Concur exceeded its financial revenue target for its 2014 fiscal year, which ended on Sept. 30, according to documents filed Tuesday with the United States Security and Exchange Commission. The travel and expense management company did not hold a conference call to announce its full-year results.
According to the filing, revenue in 2014 increased 28.7 percent year over year to $702.6 million, surpassing CEO Steve Singh's August revenue-growth target of 27 percent. Concur attributed the increase primarily to customer growth and higher transaction volumes. Fourth-quarter revenue totaled $191.6 million, up from $156.9 million year over year.
"We generated 90 percent of our total revenue for the fiscal year ended September 30, 2014, from our travel management, expense management and integrated travel and expense management solutions," Concur indicated in the filing.
Concur posted a full-year net loss of $118.3 million compared with a $24.4 million loss in its 2013 fiscal year. In the fourth quarter, Concur posted a $38.1 million loss.
The loss primarily was due to a 55 percent increase in Concur's operational costs to $244 million for the full year, primarily due a 55 percent increase in headcount (representing a $63.5 million increase) from its 2013 fiscal year, according to the company. Among those personnel costs, Concur spent $37 million in increasing its sales and marketing staff 25 percent "to acquire new customers and increase penetration within our existing customer base," according to the filing.
Concur also increased its overhead and infrastructure expenses $9.5 million to "facilitate growth," according to the filing. The company at the end of fiscal year 2014 had about 4,900 employees worldwide.
Concur stockholders Wednesday were to vote on Concur's proposed $8.3 billion merger with SAP, an agreement first signed on Sept. 18 this year. Pending shareholder approval and in the absence of action from regulatory bodies, the merger is expected to close Dec. 4.