Coupa Software (NASDAQ; COUP), a spend management software firm whose products include a VMS, reported revenue rose 18.2% in its fiscal fourth quarter ended Jan. 31.
| (US$ thousands) | Q4 2022 | Q4 2021 | % change |
| Total revenue | $193,298 | $163,544 | 18.2% |
| Gross profit | $116,629 | $83,907 | 39.0% |
| Gross margin | 60.3% | 51.3% | |
| Net loss | ($93,962) | ($61,387) | nm |
“During fiscal ’22, we grew new business in excess of 60%, which we define as new recurring revenue from new customer logos and add-on transactions,” Chairman and CEO Rob Bernshteyn said. “That growth was driven by strength in our core business, coupled with momentum in our integration of acquired assets.”
Subscription revenue rose 28% year over year in the fourth quarter to a total of $173.0 million.
Full-year results
| (US$ thousands) | FY 2022 | FY 2021 | % change |
| Revenue | $725,289 | $541,643 | 33.9% |
| Gross profit | $412,053 | $319,942 | 28.8% |
| Gross margin | 56.8% | 59.1% | |
| Net loss | ($369,106) | ($180,117) | nm |
Coupa today also announced that Todd Ford, president of finance and operations, will transition to the advisory role of president and CFO emeritus.
“I want to thank Todd for his tremendous contributions at Coupa over the past seven years. He is an incredible leader at Coupa and partner to me,” Bernshteyn said. “We are fortunate that Todd has developed and supported senior leaders in our finance organization to succeed him, and with Todd continuing his transition as an advisor for an extended period, we expect to have a very smooth transition.”
Guidance
Coupa anticipates fiscal first-quarter revenue of between $189.0 million and $191.0 million.
Share price and market cap
Shares in Coupa were down 20.26% to $71.62 as of 1:26 p.m. Eastern time; they set a new 52-week low during trading today when they reached $64.79, according to FT.com. The company had a market cap of $6.71 billion.