Coupa Software Reports Fourth Quarter & Full Year Fiscal 2020 Financial Results

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Coupa Software Reports Fourth Quarter & Full Year Fiscal 2020 Financial Results
Record Annual Revenues of $389.7 Million, Up 50% Year-Over-Year
Annual Calculated Billings of $468.9 Million, Up 49% Year-Over-Year
Record Annual Operating Cash Flows of $68.2 Million

SAN MATEO, Calif., March 16, 2020 /PRNewswire/ -- Coupa Software (NASDAQ: COUP) today announced financial results for its fourth quarter and fiscal year ended January 31, 2020.

"Coupa's uniquely comprehensive Business Spend Management platform delivers value and savings to our customers by providing visibility, compliance, control and automation," said Rob Bernshteyn, chairman and chief executive officer at Coupa. "Our record annual revenue of $390 million and quarterly revenue of $111 million, along with record operating and free cash flow performance are just a few of the financial results that reflect the real, measurable value being unlocked by members of our global Coupa community."

Coupa defines calculated billings as the change in deferred revenue on the balance sheet for the period, plus revenue recognized during the period. Coupa defines free cash flows as operating cash flows less purchases of property and equipment. See the section titled "Non-GAAP Financial Measures" and the reconciliation tables below for important details regarding Coupa's non-GAAP measures.

Fourth Quarter Results

  • Total revenues were $111.5 million, an increase of 49% compared to the same period last year. Subscription revenues were $98.6 million, an increase of 46% compared to the same period last year.
  • GAAP operating loss was $15.9 million, compared to a loss of $14.7 million for the same period last year. Non-GAAP operating income was $13.3 million, compared to income of $2.4 million for the same period last year.
  • GAAP net loss was $24.1 million, compared to a loss of $16.6 million for the same period last year. GAAP net loss per basic and diluted share was $0.38, compared to a loss of $0.28 for the same period last year. Non-GAAP net income was $15.0 million, compared to $3.4 million for the same period last year. Non-GAAP net income per diluted share was $0.21, compared to $0.05 for the same period last year.
  • Operating cash flows and free cash flows were positive $22.3 million and $20.2 million, respectively, for the quarter ended January 31, 2020.

Fiscal Year 2020 Results

  • Total revenues were $389.7 million, an increase of 50% from the previous year. Subscription revenues were $345.3 million, an increase of 48% from the previous year.
  • GAAP operating loss was $73.4 million, compared to a loss of $47.4 million for the previous year. Non-GAAP operating income was $31.9 million, compared to income of $12.5 million for the previous year.
  • GAAP net loss was $90.8 million, compared to a loss of $55.5 million for the previous year. GAAP net loss per basic and diluted share was $1.45, compared to a loss of $0.96 for the previous year. Non-GAAP net income was $36.6 million, compared to $11.6 million for the previous year. Non-GAAP net income per diluted share was $0.52, compared to $0.18 for the previous year.
  • Operating cash flows and free cash flows for the year ended January 31, 2020, were $68.2 million and $56.2 million, respectively.

Business Outlook:

The following forward-looking statements reflect Coupa's expectations as of March 16, 2020.

First quarter of fiscal 2021:

  • Total revenues are expected to be between $111.5 and $112.5 million.
  • Subscription revenues are expected to be between $101.5 and $102.5 million.
  • Professional services and other revenues are expected to be approximately $10.0 million.
  • Non-GAAP income from operations is expected to be between $4.0 and $5.5 million.
  • Non-GAAP net income per diluted share is expected to be between $0.06 and $0.08 per share.
  • Diluted weighted average share count is expected to be 72.5 million shares.

Full year fiscal 2021:

  • Total revenues are expected to be between $488.0 and $490.0 million.
  • Non-GAAP income from operations is expected to be between $21.0 and $23.0 million.
  • Non-GAAP net income per diluted share is expected to be between $0.30 and $0.33 per share.
  • Diluted weighted average share count is expected to be 73.5 million shares.

Coupa has not reconciled its expectations for non-GAAP income from operations to GAAP loss from operations or non-GAAP net income per share to GAAP net loss per share because certain items excluded from non-GAAP income from operations and non-GAAP net income, such as charges related to share-based compensation expenses, amortization of acquired intangible assets, gains/losses on early conversion of convertible notes, amortization of debt discount and issuance costs from our convertible 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 Q4, including the following: American Signature, Ascend Performance Materials, AstraZeneca, Blue Sphere Singapore, Brex Inc., Centre for Neuro Skills, Event Hospitality and Entertainment, Fox Corporation, Grupo Planeta, John Lewis Partnership, Lagardere Services Asia Pacific, Lightspeed HQ, Lucid Energy Group, NFI Industries, Orangetheory Fitness, ProPetro Holding, Quilter, Renewi, Rituals Cosmetics, SEEK, Shinsei Bank, Skyservice Business Aviation, SOK S Group, Sterilite, The Core Institute, The University of Texas System, Three Ireland, Watco Companies and Wintershall Dea.
  • Selected to digitally transform BMW Group's business spend management processes.
  • Named a leader in The Forrester Wave™: eProcurement Platforms, Q4 2019, receiving the highest scores possible in 15 criteria, including: Market approach, Technology robustness, Supplier integration, Spend optimization, Roadmap and planned enhancements and Partner ecosystem.
  • Acquired travel optimization leader Yapta to deliver more value across Business Spend Management by empowering companies to achieve greater savings in Travel and Expense.

Conference Call Information:

Coupa will host a conference call and live webcast for analysts and investors at 5:00 p.m. Eastern time today.

  • Parties in the U.S. and Canada can access the call by dialing (855) 302-8830, using conference code 4766356.
  • International parties can access the call by dialing +1 (330) 871-6073, using conference code 4766356.

A 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. A telephonic replay of the conference call will be available through Monday, March 23, 2020. To access the replay, parties in the U.S. and Canada should call (855) 859-2056 and enter conference code 4766356. International parties should call +1 (404) 537-3406 and enter conference code 4766356.

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 that exclude certain items, including share-based compensation expenses, amortization of acquired intangible assets, amortization of debt discount and issuance costs from convertible notes, and related tax effects, including non-recurring income tax adjustments. In addition, the weighted average diluted shares used to calculate non-GAAP net income per share reflect the anti-dilutive impact of the capped call transactions entered into in connection with the convertible notes. Coupa believes these non-GAAP measures are useful in evaluating its operating performance and regularly reviews these measures as it evaluates its business.

Coupa believes these non-GAAP measures provide investors and other users of its financial information consistency and comparability with its past financial performance and facilitate period to period comparisons of operations. Coupa believes these non-GAAP measures are useful in evaluating its operating performance compared to that of other companies in its industry, as they generally eliminate the effects of certain items that may vary for different companies for reasons unrelated to overall operating performance.

Coupa uses these non-GAAP measures in conjunction with GAAP measures as part of its overall assessment of its performance, 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. The definitions of its non-GAAP measures may differ from the definitions used by other companies 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, measures prepared in accordance with GAAP.

Coupa compensates for these limitations by providing investors and other users of its financial information a reconciliation of non-GAAP measures to the related GAAP financial measures. 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.  Please see the reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures 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, including the uncertain impact of the global coronavirus pandemic, Coupa has a limited operating history at its current scale, which makes it difficult to predict its future operating results; 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; risks and liabilities related to breach of its security measures or unauthorized access to customer data; the markets in which Coupa participates are intensely competitive; Coupa's business depends substantially on its customers renewing their subscriptions and purchasing additional subscriptions; if Coupa fails to develop widespread brand awareness cost-effectively, its business may suffer; 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; 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 3, 2019, 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, 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 Software (NASDAQ: COUP) is a leading provider of BSM solutions. We offer a comprehensive, cloud-based BSM platform that has connected hundreds of organizations with more than five million suppliers globally. The Coupa BSM platform provides greater visibility into and control over how companies spend money. Using the Coupa BSM platform, businesses are able to achieve real, measurable value and savings that drive their profitability. Learn more at 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


Year Ended



January 31,


January 31,



2020


2019


2020


2019

Revenues:









Subscription


$  98,647


$  67,529


$ 345,261


$ 233,428

Professional services and other 


12,805


7,379


44,458


26,938

Total revenues 


111,452


74,908


389,719


260,366

Cost of revenues:









Subscription


26,235


16,216


89,452


53,153

Professional services and other 


13,868


8,809


49,764


30,301

Total cost of revenues 


40,103


25,025


139,216


83,454

Gross profit 


71,349


49,883


250,503


176,912

Operating expenses:









Research and development 


25,251


18,915


93,089


61,608

Sales and marketing 


42,641


28,797


155,216


105,659

General and administrative 


19,326


16,920


75,623


57,005

Total operating expenses 


87,218


64,632


323,928


224,272

Loss from operations 


(15,869)


(14,749)


(73,425)


(47,360)

Interest expense


(12,784)


(3,242)


(37,658)


(12,518)

Interest income and other, net


2,837


2,255


9,316


3,817

Loss before provision for (benefit from) income taxes


(25,816)


(15,736)


(101,767)


(56,061)

Provision for (benefit from) income taxes 


(1,763)


835


(10,935)


(537)

Net loss


$(24,053)


$(16,571)


$ (90,832)


$ (55,524)

Net loss per share attributable to common stockholders, basic and diluted 


$    (0.38)


$    (0.28)


$     (1.45)


$     (0.96)

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


63,999


59,752


62,484


57,716

 

COUPA SOFTWARE INCORPORATED

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)

(unaudited)








January 31,


January 31,



2020


2019

Assets





Current assets:





Cash and cash equivalents 


$     268,045


$   141,250

Marketable securities


499,160


180,169

Accounts receivable, net of allowances 


118,508


95,274

Prepaid expenses and other current assets 


31,636


10,343

Deferred commissions, current portion 


11,982


7,324

Total current assets 


929,331


434,360

Property and equipment, net 


18,802


10,549

Deferred commissions, net of current portion 


30,921


18,904

Goodwill 


442,112


209,560

Intangible assets, net 


128,660


55,925

Operating lease right-of-use assets


32,026


Other assets 


14,399


10,766

Total assets 


$  1,596,251


$   740,064

Liabilities, Temporary Equity and Stockholders' Equity





Current liabilities:





Accounts payable 


$         3,517


$       5,485

Accrued expenses and other current liabilities 


54,245


41,792

Deferred revenue, current portion 


257,692


179,967

Current portion of convertible senior notes, net


187,115


174,615

Operating lease liabilities, current portion


8,199


Total current liabilities 


510,768


401,859

Convertible senior notes, net


562,612


Deferred revenue, net of current portion 


4,091


2,620

Operating lease liabilities, net of current portion


25,490


Other liabilities 


30,798


22,304

Total liabilities 


1,133,759


426,783

Temporary equity


16,835


Stockholders' equity:





Preferred stock, $0.0001 par value per share



Common stock, $0.0001 par value per share


7


6

Additional paid-in capital 


790,468


567,797

Accumulated other comprehensive income


871


335

Accumulated deficit 


(345,689)


(254,857)

Total stockholders' equity


445,657


313,281

Total liabilities, temporary equity and stockholders' equity


$  1,596,251


$   740,064

 

COUPA SOFTWARE INCORPORATED 

CONSOLIDATED STATEMENTS OF CASH FLOWS 

(in thousands) 

(unaudited)








Year Ended



January 31,



2020


2019

Cash flows from operating activities





Net loss 


$    (90,832)


$    (55,524)

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





Depreciation and amortization 


28,553


10,442

Accretion of discounts on marketable securities, net


325


(1,621)

Amortization of deferred commissions 


9,556


5,791

Amortization of debt discount and issuance costs


35,922


11,605

Stock-based compensation 


81,376


52,945

Other


(1,381)


282

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





Accounts receivable 


(11,154)


(28,493)

Prepaid expenses and other current assets 


(16,374)


410

Other assets 


2,963


(3,402)

Deferred commissions 


(26,231)


(15,332)

Accounts payable 


(3,720)


3,182

Accrued expenses and other liabilities 


(14,520)


11,399

Deferred revenue 


73,673


45,752

Net cash provided by operating activities 


68,156


37,436

Cash flows from investing activities





Purchases of marketable securities


(583,151)


(302,922)

Maturities of marketable securities


66,363


124,139

Sales of marketable securities


199,314


Acquisitions, net of cash acquired


(308,406)


(143,885)

Purchases of property and equipment


(11,970)


(7,528)

Net cash used in investing activities 


(637,850)


(330,196)

Cash flows from financing activities





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


786,157


(639)

Purchase of capped calls


(118,738)


Proceeds from the exercise of common stock options 


17,781


12,964

Proceeds from issuance of common stock for employee stock purchase plan


11,455


8,778

Net cash provided by financing activities 


696,655


21,103

Net increase (decrease) in cash, cash equivalents, and restricted cash 


126,961


(271,657)

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


141,319


412,976

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


$    268,280


$    141,319






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





Cash and cash equivalents


268,045


141,250

Restricted cash included in other assets and prepaid expenses and other current assets


235


69

Total cash, cash equivalents, and restricted cash


$ 268,280


$ 141,319

 

 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 


 Share-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 attributable to common stockholders, basic (1)

$  (0.38)










$   0.23

Net income (loss) per share attributable to common stockholders, 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 

 Three Months Ended January 31, 2019 

 (in thousands, except percentages and per share amounts) 

 (unaudited) 



 GAAP 


 Share-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 services

$16,216


$ (1,209)


$ (2,009)


$           —


$          —


$12,998

Costs of professional services and other

8,809


(1,183)





7,626

Gross profit

66.6%


3.2%


2.7%


0.0%


0.0%


72.5%













Research and development

18,915


(3,290)





15,625

Sales and marketing

28,797


(4,054)


(841)




23,902

General and administrative

16,920


(4,520)





12,400

Income (loss) from operations

(14,749)


14,256


2,850




2,357

Operating margin

-19.7%


19.0%


3.8%


0.0%


0.0%


3.1%













Interest expense

(3,242)




3,010



(232)

Interest income and other, net

2,255






2,255

Income (loss) before provision for income taxes 

(15,736)


14,256


2,850


3,010



4,380

Provision for income taxes 

835


220


(85)



48


1,018

Net income (loss)

(16,571)


14,036


2,935


3,010


(48)


3,362













Net income (loss) per share attributable to common stockholders, basic (1)

$  (0.28)










$   0.06

Net income (loss) per share attributable to common stockholders, diluted (1)

$  (0.28)










$   0.05


(1) GAAP net loss per share is calculated based upon 59,752 basic and diluted weighted-average shares of common stock. Non-GAAP net income per share is calculated based upon 59,752 basic and 66,482 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.  Please note that the Company began reflecting the anti-dilutive impact of the capped call transactions entered into in connection with the convertible notes in its calculation of diluted weighted-average shares of common stock to determine non-GAAP net income per share beginning with the quarter ended January 31, 2019. The effect of this change is not material for any period previously presented.


(2) Other expenses consists of the release of a valuation allowance against deferred tax assets.

 

 COUPA SOFTWARE INCORPORATED 

 Reconciliation of GAAP to Non-GAAP Financial Measures 

 Year Ended January 31, 2020 

 (in thousands, except per share amounts) 

 (unaudited) 



 GAAP 


 Share-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 attributable to common stockholders, basic (1)

$   (1.45)










$   0.59

Net income (loss) per share attributable to common stockholders, 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 to Non-GAAP Financial Measures 

 Year Ended January 31, 2019 

 (in thousands, except per share amounts) 

 (unaudited) 



 GAAP 


 Share-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 services

$53,153


$ (4,285)


$  (5,045)


$         —


$         —


$43,823

Costs of professional services and other

30,301


(4,269)





26,032

Gross profit

67.9%


3.3%


1.9%


0.0%


0.0%


73.2%













Research and development

61,608


(11,841)





49,767

Sales and marketing

105,659


(14,786)


(1,835)




89,038

General and administrative

57,005


(17,765)





39,240

Income (loss) from operations

(47,360)


52,946


6,880




12,466

Operating margin

-18.2%


20.3%


2.6%


0.0%


0.0%


4.8%













Interest expense

(12,518)




11,605



(913)

Interest income and other, net

3,817






3,817

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

(56,061)


52,946


6,880


11,605



15,370

Provision for (benefit from) income taxes 

(537)


1,142


8



3,174


3,787

Net income (loss)

(55,524)


51,804


6,872


11,605


(3,174)


11,583













Net income (loss) per share attributable to common stockholders, basic (1)

$  (0.96)










$   0.20

Net income (loss) per share attributable to common stockholders, diluted (1)

$  (0.96)










$   0.18


(1) GAAP net loss per share is calculated based upon 57,716 basic and diluted weighted-average shares of common stock. Non-GAAP net income per share is calculated based upon 57,716 basic and 64,065 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. Please note that the Company began reflecting the anti-dilutive impact of the capped call transactions entered into in connection with the convertible notes in its calculation of diluted weighted-average shares of common stock to determine non-GAAP net income per share beginning with the quarter ended January 31, 2019. The effect of this change is not material for any period previously presented.


(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 Free Cash Flows 

 (A Non-GAAP Financial Measure) 

 (in thousands) 

 (unaudited) 




Three Months Ended


Year Ended



January 31,


January 31,



2020


2019


2020


2019

Net cash provided by operating activities 


$ 22,279


$ 9,473


$ 68,156


$ 37,436

Less: purchases of property and equipment


(2,108)


(2,658)


(11,970)


(7,528)

Free cash flows


$ 20,171


$ 6,815


$ 56,186


$ 29,908

 

 

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SOURCE Coupa Software

Investor Relations: Steven Horwitz, (650) 338-1340, ir@coupa.com; Media Contact: Kristi Lewandowski, (650) 485-8506, kristi.lewandowski@coupa.com