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Xoom reports Q2 net loss

30 July 2015  |  1667 views  |  0 Source: Xoom Corporation

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.

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