Total revenue was $100.4 million for the first quarter of fiscal 2012, up 25% compared to the year-ago quarter, and up 5% sequentially.

Non-GAAP pre-tax income was $17.9 million, or $0.32 per share, for the first quarter of fiscal 2012, compared to $16.2 million, or $0.30 per share, for the year-ago quarter. Please refer to “About Concur’s Non-GAAP Financial Measures” below for an explanation of our non-GAAP financial measures used in this press release.

Non-GAAP operating margin was 20% for the first quarter of fiscal 2012, compared to 22% for the year-ago quarter.

GAAP cash flows from operations were ahead of expectations at $6.4 million for the first quarter of fiscal 2012.

GAAP net loss was $0.9 million, or $0.02 per share, for the first quarter of fiscal 2012, compared to net income of $3.7 million, or $0.07 per share, for the year-ago quarter.

The travel and expense eco-system continues to embrace the Concur^® Connect platform, which enables customers, suppliers, content aggregators, and developers to access and extend Concur’s travel and expense cloud. New developments that expand the capabilities of Concur’s platform include:

The addition and continued growth of TripIt’s open API, which grew to 1,200 developers, and includes recent innovations from HP, Frommers, FoodieBytes, FlyMuch and Avis.

An investment in Room77, which offers the most advanced hotel shopping experience on the Web today, allowing travelers to simultaneously compare prices across major travel sites, shop a variety of room types, and book more than 120,000 hotels worldwide.

An expanded investment in RideCharge, makers of TaxiMagic, which allows corporate travel managers to control ground travel costs with electronic booking, payment, and expense management for taxi, sedan, limo and shuttle services throughout the US.

The general availability and first client deployment of Concurforce – the first natively integrated travel and expense management solution for the Salesforce Sales Cloud.

The release of Concur Salesforce^® Connector, designed for existing Concur and salesforce.com customers interested in simplifying expense entry and gaining visibility into customer acquisition costs,

The launch of Concur’s mobile travel and expense management app on salesforce.com’s AppExchange Mobile, making it among the first enterprise apps to leverage AppExchange Mobile.

Concur was the first to deliver mobile app capabilities that enable users to book and complete in-policy air reservations directly from any Android™, BlackBerry^®, iPhone^® or iPad^® device.

Concur continued to expand its presence around the globe, with recent developments including:

A doubling of the company’s space in San Francisco, CA, to accommodate its continued growth in Silicon Valley.

The opening of a new facility in Frankfurt, Germany, to support its growing operations in the Central European market.

A new service center in Manila, Philippines, staffed by over 100 new employees and continuing to grow, set up to serve both the burgeoning APA market as well as the needs of Concur clients globally.

Concur announced a February 2012 launch event in Tokyo, Japan, where close to 1,000 attendees are registered to see the debut of Concur’s T&E expense management solution designed specifically for the Japanese market.

Concur chairman and CEO Steve Singh was an inaugural inductee into the Business Travel Hall of Fame, joining other business travel industry luminaries including American Express vice chairman Ed Gilligan, former American Airlines CEO Ed Crandall and Hertz chairman and CEO Frank Olson.

Concur chairman and CEO Steve Singh was once again named as one of Business Travel News’ Business Travel’s 25 Most Influential Executives, his ninth appearance on this list.

Concur chairman and CEO Steve Singh was recognized by Buying Business Travel Magazine as one of “the 20 people who have had the most influence in business travel technology over the past year”, joining Steve Jobs, Larry Page and Sir Tim Berners-Lee.

TripIt, the leading mobile trip organizer from Concur, announced a number of innovations and developments, including:

The launch of a partnership integration with Avis, making it easy for travelers to reserve a rental car using itinerary data, which ultimately helps Avis anticipate changes in the travelers’ schedule.

Integration through Salesforce^® Chatter and Yammer – helping employees collaborate their travel schedules and keep track of when and where colleagues are traveling.

TripIt for Android on the Amazon Appstore, which includes compatibility with Kindle Fire.

Concur expects revenue for the second quarter of fiscal 2012 to grow approximately 25% year-over-year from the second quarter of fiscal 2011.

Concur raises expectations for fiscal 2012 revenue growth to 25.5% year-over-year from fiscal 2011.

For the second quarter of fiscal 2012, Concur expects non-GAAP pre-tax income per share to be $0.28. Non-GAAP pre-tax income excludes the effects of non-cash related items such as stock-based compensation expenses, amortization of intangible assets, and the accretion of the discount on our senior convertible 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 raises expectations for fiscal 2012 non-GAAP pre-tax income per share to $1.27.

Concur continues to expect fiscal 2012 non-GAAP operating margin to be 18% for the year as a whole.

Concur raises expectations for cash flows from operations in fiscal 2012 to be between $81 million and $85 million, excluding one-time acquisition and other related costs. The company continues to expect capital expenditures to be between $38 million and $42 million.

Revenue

Expenses:

Cost of operations

Sales and marketing

Systems development and programming

General and administrative

Revaluation of contingent consideration

Amortization of intangible assets

Total expenses

Operating income

Other income (expense):

Interest income

Interest expense

Loss from equity investments

Other, net

Total other expense

Income (loss) before income tax

Income tax expense

Consolidated net income (loss)

Less: Loss attributable to noncontrolling interest

Net income (loss) attributable to Concur

Net income (loss) per share attributable to Concur Common stockholders:

Basic

Diluted

Weighted average shares used in computing net income (loss) per share:

Basic

Diluted

Assets

Current assets:

Cash and cash equivalents

Short-term investments

Restricted cash

Accounts receivable, net of allowance of $1,094 and $1,307

Deferred tax assets

Deferred costs and other assets

Total current assets

Non-current assets:

Property and equipment, net

Investments

Deferred costs and other assets

Intangible assets, net

Deferred tax assets

Goodwill

Total assets

Liabilities and equity

Current liabilities:

Accounts payable

Customer funding liabilities

Accrued compensation

Acquisition-related liabilities

Other accrued expenses and liabilities

Deferred revenues

Total current liabilities

Non-current liabilities:

Senior convertible notes, net

Deferred rent and other long-term liabilities

Deferred revenues

Acquisition-related contingent consideration

Tax liabilities

Total liabilities

Equity:

Concur stockholders’ equity:

Common stock, $0.001 par value per share

Authorized shares: 195,000

Shares issued and outstanding: 54,139 and 54,065

Additional paid-in capital

Accumulated deficit

Accumulated other comprehensive loss

Total Concur stockholders’ equity

Noncontrolling interests

Total equity

Total liabilities and equity

Operating activities:

Consolidated net income (loss)

Adjustments to reconcile consolidated net income (loss) to net cash provided by operating activities:

Amortization of intangible assets

Depreciation and amortization of property and equipment

Accretion of discount and issuance costs on notes

Net recovery of sales allowances

Share-based compensation

Revaluation of contingent consideration

Deferred income taxes

Excess tax benefits from share-based compensation

Loss from equity method investments

Changes in operating assets and liabilities, net of effects from acquisitions:

Accounts receivable

Deferred costs and other assets

Accounts payable

Accrued liabilities

Deferred revenues

Net cash provided by operating activities

Investing activities:

Purchases of investments

Maturities of investments

Decrease in customer funding liabilities, net of changes in restricted cash

Investments in and loans to unconsolidated affiliates

Capital expenditures

Payments for acquisitions, net of cash acquired

Net cash used in investing activities

Financing activities:

Payments on repurchase of common stock

Net proceeds from share-based equity award activity

Proceeds from employee stock purchase plan activity

Minimum tax withholding on restricted stock awards

Excess tax benefits from share-based compensation

Repayments on capital leases

Net cash provided by financing activities

Effect of foreign currency exchange rate changes on cash and cash equivalents

Net decrease in cash and cash equivalents

Cash and cash equivalents at beginning of period

Cash and cash equivalents at end of period

Operating income:

Operating income

Income from operations as a % of total revenue (Operating Margin)

Add back:

Share-based compensation

Amortization of intangibles

Acquisition and other related costs

Revaluation of contingent consideration

Contingent consideration (included in compensation expense)

Noncontrolling interest joint venture

Non-GAAP operating income

Non-GAAP operating income as a % of total revenue (non-GAAP Operating Margin)

Net income (loss) attributable to Concur:

Net income (loss) attributable to Concur

Add back:

Share-based compensation

Amortization of intangibles

Acquisition and other related costs

Revaluation of contingent consideration

Contingent consideration (included in compensation expense)

Loss from equity method investments

Accretion of note discount

Income tax expense

Non-GAAP pretax income attributable to Concur

Diluted net income (loss) per share attributable to Concur:

Diluted net income (loss) per share attributable to Concur

Add back:

Share-based compensation

Amortization of intangibles

Acquisition and other related costs

Revaluation of contingent consideration

Contingent consideration (included in compensation expense)

Loss from equity method investments

Accretion of note discount

Income tax expense

Non-GAAP pretax diluted income per share attributable to Concur

Shares used in calculation of GAAP and non-GAAP income (loss) per share:

Basic

Diluted

Non-GAAP operating expense:

Cost of operations

Sales and marketing

Systems development and programming

General and administrative

Total

Non-GAAP operating income*

Non-GAAP pretax diluted income per share attributable to Concur*

Cost of operations

Less:

Share-based compensation

Acquisition and other related costs

Noncontrolling interest joint venture

Non-GAAP cost of operations

Sales and marketing

Less:

Share-based compensation

Contingent consideration (included in compensation expense)

Acquisition and other related costs

Noncontrolling interest joint venture

Non-GAAP sales and marketing

System development and programming

Less:

Share-based compensation

Contingent consideration (included in compensation expense)

Acquisition and other related costs

Noncontrolling interest joint venture

Non-GAAP systems development and programming

General and administrative

Less:

Share-based compensation

Acquisition and other related costs

Noncontrolling interest joint venture

Non-GAAP general and administrative

Share-based compensation. Concur’s non-GAAP financial measures exclude share-based compensation, which consist of expenses for restricted stock units (“RSU”). Concur excludes these expenses from its non-GAAP financial measures primarily because they are non-cash expenses that it does not consider part of ongoing operating results when assessing the performance of our business, and the exclusion of these expenses facilitates the comparison of results and business outlook for future periods with results for prior periods.

Amortization of intangible assets. In accordance with GAAP, operating expenses include amortization of software and other technology assets and other purchased intangible assets such as customer lists and covenants not to compete. Concur excludes these items from its non-GAAP financial measures because they are static expenses that Concur does not consider part of ongoing operating results when assessing the performance of our business, and Concur believes that doing so facilitates comparisons to its historical operating results and to the results of other companies in our industry, which have their own unique acquisition histories.

Acquisition and other related costs. We have excluded the effect of acquisition and other related costs from our non-GAAP financial measures. We incurred such expenses in connection with our acquisitions which we generally would not have otherwise incurred in the periods presented as a part of our continuing operations. We also believe it is useful for investors to understand the effects of these items on our operations. Acquisition and other related costs include transaction fees, due diligence costs, travel expenses, and other one-time direct costs associated with strategic activity in which we may deploy capital.

Revaluation of contingent consideration. In 2010, new authoritative guidance on business combinations requires contingent consideration to be recorded at fair value on the acquisition date. The new authoritative guidance also requires that changes in the fair value of the contingent consideration subsequent to the acquisition date be recorded in our statements of income. Under the old authoritative guidance, contingent consideration would have been included as a component of deal consideration based on the actual amount paid, if any, when the contingency was resolved. Concur’s non-GAAP financial measures exclude the revaluation of contingent consideration, which is the change in fair value of the liability-classified acquisition-related contingent consideration. Concur excludes the unrealized gains or losses from the re-measurement of the contingent consideration from its non-GAAP financial measures in order to facilitate the comparison of our business outlook for future periods with results from prior periods when contingent consideration was recorded to goodwill. We also believe it is useful for investors to understand the effects of these items on our operations.

Contingent consideration (included in compensation expense). Concur’s non-GAAP financial measures exclude contingent consideration included in compensation expense which relates to the potential cash payment to certain TripIt employees whose right to receive such payment is forfeited if they terminate their employment. The contingent cash payment that these employees are entitled to receive is part of the consideration that all TripIt shareholders received from Concur in exchange for their TripIt shares. As receipt of the contingent payment is subject to continued employment, GAAP requires that it be accounted for as compensation expense. Concur excludes this item from its non-GAAP financial measures primarily because it is a component of the deal consideration that it does not consider part of ongoing operating results when assessing the performance of our business, and the exclusion of these expenses facilitates the comparison of results and business outlook for future periods with results for prior periods.

Noncontrolling interest joint venture. Noncontrolling interest joint venture includes income or loss from operations due to our joint venture partner and is excluded from the calculation of non-GAAP operating income because it is unrelated to our ownership in the venture.

Loss from equity method investments. For investments under the equity method, Concur recognizes its share of the earnings or losses of an investee and adjusts the carrying amount of an investment for its share of the earnings or losses of the investee, including adjustments to recognize certain differences between our carrying value and our equity in net assets, after the date of investments. Concur’s non-GAAP financial measures excluded the earnings or losses from GAAP income because it is unrelated to our ongoing operations and is significantly impacted by factors outside our direct control.

Accretion of discount on senior convertible notes. In accordance with GAAP, interest expense on the senior convertible notes includes the accretion of the discount, which is a non-cash expense that Concur does not consider part of ongoing operating results when assessing the performance of our business.

Income tax expense (benefit). Concur excludes this expense from certain non-GAAP financial measures primarily because it is largely a non-cash expense that Concur does not consider a meaningful component of our operating results when assessing the performance of our business, and the exclusion of this expense (benefit) facilitates the comparison of our business outlook for future periods with results for prior periods.

Concur’s management uses non-GAAP operating income (including the derived non-GAAP operating margin), non-GAAP operating expense, non-GAAP pre-tax income and non-GAAP diluted pre-tax income per share in internal reports used by management in monitoring and making decisions regarding Concur’s business. For example, these measures are used in monthly financial reports prepared for management, and in quarterly reports to Concur’s Board of Directors. Concur also uses non-GAAP pre-tax diluted income per share as a measure to determine executive cash incentive compensation.

Because share-based compensation, amortization of intangible assets, accretion of discount on senior convertible notes and income tax expense (benefit) are largely non-cash in nature, Concur believes that non-GAAP operating income, non-GAAP operating expense, non-GAAP pre-tax income and non-GAAP diluted pre-tax income per share provide a more focused view of the operations of its business. In particular, share-based compensation amounts are difficult to forecast because the magnitude of the charges depends upon the volume and timing of RSU grants. Excluding these amounts improves comparability of the performance of the business across periods.

The principal limitation of Concur’s non-GAAP financial measures is that they exclude significant expenses that are required by GAAP to be recorded. In addition, non-GAAP financial measures are subject to inherent limitations because they reflect the exercise of judgments by management about which charges are excluded from the non-GAAP financial measures.

To mitigate this limitation, Concur presents its non-GAAP financial measures in connection with its GAAP results, and recommends that investors do not give undue weight to its non-GAAP financial measures. Concur notes that the dilutive effect of outstanding stock options is reflected in fully-diluted shares outstanding used in calculating GAAP net income per share and non-GAAP diluted pre-tax income per share.