Record quarterly revenue of $129.7 million, up
27% year-over-year
Q4 cumulative ending members of approximately
3.63 million, up 21% year-over-year
Q4 monthly average revenue per member of
$11.43, up 7% year-over-year
LifeLock, Inc. (NYSE:LOCK), an industry leader in identity theft
protection, today announced financial results for the fourth
quarter and full year ended December 31, 2014.
Fourth Quarter 2014 Financial Highlights:
- Revenue: Total revenue was
$129.7 million for the fourth quarter of 2014, up 27% from $102.3
million for the fourth quarter of 2013. Consumer revenue was $122.7
million for the fourth quarter of 2014, up 30% from $94.1 million
for the fourth quarter of 2013. Enterprise revenue was $6.9 million
for the fourth quarter of 2014, compared with $8.2 million for the
fourth quarter of 2013.
- Net Income: Net income was $2.8
million for the fourth quarter of 2014, compared with net income of
$53.0 million for the fourth quarter of 2013. Net income per
diluted share was $0.03 for the fourth quarter of 2014 based on
99.6 million weighted-average shares outstanding, compared with net
income per diluted share of $0.54 for the fourth quarter of 2013
based on 98.0 million weighted-average shares outstanding. Net
income for the fourth quarter of 2013 included an income tax
benefit of $37.8 million, or $0.39 per diluted share, resulting
primarily from the release of the valuation allowance associated
with our deferred tax assets and net income for the fourth quarter
of 2014 was negatively impacted by ($15.0) million, or ($0.15) per
diluted share, for legal reserves and settlements during the
quarter, which represent a $20.0 million legal reserve for a
possible settlement with the Federal Trade Commission of their
inquiry into our compliance with our 2010 FTC Consent Decree, which
was partially offset by a $5.0 million legal settlement in our
favor resulting from indemnification claims we previously made with
respect to our Lemon acquisition.
- Adjusted Net Income: Adjusted
net income was $27.7 million for the fourth quarter of 2014,
compared with an adjusted net income of $21.5 million for the
fourth quarter of 2013. Adjusted net income per diluted share was
$0.28 for the fourth quarter of 2014 based on 99.6 million
weighted-average shares outstanding, compared with an adjusted net
income per diluted share of $0.22 for the fourth quarter of 2013
based on 98.0 million weighted-average shares outstanding.
- Adjusted EBITDA: Adjusted EBITDA
was $30.2 million for the fourth quarter of 2014, compared with
$22.9 million for the fourth quarter of 2013.
- Cash Flow: Cash flow from
operations was $37.0 million for the fourth quarter of 2014,
leading to free cash flow of $28.6 million after taking into
consideration $3.4 million of capital expenditures and the $5.0
million received from the legal settlement resulting from
indemnification claims we previously made with respect to our Lemon
acquisition. This compares with cash flow from operations of $25.5
million and free cash flow of $20.4 million, after taking into
consideration $5.2 million of capital expenditures, for the fourth
quarter of 2013.
- Balance Sheet: Total cash and
marketable securities at the end of the fourth quarter of 2014 was
$273.9 million, up from $238.3 million at the end of the third
quarter of 2014.
“We were pleased to report strong results on both the top and
bottom line in the fourth quarter, capping another successful year
for the company,” said Todd Davis, LifeLock’s Chairman and CEO. “We
believe that our leading brand and most comprehensive protection
positions us well to serve the needs of both consumers and
enterprises in a world faced with the continual threat of identity
theft.”
A reconciliation of GAAP to non-GAAP financial measures has been
provided in the financial statement tables included in this press
release. An explanation of these measures is also included below
under the heading “Non-GAAP Financial Measures.”
Fourth Quarter 2014 & Recent Business Highlights:
- Recorded the 39th consecutive quarter
of sequential growth in revenue and cumulative ending members.
- Added approximately 252,000 gross new
members in the fourth quarter of 2014 and ended the quarter with
approximately 3.63 million members.
- Achieved a retention rate of 87.7% for
the fourth quarter of 2014, compared with 87.8% for the fourth
quarter of 2013.
- Increased monthly average revenue per
member to $11.43 for the fourth quarter of 2014 from $10.72 for the
fourth quarter of 2013.
- Ranked 65th fastest growing company in
the internet category of Deloitte’s 2014 Technology Fast 500.
- Launched LifeLock Data Breach Service
which enables enterprise organizations to rapidly
activate LifeLock’s proprietary identity alerts to protect
their consumers or employees as a quick response to a data
breach.
Fiscal Year 2014 Financial Highlights:
- Revenue: Total revenue was
$476.0 million for 2014, up 29% from $369.7 million for 2013.
Consumer revenue was $449.2 million for 2014, up 32% from $340.1
million for 2013. Enterprise revenue was $26.8 million for 2014,
compared with $29.5 million for 2013.
- Net Income: Net income was $2.5
million for 2014, down from $54.5 million for 2013. Net income per
diluted share was $0.03 for 2014 based on 99.1 million
weighted-average shares outstanding, compared with net income per
diluted share of $0.57 for 2013 based on 96.0 million
weighted-average shares outstanding. Net income for 2013 included
an income tax benefit of $37.5 million, or $0.39 per diluted share,
resulting primarily from the release of the valuation allowance
associated with our deferred tax assets and net income for 2014 was
negatively impacted by ($15.0) million, or ($0.15) per diluted
share, for legal reserves and settlements during the year, which
represent a $20.0 million legal reserve for a possible settlement
with the Federal Trade Commission of their inquiry into our
compliance with our 2010 FTC Consent Decree, which was partially
offset by a $5.0 million legal settlement in our favor resulting
from indemnification claims we previously made with respect to our
Lemon acquisition.
- Adjusted Net Income: Adjusted
net income was $47.1 million for 2014, up from $36.9 million for
2013. Adjusted net income per diluted share was $0.48 for 2014
based on 99.1 million weighted-average shares outstanding, compared
with $0.39 per diluted share for 2013 based on 96.0 million
weighted-average shares outstanding.
- Adjusted EBITDA: Adjusted EBITDA
was $55.5 million for 2014, up from $42.2 million for 2013.
- Cash Flow: Cash flow from
operations was $109.2 million for 2014, leading to free cash flow
of $89.6 million after taking into consideration $14.6 million of
capital expenditures and the $5.0 million received from the legal
settlement resulting from indemnification claims we previously made
with respect to our Lemon acquisition. This compares with cash flow
from operations of $77.4 million and free cash flow of $67.0
million, after taking into consideration $10.4 million of capital
expenditures, for 2013.
Guidance:
As of February 10, 2015, we are initiating guidance for our
first quarter of 2015 as well for the full year 2015.
- First Quarter 2015 Guidance:
Total revenue is expected to be in the range of $133 million to
$134 million. Adjusted net loss per share is expected to be in the
range of ($0.07) to ($0.06) based on approximately 95 million basic
weighted-average shares outstanding. Adjusted EBITDA is expected to
be in the range of ($5) million to ($4) million.
- Full Year 2015 Guidance: Total
revenue is expected to be in the range of $580 million to $588
million. Adjusted net income per diluted share is expected to be in
the range of $0.63 to $0.67 based on approximately 103 million
fully diluted weighted-average shares outstanding and a cash tax
rate of 5%. Adjusted EBITDA is expected to be in the range of $76
million to $80 million. Free cash flow is expected to be in the
range of $105 million to $110 million.
Conference Call Details:
- What: LifeLock fourth quarter
and full year 2014 financial results.
- When: Tuesday, February 10, 2015
at 2PM PT (5PM ET).
- Dial in: To access the call in
the United States, please dial (877) 407-3982, and for
international callers dial (201) 493-6780. Callers may provide
confirmation number 13599011 to access the call more quickly, and
are encouraged to dial into the call 10 to 15 minutes prior to the
start to prevent any delay in joining.
- Webcast:
http://investor.lifelock.com/ (live and replay)
- Replay: A replay of the call
will be available via telephone for seven days, beginning two hours
after the call. To listen to the telephone replay in the United
States, please dial (877) 870-5176, and for international callers
dial (858) 384-5517 and enter access code 13599011.
About LifeLock
LifeLock, Inc. (NYSE:LOCK) is a leading provider of proactive
identity theft protection services for consumers and consumer risk
management services for enterprises. LifeLock’s threat detection,
proactive identity alerts, and comprehensive remediation services
help provide peace of mind for consumers amid the growing threat of
identity theft. Leveraging unique data, science and patented
technology from ID Analytics, Inc., a wholly-owned subsidiary,
LifeLock offers identity theft protection that goes significantly
beyond credit monitoring. As part of its commitment to help fight
identity theft, LifeLock works to train law enforcement and
partners with a variety of non-profit organizations to help
consumers establish positive habits to combat this threat.
Forward-Looking Statements
This press release contains “forward-looking” statements, as
that term is defined under the federal securities laws, including
statements regarding our leading brand and comprehensive
protection, a possible settlement with the Federal Trade Commission
(the “FTC”), and our expected total revenue, adjusted net income
per diluted share, adjusted EBITDA, and free cash flow for the
first quarter of 2015 and for fiscal year 2015. These
forward-looking statements are based on our current assumptions,
expectations, and beliefs and are subject to substantial risks,
uncertainties, assumptions, and changes in circumstances that may
cause our actual results, performance, or achievements to differ
materially from those expressed or implied in any forward-looking
statement.
The risks and uncertainties referred to above include, but are
not limited to, risks associated with our ability to maintain
profitability on an annual basis; our ability to protect our
customers’ confidential information; our ability to maintain and
enhance our brand recognition and reputation; the competitive
nature of the industries in which we conduct our business; our
ability to maintain access to data sources; our ability to retain
our existing customers and attract new customers; our ability to
improve our services and develop and introduce new services with
broad appeal; our ability to maintain existing and secure new
relationships with strategic partners; the effects of laws,
regulations, and enforcement; the outcome of any litigation or
regulatory proceeding; our ability to protect our intellectual
property and not infringe on the intellectual property of others;
and other “Risk Factors” set forth in our most recent filings with
the Securities and Exchange Commission (the “SEC”).
Further information on these and other factors that could affect
our financial results and the forward-looking statements in this
press release is included in the filings we make with the SEC from
time to time, including our Form 10-K/A for the year ended December
31, 2013, particularly under the captions “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations.” Copies of these documents may be obtained
by visiting our Investor Relations website at
http://investor.lifelock.com/ or the SEC's website at
www.sec.gov.
We assume no obligation and do not intend to update these
forward-looking statements, except as required by law.
Non-GAAP Financial Measures
Our reported results include certain non-GAAP financial
measures, including adjusted net income, adjusted net income per
diluted share, adjusted EBITDA, and free cash flow. We calculate
adjusted net income as net income (loss) excluding amortization of
acquired intangible assets, share-based compensation, income tax
benefits and expenses resulting from changes in our deferred tax
assets, and acquisition related expenses. We have also excluded the
impact of the legal reserve for a possible settlement with the FTC
and the legal settlement in our favor resulting from
indemnification claims we previously made with respect to our Lemon
acquisition. Historically, in calculating adjusted net income, we
also excluded changes in fair value of warrant liabilities and
changes in fair value of embedded derivatives in the periods in
which those items occurred. We do not currently have any warrant
liabilities or embedded derivatives. Accordingly, we will only
include those items of income and expense in our reconciliation of
adjusted net income for period-over-period comparisons. We
calculate adjusted net income per diluted share by dividing our
adjusted net income by the weighted-average diluted shares
outstanding. We calculate adjusted EBITDA as net income (loss)
excluding depreciation and amortization, share-based compensation,
interest expense, interest income, other income (expense), income
tax (benefit) expense, and acquisition related expenses. We have
also excluded the impact of the legal reserve for a possible
settlement with the FTC and the legal settlement in our favor
resulting from indemnification claims we previously made with
respect to our Lemon acquisition. Historically, in calculating
adjusted EBITDA, we also excluded changes in fair value of warrant
liabilities and changes in fair value of embedded derivatives in
the periods in which those items occurred. We do not currently have
any warrant liabilities or embedded derivatives. Accordingly, we
will only include those items of income and expense in our
reconciliation of adjusted EBITDA for period-over-period
comparisons. We define free cash flow as net cash provided by (used
in) operating activities less net cash used in investing activities
for acquisitions of property and equipment. For the fourth quarter
and full year 2014, we have also subtracted from net cash provided
by (used in) operating activities the $5.0 million received from
the legal settlement resulting from indemnification claims we
previously made with respect to our Lemon acquisition.
We have included adjusted net income, adjusted net income per
diluted share, and adjusted EBITDA in this press release because
they are key measures used by us to understand and evaluate our
core operating performance and trends, to prepare and approve our
annual budget, and to develop short- and long-term operational
plans. In particular, the exclusion of certain expenses in
calculating adjusted net income and adjusted EBITDA can provide a
useful measure for period-to-period comparisons of our core
business. Additionally, adjusted EBITDA is a key financial measure
used in determining management’s incentive compensation.
We have included free cash flow in this press release because we
believe it typically presents a more conservative measure of cash
flow as purchases of property and equipment are necessary
components of ongoing operations. We believe that this non-GAAP
financial measure is useful in evaluating our business because free
cash flow reflects the cash surplus available to fund the expansion
of our business after payment of capital expenditures relating to
the necessary components of ongoing operations. We also believe
that the use of free cash flow provides consistency and
comparability with our past financial performance, facilitates
period-to-period comparisons of operations, and also facilitates
comparisons with other companies, many of which use similar
non-GAAP financial measures to supplement their GAAP results.
Although adjusted net income, adjusted EBITDA, and free cash
flow are frequently used by investors in their evaluations of
companies, these non-GAAP financial measures have limitations as
analytical tools and should not be considered in isolation or as a
substitute for financial information presented in accordance with
GAAP. Because of these limitations, these non-GAAP financial
measures should be considered alongside other financial performance
measures.
We have not reconciled adjusted net income per diluted share
guidance to net income per diluted share guidance or adjusted
EBITDA guidance to net income guidance because we do not provide
guidance for share-based compensation expense, provision for income
taxes, interest income, interest expense, change in fair value of
warrant liabilities, change in fair value of embedded derivatives,
other income and expenses, depreciation expense, amortization of
intangible assets, acquisition expenses, legal reserves and
settlements, or income tax (benefit) expense, which are reconciling
items between net income (loss) and adjusted net income and net
income (loss) and adjusted EBITDA. As items that impact net income
(loss) are out of our control and/or cannot be reasonably
predicted, we are unable to provide such guidance. Accordingly,
reconciliation to net income (loss) is not available without
unreasonable effort. For a reconciliation of historical non-GAAP
financial measures to the nearest comparable GAAP measures, see the
reconciliation tables included in this press release.
LifeLock, Inc.Condensed
Consolidated Statements of Operations(in thousands, except
per share amounts)(Unaudited)
Three Months Ended December
31,
Year EndedDecember 31,
2014 2013 2014
2013 Revenue: Consumer revenue $ 122,745 $ 94,068 $ 449,193
$ 340,121 Enterprise revenue 6,941 8,237
26,823 29,537 Total revenue
129,686 102,305 476,016 369,658 Cost of services 30,747
26,194 120,422 100,065
Gross profit 98,939 76,111 355,594 269,593 Costs and
expenses: Sales and marketing 47,274 37,030 213,984 162,363
Technology and development 12,977 10,451 50,973 40,015 General and
administrative 30,184 11,325 75,673 42,125 Amortization of acquired
intangible assets 2,205 2,011
8,898 7,909 Total costs and expenses
92,640 60,817 349,528
252,412 Income from operations 6,299 15,294 6,066 17,181
Other income (expense): Interest expense (89 ) (126 ) (353 ) (353 )
Interest income 92 50 281 124 Other 14 (11 )
(137 ) (21 ) Total other expense 17
(87 ) (209 ) (250 ) Income before
provision for income taxes 6,316 15,207 5,857 16,931 Income tax
expense (benefit) 3,478 (37,769 ) 3,362
(37,524 ) Net income $ 2,838 $ 52,976
$ 2,495 $ 54,455 Net income available
per share to common stockholders: Basic $ 0.03 $ 0.58 $ 0.03 $ 0.61
Diluted $ 0.03 $ 0.54 $ 0.03 $ 0.57 Weighted-average common shares
outstanding used in computing net income per share: Basic 93,614
90,997 92,733 88,636 Diluted 99,629 97,963 99,102 96,047
LifeLock, Inc.Condensed
Consolidated Balance Sheets(in
thousands)(Unaudited)
December 31,
December 31, 2014 2013 Assets Current
assets: Cash and cash equivalents $ 146,569 $ 123,911 Marketable
securities 127,305 48,688 Trade and other receivables, net 10,227
10,906 Deferred tax assets, net 21,243 13,117 Prepaid expenses and
other current assets 7,834 6,961 Total
current assets 313,178 203,583 Property and equipment, net 24,204
16,504 Goodwill 159,342 159,342 Intangible assets, net 38,315
47,213 Deferred tax assets, net – non-current 22,494 33,211 Other
non-current assets 5,783 1,812 Total
assets $ 563,316 $ 461,665
Liabilities and
stockholders’ equity Current liabilities: Accounts payable $
11,544 $ 2,422 Accrued expenses and other liabilities 67,023 34,926
Deferred revenue 145,206 119,106 Total
current liabilities 223,773 156,454 Other non-current liabilities
6,706 4,640 Total liabilities 230,479
161,094 Commitments and contingencies Stockholders’ equity: Common
stock 94 91 Additional paid-in capital 495,912 466,047 Accumulated
other comprehensive loss (116 ) (18 ) Accumulated deficit
(163,053 ) (165,549 ) Total stockholders’ equity
332,837 300,571 Total liabilities and
stockholders’ equity $ 563,316 $ 461,665
LifeLock, Inc.Condensed
Consolidated Statements of Cash Flows(in
thousands)(Unaudited)
Year Ended December 31,
2014 2013 Operating activities Net
income $ 2,495 $ 54,455 Adjustments to reconcile net income to net
cash provided by
operating activities:
Depreciation and amortization 16,266 12,796 Share-based
compensation 18,147 11,111 Provision for doubtful accounts 346 231
Amortization of premiums on marketable securities 1,889 323
Deferred income tax benefit 2,592 (37,612 ) Other 126 21 Changes in
operating assets and liabilities: Trade and other receivables (933
) (3,127 ) Prepaid expenses and other current assets (880 ) (1,080
) Other non-current assets 280 328 Accounts payable 9,029 518
Accrued expenses and other liabilities 31,655 6,920 Deferred
revenue 26,100 28,115 Other non-current liabilities 2,066
4,374 Net cash provided by operating
activities 109,178 77,373
Investing activities
Acquisition of business, net of cash acquired - (42,369 )
Acquisition of property and equipment (14,574 ) (10,417 ) Purchases
of marketable securities (135,178 ) (50,775 ) Sales and maturities
of marketable securities 56,060 1,353 Premiums paid for
company-owned life insurance policies (4,337 ) -
Net cash used in investing activities (98,029 ) (102,208 )
Financing activities Proceeds from share-based
compensation plans 12,241 15,425 Proceeds from warrant exercises
375 - Payments for employee tax withholdings related to restricted
stock units and awards
(1,107
)
(436
)
Payments for debt issuance costs - (440 ) Net
cash provided by financing activities 11,509
14,549 Net increase (decrease) in cash and cash equivalents
22,658 (10,286 ) Cash and cash equivalents at beginning of year
123,911 134,197 Cash and cash
equivalents at end of year $ 146,569 $ 123,911
Share-Based Compensation(in
thousands)(Unaudited)
Three Months Ended December
31,
Year Ended December 31,
2014 2013 2014
2013 Cost of services $ 348 $ 231 $ 1,258 $ 758 Sales and
marketing 915 365 3,150 1,340 Technology and development 1,305 996
5,074 2,825 General and administrative 2,350 1,586
8,665 6,188 Total share-based compensation expense $
4,918 $ 3,178 $ 18,147 $ 11,111
Key Financial and Operating
Metrics(in thousands except percentages and per member
data)(Unaudited)
Three Months Ended December
31,
Year Ended December 31,
2014 2013 2014
2013 Revenue: Consumer revenue $ 122,745 $ 94,068 $
449,193 $ 340,121 Enterprise revenue 6,941
8,237 26,823 29,537 Total
revenue $ 129,686 $ 102,305 $ 476,016 $ 369,658 Adjusted net income
$ 27,677 $ 21,537 $ 47,132 $ 36,931 Adjusted EBITDA $ 30,224 $
22,852 $ 55,479 $ 42,156 Free cash flow $ 28,600 $ 20,393 $ 89,604
$ 66,956 Cumulative ending members 3,633 2,999 3,633 2,999 Gross
new members 252 246 1,164 944 Member retention rate 87.7 % 87.8 %
87.7 % 87.8 % Average cost of acquisition per member $ 174 $ 139 $
173 $ 160 Monthly average revenue per member $ 11.43 $ 10.72 $
11.13 $ 10.32 Enterprise transactions 71,525 56,879 244,885 216,729
Reconciliation of GAAP to Adjusted
Results(in thousands, except per share
amounts)(Unaudited)
Three Months Ended December
31,
Year Ended December 31,
2014 2013 2014
2013 Reconciliation of Gross Profit to Adjusted Gross
Profit Gross profit $ 98,939 $ 76,111 $ 355,594 $ 269,593
Share-based compensation 348 231
1,258 758 Adjusted gross profit $ 99,287
$ 76,342 $ 356,852 $ 270,351
Reconciliation of Sales and Marketing Expenses to Adjusted Sales
and Marketing Expenses Sales and marketing expenses $ 47,274 $
37,030 $ 213,984 $ 162,363 Share-based compensation (915 )
(365 ) (3,150 ) (1,340 ) Adjusted sales and
marketing expenses $ 46,359 $ 36,665 $ 210,834
$ 161,023
Reconciliation of Technology and
Development Expenses to Adjusted Technology and Development
Expenses Technology and development expenses $ 12,977 $ 10,451
$ 50,973 $ 40,015 Acquisition related expenses - (43 ) - (43 )
Share-based compensation (1,305 ) (996 )
(5,074 ) (2,825 ) Adjusted technology and development
expenses $ 11,672 $ 9,412 $ 45,899 $ 37,147
Reconciliation of General and Administrative
Expenses to Adjusted General and Administrative Expenses
General and administrative expenses $ 30,184 $ 11,325 $ 75,673 $
42,125 Acquisition related expenses - (1,025 ) - (1,025 )
Share-based compensation (2,350 ) (1,586 ) (8,665 ) (6,188 ) Legal
reserves and settlement (15,000 ) -
(15,000 ) - Adjusted general and administrative
expenses $ 12,834 $ 8,714 $ 52,008 $ 34,912
Reconciliation of Income from Operations to
Adjusted Income from Operations Income from operations $ 6,299
$ 15,294 $ 6,066 $ 17,181 Acquisition related expenses - 1,068 -
1,068 Share-based compensation 4,918 3,178 18,147 11,111
Amortization of acquired intangible assets 2,205 2,011 8,898 7,909
Legal reserves and settlement 15,000 -
15,000 - Adjusted income from
operations $ 28,422 $ 21,551 $ 48,111 $ 37,269
Three Months Ended December
31,
Year Ended December 31,
2014 2013 2014
2013 Reconciliation of Net Income to Adjusted Net
Income Net income $ 2,838 $ 52,976 $ 2,495 $ 54,455
Amortization of acquired intangible assets 2,205 2,011 8,898 7,909
Deferred income tax (benefit) expense 2,716 (37,696 ) 2,592 (37,612
) Acquisition related expenses - 1,068 - 1,068 Share-based
compensation 4,918 3,178 18,147 11,111 Legal reserves and
settlement 15,000 - 15,000
- Adjusted net income $ 27,677 $ 21,537
$ 47,132 $ 36,931
Reconciliation of Net Income per Diluted Share to Adjusted Net
Income per Diluted Share Net income per diluted share $ 0.03 $
0.54 $ 0.03 $ 0.57 Adjustments to net income 0.25 (0.32 ) 0.45
(0.18 ) Adjustments to diluted shares - -
- - Adjusted net income per
diluted share $ 0.28 $ 0.22 $ 0.48 $ 0.39
Reconciliation of Net Income to Adjusted
EBITDA Net income $ 2,838 $ 52,976 $ 2,495 $ 54,455
Depreciation and amortization 4,007 3,312 16,266 12,796 Interest
expense 89 126 353 353 Interest income (92 ) (50 ) (281 ) (124 )
Other (14 ) 11 137 21 Income tax (benefit) expense 3,478 (37,769 )
3,362 (37,524 ) Acquisition related expenses - 1,068 - 1,068
Share-based compensation 4,918 3,178 18,147 11,111 Legal reserves
and settlement 15,000 - 15,000
- Adjusted EBITDA $ 30,224 $ 22,852
$ 55,479 $ 42,156
Reconciliation of
Net Cash Provided by Operating Activities to Free Cash Flow Net
cash provided by operating activities $ 37,047 $ 25,546 $ 109,178 $
77,373 Legal settlement (5,000 ) - (5,000 ) - Acquisitions of
property and equipment (3,447 ) (5,153 )
(14,574 ) (10,417 ) Free cash flow $ 28,600 $ 20,393
$ 89,604 $ 66,956
Media:For LifeLock, Inc.Becca Youngs,
415-767-7752Media@lifelock.comorInvestor Relations:ICR for
LifeLockGreg Kleiner,
480-457-5000Investor.relations@lifelock.com
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