- Release Date: 24/04/15 08:49
- Summary: FLLYR: XRO: Xero Announces Fiscal 2015 Results
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XRO 24/04/2015 08:49 FLLYR PRICE SENSITIVE REL: 0849 HRS Xero Limited FLLYR: XRO: Xero Announces Fiscal 2015 Results MARKET RELEASE (Note: all currency is in New Zealand dollars and results are unaudited) Xero Announces Fiscal 2015 Results - Grows subscription revenue 81% to $121m - Fast growing SaaS company ends year in strong cash position 24 April 2015 - Xero Limited (NZX/ASX: XRO) continued to deliver exceptional growth for the year ended 31 March 2015, recording operating revenue of $123.9m, up 77% from $70.1m in FY14. Paying customers grew to 475,000 at 31 March 2015, up 67%, and subscription revenue grew 81% to $120.9m. Xero's recurring revenue model means that it commences its 2016 financial year strongly with $159.3m in annualised committed monthly revenue, a 71% increase on the same time last year. The Company will continue to invest to fuel growth and scale while maintaining its focus on building a high margin business model. The business maintained a strong cash position with $268.9m of cash at 31 March 2015 to continue to invest in creating long-term shareholder value. Highlights of the financial year ended 31 March 2015 include: Revenue - Subscription revenue of $120.9m, up 81% from $66.9m in FY14 - Constant currency subscription revenue of $122.5m, up 83% compared to FY14 - Operating revenue of $123.9m, up 77% compared with FY14 - Annualised committed monthly revenue (ACMR) of $159.3m, a 71% increase on FY14 Operating Loss - The net loss after tax for FY15 increased 96% to $69.5m, increasing to 56% of operating revenue from 51% from FY14, reflecting the investment in product development, and sales and marketing Balance Sheet and Cash Flow - Cash of $268.9m available to fund future growth and expansion - During FY15, the Company used $88.4m of cash and cash equivalents in operating and investing activities compared to $48.4m during FY14 - Xero raised $147.2m in March 2015 Business Highlights - Paying customers increased to 475,000 at 31 March 2015, an increase of 191,000 or 67% compared to 284,000 last year at 31 March 2014 - Xero added 403 employees, and now has 1,161 staff globally to support customer growth across all markets and to scale product development. Xero anticipates a slower rate of employee growth in FY16. Regional Breakdown [Refer to attached PDF] Comment from CEO, Rod Drury "We're delighted with our achievements this year. We focused on adding and integrating 400 talented people to our team for critical mass around the globe. We're extremely proud to have done that while continuing to drive strong revenue and customer growth across all markets. We have emerged as the cloud accounting leader in three countries and are seeing positive momentum in the U.S. market," said Rod Drury, CEO, Xero. "Our platform now provides the most comprehensive small business accounting experience for customers, winning against desktop solutions while delivering the benefit of running a business anywhere, anytime, from any device. We have delivered payroll and inventory across all markets, and we will continue to add value to small businesses, accountants and bookkeepers through continued innovation. We are very excited about FY16 and expect strong growth to continue in all our core markets for the foreseeable future." FY15 Commentary Xero continues exceptional growth as the leader in cloud accounting in New Zealand, Australia and the United Kingdom, with annualised subscriptions of $39.5m, $74.2m and $25.9m respectively. Strong growth is expected to continue in these markets, and Xero has focused on building infrastructure to support its expansion in the U.S. market. The U.S. remains a significant and addressable opportunity with the majority of small businesses unserved by cloud accounting software. Xero is well positioned to meet this need through its complete small business accounting solution, purpose built for the Cloud and mobile devices. During the second half of the year the U.S. management team formed, led by U.S. President Russ Fujioka. The focus was on ensuring a solid foundation for North America to enable it to scale, and during the second six months customer growth was 300% greater than the first six months. Xero continued to build its Global Leadership Team appointing Andy Lark as Chief Marketing Officer, Angus Norton as Chief Product Officer, and San Francisco-based Graham Smith was appointed to the Board as a non-Executive Director. An additional $147.2m of capital was raised in March 2015 from Accel Partners and existing investor Matrix Capital Management, positioning Xero strongly with $269m of cash. Investor calendar (NZT) 24 April 2015, 9am NZT - Investor conference call 21 May 2015 - Annual Report release 22 July 2015 - Annual General Meeting (Wellington, New Zealand) 19 November 2015 - Half Year Interim Report release [Refer to attached PDF for unaudited financial statements for the year ended 31 March 2015]. ENDS About Xero Xero is beautiful, easy-to-use online accounting software for small businesses and their advisors. The company has 475,000 paying customers in more than 180 countries. Xero seamlessly integrates with over 400 third-party tools, and was recently ranked No. 1 by Forbes as the World's Most Innovative Growth Company. For more information contact: Rod Drury Ross Jenkins Xero CEO CFO [email protected] [email protected] +64 27 6000 007 +64 21 963 909 Chris Teeling Bridget MacDonald Investor Relations Corporate Communications and Media [email protected] [email protected] +64 21 227 3136 +64 27 801 6000 End CA:00263527 For:XRO Type:FLLYR Time:2015-04-24 08:49:31
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