Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Fleetmatics (NYSE: FLTX), a provider of fleet management software-as-a-service, jumped as much as 10% on Wednesday after the company reported higher-than-expected revenue and earnings for its fourth quarter. By 1:30 p.m., shares were up about 9.9% from the previous close.

So what: Revenue grew 28% year-over-year to $64 million in the fourth quarter, slightly higher than what analysts were expecting. While GAAP EPS declined to $0.32, down from $0.42 for the fourth quarter of 2013, non-GAAP EPS nearly doubled year-over-year to $0.44. Analysts were expecting just $0.29 per share in non-GAAP earnings.

On a GAAP basis, operating income actually grew significantly year-over-year, but a tax benefit during the fourth quarter of 2013 inflated the net income during that quarter. Operating expenses only grew by 14.6% year-over-year, far slower than revenue, somewhat of a rarity among fast-growing SaaS companies.

The company's free cash flow more than doubled year-over-year in the fourth quarter, and it increased by more than a factor of five for the full year. In 2014, Fleetmatics managed an operating margin of 15.3% and a free cash flow margin of 13.3%.

Now what: Fleetmatics expects to grow revenue by 25% in 2015, factoring in the negative effects of foreign currency exchange issues. Non-GAAP EPS for the full year is expected to be between $1.26 and $1.30, compared to $1.09 in 2014.

While Fleetmatics is growing fast and posting exceptional margins, unlike many SaaS firms, the stock is still expensive, trading at around 37 times 2014 non-GAAP earnings. Investors considering buying shares of the company need to decide whether this growth warrants such a high price.