SAP expects the pricey acquisition of Concur to increase its earnings in 2016, but that seems possible only with massive revenue growth or layoffs.

In its fiscal year ended this past September, Concur recorded non-GAAP pretax income of $56 million. [Using non-GAAP figures reduces the effect of non-recurring items and improves comparability of performance over time.] But SAP is borrowing about $8.7 billion to make the deal, meaning it will be paying something like $260 million a year in interest. So as compared with Concur's fiscal 2014, SAP needs to make up well more . . .

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