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| CyberSource Corporation |
| 550 S. Winchester Blvd., Suite 301, San Jose, CA 95128 * (408) 556-9100 |
| Business Description | We are a leading developer and provider of real-time e-commerce transaction processing services. Through our Internet Commerce Suite, we offer solutions to online merchants for global payment processing, fraud prevention, tax calculation, export compliance, territory management, delivery address verification and fulfillment management. Our services enable online merchants to focus their resources on areas where they can most effectively differentiate themselves, such as marketing, Web site content, merchandising and support. |
| Offering Information Company has | |||
| Trading As | CYBS (NASNTL) | Industry | Internet (SIC 7374) |
| Type of Stock Offered | Common Shares | Filing Date | 04/30/1999 |
| Domestic Shares Offered | 4,000,000 | Offer Date | 06/23/1999 |
| Foreign Shares Offered | 0 | Filing Range | $8.00 - $10.00 |
| Company Shares | 4,000,000 | Offer Price | $11.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.770 |
| Gross Proceeds | $44,000,000 | Selling | $0.460 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 21,548,848 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Merrill Lynch & Co. | Lead Manager | (212) 449-4600 |
| C.E. Unterberg, Towbin | Co-manager | (212) 572-8060 |
| J.P. Morgan Securities Inc. | Co-manager | (212) 648-0517 |
| PaineWebber Incorporated | Co-manager | (212) 713-2626 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 3 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/1996 | 12/31/1997 | 12/31/1998 | 03/31/1998 | 03/31/1999 | ||
| Revenues | - | - | 0.144 | 0.968 | 3.384 | 0.639 | 1.713 |
| Income from Oper. | - | - | -1.143 | -4.325 | -10.037 | -1.831 | -4.198 |
| Net Income | - | - | -1.143 | -4.338 | -10.085 | -1.824 | -4.190 |
| E.P.S | - | - | - | - | -2.050 | -0.400 | -0.770 |
| Revenue Growth (%) | - | - | 572.22 | 249.587 | 168.08 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -8.91 | -1.72 | -3.09 | ||||
| Cash Flow - Inv. | -1.42 | -0.27 | -0.54 | ||||
| Cash Flow - Fin. | 19.44 | 1.50 | 0.05 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 03/31/1999 | Financial Ratios | ||||
| Total Assets | 12.15 | Current Assets | 9.09 | Current Ratio | 1.55 |
| Total Liab. | 6.30 | Current Liab. | 5.87 | Debt Ratio | 51.81% |
| Total Equity | 5.86 | Working Cap. | 3.22 | Debt to Equity Ratio | 1.08 |
| Cash | 7.42 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for general corporate purposes inlcluding sales and marketing, product development and other corporate expenses. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Morrison & Foerster |
| Bank's Law Firm | Wilson, Sonsini, Goodrich & Rosati |
| Auditor | Ernst & Young |
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| Industry Competition |
The market for our services is intensely competitive and subject to rapid technological change. We expect competition to intensify in the future. Our primary source of competition comes from online merchants who develop custom systems. These online merchants who have made large initial investments to develop custom solutions may be less likely to adopt an outsourced transaction processing strategy. We also face competition from developers of other solutions for e-commerce transaction processing such as Clear Commerce, CyberCash, Digital River, Open Market and Hewlett-Packard (VeriFone). In the future, we may compete with large Internet-centric companies that derive a significant portion of their revenues from e-commerce and may offer, or provide a means for others to offer, e-commerce transaction services. |