By Sam Boughedda
Investing.com -- Coupa Software Inc (NASDAQ:COUP) is down 26% in extended trading, adding to its 9.6% loss during the regular session after its fourth-quarter earnings report.
The company reported adjusted earnings per share of 19 cents on revenue of $193.3 million. Revenue increased 18% compared to the same period last year, while the company reported an adjusted EPS of 17 cents for the same period the previous year.
Subscription revenue for the company was $173 million, an increase of 28% compared to the same period last year. Calculated billings were $318.5 million, an increase of 18% year-on-year.
Full-year fiscal 2022 revenue was $725.3 million, an increase of 34% from last year.
While the company's fourth quarter earnings came in above consensus estimates, its outlook disappointed.
Looking ahead, the company expects fiscal 2023 full-year revenue to be between $836 million and $840 million, with subscription revenues between $756 million and $760 million. As a result, Coupa sees adjusted earnings per share for the year from 15 cents to 19 cents. Analysts surveyed by FactSet estimated earnings per share for the year of 73 cents on revenue of $876.4 million.
"We finished the fiscal year strong, delivering record revenue and free cash flow results in the fourth quarter," said Rob Bernshteyn, chairman and CEO at Coupa. "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. That growth was driven by strength in our core business, coupled with momentum in our integration of acquired assets."