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Concur Announces Record Revenue and Earnings for Fourth Quar

时间:12-18/2020 21:31 | 点击次数:


  REDMOND, Wash., Nov. 19 /PRNewswire-FirstCall/ -- Concur (Nasdaq: CNQR - News), the world''s leading provider of on-demand Employee Spend Management services today reported financial results for its fourth quarter and fiscal year ended September 30, 2007.

Concur reported total revenue for the fourth quarter of fiscal 2007 of $35.7 million, driven by subscription revenue which was up 37% from the year-ago quarter. Total revenue for the quarter was up 30% from the year-ago quarter and up 7% from the prior quarter. Fiscal 2007 fourth quarter net income was $4.1 million, or $0.10 per share, and exceeded company expectations. This compares to net income of $1.0 million, or $0.03 per share, in the year-ago quarter.

"The fourth quarter of fiscal 2007 was an exceptional quarter for the company and it capped a record fiscal year, as we met or exceeded our recently raised guidance for revenue, earnings and free cash flow," said Steve Singh, chairman and CEO of Concur. "Our business continues to accelerate as year- over-year growth in the fourth quarter exceeded year-over-year growth in the third quarter. New customer growth was significantly higher than expected as businesses look for ways to drive down operating costs."

Singh continued, "Last week we launched Concur® Travel & Expense with Smart Expense(TM), just one year after announcing our vision for delivering a seamless end-to-end solution. Look for us to continue to drive the innovation curve in the travel and expense management market focused on delivering a compelling end user experience and driving down the cost of doing business for our customers and their suppliers. With the completion of the Gelco acquisition and the integration of the two organizations ahead of our expectations and continued strong execution across the business, we are raising our revenue, earnings and cash flow guidance for fiscal 2008."

Financial Highlights -- Total revenue was $35.7 million for the fourth quarter of fiscal 2007, up 30% compared to the year-ago quarter and up 7% sequentially. -- Total revenue was $129.1 million for fiscal 2007, up 33% year-over- year. -- Net income was $4.1 million, or $0.10 per share, for the fourth quarter of fiscal 2007, compared to $ 1.0 million, or $0.03 per share, for the year-ago quarter. -- Net income was $8.2 million, or $0.20 per share, for fiscal 2007 and included income tax expense of $ 5.3 million, compared to $ 34.2 million, or $0.87 per share for fiscal 2006, which includes an income tax benefit of $27.5 million. The company released reserves against its deferred tax assets in the third quarter of fiscal 2006 and began recording income tax expense in the fourth quarter of fiscal 2006. -- The effective tax rate for fiscal 2007 used to record income tax expense was reduced to 39% during the fourth quarter of fiscal 2007. -- Non-GAAP pretax income was $6.8 million, or $0.16 per share, for the fourth quarter of fiscal 2007, compared to $4.8 million, or $0.12 per share, for the year-ago quarter. Please refer to "About Concur''s Non-GAAP Financial Measures" below. -- Non-GAAP pretax income was $22.3 million, or $0.54 per share, for fiscal 2007, compared to $14.0 million, or $0.36 per share, for fiscal 2006. -- Non-GAAP operating margin was 18% for the fourth quarter of fiscal 2007, which was unchanged from the year-ago quarter, and down from 19% sequentially. -- Non-GAAP operating margin was 17% for fiscal 2007, up from 15% in fiscal 2006. Please refer to "About Concur''s Non-GAAP Financial Measures" below. -- Cash flows from operations were $ 7.0 million for the fourth quarter of fiscal 2007, up 187% from the year-ago quarter. -- Cash flows from operations were $ 32.2 million for fiscal 2007, up 183% year-over-year. Net of capital expenditures of $12.5 million, free cash flow totaled $19.7 million. Recent Business Highlights -- Concur completed its acquisition of privately-held H-G Holdings, Inc. and its subsidiaries, including Gelco Information Network, Inc., the owner of Gelco Expense Management, ahead of our expectations, closing on October 1, 2007. -- Concur announced the offering of 5,405,000 shares of common stock in a registered public offering at a price to the public of $28.50 per share. Total net proceeds from this offering, together with funds drawn under an extension of its existing credit facility, were used to fund the consideration for the acquisition of privately-held H-G Holdings, Inc. -- Concur announced the general availability of Concur Travel & Expense, the industry-first innovation featuring Smart Expense that completely shatters the notion of the traditional expense report by enabling One Touch Business Travel(TM). -- Concur made powerful new Attendee Tracking capabilities -- which provide Concur? Expense clients with the transparency and accountability required to comply with recently enacted and pending state and federal regulations -- available at no additional cost. This industry first innovation provides companies -- specifically those within the pharmaceutical and financial services industries -- with the ability to track, monitor and report on the amount they spend on gifts, meals and gratuities for their clients. -- Through Concur? Connect -- a global program connecting suppliers from around the world to over $35 billion of spend driven by Concur''s over 6,000 clients -- Concur added Intercontinental Hotels Group (which includes InterContinental? Hotels & Resorts, Crowne Plaza? Hotels & Resorts, Holiday Inn? Hotels and Resorts, Holiday Inn Express?, Staybridge Suites?, Candlewood Suites? and Hotel Indigo?) to its growing list of direct connect and e-receipt vendors. This list also includes airlines like Air Canada, AirTran Airways, JetBlue Airways, Virgin Blue; hotels such as Hilton, Marriott and Starwood; car rental companies including Hertz, Avis/Budget and Enterprise; rail providers VIA Rail, SNCF, Rail1, Die Bahn and UK Rail; and OpenTable.com for restaurant reservations -- providing Concur clients with access to the industry''s broadest selection of travel content. -- Notable clients such as Regal Entertainment Group, Safeway, Whirlpool Corporation and Royal Bank of Canada signed contracts for Concur services, contributing to more new client contracts being signed in the fourth quarter of fiscal 2007 than in any quarter in Concur''s history. -- Concur opened an office in Prague, Czech Republic to establish a center of excellence for engineering, services and infrastructure and reinforce its commitment to European clients and partners. -- Concur hosted its annual International User Conference in Phoenix, Arizona, with over 1000 clients and partners in attendance.

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