Fourth quarter revenue was a record $62.3 million, a 37% increase;
Billable transactions processed was a record 547 million, a 31%
increase MOUNTAIN VIEW, Calif., Jan. 29 /PRNewswire-FirstCall/ --
CyberSource Corporation (NASDAQ:CYBS), a leading provider of
electronic payment and risk management solutions, today announced
financial results for its fourth quarter ended December 31, 2008.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990513/CYBRSOURCELOGO)
-- Fourth quarter revenue was a record $62.3 million, a 37%
increase compared to $45.4 million in the same period the previous
year. Fourth quarter 2007 includes two months of Authorize.Net
results, as the acquisition closed on November 1, 2007. -- On a
GAAP basis, net income for the fourth quarter of 2008 was $10.0
million and earnings per share was $0.14, compared to net income of
$1.2 million or $0.02 earnings per share in the fourth quarter of
2007. Fourth quarter 2008 and 2007 GAAP net income include tax
benefits of $9.7 and $1.0 million, respectively, resulting
primarily from reversals of the company's valuation allowance
against its deferred tax assets. -- Non-GAAP net income for the
fourth quarter was $13.6 million, a 47% increase compared to $9.2
million for the fourth quarter of 2007. Non-GAAP earnings per share
for the fourth quarter was $0.19, a 27% increase compared to $0.15
per share for the fourth quarter of 2007. Non-GAAP net income
excludes stock-based compensation expense, the reduction in the
deferred tax asset valuation allowance, the non-cash portion of the
tax provision, depreciation and amortization expense, and certain
non-recurring items. A reconciliation of certain historical GAAP to
non-GAAP measures is attached. -- During the fourth quarter,
CyberSource processed a record 547 million billable transactions, a
31% increase over the same period the previous year. The value of
transactions processed was $28.0 billion, a 33% increase over Q4
2007. -- CyberSource signed a record 27,700 new customers in the
quarter increasing the installed base to approximately 253,000
active customers. "CyberSource had an exceptionally strong fourth
quarter and an outstanding year in 2008. I am very pleased with our
extraordinary operating and financial results for the year,
especially in light of the challenging economic environment. In
2008 we saw gains in market share, channel penetration, customer
satisfaction and in virtually every financial metric. We also
completed a very successful integration of Authorize.Net. Cash flow
from operating activities was $10.6 million in the fourth quarter
of 2008, compared to $3.5 million for the fourth quarter of 2007
and we ended the year with $61 million in cash, which excludes
funds payable to merchants at quarter-end," said Bill McKiernan,
chairman and chief executive officer of CyberSource. "With the
global economy struggling, the online channel represents one bright
spot of economic news and remains an area of intense focus for many
businesses as they look to shift share from traditional channels.
Similarly, consumers continue to be attracted to the Internet as a
source of good value and convenience. I do not believe that these
shifts to online channels will abate in the foreseeable future. Our
business reflected these trends in both the $28 billion in
transactions we processed and the 27,700 new customers we signed
last quarter, the highest numbers in CyberSource's history."
Business Highlights -- International: CyberSource continues to see
strong momentum outside the US. CyberSource's European operations
processed a record 127.4 million transactions in the fourth
quarter, an increase of 72% over the same period last year. The
Company's European business is comprised of revenue generated by
merchants domiciled outside the US, and represented about 7% of
revenue in the fourth quarter. -- Global acquiring: CyberSource
generated approximately $21.7 million of global acquiring revenue
during the fourth quarter, up 37% over the previous year.
CyberSource added 1,000 new acquiring customers during the quarter,
and now has approximately 4,700 global acquiring customers. --
Customers: CyberSource added approximately 27,700 new customers in
the quarter, bringing its installed base of customers to
approximately 253,000. New enterprise customer wins this quarter
include: Avis Car Rental, the Democratic National Committee,
Facebook, Fandango, Obama Transition Project, and Sony BMG Music
Entertainment. Existing customers that added new services or
renewed agreements during the quarter include: Educational Testing
Service, NCO Financial Systems, a leading provider of business
process outsourced solutions, and ScanSource, a distributor of
specialty technology products such as automatic identification and
data capture solutions. -- Channel Partners: CyberSource continues
to grow its partner relationships and the number of new merchants
they are bringing to the CyberSource platform. In the fourth
quarter, CyberSource signed up 450 new ISO and Affiliate resellers.
CyberSource also continues to be a preferred provider of payment
processing solutions for leading financial institutions and system
integrators. CyberSource is pleased to announce a new referral
agreement with First Data Merchant Services. First Data will now
actively send customer referrals to the CyberSource sales team, who
in turn will sell the full range of CyberSource's payment and risk
offerings to First Data merchants. CyberSource also set-up a new
reseller agreement with HSBC Mexico to resell CyberSource fraud
solutions to HSBC customers through their Mexican Payment Gateway.
Annual financial highlights For the year ended December 31, 2008,
total revenue was $229 million compared to $117 million for the
prior year, an increase of 96%. On a GAAP basis, net income for the
year ended December 31, 2008 was $10.7 million and earnings per
share was $0.15 compared to $2.4 million and $0.06 in the prior
year, an increase of 342% and 150% respectively. Non- GAAP net
income was $48.1 million and earnings per share was $0.67 for the
year ended December 31, 2008 compared to $18.1 million and $0.42
per share in the prior year, an increase of 165% and 60%
respectively. Stock buyback program During the fourth quarter, we
repurchased 596,081 shares of common stock at an average stock
price of $13.15 per share under the stock repurchase plans that
were approved by the Board of Directors in May 2008 and November
2008. Guidance for the first quarter and full year 2009 CyberSource
is providing guidance for the first quarter of 2009 and full year
2009 based on information available as of January 29, 2009. For the
first quarter ending March 31, 2009: -- Total revenue is expected
to be approximately $60.0 million. -- The company expects to
process between 520 to 525 million billable transactions. -- GAAP
gross profit is expected to be approximately $31.2 million, while
GAAP operating expenses are expected to be approximately $31.3
million. The company expects to record GAAP net income in the first
quarter of approximately $200,000 and breakeven earnings per share
based on a weighted average share count of 71 million shares. --
Non-GAAP net income for the first quarter is expected to be
approximately $10.5 million and non-GAAP earnings per share to be
$0.15 based on a weighted average share count of 71 million shares.
For the full year 2009: -- Total revenue for 2009 is expected to be
between $258 and $263 million. -- Total gross profit for 2009 is
expected to be between $135 and $138 million. -- Total operating
expenses for 2009 is expected to be between $127 and $129 million.
-- GAAP net income for 2009 is expected to be between $6.0 and $6.5
million. -- GAAP earnings per share is expected to be between $0.08
and $0.09 per share based on a weighted average share count of 73
million shares. -- Non-GAAP net income for the full year 2009 is
expected to be between $52.5 and $54.0 million. Non-GAAP earnings
per share is expected to be between $0.72 and $0.74 based on a
weighted average share count of 73 million shares. Public call/web
cast details CyberSource will host a public conference call today,
January 29, 2009 at 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
to discuss the fourth quarter results. The call can be accessed in
either of the following ways: Live conference call 888-585-4496
(U.S. and Canada), 706-634-9580 (local and international). The
call's conference ID number is: 80579494. A taped replay of this
call will be available through February 28, 2009. The dial-in
numbers for the taped replay are: 800-642-1687 (U.S.) 706-645-9291
(local and international). Conference ID is as above. Live web cast
http://www.cybersource.com/cgi-bin/ir.pl A replay of this web cast
will remain available at this location through April 30, 2009.
About CyberSource CyberSource Corporation is a leading provider of
electronic payment and risk management solutions. CyberSource
solutions enable electronic payment processing for Web, call
center, and POS environments. CyberSource also offers industry
leading risk management solutions for merchants accepting
card-not-present transactions. CyberSource Professional Services
designs, integrates, and optimizes commerce transaction processing
systems. Approximately 253,000 businesses use CyberSource
solutions, including half the companies comprising the Dow Jones
Industrial Average. The company is headquartered in Mountain View,
California, and has sales and service offices in Japan, the United
Kingdom, and other locations in the United States including
Bellevue, Washington and American Fork, Utah. For more information
on CyberSource please visit http://www.cybersource.com/ or email .
For more information on Authorize.Net small business solutions,
please visit http://www.authorize.net/ or email . GAAP versus
non-GAAP Results and Guidance In addition to financial results
presented on a GAAP basis, the company has provided non-GAAP
measures of gross profit, operating expenses, net income and
earnings per share, which are adjusted to exclude certain non-cash
items. For purposes of this release, non-GAAP gross profit,
operating expenses, net income and earnings per share exclude stock
based compensation expense under SFAS 123R, the non-cash portion of
the income tax provision, a reduction in the deferred tax asset
allowance, depreciation and amortization expense, and certain
non-recurring items. A reconciliation of these historical GAAP to
non-GAAP measures is attached with the financial statements. The
company believes that presentation of non-GAAP financial measures
may provide investors with additional meaningful and relevant
financial information. Management believes the non-GAAP measures
help indicate trends in the company's business, and management uses
the non-GAAP measures to plan and forecast future periods. Non-GAAP
information is not determined using GAAP and should not be
considered superior to or as a substitute for GAAP measures or data
prepared in accordance with GAAP. Furthermore, non-GAAP information
may not be comparable across companies, as other companies may use
different non-GAAP measures. The company does not provide guidance
for certain financial measures such as depreciation and stock-based
compensation expense, and, as a result, is not able to provide a
reconciliation of GAAP and non-GAAP financial measures for
forward-looking data. The company intends to calculate the various
non-GAAP financial measures in future periods consistent with the
methodology used in the three months ended December 31, 2008, as
presented in this release. Cautionary Statement under the Private
Securities Litigation Reform Act of 1995 Statements in this release
that are not purely historical are forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements include, without limitation,
statements regarding expectations, objectives, anticipations,
plans, hopes, beliefs, intentions or strategies regarding the
future. Forward-looking statements in this release include, without
limitation, statements regarding: (1) success of the Authorize.Net
integration; (2) the online channel representing a bright spot of
economic news and being an area of intense focus for many
businesses; (3) consumers being attracted to the Internet as a
source of good value and convenience; (4) trends not abating in the
foreseeable future; (5) strength of momentum outside the U.S.; (6)
CyberSource continuing to be the preferred provider for leading
financial institutions and systems integrators; (7) financial
guidance including, without limitation, those regarding revenue,
transaction volume, gross profit, operating expenses, net income,
earnings per share, and deferred tax assets; and (8) the intention
to calculate the various non-GAAP financial measures in future
periods consistent with the methodology used in the three months
ended December 31, 2008. There is no assurance that any
forward-looking statement will be realized. Achievement of future
results is subject to risks, uncertainties, and potentially
inaccurate assumptions. These risks and uncertainties include,
among others, those discussed under "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" in CyberSource's most recent Annual Report
on Form 10-K and subsequent Quarterly Reports on Form 10-Q as well
as the consolidated financial statements, related Notes, and the
other financial information appearing elsewhere in those reports
and other CyberSource filings with the Securities and Exchange
Commission. The factors that could cause actual results to differ
materially from the forward-looking statements include risks and
uncertainties such as: changes in Generally Accepted Accounting
Principles and the application thereof; changes in customer needs;
the risks of failures, disruptions or illiquidity in the national
and global banking, credit and financial systems and the impact of
those risks on CyberSource's business; the risk of the economy, in
general, and online economy, in particular, slowing down; security
breaches; new products and services offerings by CyberSource and
its competitors; and any unforeseen system failures. Should known
or unknown risks or uncertainties materialize, or should underlying
assumptions prove inaccurate, actual results could differ
materially from past results and those anticipated, estimated or
projected. Readers should bear this in mind when considering
forward-looking statements. CyberSource undertakes no obligation to
publicly update forward-looking statements, whether as a result of
new information, future events, or otherwise. (c)2009 CyberSource
Corporation. All rights reserved. CyberSource is a registered
trademark in the U.S. and other countries. All other brands and
product names are trademarks or registered trademarks of their
respective companies. CyberSource Corporation GAAP Condensed
Consolidated Statements of Operations (In thousands, except per
share data) (Unaudited) Three Months Ended Year Ended December 31,
December 31, 2008 2007 2008 2007 Revenues $62,254 $45,435 $229,026
$116,999 Cost of revenues 30,263 22,723 111,768 62,113 Gross profit
31,991 22,712 117,258 54,886 Operating expenses: Product
development 5,967 4,780 22,903 13,397 Sales and marketing 17,401
11,687 68,424 25,685 General and administrative 7,385 6,831 25,133
16,734 Total operating expense 30,753 23,298 116,460 55,816 Income
(loss) from operations 1,238 (586) 798 (930) Other income, net 750
157 1,134 314 Interest income 340 540 1,444 2,726 Income before
income taxes 2,328 111 3,376 2,110 Income tax benefit (7,706)
(1,075) (7,353) (319) Net income $10,034 $1,186 $10,729 $2,429
Basic net income per share $0.15 $0.02 $0.16 $0.06 Diluted net
income per share $0.14 $0.02 $0.15 $0.06 Weighted average number of
shares used in computing basic net income per share 69,058 57,425
69,132 40,736 Weighted average number of shares used in computing
diluted net income per share 70,171 60,409 71,789 43,225 Non-GAAP
Financial Metrics: Gross profit $35,088 $24,826 $129,175 $58,655
Operating expenses $22,154 $16,226 $82,939 $43,412 Net income
$13,559 $9,219 $48,077 $18,147 Basic net income per share $0.20
$0.16 $0.70 $0.45 Diluted net income per share $0.19 $0.15 $0.67
$0.42 CyberSource Corporation Reconciliation of GAAP to Non-GAAP
Financial Measures (In thousands, except per share data)
(Unaudited) Three Months Ended Year Ended December 31, December 31,
2008 2007 2008 2007 GAAP gross profit $31,991 $22,712 $117,258
$54,886 Add FAS123R expense 387 272 1,562 872 Add depreciation
expense 1,261 752 4,556 1,741 Add amortization of intangible assets
1,449 1,090 5,799 1,156 Non-GAAP gross profit $35,088 $24,826
$129,175 $58,655 GAAP operating expenses $30,753 $23,298 $116,460
$55,816 Less FAS123R expense (1,943) (2,000) (7,938) (6,089) Less
integration expenses - - - (879) Less depreciation expense (447)
(290) (1,749) (619) Less amortization of intangible assets (5,719)
(3,027) (22,874) (3,062) Less restructuring charges (490) (1,755)
(960) (1,755) Non-GAAP operating expenses $22,154 $16,226 $82,939
$43,412 GAAP net income $10,034 $1,186 $10,729 $2,429 Add FAS123R
expense 2,330 2,272 9,500 6,961 Add integration expenses - - - 879
Add depreciation expense 1,708 1,042 6,305 2,360 Add amortization
of intangible assets 7,168 4,117 28,673 4,218 Add restructuring
charges 490 1,755 960 1,755 Less non-cash taxes and reversal of
valuation allowance (8,171) (1,153) (8,090) (455) Non-GAAP net
income $13,559 $9,219 $48,077 $18,147 GAAP basic net income per
share $0.15 $0.02 $0.16 $0.06 Add FAS123R expense 0.04 0.04 0.15
0.17 Add integration expenses - - - 0.02 Add depreciation expense
0.02 0.02 0.09 0.06 Add amortization of intangible assets 0.10 0.07
0.41 0.10 Add restructuring charges 0.01 0.03 0.01 0.05 Less
non-cash taxes and reversal of valuation allowance (0.12) (0.02)
(0.12) (0.01) Non-GAAP basic net income per share $0.20 $0.16 $0.70
$0.45 GAAP diluted net income per share $0.14 $0.02 $0.15 $0.06 Add
FAS123R expense 0.04 0.04 0.13 0.16 Add integration expenses - - -
0.02 Add depreciation expense 0.02 0.01 0.09 0.05 Add amortization
of intangible assets 0.10 0.07 0.40 0.10 Add restructuring charge
0.01 0.03 0.01 0.04 Less non-cash taxes and reversal of valuation
allowance (0.12) (0.02) (0.11) (0.01) Non-GAAP diluted net income
per share $0.19 $0.15 $0.67 $0.42 CyberSource Corporation Condensed
Consolidated Balance Sheets (In thousands) (Unaudited) December 31,
2008 2007 Assets Current assets: Cash and cash equivalents $73,292
$40,393 Accounts receivable, net 18,251 15,503 Prepaid expenses and
other current assets 5,310 4,189 Deferred income taxes 2,635 3,596
Total current assets 99,488 63,681 Property and equipment, net
16,188 10,664 Intangible assets, net 129,643 158,316 Goodwill
289,278 291,456 Non-current deferred income taxes 20,512 9,773
Other non-current assets 2,539 2,341 Restricted cash 1,548 1,516
Total assets $559,196 $537,747 Liabilities and Stockholders' Equity
Current liabilities: Accounts payable $588 $613 Funds due to
merchants 12,162 11,399 Other accrued liabilities 18,272 14,297
Deferred revenue 4,519 3,772 Accrued restructuring 847 904 Total
current liabilities 36,388 30,985 Deferred revenue, less current
portion 996 493 Other non-current liabilities 1,099 - Accrued
restructuring, less current portion 832 860 Other non-current tax
liabilities 1,928 2,195 Total liabilities 41,243 34,533 Total
stockholders' equity 517,953 503,214 Total liabilities and
stockholders' equity $559,196 $537,747 CyberSource Corporation
Consolidated Statements of Cash Flows (In thousands, except per
share data) (Unaudited) Three Months Ended Year Ended December 31,
December 31, 2008 2007 2008 2007 CASH FLOWS FROM OPERATING
ACTIVITIES: Net income $10,034 $1,186 $10,729 $2,429 Adjustments to
reconcile net income to net cash provided by operating activities:
Amortization expense 7,168 4,117 28,673 4,218 Depreciation expense
1,708 1,042 6,305 2,360 Income on investment in joint venture (102)
(38) (263) (180) Stock-based compensation 2,330 2,272 9,500 6,961
Write-off of intangible assets - 2,710 - 2,710 Restructuring
related charges 490 191 960 191 Tax benefit from stock options 272
287 272 287 Loss on disposal of property and equipment 18 - 18 8
Changes in operating assets and liabilities: Accounts receivable
(2,102) (303) (2,748) (1,747) Prepaid expenses and other current
assets (589) (4,375) (1,121) (5,411) Deferred income taxes (9,778)
(2,616) (9,778) (1,889) Other non-current assets 1,066 (1,445)
2,211 (1,336) Accounts payable (550) (3,155) (25) (411) Accrued
liabilities 693 2,334 4,029 4,247 Funds due to merchants (1,007)
393 763 393 Deferred revenues 135 827 1,250 962 Other non-current
tax liabilities 828 23 (267) 23 Net cash provided by operating
activities 10,614 3,450 50,508 13,815 CASH FLOWS FROM INVESTING
ACTIVITIES: Purchases of property and equipment (1,422) (1,031)
(11,847) (4,574) Cash used in the acquisition from Authorize.Net -
(25,734) - (25,734) Purchases of short-term investments - (3,606) -
(61,964) Maturities of short-term investments - 28,791 - 95,233 Net
cash provided by (used in) investing activities (1,422) (1,580)
(11,847) 2,961 CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from
issuance of common stock 164 3,715 7,160 6,928 Repurchase of common
stock (7,835) - (10,702) (5,032) Net cash provided by (used in)
financing activities (7,671) 3,715 (3,542) 1,896 Effect of exchange
rate changes on cash (1,393) (147) (2,220) 20 Increase in cash and
cash equivalents 128 5,438 32,899 18,692 Cash and cash equivalents
at beginning of period 73,164 34,955 40,393 21,701 Cash and cash
equivalents at end of period $73,292 $40,393 $73,292 $40,393
Supplemental schedule of non-cash financing activities: Common
stock issued in the acquisition of $- $412,966 $- $412,966
Authorize.Net Holdings, Incorporated
http://www.newscom.com/cgi-bin/prnh/19990513/CYBRSOURCELOGO
http://photoarchive.ap.org/ DATASOURCE: CyberSource Corporation
CONTACT: Katrina Rymill of CyberSource Corporation,
+1-650-965-6154, Web site: http://www.cybersource.com/
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