Billion Dollar Unicorns: Will Coupa Remain Independent?

San Mateo-based spend management firm Coupa (Nasdaq: COUP ) went public more than two years ago. Its IPO has performed well as it continues to surpass market expectations and receive accolades for its products. Coupa values its addressable market at $37 billion and is targeting a share of $1 billion soon.

Coupa’s Financials

Coupa’s first quarter revenues grew 37% over the year to $56.4 million, surpassing the market’s estimates of $51.18 million. Loss per share of $0.01 for the quarter was also significantly better than the consensus estimate of a loss of $0.11 per share for the quarter.

By segment, subscription sales climbed 40% to $50 million and professional services and other revenues grew 17% to $6.4 million.

For the current quarter, Coupa expects revenues of $56-$57 million with a loss per share of $0.08-$0.10. The market was looking for revenues of $55.6 million with a loss of $0.11 per share for the quarter. Coupa expects to end the year with revenues of $233-$236 million compared with the market’s forecast revenues of $230.1 million. That compares with the $186.8 million that Coupa had recorded in fiscal 2017. It forecast the year’s loss per share at $0.14-$0.19 compared with the Street’s estimate of a loss of $0.24 for the year. It currently has a cumulative spend under management at $747 billion and expects to surpass $1 trillion this fiscal year.

Besides strong financial performance, Coupa is also witnessing significant recognition from the industry. According to a recent IDC release, Coupa was named a leader in IDC’s Marketscape Worldwide SaaS and Cloud-Enabled Supplier Relationship Management (SRM) Applications 2018 assessment. This was the fifth IDC Marketscape report this year that Coupa was ranked a Leader. Other recognitions included the leader in the Worldwide SaaS and Cloud-Enabled Sourcing Applications 2018, Worldwide SaaS and Cloud-Enabled Procure-to-Pay Applications 2018, Worldwide SaaS and Cloud-Enabled Travel and Expense Management 2018, and Worldwide SaaS and Cloud-Enabled Procurement Applications.

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