Coupa Software Inc (NASDAQ: COUP) stock lost over 6.7% on 9th September, 2020 (as of 1:50 pm GMT-4; Source: Google finance) post second quarter of 2021 performance. The firm’s new customer billings which were billed in Q2 of last year, were billed in Q1 of this year for the terms of the contract. The impact to Q2 billings from these two events was over $15 million against yoy. The firm forecasts macroeconomic environment is challenging for at least Q3 and into Q4, with the possibility of things beginning to open up more broadly, starting early in the New Year. The non-GAAP gross margin was 72.1%, better than guidance of 70% to 71%, but fell against first quarter. The sequential fall was on the back of acquisition of BELLIN impact, now Coupa Treasury Management.
But the firm managed to deliver a revenue rise of 32% yoy to $125.9 million, with subscription revenue rising 34% yoy to $111.6 million. Calculated billings rose 21% yoy to $130.5 million, against $107.7 million in pcp. For the trailing 12 months, calculated billings rose 37% yoy to $518.5 million, against $378.8 million in the previous trailing 12-month period. Total deferred revenue rose to $249 million, against $244.5 million at the end of first quarter and up from $188.9 million at the end of Q2 of last year, which is 32% yoy rise. Cash rose to $1.34 billion, against $706 million last quarter driven by issuance of 2026 convertible notes of $1.38 billion, including the exercise of the green shoot.
For FY21, the firm forecasts an overall revenue of $496.5 million to $498.5 million, with subscription revenue of $446 million to $448 million and professional services and other revenue of approximately $50.5 million. They again forecast a non-GAAP gross margin for the year of 71% to 72%. The expect non-GAAP operating income for the year of over $33.5 million to $35.5 million, non-GAAP earnings per share of approximately $0.43 to $0.45.