Concur Technologies, Inc. (CNQR) Tops Q2 EPS by 6c

Concur Technologies, Inc. (NASDAQ: CNQR) reported Q2 EPS of $0.15, $0.06 better than the analyst estimate of $0.09. Revenue for the quarter came in at $169.5 million versus the consensus estimate of $165.81 million.

"We are experiencing strong traction across all of our key drivers, with continued success in our core products and growing momentum around our open platform initiatives," said Steve Singh, Chairman and CEO of Concur. "In the second quarter, on a non-GAAP basis, we exceeded expectations for revenue, earnings, cash flow from operations and free cash flow. New customer growth was very strong and was particularly notable for our customers' adoption of TripLink™ and the success of our new App Center. We are very excited to welcome more than 2,000 customers and partners to New Orleans next week for Concur's annual Fusion conference, where we have the opportunity to connect with our community and share with them our vision for delivering increasing value through our platform and partnerships."

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 non-GAAP revenue for the third quarter of fiscal 2014 to grow approximately 26% year-over-year from the third quarter of fiscal 2013. For the third quarter of fiscal 2014, Concur expects non-GAAP pretax income per share to be $0.24. Non-GAAP revenue and pretax income exclude the effects of businesses the company intends to divest and non-cash related items such as stock-based compensation expenses, amortization of intangible assets, and the accretion of the discount on our convertible senior 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 expects fiscal 2014 non-GAAP revenue to grow approximately 26% year-over-year from fiscal 2013.
• Concur expects fiscal 2014 non-GAAP pretax income per share to be at least $0.93.
• Concur expects fiscal 2014 non-GAAP operating margin to be in the range of 10% to 12%.
• Concur expects cash flows from operations in fiscal 2014 to be at least $72 million, excluding excess tax benefits from share based compensation, acquisition and other related costs, and noncontrolling interest. The Company expects capital expenditures to be 8% to 9% of fiscal 2014 revenue.

For earnings history and earnings-related data on Concur Technologies, Inc. (CNQR) click here.

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