Concur Technologies Inc. (CNQR, Financial) filed Quarterly Report for the period ended 2010-06-30.
Concur Technologies Inc. has a market cap of $2.46 billion; its shares were traded at around $49.42 with a P/E ratio of 86.7 and P/S ratio of 10. Concur Technologies Inc. had an annual average earning growth of 57.4% over the past 5 years.CNQR is in the portfolios of Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc, Ron Baron of Baron Funds, Columbia Wanger of Columbia Wanger Asset Management, Columbia Wanger of Columbia Wanger Asset Management, RS Investment Management, Pioneer Investments.
International Revenues. Revenues from customers outside the United States represented 14% and 13% of total revenues for the three and nine months ended June 30, 2010, compared to 9% and 10% for the same periods in 2009. We expect our international revenues to grow in the near term, as our products and services continue to gain acceptance in international markets due to our Etap Acquisition, our investment in global distribution and increased global awareness of our products. Historically, fluctuations in foreign currency exchange rates have not had a material effect on our total revenues.
Cost of operations expenses as a percentage of total revenues decreased to 28.9% and 29.4% for the three and nine months ended June 30, 2010, compared to 30.7% and 30.6% for the same periods in 2009. Cost of operations expenses increased by 13.1%, or $2.5 million, for the three months ended June 30, 2010, and 13.2%, or $7.4 million, for the nine months ended June 30, 2010, compared to the same periods in 2009. The increase in cost of operations expenses was primarily due to allocated overhead costs and initial set-up costs that we incur in connection with our subscription services. In addition, total salaries and related expenses increased by 7.4%, or $0.7 million for the three months ended June 30, 2010, and 8.9%, or $2.6 million, for the nine months ended June 30, 2010, compared to the same periods in 2009. These increases were primarily due to an increase in headcount and growth of the business.
Sales and marketing expenses as a percentage of total revenues increased to 33.1% and 31.7% for the three and nine months ended June 30, 2010, compared to 28.9% and 29.2% for the same periods in 2009. Sales and marketing expenses increased by 38.1%, or $6.9 million, for the three months ended June 30, 2010, and 28.1%, or $15.0 million, for the nine months ended June 30, 2010, compared to the same periods in 2009. Total salaries and related expenses increased by 30.6%, or $4.1 million, for the three months ended June 30, 2010, and 22.7%, or $8.8 million, for the nine months ended June 30, 2010, compared to the same periods in 2009. Allocated overhead costs increased by 85.9%, or $1.7 million, for the three months ended June 30, 2010, and 62.3%, or $4.1 million, for the nine months ended June 30, 2010, compared to the same periods in 2009. Initial costs that we incur in connection with our subscription services increased by 41.9%, or $1.1 million, for the three months ended June 30, 2010, and 37.2%, or $2.7 million, for the nine months ended June 30, 2010, compared to the same periods in 2009. These increases were primarily attributable to an increase in sales personnel and marketing programs.
Systems development and programming costs as a percentage of total revenues decreased to 9.1% and 9.7% for the three and nine months ended June 30, 2010, compared to 9.4% and 10.0% for the same periods in 2009. These decreases reflect our higher revenues compared to relatively stable expenses in this area. Systems development and programming costs increased 16.9%, or $1.0 million, for the three months ended June 30, 2010, and 14.4%, or $2.6 million, for the nine months ended June 30, 2010, compared to the same periods in 2009. Total salaries and related expenses increased by 20.6%, or $0.6 million, for the three months ended June 30, 2010, and 13.2%, or $1.4 million, for the nine months ended June 30, 2010, compared to the same periods in 2009. Allocated overhead costs increased by 12.8%, or $0.4 million, for the three months ended June 30, 2010, and 16.1%, or $1.2 million, for the nine months ended June 30, 2010, compared to the same periods in 2009. These increases were primarily due to the growth of the business.
General and administrative expenses as a percentage of total revenues increased to 12.5% and 11.9% for the three and nine months ended June 30, 2010, compared to 11.0% and 11.4% for the same periods in 2009. General and administrative expense increased by 36.6%, or $2.5 million, for the three months ended June 30, 2010, and 23.4%, or $4.9 million, for the nine months ended June 30, 2010, compared to the same periods in 2009. Total salaries and related expenses increased by 70.6%, or $3.0 million, for the three months ended June 30, 2010, and 50.2%, or $6.8 million, for the nine months ended June 30, 2010, compared to the same periods in 2009. These increases are primarily due to the growth of the business and increases in salaries and related expenses. These increases were partially offset by a decrease in allocated overhead costs and other expenses of 20.0%, or $0.5 million, for the three months ended June 30, 2010, and 28.6%, or $2.1 million, for the nine months ended June 30, 2010, compared to the same periods in 2009.
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Concur Technologies Inc. has a market cap of $2.46 billion; its shares were traded at around $49.42 with a P/E ratio of 86.7 and P/S ratio of 10. Concur Technologies Inc. had an annual average earning growth of 57.4% over the past 5 years.CNQR is in the portfolios of Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc, Ron Baron of Baron Funds, Columbia Wanger of Columbia Wanger Asset Management, Columbia Wanger of Columbia Wanger Asset Management, RS Investment Management, Pioneer Investments.
Highlight of Business Operations:
In March 2010, we issued at par value $250.0 million principal amount of 2.50% senior convertible notes due in 2015 (Initial Notes). In addition, the underwriters were granted an over-allotment option to purchase an additional $37.5 million principal amount of 2.50% senior convertible notes due in 2015, which brings the total amount issued under such notes and the Initial Notes to $287.5 million (collectively, Notes). The over-allotment option was exercised in full on April 1, 2010.International Revenues. Revenues from customers outside the United States represented 14% and 13% of total revenues for the three and nine months ended June 30, 2010, compared to 9% and 10% for the same periods in 2009. We expect our international revenues to grow in the near term, as our products and services continue to gain acceptance in international markets due to our Etap Acquisition, our investment in global distribution and increased global awareness of our products. Historically, fluctuations in foreign currency exchange rates have not had a material effect on our total revenues.
Cost of operations expenses as a percentage of total revenues decreased to 28.9% and 29.4% for the three and nine months ended June 30, 2010, compared to 30.7% and 30.6% for the same periods in 2009. Cost of operations expenses increased by 13.1%, or $2.5 million, for the three months ended June 30, 2010, and 13.2%, or $7.4 million, for the nine months ended June 30, 2010, compared to the same periods in 2009. The increase in cost of operations expenses was primarily due to allocated overhead costs and initial set-up costs that we incur in connection with our subscription services. In addition, total salaries and related expenses increased by 7.4%, or $0.7 million for the three months ended June 30, 2010, and 8.9%, or $2.6 million, for the nine months ended June 30, 2010, compared to the same periods in 2009. These increases were primarily due to an increase in headcount and growth of the business.
Sales and marketing expenses as a percentage of total revenues increased to 33.1% and 31.7% for the three and nine months ended June 30, 2010, compared to 28.9% and 29.2% for the same periods in 2009. Sales and marketing expenses increased by 38.1%, or $6.9 million, for the three months ended June 30, 2010, and 28.1%, or $15.0 million, for the nine months ended June 30, 2010, compared to the same periods in 2009. Total salaries and related expenses increased by 30.6%, or $4.1 million, for the three months ended June 30, 2010, and 22.7%, or $8.8 million, for the nine months ended June 30, 2010, compared to the same periods in 2009. Allocated overhead costs increased by 85.9%, or $1.7 million, for the three months ended June 30, 2010, and 62.3%, or $4.1 million, for the nine months ended June 30, 2010, compared to the same periods in 2009. Initial costs that we incur in connection with our subscription services increased by 41.9%, or $1.1 million, for the three months ended June 30, 2010, and 37.2%, or $2.7 million, for the nine months ended June 30, 2010, compared to the same periods in 2009. These increases were primarily attributable to an increase in sales personnel and marketing programs.
Systems development and programming costs as a percentage of total revenues decreased to 9.1% and 9.7% for the three and nine months ended June 30, 2010, compared to 9.4% and 10.0% for the same periods in 2009. These decreases reflect our higher revenues compared to relatively stable expenses in this area. Systems development and programming costs increased 16.9%, or $1.0 million, for the three months ended June 30, 2010, and 14.4%, or $2.6 million, for the nine months ended June 30, 2010, compared to the same periods in 2009. Total salaries and related expenses increased by 20.6%, or $0.6 million, for the three months ended June 30, 2010, and 13.2%, or $1.4 million, for the nine months ended June 30, 2010, compared to the same periods in 2009. Allocated overhead costs increased by 12.8%, or $0.4 million, for the three months ended June 30, 2010, and 16.1%, or $1.2 million, for the nine months ended June 30, 2010, compared to the same periods in 2009. These increases were primarily due to the growth of the business.
General and administrative expenses as a percentage of total revenues increased to 12.5% and 11.9% for the three and nine months ended June 30, 2010, compared to 11.0% and 11.4% for the same periods in 2009. General and administrative expense increased by 36.6%, or $2.5 million, for the three months ended June 30, 2010, and 23.4%, or $4.9 million, for the nine months ended June 30, 2010, compared to the same periods in 2009. Total salaries and related expenses increased by 70.6%, or $3.0 million, for the three months ended June 30, 2010, and 50.2%, or $6.8 million, for the nine months ended June 30, 2010, compared to the same periods in 2009. These increases are primarily due to the growth of the business and increases in salaries and related expenses. These increases were partially offset by a decrease in allocated overhead costs and other expenses of 20.0%, or $0.5 million, for the three months ended June 30, 2010, and 28.6%, or $2.1 million, for the nine months ended June 30, 2010, compared to the same periods in 2009.
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