Coupa on Monday published better-than-expected third quarter financial results thanks to increases in subscription revenue. 

The company, which makes cloud-based spend management software, saw total revenue grow 40% year-over-year to reach$185.8 million. Non-GAAP net income per diluted share was 31 cents and subscription revenue grew 40% year-over-year to$164.7 million.

Analysts were expecting revenue of$178.34 million. 

"We delivered another strong quarter with record revenue and profitability," said Rob Bernshteyn, chairman and CEO at Coupa. 

"As demonstrated by our third quarter results, we are seeing strong adoption of the Coupa platform as our customers continue to prioritize Business Spend Management as a fundamental aspect of their go-forward strategy. With the fourth quarter well under way, we continue to leverage our Value-as-a-Service approach to add strategic customers across many industries and of all sizes."

Coupa bills itself as a savings-as-a-service provider, promising to help its customers spend less money over time on a range of enterprise services. The company, which went public in 2016, has relied heavily on mergers and acquisitions to expand its product range. 

In Q3, the company brought on a number of new customers including SoftBank, EDEKA Handelsgesellschaft Nord, and Capsida Biotherapeutics. 

For the fourth quarter of fiscal 2022, Coupa expects total revenues in the range of$185 million and$186 million. For the full-year fiscal 2022, it expects total revenues in the range of$717 million and$718 million.

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