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Concur Technologies Inc. (CNQR) filed Quarterly Report for the period ended 2011-12-31.
Concur Technologies Inc. has a market cap of $3.05 billion; its shares were traded at around $56.38 with a P/E ratio of 110.6 and P/S ratio of 8.7. Concur Technologies Inc. had an annual average earning growth of 14% over the past 5 years.
This is the annual revenues and earnings per share of CNQR over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of CNQR.
Highlight of Business Operations:
Cost of operations as a percentage of total revenues increased to 28.9% for the three months ended December 31, 2011, compared to 27.6% for the same period in the prior year. Cost of operations increased by 30.9%, or $6.8 million, for the three months ended December 31, 2011, compared to the same period in the prior year. The growth in absolute dollars was primarily due to an increase in personnel costs and related expenses of $4.2 million, an increase of $1.9 million in initial set-up costs that we incur and then amortize in connection with our subscription services, and an increase of $0.5 million in infrastructure and allocated overhead costs, primarily due to increased headcount to support the growing customer base.Sales and marketing expenses as a percentage of total revenues increased to 40.2% for the three months ended December 31, 2011, compared to 34.5% for the same period in the prior year. Sales and marketing expenses increased by 45.6%, or $12.6 million, for the three months ended December 31, 2011, compared to the same period in the prior year. The growth in absolute dollars was primarily due to an increase in personnel costs and related expenses of $8.4 million, an increase of $2.0 million in customer acquisition costs and amortization of those costs, and an increase of $1.7 million in contingent consideration associated with the TripIt Acquisition that is subject to service requirements (see Note 12 to the consolidated financial statements). These increases were primarily due to additional headcount and adding new customers and increasing penetration within our existing customer base.
Systems development and programming costs as a percentage of total revenues increased to 9.7% for the three months ended December 31, 2011, compared to 9.1% for the same period in the prior year. Systems development and programming costs increased by 33.6%, or $2.4 million, for the three months ended December 31, 2011, compared to the same period in the prior year. The growth in absolute dollars was primarily due to an increase in personnel costs and related expenses of $1.5 million with an additional $0.2 million of contingent consideration in relation to the TripIt Acquisition that is subject to service requirements (see Note 12 to consolidated financial statements). Furthermore, allocated overhead and infrastructure costs increased by $0.8 million. These increases were primarily due to an increase in headcount in order to upgrade and extend our service offerings and develop new technologies.
General and administrative expenses as a percentage of total revenues decreased to 15.1% for the three months ended December 31, 2011, compared to 15.5% for the same period in the prior year. General and administrative expenses increased by 21.8%, or $2.7 million, for the three months ended December 31, 2011, compared to the same period in the prior year. The growth in absolute dollars was primarily due to an increase of $2.5 million in personnel costs and related expenses. These increases were the result of expenses for additional personnel to support our growth and other general and administrative costs.
Cash flows in investing activities corresponds with purchases, sales, and maturities of investments, cash outlays for acquisitions, capital expenditures, including leasehold improvements, internal-use software and changes in customer funding liabilities, net of the change in restricted cash. Our investing activities used $128.8 million for the three months ended December 31, 2011, compared to $15.2 million for the same period in the prior year. An additional $39.3 million was used in purchases of investments and cash provided by maturities of investments decreased $18.2 million. Capital expenditures were $7.6 million for the three months ended December 31, 2011, compared to $4.8 million for the same period in the prior year. Furthermore, we completed an asset acquisition during the quarter for $67.3 million (see Note 7 to consolidated financial statements). In addition, we had a decrease in customer funding liabilities, net of changes in restricted cash which resulted in a cash outflow of $11.0 million for the three months ended December 31, 2011, compared to $29.6 million of cash used in the same period in the prior year.
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