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Coupa Software Reports Second Quarter Fiscal 2021 Financial Results
[September 08, 2020]

Coupa Software Reports Second Quarter Fiscal 2021 Financial Results


SAN MATEO, Calif., Sept. 8, 2020 /PRNewswire/ -- Coupa Software (NASDAQ: COUP) today announced financial results for its second fiscal quarter ended July 31, 2020.

"Our strong financial results for the second quarter underscore the importance our customers place on business resilience and the value that Coupa is delivering to their organizations, especially amid the everchanging macroeconomic environment," said Rob Bernshteyn, chairman and chief executive officer at Coupa. "We were proud to deliver record revenues and adjusted free cash flows during the quarter. We also reached a new financial milestone, generating $100 million in adjusted free cash flows over the trailing twelve months, while continuing to assertively invest in our long-term success."

Second Quarter Results:

  • Total revenues were $125.9 million, an increase of 32% compared to the same period last year. Subscription revenues were $111.6 million, an increase of 34% compared to the same period last year.
  • GAAP operating loss was $31.9 million, compared to a GAAP operating loss of $22.8 million for the same period last year. Non-GAAP operating income was $12.3 million, compared to a non-GAAP operating income of $4.8 million for the same period last year.
  • GAAP net loss was $43.1 million, compared to a GAAP net loss of $20.0 million for the same period last year. GAAP net loss per basic and diluted share was $0.64 which includes an unfavorable $0.12 impact from the issuance of the 2026 Notes, compared to a GAAP net loss per basic and diluted share of $0.32 for the same period last year. Non-GAAP net income was $15.2 million, compared to a non-GAAP net income of $5.3 million for the same period last year. Non-GAAP net income per diluted share was $0.21, compared to non-GAAP net income per diluted share of $0.07 for the same period last year.
  • Operating cash flows and adjusted free cash flows were positive $23.4 million and $35.7 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 September 8, 2020.

Third quarter of fiscal 2021:

  • Total revenues are expected to be $123.0 to $124.0 million.
  • Subscription revenues are expected to be $112.0 to $113.0 million.
  • Professional services and other revenues are expected to be approximately $11.0 million.
  • Non-GAAP income from operations is expected to be $4.5 to $5.0 million.
  • Non-GAAP net income per diluted share is expected to be $0.02 to $0.03 per share.
  • Diluted weighted average share count is expected to be approximately 74.0 million shares.

Full year fiscal 2021:

  • Total revenues are expected to be $496.5 to $498.5 million.
  • Non-GAAP income from operations is expected to be $33.5 to $35.5 million.
  • Non-GAAP net income per diluted share is expected to be $0.43 to $0.45 per share.
  • Diluted weighted average share count is expected to be approximately 73.0 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 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 Q2, including the following: 14 West, 2u, ACV Environmental Services, Benson Hill, Canfor Corporation, CECO Environmental Corporation, Confluent Inc., Conseil 2.0, CSC ServiceWorks, Cycle and Carriage Industries, Delly's, Engen Petroleum, Florida Home-Improvement Associates, GAF Materials, HammondCare, M. Dias Branco S.A. Ind Com de Alimentos, OneMain Financial Holdings, SalesLoft, Samancor Chrome, Schaeffler, Sekisui Chemical, Shorelight Education, Strategic Education, Südwestdeutsche Medienholding, Toyota Finance Australia, Welltok, and Westpac Banking.
  • Closed an offering of $1.38 billion in convertible senior notes due 2026.
  • Acquired Treasury Management leader, BELLIN Group.
  • Introduced product innovations that provide customers with increased spend visibility, help them mitigate supply chain risk and increase business agility to adapt to change.
  • Cited as a leader in the Forrester Wave: Supplier Risk and Performance Management Platforms, Q3 2020, receiving the top score in the performance management criterion and the highest score possible in the corporate strategy criterion.

Conference Call Information:

Coupa will host a conference call and live webcast for analysts and investors at 4:30 p.m. Eastern time today.

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.

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 profit, non-GAAP net profit and adjusted free cash flows. Coupa believes these non-GAAP measures are useful in evaluating its operating performance and regularly reviews these measures as it evaluates its business.

Non-GAAP operating profit and non-GAAP net profit exclude certain items, including 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 on conversion of convertible senior 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. 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 this excluded item through the use of cash, shares of its common stock, or a combination of both, at its election. 

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 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. 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 from those projected, including: Coupa has a limited operating history at its current scale, which makes it difficult to predict its future operating results; the uncertain impact of the COVID-19 pandemic; 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 June 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 September 8, 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


Six Months Ended



July 31,


July 31,



2020


2019


2020


2019

Revenues:









Subscription


$             111,581


$               83,482


$             217,316


$             156,439

Professional services and other 


14,340


11,657


27,819


20,044

Total revenues 


125,921


95,139


245,135


176,483

Cost of revenues:









Subscription


33,805


22,062


62,807


39,465

Professional services and other 


14,634


12,428


28,470


22,354

Total cost of revenues 


48,439


34,490


91,277


61,819

Gross profit 


77,482


60,649


153,858


114,664

Operating expenses:









Research and development 


30,212


23,364


56,931


44,378

Sales and marketing 


50,488


39,820


96,627


73,430

General and administrative 


28,705


20,269


37,849


37,467

Total operating expenses 


109,405


83,453


191,407


155,275

Loss from operations 


(31,923)


(22,804)


(37,549)


(40,611)

Interest expense


(20,223)


(8,511)


(32,512)


(11,686)

Interest income and other, net


4,759


1,479


8,087


2,403

Loss before benefit from income taxes 


(47,387)


(29,836)


(61,974)


(49,894)

Benefit from income taxes 


(4,271)


(9,842)


(4,042)


(9,432)

Net loss


$             (43,116)


$             (19,994)


$             (57,932)


$             (40,462)

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


$                 (0.64)


$                 (0.32)


$                 (0.87)


$                 (0.66)

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


67,597


62,038


66,545


61,422


 

 

COUPA SOFTWARE INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)

(unaudited)








July 31,


January 31,



2020


2020

Assets





Current assets:





Cash and cash equivalents 


$                905,612


$                268,045

Marketable securities


436,463


499,160

Accounts receivable, net of allowances 


101,120


118,508

Prepaid expenses and other current assets 


26,573


31,636

Deferred commissions, current portion 


12,639


11,982

Total current assets 


1,482,407


929,331

Property and equipment, net 


23,598


18,802

Deferred commissions, net of current portion 


29,886


30,921

Goodwill 


542,232


442,112

Intangible assets, net 


156,279


128,660

Operating lease right-of-use assets


31,119


32,026

Other assets 


15,423


12,221

Total assets 


$             2,280,944


$             1,594,073

Liabilities, Temporary Equity and Stockholders' Equity





Current liabilities:





Accounts payable 


$                    2,107


$                    3,517

Accrued expenses and other current liabilities 


72,311


54,245

Deferred revenue, current portion 


244,596


257,692

Current portion of convertible senior notes, net


595,007


187,115

Operating lease liabilities, current portion


8,808


8,199

Total current liabilities 


922,829


510,768

Convertible senior notes, net


862,523


562,612

Deferred revenue, net of current portion 


4,439


4,091

Operating lease liabilities, net of current portion


23,980


25,490

Other liabilities 


40,124


28,620

Total liabilities 


1,853,895


1,131,581

Temporary equity


133


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 


822,197


790,468

Accumulated other comprehensive income


8,333


871

Accumulated deficit 


(403,621)


(345,689)

Total stockholders' equity


426,916


445,657

Total liabilities, temporary equity and stockholders' equity


$             2,280,944


$             1,594,073

 

 

COUPA SOFTWARE INCORPORATED 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 

(in thousands) 

(unaudited)








Six Months Ended



July 31,



2020


2019

Cash flows from operating activities





Net loss 


$                (57,932)


$             (40,462)

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





Depreciation and amortization 


22,920


11,330

Accretion of discounts on marketable securities, net


1,099


668

Amortization of deferred commissions 


6,437


4,309

Amortization of debt discount and issuance costs


31,357


10,998

Stock-based compensation 


58,040


38,113

Gain on conversion of convertible senior notes


(3,202)


Repayments of convertible senior notes attributable to debt discount


(26,336)


Other


3,300


(95)

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





Accounts receivable 


19,583


20,450

Prepaid expenses and other current assets 


7,053


(7,662)

Other assets 


901


(770)

Deferred commissions 


(6,051)


(9,939)

Accounts payable 


(1,741)


(4,473)

Accrued expenses and other liabilities 


1,289


(4,061)

Deferred revenue 


(17,920)


1,639

Net cash provided by operating activities 


38,797


20,045

Cash flows from investing activities





Purchases of marketable securities


(246,586)


(258,991)

Maturities of marketable securities


284,090


44,796

Sale of marketable securities


25,013


199,314

Acquisitions, net of cash acquired 


(87,338)


(210,468)

Purchases of property and equipment 


(7,028)


(6,173)

Net cash used in investing activities 


(31,849)


(231,522)

Cash flows from financing activities





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


1,355,367


786,567

Purchase of capped calls


(192,786)


(118,738)

Repayments of convertible senior notes


(549,278)


Proceeds from the exercise of common stock options 


9,609


10,909

Proceeds from issuance of common stock for employee stock purchase plan


7,391


5,396

Net cash provided by financing activities 


630,303


684,134

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


241


Net increase in cash, cash equivalents, and restricted cash


637,492


472,657

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


268,280


141,319

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


$              905,772


$             613,976

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





Cash and cash equivalents


$              905,612


$             613,906

Restricted cash included in other assets


160


70

Total cash, cash equivalents, and restricted cash


$              905,772


$             613,976

 

 

 COUPA SOFTWARE INCORPORATED 

 Reconciliation of GAAP to Non-GAAP Financial Measures 

 Three Months Ended July 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

$       33,805


$       (2,647)


$      (7,548)


$          —


$          —


$          —


$          —


$       23,610

Costs of professional services and other

14,634


(2,952)


(200)






11,482

Gross profit

61.5%


4.4%


6.2%


0.0%


0.0%


0.0%


0.0%


72.1%

















Research and development

30,212


(7,316)







22,896

Sales and marketing

50,488


(9,255)


(2,614)






38,619

General and administrative

28,705


(11,673)







17,032

Income (loss) from operations

(31,923)


33,843


10,362






12,282

Operating margin

-25.4%


26.9%


8.2%


0.0%


0.0%


0.0%


0.0%


9.8%

















Interest expense

(20,223)





19,407




(816)

Interest income and other, net

4,759






(631)



4,128

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

(47,387)


33,843


10,362



19,407


(631)



15,594

Provision for (benefit from) income taxes 

(4,271)


3,444


(103)



1,109



182


361

Net income (loss)

(43,116)


30,399


10,465



18,298


(631)


(182)


15,233

















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

$         (0.64)














$          0.23

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

$         (0.64)














$          0.21

(1) GAAP net loss per share is calculated based upon 67,597 basic and diluted weighted-average shares of common stock. Non-GAAP net income per share is calculated based upon 67,597 basic and 73,019 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 July 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

$         22,062


$         (1,771)


$         (4,709)


$          —


$          —


$         15,582

Costs of professional services and other

12,428


(2,023)





10,405

Gross profit

63.7%


4.0%


4.9%


0.0%


0.0%


72.7%













Research and development

23,364


(5,075)





18,289

Sales and marketing

39,820


(6,060)


(1,650)




32,110

General and administrative

20,269


(6,339)





13,930

Income (loss) from operations

(22,804)


21,268


6,359




4,823

Operating margin

-24.0%


22.4%


6.7%


0.0%


0.0%


5.1%













Interest expense

(8,511)




8,038



(473)

Interest income and other, net

1,479






1,479

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

(29,836)


21,268


6,359


8,038



5,829

Provision for (benefit from) income taxes 

(9,842)


815


(123)



9,671


521

Net income (loss)

(19,994)


20,453


6,482


8,038


(9,671)


5,308













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

$           (0.32)










$            0.09

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

$           (0.32)










$            0.07

(1)GAAP net loss per share is calculated based upon 62,038 basic and diluted weighted-average shares of common stock. Non-GAAP net income per share is calculated based upon 62,038 basic and 70,852 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 reversal of a valuation allowance against deferred tax assets.

 

 

 COUPA SOFTWARE INCORPORATED 

 Reconciliation of GAAP to Non-GAAP Financial Measures 

 Six Months Ended July 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

$       62,807


$       (4,805)


$     (14,158)


$          —


$          —


$                 —


$          —


$        43,844

Costs of professional services and other

28,470


(5,364)


(400)






22,706

Gross profit

62.8%


4.1%


5.9%


0.0%


0.0%


0.0%


0.0%


72.9%

















Research and development

56,931


(13,440)







43,491

Sales and marketing

96,627


(16,768)


(4,670)






75,189

General and administrative

37,849


(17,663)



12,500





32,686

Income (loss) from operations

(37,549)


58,040


19,228


(12,500)





27,219

Operating margin

-15.3%


23.7%


7.8%


-5.1%


0.0%


0.0%


0.0%


11.1%

















Interest expense

(32,512)





31,357




(1,155)

Interest income and other, net

8,087






(3,202)



4,885

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

(61,974)


58,040


19,228


(12,500)


31,357


(3,202)



30,949

Provision for (benefit from) income taxes 

(4,042)


4,031


(152)



1,109



310


1,256

Net income (loss)

(57,932)


54,009


19,380


(12,500)


30,248


(3,202)


(310)


29,693

















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

$          (0.87)














$           0.45

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

$          (0.87)














$           0.41

(1) GAAP net loss per share is calculated based upon 66,545 basic and diluted weighted-average shares of common stock. Non-GAAP net income per share is calculated based upon 66,545 basic and 71,603 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 

 Six Months Ended July 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

$        39,465


$           (3,159)


$      (6,881)


$             —


$          —


$         29,425

Costs of professional services and other

22,354


(3,468)





18,886

Gross profit

65.0%


3.8%


3.9%


0.0%


0.0%


72.6%













Research and development

44,378


(9,123)





35,255

Sales and marketing

73,430


(10,899)


(2,656)




59,875

General and administrative

37,467


(11,464)





26,003

Income (loss) from operations

(40,611)


38,113


9,537




7,039

Operating margin

-23.0%


21.6%


5.4%


0.0%


0.0%


4.0%













Interest expense

(11,686)




10,998



(688)

Interest income and other, net

2,403






2,403

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

(49,894)


38,113


9,537


10,998



8,754

Provision for (benefit from) income taxes 

(9,432)


1,308


(246)



9,671


1,301

Net income (loss)

(40,462)


36,805


9,783


10,998


(9,671)


7,453













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

$           (0.66)










$            0.12

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

$           (0.66)










$            0.11

(1)GAAP net loss per share is calculated based upon 61,422 basic and diluted weighted-average shares of common stock. Non-GAAP net income per share is calculated based upon 61,422 basic and 69,563 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


Six Months Ended



July 31,


July 31,



2020


2019


2020


2019

Net cash provided by operating activities 


$               23,389


$                 1,252


$               38,797


$               20,045

Less: purchases of property and equipment


(3,429)


(3,519)


(7,028)


(6,173)

Add: repayments of convertible senior notes 
          attributable to debt discount


15,732



26,336


Adjusted free cash flows


$               35,692


$               (2,267)


$               58,105


$               13,872

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/coupa-software-reports-second-quarter-fiscal-2021-financial-results-301125859.html

SOURCE Coupa Software


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