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Share Name | Share Symbol | Market | Type |
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(MM) | NASDAQ:XOOM | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 24.92 | 0 | 01:00:00 |
Xoom Corporation (NASDAQ:XOOM), a leading digital money transfer provider, today announced financial results for the third quarter of 2015.
Operating Metrics
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:
On July 1, 2015, Xoom entered into a definitive agreement (the “Merger 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. The Merger is conditioned upon, among other things, the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”). The waiting period under the HSR Act expired on August 14, 2015. The Company’s stockholders approved the adoption of the Merger Agreement at a special meeting of stockholders held on September 4, 2015. The Merger remains subject to the satisfaction or waiver of customary closing conditions and the receipt of certain regulatory consents relating to Xoom's money transmitter licenses.
Business Outlook
In connection with the pending Merger, Xoom will no longer provide details regarding its business outlook for future periods. The Company will not host a conference call to review its third 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 September 30, 2015, Xoom’s 1.5 million active customers sent approximately $7.1 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 cost. 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 cost. 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 SUBSIDIARIESConsolidated Balance Sheets(In thousands, except share and per share data)
September 30, December 31, 2015 2014(unaudited)
(derived fromaudited financialstatements)
Assets Current assets: Cash and cash equivalents $ 64,826 $ 67,216 Disbursement prefunding 54,559 71,167 Short-term investments 87,615 111,777 Customer funds receivable 24,632 18,590 Prepaid expenses and other current assets 7,757 5,417 Total current assets 239,389 274,167 Non-current assets: Property, equipment and software, net 16,785 15,670 Goodwill 9,032 9,032 Intangibles, net 4,500 5,129 Restricted cash 13,754 10,971 Other assets 1,106 755 Total assets $ 284,566 $ 315,724 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable and accrued expenses $ 15,965 $ 14,533 Customer liabilities 12,338 11,540 Line of credit — 28,000 Total current liabilities 28,303 54,073 Non-current liabilities: Other non-current liabilities 6,169 5,885 Total liabilities 34,472 59,958 Commitments and Contingencies Stockholders’ equity: Common stock, $0.0001 par value, 500,000,000 shares authorized; issued and outstanding 39,554,634 and 38,592,808 shares at September 30, 2015 and December 31, 2014, respectively 4 4 Additional paid-in capital 353,060 339,169 Accumulated other comprehensive loss (6 ) (55 ) Accumulated deficit (102,964 ) (83,352 ) Total stockholders’ equity 250,094 255,766 Total liabilities and stockholders’ equity $ 284,566 $ 315,724XOOM CORPORATION AND SUBSIDIARIESConsolidated Statements of Operations(In thousands, except per share data)
Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (unaudited) (unaudited) Revenue $ 42,431 $ 39,416 $ 133,176 $ 115,198 Cost of revenue 14,554 11,121 39,936 33,676 Gross profit 27,877 28,295 93,240 81,522 Marketing 9,977 7,193 30,426 23,331 Technology and development 11,758 10,018 34,978 26,669 Customer service and operations 5,021 4,403 14,428 12,748 General and administrative 16,639 5,741 31,769 15,716 Total operating expense 43,395 27,355 111,601 78,464 Income (loss) from operations (15,518 ) 940 (18,361 ) 3,058 Other income (expense): Interest expense (370 ) (351 ) (1,064 ) (1,023 ) Interest income 83 59 231 204 Other income (expense) (165 ) (220 ) (295 ) (30 ) Income (loss) before income taxes (15,970 ) 428 (19,489 ) 2,209 Provision for income taxes 43 30 123 61 Net income (loss) $ (16,013 ) $ 398 $ (19,612 ) $ 2,148 Net income (loss) per share: Basic $ (0.41 ) $ 0.01 $ (0.50 ) $ 0.06 Diluted $ (0.41 ) $ 0.01 $ (0.50 ) $ 0.05 Weighted-average shares used to compute net income (loss) per share: Basic 39,448 38,347 39,147 38,085 Diluted 39,448 41,765 39,147 41,701XOOM CORPORATION AND SUBSIDIARIESKey Metrics
Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (unaudited) (unaudited) Other Financial and Operational Data: Gross Sending Volume (in thousands) $ 1,930,646 $ 1,718,499 $ 5,329,627 $ 5,100,532 Transactions 4,260,359 3,197,129 11,692,900 9,285,967 Active Customers 1,473,859 1,221,733 1,473,859 1,221,733 Gross Additional Customers 186,268 118,964 500,190 409,334 Cost Per Acquisition of a Gross Additional Customer $ 43 $ 44 $ 48 $ 45 Adjusted EBITDA (in thousands) $ (1,285 ) $ 4,955 $ 6,356 $ 13,546XOOM CORPORATION AND SUBSIDIARIESReconciliation of GAAP to Non-GAAP Operating Results
Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (In thousands, except per share data) (unaudited) Non-GAAP net income: GAAP net income (loss) $ (16,013 ) $ 398 $ (19,612 ) $ 2,148 Add back: stock-based compensation 3,546 2,619 10,031 6,876 Add back: amortization of acquired intangible asset 204 204 611 611 Add back: Merger-related cost 9,416 — 10,731 — Non-GAAP net income (loss) $ (2,847 ) $ 3,221 $ 1,761 $ 9,635 Non-GAAP net income (loss) per diluted share $ (0.07 ) $ 0.08 $ 0.04 $ 0.23 Non-GAAP diluted shares 39,448 41,765 41,816 41,701 Reconciliation of Adjusted EBITDA: Net income (loss) $ (16,013 ) $ 398 $ (19,612 ) $ 2,148 Provision for income taxes 43 30 123 61 Interest expense 370 351 1,064 1,023 Interest income (83 ) (59 ) (231 ) (204 ) Amortization of acquired intangible asset 204 204 611 611 Depreciation and other amortization expense 1,232 1,412 3,639 3,031 Stock-based compensation 3,546 2,619 10,031 6,876 Merger-related cost 9,416 — 10,731 — Adjusted EBITDA $ (1,285 ) $ 4,955 $ 6,356 $ 13,546
View source version on businesswire.com: http://www.businesswire.com/news/home/20151104006364/en/
Xoom CorporationSharrifah Al-Salem, CFA, 415-660-1256Director of Investor RelationsIR@xoom.com
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