Concur Technologies Inc. (CNQR, Financial) filed Quarterly Report for the period ended 2009-12-31.
Concur Technologies Inc. has a market cap of $1.87 billion; its shares were traded at around $38.15 with a P/E ratio of 68.1 and P/S ratio of 7.6. Concur Technologies Inc. had an annual average earning growth of 61.5% over the past 5 years.CNQR is in the portfolios of Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc, Ron Baron of Baron Funds, Bruce Kovner of Caxton Associates.
Sales and marketing expenses as a percentage of total revenues increased to 30.7% for the three months ended December 31, 2009, compared to 30.0% for 2008. Sales and marketing expenses increased by 18.3%, or $3.2 million, for the three months ended December 31, 2009, compared to 2008. Total salaries and related expenses increased by 14.8%, or $1.8 million, for the three months ended December 31, 2009, compared to 2008. Allocated overhead costs increased by 29.2%, or $0.8 million, for the three months ended December 31, 2009, compared to 2008. Initial costs that we incur in connection with our subscription services increased by 38.5%, or $0.9 million, for the three months ended December 31, 2009, compared to 2008. These increases were primarily attributable to an increase in sales personnel and marketing programs.
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 in accordance with accounting principles generally accepted in the United States (GAAP) 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 $0.2 million, from $16.5 million at September 30, 2009, to $16.7 million at December 31, 2009.
Our additional paid in capital increased by 0.8%, or $4.9 million, to $645.9 million at December 31, 2009, from $640.9 million at September 30, 2009. The increase was primarily due to the exercise of stock options under our stock-based compensation plans, and the purchase of stock under our employee stock purchase plan.
Our investing activities used $15.8 million for the three months ended December 31, 2009, compared to $6.7 million for 2008. Purchases of property and equipment were $3.6 million for the three months ended December 31, 2009, compared to $5.6 million for 2008. The decrease in customer funding liabilities, net of changes in restricted cash resulted in $14.4 million in cash used for the three months ended December 31, 2009, compared to a decrease in cash provided of $1.1 million for the same period in 2008.
Our financing activities provided $1.1 million for the three months ended December 31, 2009, compared to $53.0 million in cash used for 2008. Financing activities included $54.8 million in cash used for repurchases of our common stock during the three months ended December 31, 2008. The exercise of stock options provided $1.1 million for the three months ended December 31, 2009, compared to $1.8 million for 2008.
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Concur Technologies Inc. has a market cap of $1.87 billion; its shares were traded at around $38.15 with a P/E ratio of 68.1 and P/S ratio of 7.6. Concur Technologies Inc. had an annual average earning growth of 61.5% over the past 5 years.CNQR is in the portfolios of Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc, Ron Baron of Baron Funds, Bruce Kovner of Caxton Associates.
Highlight of Business Operations:
Cost of operations expenses as a percentage of total revenues decreased to 29.8% for the three months ended December 31, 2009, compared to 30.5% for 2008. Cost of operations expenses increased by 12.9%, or $2.3 million, for the three months ended December 31, 2009, compared to 2008. Total salaries and related expenses increased by 9.3%, or $0.9 million for the three months ended December 31, 2009, compared to 2008. Allocated overhead costs increased by 8.4%, or $0.3 million for the three months ended December 31, 2009, compared to 2008. Initial set-up costs that we incur in connection with our subscription services increased by 18.6%, or $0.8 million, for the three months ended December 31, 2009, compared to 2008. 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 30.7% for the three months ended December 31, 2009, compared to 30.0% for 2008. Sales and marketing expenses increased by 18.3%, or $3.2 million, for the three months ended December 31, 2009, compared to 2008. Total salaries and related expenses increased by 14.8%, or $1.8 million, for the three months ended December 31, 2009, compared to 2008. Allocated overhead costs increased by 29.2%, or $0.8 million, for the three months ended December 31, 2009, compared to 2008. Initial costs that we incur in connection with our subscription services increased by 38.5%, or $0.9 million, for the three months ended December 31, 2009, compared to 2008. These increases were primarily attributable to an increase in sales personnel and marketing programs.
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 in accordance with accounting principles generally accepted in the United States (GAAP) 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 $0.2 million, from $16.5 million at September 30, 2009, to $16.7 million at December 31, 2009.
Our additional paid in capital increased by 0.8%, or $4.9 million, to $645.9 million at December 31, 2009, from $640.9 million at September 30, 2009. The increase was primarily due to the exercise of stock options under our stock-based compensation plans, and the purchase of stock under our employee stock purchase plan.
Our investing activities used $15.8 million for the three months ended December 31, 2009, compared to $6.7 million for 2008. Purchases of property and equipment were $3.6 million for the three months ended December 31, 2009, compared to $5.6 million for 2008. The decrease in customer funding liabilities, net of changes in restricted cash resulted in $14.4 million in cash used for the three months ended December 31, 2009, compared to a decrease in cash provided of $1.1 million for the same period in 2008.
Our financing activities provided $1.1 million for the three months ended December 31, 2009, compared to $53.0 million in cash used for 2008. Financing activities included $54.8 million in cash used for repurchases of our common stock during the three months ended December 31, 2008. The exercise of stock options provided $1.1 million for the three months ended December 31, 2009, compared to $1.8 million for 2008.
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