First quarter revenue was $60.5 million; Billable transactions
processed was a record 553 million; CyberSource signs a record
31,500 new customers in quarter. MOUNTAIN VIEW, Calif., April 23
/PRNewswire-FirstCall/ -- CyberSource Corporation (NASDAQ:CYBS), a
leading provider of electronic payment and risk management
solutions, today announced financial results for its first quarter
ended March 31, 2009. -- First quarter revenue was $60.5 million, a
13% increase compared to $53.4 million in the same period the
previous year. -- On a GAAP basis, net income for the first quarter
of 2009 was $1.0 million and earnings per share was $0.01, compared
to net income of $533,000 or $0.01 earnings per share in the first
quarter of 2008. -- Non-GAAP net income for the first quarter was
$12.6 million, a 9% increase compared to $11.5 million for the
first quarter of 2008. Non-GAAP earnings per share for the first
quarter was $0.18, a 13% increase compared to $0.16 per share for
the first quarter of 2008. 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, such as a one-time restructuring charge related to subleases
of properties in Utah and Massachusetts. A reconciliation of
certain historical GAAP to non-GAAP measures is attached. -- During
the first quarter, CyberSource processed a record 553 million
billable transactions, a 24% increase over the same period the
previous year. The value of transactions processed was $27.7
billion, a 4% increase over Q1 2008. -- CyberSource signed a record
31,500 new customers in the quarter, increasing the installed base
to approximately 262,000 active customers. (Logo:
http://www.newscom.com/cgi-bin/prnh/19990513/CYBRSOURCELOGO) "Our
strong results this quarter reflect our continued penetration of
the small business market, our successful expansion
internationally, and the relative health of the eCommerce market.
Despite a turbulent world-wide economy, we processed a record 553
million transactions and had a record 31,500 new customer signups
this quarter. Our small business unit continues to drive very
robust growth, even in this tough economic environment. Our channel
relationships continue to be a strong contributor to the growth in
our business. While consumers may be cutting back their overall
spending, they continue to shift their purchasing online, thus
shifting market share from brick-and-mortar stores and other
traditional sales channels. Additionally, more and more businesses,
non-profits and government agencies are driving more customers and
transactions to the Internet," said Bill McKiernan, Chairman and
Chief Executive Officer of CyberSource. "The strong growth in
transaction volumes helped increase our gross margin by 200 basis
points to 54% in the first quarter of 2009, compared to the first
quarter of 2008, and we ended the quarter with $67.2 million in net
cash, after subtracting funds payable to merchants at quarter-end."
Business Highlights -- Customers: CyberSource added approximately
31,500 new customers in the quarter, bringing its installed base of
customers to approximately 262,000. New enterprise customer wins
this quarter include: BBC Worldwide, Brookstone, Columbia
Sportswear USA, The Economist, Guess Europe, Virgin Mobile USA, and
the Washington State Department of Transportation. Existing
customers that added new services or renewed agreements during the
quarter include: American Cancer Society, BMG Columbia House,
Debenhams Retail (UK), and MetroPCS Wireless, Inc. --
International: CyberSource continues to drive strong momentum
outside the US. CyberSource's European operations processed a
record 136.8 million transactions in the first quarter, an increase
of 59% over the same period last year. The Company's European
business is comprised of revenue generated by customers domiciled
outside the US, and represented about 6% of revenue in the first
quarter. -- Global acquiring: CyberSource generated approximately
$19.0 million of global acquiring revenue during the first quarter,
up 11% over the previous year. CyberSource added 1,100 new
acquiring customers during the quarter, and now has approximately
5,500 global acquiring customers. -- Channel Partners:
CyberSource's partner program of over 4,200 resellers and partners
is an important and integral part of its sales strategy. In the
first quarter, CyberSource signed over 440 new ISO and Affiliate
resellers. This consistent growth of channel partners helps to
broaden CyberSource's sales reach and increase the number of new
leads being funneled into CyberSource. CyberSource's top 100 Small
Business resellers saw a 39% increase year-over-year in merchant
set-ups. Stock buyback program During the first quarter, we did not
repurchase shares of common stock under the stock repurchase plan.
Guidance for the second quarter and full year 2009 CyberSource is
providing guidance for the second quarter of 2009 and full year
2009 based on information available as of April 23, 2009. For the
second quarter ending June 30, 2009: -- Total revenue is expected
to be between $61.0 and $61.5 million. -- The company expects to
process between 550 and 555 million billable transactions. -- GAAP
gross profit is expected to be approximately $32.0 million, while
GAAP operating expenses are expected to be approximately $32.0
million. The company expects to record GAAP net income in the
second quarter of approximately $100,000 and breakeven earnings per
share based on a weighted average share count of 72 million shares.
-- Non-GAAP net income for the second quarter is expected to be
approximately $11.2 million and non-GAAP earnings per share to be
$0.16 based on a weighted average share count of 72 million shares.
For the full year 2009: -- Total revenue for 2009 is expected to be
between $258.0 and $263.0 million. -- GAAP net income for 2009 is
expected to be between $5.3 and $5.8 million. -- GAAP earnings per
share is expected to be between $0.07 and $0.08 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, April 23, 2009 at 4:30 p.m.
Eastern time (1:30 p.m. Pacific time) to discuss the first 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:
93918105. A taped replay of this call will be available through May
31, 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://ir.cybersource.com/events.cfm A replay of this web cast will
remain available at this location through July 31, 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 262,000 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, such as a one-time restructuring charge
related to subleases of properties in Utah and Massachusetts. 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 March 31, 2009, 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) penetration of the small
business market; (2) success of the Company's international
expansion and strong momentum outside the US; (3) robust growth of
eCommerce; (4) channel relationships being a strong contributor to
growth of the Company's business; (5) consumers shifting purchases
from traditional brick-and-mortar stores to the Internet; (6) more
businesses, non-profits, and government agencies driving more
customers and transactions to the Internet; (7) resellers and
partners being an important and integral part of the Company's
sales strategy; (8) growth of channel partners helping to broaden
the Company's sales reach and new leads; and (9) financial guidance
including, without limitation, those regarding revenue, transaction
volume, gross profit, operating expenses, net income, and earnings
per share. 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. 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 March 31, --------- 2009 2008 ---- ---- Revenues
$60,491 $53,420 Cost of revenues 27,981 25,828 ------ ------ Gross
profit 32,510 27,592 Operating expenses: Product development 6,454
5,247 Sales and marketing 17,554 16,630 General and administrative
6,980 5,502 ----- ----- Total operating expenses 30,988 27,379
------ ------ Income from operations 1,522 213 Other income (loss),
net (18) 147 Interest income 133 394 --- --- Income before income
taxes 1,637 754 Income tax provision 627 221 --- --- Net income
$1,010 $533 ====== ==== Basic net income per share $0.01 $0.01
===== ===== Diluted net income per share $0.01 $0.01 ===== =====
Weighted average number of shares used in computing basic net
income per share 68,983 68,789 ====== ====== Weighted average
number of shares used in computing diluted net income per share
70,905 71,336 ====== ====== Non-GAAP Financial Metrics: Gross
profit $35,505 $30,370 Operating expenses $22,451 $19,307 Net
income $12,580 $11,514 Basic net income per share $0.18 $0.17
Diluted net income per share $0.18 $0.16 CyberSource Corporation
Reconciliation of GAAP to Non-GAAP Financial Measures (In
thousands, except per share data) (Unaudited) Three Months Ended
March 31, --------- 2009 2008 ---- ---- GAAP gross profit $32,510
$27,592 Add FAS123R expense 401 340 Add depreciation expense 1,237
988 Add amortization of intangible assets 1,357 1,450 ----- -----
Non-GAAP gross profit $35,505 $30,370 ======= ======= GAAP
operating expenses $30,988 $27,379 Less FAS123R expense (1,859)
(1,852) Less depreciation expense (463) (373) Less amortization of
intangible assets (5,283) (5,718) Less restructuring charges (932)
(129) ---- ---- Non-GAAP operating expenses $22,451 $19,307 =======
======= GAAP net income $1,010 $533 Add FAS123R expense 2,260 2,192
Add non-cash tax provision 38 131 Add depreciation expense 1,700
1,361 Add amortization of intangible assets 6,640 7,168 Add
restructuring charges 932 129 --- --- Non-GAAP net income $12,580
$11,514 ======= ======= GAAP basic net income per share $0.01 $0.01
Add FAS123R expense 0.03 0.03 Add non-cash tax provision - - Add
depreciation expense 0.03 0.02 Add amortization of intangible
assets 0.10 0.11 Add restructuring charges 0.01 - ---- - Non-GAAP
basic net income per share $0.18 $0.17 ===== ===== GAAP diluted net
income per share $0.01 $0.01 Add FAS123R expense 0.03 0.03 Add
non-cash tax provision - - Add depreciation expense 0.03 0.02 Add
amortization of intangible assets 0.10 0.10 Add restructuring
charges 0.01 - ---- - Non-GAAP diluted net income per share $0.18
$0.16 ===== ===== CyberSource Corporation Condensed Consolidated
Balance Sheets (In thousands) (Unaudited) March 31, December 31,
2009 2008 ---- ---- Assets Current assets: Cash and cash
equivalents $79,188 $73,292 Accounts receivable, net 18,458 18,251
Prepaid expenses and other current assets 6,486 5,310 Deferred
income taxes 2,635 2,635 ----- ----- Total current assets 106,767
99,488 Property and equipment, net 16,939 16,188 Intangible assets,
net 123,003 129,643 Goodwill 289,278 289,278 Non-current deferred
income taxes 20,549 20,512 Other non-current assets 2,733 2,539
Restricted cash 1,516 1,548 ----- ----- Total assets $560,785
$559,196 ======== ======== Liabilities and Stockholders' Equity
Current liabilities: Accounts payable $872 $588 Funds due to
merchants 12,029 12,162 Other accrued liabilities 14,534 18,272
Deferred revenue 5,045 4,519 Accrued restructuring 1,178 847 -----
--- Total current liabilities 33,658 36,388 Deferred revenue, less
current portion 998 996 Other non-current liabilities 1,099 1,099
Accrued restructuring, less current portion 1,184 832 Other
non-current tax liabilities 1,957 1,928 ----- ----- Total
liabilities 38,896 41,243 Total stockholders' equity 521,889
517,953 ------- ------- Total liabilities and stockholders' equity
$560,785 $559,196 ======== ======== CyberSource Corporation
Consolidated Statements of Cash Flows (In thousands, except per
share data) (Unaudited) Three Months Ended March 31, --------- 2009
2008 ---- ---- CASH FLOWS FROM OPERATING ACTIVITIES: Net income
$1,010 $533 Adjustments to reconcile net income to net cash
provided by operating activities: Amortization expense 6,640 7,168
Depreciation expense 1,700 1,361 Income on investment in joint
venture (110) (50) Stock-based compensation 2,260 2,192 Changes in
operating assets and liabilities: Accounts receivable (207) 685
Prepaid expenses and other current assets (1,176) 46 Deferred
income taxes (37) 227 Other non-current assets (52) 26 Accounts
payable 284 592 Accrued liabilities (3,055) (2,566) Funds due to
merchants (133) 847 Deferred revenues 528 569 Other non-current tax
liabilities 29 42 -- -- Net cash provided by operating activities
7,681 11,672 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of
property and equipment (2,451) (3,101) ------ ------ Purchases of
short-term investments - - Maturities of short-term investments - -
- - Net cash used in investing activities (2,451) (3,101) CASH
FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of common
stock 867 1,701 Tax benefit from employee stock options 47 - -- -
Net cash provided by financing activities 914 1,701 Effect of
exchange rate changes on cash (248) 20 ---- -- Increase in cash and
cash equivalents 5,896 10,292 Cash and cash equivalents at
beginning of period 73,292 40,393 ------ ------ Cash and cash
equivalents at end of period $79,188 $50,685 ======= =======
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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