Unique Research · Insight / Earnings · October 20, 2022 · Full rewrite — not a stub
FY2022 (ended Jan 31’22) Coupa: rev $725–730M, GAAP GM ~56.8%, GAAP NI loss $370M; Non-GAAP NI ~$63.2M / 8.7% margin. Subscription 86.3% (~$630M, +34.8%); professional services 13.6% (+28%). 5y CAGR ~40%; rev ~2.9× since FY18. BSM platform (source→procure→invoice→pay→analyze); 2,500+ enterprise clients, 8M+ suppliers, 9,000+ advisors, 125 countries, 16 industries; cumulative spend under management $3.34T (from $365B at IPO). Rule of 40 >40% six years; LTV/CAC >6×. Deferred rev $491M; unbilled ~$792M. 2020–22 M&A ~$1.7B (LLamasoft, ConnXus, Bellin, Much-Net…) drove goodwill. Peers Esker / Basware; Gartner BSM MQ leader. China BSM ~26 firms / ¥31B cumulative funding (Xiniu). Market: Forrester +13% ’21; Gartner TAM →$7.4B by ’25 (17% CAGR). Charts/tables in CN images — attach on ingest.
— END —