PR Newswire | Dec 7, 2020 04:04PM EST

12/07 15:03 CST

Coupa Software Reports Third Quarter Fiscal 2021 Financial ResultsRecord Quarterly Revenues of $133 Million, 31% Year-Over-Year GrowthQuarterly Calculated Billings of $140 Million, 33% Year-Over-Year GrowthQuarterly Operating Cash Flows and Adjusted Free Cash Flows of $19 Million and $17 Million, Respectively SAN MATEO, Calif., Dec. 7, 2020

SAN MATEO, Calif., Dec. 7, 2020 /PRNewswire/ -- Coupa Software (NASDAQ: COUP) today announced financial results for its third fiscal quarter ended October 31, 2020.

"We were very pleased to deliver over 30% year-over-year billings growth, as well as another quarter of record revenue," said Rob Bernshteyn, chairman and chief executive officer at Coupa. "As we approach the end of the year with a focus on resilience and long-term market dominance, we continue to be assertive in expanding our comprehensive Business Spend Management platform to address all spend, unlocking value and profitability for the ever-growing set of customers in our community."

Chief Revenue Officer Steven Winter will be retiring from his executive position at the end of the company's 2021 fiscal year. Rob Glenn, currently Coupa's SVP Americas, will be promoted and will be in charge of all global sales, effective February 1, 2021, and will report directly to Rob Bernshteyn, Coupa's CEO. Mr. Winter will remain employed in an advisory role during fiscal 2022.

Third Quarter Results:

* Total revenues were $133.0 million, an increase of 31% compared to the same period last year. Subscription revenues were $118.1 million, an increase of 31% compared to the same period last year. * GAAP operating loss was $33.6 million, compared to a GAAP operating loss of $16.9 million for the same period last year. Non-GAAP operating income was $14.3 million, compared to a non-GAAP operating income of $11.6 million for the same period last year. * GAAP net loss was $60.8 million, compared to a GAAP net loss of $26.3 million for the same period last year. GAAP net loss per basic and diluted share was $0.88, compared to a GAAP net loss per basic and diluted share of $0.42 for the same period last year. Non-GAAP net income was $13.0 million, compared to a non-GAAP net income of $14.2 million for the same period last year. Non-GAAP net income per diluted share was $0.18, compared to non-GAAP net income per diluted share of $0.20 for the same period last year. * Operating cash flows and adjusted free cash flows were positive $19.0 million and $17.3 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 December 7, 2020, and include the expected impact from the LLamasoft acquisition.

Fourth quarter of fiscal 2021:

* Total revenues are expected to be $145.0 to $146.0 million. * Subscription revenues are expected to be $124.5 to $125.5 million. * Professional services and other revenues are expected to be approximately $20.5 million. * Non-GAAP loss from operations is expected to be $6.0 to $8.0 million. * Non-GAAP net loss per basic and diluted share is expected to be $0.11 to $0.13 per share. * Basic and diluted weighted average share count is expected to be approximately 72.0 million shares.

Full year fiscal 2021:

* Total revenues are expected to be $523.0 to $524.0 million. * Non-GAAP income from operations is expected to be $34.0 to $36.0 million. * Non-GAAP net income per diluted share is expected to be $0.47 to $0.49 per share. * Diluted weighted average share count is expected to be approximately 72.5 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 acquisition earnout payments, 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 convertible notes cannot be reasonably calculated or predicted at this time. The effect of these items may be significant.

Recent Business Highlights:

* Welcomed many new customers into the Coupa community in Q3, including the following: ADB Companies, Akzo Nobel, Casey's General Stores, Damm, DHL Global Forwarding LATAM, Downer EDI Services, Elevate Textiles, Flender, GIS International, GlobalLogic, Ibstock Brick, iCapital Network, Immunovant, Interroll, Kodiak Sciences, Kura Oncology, Latchable, LKAB, Mayne Pharma, miR Scientific, OES Equipment, Ovid Therapeutics, Pilot Freight Services, SafetyCulture, Sam's Mart, Solomon Telekom, Turo, Unicharm, United Safety and Survivability, Uniting Care - Queensland, University of Bristol, Venture Global, Welbilt, and ZoomInfo. * Acquired AI-powered supply chain design and planning leader, LLamasoft, in November 2020. * Appointed Michelle Brennan to the Board of Directors. * Smarter Together Webinar discussed how communities will shape the next revolution in business. * Expanded partnership with American Express to bring Virtual Card payments to the US. * Named a Leader in the 2020 Gartner Magic Quadrant for Procure-to-Pay suites for the fifth consecutive time.

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 expense; amortization of acquired intangible assets; the change in fair value of contingent consideration related to acquisition earnout payments; 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. 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 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: 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 September 9, 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 December 7, 2020. 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.

About Coupa Software

Coupa empowers companies around the world with the visibility and control they need to spend smarter and safer. To learn more about how Coupa can help you spend smarter, visit www.coupa.com. Read more on the Coupa Blog or follow @Coupa on Twitter.

COUPA SOFTWARE INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited)



Three Months Ended Nine Months Ended October 31, October 31,

2020 2019 2020 2019

Revenues:

Subscription $118,083 $90,175 $335,399 $246,614

Professional services and other 14,881 11,609 42,700 31,653

Total revenues 132,964 101,784 378,099 278,267

Cost of revenues:

Subscription 36,528 23,752 99,335 63,217

Professional services and other 14,259 13,542 42,729 35,896

Total cost of revenues 50,787 37,294 142,064 99,113

Gross profit 82,177 64,490 236,035 179,154

Operating expenses:

Research and development 30,528 23,460 87,459 67,838

Sales and marketing 53,204 39,145 149,831 112,575

General and administrative 32,092 18,830 69,941 56,297

Total operating expenses 115,824 81,435 307,231 236,710

Loss from operations (33,647) (16,945) (71,196) (57,556)

Interest expense (29,308) (13,188) (61,820) (24,874)

Interest income and other, net 746 4,076 8,833 6,479

Loss before provision for (benefit from) income taxes (62,209) (26,057) (124,183) (75,951)

Provision for (benefit from) income taxes (1,411) 260 (5,453) (9,172)

Net loss $(60,798)$(26,317)$(118,730)$(66,779)

Net loss per share, basic and diluted $(0.88) $(0.42) $(1.76) $(1.08)

Weighted-average number of shares used in computing net loss per68,941 63,057 67,349 61,973 share, basic and diluted

COUPA SOFTWARE INCORPORATED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) (unaudited)



October 31, January 31, 2020 2020

Assets

Current assets:

Cash and cash equivalents $1,251,006$268,045

Marketable securities 103,134 499,160

Accounts receivable, net of allowances 98,301 118,508

Prepaid expenses and other current assets 33,553 31,636

Deferred commissions, current portion 13,384 11,982

Total current assets 1,499,378 929,331

Property and equipment, net 23,963 18,802

Deferred commissions, net of current portion 30,775 30,921

Goodwill 544,391 442,112

Intangible assets, net 145,511 128,660

Operating lease right-of-use assets 29,689 32,026

Other assets 24,762 12,221

Total assets $2,298,469$1,594,073

Liabilities, Temporary Equity and Stockholders' Equity

Current liabilities:

Accounts payable $2,447 $3,517

Accrued expenses and other current liabilities 78,377 54,245

Deferred revenue, current portion 250,680 257,692

Current portion of convertible senior notes, net 600,062 187,115

Operating lease liabilities, current portion 8,794 8,199

Total current liabilities 940,360 510,768

Convertible senior notes, net 879,840 562,612

Deferred revenue, net of current portion 5,245 4,091

Operating lease liabilities, net of current portion 22,436 25,490

Other liabilities 37,589 28,620

Total liabilities 1,885,470 1,131,581

Temporary equity 185 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 872,200 790,468

Accumulated other comprehensive income 5,026 871

Accumulated deficit (464,419) (345,689)

Total stockholders' equity 412,814 445,657

Total liabilities, temporary equity and stockholders' equity$2,298,469$1,594,073

COUPA SOFTWARE INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited)



Nine Months Ended October 31,

2020 2019

Cash flows from operating activities

Net loss $(118,730)$(66,779)

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

Depreciation and amortization 36,529 19,165

Amortization of premium on marketable securities, net 869 374

Amortization of deferred commissions 10,102 6,675

Amortization of debt discount and issuance costs 58,727 23,350

Stock-based compensation 94,851 60,068

Gain on conversion of convertible senior notes (3,166) -

Repayments of convertible senior notes attributable to debt discount (27,208) -

Other 3,923 (637)

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

Accounts receivable 22,519 23,855

Prepaid expenses and other current assets 1,591 (9,839)

Other assets (2,730) (2,998)

Deferred commissions (11,355) (15,491)

Accounts payable (1,435) (4,126)

Accrued expenses and other liabilities 4,941 6,895

Deferred revenue (11,630) 5,365

Net cash provided by operating activities 57,798 45,877

Cash flows from investing activities

Purchases of marketable securities (788,047) (318,759)

Maturities of marketable securities 351,973 44,796

Sale of marketable securities 830,125 199,314

Acquisitions, net of cash acquired (94,121) (208,505)

Purchases of property and equipment (9,559) (9,862)

Net cash provided by (used in) investing activities 290,371 (293,016)

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 (554,244) -

Proceeds from the exercise of common stock options 14,425 14,095

Proceeds from issuance of common stock for employee stock purchase plan 15,631 11,455

Net cash provided by financing activities 638,092 692,969

Effects of foreign currency exchange rates on cash, cash equivalents, and 128 - restricted cash

Net increase in cash, cash equivalents, and restricted cash 986,389 445,830

Cash, cash equivalents, and restricted cash at beginning of year 268,280 141,319

Cash, cash equivalents, and restricted cash at end of period $1,254,669$587,149

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

Cash and cash equivalents $1,251,006$587,029

Restricted cash included in other assets 3,663 120

Total cash, cash equivalents, and restricted cash $1,254,669$587,149

COUPA SOFTWARE INCORPORATED Reconciliation of GAAP to Non-GAAP Financial Measures Three Months Ended October 31, 2020 (in thousands, except percentages and per share amounts) (unaudited)



Stock-Based Amortization of Amortization of Loss on GAAP CompensationAcquired Debt Discount andConversion ofNon-GAAP Expenses Intangible AssetsIssuance Costs Convertible Senior Notes

Costs and expenses:

Costs of subscription $36,528 $(2,836) $ (8,212) $- $ - $25,480

Costs of professional services and other 14,259 (2,939) (200) - - 11,120

Gross profit 61.8 %4.3 % 6.3 % 0.0 % 0.0 % 72.5 %



Research and development 30,528 (7,691) - - - 22,837

Sales and marketing 53,204 (9,790) (2,698) - - 40,716

General and administrative 32,092 (13,555) - - - 18,537

Income (loss) from operations (33,647) 36,811 11,110 - - 14,274

Operating margin (25.3) %27.7 % 8.4 % 0.0 % 0.0 % 10.7 %



Interest expense (29,308) - - 27,370 - (1,938)

Interest income and other, net 746 - - - 36 782

Income (loss) before provision for (benefit from) (62,209) 36,811 11,110 27,370 36 13,118 income taxes

Provision for (benefit from) income taxes (1,411) 290 (163) 1,376 - 92

Net income (loss) (60,798) 36,521 11,273 25,994 36 13,026



Net income (loss) per share, basic^ ^(1) $(0.88) $0.19

Net income (loss) per share, diluted^ ^(1) $(0.88) $0.18



GAAP net loss per share is calculated based upon 68,941 basic and diluted weighted-average shares of common stock. Non-GAAP net income per share is calculated based upon ^(1)68,941 basic and 73,766 diluted weighted-average shares of common stock. The company uses the treasury stock method to calculate the non-GAAP diluted shares related to the convertible notes which reflects any anti-dilutive impact of the capped call transactions entered into in connection with the convertible notes.

COUPA SOFTWARE INCORPORATED Reconciliation of GAAP to Non-GAAP Financial Measures Three Months Ended October 31, 2019 (in thousands, except percentages and per share amounts) (unaudited)



Stock-Based Amortization of Amortization of GAAP CompensationAcquired Debt Discount andNon-GAAP Expenses Intangible AssetsIssuance Costs

Costs and expenses:

Costs of subscription $23,752 $(1,886) $ (4,654) $- $17,212

Costs of professional services and other 13,542 (2,113) (200) - 11,229

Gross profit 63.4 %3.9 % 4.8 % 0.0 % 72.1 %



Research and development 23,460 (5,517) - - 17,943

Sales and marketing 39,145 (6,135) (1,686) - 31,324

General and administrative 18,830 (6,304) - - 12,526

Income (loss) from operations (16,945) 21,955 6,540 - 11,550

Operating margin (16.6) %21.6 % 6.4 % 0.0 % 11.3 %



Interest expense (13,188) - - 12,352 (836)

Interest income and other, net 4,076 - - - 4,076

Income (loss) before provision for (benefit from) income taxes(26,057) 21,955 6,540 12,352 14,790

Provision for (benefit from) income taxes 260 489 (123) - 626

Net income (loss) (26,317) 21,466 6,663 12,352 14,164



Net income (loss) per share, basic ^(1) $(0.42) $0.22

Net income (loss) per share, diluted ^(1) $(0.42) $0.20



GAAP net loss per share is calculated based upon 63,057 basic and diluted weighted-average shares of common stock. Non-GAAP net income per share is calculated based upon ^(1)63,057 basic and 71,687 diluted weighted-average shares of common stock. The company uses the treasury stock method to calculate the non-GAAP diluted shares related to the convertible notes which reflects any anti-dilutive impact of the capped call transactions entered into in connection with the convertible notes.

COUPA SOFTWARE INCORPORATED Reconciliation of GAAP to Non-GAAP Financial Measures Nine Months Ended October 31, 2020 (in thousands, except percentages and per share amounts) (unaudited)



Change in Fair Gain on Stock-Based Amortization of Value of Amortization of Conversion ofOther GAAP CompensationAcquired Contingent Debt Discount andConvertible Non-GAAP Expenses Intangible AssetsConsideration Issuance Costs Senior Notes Expenses^ (2) Liability

Costs and expenses:

Costs of subscription $ 99,335 $(7,641) $ (22,370) $- $- $- $ - $69,324

Costs of professional services 42,729 (8,303) (600) - - - - 33,826 and other

Gross profit 62.4 %4.2 % 6.1 % 0.0 % 0.0 % 0.0 % 0.0 % 72.7 %



Research and development 87,459 (21,131) - - - - - 66,328

Sales and marketing 149,831 (26,558) (7,368) - - - - 115,905

General and administrative 69,941 (31,218) - 12,500 - - - 51,223

Income (loss) from operations (71,196) 94,851 30,338 (12,500) - - - 41,493

Operating margin (18.8) %25.1 % 8.0 % (3.3) % 0.0 % 0.0 % 0.0 % 11.0 %



Interest expense (61,820) - - - 58,727 - - (3,093)

Interest income and other, net 8,833 - - - - (3,166) - 5,667

Income (loss) before provision for (benefit from) income (124,183) 94,851 30,338 (12,500) 58,727 (3,166) - 44,067 taxes

Provision for (benefit from) income (5,453) 4,321 (315) - 2,485 - 310 1,348 taxes

Net income (loss) (118,730) 90,530 30,653 (12,500) 56,242 (3,166) (310) 42,719



Net income (loss) per share, basic ^(1) $ (1.76) $0.63

Net income (loss) per share, diluted ^(1)$ (1.76) $0.59



GAAP net loss per share is calculated based upon 67,349 basic and diluted weighted-average shares of common stock. Non-GAAP net income per share is calculated based upon ^ 67,349 basic and 71,854 diluted weighted-average shares of common stock. The (1)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.

^ Other expenses consists of the release of valuation allowances against deferred (2)tax assets.

COUPA SOFTWARE INCORPORATED Reconciliation of GAAP to Non-GAAP Financial Measures Nine Months Ended October 31, 2019 (in thousands, except percentages and per share amounts) (unaudited)



Stock-Based Amortization of Amortization of Other GAAP CompensationAcquired Debt Discount and Non-GAAP Expenses Intangible AssetsIssuance Costs Expenses^ (2)

Costs and expenses:

Costs of subscription $63,217 $(5,045) $ (11,535) $- $- $46,637

Costs of professional services and other 35,896 (5,581) (200) - - 30,115

Gross profit 64.4 %3.8 % 4.2 % 0.0 % 0.0 % 72.4 %



Research and development 67,838 (14,640) - - - 53,198

Sales and marketing 112,575 (17,034) (4,342) - - 91,199

General and administrative 56,297 (17,768) - - - 38,529

Income (loss) from operations (57,556) 60,068 16,077 - - 18,589

Operating margin (20.7) %21.6 % 5.8 % 0.0 % 0.0 % 6.7 %



Interest expense (24,874) - - 23,350 - (1,524)

Interest income and other, net 6,479 - - - - 6,479

Income (loss) before provision for (benefit from) income(75,951) 60,068 16,077 23,350 - 23,544 taxes

Provision for (benefit from) income taxes (9,172) 1,797 (369) - 9,671 1,927

Net income (loss) (66,779) 58,271 16,446 23,350 (9,671) 21,617



Net income (loss) per share, basic ^(1) $(1.08) $0.35

Net income (loss) per share, diluted ^(1) $(1.08) $0.31



GAAP net loss per share is calculated based upon 61,973 basic and diluted weighted-average shares of common stock. Non-GAAP net income per share is calculated based upon ^(1)61,973 basic and 69,856 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 a valuation allowance 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 October 31,Nine Months Ended October 31,

2020 2019 2020 2019

Net cash provided by operating activities $ 19,001 $ 25,832 $ 57,798 $45,877

Less: purchases of property and equipment (2,531) (3,689) (9,559) (9,862)

Add: repayments of convertible senior notes attributable to debt discount872 - 27,208 -

Adjusted free cash flows $ 17,342 $ 22,143 $ 75,447 $36,015

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SOURCE Coupa Software