Concur Technologies Inc (
CNQR) reported 2009 fourth quarter earnings per share from continuing operations of 14 cents, matching the Zacks Consensus Estimate.
Concur reported total revenue for the fourth quarter of fiscal 2009 of $64.8 million, driven by subscription revenue. Total revenue for the quarter was also up 13% from the year-ago quarter. Total subscription revenue was $62.9 million for the fourth quarter of fiscal 2009, up 13% compared to the year-ago quarter, and up 3% sequentially.
Bookings were exceptionally strong as the company signed more business in the fourth quarter than in any of the quarter in the company's history. Looking ahead, it expects the demand environment to remain solid throughout the fiscal year.
The long-term growth rate for both revenue and earnings is driven by new customer additions and cost selling of new services. The company signs more new business in the most recent quarter, with strong performance across all geographies and all market segments. It signed more than 800 new customer contracts in the quarter and more than 60% of our new customers selected Concur Travel & Expense.
While it is comforting to see negative economic trends start to abate, it’s important to recall that unemployment today is double of what it was 14 months ago and travel spend is still down substantially on a year-over-year basis. Looking at these macro trends in aggregate, the company considers it prudent to remain cautious in its growth expectations as it will still take sometime to work through the lingering impact caused by the meaningful contraction of global economy.
Cash flows from operations were $20.4 million for the fourth quarter of fiscal 2009, down 10% from the year-ago quarter. Cash and equivalents were $262.7 million with negligible long-term debt and shareowner’s equity was $521 million.
Concur expects earnings per share for the first quarter of fiscal 2010 to be 11 cents, assuming an estimated effective tax rate of 36.5%. The current Zacks Consensus Estimate is 15 cents per share.
Concur Technologies, Inc. provides employee spend management solutions. Its software solutions include Concur Travel & Expense, a travel procurement and expense reporting solution; Concur Expense, which provides the process and information for management to reduce manual processing, enhance internal controls, increase business policy compliance, speed up reimbursement, and increase expense report accuracy; Concur Cliqbook Travel, an online travel management solution; and Concur Invoice, which enables companies to streamline payment requests, facilitating approval processes, and automatic updating of accounts payable systems. The company was founded in 1993 and is headquartered in Redmond , Washington . Major competitors are
Compuware Corporation (
CPWR),
Oracle Corporation (
ORCL) and
SAP AG (
SAP).
We currently have a Neutral recommendation on CNQR
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