Coupa beats Q2 estimates with record quarterly revenues

Shares were up in after-hours trading after Coupa, which makes cloud-based spend management software, reported a solid quarter with better-than-expected top and bottom-line results.
Written by Stephanie Condon, Senior Writer

Coupa on Tuesday published better-than-expected second-quarter financial results with record quarterly revenues. 

The company, which makes cloud-based spend management software, saw total sales grow 42% year-over-year to reach $179.2 million. Non-GAAP net income per diluted share was 26 cents.

Analysts were expecting a net loss of 6 cents per share on revenue of $162.96 million. 

"We are proud to report another fantastic quarter where we delivered record revenue, strong, calculated billings growth, and our third year of consecutive quarterly non-GAAP profitability," CEO Rob Bernshteyn said in a statement. "Digitizing and optimizing back-office operations is being prioritized as a key strategic initiative for our customers, and the Coupa platform is critical for their ability to develop agility and adaptability in these rapidly changing times." 

Coupa bills itself as a savings-as-a-service provider, promising to help its customers spend less money over time on a range of enterprise services. The company, which went public in 2016, has relied heavily on mergers and acquisitions to expand its product range. In Q2, it launched the Coupa App Marketplace to connect businesses with certified, pre-built apps. It also reached a milestone of more than 100 issued and pending US patents.

Coupa's Q2 subscription revenues were $156.2 million, an increase of 40% compared to the same period last year. Quarterly calculated billings came to $195 million, up 49%.

For the third quarter of fiscal 2022, Coupa expects total revenues in the range of $177 million to $178 million. For the full-year fiscal 2­­022, it expects total revenues in the range of $706 million to $708 million.

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