Concur Technologies Inc. (CNQR, Financial) filed Quarterly Report for the period ended 2008-12-31.
Concur Technologies Inc. is the world's leading provider of on-demand Corporate Expense Management services. Concur's end-to-end corporate travel and expense management service seamlessly unites online travel booking with automated expense reporting controlling spend before it occurs while streamlining travel procurement and employee reimbursement. Concur's services also automate the process of managing vendor payments and employee check requests eliminating paper optimizing supplier relations and providing enhanced visibility. Concur's robust services help companies enforce policies and monitor vendor compliance delivering unprecedented control and valuable insight. Concur's suite of on-demand services reach millions of employees across thousands of organizations around the world streamlining business processes reducing operating costs improving internal controls and providing enhanced visibility and actionable expense analysis. Concur Technologies Inc. has a market cap of $1.44 billion; its shares were traded at around $22.77 with a P/E ratio of 56.9 and P/S ratio of 6.7. Concur Technologies Inc. had an annual average earning growth of 61.5% over the past 5 years.
In response to the demand for our subscription services, the majority of our systems and development resources are focused on developing internal-use software used to provide these services to our customers. We capitalize costs for corporate software developed or obtained for internal use and amortize it over its useful life. Capitalized internal-use software costs, net of amortization, increased $0.4 million, from $14.8 million at September 30, 2008, to $15.2 million at December 31, 2008.
Our total assets decreased by 9.9%, or $63.2 million, to $577.8 million at December 31, 2008, from $641.0 million at September 30, 2008. Our cash and cash equivalents decreased by 21.7%, or $58.1 million, to $209.7 million at December 31, 2008, from $267.7 million at September 30, 2008. Our cash flow activity is described in more detail in the Liquidity and Capital Resources section below. Our accounts receivable balances were $39.6 million at December 31, 2008, and $38.5 million at September 30, 2008, representing an increase of 3.0%, or $1.2 million. Our property and equipment increased to $33.9 million at December 31, 2008, from $32.3 million at September 30, 2008.
Our common stock and additional paid in capital decreased by 8.0%, or $54.4 million, to $625.2 million at December 31, 2008, from $679.5 million at September 30, 2008. The decrease reflects $54.8 million used to repurchase shares of our outstanding common stock, partially offset by the exercise of stock options under our stock-based compensation plans, and the sale of stock under our employee stock purchase plan.
Our investing activities used $6.7 million in the three months ended December 31, 2008, compared to $166.1 million for 2007. Investing activities for the three months ended December 31, 2007, included payments of $160.9 million related to our acquisition of Gelco Information Network, Inc. Purchases of property and equipment were $5.6 million for the three months ended December 31, 2008, compared to $2.5 million for 2007. The change in customer funding liabilities resulted in a decrease in cash provided of $3.2 million for the three months ended December 31, 2008, compared to $2.5 million for 2007.
Our financing activities used $53.0 million in the three months ended December 31, 2008, provided $17.6 million for the three months ended December 31, 2007. Financing activities included $54.8 million in cash used for repurchases of our common stock during the three months ended December 31, 2008. Proceeds from financing activities included borrowings of $15.4 million during the three months ended December 31, 2007, which we used to help fund our acquisition of Gelco Information Network, Inc. The exercise of stock options provided $1.8 million for the three months ended December 31, 2008, compared to $2.4 million for 2007.
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Concur Technologies Inc. is the world's leading provider of on-demand Corporate Expense Management services. Concur's end-to-end corporate travel and expense management service seamlessly unites online travel booking with automated expense reporting controlling spend before it occurs while streamlining travel procurement and employee reimbursement. Concur's services also automate the process of managing vendor payments and employee check requests eliminating paper optimizing supplier relations and providing enhanced visibility. Concur's robust services help companies enforce policies and monitor vendor compliance delivering unprecedented control and valuable insight. Concur's suite of on-demand services reach millions of employees across thousands of organizations around the world streamlining business processes reducing operating costs improving internal controls and providing enhanced visibility and actionable expense analysis. Concur Technologies Inc. has a market cap of $1.44 billion; its shares were traded at around $22.77 with a P/E ratio of 56.9 and P/S ratio of 6.7. Concur Technologies Inc. had an annual average earning growth of 61.5% over the past 5 years.
Highlight of Business Operations:
Cost of operations expenses as a percentage of total revenues decreased to 30.5% for the three months ended December 31, 2008, compared to 32.4% for 2007. Cost of operations expenses increased by 11.8%, or $1.9 million, for the three months ended December 31, 2008, compared to 2007. Depreciation, facilities, allocated overhead costs, and other increased by 21.8%, or $0.7 million, for the three months ended December 31, 2008, compared to 2007. Initial costs that we incur in connection with our subscription services increased by 19.3%, or $0.7 million, for the three months ended December 31, 2008, compared to 2007. These increases were primarily due to organic growth.In response to the demand for our subscription services, the majority of our systems and development resources are focused on developing internal-use software used to provide these services to our customers. We capitalize costs for corporate software developed or obtained for internal use and amortize it over its useful life. Capitalized internal-use software costs, net of amortization, increased $0.4 million, from $14.8 million at September 30, 2008, to $15.2 million at December 31, 2008.
Our total assets decreased by 9.9%, or $63.2 million, to $577.8 million at December 31, 2008, from $641.0 million at September 30, 2008. Our cash and cash equivalents decreased by 21.7%, or $58.1 million, to $209.7 million at December 31, 2008, from $267.7 million at September 30, 2008. Our cash flow activity is described in more detail in the Liquidity and Capital Resources section below. Our accounts receivable balances were $39.6 million at December 31, 2008, and $38.5 million at September 30, 2008, representing an increase of 3.0%, or $1.2 million. Our property and equipment increased to $33.9 million at December 31, 2008, from $32.3 million at September 30, 2008.
Our common stock and additional paid in capital decreased by 8.0%, or $54.4 million, to $625.2 million at December 31, 2008, from $679.5 million at September 30, 2008. The decrease reflects $54.8 million used to repurchase shares of our outstanding common stock, partially offset by the exercise of stock options under our stock-based compensation plans, and the sale of stock under our employee stock purchase plan.
Our investing activities used $6.7 million in the three months ended December 31, 2008, compared to $166.1 million for 2007. Investing activities for the three months ended December 31, 2007, included payments of $160.9 million related to our acquisition of Gelco Information Network, Inc. Purchases of property and equipment were $5.6 million for the three months ended December 31, 2008, compared to $2.5 million for 2007. The change in customer funding liabilities resulted in a decrease in cash provided of $3.2 million for the three months ended December 31, 2008, compared to $2.5 million for 2007.
Our financing activities used $53.0 million in the three months ended December 31, 2008, provided $17.6 million for the three months ended December 31, 2007. Financing activities included $54.8 million in cash used for repurchases of our common stock during the three months ended December 31, 2008. Proceeds from financing activities included borrowings of $15.4 million during the three months ended December 31, 2007, which we used to help fund our acquisition of Gelco Information Network, Inc. The exercise of stock options provided $1.8 million for the three months ended December 31, 2008, compared to $2.4 million for 2007.
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