- Report Quarterly Subscription Revenues of $193 Million, 23% Yr-Over-Yr Development
- Report Quarterly Revenues of $211 Million, 18% Yr-Over-Yr Development
- Quarterly Subscription Calculated Billings of $217 Million, 25% Yr-Over-Yr Development
- Quarterly Working Money Flows and Adjusted Free Money Flows of $29 Million and $25 Million, Respectively
- Declares Board of Administrators Approved $100 Million Share Repurchase Program
SAN MATEO, Calif., Sept. 6, 2022 /PRNewswire/ — Coupa Software program (NASDAQ: COUP) at this time introduced monetary outcomes for its second fiscal quarter ended July 31, 2022.
“We’re pleased with our outcomes this quarter. We delivered report revenues, sturdy development in our subscription calculated billings, and we proceed to ship sturdy money flows and profitability on a Non-GAAP foundation,” mentioned Rob Bernshteyn, chairman and chief government officer at Coupa. “We focus every little thing we do on our prospects. Our platform is constructed with them and round them. We outline our success by our prospects’ success. As illustrated by our outcomes, the Coupa BSM group is vibrant and powering enterprise transformation and development.”
Second Quarter Outcomes:
- Whole revenues have been $211.1 million, a rise of 18% in comparison with the identical interval final 12 months. Subscription revenues have been $192.7 million, a rise of 23% in comparison with the identical interval final 12 months.
- GAAP working loss was $63.6 million, in comparison with $54.3 million for a similar interval final 12 months. Non-GAAP working earnings was $24.0 million, in comparison with $26.7 million for a similar interval final 12 months.
- GAAP web loss attributable to Coupa Software program Integrated was $75.3 million, in comparison with $91.5 million for a similar interval final 12 months. GAAP web loss per primary and diluted share attributable to Coupa Software program Integrated was $0.99, in comparison with $1.24 for a similar interval final 12 months. Non-GAAP web earnings attributable to Coupa Software program Integrated was $16.5 million, in comparison with $20.3 million for a similar interval final 12 months. Non-GAAP web earnings per diluted share attributable to Coupa Software program Integrated was $0.20, in comparison with $0.26 for a similar interval final 12 months.
- Working money flows and adjusted free money flows have been $29.1 million and $25.0 million, respectively.
See the part titled “Non-GAAP Monetary Measures” and the reconciliation tables under for vital info relating to the non-GAAP monetary measures utilized by Coupa.
Share Repurchase Program
Coupa introduced at this time that its Board of Administrators approved a share repurchase program of as much as $100 million of the Firm’s frequent inventory. Below this system, Coupa might buy shares once in a while via open market transactions in compliance with relevant securities legal guidelines. This system is at present set to run out on September 1, 2023. The timing, method, value and quantity of any repurchases, are decided by Coupa at its discretion and rely on quite a lot of components, together with authorized necessities, value and financial market circumstances. Any repurchases can be funded by out there money and money equivalents.
Enterprise Outlook:
The next forward-looking statements mirror Coupa’s expectations as of September 6, 2022.
Third quarter of fiscal 2023:
- Whole revenues are anticipated to be $211.0 to $214.0 million.
- Subscription revenues are anticipated to be $194.0 to $196.0 million.
- Skilled companies and different revenues are anticipated to be roughly $17.0 to $18.0 million.
- Non-GAAP earnings from operations is predicted to be $14.0 to $16.0 million.
- Non-GAAP web earnings per diluted share attributable to Coupa Software program Integrated is predicted to be $0.08 to $0.10 per share.
- Diluted weighted common share rely is predicted to be roughly 87.5 million shares, assuming no shares are bought within the share repurchase program.
Full 12 months fiscal 2023:
- Whole revenues are anticipated to be $838.0 to $844.0 million.
- Subscription revenues are anticipated to be $766.0 to $771.0 million.
- Skilled companies and different revenues are anticipated to be roughly $72.0 to $73.0 million.
- Non-GAAP earnings from operations is predicted to be $62.5 to $68.5 million.
- Non-GAAP web earnings per diluted share attributable to Coupa Software program Integrated is predicted to be $0.37 to $0.44 per share.
- Diluted weighted common share rely is predicted to be roughly 87.5 million shares, assuming no shares are bought within the share repurchase program.
Coupa has not reconciled its expectations for non-GAAP earnings from operations to GAAP loss from operations, or non-GAAP web earnings per diluted share attributable to Coupa Software program Integrated to GAAP web loss per share attributable to Coupa Software program Integrated as a result of sure objects which are excluded from non-GAAP earnings from operations and non-GAAP web earnings per diluted share attributable to Coupa Software program Integrated can’t be fairly calculated or predicted at the moment. Such exclusions encompass prices associated to stock-based compensation, amortization of acquired intangible belongings, amortization of debt issuance prices, achieve or loss on conversion of convertible senior notes, achieve or loss on non-marketable investments, the adjustment attributable to redeemable non-controlling pursuits, non-recurring earnings tax changes, and earnings tax results. The impact of these things could also be vital.
Latest Enterprise Highlights:
- Welcomed many new prospects into the Coupa group in Q2, together with the next: Aditum Bio Administration Firm, LLC, AEye, Inc., Air Pressure Affiliation (Western Australian Division) Inc., Anduril Industries, Inc., BELLUS Well being, Cellares Company, ClickUp, Cockroach Labs, Collectors Universe, Inc., Corius Deutschland GmbH, Deutsche Glasfaser, Dock Tech, Ellipse Tasks, Fairlife, Flock Security, HealthEdge, IGEFA SE & Co. KG, L & O Immobilien GmbH, Locanabio, Inc., ML Holding GmbH & Co. KG, Nationwide Damage Insurance coverage Scheme, Nürnberger Lebensversicherung AG, Oasis Marina LLC, Planet Labs PBC, Royston LLC, Skyline Displays, Tatcha LLC, Tes International Holdings Direct Ltd., TO Holding GmbH & Co. KG, College of East London, Veho Tech, Inc., Venues NSW, Veterinary Emergency Group, VPLS, W.A.G. fee options, a.s., and ZOLAR GmbH
- Grew footprint in Latin America with three new places of work in Mexico Metropolis, São Paulo and Bogotá
- Acknowledged by Quick Firm as a Greatest Office for Innovators
- Achieved international Nice Place to Work certification within the US, UK, Eire, Germany, and India
- Launched international Govt Summit sequence, bringing the BSM group collectively for studying, networking, and business insights, with the inaugural Govt Summit in Singapore
- Welcomed Kanika Soni, Tripadvisor Chief Industrial Officer, to our Board of Administrators
- Welcomed useful resource alternate platform Rheaply to Coupa Ventures’ portfolio of investments
- Revealed second annual Environmental, Social, and Governance (ESG) Report, debuting a brand new firm mission and imaginative and prescient
- Achieved ISO 27701 and APEC PRP certification for information privateness program
Convention Name Info:
Coupa will host a convention name and reside webcast for analysts and traders at 4:30 p.m. Japanese time at this time.
The reside webcast can be accessible on Coupa’s investor relations web site at http://investors.coupa.com. A replay can be out there via the identical hyperlink.
Non-GAAP Monetary Measures:
Along with disclosing monetary measures ready in accordance with U.S. typically accepted accounting rules (GAAP), this press launch and the accompanying tables comprise sure non-GAAP monetary measures, together with non-GAAP working earnings, non-GAAP web earnings attributable to Coupa Software program Integrated, non-GAAP web earnings per primary and diluted share attributable to Coupa Software program Integrated, adjusted free money flows and adjusted free money flows margin. Coupa believes these non-GAAP measures are helpful in evaluating its working efficiency and Coupa’s administration frequently evaluations and makes use of these measures for enterprise planning and different functions.
Non-GAAP working earnings and non-GAAP web earnings attributable to Coupa Software program Integrated exclude sure objects from the corresponding GAAP measures, together with: stock-based compensation, amortization of acquired intangible belongings, amortization of debt issuance prices, achieve or loss on conversion of convertible senior notes, achieve or loss on non-marketable investments, the adjustment attributable to redeemable non-controlling pursuits, non-recurring earnings tax changes, and earnings tax results, and previous to the adoption of ASU 2020-06 on February 1, 2022, amortization of debt low cost prices. As well as, the weighted common diluted shares determine used to calculate non-GAAP web earnings per share attributable to Coupa Software program Integrated displays the anti-dilutive affect of the if-converted methodology associated to the convertible notes, if any.
Starting within the three months ended April 30, 2022, we make the most of a set long-term projected tax charge in our computation of the non-GAAP earnings tax provision to supply higher consistency throughout the reporting intervals. In projecting this long-term non-GAAP tax charge, we make the most of a three-year monetary projection that excludes the direct affect of stock-based compensation, amortization of acquired intangible belongings, and amortization of debt issuance prices. The projected charge considers different components similar to our present working construction, and present tax positions in numerous jurisdictions. Moreover, because of historic profitability on a non-GAAP foundation, there aren’t any valuation allowances recorded in opposition to the non-GAAP deferred tax belongings globally. We’ll periodically reevaluate the projected long-term tax charge, as obligatory, for vital occasions, based mostly on our ongoing evaluation of related tax regulation modifications, materials modifications within the forecasted geographic earnings combine, and any vital acquisitions.
Adjusted free money flows is outlined as web money offered by working actions, much less purchases of property and gear, and previous to the adoption of ASU 2020-06 on February 1, 2022, plus repayments of convertible senior notes attributable to debt low cost, plus one-time payout of legacy unvested fairness awards accelerated at the side of a enterprise mixture. Coupa has the power to settle conversions associated to its senior notes via using money, shares of its frequent inventory, or a mix of each, at its election. Adjusted free money stream margin is outlined as adjusted free money flows divided by whole revenues.
Coupa believes these non-GAAP measures are helpful to traders and different customers of its monetary info as a result of they supply a technique to measure and consider Coupa’s underlying working efficiency and the power of its core enterprise persistently throughout the intervals introduced. Coupa believes these non-GAAP measures are additionally helpful for evaluating its working efficiency to that of different firms in its business, as a result of they get rid of the results of sure objects that will range between firms for causes unrelated to their working efficiency. Coupa believes that adjusted free money flows additionally offers a helpful measure of the corporate’s capital power and liquidity, though it isn’t supposed to signify and shouldn’t be considered as the quantity of residual money stream out there for discretionary expenditures.
Coupa makes use of these non-GAAP measures at the side of GAAP measures as a part of its total evaluation of its efficiency and liquidity, together with the preparation of its annual working price range and quarterly forecasts, to guage the effectiveness of its enterprise methods, and to speak with its board of administrators regarding its monetary efficiency and liquidity. Coupa’s definitions of its non-GAAP measures might differ from these utilized by different firms for similarly-titled measures, and due to this fact comparability could also be restricted. As well as, different firms might not publish these or comparable metrics. Thus, Coupa’s non-GAAP measures ought to be thought-about along with, not as substitutes for, or in isolation from, the corporate’s GAAP outcomes.
Coupa encourages traders and others to evaluation its monetary info in its entirety, to not depend on any single monetary measure, and to view its non-GAAP measures at the side of GAAP monetary measures. As well as, Coupa compensates for the constraints of its non-GAAP monetary measures by offering a reconciliation of every non-GAAP measure to essentially the most straight comparable GAAP monetary measure. These reconciliations are included within the tables hooked up to this launch.
Ahead-Trying Statements:
This launch contains forward-looking statements. All statements aside from statements of historic information, together with the statements of administration and statements in “Enterprise Outlook,” are forward-looking statements. These forward-looking statements are based mostly on Coupa’s present expectations and projections about future occasions and tendencies that Coupa believes might have an effect on its monetary situation, outcomes of operations, technique, short- and long-term enterprise operations and targets, money flows, liquidity and monetary wants.
These forward-looking statements are topic to a lot of dangers, uncertainties and assumptions that will trigger precise outcomes to vary materially from these projected, together with, with out limitation: Coupa is topic to macroeconomic uncertainties pushed by inflation, rising rates of interest, the Russia–Ukraine battle, and the COVID-19 pandemic; Coupa has a restricted working historical past at its present scale, which makes it troublesome to foretell its future working outcomes; Coupa might not be capable of handle its current fast development successfully; dangers associated to previous and future enterprise acquisitions, together with their integration with Coupa’s present enterprise mannequin, operations and tradition; if Coupa is unable to draw new prospects, the expansion of its revenues can be adversely affected; as a result of its platform is offered to giant enterprises with complicated working environments, Coupa encounters lengthy and unpredictable gross sales cycles; the markets by which Coupa participates are intensely aggressive; Coupa’s enterprise relies upon partly on its prospects renewing their subscriptions and buying further subscriptions; Coupa might not be profitable in increasing its gross sales efforts or creating widespread model consciousness in an economical method; dangers and liabilities associated to breach of its safety measures or unauthorized entry to buyer information; the affect of overseas forex alternate charges and international financial circumstances; dangers regarding servicing our debt; and the value, quantity and timing of any share repurchases.
These and different dangers and uncertainties that might have an effect on Coupa’s future outcomes are included below the captions “Threat Elements” and “Administration’s Dialogue and Evaluation of Monetary Situation and Outcomes of Operations,” in Coupa’s quarterly report on Type 10-Q filed with the Securities and Alternate Fee (SEC) on June 6, 2022, which is on the market at traders.coupa.com and on the SEC’s web site at www.sec.gov. Additional info on potential dangers that might have an effect on precise outcomes can be included in different periodic filings Coupa makes with the SEC.
The forward-looking statements on this launch mirror Coupa’s expectations as of September 6, 2022. Coupa undertakes no obligation to replace publicly any forward-looking statements for any motive after the date of this launch to adapt these statements to precise outcomes or to modifications in its expectations.
About Coupa Software program
Coupa empowers firms all over the world with the visibility and management they should spend smarter and safer. To be taught extra about how Coupa may help you spend smarter, go to www.coupa.com. Learn extra on the Coupa Weblog or observe @Coupa on Twitter.
|
COUPA SOFTWARE INCORPORATED |
|||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||
|
(in hundreds, besides per share quantities) |
|||||||
|
(unaudited) |
|||||||
|
Three Months Ended July 31, |
Six Months Ended July 31, |
||||||
|
2022 |
2021 |
2022 |
2021 |
||||
|
Revenues: |
|||||||
|
Subscription |
$ 192,670 |
$ 156,230 |
$ 371,140 |
$ 296,334 |
|||
|
Skilled companies and different |
18,433 |
23,016 |
36,334 |
49,841 |
|||
|
Whole revenues |
211,103 |
179,246 |
407,474 |
346,175 |
|||
|
Value of revenues: |
|||||||
|
Subscription |
60,808 |
51,398 |
118,937 |
102,423 |
|||
|
Skilled companies and different |
22,501 |
27,822 |
45,200 |
56,524 |
|||
|
Whole value of revenues |
83,309 |
79,220 |
164,137 |
158,947 |
|||
|
Gross revenue |
127,794 |
100,026 |
243,337 |
187,228 |
|||
|
Working bills: |
|||||||
|
Analysis and growth |
46,266 |
41,799 |
89,976 |
85,636 |
|||
|
Gross sales and advertising and marketing |
103,215 |
76,279 |
204,168 |
154,122 |
|||
|
Basic and administrative |
41,942 |
36,248 |
84,080 |
75,625 |
|||
|
Whole working bills |
191,423 |
154,326 |
378,224 |
315,383 |
|||
|
Loss from operations |
(63,629) |
(54,300) |
(134,887) |
(128,155) |
|||
|
Curiosity expense |
(3,619) |
(30,621) |
(7,095) |
(59,724) |
|||
|
Different expense, web |
(709) |
(1,983) |
(4,425) |
(1,448) |
|||
|
Loss earlier than provision for (profit from) earnings taxes |
(67,957) |
(86,904) |
(146,407) |
(189,327) |
|||
|
Provision for (profit from) earnings taxes |
2,641 |
(155) |
5,392 |
(2,221) |
|||
|
Internet loss |
(70,598) |
(86,749) |
(151,799) |
(187,106) |
|||
|
Internet loss attributable to redeemable non-controlling pursuits |
(462) |
(517) |
(666) |
(517) |
|||
|
Adjustment attributable to redeemable non-controlling pursuits |
5,133 |
5,235 |
5,609 |
5,235 |
|||
|
Internet loss attributable to Coupa Software program Integrated |
$ (75,269) |
$ (91,467) |
$ (156,742) |
$ (191,824) |
|||
|
Internet loss per share, primary and diluted, attributable to Coupa Software program Integrated |
$ (0.99) |
$ (1.24) |
$ (2.08) |
$ (2.62) |
|||
|
Weighted-average variety of shares utilized in computing web loss per share, primary and diluted |
75,669 |
73,526 |
75,429 |
73,200 |
|||
|
COUPA SOFTWARE INCORPORATED |
|||
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||
|
(in hundreds, besides per share quantities) |
|||
|
(unaudited) |
|||
|
July 31, 2022 |
January 31, 2022 |
||
|
Property |
|||
|
Present belongings: |
|||
|
Money and money equivalents |
$ 527,963 |
$ 506,459 |
|
|
Marketable securities |
281,370 |
223,032 |
|
|
Accounts receivable, web of allowances |
219,522 |
226,191 |
|
|
Pay as you go bills and different present belongings |
35,975 |
38,270 |
|
|
Deferred commissions, present portion |
22,801 |
21,096 |
|
|
Whole present belongings |
1,087,631 |
1,015,048 |
|
|
Property and gear, web |
31,989 |
30,576 |
|
|
Deferred commissions, web of present portion |
49,166 |
48,562 |
|
|
Goodwill |
1,514,550 |
1,514,550 |
|
|
Intangible belongings, web |
446,123 |
510,663 |
|
|
Working lease right-of-use belongings |
37,341 |
42,659 |
|
|
Different belongings |
29,077 |
31,121 |
|
|
Whole belongings |
$ 3,195,877 |
$ 3,193,179 |
|
|
Liabilities, Redeemable Non-Controlling Pursuits, and Stockholders’ Fairness |
|||
|
Present liabilities: |
|||
|
Accounts payable |
$ 8,433 |
$ 4,610 |
|
|
Accrued bills and different present liabilities |
98,374 |
79,160 |
|
|
Deferred income, present portion |
477,423 |
468,783 |
|
|
Present portion of convertible senior notes, web |
1,747 |
1,639 |
|
|
Working lease liabilities, present portion |
13,084 |
12,760 |
|
|
Whole present liabilities |
599,061 |
566,952 |
|
|
Convertible senior notes, web |
2,159,683 |
1,614,257 |
|
|
Deferred income, web of present portion |
29,646 |
22,655 |
|
|
Working lease liabilities, web of present portion |
24,857 |
31,172 |
|
|
Different liabilities |
46,544 |
52,481 |
|
|
Whole liabilities |
2,859,791 |
2,287,517 |
|
|
Redeemable non-controlling pursuits |
18,775 |
12,084 |
|
|
Stockholders’ fairness: |
|||
|
Most well-liked inventory, $0.0001 par worth per share |
— |
— |
|
|
Widespread inventory, $0.0001 par worth per share |
8 |
7 |
|
|
Extra paid-in capital |
1,154,891 |
1,778,840 |
|
|
Gathered different complete earnings |
7,333 |
9,643 |
|
|
Gathered deficit |
(844,921) |
(894,912) |
|
|
Whole stockholders’ fairness |
317,311 |
893,578 |
|
|
Whole liabilities, redeemable non-controlling pursuits, and stockholders’ fairness |
$ 3,195,877 |
$ 3,193,179 |
|
|
COUPA SOFTWARE INCORPORATED |
|||
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||
|
(in hundreds) |
|||
|
(unaudited) |
|||
|
Six Months Ended July 31, |
|||
|
2022 |
2021 |
||
|
Money flows from working actions |
|||
|
Internet loss attributable to Coupa Software program Integrated |
$ (156,742) |
$ (191,824) |
|
|
Internet loss and adjustment attributable to redeemable non-controlling pursuits |
4,943 |
4,718 |
|
|
Internet loss |
(151,799) |
(187,106) |
|
|
Changes to reconcile web loss to web money offered by working actions: |
|||
|
Depreciation and amortization |
71,804 |
73,146 |
|
|
Amortization (accretion) of premium (low cost) on marketable securities, web |
(721) |
755 |
|
|
Amortization of deferred commissions |
11,413 |
8,554 |
|
|
Amortization of debt low cost and issuance prices |
3,596 |
56,262 |
|
|
Inventory-based compensation |
108,224 |
94,792 |
|
|
Loss on conversion of convertible senior notes |
— |
129 |
|
|
Repayments of convertible senior notes attributable to debt low cost |
— |
(517) |
|
|
Different |
(1,581) |
(3,176) |
|
|
Modifications in working belongings and liabilities web of results from acquisitions: |
|||
|
Accounts receivable |
6,414 |
30,444 |
|
|
Pay as you go bills and different present belongings |
2,917 |
1,396 |
|
|
Different belongings |
10,438 |
9,585 |
|
|
Deferred commissions |
(13,804) |
(13,394) |
|
|
Accounts payable |
4,146 |
(248) |
|
|
Accrued bills and different liabilities |
11,801 |
5,703 |
|
|
Deferred income |
15,988 |
(3,432) |
|
|
Internet money offered by working actions |
78,836 |
72,893 |
|
|
Money flows from investing actions |
|||
|
Purchases of marketable securities |
(152,349) |
(72,392) |
|
|
Maturities of marketable securities |
88,586 |
69,523 |
|
|
Gross sales of marketable securities |
4,597 |
83,630 |
|
|
Acquisitions, web of money acquired |
— |
(45,766) |
|
|
Purchases of different investments |
(2,000) |
(7,500) |
|
|
Purchases of property and gear |
(8,241) |
(6,662) |
|
|
Internet money (utilized in) offered by investing actions |
(69,407) |
20,833 |
|
|
Money flows from financing actions |
|||
|
Funding from redeemable non-controlling pursuits |
2,111 |
2,223 |
|
|
Repayments of convertible senior notes |
— |
(2,446) |
|
|
Proceeds from the train of frequent inventory choices |
959 |
4,727 |
|
|
Proceeds from issuance of frequent inventory for worker inventory buy plan |
9,973 |
10,477 |
|
|
Internet money offered by financing actions |
13,043 |
14,981 |
|
|
Results of overseas forex alternate charges on money, money equivalents, and restricted money |
(1,075) |
(41) |
|
|
Internet improve in money, money equivalents, and restricted money |
21,397 |
108,666 |
|
|
Money, money equivalents, and restricted money at starting of 12 months |
510,339 |
327,589 |
|
|
Money, money equivalents, and restricted money at finish of interval |
$ 531,736 |
$ 436,255 |
|
|
Reconciliation of money, money equivalents, and restricted money to the condensed consolidated stability sheets |
|||
|
Money and money equivalents |
$ 527,963 |
$ 432,009 |
|
|
Restricted money included in different belongings |
3,773 |
4,246 |
|
|
Whole money, money equivalents, and restricted money |
$ 531,736 |
$ 436,255 |
|
|
COUPA SOFTWARE INCORPORATED |
|||||||||||||
|
Reconciliation of GAAP to Non-GAAP Monetary Measures |
|||||||||||||
|
Three Months Ended July 31, 2022 |
|||||||||||||
|
(in hundreds, besides percentages and per share quantities) |
|||||||||||||
|
(unaudited) |
|||||||||||||
|
GAAP |
Inventory-Based mostly Compensation Bills |
Amortization of Acquired Intangible Property |
Amortization |
Different (2) |
Earnings Tax |
Non-GAAP |
|||||||
|
Prices and bills: |
|||||||||||||
|
Prices of subscription |
$ 60,808 |
$ (4,819) |
$ (17,731) |
$ — |
$ — |
$ — |
$ 38,258 |
||||||
|
Prices {of professional} companies and different |
22,501 |
(5,375) |
(1,505) |
— |
— |
— |
15,621 |
||||||
|
Gross revenue |
60.5 % |
4.8 % |
9.1 % |
0.0 % |
0.0 % |
0.0 % |
74.5 % |
||||||
|
Analysis and growth |
46,266 |
(14,054) |
— |
— |
— |
— |
32,212 |
||||||
|
Gross sales and advertising and marketing |
103,215 |
(17,356) |
(12,596) |
— |
— |
— |
73,263 |
||||||
|
Basic and administrative |
41,942 |
(14,228) |
— |
— |
— |
— |
27,714 |
||||||
|
Earnings (loss) from operations |
(63,629) |
55,832 |
31,832 |
— |
— |
— |
24,035 |
||||||
|
Working margin |
(30.1) % |
26.4 % |
15.1 % |
0.0 % |
0.0 % |
0.0 % |
11.4 % |
||||||
|
Curiosity expense |
(3,619) |
— |
— |
1,831 |
— |
— |
(1,788) |
||||||
|
Different expense, web |
(709) |
— |
— |
— |
— |
— |
(709) |
||||||
|
Earnings (loss) earlier than provision for (profit from) earnings taxes |
(67,957) |
55,832 |
31,832 |
1,831 |
— |
— |
21,538 |
||||||
|
Provision for (profit from) earnings taxes |
2,641 |
— |
— |
— |
— |
2,875 |
5,516 |
||||||
|
Internet earnings (loss) |
(70,598) |
55,832 |
31,832 |
1,831 |
— |
(2,875) |
16,022 |
||||||
|
Internet loss attributable to non-controlling pursuits |
(462) |
— |
— |
— |
— |
— |
(462) |
||||||
|
Adjustment attributable to non-controlling pursuits |
5,133 |
— |
— |
— |
5,133 |
— |
— |
||||||
|
Internet earnings (loss) attributable to Coupa Software program Integrated |
(75,269) |
55,832 |
31,832 |
1,831 |
5,133 |
(2,875) |
16,484 |
||||||
|
Internet earnings (loss) per share, primary, attributable to Coupa Software program Integrated (1) |
$ (0.99) |
$ 0.22 |
|||||||||||
|
Internet earnings (loss) per share, diluted, attributable to Coupa Software program Integrated (1) |
$ (0.99) |
$ 0.20 |
|||||||||||
|
(1) |
GAAP web loss per share attributable to Coupa Software program Integrated is calculated based mostly upon 75,669 primary and diluted weighted-average shares of frequent inventory. Non-GAAP web earnings per share attributable to Coupa Software program Integrated is calculated based mostly upon 75,669 primary and 86,793 diluted weighted-average shares of frequent inventory. On account of our adoption of ASU 2020-06 on February 1, 2022, the corporate makes use of the if-converted methodology to calculate the non-GAAP web earnings per diluted share attributable to Coupa Software program Integrated associated to the convertible notes. Roughly 9,738 shares associated to the convertible notes have been due to this fact included within the non-GAAP diluted share quantity, whereas the numerator used to compute this measure was elevated by $1.2 million for after-tax curiosity expense financial savings associated to our convertible notes. |
|
(2) |
Different consists of an adjustment attributable to redeemable non-controlling pursuits to its redemption quantity. |
|
(3) |
Throughout the three months ended July 31, 2022, the corporate utilized a long-term projected tax charge within the computation of the non-GAAP provision for earnings taxes to supply higher consistency throughout the interim reporting intervals. |
|
COUPA SOFTWARE INCORPORATED |
|||||||||||
|
Reconciliation of GAAP to Non-GAAP Monetary Measures |
|||||||||||
|
Three Months Ended July 31, 2021 |
|||||||||||
|
(in hundreds, besides percentages and per share quantities) |
|||||||||||
|
(unaudited) |
|||||||||||
|
GAAP |
Inventory-Based mostly Compensation Bills |
Amortization of Acquired Intangible Property |
Amortization of Debt Low cost and Issuance Prices |
Different (2) |
Non-GAAP |
||||||
|
Prices and bills: |
|||||||||||
|
Prices of subscription |
$ 51,398 |
$ (3,596) |
$ (14,525) |
$ — |
$ — |
$ 33,277 |
|||||
|
Prices {of professional} companies and different |
27,822 |
(4,357) |
(5,852) |
— |
— |
17,613 |
|||||
|
Gross revenue |
55.8 % |
4.4 % |
11.4 % |
0.0 % |
0.0 % |
71.6 % |
|||||
|
Analysis and growth |
41,799 |
(11,055) |
— |
— |
— |
30,744 |
|||||
|
Gross sales and advertising and marketing |
76,279 |
(12,230) |
(13,141) |
— |
— |
50,908 |
|||||
|
Basic and administrative |
36,248 |
(16,262) |
— |
— |
— |
19,986 |
|||||
|
Earnings (loss) from operations |
(54,300) |
47,500 |
33,518 |
— |
— |
26,718 |
|||||
|
Working margin |
(30.3) % |
26.5 % |
18.7 % |
0.0 % |
0.0 % |
14.9 % |
|||||
|
Curiosity expense |
(30,621) |
— |
— |
28,872 |
— |
(1,749) |
|||||
|
Different expense, web |
(1,983) |
— |
— |
— |
— |
(1,983) |
|||||
|
Earnings (loss) earlier than provision for (profit from) earnings taxes |
(86,904) |
47,500 |
33,518 |
28,872 |
— |
22,986 |
|||||
|
Provision for (profit from) earnings taxes |
(155) |
769 |
1,889 |
— |
746 |
3,249 |
|||||
|
Internet earnings (loss) |
(86,749) |
46,731 |
31,629 |
28,872 |
(746) |
19,737 |
|||||
|
Internet loss attributable to non-controlling pursuits |
(517) |
— |
— |
— |
— |
(517) |
|||||
|
Adjustment attributable to non-controlling pursuits |
5,235 |
— |
— |
— |
5,235 |
— |
|||||
|
Internet earnings (loss) attributable to Coupa Software program Integrated |
(91,467) |
46,731 |
31,629 |
28,872 |
4,489 |
20,254 |
|||||
|
Internet earnings (loss) per share, primary, attributable to Coupa Software program Integrated (1) |
$ (1.24) |
$ 0.28 |
|||||||||
|
Internet earnings (loss) per share, diluted, attributable to Coupa Software program Integrated (1) |
$ (1.24) |
$ 0.26 |
|||||||||
|
(1) |
GAAP web loss per share attributable to Coupa Software program Integrated is calculated based mostly upon 73,526 primary and diluted weighted-average shares of frequent inventory. Non-GAAP web earnings per share attributable to Coupa Software program Integrated is calculated based mostly upon 73,526 primary and 76,561 diluted weighted-average shares of frequent inventory. The corporate makes use of the treasury inventory methodology to calculate the non-GAAP diluted shares associated to the convertible notes which displays any anti-dilutive affect of the capped name transactions entered into in reference to the convertible notes. |
|
(2) |
Different consists of the removing of a one-time earnings tax profit related to the remeasurement of overseas deferred tax belongings and an adjustment attributable to non-controlling pursuits to its redemption quantity. |
|
COUPA SOFTWARE INCORPORATED |
|||||||||||||
|
Reconciliation of GAAP to Non-GAAP Monetary Measures |
|||||||||||||
|
Six Months Ended July 31, 2022 |
|||||||||||||
|
(in hundreds, besides percentages and per share quantities) |
|||||||||||||
|
(unaudited) |
|||||||||||||
|
GAAP |
Inventory-Based mostly Compensation Bills |
Amortization of Acquired Intangible Property |
Amortization of Debt Issuance |
Different (2) |
Earnings Tax |
Non-GAAP |
|||||||
|
Prices and bills: |
|||||||||||||
|
Prices of subscription |
$ 118,937 |
$ (9,333) |
$ (35,754) |
$ — |
$ — |
$ — |
$ 73,850 |
||||||
|
Prices {of professional} companies and different |
45,200 |
(10,227) |
(3,443) |
— |
— |
— |
31,530 |
||||||
|
Gross revenue |
59.7 % |
4.8 % |
9.6 % |
0.0 % |
0.0 % |
0.0 % |
74.1 % |
||||||
|
Analysis and growth |
89,976 |
(26,820) |
— |
— |
— |
— |
63,156 |
||||||
|
Gross sales and advertising and marketing |
204,168 |
(33,290) |
(25,342) |
— |
— |
— |
145,536 |
||||||
|
Basic and administrative |
84,080 |
(28,554) |
— |
— |
— |
— |
55,526 |
||||||
|
Earnings (loss) from operations |
(134,887) |
108,224 |
64,539 |
— |
— |
— |
37,876 |
||||||
|
Working margin |
(33.1) % |
26.6 % |
15.8 % |
0.0 % |
0.0 % |
0.0 % |
9.3 % |
||||||
|
Curiosity expense |
(7,095) |
— |
— |
3,596 |
— |
— |
(3,499) |
||||||
|
Different expense, web |
(4,425) |
— |
— |
— |
(1,288) |
— |
(5,713) |
||||||
|
Earnings (loss) earlier than provision for (profit from) earnings taxes |
(146,407) |
108,224 |
64,539 |
3,596 |
(1,288) |
— |
28,664 |
||||||
|
Provision for (profit from) earnings taxes |
5,392 |
— |
— |
— |
— |
1,949 |
7,341 |
||||||
|
Internet earnings (loss) |
(151,799) |
108,224 |
64,539 |
3,596 |
(1,288) |
(1,949) |
21,323 |
||||||
|
Internet loss attributable to non-controlling pursuits |
(666) |
— |
— |
— |
— |
— |
(666) |
||||||
|
Adjustment attributable to non-controlling pursuits |
5,609 |
— |
— |
— |
5,609 |
— |
— |
||||||
|
Internet earnings (loss) attributable to Coupa Software program Integrated |
(156,742) |
108,224 |
64,539 |
3,596 |
4,321 |
(1,949) |
21,989 |
||||||
|
Internet earnings (loss) per share, primary, attributable to Coupa Software program Integrated (1) |
$ (2.08) |
$ 0.29 |
|||||||||||
|
Internet earnings (loss) per share, diluted, attributable to Coupa Software program Integrated (1) |
$ (2.08) |
$ 0.28 |
|||||||||||
|
(1) |
GAAP web loss per share attributable to Coupa Software program Integrated is calculated based mostly upon 75,429 primary and diluted weighted-average shares of frequent inventory. Non-GAAP web earnings per share attributable to Coupa Software program Integrated is calculated based mostly upon 75,429 primary and 86,664 diluted weighted-average shares of frequent inventory. On account of our adoption of ASU 2020-06 on February 1, 2022, the corporate makes use of the if-converted methodology to calculate the non-GAAP web earnings per diluted share attributable to Coupa Software program Integrated associated to the convertible notes. Roughly 9,738 shares associated to the convertible notes have been due to this fact included within the non-GAAP diluted share quantity, whereas the numerator used to compute this measure was elevated by $2.3 million for after-tax curiosity expense financial savings associated to our convertible notes. |
|
(2) |
Different consists of a achieve on non-marketable investments and an adjustment attributable to redeemable non-controlling pursuits to its redemption quantity. |
|
(3) |
Throughout the six months ended July 31, 2022, the corporate utilized a long-term projected tax charge within the computation of the non-GAAP provision for earnings taxes to supply higher consistency throughout the interim reporting intervals. |
|
COUPA SOFTWARE INCORPORATED |
|||||||||||||
|
Reconciliation of GAAP to Non-GAAP Monetary Measures |
|||||||||||||
|
Six Months Ended July 31, 2021 |
|||||||||||||
|
(in hundreds, besides percentages and per share quantities) |
|||||||||||||
|
(unaudited) |
|||||||||||||
|
GAAP |
Inventory-Based mostly Compensation Bills |
Amortization of Acquired Intangible Property |
Amortization of Debt Low cost and Issuance Prices |
Loss on Conversion of Convertible Notes |
Different (2) |
Non-GAAP |
|||||||
|
Prices and bills: |
|||||||||||||
|
Prices of subscription |
$ 102,423 |
$ (6,901) |
$ (28,411) |
$ — |
$ — |
$ — |
$ 67,111 |
||||||
|
Prices {of professional} companies and different |
56,524 |
(8,255) |
(12,374) |
— |
— |
— |
35,895 |
||||||
|
Gross revenue |
54.1 % |
4.4 % |
11.8 % |
0.0 % |
0.0 % |
0.0 % |
70.2 % |
||||||
|
Analysis and growth |
85,636 |
(21,718) |
— |
— |
— |
— |
63,918 |
||||||
|
Gross sales and advertising and marketing |
154,122 |
(23,451) |
(26,273) |
— |
— |
— |
104,398 |
||||||
|
Basic and administrative |
75,625 |
(34,467) |
— |
— |
— |
— |
41,158 |
||||||
|
Earnings (loss) from operations |
(128,155) |
94,792 |
67,058 |
— |
— |
— |
33,695 |
||||||
|
Working margin |
(37.0) % |
27.4 % |
19.4 % |
0.0 % |
0.0 % |
0.0 % |
9.7 % |
||||||
|
Curiosity expense |
(59,724) |
— |
— |
56,262 |
— |
— |
(3,462) |
||||||
|
Different expense, web |
(1,448) |
— |
— |
— |
129 |
— |
(1,319) |
||||||
|
Earnings (loss) earlier than provision for (profit from) earnings taxes |
(189,327) |
94,792 |
67,058 |
56,262 |
129 |
— |
28,914 |
||||||
|
Provision for (profit from) earnings taxes |
(2,221) |
1,817 |
3,818 |
— |
— |
746 |
4,160 |
||||||
|
Internet earnings (loss) |
(187,106) |
92,975 |
63,240 |
56,262 |
129 |
(746) |
24,754 |
||||||
|
Internet loss attributable to non-controlling pursuits |
(517) |
— |
— |
— |
— |
— |
(517) |
||||||
|
Adjustment attributable to non-controlling pursuits |
5,235 |
— |
— |
— |
— |
5,235 |
— |
||||||
|
Internet earnings (loss) attributable to Coupa Software program Integrated |
(191,824) |
92,975 |
63,240 |
56,262 |
129 |
4,489 |
25,271 |
||||||
|
Internet earnings (loss) per share, primary, attributable to Coupa Software program Integrated (1) |
$ (2.62) |
$ 0.35 |
|||||||||||
|
Internet earnings (loss) per share, diluted, attributable to Coupa Software program Integrated (1) |
$ (2.62) |
$ 0.33 |
|||||||||||
|
(1) |
GAAP web loss per share attributable to Coupa Software program Integrated is calculated based mostly upon 73,200 primary and diluted weighted-average shares of frequent inventory. Non-GAAP web earnings per share attributable to Coupa Software program Integrated is calculated based mostly upon 73,200 primary and 76,431 diluted weighted-average shares of frequent inventory. The corporate makes use of the treasury inventory methodology to calculate the non-GAAP diluted shares associated to the convertible notes which displays any anti-dilutive affect of the capped name transactions entered into in reference to the convertible notes. |
|
(2) |
Different consists of the removing of a one-time earnings tax profit related to the remeasurement of overseas deferred tax belongings and an adjustment attributable to non-controlling pursuits to its redemption quantity. |
|
COUPA SOFTWARE INCORPORATED |
|||||||
|
Reconciliation of GAAP Money Flows from Operations to Adjusted Free Money Flows and Adjusted Free Money Flows Margin |
|||||||
|
(A Non-GAAP Monetary Measure) |
|||||||
|
(in hundreds, besides percentages) |
|||||||
|
(unaudited) |
|||||||
|
Three Months Ended July 31, |
Six Months Ended July 31, |
||||||
|
2022 |
2021 |
2022 |
2021 |
||||
|
Internet money offered by working actions |
$ 29,094 |
$ 40,811 |
$ 78,836 |
$ 72,893 |
|||
|
Much less: purchases of property and gear |
(4,128) |
(3,908) |
(8,241) |
(6,662) |
|||
|
Add: repayments of convertible senior notes attributable to debt low cost |
— |
— |
— |
517 |
|||
|
Adjusted free money flows |
24,966 |
36,903 |
70,595 |
66,748 |
|||
|
Divided by: whole revenues |
$ 211,103 |
$ 179,246 |
$ 407,474 |
$ 346,175 |
|||
|
Adjusted free money flows margin |
11.8 % |
20.6 % |
17.3 % |
19.3 % |
|||
|
Trailing Twelve Months Ended July 31, |
|||
|
2022 |
2021 |
||
|
Internet money offered by working actions |
$ 174,033 |
$ 112,298 |
|
|
Much less: purchases of property and gear |
(15,432) |
(11,126) |
|
|
Add: repayments of convertible senior notes attributable to debt low cost |
821 |
1,589 |
|
|
Add: one-time payout of legacy unvested fairness awards accelerated at the side of a enterprise mixture |
— |
19,428 |
|
|
Adjusted free money flows |
159,422 |
122,189 |
|
|
Divided by: whole revenues |
$ 786,588 |
$ 642,683 |
|
|
Adjusted free money flows margin |
20.3 % |
19.0 % |
|
SOURCE Coupa Software program
https://www.prnewswire.com/news-releases/coupa-software-reports-second-quarter-fiscal-2023-financial-results-301618598.html