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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 11-K
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X Annual Report Pursuant to Section 15(d) of the Securities Exchange Act
- ----- of 1934 For the fiscal year ended December 31, 2000
OR
Transition Report Pursuant to Section 15(d) of the Securities Exchange
- ----- Act of 1934
Commission File Number 000-25137
A. Full title of the plan and the address of the plan, if different from the
issuer named below:
Concur Technologies Inc. 401(k) Plan
B. Name of the issuer of the securities held pursuant to the plan and the
address of its principal executive office:
Concur Technologies Inc.
6222 185th Avenue NE
Redmond, WA 98052
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REQUIRED INFORMATION
Concur Technologies, Inc.
401(k) Plan
Financial Statements and
Supplemental Schedule
As of December 31, 2000 and 1999, and for the
Year Ended December 31, 2000
Contents
Report of Independent Auditors............................................. 1
Audited Financial Statements
Statements of Net Assets Available for Benefits............................ 2
Statement of Changes in Net Assets Available for Benefits.................. 3
Notes to Financial Statements.............................................. 4
Supplemental Schedule
Schedule H; Line 4i - Schedule of Assets (Held at End of Year)............. 9
Report of Independent Auditors
Retirement Committee
Concur Technologies, Inc. 401(k) Plan
We have audited the accompanying statements of net assets available for benefits
of Concur Technologies, Inc. 401(k) Plan as of December 31, 2000 and 1999, and
the related statement of changes in net assets available for benefits for the
year ended December 31, 2000. These financial statements are the responsibility
of the Plan's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan at
December 31, 2000 and 1999, and the changes in its net assets available for
benefits for the year ended December 31, 2000, in conformity with accounting
principles generally accepted in the United States.
Our audits were performed for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying supplemental schedule of assets
(held at end of year) as of December 31, 2000 is presented for purposes of
additional analysis and is not a required part of the financial statements but
is supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. This supplemental schedule is the responsibility of the
Plan's management. The supplemental schedule has been subjected to the auditing
procedures applied in our audits of the financial statements and, in our
opinion, is fairly stated in all material respects in relation to the financial
statements taken as a whole.
Seattle, Washington
April 18, 2001
1
Concur Technologies, Inc.
401(k) Plan
Statements of Net Assets Available for Benefits
December 31
2000 1999
------------------------
Assets
Investments $5,741,139 $5,632,037
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Net assets available for benefits $5,741,139 $5,632,037
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See accompanying notes.
2
Concur Technologies, Inc.
401(k) Plan
Statement of Changes in Net Assets Available for Benefits
Year Ended December 31, 2000
Additions to net assets attributed to:
Investment income (loss):
Net depreciation in fair value of investments $(1,085,684)
Interest and dividend income 437,278
-----------
(648,406)
Contributions:
Participants 2,229,198
Participants' rollovers 335,892
-----------
2,565,090
-----------
Total additions 1,916,684
Deductions from net assets attributed to:
Benefits paid to participants 1,807,582
-----------
Net increase 109,102
Net assets available for benefits:
Beginning of year 5,632,037
-----------
End of year $ 5,741,139
===========
See accompanying notes.
3
Concur Technologies, Inc.
401(k) Plan
Notes to Financial Statements
December 31, 2000
1. Description of the Plan
The following description of the Concur Technologies, Inc. 401(k) Plan (the
Plan) provides only general information. Participants should refer to the Plan
document for a complete description of the Plan's provisions.
General
The Plan is a defined contribution plan covering all eligible employees of
Concur Technologies, Inc. (the Company), except nonresident aliens and those
employees subject to a collective bargaining agreement. The Plan is subject to
the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
Contributions
Participants may elect to defer and contribute up to 20% of their pretax annual
compensation, as defined in the Plan document. Participants may also contribute
amounts representing rollover distributions from other qualified plans. Company
contributions are at the discretion of the Company's Board of Directors. The
Company did not contribute to the Plan during 2000. Upon enrollment, a
participant may direct employee and Company contributions in whole percentage
increments into any of the Plan's fund options. Participants may change their
investment options at any time.
Participant Accounts
Each participant's account is credited with the participant's contributions,
rollovers, Company contributions, if any, forfeitures of unvested balances of
terminated participants, and an allocation of Plan earnings. Company
contributions and forfeitures are allocated to participants' accounts based on
participants' compensation compared to overall Company compensation. The benefit
to which a participant is entitled is the benefit that can be provided from the
participant's vested individual account. Participants' accounts are maintained
by Kibble & Prentice (the third-party record keeper).
Vesting
Participants are immediately vested in their contributions plus actual earnings
thereon. Vesting in the Company's contribution portion of their accounts plus
actual earnings thereon is based on the number of years of continuous service,
as defined by the Plan
4
Concur Technologies, Inc.
401(k) Plan
Notes to Financial Statements (continued)
1. Description of the Plan (continued)
document. A participant is 100% vested in Company contributions after three
years of credited service.
Participant Loans
Subject to the approval of the Plan administrator, participants may borrow from
their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of
$50,000 or 50% of their vested account balances. Loan transactions are treated
as a transfer from (to) the investment fund to (from) the loan fund. Loan terms
range from 1 to 5 years or up to 15 years for the purchase of a primary
residence. The loans are secured by the balance in the participant's account and
bear interest at a fixed rate which is established based on the current prime
rate plus 1% at the time of the loan. Principal and interest are paid ratably
through monthly payroll deductions and the balance of the loan can be paid in
full at any time.
Benefit Payments
Upon retirement, death, or disability, a Plan participant's account becomes
fully vested and the participant may elect to receive a benefit payment.
Benefits are generally payable as a lump sum except in the event of a
participant's death, in which case payment to a beneficiary may be deferred for
up to five years or may be paid over the beneficiary's life expectancy. All
benefits must be paid or begin to be distributed when a participant reaches age
70-1/2. A participant may also elect to seek a hardship withdrawal as defined in
the Plan document in certain cases of financial need. Upon severance of a
participant's employment for reasons other than death, disability, or
retirement, the participant may elect to receive a lump-sum benefit payment. The
Plan requires that benefits must be paid regardless of election if a
participant's employment is terminated prior to retirement, death, or
disability, and the participant's vested benefit under the Plan is $3,500 or
less.
Administrative Expenses
Administrative expenses are paid by the Plan unless the Company elects to pay
such costs. The majority of the Plan's administrative expenses were paid by the
Company in 2000.
5
Concur Technologies, Inc.
401(k) Plan
Notes to Financial Statements (continued)
1. Description of the Plan (continued)
Plan Termination
Although it has not expressed any intent to do so, the Company has the right
under the Plan to discontinue its contributions at any time and to terminate the
Plan subject to the provisions of ERISA. In the event of Plan termination,
participants will become 100% vested in their accounts.
2. Summary of Accounting Policies
Basis of Accounting
The financial statements have been prepared on the accrual basis of accounting.
Investment Valuation and Income Recognition
The Plan's investments are stated at fair value. The shares of mutual funds are
valued based on quoted market prices which represent the net asset values of
shares held by the Plan at year-end. The shares of money market funds are valued
at cost, which approximates fair value. The participant loans are valued at
their outstanding balances, which approximate fair value.
Purchases and sales of securities are recorded on a trade-date basis. Interest
income is recorded on the accrual basis. Dividends are recorded on the ex-
dividend date.
Use of Estimates
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires management to make estimates
that affect the amounts reported in the financial statements and accompanying
notes. Actual results could differ from those estimates.
6
Concur Technologies, Inc.
401(k) Plan
Notes to Financial Statements (continued)
3. Investments
Charles Schwab & Co., Inc. (the Custodian) holds the Plan's investments and
executes all investment transactions. During 2000, the Plan's investments
depreciated in fair value as determined by quoted market prices as follows:
Net Realized
and Unrealized
(Depreciation)
Appreciation
in Fair Value
of Investments
--------------
Mutual funds $ (849,783)
Common stock - Concur Technologies, Inc. (243,188)
Collective trust fund 7,287
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$(1,085,684)
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Investments that represent 5% or more of the fair value of the Plan's net assets
are as follows:
December 31
2000 1999
------------------------
Vanguard Index Trust 500 Fund $2,122,061 $2,121,362
Baron Asset Fund 609,728 747,032
Columbia International Stock Fund 544,558 255,120
Schwab Government Money Fund 402,223 158,307
Alliance Quasar Fund 319,893 487,271
Gam International Fund - 435,545
Columbia Common Stock Fund 401,578 425,037
Columbia Growth Fund 306,976 129,683
Columbia Special Fund 298,175 164,949
Included in investments at December 31, 2000 and 1999 are participant-directed
investments in common stock of the Company with an aggregate fair value of
$27,696 and $109,834, respectively. Purchases and sales of the common stock of
the Company during the year ended December 31, 2000 totaled $174,173 and
$14,523, respectively.
7
Concur Technologies, Inc.
401(k) Plan
Notes to Financial Statements (continued)
4. Differences Between Financial Statements and Form 5500
The following is a reconciliation of net assets available for benefits per the
financial statements to the Form 5500:
December 31
2000 1999
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Net assets available for benefits per the
financial statements $5,741,139 $5,632,037
Less: amounts allocated to withdrawn participants (313,825) (118,101)
-------------------------
Net assets available for benefits per the Form
5500 $5,427,314 $5,513,936
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The following is a reconciliation of benefits paid to participants per the
financial statements to the Form 5500:
Year Ended
December 31,
2000
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Benefits paid to participants per the financial statements $1,807,582
Add: Amounts allocated on Form 5500 to withdrawn
participants at December 31, 2000 313,825
Less: Amounts allocated on Form 5500 to withdrawn
participants at December 31, 1999 (118,101)
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Benefits paid to participants per Form 5500 $2,003,306
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Amounts allocated to withdrawn participants are recorded on the Form 5500 for
benefit claims that have been processed and approved for payment prior to year-
end but not yet paid.
5. Income Tax Status
The Plan has not received a determination letter from the Internal Revenue
Service stating that the Plan is qualified under Section 401(a) of the Internal
Revenue Code (the Code). However, the Plan administrator believes that the Plan
is qualified and, therefore, the related trust is exempt from taxation.
8
Concur Technologies, Inc.
401(k) Plan
EIN: 91-1608052, Plan: 001
SUPPLEMENTAL SCHEDULE
Schedule H; Line 4i - Schedule of Assets (Held at End of Year)
December 31, 2000
(c)
Description of Investment,
(b) Including Maturity Date, Rate (e)
Identity of Issue, Borrower, of Interest, Par, or (d) Current
(a) Lessor, or Similar Party Maturity Value Cost Value
- ---------------------------------------------------------------------------------------------------
Schwab Government Money Fund Money market fund /(1)/ $ 402,223
Baron Asset Fund Mutual fund /(1)/ 609,728
Columbia Balanced Fund Mutual fund /(1)/ 218,513
Columbia Common Stock Fund Mutual fund /(1)/ 401,578
Columbia Fixed Income Fund Mutual fund /(1)/ 56,349
Columbia Growth Fund Mutual fund /(1)/ 306,976
Columbia International Stock Fund Mutual fund /(1)/ 544,558
Columbia Special Fund Mutual fund /(1)/ 298,175
Pimco Total Return Fund Mutual fund /(1)/ 197,620
Vanguard Index Trust 500 Fund Mutual fund /(1)/ 2,122,061
Alliance Quasar Fund Mutual fund /(1)/ 319,893
* Concur Technologies, Inc. Common stock /(1)/ 27,696
Morley Stable Value Fund Collective trust fund /(1)/ 134,933
* Participant Loans Interest rates ranging
from 8% to 10% - 100,836
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$5,741,139
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/(1)/ Historical cost information is not required because investments are
participant-directed.
* Indicates party-in-interest to the Plan.
9
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934,
the trustees (or other persons who administer the employee benefit plan) have
duly caused this annual report to be signed on its behalf by the undersigned
hereunto duly authorized
Concur Technologies Inc. 401(k) Plan
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(Name of Plan)
Date: June 28, 2001 By /s/ MICHAEL W. HILTON
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(Signature)
Michael W. Hilton
Plan Trustee
10
INDEX TO EXHIBITS
Exhibit 23.1 Consent of Ernst & Young LLP