- Second Quarter Revenue of $46.3
Million, increase of 16% from Q2 2014
- Second Quarter Gross Sending Volume of
$1.7 Billion, decrease of 4% from Q2 2014
- 1,381,175 Active Customers, increase of
16% from Q2 2014
Xoom Corporation (NASDAQ:XOOM), a leading digital money transfer
provider, today announced financial results for the second quarter
of 2015.
- Revenue for the second quarter was
$46.3 million, an increase of 16% from the second quarter of
2014.
- Gross profit for the second quarter was
$33.0 million, an increase of 23% from the second quarter of
2014.
- GAAP net loss for the second quarter
was $2.3 million, or a loss of $0.06 per diluted share, compared to
net income of $1.4 million, or $0.03 per diluted share, for the
second quarter of 2014.
- Adjusted EBITDA for the second quarter
was $3.9 million, compared to $5.1 million for the second quarter
of 2014.
- Non-GAAP net income per diluted share
for the second quarter was $0.06, compared to net income of $0.09
per diluted share for the second quarter of 2014.
- Cash, cash equivalents, disbursement
prefunding and short-term investments were $229.9 million as of
June 30, 2015, compared to $250.2 million as of December 31,
2014.
- There was no outstanding amount due
under the line of credit as of June 30, 2015. Outstanding amount
due under the line of credit was $28.0 million as of December 31,
2014.
Operating Metrics
- Gross sending volume for the quarter
was $1.7 billion, a decrease of 4% from the second quarter of
2014.
- Transactions for the quarter were
3,880,264, representing growth of 22% from the second quarter of
2014.
- Active customers for the quarter were
1,381,175, representing growth of 16% from the second quarter of
2014.
- Gross additional customers for the
quarter were 157,803, an increase of 2% from the second quarter of
2014.
Highlights and Strategic Announcements
During the quarter, Xoom launched the following new initiatives
to enhance its customer experience and expand its reach in new
markets:
- Expansion into Sri Lanka through our
partnership with Sampath Bank, one of the largest banks in Sri
Lanka, which enables Xoom customers to instantly deposit funds into
Sampath Bank accounts in Sri Lanka and to deposit funds to other
banks in Sri Lanka, including Hatton National Bank, Bank of Ceylon,
Peoples Bank, Commercial Bank and more.
- Expansion into Austria, Belgium, Greece
and Portugal, with bank deposit services to various banks in these
countries.
- Introduction of Xoom Mobile Reload, a
service which allows customers to instantly send airtime credit
online from the U.S. to prepaid mobile phones in 22 countries,
including India, Mexico and the Philippines.
On July 1, 2015, Xoom entered into a definitive agreement under
which PayPal, Inc. will acquire Xoom for $25 per share in cash (the
“Merger”). The Merger was unanimously approved by the Boards of
Directors of both companies, as well as the Board of Directors of
eBay Inc., PayPal, Inc.’s parent company on the date of the
agreement.
Business Outlook
In connection with the pending Merger, beginning in Q2 2015,
Xoom will no longer provide details regarding its business outlook
for future periods. In light of the pending Merger, and the results
reported above, the Company has determined to withdraw its prior
guidance for the full year 2015. The Company will not host a
conference call to review its second quarter 2015 financial
results.
About Xoom
Xoom is a leading digital money transfer provider that enables
consumers to send money, pay bills and send prepaid mobile phone
reloads for family and friends around the world in a secure, fast
and cost-effective way, using their mobile phone, tablet or
computer. During the 12 months ended June 30, 2015, Xoom’s more
than 1.4 million active customers sent approximately $6.9 billion
with Xoom. The company is headquartered in San Francisco and can be
found online at www.xoom.com.
Non-GAAP Financial Measures
Xoom’s stated results include certain non-GAAP financial
measures, including Adjusted EBITDA, non-GAAP net income and
non-GAAP net income per diluted share. Adjusted EBITDA excludes
(benefit) provision for income taxes, interest expense, interest
income, amortization of acquired intangible asset, depreciation and
other amortization expense, expenses related to stock-based
compensation and Merger-related costs. Depreciation and other
amortization expense includes impairment charges and loss on
disposal of long-lived assets. Costs incurred in connection with
the Merger are unique costs incurred out of the normal course of
business and have therefore been excluded from adjusted EBITDA and
non-GAAP net income to reflect normalized business performance.
Non-GAAP net income and non-GAAP net income per diluted share
exclude expenses related to stock-based compensation, amortization
of acquired intangible asset and Merger-related costs. Adjusted
EBITDA, non-GAAP net income and non-GAAP net income per diluted
share exclude these expenses as they are often excluded by other
companies to help investors understand the operational performance
of their business, and in the case of stock-based compensation, can
be difficult to predict. Xoom believes these adjustments provide
useful comparative information to investors.
Xoom considers these non-GAAP financial measures to be important
because they provide useful measures of its operating performance
and are used by its management for that purpose. In addition,
investors often use measures such as these to evaluate the
operating performance of a company. Non-GAAP results are presented
for supplemental informational purposes only for understanding
Xoom’s operating results. The non-GAAP results should not be
considered a substitute for financial information presented in
accordance with generally accepted accounting principles, and may
be different from non-GAAP measures used by other companies.
(Xoom-f)
XOOM CORPORATION AND
SUBSIDIARIES
Consolidated Balance Sheets
(In thousands, except share and per
share data)
June 30,
December 31,
2015 2014 (unaudited)
(derived from
audited financial
statements)
Assets Current assets: Cash and cash equivalents $ 81,613 $
67,216 Disbursement prefunding 42,893 71,167 Short-term investments
105,382 111,777 Customer funds receivable 25,470 18,590 Prepaid
expenses and other current assets 7,358 5,417
Total current assets 262,716 274,167 Non-current assets:
Property, equipment and software, net 15,406 15,670 Goodwill 9,032
9,032 Intangibles, net 4,710 5,129 Restricted cash 11,404 10,971
Other assets 751 755 Total assets $
304,019 $ 315,724
Liabilities and Stockholders’
Equity Current liabilities: Accounts payable and accrued
expenses $ 17,438 $ 14,533 Customer liabilities 19,815 11,540 Line
of credit — 28,000 Total current
liabilities 37,253 54,073 Non-current liabilities: Other
non-current liabilities 6,289 5,885
Total liabilities 43,542 59,958 Commitments and Contingencies
Stockholders’ equity: Common stock, $0.0001 par value, 500,000,000
shares authorized; issued and outstanding 39,304,758 and 38,592,808
shares at June 30, 2015 and December 31, 2014, respectively 4 4
Additional paid-in capital 347,451 339,169 Accumulated other
comprehensive loss (27 ) (55 ) Accumulated deficit (86,951 )
(83,352 ) Total stockholders’ equity 260,477
255,766 Total liabilities and stockholders’ equity $
304,019 $ 315,724
XOOM CORPORATION AND
SUBSIDIARIES
Consolidated Statements of
Operations
(In thousands, except per share
data)
Three Months Ended Six Months
Ended June 30, June 30, 2015
2014 2015 2014 (unaudited)
(unaudited) Revenue $ 46,327 $ 39,844 $ 90,745 $ 75,782 Cost
of revenue 13,349 12,977 25,382
22,555 Gross profit 32,978
26,867 65,363 53,227
Marketing 10,511 7,356 20,449 16,138 Technology and development
12,138 8,801 23,220 16,651 Customer service and operations 4,798
4,371 9,407 8,345 General and administrative 7,544
4,817 15,130 9,975 Total
operating expense 34,991 25,345
68,206 51,109 Income (loss) from operations
(2,013 ) 1,522 (2,843 ) 2,118
Other income (expense): Interest expense (325 ) (344 ) (694
) (672 ) Interest income 72 69 148 145 Other income (expense)
(18 ) 170 (130 )
190 Income (loss) before income taxes (2,284 ) 1,417 (3,519
) 1,781 Provision for income taxes 52 19
80 31 Net income (loss) $ (2,336
) $ 1,398 $ (3,599 ) $ 1,750 Net income (loss) per
share: Basic $ (0.06 ) $ 0.04 $ (0.09 ) $ 0.05 Diluted $ (0.06 ) $
0.03 $ (0.09 ) $ 0.04 Weighted-average shares used to compute net
income (loss) per share: Basic 39,183 38,102 38,994 37,952 Diluted
39,183 41,622 38,994 41,667
XOOM CORPORATION AND
SUBSIDIARIES
Key Metrics
Three Months Ended Six Months
Ended June 30, June 30, 2015
2014 2015 2014 (unaudited)
(unaudited) Other Financial and Operational Data:
Gross Sending Volume (in thousands) $ 1,727,534 $
1,805,342 $ 3,398,981 $ 3,382,033 Transactions 3,880,264 3,192,199
7,432,541 6,088,838 Active Customers 1,381,175 1,195,425 1,381,175
1,195,425 Gross Additional Customers 157,803 153,961 313,922
290,370 Cost Per Acquisition of a Gross Additional Customer $ 53 $
44 $ 52 $ 46 Adjusted EBITDA (in thousands) $ 3,903 $ 5,068 $ 7,641
$ 8,591
XOOM CORPORATION AND
SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP
Operating Results
Three Months Ended Six Months
Ended June 30, June 30, 2015
2014 2015 2014 (In thousands, except
per share data) (unaudited) Non-GAAP net income:
GAAP net income (loss) $ (2,336 ) $ 1,398 $ (3,599 ) $ 1,750 Add
back: stock-based compensation 3,250 2,333 6,485 4,257 Add back:
amortization of acquired intangible asset 203 203 407 407 Add back:
Merger-related cost 1,315 —
1,315 — Non-GAAP net income $ 2,432 $
3,934 $ 4,608 $ 6,414 Non-GAAP net
income per diluted share $ 0.06 $ 0.09 $ 0.11 $ 0.15
Non-GAAP diluted shares 41,715 41,622 41,488 41,667
Reconciliation of Adjusted EBITDA: Net income (loss) $
(2,336 ) $ 1,398 $ (3,599 ) $ 1,750 Provision for income taxes 52
19 80 31 Interest expense 325 344 694 672 Interest income (72 ) (69
) (148 ) (145 ) Amortization of acquired intangible asset 203 203
407 407 Depreciation and other amortization expense 1,166 840 2,407
1,619 Stock-based compensation 3,250 2,333 6,485 4,257
Merger-related cost 1,315 —
1,315 — Adjusted EBITDA $ 3,903 $ 5,068
$ 7,641 $ 8,591
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150729006394/en/
Xoom CorporationSharrifah Al-Salem, CFA, 415-660-1256Director of
Investor RelationsIR@xoom.com
XOOM CORP (NASDAQ:XOOM)
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