Xero has $85m of cash in first cashflow report

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.

(BusinessDesk)

This article is tagged with the following keywords. Find out more about My Tags

Comment & Question

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7959 -0.0001 -0.01%
AUD 0.9075 0.0004 0.04%
EUR 0.6264 0.0040 0.64%
GBP 0.4941 0.0013 0.26%
HKD 6.1735 -0.0023 -0.04%
JPY 85.1880 0.1030 0.12%

Commods

Commodity Price Change Time
Gold Index 1248.5 4.340 2014-10-21T00:
Oil Brent 86.2 0.820 2014-10-21T00:
Oil Nymex 82.5 -0.260 2014-10-21T00:
Silver Index 17.5 0.190 2014-10-21T00:

Indices

Symbol Open High Last %
NZX 50 5233.1 5264.6 5233.1 0.48%
NASDAQ 4359.2 4419.5 4316.1 2.40%
DAX 8693.1 8889.8 8717.8 1.94%
DJI 16406.0 16620.8 16399.7 1.31%
FTSE 6267.1 6372.3 6267.1 1.68%
HKSE 23300.5 23300.5 23088.6 0.82%
NI225 15038.2 15129.1 14804.3 1.67%