CYBS » Topics » LIQUIDITY AND CAPITAL RESOURCES

This excerpt taken from the CYBS 10-Q filed May 8, 2009.

LIQUIDITY AND CAPITAL RESOURCES

Our cash and cash equivalents were $79.2 million as of March 31, 2009 compared to $73.3 million as of December 31, 2008, an increase of approximately $5.9 million. The increase is primarily due to cash provided by operating activities of approximately $7.7 million, which is net of bonuses paid under the company-wide bonus plan of approximately $4.5 million, and proceeds from the issuance of the Company’s common stock resulting from stock option exercises of approximately $0.9 million, offset by capital expenditures of approximately $2.5 million.

We believe that our cash and cash equivalents, which consist of only money market funds, as of March 31, 2009 will be sufficient to meet our working capital and capital requirements for at least the next twelve months. Our future capital requirements will depend on many factors including the level of investment we make in new businesses, new products or new technologies. We currently have no agreements or understandings with respect to any future investments or acquisitions. To the extent that our existing cash resources and future earnings are insufficient to fund our future activities, we may need to obtain additional equity or debt financing. Additional funds may not be available or, if available, we may not be able to obtain them on favorable terms.

The following is a table summarizing our significant commitments as of March 31, 2009, consisting of future minimum lease payments under all non-cancelable operating leases (in thousands):

 

Contractual obligations

   Total    Less than 1
year
   1 – 3 years    3 – 5 years

Operating leases

   $ 16,180    $ 4,974    $ 11,206    $ —  
                           

Total commitments

   $ 16,180    $ 4,974    $ 11,206    $ —  
                           

We have excluded tax contingencies totaling approximately $2.0 million from the table above as there is a high degree of uncertainty regarding the timing of future cash outflows and, as a result, we are not able to make reasonably reliable estimates of the period of cash settlement with the respective taxing authorities.

These excerpts taken from the CYBS 10-K filed Feb 27, 2009.

Liquidity and Capital Resources

Our cash and cash equivalents were $73.3 million as of December 31, 2008 compared to $40.4 million as of December 31, 2007, an increase of $32.9 million. This increase is primarily due to the following (in thousands):

 

     Year Ended December 31,  
           2008                 2007        

Cash provided by operating activities

   $ 50,236     $ 13,528  

Proceeds from issuance of common stock

     7,161       6,928  

Cash used in the acquisition of Authorize.Net

     —         (25,734 )

Purchases of equipment

     (11,847 )     (4,574 )

Repurchases of common stock

     (10,703 )     (5,032 )

We believe that our cash and cash equivalents balance as of December 31, 2008 will be sufficient to meet our working capital and capital requirements for at least the next twelve months. Our future capital requirements will depend on many factors including the level of investment we make in new businesses, new products or new technologies. We currently have no agreements or understandings with respect to any future investments or acquisitions. To the extent that our existing cash resources and future earnings are insufficient to fund our future activities, we may need to obtain additional equity or debt financing. Additional funds may not be available or, if available, we may not be able to obtain them on favorable terms.

At December 31, 2008, we had no indebtedness for borrowed money. At December 31, 2008, we had an unsecured letter of credit in the amount of $1.0 million per the terms of the operating lease related to the Burlington, Massachusetts office facility we acquired through the acquisition of Authorize.Net.

The following is a table summarizing our significant contractual obligations as of December 31, 2008, consisting of future minimum lease payments under all non-cancelable and operating leases (in thousands):

 

Contractual obligations

   Total    Less than 1
year
   1 – 3 years    3 – 5 years

Operating leases

   $ 17,357    $ 4,848    $ 12,186    $ 323
                           

Total commitments

   $ 17,357    $ 4,848    $ 12,186    $ 323
                           

We have excluded tax contingencies totaling approximately $1.9 million from the table above as there is a high degree of uncertainty regarding the timing of future cash outflows and, as a result, we are not able to make reasonably reliable estimates of the period of cash settlement with the respective taxing authorities.

Liquidity and Capital Resources

Our cash and cash equivalents were $73.3 million as of December 31, 2008 compared to $40.4 million as of December 31, 2007, an increase of $32.9 million. This increase is primarily due to the following (in thousands):

 

     Year Ended December 31,  
           2008                 2007        

Cash provided by operating activities

   $ 50,236     $ 13,528  

Proceeds from issuance of common stock

     7,161       6,928  

Cash used in the acquisition of Authorize.Net

     —         (25,734 )

Purchases of equipment

     (11,847 )     (4,574 )

Repurchases of common stock

     (10,703 )     (5,032 )

We believe that our cash and cash equivalents balance as of December 31, 2008 will be sufficient to meet our working capital and capital requirements for at least the next twelve months. Our future capital requirements will depend on many factors including the level of investment we make in new businesses, new products or new technologies. We currently have no agreements or understandings with respect to any future investments or acquisitions. To the extent that our existing cash resources and future earnings are insufficient to fund our future activities, we may need to obtain additional equity or debt financing. Additional funds may not be available or, if available, we may not be able to obtain them on favorable terms.

At December 31, 2008, we had no indebtedness for borrowed money. At December 31, 2008, we had an unsecured letter of credit in the amount of $1.0 million per the terms of the operating lease related to the Burlington, Massachusetts office facility we acquired through the acquisition of Authorize.Net.

The following is a table summarizing our significant contractual obligations as of December 31, 2008, consisting of future minimum lease payments under all non-cancelable and operating leases (in thousands):

 

Contractual obligations

   Total    Less than 1
year
   1 – 3 years    3 – 5 years

Operating leases

   $ 17,357    $ 4,848    $ 12,186    $ 323
                           

Total commitments

   $ 17,357    $ 4,848    $ 12,186    $ 323
                           

We have excluded tax contingencies totaling approximately $1.9 million from the table above as there is a high degree of uncertainty regarding the timing of future cash outflows and, as a result, we are not able to make reasonably reliable estimates of the period of cash settlement with the respective taxing authorities.

This excerpt taken from the CYBS 10-Q filed Nov 10, 2008.

LIQUIDITY AND CAPITAL RESOURCES

Our cash and cash equivalents were $73.2 million as of September 30, 2008 compared to $40.4 million as of December 31, 2007, an increase of approximately $32.8 million. The increase is primarily due to cash provided by operating activities of approximately $39.9 million, which is net of bonuses paid under the company-wide bonus plan of approximately $2.3 million, and proceeds from the issuance of the Company’s common stock resulting from stock option exercises of approximately $7.0 million, offset by capital expenditures of approximately $10.4 million and cash used to repurchase our common stock of approximately $2.9 million.

We believe that our cash and cash equivalents, which consist of only money market funds, as of September 30, 2008 will be sufficient to meet our working capital and capital requirements for at least the next twelve months. Our future capital requirements will depend on many factors including the level of investment we make in new businesses, new products or new technologies. We currently have no agreements or understandings with respect to any future investments or acquisitions. To the extent that our existing cash resources and future earnings are insufficient to fund our future activities, we may need to obtain additional equity or debt financing. Additional funds may not be available or, if available, we may not be able to obtain them on favorable terms.

The following is a table summarizing our significant commitments as of September 30, 2008, consisting of future minimum lease payments under all non-cancelable operating leases (in thousands):

 

Contractual obligations

   Total    Less than 1
year
   1 – 3 years    3 – 5 years

Operating leases

   $ 18,976    $ 4,797    $ 10,459    $ 3,720
                           

Total commitments

   $ 18,976    $ 4,797    $ 10,459    $ 3,720
                           

 

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Table of Contents

We have excluded tax contingencies totaling approximately $1.1 million from the table above as there is a high degree of uncertainty regarding the timing of future cash outflows and, as a result, we are not able to make reasonably reliable estimates of the period of cash settlement with the respective taxing authorities.

This excerpt taken from the CYBS 10-Q filed Aug 7, 2008.

LIQUIDITY AND CAPITAL RESOURCES

Our cash and cash equivalents were $64.6 million as of June 30, 2008 compared to $40.4 million as of December 31, 2007, an increase of approximately $24.3 million. The increase is primarily due to cash provided by operating activities of approximately $24.1 million and proceeds from the issuance of the Company’s common stock resulting from stock option exercises of approximately $5.4 million, offset by capital expenditures of approximately $5.3 million and bonuses paid under the company-wide bonus plan of approximately $2.3 million.

We believe that our cash and cash equivalents balance as of June 30, 2008 will be sufficient to meet our working capital and capital requirements for at least the next twelve months. Our future capital requirements will depend on many factors including the level of investment we make in new businesses, new products or new technologies. We currently have no agreements or understandings with respect to any future investments or acquisitions. To the extent that our existing cash resources and future earnings are insufficient to fund our future activities, we may need to obtain additional equity or debt financing. Additional funds may not be available or, if available, we may not be able to obtain them on favorable terms.

The following is a table summarizing our significant commitments as of June 30, 2008, consisting of future minimum lease payments under all non-cancelable operating leases (in thousands):

 

Contractual obligations

   Total    Less than 1
year
   1 –3 years    3 –5 years

Operating leases

   $ 20,231    $ 4,844    $ 10,382    $ 5,005
                           

Total commitments

   $ 20,231    $ 4,844    $ 10,382    $ 5,005
                           

We have excluded tax contingencies totaling approximately $2.3 million from the table above as there is a high degree of uncertainty regarding the timing of future cash outflows and, as a result, we are not able to make reasonably reliable estimates of the period of cash settlement with the respective taxing authorities.

This excerpt taken from the CYBS 10-Q filed May 6, 2008.

LIQUIDITY AND CAPITAL RESOURCES

Our cash and cash equivalents were $50.7 million as of March 31, 2008 compared to $40.4 million as of December 31, 2007. Cash and cash equivalents increased by approximately $10.3 million from December 31, 2007 to March 31, 2008. The increase is primarily due to cash provided by operating activities of approximately $11.7 million, which includes bonuses paid under the company-wide bonus plan of approximately $2.3 million, and proceeds from the issuance of the Company’s common stock resulting from stock option exercises of approximately $1.7 million, offset partially by capital expenditures of approximately $3.1 million.

We believe that our cash and cash equivalents balance as of March 31, 2008 will be sufficient to meet our working capital and capital requirements for at least the next twelve months. Our future capital requirements will depend on many factors including the level of investment we make in new businesses, new products or new technologies. We currently have no agreements or understandings with respect to any future investments or acquisitions. To the extent that our existing cash resources and future earnings are insufficient to fund our future activities, we may need to obtain additional equity or debt financing. Additional funds may not be available or, if available, we may not be able to obtain them on favorable terms.

The following is a table summarizing our significant commitments as of March 31, 2008, consisting of future minimum lease payments under all non-cancelable and operating leases (in thousands):

 

Contractual obligations

   Total    Less than
1 year
   1 – 3 years    3 – 5 years

Operating leases

   $ 21,585    $ 4,992    $ 10,304    $ 6,289
                           

Total commitments

   $ 21,585    $ 4,992    $ 10,304    $ 6,289
                           

We have excluded tax contingencies totaling approximately $2.2 million from the table above as there is a high degree of uncertainty regarding the timing of future cash outflows and, as a result, we are not able to make reasonably reliable estimates of the period of cash settlement with the respective taxing authorities.

This excerpt taken from the CYBS 10-K filed Mar 11, 2008.

Liquidity and Capital Resources

Our cash and cash equivalents and short-term investments were $40.4 million as of December 31, 2007 compared to $54.9 million as of December 31, 2006. Cash and cash equivalents and short-term investments decreased $14.5 million from December 31, 2006 to December 31, 2007. This decrease is primarily due to the following (in thousands):

 

     Year Ended December 31,  
     2007        2006  

Cash provided by operating activities

   $ 13,815        $ 9,841  

Proceeds from issuance of common stock

     6,928          4,672  

Cash used in the acquisition of Authorize.Net

     (25,734 )        —    

Acquisition of BidPay

     —            (1,990 )

Purchases of equipment

     (4,574 )        (2,506 )

Repurchases of common stock

     (5,032 )        (2,461 )

Cash used in the acquisition of Authorize.Net includes severance payments to certain former employees and directors of Authorize.Net of approximately $29.4 million and third-party professional fees of approximately $8.4 million, offset to a certain extent, by cash acquired from Authorize.Net of approximately $12.1 million.

We believe that our cash and short-term investment balances as of December 31, 2007 will be sufficient to meet our working capital and capital requirements for at least the next twelve months. Our future capital requirements will depend on many factors including the level of investment we make in new businesses, new products or new technologies. We currently have no agreements or understandings with respect to any future investments or acquisitions. To the extent that our existing cash resources and future earnings are insufficient to fund our future activities, we may need to obtain additional equity or debt financing. Additional funds may not be available or, if available, we may not be able to obtain them on favorable terms.

The following is a table summarizing our significant contractual obligations as of December 31, 2007, consisting of future minimum lease payments under all non-cancelable and operating leases (in thousands):

 

     Total    Less than 1
year
   1 – 3 years    3 – 5 years    More than 5
years

Operating leases

   $ 18,651    $ 4,811    $ 8,771    $ 4,951    $ 118
                                  

Total commitments

   $ 18,651    $ 4,811    $ 8,771    $ 4,951    $ 118
                                  

 

28


We have excluded tax contingencies totaling approximately $2.2 million from the table above as there is a high degree of uncertainty regarding the timing of future cash outflows and, as a result, we are not able to make reasonably reliable estimates of the period of cash settlement with the respective taxing authorities.

This excerpt taken from the CYBS 10-Q filed Nov 7, 2007.

LIQUIDITY AND CAPITAL RESOURCES

Our cash, cash equivalents and short-term investments were $60.1 million as of September 30, 2007 compared to $54.9 million as of December 31, 2006. Cash, cash equivalents and short-term investments increased by approximately $5.2 million from December 31, 2006 to September 30, 2007. The increase is primarily due to the following (in thousands):

 

     Nine Months Ended
September 30,_
 
     2007     2006  

Cash provided by operating activities

   $ 10,365     $ 8,259  

Proceeds from issuance of common stock

     3,213       3,981  

Acquisition of BidPay

     —         (1,990 )

Payment of bonuses under company-wide bonus plan

     (953 )     (989 )

Purchases of equipment

     (3,543 )     (1,881 )

Repurchases of common stock

     (5,032 )     (1,123 )

We believe that our cash and short-term investment balances as of September 30, 2007 will be sufficient to meet our working capital and capital requirements for at least the next twelve months, including $29.4 million in severance costs and $4.6 million in direct transaction costs associated with our acquisition of Authorize.Net, and also taking into account the anticipated cash balances of Authorize.Net. See “Risk Factors” below for further detail regarding expenses related to the acquisition of Authorize.Net. Our future capital requirements will depend on many factors including the level of investment we make in new businesses, new products or new technologies. We currently have no agreements or understandings with respect to any future investments. To the extent that our existing cash resources and future earnings are insufficient to fund our future activities, we may need to obtain additional equity or debt financing. Additional funds may not be available or, if available, we may not be able to obtain them on favorable terms.

The following is a table summarizing our significant commitments as of September 30, 2007, without taking into account the Authorize.Net acquisition, consisting of future minimum lease payments under all non-cancelable and operating leases (in thousands):

 

Contractual obligations

   Total   

Less than 1

year

   1 –3 years    3 –5 years

Operating leases

   $ 6,132    $ 1,309    $ 2,857    $ 1,966
                           

Total commitments

   $ 6,132    $ 1,309    $ 2,857    $ 1,966
                           
This excerpt taken from the CYBS 10-Q filed Aug 8, 2007.

LIQUIDITY AND CAPITAL RESOURCES

Our cash, cash equivalents and short-term investments were $61.2 million as of June 30, 2007 compared to $54.9 million as of December 31, 2006. Cash, cash equivalents and short-term investments increased by approximately $6.2 million from December 31, 2006 to June 30, 2007. The increase is primarily due to the following (in thousands):

 

     Six months Ended
June 30,
 
     2007     2006  

Cash provided by operating activities

   $ 5,146     $ 4,855  

Proceeds from issuance of common stock

     2,163       2,773  

Acquisition of BidPay

     —         (1,990 )

Payment of bonuses under company-wide bonus plan

     (953 )     (989 )

Purchases of equipment

     (812 )     (1,063 )

Repurchases of common stock

     (363 )     (1,123 )

On June 17, 2007, we entered into an agreement to acquire Authorize.Net in a stock and cash transaction valued at approximately $565 million, as of the close of the Nasdaq Global Market System on June 15, 2007. Upon completion of the merger, Authorize.Net stockholders will receive 1.1611 shares of our common stock for each outstanding share of Authorize.Net common stock and their pro-rata share of approximately $125 million in the form of a cash payment.

The merger is subject to customary conditions to closing, including (i) the approval of the holders of our common stock, (ii) the approval of the holders of Authorize.Net’s common stock, (iii) the declaration by the Securities Exchange Commission that the joint proxy statement/prospectus is effective, (iv) the lapse of applicable waiting periods under the Hart-Scott-Rodino Act, (v) the absence of any material adverse effect with respect to each party’s business (in each case, subject to certain exceptions), and (vi) the approval of our common stock to be issued in the merger to be listed on Nasdaq.

We believe that our cash and short-term investment balances as of June 30, 2007 will be sufficient to meet our working capital and capital requirements for at least the next twelve months, including $23.6 million in severance costs and $4.6 million in direct transaction costs associated with our acquisition of Authorize.Net. See “Risk Factors” below for further detail regarding expenses related to the acquisition of Authorize.Net. Our future capital requirements will depend on many factors including the level of investment we make in new businesses, new products or new technologies. Except for the Authorize.Net acquisition, we currently have no agreements or understandings with respect to any future investments. To the extent that our existing cash resources and future earnings are insufficient to fund our future activities, we may need to obtain additional equity or debt financing. Additional funds may not be available or, if available, we may not be able to obtain them on favorable terms.

The following is a table summarizing our significant commitments as of June 30, 2007, consisting of future minimum lease payments under all non-cancelable and operating leases (in thousands):

 

Contractual obligations

   Total    Less than
1 year
   1 – 3
years
   3 – 5
years
  

More than

5 years

Operating leases

   $ 6,396    $ 1,218    $ 2,884    $ 2,229    $ 65
                                  

Total commitments

   $ 6,396    $ 1,218    $ 2,884    $ 2,229    $ 65
                                  
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