Coupa Software Inc (NASDAQ:COUP) stock rallies 11.86% (As on September 7, 11:36:26 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the second quarter of FY 23. Subscription revenues were $192.7 million, an increase of 23% compared to the same period last year. Non-GAAP net income attributable to Coupa Software Incorporated was $16.5 million, compared to $20.3 million for the same period last year. The company posted quarterly Subscription Calculated Billings of $217 Million, 25% Year-Over-Year Growth and quarterly Operating Cash Flows and Adjusted Free Cash Flows of $29 Million and $25 Million, Respectively.

COUP in the second quarter of FY 23 has reported the adjusted earnings per share of 20 cents, beating the analysts’ estimates for the adjusted earnings per share of 9 cents. The company had reported the adjusted revenue growth of 18 percent to $211 million in the second quarter of FY 23, beating the analysts’ estimates for revenue of $203.83 million.

The company authorized a share repurchase program of up to $100 million of the Company’s common stock.

Coupa Software expects Q3 2023 EPS of $0.08-$0.10, versus the consensus of $0.06. Coupa Software expects Q3 2023 revenue of $211-214 million, versus the consensus of $214 million. For the third quarter, the subscription revenues are expected to be $194.0 to $196.0 million, Professional services and other revenues are expected to be approximately $17.0 to $18.0 million and Non-GAAP income from operations is expected to be $14.0 to $16.0 million.

Coupa Software expects FY2023 EPS of $0.37-$0.44, versus the consensus of $0.26. Coupa Software expects FY2023 revenue of $838-844 million, versus the consensus of $840.3 million. For fiscal year 2023, the Subscription revenues are expected to be $766.0 to $771.0 million, Professional services and other revenues are expected to be approximately $72.0 to $73.0 million and Non-GAAP income from operations is expected to be $62.5 to $68.5 million.

Meanwhile, the company Welcomed many new customers into the Coupa community in Q2, including the following: Aditum Bio Management Company, LLC, AEye, Inc., Air Force Association (Western Australian Division) Inc., Anduril Industries, Inc., BELLUS Health, Cellares Corporation, ClickUp, Cockroach Labs, Collectors Universe, Inc., Corius Deutschland GmbH, Deutsche Glasfaser, Dock Tech, Ellipse Projects, Fairlife, Flock Safety, HealthEdge, IGEFA SE & Co. KG, L & O Immobilien GmbH, Locanabio, Inc., ML Holding GmbH & Co. KG, National Injury Insurance Scheme etc.