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Concur Technologies Management Discusses Q3 2012 Results - Earnings Call Transcript

Stocks in this article: CNQR

Consistently strong execution is the hallmark of any great and enduring company. And we'll spend a great deal more time detailing Q3 results during this call. But as happy as we are with the quarter-in/quarter-out execution by the more than 2,300 Concur employees around the world, we're focused on a goal much bigger than what we are today.

With our entry into the unmanaged travel market 18 months ago and our expansion into the public sector market, validated by this past quarter's ETS2 award, we have BBB addressable market than we have been previously serving, creating the opportunity for the perfect trip for all travelers.

But we're not content with merely automating the front end of an increasingly ubiquitous business process. Through the Concur T&E Cloud, we can constructively disrupt and drive efficiency into the entire corporate travel supply chain for the benefit of the business traveler, the companies that they work for and the suppliers that serve them.

We are committed to truly and fundamentally improving the experience and value delivered across the entire corporate supply chain, and this commitment is the foundation of a long-term company that's woven into the fabric of how global commerce is conducted. We fully expect to become that company.

Before we expand upon our strategy and recent business highlights, let me discuss our Q3 operating results. Please turn to Slide #4. In Q3, we exceeded our expectations across every core metric. We delivered $113.2 million in revenue, up 26.5% year-over-year. Revenue outperformance was driven by a number of factors, deployments were ahead of schedule, travels transaction volume was modestly ahead of expectations, and we're starting to see early returns on our investments in new markets, such as the SMB market and the unmanaged travel market.

We are pleased with our revenue and customer growth rates on top of what's already the second highest revenue scale in the software-as-a-service sector, once again reflecting the profit discipline we have long enforced on the business. Non-GAAP EPS was $0.34 and non-GAAP operating margin was 19%, both ahead of our targets as revenue outperformance dropped straight to the bottom line, and cash flow from operations and free cash flow were well ahead of our expectations.

Read the rest of this transcript for free on seekingalpha.com

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