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Concur, provider of integrated travel and expense management services, reported financial results for its first fiscal quarter ended December 31, 2011. Concur reported total revenue for the first quarter of fiscal 2012 of $100.4 million. Total revenue for the quarter was up 25% from the year-ago quarter and up 5% from the prior quarter. Fiscal 2012 first quarter non-GAAP pre-tax income was $17.9 million, or $0.32 per share.
“Driven by the investments we made in the core business over the past few fiscal years, we recorded an exceptional first quarter of fiscal 2012, with revenue growing 25% year-over-year and EPS coming in ahead of our expectations,” said Steve Singh, chairman and CEO of Concur. “We are pleased with the performance of our business across the board and – driven by the strength of the first quarter of fiscal 2012 and our outlook for the remainder of the fiscal year – we are raising our growth expectations for the fiscal year as a whole.”
Singh continued, “We entered calendar 2012 on a $400 million annual revenue run-rate and expect to exit calendar 2012 on a $500 million annual revenue run-rate. The demand environment remains robust and the investments we are making in fiscal 2012 and 2013 – as we look to double our distribution capacity and drive the innovation curve in our industry – are expected to help us continue to drive strong revenue growth in the years ahead.”
Financial Highlights
– Total revenue was $100.4 million for the first quarter of fiscal 2012, up 25% compared to the year-ago quarter, and up 5% sequentially.
– Non-GAAP pre-tax income was $17.9 million, or $0.32 per share, for the first quarter of fiscal 2012, compared to $16.2 million, or $0.30 per share, for the year-ago quarter. Please refer to “About Concur’s Non-GAAP Financial Measures” below for an explanation of our non-GAAP financial measures used in this press release.
– Non-GAAP operating margin was 20% for the first quarter of fiscal 2012, compared to 22% for the year-ago quarter.
– GAAP cash flows from operations were ahead of expectations at $6.4 million for the first quarter of fiscal 2012.
– GAAP net loss was $0.9 million, or $0.02 per share, for the first quarter of fiscal 2012, compared to net income of $3.7 million, or $0.07 per share, for the year-ago quarter.
Business Outlook
The following statements are based on our current expectations and we do not undertake any duty to update them. These statements are forward-looking and inherently uncertain. Actual results may differ materially as a result of the factors identified below, the factors identified in our public filings made with the Securities and Exchange Commission, or other factors. Please also refer to “About Concur’s Non-GAAP Financial Measures” below for an explanation of our non-GAAP financial measures and a reconciliation of those measures to GAAP equivalents.
– Concur expects revenue for the second quarter of fiscal 2012 to grow approximately 25% year-over-year from the second quarter of fiscal 2011.
– Concur raises expectations for fiscal 2012 revenue growth to 25.5% year-over-year from fiscal 2011
– For the second quarter of fiscal 2012, Concur expects non-GAAP pre-tax income per share to be $0.28. Non-GAAP pre-tax income excludes the effects of non-cash related items such as stock-based compensation expenses, amortization of intangible assets, and the accretion of the discount on our senior convertible notes. It also excludes the non-cash accounting implications and cash fees and expenses of acquisitions and other related strategic activity in which the Company may deploy capital.
– Concur raises expectations for fiscal 2012 non-GAAP pre-tax income per share to $1.27.
– Concur continues to expect fiscal 2012 non-GAAP operating margin to be 18% for the year as a whole.
– Concur raises expectations for cash flows from operations in fiscal 2012 to be between $81 million and $85 million, excluding one-time acquisition and other related costs. The company continues to expect capital expenditures to be between $38 million and $42 million.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
