Rob Bernstein

Well, our business model is subscription, as all SaaS companies, and we help organizations optimize the way they spend money.

So we help them with their procurement processes, their invoice processing, their expense reporting, sourcing, inventory management, supplier information management, every way that a company applies IT to help them optimize the way they spend money and effectively save a lot in the process.

Sure.

So we have customers ranging from some of the largest enterprises in the world, like an Airbus or Rolls-Royce, Nike, to small mid-market companies that are high growth, Uber, Lyft, as examples.

The way they use it is very simple.

A person in the organization needs to spend company money.

The first place they go is Coupa, so they'll request the goods and services that they need.

They'll go through a shopping cart-like experience, whether it's a laptop or legal services, marketing collateral, whatever it may be.

It gets approved and gets routed to preferred suppliers, and then those suppliers receive

I'll procure those goods and services.

We handle all the back office, reconciliation, invoicing, payments, and the company is ensured that they're buying against these great rates and controlling their spend.

Well, that's gone up virtually every quarter now for 34 quarters.

In the mid-market, it's anywhere from $50,000 to maybe $200,000 or so a year, so annual subscription.

And in the enterprise, it's hundreds of thousands, in many cases, a couple of million dollars a year.

No, it's actually the depth and breadth of our overall platform.

So when I talk about that number increasing to 34 quarters, I mean every new deals closed in the quarter, each substantive quarter continue to go up.

And they go up because we have a lot more to offer.

We're much more of a legitimate player in the marketplace.

We have more referenceable customers.

We have more capability, security, platform level capabilities.