• Revenue for the third quarter was $39.4 million, an increase of 22% from the third quarter of 2013.
• Gross profit for the third quarter was $28.3 million, an increase of 29% from the third quarter of 2013.
• GAAP net income for the third quarter was $398,000, or $0.01 per diluted share, compared to net income of $1.2 million, or $0.03 per diluted share, for the third quarter of 2013.
• Adjusted EBITDA for the third quarter was $5.0 million, compared to $3.3 million for the third quarter of 2013.
• Non-GAAP diluted net income per share for the third quarter was $0.08, compared to $0.06 per diluted share for the third quarter of 2013.
• Cash, cash equivalents, disbursement prefunding and short-term investments were $276.0 million as of September 30, 2014, compared to $249.5 million as of December 31, 2013.
• Outstanding amount due under the line of credit was $38.0 million as of September 30, 2014. We had no outstanding balance under our line of credit as of December 31, 2013.

"We had a good quarter with sound financial metrics, and we continued to see great performance from our loyal customer base," said John Kunze, president and chief executive officer, Xoom. "Customer acquisition in the quarter was challenging, but we typically earn more than 90% of our revenues from our repeat customers, so our new customer results only marginally impacted revenues during the quarter."

Operating Metrics

• Gross sending volume for the quarter grew 13% to $1.7 billion from the third quarter of 2013.
• Transactions for the quarter grew 22% to 3,197,129 from the third quarter of 2013.
• Active customers for the quarter grew 22% to 1,221,733 from the third quarter of 2013.
• New customers for the quarter decreased by 22% to 96,632 from the third quarter of 2013.

Highlights and Strategic Announcements

During the quarter, Xoom enhanced its customer experience by continuing to expand instant bank deposit services to bank accounts in India at ICICI Bank, Union Bank of India, Bank of Baroda, Federal Bank and Yes Bank, using the Immediate Payment Service platform.

Business Outlook

For Q4 2014, Xoom is targeting the following:

• Revenue to be between $41.0 million and $43.0 million.
• Adjusted EBITDA to be between $3.0 million and $4.5 million.
• GAAP diluted net loss per share to be in the range of $0.04 to $0.01.
• Non-GAAP diluted net income per share to be in the range of $0.03 to $0.06.

For Full Year 2014, Xoom is targeting the following:

• Revenue to be between $156.2 million and $158.2 million.
• Adjusted EBITDA to be between $16.5 million and $18.0 million.
• GAAP diluted net income per share to be in the range of $0.01 to $0.05.
• Non-GAAP diluted net income per share to be in the range of $0.26 to $0.29.

CFO Transition

After nine years and considerable discussion with his family, Ryno Blignaut has decided to resign as Xoom's CFO, effective December 1, 2014, to pursue personal interests, spend more time with his family and to carefully evaluate the next step in his career. Ryno will remain available to Xoom for the short term after December 1, 2014 in a consulting capacity.

"Ryno has made an incredible contribution to Xoom from its very early days as a startup, through our IPO and beyond," said Kunze. "We owe him a great deal of thanks for his many contributions to Xoom and wish him the very best in the future. We are also fortunate to have a worthy successor in place. I'm thrilled to report that our VP of Finance, Matt Hibbard, will take over as CFO. Matt knows our business extremely well, having worked closely with Ryno over the past three years."

"Thank you, John, for being such a great boss and mentor to me over the last 9 years," said Blignaut. "It's been a great experience and I've learned a lot. This was obviously a very hard decision for me to make but it feels right and I will always have very fond memories of my time at Xoom. I'm also thrilled that Matt will now have the opportunity to lead this great company with John and the rest of the executive team. Congratulations, Matt."