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Xoom Reports Second Quarter 2013 Results

Stocks in this article: XOOM

- Revenue of $33.5 Million, increase of 59% from Q2 2012

- Gross Sending Volume of $1.61 Billion, increase of 82% from Q2 2012       

- 919,610 Active Customers, increase of 40% from Q2 2012

SAN FRANCISCO, July 24, 2013 (GLOBE NEWSWIRE) -- Xoom Corporation (Nasdaq:XOOM), a digital money transfer provider, today announced financial results for the second quarter of 2013:

  • Revenue for the second quarter was $33.5 million, an increase of 59% from the second quarter of 2012.  
  • Gross profit for the second quarter was $23.4 million, an increase of 72% from the second quarter of 2012.  
  • GAAP net income for the second quarter was $4.1 million, or $0.11 per diluted share, compared to a net loss of $1.6 million, or $0.32 per diluted share, for the second quarter of 2012.  
  • Adjusted EBITDA for the second quarter was $6.1 million, compared to a loss of $345,000 for the second quarter of 2012.  
  • Non-GAAP earnings per diluted share was $0.14, compared to a loss of $0.20 per diluted share for the second quarter of 2012.   
  • Cash, cash equivalents, disbursement prefunding and short-term investments were $166.9 million as of June 30, 2013, compared to $85.3 million as of December 31, 2012.  
  • Outstanding amounts due under the line of credit were $49.0 million as of June 30, 2013, compared to $40.0 million as of December 31, 2012. 

"We are pleased with our solid results driven by growth across all corridors, including strength from our India corridor," said John Kunze, president and chief executive officer, Xoom. "We believe our initiatives in providing customers the best-in-class money transfer service are paying off."

Operating Metrics

  • Gross sending volume for the quarter grew 82% to $1.61 billion from the second quarter of 2012.
  • Transactions for the quarter grew 57% to 2,582,000 from the second quarter of 2012.
  • Active customers for the quarter grew 40% to 919,610 from the second quarter of 2012.
  • New customers for the quarter grew 16% to 134,899 from the second quarter of 2012.

Highlights and Strategic Announcements

  • In May, Xoom announced a quick deposit service to India to provide customers with a fast and secure service. Customers can now deposit money to bank accounts in India within a breakthrough speed of four hours when sent during Indian banking hours.  
  • In June, Xoom announced a new Xoom Money Transfer App to provide customers a fast and simple method to send money on the go. The Xoom App is unique in its simplicity. With "one tap and one swipe" customers can complete a quick send to their recipients in just seconds.  
  • During the quarter, Xoom announced two initiatives to expand its reach in the Mexican and Indian communities.  -- In early May, Xoom announced Mexican radio personality Eddie "Piolín" Sotelo as an endorser for Xoom. Piolín stars in a series of television and radio commercials, advocating the convenience, security and speed of Xoom.  -- In late May, Xoom announced Indian superstar and trusted icon Amitabh Bachchan as its brand ambassador of Xoom's revolutionary four hour bank deposit to India.

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