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Concur Technologies, Inc. (NAS:CNQR)
Piotroski F-Score
3 (As of Today)

Warning Sign:

Piotroski F-Score of 3 is low, which usually implies poor business operation.

The zones of discrimination were as such:

Good or high score = 8 or 9
Bad or low score = 0 or 1

Concur Technologies, Inc. has an F-score of 3 indicating the company's financial situation is typical for a stable company.

CNQR' s 10-Year Piotroski F-Score Range
Min: 2   Max: 8
Current: 3

2
8

During the past 13 years, the highest Piotroski F-Score of Concur Technologies, Inc. was 8. The lowest was 2. And the median was 5.


Definition

How is the Piotroski F-Score calculated?

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

This Year (Dec13) TTM:Last Year (Dec12) TTM:
Net Income was -24.22 + -7.532 + 2.815 + -7.645 = $-36.6 Mil.
Cash Flow from Operations was 12.099 + 26.252 + 28.014 + 18.699 = $85.1 Mil.
Revenue was 163.078 + 156.922 + 138.71 + 127.37 = $586.1 Mil.
Gross Profit was 104.555 + 108.027 + 102.165 + 90.806 = $405.6 Mil.
Total Assets at the begining of this year (Dec12) was $1,217.7 Mil.
Total Assets was $1,740.8 Mil.
Long-Term Debt was $386.9 Mil.
Total Current Assets was $1,058.5 Mil.
Total Current Liabilities was $487.7 Mil.
Net Income was -12.032 + -8.206 + 6.906 + -4.838 = $-18.2 Mil.

Revenue was 122.798 + 117.881 + 113.167 + 108.394 = $462.2 Mil.
Gross Profit was 87.802 + 85.473 + 81.134 + 78.109 = $332.5 Mil.
Total Assets at the begining of last year (Dec11) was $1,147.4 Mil.
Total Assets was $1,217.7 Mil.
Long-Term Debt was $254.8 Mil.
Total Current Assets was $625.2 Mil.
Total Current Liabilities was $187.1 Mil.

Profitability

Q1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by total assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Concur Technologies, Inc.'s current net income was -36.6. ==> Negative ==> Score 0.

Q2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by total assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Concur Technologies, Inc.'s current cash flow from operations was 85.1. ==> Positive ==> Score 1.

Q3. Change in Return on Assets

Compare this year’s return on assets (1) to last year’s return on assets.

Score 1 if it’s higher, 0 if it’s lower.

ROA (This Year)=Net Income/Total Assets at the beginning of this year (Dec12)
=-36.582/1217.651
=-0.03004309

ROA (Last Year)=Net Income/Total Assets at the beginning of last year (Dec11)
=-18.17/1147.429
=-0.0158354

Concur Technologies, Inc.'s return on assets of this year was -0.03004309. Concur Technologies, Inc.'s return on assets of last year was -0.0158354. ==> Last year is higher ==> Score 0.

Q4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA =< ROA.

Concur Technologies, Inc.'s current net income was -36.6. Concur Technologies, Inc.'s current cash flow from operations was 85.1. ==> 85.1 > -36.6 ==> CFROA > ROA ==> Score 1.

Funding

Q5. Change in Gearing or Leverage

Compare this year’s gearing (long-term debt divided by average total assets) to last year’s gearing.

Score 1 if gearing is lower, 0 if it’s higher.

Gearing (This Year)=Long-Term Debt/Total Assets
=386.853/1740.774
=0.22223046

Gearing (Last Year)=Long-Term Debt/Total Assets
=254.779/1217.651
=0.20923812

Concur Technologies, Inc.'s gearing of this year was 0.22223046. Concur Technologies, Inc.'s gearing of last year was 0.20923812. ==> Last year is lower ==> Score 0.

Q6. Change in Working Capital (Liquidity)

Compare this year’s current ratio (current assets divided by current liabilities) to last year’s current ratio.

Score 1 if this year’s current ratio is higher, 0 if it’s lower

Current Ratio (This Year)=Total Current Assets/Total Current Liabilities
=1058.501/487.73
=2.17026018

Current Ratio (Last Year)=Total Current Assets/Total Current Liabilities
=625.167/187.095
=3.34144151

Concur Technologies, Inc.'s current ratio of this year was 2.17026018. Concur Technologies, Inc.'s current ratio of last year was 3.34144151. ==> Last year's current ratio is higher ==> Score 0.

Q7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 1 if there is fewer number of shares in issue this year. Score 0 otherwise.

Concur Technologies, Inc.'s number of shares in issue this year was 56.1. Concur Technologies, Inc.'s number of shares in issue last year was 55.1. ==> There is more number of shares in issue this year. ==> Score 0.

Efficiency

Q8. Change in Gross Margin

Compare this year’s gross margin (gross profit divided by sales) to last year’s.

Score 1 if this year’s gross margin is higher, 0 if it’s lower.

Gross Margin (This Year)=Gross Profit/Revenue
=405.553/586.08
=0.6919755

Gross Margin (Last Year)=Gross Profit/Revenue
=332.518/462.24
=0.71936224

Concur Technologies, Inc.'s gross margin of this year was 0.6919755. Concur Technologies, Inc.'s gross margin of last year was 0.71936224. ==> Last year's gross margin is higher ==> Score 0.

Q9. Change in asset turnover

Compare this year’s asset turnover (total sales divided by total assets at the beginning of the year) to last year’s asset turnover ratio.

Score 1 if this year’s asset turnover ratio is higher, 0 if it’s lower

Asset Turnover (This Year)=Revenue/Total Assets at the beginning of this year (Dec12)
=586.08/1217.651
=0.48132018

Asset Turnover (Last Year)=Revenue/Total Assets at the beginning of last year (Dec11)
=462.24/1147.429
=0.40284846

Concur Technologies, Inc.'s asset turnover of this year was 0.48132018. Concur Technologies, Inc.'s asset turnover of last year was 0.40284846. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score=Q1+Q2+Q3+Q4+Q5+Q6+Q7+Q8+Q9
=0+1+0+1+0+0+0+0+1
=3

Good or high score = 8 or 9

Bad or low score = 0 or 1

Concur Technologies, Inc. has an F-score of 3 indicating the company's financial situation is typical for a stable company.


Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Related Terms

Net Income, Cash Flow from Operations, Revenue, Gross Profit, Total Assets, Long-Term Debt, Total Current Assets, Total Current Liabilities


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

Concur Technologies, Inc. Annual Data

Sep04Sep05Sep06Sep07Sep08Sep09Sep10Sep11Sep12Sep13
Q1 1111111000
Q2 1111111111
Q3 1110100010
Q4 1101111111
Q5 1001110110
Q6 0001001001
Q7 0100000000
Q8 0111111000
Q9 0110001011
F-score 5756656354

Concur Technologies, Inc. Quarterly Data

Sep11Dec11Mar12Jun12Sep12Dec12Mar13Jun13Sep13Dec13
Q1 0000000000
Q2 1111111111
Q3 0000100000
Q4 1111111111
Q5 1100111000
Q6 0000000010
Q7 1100000000
Q8 0000011100
Q9 0011111111
F-score 4433555443
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