Coupa (COUP, $78.67) beats Q3 earnings expectations

Coupa Software posted its third quarter non-GAAP net income of 15 cents per share, exceeding the Zacks Consensus Estimate by 4 cents (according to Zacks Equity Research). The figure was 31 cents per share in the year-ago quarter.

Revenues was $217.3 million, growing from the year-ago quarter’s $185.8 million, and topping the Zacks Consensus Estimate of $212 million.  The company’s revenue from subscription grew +20% year over year to $198.4 million, on the back of the U.S. dollar strengthening against the euro. Professional services revenues came in at $18.9 million vs. $21.1 million in the year-ago quarter.

Coupa signed a merger agreement with Thomas Bravo during the quarter, in an all-cash deal with an enterprise value of $8.0 billion. After the deal’s closes, Coupa will operate as a privately held company. The deal is expected to be completed in the first half of 2023, subject to some closing conditions and regulatory approvals.