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Xoom reports strong fourth quarter

11 February 2015  |  1403 views  |  0 Source: Xoom

Xoom Corporation (NASDAQ: XOOM), a leading digital money transfer provider, today announced financial results for the fourth quarter and full year 2014.

For Q4 2014:

Revenue for the fourth quarter was $43.9 million, an increase of 37% from the fourth quarter of 2013.
Gross profit for the fourth quarter was $32.1 million, an increase of 46% from the fourth quarter of 2013.
GAAP loss for the fourth quarter of 2014 included a $30.8 million business e-mail compromise (“BEC”) fraud loss as disclosed in the Form 8-K filed on January 5, 2015.
GAAP net loss for the fourth quarter was $28.5 million, or a loss of $0.74 per diluted share, compared to net income of $1.2 million, or $0.03 per diluted share, for the fourth quarter of 2013.
Adjusted EBITDA for the fourth quarter was $6.5 million, compared to $3.3 million for the fourth quarter of 2013.
Non-GAAP net income per diluted share for the fourth quarter was $0.12, compared to net income of $0.06 per diluted share for the fourth quarter of 2013.

For Full Year 2014:

Revenue for 2014 was $159.1 million, an increase of 30% from 2013.
Gross profit for 2014 was $113.7 million, an increase of 35% from 2013.
GAAP loss for 2014 included a $30.8 million business e-mail compromise (“BEC”) fraud loss as disclosed in the Form 8-K filed on January 5, 2015.
GAAP net loss for 2014 was $26.3 million, or a loss of $0.69 per diluted share, compared to net income of $6.3 million, or $0.17 per diluted share, for 2013.
Adjusted EBITDA for 2014 was $20.1 million, compared to $14.4 million for 2013.
Non-GAAP net income per diluted share for 2014 was $0.35, compared to net income of $0.27 per diluted share for 2013.
Cash, cash equivalents, disbursement prefunding and short-term investments were $250.2 million as of December 31, 2014, compared to $249.5 million as of December 31, 2013.
Outstanding amount due under the line of credit was $28.0 million as of December 31, 2014. There was no outstanding balance under the line of credit as of December 31, 2013.

“We performed well across all key corridors leading to strong results in the quarter,” said John Kunze, president and chief executive officer, Xoom. “We are pleased to enter 2015 from a position of strength, having executed against several important initiatives including introducing Bill Pay and launching our money transfer service to China, and we will continue to improve our global product, enhance the efficiency of our marketing efforts and target country-specific initiatives to deliver the highest quality experience for our customers.”

Operating Metrics

Gross sending volume for the quarter grew 29% to $1.8 billion from the fourth quarter of 2013.
Transactions for the quarter grew 27% to 3,477,440 from the fourth quarter of 2013.
Active customers for the quarter grew 21% to 1,278,646 from the fourth quarter of 2013.
Gross additional customers for the quarter increased by 10% to 145,209 from the fourth quarter of 2013.
New customers for the quarter increased by 5% to 118,072 from the fourth quarter of 2013.

Highlights and Strategic Announcements

During the quarter, Xoom launched Xoom Bill Pay, a cutting edge technology platform that transforms cross-border bill payments, allowing customers to pay their loved ones’ bills online. Xoom Bill Pay was launched to major utility providers in five countries.

In early 2015, Xoom launched its money transfer services to China.

Business Outlook

For Q1 2015, Xoom is targeting the following:

Revenue to be between $42.0 million and $44.0 million.
Adjusted EBITDA to be between $1.0 million and $3.0 million.
GAAP net loss per diluted share to be in the range of $0.11 to $0.05.
Non-GAAP net income (loss) per diluted share to be in the range of $(0.02) to $0.03.

For Full Year 2015, Xoom is targeting the following:

Revenue to be between $190.0 million and $195.0 million.
Adjusted EBITDA to be between $20.0 million and $25.0 million.
GAAP net income (loss) per diluted share to be in the range of $(0.05) to $0.07.
Non-GAAP net income per diluted share to be in the range of $0.29 to $0.40.

Updated Key Metrics Disclosure

Our business strategy and marketing efforts are designed to drive growth among all customers within our active customer base. As our business grows, previously inactive customers who transacted with us at least once and then return to transact with us for the first time in more than twelve months are steadily contributing to the growth of that base. We refer to these customers as “win-backs.” Because win-backs have transacted with us before, they do not fall within our definition of “new customers,” a key metric we have disclosed in prior periods. We refer to the sum of “new customers” and “win-backs” as “gross additional customers.” To properly reflect the importance of both new customers and win-backs across all our product lines to our business, beginning in Q1 2015, we will disclose only gross customer additions in any given period. Management views the number of gross additional customers as a key driver of business growth and revenue, and moving to the gross additional customer metric more accurately reflects how we run the business.

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