Total revenue was $95.2 million for the fourth quarter of fiscal 2011, up 23% compared to the year-ago quarter, and up 6% sequentially.

Total revenue was $349.5 million for fiscal 2011, up 19% year-over-year.

Non-GAAP pre-tax income was $20.5 million, or $0.37 per share, for the fourth quarter of fiscal 2011, compared to $16.1 million, or $0.30 per share, for the year-ago quarter. Sequentially, non-GAAP pre-tax income was up 29% compared to the third quarter of fiscal 2011. 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 pretax income was $66.3 million, or $1.20 per share, for fiscal 2011, compared to $64.1 million, or $1.22 per share, for fiscal 2010.

Non-GAAP operating margin was 24% for the fourth quarter of fiscal 2011, compared to 23% for the year-ago quarter. Sequentially, non-GAAP operating margin was up over 400 basis points compared to the third quarter of fiscal 2011.

Non-GAAP operating margin was 21% for fiscal 2011, compared to 23% for fiscal 2010.

GAAP cash flow from operations was $33.7 million for the fourth quarter of fiscal 2011. GAAP cash flow from operations was $77.0 million for fiscal 2011, a decrease of 4% compared to fiscal 2010.

GAAP net loss was $14.0 million, or $0.26 per share, for the fourth quarter of fiscal 2011, compared to GAAP net income of $3.4 million, or $0.06 per share, for the year-ago quarter. The year-over-year decrease was primarily driven by the accounting impacts of our acquisition of TripIt in January 2011.

GAAP net loss was $10.7 million, or $0.20 per share, for fiscal 2011, compared to GAAP net income of $20.1 million, or $0.38 per share, for fiscal 2010.

Concur and salesforce.com joined forces to deliver Concurforce – a new Concur travel and expense management offering built on Force.com, salesforce.com’s social enterprise platform for employee-facing apps.

Concur is ranked number one on the list of Most Innovative Growth Companies, as measured by the Forbes’ innovation premium which is used to “identify the companies they expect to be innovative today and in the future”.

Concur chairman and CEO Steve Singh was named as a finalist for the Ernst & Young Entrepreneur Of The Year award, recognizing “U.S. entrepreneurs who start and run high-growth businesses which are clearly leading the United States in job creation”.

Concur unveiled mobile app updates that deliver in-policy air travel booking capabilities. Concur also showcased:

Locate & Alert service, which addresses the growing need for enhanced duty-of-care.

Accessibility Mode, which makes Concur’s booking technology fully accessible to users who cannot use a mouse, including visually impaired users who require screen-reading technology.

Travel Alternatives, which enable companies to leverage their preferred teleconference, web conference, or video conference provider and allow travelers to compare the cost of travel to the cost of the travel alternative.

TripIt, the leading mobile trip organizer from Concur, announced several innovations, including:

Yahoo! Mail integration that makes it even easier for travelers to effortlessly organize their trips – right from their Yahoo! Mail inboxes.

An Android app enhancement, designed to make it even easier for travelers to navigate between itineraries and connections, and view reward program points for TripIt Pro users.

Launch of a new company travel calendar that makes it easy for employees to share a calendar view of their travel schedules – all in one place.

Release of a free app in the Windows Phone Marketplace that enables travelers with Windows Phone devices to access all their travel plans in one place, and share them with others.

Reward point tracking for TripIt Pro users on iPad that lets travelers easily track all of their mileage programs, all in one place on the popular tablet.

TripIt was named Favorite Travel App in the prestigious Telegraph Travel Awards 2011.

As of November 14, 2011, Concur and ADP, Inc. formally modified the nature of their partnership to offer Concur solutions to ADP clients. ADP has transferred to Concur all rights and obligations related to Concur solutions under ADP contracts that were previously resold by ADP. These clients will join the thousands of organizations who are directly served by Concur’s full range of market-leading travel and expense management innovations and will continue to be served by ADP for all of its other contracted services. Importantly, clients will also continue to enjoy the existing integration between ADP’s payroll solutions and Concur’s travel and expense management solutions. ADP will continue to offer its clients access to Concur travel and expense management solutions through a referral agreement between ADP and Concur.

Concur released its T&E Spend Report, revealing its perspective on the second largest area of controllable spend, compiled from an extensive analysis of the world’s most comprehensive set of travel and entertainment expense data.

Concur announced an alliance with Intuit to make Concur’s market-leading expense management solution available to over 4.5 million QuickBooks^® users. Now, users can seamlessly post approved expense data directly into QuickBooks for fast and accurate accounting and better cash flow management.

Concur partnered with Abacus International, a leading provider of travel solutions and services across Asia, to offer corporate clients doing business in the Asia-Pacific region access to a broad array of travel content, including the hundreds of travel suppliers like airlines, hotels, and car rentals available through Abacus.

Concur is listed as one of the Fastest Growing Companies in North America on Deloitte’s 2011 Technology Fast 500™.

Concur continues to see rapid adoption of the Concur^® Connect platform, which enables customers, partners, and third party developers to connect to and extend Concur’s technology solutions with a diverse set of applications and services. New developments include an extension of the existing partnership between Concur and Cvent, through which Concur’s corporate travel booking technology is integrated with Cvent’s attendee management applications.

Concur expects revenue for the first quarter of fiscal 2012 to grow approximately 23% year-over-year from the first quarter of fiscal 2011.

Concur expects fiscal 2012 revenue to grow approximately 25% year-over-year from fiscal 2011.

For the first quarter of fiscal 2012, Concur expects non-GAAP pre-tax income per share to be $0.29.

Concur expects fiscal 2012 non-GAAP pre-tax income per share to be $1.25.

Concur expects fiscal 2012 non-GAAP operating margin to be approximately 18%.

Concur expects cash flows from operations in fiscal 2012 to be between $80 and $84 million, excluding acquisition and other related costs. The Company expects capital expenditures to be between $38 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, net

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:

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 $1,307 and $2,374

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 stockholders’ 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:

2.5% Convertible senior notes due 2015, net

Deferred rent and other long-term liabilities

Deferred revenues

Acquisition-related contingent consideration

Tax liabilities

Total liabilities

Equity:

Stockholders’ equity:

Convertible preferred stock, par value $0.001 per share

Common stock, $0.001 par value per share

Shares issued and outstanding: 54,065 and 52,379

Additional paid-in capital

Accumulated deficit

Accumulated other comprehensive loss

Total Concur stockholders’ equity

Noncontrolling interest

Total equity

Total liabilities and equity

Operating activities:

Net income (loss)

Adjustments to reconcile net income to net cash provided by operating activities:

Amortization of intangible assets

Depreciation

Accretion of discount and issuance costs on notes, net

Net recovery of sales allowances

Share-based compensation

Loss on revaluation of contingent liability

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

Increase (decrease) in customer funding liabilities, net of changes in restricted cash

Investment in unconsolidated affiliates

Capital expenditures

Payments for acquisitions, net of cash acquired

Net cash provided by (used in) investing activities

Financing activities:

Equity issuance costs

Proceeds from borrowings on senior convertible debt

Proceeds from warrant

Investments in consolidated joint venture by noncontrolling interest

Net proceeds from share-based award activity

Proceeds from employee stock purchase plan activity

Minimum tax withholding on restricted stock awards

Payments on repurchase of common stock

Excess tax benefits from share-based compensation

Repayments on capital leases

Net cash provided by (used in) financing activities

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

Net increase (decrease) in cash and cash equivalents

Cash and cash equivalents at beginning of the period

Cash and cash equivalents at end of year

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)

Non-controlling interest joint venture

Non-GAAP operating income

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

Net income (loss):

Net income (loss)

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 (benefit)

Non-GAAP pretax income

Diluted net income (loss) per share:

Diluted net income (loss) per share

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 (benefit)

Non-GAAP pretax diluted income per share

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*

Cost of operations

Less:

Share-based compensation

Noncontrolling interest joint venture

Non-GAAP cost of operations

Sales and marketing

Less:

Share-based compensation

Contingent consideration (included in compensation expense)

Noncontrolling interest joint venture

Non-GAAP sales and marketing

System development and programming

Less:

Share-based compensation

Contingent consideration (included in compensation expense)

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 stock options and 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 non-cash 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. New authoritative guidance on business combinations requires us to record in the income statement certain items that at the time of an acquisition would have been recorded to goodwill under the old authoritative guidance. We have excluded the effect of acquisition and other related costs from certain non-GAAP financial measures in order to facilitate the comparison of our business outlook for future periods with results from prior periods when such expenses were recorded to goodwill. 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. 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, which did not include income tax expense (benefit).

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 – which are unpredictable and can vary dramatically from period to period – and external factors such as interest rates and the trading price and volatility of Concur’s common stock. 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.