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Concur Exceeds Revenue and Earnings Expectations for First Quarter of Fiscal 2011

REDMOND, Wash. Feb. 2, 2011 Concur integrated travel and expense management December 31, 2010

$80.2 million $3.7 million $0.07

Steve Singh TripIt Concur Japan

Singh continued, "Strong demand for our services, in combination with the strength of our business model, affords us the opportunity to invest against long-term growth initiatives.  Our investment in expanding distribution capacity is driving strong customer growth and showing up in the predictability and strength of our business results.  Our continued investment in innovation enables Concur to participate in an ever-greater portion of the travel and expense process.  Our continued efforts to drive scale into our operations positions us to effectively handle our global growth while maintaining world-class service."

Financial Highlights

  • $80.2 million
  • $3.7 million $0.07 $6.4 million $0.12 $4.6 million
  • $16.2 million $0.30 $15.7 million $0.30 $12.1 million $0.22 $9.9 million $0.19
  • Non-GAAP operating margin was 22% for the first quarter of fiscal 2011, down from 23% for the year-ago quarter.
  • $10.9 million

Recent Business Highlights

Business Outlook

The following statements are based on our current expectations and we do not undertake any duty to update them. These statements are forward-looking and inherently uncertain. Actual results may differ materially as a result of the factors identified below, the factors identified in our public filings made with the Securities and Exchange Commission, or other factors. Please also refer to "About Concur’s Non-GAAP Financial Measures" below for an explanation of our non-GAAP financial measures and a reconciliation of those measures to GAAP equivalents.

  • Concur expects revenue for the second quarter of fiscal 2011 to grow approximately 15.5% year-over-year from the second quarter of fiscal 2010, and expects the fiscal 2011 revenue growth rate to be above the fiscal 2010 revenue growth rate.
  • $0.24
  • With the acquisition of TripIt, Concur expects fiscal 2011 non-GAAP operating margin to be 21.5% or more for the year as a whole.
  • $84 million and $87 million $25 million and $27 million

All company or product names are trademarks and/or registered trademarks of their respective owners.

This press release contains forward-looking statements that are inherently uncertain. These forward-looking statements, such as the statements made by Mr. Singh, are based on Concur’s current expectations and involve many risks and uncertainties that could cause actual results to differ materially from current expectations. Factors that could cause or contribute to actual results differing from current expectations include, but are not limited to: potential difficulties or delays in connection with the TripIt acquisition, the anticipated benefits of the acquisition, or the broader integration of the Concur and TripIt businesses; adverse economic or market conditions, which may cause customers and prospects to delay or reduce purchases of our products and services, cause customers to reduce business travel and correspondingly reduce the use of our products and services, reduce the ability of customers, channel partners, vendors and suppliers to fulfill their obligations to us, increase volatility of our stock price and foreign exchange rates, and otherwise adversely affect our operations and financial performance; potential delays in market adoption and penetration of our subscription service offerings; potential difficulties associated with our deployment and support of our products and services; our ability to manage expected growth of our subscription service offerings; the scalability and security of the hosting infrastructure for our subscription service offerings; risks associated with the privacy and protection of information while in our possession; potential increases in the rate of attrition of customers of our subscription service offerings; the level of investment in information technology by our customers; the level of business travel that may reduce the use of our products and services or inhibit new sales of our products and services; potential difficulties associated with strategic relationships and with development of new products and services; risks associated with expansion into new geographic markets; uncertain market acceptance of recently-introduced or future products and services; and risks associated with our financing activities.

www.sec.gov

Concur Technologies, Inc.

Income Statements

(In thousands, except per share data)

(Unaudited)

Three Months Ended
December 31,

2010

2009

Revenues

$          80,235

$        67,653

Expenses (1):

Cost of operations

22,309

19,174

Sales and marketing

27,389

20,772

Systems development and programming

7,402

6,890

General and administrative

12,454

8,711

Amortization of intangible assets

1,720

1,855

Total expenses

71,274

57,402

Operating income

8,961

10,251

Other income (expense):

Interest income

683

311

Interest expense

(4,560)

(103)

Other, net

(181)

(160)

Total other (expense) income, net

(4,058)

48

Income before income tax

4,903

10,299

Income tax expense

1,252

3,866

Net income

$            3,651

$          6,433

Net income per share available to common stockholders:

Basic

$              0.07

$            0.13

Diluted

0.07

0.12

Weighted average shares used in computing net income per share:

Bas i c

52,444

49,046

Diluted

54,714

52,519

(1) Includes share-based compensation as follows:

Cost of operations

$               653

$             484

Sales and marketing

3,361

1,707

Systems development and programming

818

500

General and administrative

1,713

808

        Total share-based compensation

$            6,545

$          3,499

Concur Technologies, Inc.

Balance Sheets

(In thousands, except per share amounts)

(Unaudited)

December 31,

September 30,

2010

2010

Assets

Current assets:

Cash and cash equivalents

$         326,062

$           329,098

Short-term investments

280,324

301,597

Restricted cash

1,940

2,535

Accounts receivable, net of allowance of $2,015 and $2,374

51,820

52,340

Deferred tax assets

16,635

18,810

Deferred costs and other assets

27,340

26,640

Total current assets

704,121

731,020

Non-current assets:

Property and equipment, net

36,612

36,229

Investments

8,318

6,045

Deferred costs and other assets

25,786

25,441

Intangible assets, net

34,460

36,398

Deferred tax assets

14,673

12,675

Goodwill

194,506

194,989

Total assets

$      1,018,476

$        1,042,797

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable

$             4,422

$               5,413

Customer funding liabilities

36,845

66,985

Accrued compensation

10,969

20,944

Other accrued expenses and liabilities

16,092

14,390

Deferred revenues

45,359

44,358

Total current liabilities

113,687

152,090

Non-current liabilities:

Senior convertible notes, net

230,888

228,128

Deferred rent

1,194

1,149

Deferred revenues

14,474

15,453

Tax liabilities

8,405

8,151

Total liabilities

368,648

404,971

Commitments and contingencies

Stockholders’ equity:

Convertible preferred stock, par value $0.001 per share

Authorized shares: 5,000; No shares issued or outstanding

Common stock, $0.001 par value per share

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