary Equity and Stockholders’ Equity




Current liabilities:




Accounts payable

$

4,831



$

3,517


Accrued expenses and other current liabilities

80,271



54,245


Deferred revenue, current portion

356,115



257,692


Convertible senior notes, net

609,068



187,115


Operating lease liabilities, current portion

11,222



8,199


Total current liabilities

1,061,507



510,768


Convertible senior notes, net

897,525



562,612


Deferred revenue, net of current portion

5,773



4,091


Operating lease liabilities, net of current portion

31,845



25,490


Other liabilities

67,915



28,620


Total liabilities

2,064,565



1,131,581


Temporary equity

369



16,835


Stockholders’ equity:




Preferred stock, $0.0001 par value per share




Common stock, $0.0001 par value per share

7



7


Additional paid-in capital

1,556,865



790,468


Accumulated other comprehensive income

9,165



871


Accumulated deficit

(525,806)



(345,689)


Total stockholders’ equity

1,040,231



445,657


Total liabilities, temporary equity and stockholders’ equity

$

3,105,165



$

1,594,073


 

COUPA SOFTWARE INCORPORATED

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 




Year Ended

January 31,



2021


2020

Cash flows from operating activities




Net loss

$

(180,117)



$

(90,832)


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




Depreciation and amortization

72,105



28,553


Amortization of premium on marketable securities, net

1,038



325


Amortization of deferred commissions

14,704



9,556


Amortization of debt discount and issuance costs

86,541



35,922


Stock-based compensation

149,423



81,376


Gain on conversion of convertible senior notes

(3,154)




Repayments of convertible senior notes attributable to debt discount

(27,409)




Other

3,761



(1,381)


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




Accounts receivable

(36,757)



(11,154)


Prepaid expenses and other current assets

2,954



(16,380)


Other assets

6,786



9,176


Deferred commissions

(24,157)



(26,231)


Accounts payable

(851)



(3,720)


Accrued expenses and other liabilities

(65,995)



(20,727)


Deferred revenue

79,330



73,673


Net cash provided by operating activities

78,202



68,156


Cash flows from investing activities




Purchases of marketable securities

(1,017,751)



(583,151)


Maturities of marketable securities

396,595



66,363


Sale of marketable securities

835,123



199,314


Acquisitions, net of cash acquired

(863,597)



(308,406)


Purchases of property and equipment

(11,492)



(11,970)


Net cash used in investing activities

(661,122)



(637,850)


Cash flows from financing activities




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

1,355,066



786,157


Purchase of capped calls

(192,786)



(118,738)


Repayments of convertible senior notes

(555,352)




Proceeds from the exercise of common stock options

19,232



17,781


Proceeds from issuance of common stock for employee stock purchase plan

15,631



11,455


Net cash provided by financing activities

641,791



696,655


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

438




Net increase in cash, cash equivalents, and restricted cash

59,309



126,961


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

268,280



141,319


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

$

327,589



$

268,280


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




Cash and cash equivalents

$

323,284



$

268,045


Restricted cash included in other assets

4,305



235


Total cash, cash equivalents, and restricted cash

$

327,589



$

268,280


 

COUPA SOFTWARE INCORPORATED

Reconciliation of GAAP to Non-GAAP Financial Measures

Three Months Ended January 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

Expenses (2)


Non-GAAP

Costs and expenses:














Costs of subscription

$

48,039



$

(3,797)



$

(13,191)



$



$



$



$

31,051


Costs of professional services and
other

31,598



(7,260)



(6,452)









17,886


Gross profit

51.3

%


6.8

%


12.0

%


0.0

%


0.0

%


0.0

%


70.1

%















Research and development

46,383



(16,554)











29,829


Sales and marketing

86,481



(21,856)



(12,916)









51,709


General and administrative

46,400



(24,532)











21,868


Income (loss) from operations

(95,357)



73,999



32,559









11,201


Operating margin

(58.3)

%


45.2

%


19.9

%


0.0

%


0.0

%


0.0

%


6.8

%















Interest expense

(29,451)







27,814







(1,637)


Interest income and other, net

4,488









12





4,500


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

(120,320)



73,999



32,559



27,814



12





14,064


Provision for (benefit from) income taxes

(58,933)



1,763



747



7,103





50,378



1,058


Net income (loss)

(61,387)



72,236



31,812



20,711



12



(50,378)



13,006
















Net income (loss) per share, basic (1)

$

(0.85)













$

0.18


Net income (loss) per share, diluted (1)

$

(0.85)













$

0.17


(1)

GAAP net loss per share is calculated based upon 72,160 basic and diluted weighted-average shares of common stock. Non-GAAP net income per share is calculated based upon
72,160 basic and 77,013 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 expenses consists of the release of valuation allowances against deferred tax assets.

 

COUPA SOFTWARE INCORPORATED

Reconciliation of GAAP to Non-GAAP Financial Measures

Three Months Ended January 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


Other

Expenses (2)


Non-GAAP

Costs and expenses:












Costs of subscription

$

26,235



$

(1,937)



$

(5,707)



$



$



$

18,591


Costs of professional services and other

13,868



(2,192)



(200)







11,476


Gross profit

64.0

%


3.7

%


5.3

%


0.0

%


0.0

%


73.0

%













Research and development

25,251



(5,519)









19,732


Sales and marketing

42,641



(6,318)



(1,992)







34,331


General and administrative

19,326



(5,342)









13,984


Income (loss) from operations

(15,869)



21,308



7,899







13,338


Operating margin

(14.2)

%


19.1

%


7.1

%


0.0

%


0.0

%


12.0

%













Interest expense

(12,784)







12,572





(212)


Interest income and other, net

2,837











2,837


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

(25,816)



21,308



7,899



12,572





15,963


Provision for (benefit from) income taxes

(1,763)



531



(135)





2,331



964


Net income (loss)

(24,053)



20,777



8,034



12,572



(2,331)



14,999














Net income (loss) per share, basic (1)

$

(0.38)











$

0.23


Net income (loss) per share, diluted (1)

$

(0.38)











$

0.21


(1)

GAAP net loss per share is calculated based upon 63,999 basic and diluted weighted-average shares of common stock. Non-GAAP net income per share is calculated based upon
63,999 basic and 72,235 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 expenses consists of the release of valuation allowances against deferred tax assets.

 

COUPA SOFTWARE INCORPORATED

Reconciliation of GAAP to Non-GAAP Financial Measures

Year Ended January 31, 2021

(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

Expenses (2)


Non-GAAP

Costs and expenses:
















Costs of subscription

$

147,374



$

(11,438)



$

(35,561)



$



$



$



$



$

100,375


Costs of professional services and other

74,327



(15,563)



(7,052)











51,712


Gross profit

59.1

%


5.0

%


7.9

%


0.0

%


0.0

%


0.0

%


0.0

%


71.9

%

















Research and development

133,842



(37,685)













96,157


Sales and marketing

236,312



(48,414)



(20,284)











167,614


General and administrative

116,341



(55,750)





12,500









73,091


Income (loss) from operations

(166,553)



168,850



62,897



(12,500)









52,694


Operating margin

(30.7)

%


31.2

%


11.6

%


(2.3)

%


0.0

%


0.0

%


0.0

%


9.7

%

















Interest expense

(91,271)









86,541







(4,730)


Interest income and other, net

13,321











(3,154)





10,167


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

(244,503)



168,850



62,897



(12,500)



86,541



(3,154)





58,131


Provision for (benefit from) income taxes

(64,386)



6,084



432





9,588





50,688



2,406


Net income (loss)

(180,117)



162,766



62,465



(12,500)



76,953



(3,154)



(50,688)



55,725


















Net income (loss) per share, basic (1)

$

(2.63)















$

0.81


Net income (loss) per share, diluted (1)

$

(2.63)















$

0.77


(1)

GAAP net loss per share is calculated based upon 68,559 basic and diluted weighted-average shares of common stock. Non-GAAP net income per share is calculated based upon
68,559 basic and 72,692 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 expenses consists of the release of valuation allowances against deferred tax assets.

 

COUPA SOFTWARE INCORPORATED

Reconciliation of GAAP to Non-GAAP Financial Measures

Year Ended January 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


Other

Expenses (2)


Non-GAAP

Costs and expenses:












Costs of subscription

$

89,452



$

(6,982)



$

(17,242)



$



$



$

65,228


Costs of professional services and other

49,764



(7,773)



(400)







41,591


Gross profit

64.3

%


3.8

%


4.5

%


0.0

%


0.0

%


72.6

%













Research and development

93,089



(20,159)









72,930


Sales and marketing

155,216



(23,352)



(6,334)







125,530


General and administrative

75,623



(23,110)









52,513


Income (loss) from operations

(73,425)



81,376



23,976







31,927


Operating margin

(18.8)

%


20.9

%


6.2

%


0.0

%


0.0

%


8.2

%













Interest expense

(37,658)







35,922





(1,736)


Interest income and other, net

9,316











9,316


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

(101,767)



81,376



23,976



35,922





39,507


Provision for (benefit from) income taxes

(10,935)



2,328



(504)





12,002



2,891


Net income (loss)

(90,832)



79,048



24,480



35,922



(12,002)



36,616














Net income (loss) per share, basic (1)

$

(1.45)











$

0.59


Net income (loss) per share, diluted (1)

$

(1.45)











$

0.52


(1)

GAAP net loss per share is calculated based upon 62,484 basic and diluted weighted-average shares of common stock. Non-GAAP net income per share is calculated based upon
62,484 basic and 69,933 diluted weighted-average shares of common stock. The company uses the treasury stock method to calculate the non-GAAP diluted shares related to the
convertible notes which reflects any anti-dilutive impact of the capped call transactions entered into in connection with the convertible notes.

(2)

Other expenses 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

(A Non-GAAP Financial Measure)

(in thousands)

(unaudited)

 


Three Months Ended January 31,


Year Ended January 31,


2021


2020


2021


2020

Net cash provided by operating activities

$

20,404



$

22,279



$

78,202



$

68,156


Less: purchases of property and equipment

(1,933)



(2,108)



(11,492)



(11,970)


Add: repayments of convertible senior notes attributable to debt discount

201





27,409




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

19,428





19,428




Adjusted free cash flows

$

38,100



$

20,171



$

113,547



$

56,186


SOURCE Coupa Software

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