Payment management software firm Coupa Software beat Wall Street estimates for second-quarter revenue, sending shares up 10.3 percent on Tuesday (Sept. 3).
Revenue from subscription services for the second quarter, which ended July 31, reached $95.1 million, an increase of 54 percent year-over-year, while subscription revenues were $83.5 million, up 51 percent compared to the same period last year.
In addition, the company reported quarterly calculated billings of $107.7 million, an increase of 57 percent year-over-year. And operating cash flows and free cash flows were positive $1.3 million and negative $2.3 million, respectively.
So far, Coupa’s stock has more than doubled in value this year, according to Reuters. Its revenue got a boost due to new customers signing on for the company’s business spend management platform, including Affirmed Networks, Commonwealth Bank of Australia, Las Vegas Valley Water District, Lucid Software, Rakuten, Redfin, Sainsbury’s Supermarkets, The Nebu Group, Tullow Oil, Volkswagen Group Australia, and Wawa.
“We delivered a strong second quarter with record revenues of $95 million, up 54 percent year-over-year, and calculated billings of $108 million, up $57 percent year-over-year,” Rob Bernshteyn, chairman and CEO at Coupa, said in a statement. “These results demonstrate our continued momentum in delivering measurable and repeatable value to our customers. By extending our leadership standing in business spend management (BSM), we feel well positioned on our path to $1 billion in revenue.”
As the company moves into the third quarter, total revenues are expected to be between $95.5 and $96.5 million, and subscription revenues are expected to be between $86 and $87 million. Non-GAAP income from operations is expected to be between $3.5 and $5.5 million, while
non-GAAP net income per diluted share is expected to be between $0.05 and $0.08 per share.
And for the entire fiscal year, total revenues are expected to be between $369 and $372 million, non-GAAP income from operations is expected to be between $10 and $13 million, and non-GAAP net income per diluted share is expected to be between $0.11 and $0.16 per share.