Coupa Software Reports Third Quarter Fiscal 2021 Financial Results

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Coupa Software Reports Third Quarter Fiscal 2021 Financial Results
Record Quarterly Revenues of $133 Million, 31% Year-Over-Year Growth
Quarterly Calculated Billings of $140 Million, 33% Year-Over-Year Growth
Quarterly Operating Cash Flows and Adjusted Free Cash Flows of $19 Million and $17 Million, Respectively

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
October 31,


Nine Months Ended
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 per
   share, basic and diluted

68,941



63,057



67,349



61,973


 

 

COUPA SOFTWARE INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)

(unaudited)



October 31,
2020


January 31,
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 restricted cash

128




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)



GAAP


Stock-Based
Compensation
Expenses


Amortization of
Acquired
Intangible Assets


Amortization of
Debt Discount and
Issuance Costs


Loss on
Conversion of
Convertible
Senior Notes


Non-GAAP

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)

income taxes

(62,209)



36,811



11,110



27,370



36



13,118


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




(1)

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
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)



GAAP


Stock-Based
Compensation
Expenses


Amortization of
Acquired
Intangible Assets


Amortization of
Debt Discount and
Issuance Costs


Non-GAAP

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




(1)

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
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)



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

$

99,335



$

(7,641)



$

(22,370)



$



$



$



$



$

69,324


Costs of professional services
and other

42,729



(8,303)



(600)











33,826


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
taxes

(124,183)



94,851



30,338



(12,500)



58,727



(3,166)





44,067


Provision for (benefit from) income
taxes

(5,453)



4,321



(315)





2,485





310



1,348


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




(1)

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 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

Nine Months Ended October 31, 2019

(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

$

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
taxes

(75,951)



60,068



16,077



23,350





23,544


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




(1)

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
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 discount


872





27,208




Adjusted free cash flows


$

17,342



$

22,143



$

75,447



$

36,015


 

 

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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