Coupa Software Inc (NASDAQ:COUP) reported upbeat sales for its second quarter and issued strong third-quarter sales guidance.
The San Mateo, Calif.-based company reported total revenues were $95.1 million, an increase of 54% compared to the same period last year. Subscription revenues were $83.5 million, an increase of 51% compared to the same period last year.
GAAP net loss was $20.0 million, compared to a net loss of $13.9 million for the same period last year. GAAP net loss per basic and diluted share was $0.32, compared to a net loss of $0.24 for the same period last year.
COUP also said operating cash flows were positive $1.3 million, and free cash flows were negative $2.3 million for the quarter ended July 31, 2019.
For the next quarter, total revenues are expected to be between $95.5 and $96.5 million. Non-GAAP income from operations is expected to be between $3.5 and $5.5 million. Subscription revenues are expected to be between $86.0 and $87.0 million.
According to CEO Rob Bernshteyn, "We delivered a strong second quarter with record revenues of $95 million, up 54% year-over-year, and calculated billings of $108 million, up $57% year-over-year.
"These results demonstrate our continued momentum in delivering measurable and repeatable value to our customers. By extending our leadership standing in Business Spend Management, we feel well positioned on our path to $1 billion in revenue."
Shares catapulted $18.57, or 13.8% to $152.96
