Fourth Quarter Results
– Total revenues were $74.9 million, an increase of 39% compared to the same period last year. Subscription revenues were $67.5 million, an increase of 45% compared to the same period last year.
– GAAP operating loss was $14.7 million, compared to a loss of $9.1 million for the same period last year. Non-GAAP operating income was $2.4 million, compared to income of $0.9 million for the same period last year.
– GAAP net loss was $16.6 million, compared to a loss of $8.7 million for the same period last year. GAAP net loss per basic and diluted share was $0.28, compared to a loss of $0.16 for the same period last year. Non-GAAP net income was $3.4 million, compared to $1.4 million for the same period last year. Non-GAAP net income per diluted share was $0.05, compared to $0.02 for the same period last year.
– Operating cash flows and free cash flows for the quarter ended January 31, 2019, were $9.5 million and $6.8 million, respectively.
Fiscal Year 2019 Results
– Total revenues were $260.4 million, an increase of 39% from the previous year. Subscription revenues were $233.4 million, an increase of 42% from the previous year.
– GAAP operating loss was $47.4 million, compared to a loss of $45.0 million for the previous year. Non-GAAP operating income was $12.5 million, compared to a loss of $11.8 million for the previous year.
– GAAP net loss was $55.5 million, compared to a loss of $43.8 million for the previous year. GAAP net loss per basic and diluted share was $0.96, compared to a loss of $0.83 for the previous year. Non-GAAP net income was $11.6 million, compared to a loss of $11.3 million for the previous year. Non-GAAP net income per diluted share was $0.18, compared to a loss of $0.21 per diluted share for the previous year.
– Operating cash flows and free cash flows for the year ended January 31, 2019, were $37.4 million and $29.9 million, respectively.
Business Outlook:
The following forward-looking statements reflect Coupa’s expectations as of March 11, 2019.
First quarter of fiscal 2020:
– Total revenues are expected to be between $73.5 and $74.0 million.
– Subscription revenues are expected to be between $67.5 and $68.0 million. This includes a negative impact of approximately $2.0 million due to three fewer calendar days for revenue recognition in Q1 compared to Q4.
– Professional services and other revenues are expected to be approximately $6.0 million.
– Non-GAAP loss from operations is expected to be between $2.0 and $3.5 million.
– Non-GAAP net loss per basic and diluted share is expected to be between $0.03 loss and $0.06 loss per share.
– Basic weighted average share count is expected to be approximately 61.0 million shares.
– Free cash flows are expected to be approximately $15.0 million.
Full year fiscal 2020:
– Total revenues are expected to be between $325.0 and $327.0 million.
– Non-GAAP income from operations is expected to be between $3.0 and $7.0 million.
– Non-GAAP net income per diluted share is expected to be between $0.04 and $0.10 per share.
– Diluted weighted average share count is expected to be approximately 70.0 million shares.
Recent Business Highlights:
– Coupa added new customers in Q4, including but not limited to: Air Methods, Bank of Hope, BDP International, BJ Services, Botanic-Serres Du Saleve, Canadian Tire, Copa Holdings, Elekta, Erco Worldwide, Evelo Biosciences, Freshworks, Guardian Industries, InvestRes, InVisionApp, Kin Group, KPMG Australia, Looker, Munich Re, North Queensland Airport Group, Novo Nordisk, Pacific Life Insurance, Peloton Interactive, Randstad US, Settlement Services International, Shopify, Sibanye-Stillwater, TearFund, Telia Company, Uniting Vic Tas, Vanquis Bank (Provident), WeddingWire, and WP Engine.
– Coupa announced its latest release of product innovations for the BSM Platform. New industry-first capabilities were unveiled as part of this release which leverages community intelligence, powered by artificial intelligence, and enhanced global compliance capabilities to empower businesses to manage their spend in a simpler, safer, and smarter way.
– Following the announcement of Coupa Pay, the company’s B2B payments solution, Coupa announced a new strategic partnership with J.P. Morgan, which joins a growing list of virtual card issuers that are enabling businesses to manage payments in a fast, secure, and convenient way.
– Coupa announced that it acquired Hiperos, a leading third-party risk management provider and division of Opus. This acquisition provides businesses with the advanced technology they need to extensively evaluate the risk of their supplier base to further protect their brand and bottom line.
– Coupa was named a Leader in two new reports: the IDC MarketScape: Worldwide SaaS and Cloud-Enabled Accounts Payable Applications 2019 Vendor Assessment and the Forrester Wave: Source-to-Contract CLM, Q1 2019 for Contract Lifecycle Management.