Company Quick10K Filing
Coupa Software
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 63 $8,262
10-Q 2019-12-03 Quarter: 2019-10-31
10-Q 2019-09-05 Quarter: 2019-07-31
10-Q 2019-06-04 Quarter: 2019-04-30
10-K 2019-03-27 Annual: 2019-01-31
10-Q 2018-12-10 Quarter: 2018-10-31
10-Q 2018-09-06 Quarter: 2018-07-31
10-Q 2018-06-06 Quarter: 2018-04-30
10-K 2018-03-28 Annual: 2018-01-31
10-Q 2017-12-07 Quarter: 2017-10-31
10-Q 2017-09-08 Quarter: 2017-07-31
10-Q 2017-06-09 Quarter: 2017-04-30
10-K 2017-04-03 Annual: 2017-01-31
10-Q 2016-12-09 Quarter: 2016-10-31
8-K 2019-12-02 Earnings, Exhibits
8-K 2019-09-03 Earnings, Exhibits
8-K 2019-06-06 Enter Agreement, Off-BS Arrangement, Sale of Shares, Other Events, Exhibits
8-K 2019-06-06 Other Events, Exhibits
8-K 2019-06-03 Earnings, Exhibits
8-K 2019-05-28 Shareholder Vote
8-K 2019-05-06 M&A, Regulation FD, Exhibits
8-K 2019-04-12 Enter Agreement, Regulation FD
8-K 2019-03-11 Earnings, Exhibits
8-K 2018-12-04 Enter Agreement, M&A, Regulation FD, Exhibits
8-K 2018-12-03 Earnings, Exhibits
8-K 2018-09-04 Earnings, Exhibits
8-K 2018-06-04 Earnings, Exhibits
8-K 2018-05-23 Shareholder Vote
8-K 2018-03-12 Earnings, Exhibits
8-K 2018-02-13 Officers
8-K 2018-01-11 Other Events, Exhibits
8-K 2018-01-11 Enter Agreement, Off-BS Arrangement, Sale of Shares, Other Events, Exhibits
8-K 2018-01-10 Other Events, Exhibits
COUP 2019-10-31
Part I-Financial Information
Item 1. Financial Statements.
Note 1. Organization and Description of Business
Note 2. Significant Accounting Policies
Note 3. Marketable Securities
Note 4. Business Combinations
Note 5. Fair Value Measurements
Note 6. Property and Equipment, Net
Note 7. Goodwill and Other Intangible Assets
Note 8. Common Stock and Stockholders' Equity
Note 9. Convertible Senior Notes
Note 10. Commitments and Contingencies
Note 11. Income Taxes
Note 12. Net Loss per Share
Note 13. Business Segment Information
Note 14. Significant Customers and Geographic Information
Note 15. Related Parties
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part Ii-Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-10.1 coup-ex101_16.htm
EX-10.2 coup-ex102_15.htm
EX-10.3 coup-ex103_13.htm
EX-10.4 coup-ex104_14.htm
EX-31.1 coup-ex311_7.htm
EX-31.2 coup-ex312_9.htm
EX-32.1 coup-ex321_6.htm
EX-32.2 coup-ex322_8.htm

Coupa Software Earnings 2019-10-31

COUP 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
DBX 9,885 2,365 1,635 1,147 1,137 -44 44 8,912 99% 201.2 -2%
BKI 9,021 3,985 2,146 1,145 0 157 484 10,656 0% 22.0 4%
GWRE 8,756 2,167 593 720 395 21 82 8,819 55% 107.0 1%
COUP 8,262 1,477 1,023 319 210 -34 -6 7,648 66% -1,363.1 -2%
MFGP 7,557 16,781 8,989 0 0 0 0 7,170 0%
CDAY 7,507 6,729 4,972 780 348 22 123 5,810 45% 47.1 0%
HUBS 7,258 1,463 845 611 477 -59 -16 7,012 78% -434.4 -4%
ESTC 7,149 506 251 305 216 -125 -116 6,832 71% -58.7 -25%
AYX 7,080 664 332 301 272 19 20 6,970 90% 353.3 3%
MDB 6,861 742 502 254 248 -109 -87 6,674 98% -76.7 -15%

coup-10q_20191031.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended October 31, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-37901

 

COUPA SOFTWARE INCORPORATED

(Exact name of Registrant as specified in its charter)

 

 

Delaware

 

20-4429448

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

1855 S. Grant Street

San Mateo, CA

 

94402

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code: (650) 931-3200

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol

 

Name of each exchange on which registered

Common Stock, par value $0.0001 per share

 

COUP

 

The Nasdaq Stock Market LLC

(Nasdaq Global Select Market)

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

  

Accelerated filer

Non-accelerated filer

  

  

Smaller reporting company

Emerging growth company

  

 

 

 

 

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of November 29, 2019, the Registrant had 63,798,628 shares of common stock, $0.0001 par value per share, outstanding.

 

 

 


 

TABLE OF CONTENTS

 

 

 

 

 

Page

PART I.

 

FINANCIAL INFORMATION

 

 

Item 1.

 

Financial Statements (Unaudited)

 

2

 

 

Condensed Consolidated Balance Sheets

 

2

 

 

Condensed Consolidated Statements of Operations

 

3

 

 

Condensed Consolidated Statements of Comprehensive Loss

 

4

 

 

Condensed Consolidated Statements of Stockholders’ Equity

 

5

 

 

Condensed Consolidated Statements of Cash Flows

 

7

 

 

Notes to Unaudited Condensed Consolidated Financial Statements

 

9

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

30

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

44

Item 4.

 

Controls and Procedures

 

44

 

 

 

 

 

PART II.

 

OTHER INFORMATION

 

 

Item 1.

 

Legal Proceedings

 

45

Item 1A.

 

Risk Factors

 

45

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

66

Item 3.

 

Defaults Upon Senior Securities

 

66

Item 4.

 

Mine Safety Disclosures

 

66

Item 5.

 

Other Information

 

66

Item 6.

 

Exhibits

 

67

 

 

Exhibit Index

 

67

 

 

Signatures

 

68

 

 

 

i


 

NOTE ABOUT FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements. All statements other than statements of historical facts contained in this report, including statements regarding our future results of operations and financial position, customer lifetime value, strategy and plans, market size and opportunity, competitive position, industry environment, potential growth opportunities, product capabilities, our expectations for future operations and our convertible senior notes, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “design,” “intend,” “expect,” “could,” “plan,” “potential,” “predict,” “seek,” “should,” “would” or the negative version of these words and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, strategy, short- and long-term business operations and objectives, and financial needs. The forward-looking statements are contained principally in “Management’s Discussion and Analysis of Financial Condition and Result of Operations” and “Risk Factors.”

These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this Quarterly Report on Form 10-Q may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, except as required by law, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. We undertake no obligation to update publicly any forward-looking statements for any reason after the date of this Quarterly Report on Form 10-Q to conform these statements to actual results or to changes in our expectations.

 

1


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

COUPA SOFTWARE INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

(unaudited)

 

 

 

October 31,

 

 

January 31,

 

 

 

2019

 

 

2019

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

587,029

 

 

$

141,250

 

Marketable securities

 

 

255,327

 

 

 

180,169

 

Accounts receivable, net of allowances

 

 

79,658

 

 

 

95,274

 

Prepaid expenses and other current assets

 

 

24,017

 

 

 

10,343

 

Deferred commissions, current portion

 

 

10,043

 

 

 

7,324

 

Total current assets

 

 

956,074

 

 

 

434,360

 

Property and equipment, net

 

 

17,807

 

 

 

10,549

 

Deferred commissions, net of current portion

 

 

25,001

 

 

 

18,904

 

Goodwill

 

 

370,869

 

 

 

209,560

 

Intangible assets, net

 

 

96,848

 

 

 

55,925

 

Operating lease right-of-use assets

 

 

31,657

 

 

 

 

Other assets

 

 

13,325

 

 

 

10,766

 

Total assets

 

$

1,511,581

 

 

$

740,064

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

3,008

 

 

$

5,485

 

Accrued expenses and other current liabilities

 

 

68,432

 

 

 

41,792

 

Deferred revenue, current portion

 

 

189,490

 

 

 

179,967

 

Operating lease liabilities, current portion

 

 

7,395

 

 

 

 

Current portion of convertible senior notes, net (Note 9)

 

 

183,875

 

 

 

174,615

 

Total current liabilities

 

 

452,200

 

 

 

401,859

 

Convertible senior notes, net (Note 9)

 

 

553,280

 

 

 

 

Deferred revenue, net of current portion

 

 

3,026

 

 

 

2,620

 

Operating lease liabilities, net of current portion

 

 

26,024

 

 

 

 

Other liabilities

 

 

17,555

 

 

 

22,304

 

Total liabilities

 

 

1,052,085

 

 

 

426,783

 

Commitments and contingencies (Note 10)

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.0001 par value per share; 25,000,000 shares authorized

   at October 31, 2019 and January 31, 2019; zero shares issued and outstanding

   at October 31, 2019 and January 31, 2019

 

 

 

 

 

 

Common stock, $0.0001 par value per share; 625,000,000 shares authorized

   at October 31, 2019 and January 31, 2019; 63,667,275 and 60,455,381

   shares issued and outstanding at October 31, 2019 and January 31, 2019,

   respectively

 

 

7

 

 

 

6

 

Additional paid-in capital

 

 

782,043

 

 

 

567,797

 

Accumulated other comprehensive income (loss)

 

 

(918

)

 

 

335

 

Accumulated deficit

 

 

(321,636

)

 

 

(254,857

)

Total stockholders’ equity

 

 

459,496

 

 

 

313,281

 

Total liabilities and stockholders’ equity

 

$

1,511,581

 

 

$

740,064

 

 

See Notes to Condensed Consolidated Financial Statements.

 

2


 

COUPA SOFTWARE INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

October 31,

 

 

October 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subscription

 

$

90,175

 

 

$

60,559

 

 

$

246,614

 

 

$

165,899

 

Professional services and other

 

 

11,609

 

 

 

6,896

 

 

 

31,653

 

 

 

19,559

 

Total revenues

 

 

101,784

 

 

 

67,455

 

 

 

278,267

 

 

 

185,458

 

Cost of revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subscription

 

 

23,752

 

 

 

13,990

 

 

 

63,217

 

 

 

36,937

 

Professional services and other

 

 

13,542

 

 

 

7,674

 

 

 

35,896

 

 

 

21,492

 

Total cost of revenues

 

 

37,294

 

 

 

21,664

 

 

 

99,113

 

 

 

58,429

 

Gross profit

 

 

64,490

 

 

 

45,791

 

 

 

179,154

 

 

 

127,029

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

23,460

 

 

 

16,077

 

 

 

67,838

 

 

 

42,693

 

Sales and marketing

 

 

39,145

 

 

 

25,622

 

 

 

112,575

 

 

 

76,862

 

General and administrative

 

 

18,830

 

 

 

14,010

 

 

 

56,297

 

 

 

40,085

 

Total operating expenses

 

 

81,435

 

 

 

55,709

 

 

 

236,710

 

 

 

159,640

 

Loss from operations

 

 

(16,945

)

 

 

(9,918

)

 

 

(57,556

)

 

 

(32,611

)

Interest expense

 

 

(13,188

)

 

 

(3,181

)

 

 

(24,874

)

 

 

(9,276

)

Interest income and other, net

 

 

4,076

 

 

 

1,112

 

 

 

6,479

 

 

 

1,562

 

Loss before provision for (benefit from) income taxes

 

 

(26,057

)

 

 

(11,987

)

 

 

(75,951

)

 

 

(40,325

)

Provision for (benefit from) income taxes

 

 

260

 

 

 

(2,342

)

 

 

(9,172

)

 

 

(1,372

)

Net loss

 

$

(26,317

)

 

$

(9,645

)

 

$

(66,779

)

 

$

(38,953

)

Net loss per share attributable to common stockholders, basic and

   diluted

 

$

(0.42

)

 

$

(0.17

)

 

$

(1.08

)

 

$

(0.68

)

Weighted-average number of shares used in computing net loss per

   share attributable to common stockholders, basic and diluted

 

 

63,057

 

 

 

58,212

 

 

 

61,973

 

 

 

57,030

 

 

See Notes to Condensed Consolidated Financial Statements.

3


 

COUPA SOFTWARE INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

October 31,

 

 

October 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net loss

 

$

(26,317

)

 

$

(9,645

)

 

$

(66,779

)

 

$

(38,953

)

Other comprehensive gain (loss) in relation to defined benefit

   plans, net of tax

 

 

(58

)

 

 

(22

)

 

 

(1,463

)

 

 

87

 

Changes in unrealized gain (loss) on marketable securities, net of

   tax

 

 

373

 

 

 

(68

)

 

 

210

 

 

 

(100

)

Comprehensive loss

 

$

(26,002

)

 

$

(9,735

)

 

$

(68,032

)

 

$

(38,966

)

 

See Notes to Condensed Consolidated Financial Statements.

 

4


 

COUPA SOFTWARE INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands, except share amounts)

(Unaudited)

 

 

 

Three Months Ended October 31, 2019

 

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Accumulated

Other

Comprehensive

 

 

Accumulated

 

 

Total

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (Loss)

 

 

Deficit

 

 

Equity

 

Balance at July 31, 2019

 

 

62,727,158

 

 

$

7

 

 

$

750,617

 

 

$

(1,233

)

 

$

(295,319

)

 

$

454,072

 

Issuance of common stock for employee share purchase plan

 

 

106,654

 

 

 

 

 

 

6,059

 

 

 

 

 

 

 

 

 

6,059

 

Exercise of stock options

 

 

524,686

 

 

 

 

 

 

3,189

 

 

 

 

 

 

 

 

 

3,189

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

22,178

 

 

 

 

 

 

 

 

 

22,178

 

Vested restricted stock units

 

 

308,777

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

315

 

 

 

 

 

 

315

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(26,317

)

 

 

(26,317

)

Balance at October 31, 2019

 

 

63,667,275

 

 

$

7

 

 

$

782,043

 

 

$

(918

)

 

$

(321,636

)

 

$

459,496

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended October 31, 2019

 

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Accumulated

Other

Comprehensive

 

 

Accumulated

 

 

Total

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (Loss)

 

 

Deficit

 

 

Equity

 

Balance at January 31, 2019

 

 

60,455,381

 

 

$

6

 

 

$

567,797

 

 

$

335

 

 

$

(254,857

)

 

$

313,281

 

Equity component of 2025 Notes, net of issuance costs

 

 

 

 

 

 

 

 

246,967

 

 

 

 

 

 

 

 

 

246,967

 

Purchase of capped calls

 

 

 

 

 

 

 

 

(118,738

)

 

 

 

 

 

 

 

 

(118,738

)

Cancellation of common stock issued from acquisitions

 

 

(7,784

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock for employee share purchase plan

 

 

215,412

 

 

 

 

 

 

11,455

 

 

 

 

 

 

 

 

 

11,455

 

Exercise of stock options

 

 

2,164,207

 

 

 

1

 

 

 

13,730

 

 

 

 

 

 

 

 

 

13,731

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

60,832

 

 

 

 

 

 

 

 

 

60,832

 

Vested restricted stock units

 

 

840,059

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

(1,253

)

 

 

 

 

 

(1,253

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(66,779

)

 

 

(66,779

)

Balance at October 31, 2019

 

 

63,667,275

 

 

$

7

 

 

$

782,043

 

 

$

(918

)

 

$

(321,636

)

 

$

459,496

 

 

See Notes to Condensed Consolidated Financial Statements.

5


 

COUPA SOFTWARE INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands, except share amounts)

(Unaudited)

 

 

 

Three Months Ended October 31, 2018

 

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Accumulated

Other

Comprehensive

 

 

Accumulated

 

 

Total

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Equity

 

Balance at July 31, 2018

 

 

57,881,483

 

 

$

6

 

 

$

481,543

 

 

$

(221

)

 

$

(228,641

)

 

$

252,687

 

Issuance of common stock for acquisitions (Note 4)

 

 

262,992

 

 

 

 

 

 

46,157

 

 

 

 

 

 

 

 

 

46,157

 

Issuance of common stock for employee share purchase plan

 

 

257,034

 

 

 

 

 

 

4,641

 

 

 

 

 

 

 

 

 

4,641

 

Exercise of stock options

 

 

696,205

 

 

 

 

 

 

3,638

 

 

 

 

 

 

 

 

 

3,638

 

Vesting of early exercised stock options

 

 

 

 

 

 

 

 

91

 

 

 

 

 

 

 

 

 

91

 

Stock-based compensation expense