Concur Technologies' CEO Discusses Q1 2012 Results - Earnings Call Transcript

Concur Technologies (CNQR)

Q1 2012 Earnings Call

February 01, 2012 5:00 pm ET

Executives

John Torrey - Executive Vice President of Corporate Development

S. Steven Singh - Chairman and Chief Executive Officer

Francis J. Pelzer - Chief Financial Officer and Principal Accounting Officer

Analysts

Brent Thill - UBS Investment Bank, Research Division

Brad Reback - Oppenheimer & Co. Inc., Research Division

Laura Lederman - William Blair & Company L.L.C., Research Division

Steven M. Ashley - Robert W. Baird & Co. Incorporated, Research Division

Kash G. Rangan - BofA Merrill Lynch, Research Division

Michael Huang - Needham & Company, LLC, Research Division

David M. Hilal - FBR Capital Markets & Co., Research Division

Presentation

Operator

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Good afternoon. My name is Tamaria, and I will be your conference operator today. At this time, I would like to welcome everyone to the Concur Technologies Fiscal Year 2012 First Quarter Earnings Release Call. [Operator Instructions] I would now like to turn the conference over to our host, Mr. John Torrey. Sir, you may begin your conference.

John Torrey

Thank you, operator. Good afternoon, and welcome, everyone, to the Concur earnings conference call for our first quarter of fiscal 2012. My name is John Torrey, Executive Vice President of Corporate Development for Concur. This call includes presentation slides that will accompany our prepared remarks. To access these slides, please visit our website, concur.com, for a webcast of this call. Other information of interest to investors, including our SEC filings, press releases and recent investor presentations, can be found in the Investor Relations section of our website.

We are now on Slide 1. Our speakers for the call today are Steve Singh, our Chairman and Chief Executive Officer; and Frank Pelzer, our Chief Financial Officer. After their prepared statements today, Steve and Frank will host a brief question-and-answer session. Our call today will end promptly at 2:45 p.m. Pacific Time. So that we can take questions from as many of you as possible, we ask you to limit yourself to one question and one follow-up during the question-and-answer session.

Please now advance to Slide 2. Before we get started, we want to remind you that during the course of this conference call, we will discuss our business outlook and make other forward-looking statements regarding our current expectations of future events and the future financial performance of the company. These forward-looking statements are based on information available to us as of today's date and are subject to risk and uncertainty. We encourage you to review the details on the Slide 2 and our filings with the Securities and Exchange Commission, which are available at sec.gov, for additional information on risk factors that could cause actual results to differ materially from our current expectations and the forward-looking statements expressed or implied during this conference call. We assume no duty or obligation to update these forward-looking statements even though our situation may change in the future.

Please now advance to Slide 3. At this time, I'd like to turn the call over to Steve Singh. Steve?

S. Steven Singh

Thanks, John. Good afternoon, everyone. Our ambition over the next decade is to deliver to every business traveler what we call the perfect business trip. The perfect business trip will be booked on a mobile device by merely voicing your travel needs, whether that's a flight, a train, a hotel, car service, dinner reservation or any activity that's part of a normal business trip. Your itinerary will be automatically managed by TripIt, which would, of course, rebook your flights when canceled or delayed, upgrade your seats when possible, be your concierge for ancillary supplier services along the way, check you into the exact hotel room of your choice as you walk off the jetway, allow you to use your cellphone to open your hotel room door and check you out of your room as you come down the elevator and jump into the cab that was booked and paid for via Taxi Magic. And perhaps, most noticeably or unnoticeably, your expense reports will file themselves, automatically and throughout the business trip.

The perfect business trip is a compelling vision and it's a big opportunity. And we're investing to realize both. With 15 million business travelers, 15,000 corporate customers and the capacity to invest against that vision on a global basis, we are the best company in the world to deliver on that future. We are investing in innovation today to realize every element of the perfect business trip. We are investing in distribution to reach and serve every business traveler across the globe, regardless of the size of the business that they travel for. We are investing in the Concur Connect platform so those business travelers can leverage the power of the Travel & Expense cloud and consume content from all corners of the world and innovative services from the brightest minds in the industry. That's our ambition, and that's what drives us. In each quarter, we move one step closer to realizing that ambition. In fact, we invite you to share your vision of the perfect business trip. Tweet us @theperfecttrip.

Please turn to the next slide. A few minutes ago, we reported significantly better-than-expected results for Q1 of fiscal 2012 and, once again, raised revenue expectations for the fiscal year as a whole. As pleased as we are with Q1 financial results, we are equally pleased with the demand environment, the innovations that we're delivering into the market and our outlook for the remainder of the fiscal year.

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