News Column

LifeLock Announces 2014 Second Quarter Results

August 16, 2014



By a News Reporter-Staff News Editor at Investment Weekly News -- LifeLock, Inc. (NYSE: LOCK), an industry leader in identity theft protection, announced financial results for the second quarter ended June 30, 2014. Second Quarter 2014 Financial Highlights: Revenue: Total revenue was $115.7 million for the second quarter of 2014, up 29% from $89.5 million for the second quarter of 2013. Consumer revenue was $109.3 million for the second quarter of 2014, up 32% from $82.6 million for the second quarter of 2013. Enterprise revenue was $6.4 million for the second quarter of 2014, compared with $6.9 million for the second quarter of 2013. Net Loss: Net loss was $2.8 million for the second quarter of 2014, compared with net loss of $2.1 million for the second quarter of 2013. Net loss per diluted share was $0.03 for the second quarter of 2014 based on 92.5 million weighted-average shares outstanding, compared with net loss per diluted share of $0.02 for the second quarter of 2013 based on 87.5 million weighted-average shares outstanding. Adjusted Net Income: Adjusted net income was $4.6 million for the second quarter of 2014, compared with an adjusted net income of $3.2 million for the second quarter of 2013. Adjusted net income per diluted share was $0.05 for the second quarter of 2014 based on 97.9 million weighted-average shares outstanding, compared with an adjusted net income of $0.03 per diluted share for the second quarter of 2013 based on 94.9 million weighted-average shares outstanding. Adjusted EBITDA: Adjusted EBITDA was $6.7 million for the second quarter of 2014, compared with $4.6 million for the second quarter of 2013. Cash Flow: Cash flow from operations was $27.7 million for the second quarter of 2014, leading to free cash flow of $24.0 million after taking into consideration $3.7 million of capital expenditures. This compares with cash flow from operations of $20.8 million and free cash flow of $18.4 million, after taking into consideration $2.4 million of capital expenditures, for the second quarter of 2013. Balance Sheet: Total cash and marketable securities at the end of the second quarter of 2014 was $216.0 million, up from $191.2 million at the end of the first quarter of 2014.

"Our business performed strongly again in the second quarter," said Todd Davis, LifeLock's Chairman and CEO. "In addition, we launched a significant expansion of our product portfolio that we believe will provide additional value for our members, further differentiating our products in the market and expanding our lead versus our competitors in the legacy credit monitoring space."

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." Second Quarter 2014 & Recent Business Highlights: Launched the next evolution in our service suite with the release of LifeLock Standard, LifeLock Advantage, and LifeLock Ultimate Plus. With our LifeLock Ultimate Plus offering, LifeLock is now the only identity theft company that can monitor across its network to provide alerts across a more complete cross-section of consumers' financial lives including credit cards, checking, savings, and investment accounts.

Recorded the 37th consecutive quarter of sequential growth in revenue and cumulative ending members.

Added approximately 304,000 gross new members in the second quarter of 2014 and ended the quarter with approximately 3.39 million members.

Achieved a retention rate of 87.2% for the second quarter of 2014, compared with 87.4% for the second quarter of 2013.

Keywords for this news article include: Finance, LifeLock Inc.

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Source: Investment Weekly News


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