Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.Launch Radio player
Accounting software firm Xero had $85 million of cash at the end of 2012 after raising $60 million in a private placement in December.
The figure is revealed in its first quarterly cashflow report, which is required by the ASX. Xero took up a secondary listing on ASX in November.
The report shows net operating and investing cash outflows for the quarter of $6 million.
Xero spent $6.48 million on staff costs in the quarter and $1.05 million on advertising and marketing.
Its receipts from customers were $10.12 million in the quarter and $25.96 million in the nine months to December 31.
Earlier, the company reported revenue of $17.3 million in accounts for the six months to September 30 and operating expenses of $22.8 million. It said it had annualised committed revenue of $38.7 million.
Xero has about 3000 shareholders and 48 percent of its shares are held by directors and staff.
In the capital raising, Peter Thiel-backed Valar Ventures of San Francisco invested $24 million and Massachusetts-based Matrix Capital Management invested $58 million. They also bought collectively $22 million of existing shares from Xero's three largest shareholders.
The company is loss-making at present, judging it better to invest in accelerated growth to capture market share in the global market for online, cloud-based business systems.
The shares fell 0.7 percent to $7.25 in trading today.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Reserve Bank to press ahead with plans to carve out property investment lending
- Wool prices hold at elevated levels as volumes decline
- CPA Australia takes defamation case against rival accounting body NZICA
- Changing consumer habits lead to retail exodus in Tauranga’s CBD
- Why bureaucrats shut down Pike River case