Coupa Software Reports Fourth Quarter & Full Year Fiscal 2021 Financial Results
03/16/2021 - 04:03 PM
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: 8x8, 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, $0.00 01 par value per share
—
—
Common stock, $0.00 01 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
C OUPA 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
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SOURCE Coupa Software