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| NaviSite, Inc. |
| 100 Brickstone Square, Andover, MA 01810 * (978) 552-3300 |
| Business Description | NaviSite is an Internet application service provider offering Web site and application hosting and management services. |
| Offering Information Company has | ||||
| Trading As | NAVI (NASNTL) | Industry | Internet (SIC 7379) | |
| Type of Stock Offered | Common Shares | Filing Date | 07/22/1999 | |
| Domestic Shares Offered | 5,500,000 | Offer Date | 10/21/1999 | |
| Foreign Shares Offered | 0 | Filing Range | $12.00 - $14.00 | |
| Company Shares | 5,500,000 | Offer Price | $14.00 | |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.980 | |
| Gross Proceeds | $77,000,000 | Selling | $0.600 | |
| Expenses | - - | Reallowance | $0.100 | |
| Post-IPO Shares | 26,316,200 | Employees | 171 | |
| Spun out from: | CMGI, Inc. | |||
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Robertson, Stephens & Company | Lead Manager | (415) 989-8500 |
| FAC/Equities | Co-manager | (518) 447-8641 |
| ING Baring (U.S.) Securities, Inc. | Co-manager | (212) 409-7900 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 9 Months Ending | ||||||
| Figures in U.S. millions except per share data | 07/31/1996 | 07/31/1997 | 07/31/1998 | 04/30/1998 | 04/30/1999 | ||
| Revenues | - | - | 0.000 | 3.361 | 4.029 | 2.836 | 6.817 |
| Income from Oper. | - | - | -0.027 | -0.947 | -9.076 | -6.052 | -15.070 |
| Net Income | - | - | -0.027 | -0.948 | -9.172 | -6.080 | -15.436 |
| E.P.S | - | - | - | - | -1.020 | - | -1.010 |
| Revenue Growth (%) | - | - | - | 19.875 | 140.37 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -7.86 | -4.83 | -11.82 | ||||
| Cash Flow - Inv. | -1.23 | -0.90 | -2.36 | ||||
| Cash Flow - Fin. | 9.08 | 5.73 | 14.18 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 04/30/1999 | Financial Ratios | ||||
| Total Assets | 10.29 | Current Assets | 2.84 | Current Ratio | 0.16 |
| Total Liab. | 20.10 | Current Liab. | 18.11 | Debt Ratio | 195.42% |
| Total Equity | -9.82 | Working Cap. | -15.27 | Debt to Equity Ratio | - |
| Cash | - | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Skadden, Arps, Slate, Meagher & Flom |
| Bank's Law Firm | Hale and Dorr |
| Auditor | KPMG LLC |
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| Industry Competition |
We compete in the Internet application service market. This market is evolving rapidly, is highly competitive and is likely to be characterized by an increasing number of market entrants and by industry consolidation. Because there are no substantial barriers to entry, we expect that we will face competition from both existing competitors and new market entrants in the future. We believe that participants in this market must grow rapidly and achieve a significant presence to compete effectively. We believe that the primary competitive factors determining success in our market include: a state-of-the-art infrastructure providing availability, speed, scalability and security; Web site and Internet application hosting and management expertise; fast and reliable Internet connectivity; a reputation for high-quality service and superior customer service and support; numerous and diverse service offerings and timely addition of value- added services; brand recognition; competitive pricing; and . adequate capital to permit continued investment in infrastructure, customer service and support, and sales and marketing. We may lack the financial and other resources, expertise or capabilities to compete successfully in this environment in the future. Our current and prospective competitors include: . other providers of co-location or high-end Web site hosting and related services, including AboveNet Communications, Inc., Digex Corporation, Exodus Communications, Inc., Frontier GlobalCenter Inc., Globix Corporation, Interliant, Inc. and a large number of local and regional hosting providers; national and regional Internet service providers, including Concentric Network Corporation, MindSpring Enterprises, Inc., PSINet Inc., UUNet, WorldCom and Verio Inc.; companies that focus on customized Internet application services, including AppNet Systems, Inc., CORIO, Inc., IBM Global Services, USinternetworking, Inc. and USWeb/CKS; application developers and Internet application software vendors, including Open Market, Inc., DoubleClick Inc. and broadcast.com inc.; large system integrators and information technology outsourcing firms, including Electronic Data Systems Corporation and International Business Machines Corporation; and . global telecommunications companies, including AT&T; Corp., MCI WorldCom, Inc. and Sprint Corporation, and regional and local telecommunications companies, including MediaOne Group, Inc. and regional Bell operating companies, such as Bell Atlantic Corporation. Many of these competitors have substantially greater financial, technical and marketing resources, larger customer bases, longer operating histories, greater name recognition and more established relationships in the industry than we have. As a result, many of these competitors may be able to develop and expand their network infrastructures and service offerings more rapidly, adapt to new or emerging technologies and changes in customer requirements more quickly, take advantage of acquisitions and other opportunities more readily, devote greater resources to the marketing and sale of their services and adopt more aggressive pricing policies than we can. Because of these competitive factors and due to our comparatively small size and our lack of financial resources, we may be unable to successfully compete in the Internet application service market. In addition, we believe that there will be continued consolidation within the Internet application service market in which we compete. Our competitors may consolidate with one another, or acquire software application vendors or technology providers, enabling them to more effectively compete with us. This consolidation could affect prices and other competitive factors in ways which would impede our ability to compete successfully in the Internet application service market. |