LegalZoom.com, Inc. (Nasdaq: LZ) today announced results for its
first quarter ended March 31, 2023, including the following
highlights:
- Revenue was $165.9 million for
the quarter, up 7% year-over-year.
- Transaction revenue was
$62.2 million, compared to $65.3 million in the same
period in 2022, down 5% year-over-year, driven by an 18% reduction
in average order value, partially offset by a 15% increase in the
number of transactions.
- Subscription revenue was
$97.3 million, compared to $84.4 million in the same
period in 2022, an increase of 15% year-over-year. We had
approximately 1.5 million subscription units as of March 31,
2023 with approximately 139 thousand net units added during the
trailing twelve months, and our average revenue per subscription
unit increased 6% from the same period in 2022.
- Partner revenue was
$6.4 million, compared to $5.7 million in the same period
in 2022.
- Gross margin was 64% for the
quarter, flat compared to the same period in 2022.
- Net loss was $2.4 million for
the quarter, or 1% of revenue, compared to net loss of
$25.8 million or 17% of revenue, for the same period in
2022.
- Adjusted EBITDA was
$21.9 million for the quarter, or 13% of revenue, compared to
$2.3 million, or 1% of revenue, for the same period in
2022.
- Non-GAAP net income was
$14.0 million for the quarter compared
to Non-GAAP net loss of $5.4 million in the same
period in 2022.
- Cash and cash equivalents were
$204.1 million as of March 31, 2023 compared to
$189.1 million as of December 31, 2022.
- Cash flows provided by operating
activities was $29.2 million for the quarter compared to cash
provided by operating activities of $13.7 million for the same
period in 2022.
- Free cash flow was
$21.8 million for the quarter compared to $8.8 million
for the same period in 2022.
- Basic and diluted net loss per share
was $0.01 for the quarter compared to a basic and diluted net loss
per share of $0.13 for the same period in 2022, and basic and
diluted Non-GAAP net income per share was $0.07 for the
quarter compared to basic and diluted Non-GAAP net loss per share
of $0.03 for the same period in 2022.
“I am proud of the team’s execution to start the year. During
Q1, we rolled out our new line-up and refreshed our marketing
messaging, which helped drive to strong market share gains in the
quarter,” said Dan Wernikoff, LegalZoom’s Chief Executive
Officer.
Noel Watson, LegalZoom’s Chief Financial Officer added, “The
combination of a healthy macro environment and strong execution led
to revenue and Adjusted EBITDA that well exceeded our expectations
this quarter.”
Key Business Metrics and Non-GAAP Financial
Measures
(unaudited, in thousands except AOV, ARPU and percentages)
|
Three Months Ended |
|
% Growth |
|
March 31, |
|
(Decline) |
|
|
2023 |
|
|
|
2022 |
|
|
YOY |
Revenue |
$ |
165,936 |
|
|
$ |
155,427 |
|
|
7 % |
Business
formations |
|
170 |
|
|
|
129 |
|
|
32 % |
Transaction units |
|
308 |
|
|
|
267 |
|
|
15 % |
Subscription units at period end |
|
1,501 |
|
|
|
1,362 |
|
|
10 % |
Average
revenue per subscription unit (ARPU) at period end |
$ |
259 |
|
|
$ |
244 |
|
|
6 % |
Average
order value (AOV) |
$ |
202 |
|
|
$ |
245 |
|
|
(18)% |
Net
loss |
$ |
(2,358) |
|
|
$ |
(25,753) |
|
|
(91)% |
Adjusted
EBITDA |
$ |
21,868 |
|
|
$ |
2,253 |
|
|
871 % |
Net loss
margin |
(1)% |
|
(17)% |
|
(94)% |
Adjusted
EBITDA margin |
|
13% |
|
|
|
1% |
|
|
1200 % |
Net cash
provided by operating activities |
$ |
29,208 |
|
|
$ |
13,737 |
|
|
113 % |
Free
cash flow |
$ |
21,780 |
|
|
$ |
8,826 |
|
|
147 % |
Financial Guidance and Outlook
Our guidance for the second quarter ending June 30, 2023 is as
follows:
- Revenue is expected
to be in the range of $166 million to $168 million
- Adjusted EBITDA is
expected to be $27 million to $29 million
Our guidance for the full year ending December 31, 2023 is
updated as follows:
- Revenue is now
expected to be in the range of $630 million to $650 million
- Adjusted EBITDA is
now expected to be $105 million
Webcast and Conference Call Information
A webcast and conference call to discuss first quarter 2023
results is scheduled for today, May 9, 2023, at 4:30 p.m.
Eastern time/1:30 p.m. Pacific time. Those interested in
participating in the conference call are invited to register
Here
A live audio webcast of the event will be available on the
LegalZoom Investor Relations website,
https://investors.legalzoom.com. An archived replay of the webcast
also will be available shortly after the live event.
Forward-Looking Statements
This press release contains forward-looking statements. We
intend such forward-looking statements to be covered by the safe
harbor provisions for forward-looking statements contained in
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. All statements other than
statements of historical facts contained in this press release may
be forward-looking statements. In some cases, you can identify
forward-looking statements by terms such as “may,” “will,”
“should,” “expects,” “plans,” “anticipates,” “could,” “intends,”
“targets,” “projects,” “contemplates,” “believes,” “estimates,”
“forecasts,” “predicts,” “potential” or “continue” or the negative
of these terms or other similar expressions. Forward-looking
statements contained in this press release include, but are not
limited to, statements regarding our quarterly and annual
guidance.
The forward-looking statements in this press release are only
predictions. We have based these forward-looking statements largely
on our current expectations and projections about future events and
financial trends that we believe may affect our business, financial
condition and results of operations. Forward-looking statements
involve known and unknown risks, uncertainties and other important
factors that may cause our actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements, including but not limited to the
following: the risk that our recent growth may not be indicative of
our future growth; our dependence on business formations and
fluctuations or declines in the number of business formations; the
impact of macroeconomic challenges on our business, including as a
result of inflation, global conflict, supply chain issues and
recessionary fears; our ability to provide high-quality services,
customer care and customer experience; our ability to sustain our
revenue growth rate and remain profitable in the future; our
ability to continue to innovate and provide a platform that is
useful to our customers and that meets our customers’ expectations;
our ability to attract and retain customers and, specifically, our
ability to convert our transactional customers to subscribers; our
ability to drive additional purchases and cross-sell to paying
customers; our ability to maintain and expand strategic
relationships with third parties; our anticipation of increasing
expenses in the future; the competitive legal solutions market; our
ability to hire and retain top talent and motivate our employees;
risks and costs associated with complex and evolving laws and
regulations; the risk that the recent restatement of our unaudited
condensed consolidated financial statements may affect investor
confidence and raise reputational issues and may subject us to
additional risks and uncertainties; our ability to remediate
material weaknesses in our internal control over financial
reporting; and other factors discussed in the section titled “Risk
Factors” included in our 2022 Annual Report on Form 10-K filed with
the Securities and Exchange Commission, or SEC, on March 1, 2023,
as well as those in our subsequent filings with the SEC. The
forward-looking statements in this press release are based upon
information available to us as of the date of this press release,
and while we believe such information forms a reasonable basis for
such statements, such information may be limited or incomplete, and
our statements should not be read to indicate that we have
conducted an exhaustive inquiry into, or review of, all potentially
available relevant information. These statements are inherently
uncertain and investors are cautioned not to unduly rely upon these
statements.
You should read this press release with the understanding that
our actual future results, levels of activity, performance and
achievements may be materially different from what we expect. We
qualify all of our forward-looking statements by these cautionary
statements. Except as required by applicable law, we do not plan to
publicly update or revise any forward-looking statements contained
in this press release, whether as a result of any new information,
future events or otherwise.
About Non-GAAP Financial
Measures
This press release includes non-GAAP financial
measures including Adjusted EBITDA, Adjusted EBITDA
margin, Non-GAAP net income, Non-GAAP net income margin,
Non-GAAP net income per share, and Free cash flow. To supplement
our unaudited condensed consolidated financial statements, which
are prepared and presented in accordance with U.S. generally
accepted accounting principles, or GAAP, we use
certain non-GAAP financial measures, as described below,
to understand and evaluate our core operating performance.
These non-GAAP financial measures, which may be different
from similarly titled measures used by other companies, are
presented to enhance investors’ overall understanding of our
financial performance and liquidity and should not be considered a
substitute for, or superior to, the financial information prepared
and presented in accordance with GAAP. We believe that
these non-GAAP financial measures provide useful
information about our financial performance and liquidity, enhance
the overall understanding of our past performance and future
prospects and allow for greater transparency with respect to
important measures used by our management for financial and
operational decision-making. We are presenting
these non-GAAP measures to assist investors in seeing our
financial performance using a management view and because we
believe that these measures provide an additional tool for
investors to use in comparing our core financial performance over
multiple periods with other companies in our industry.
We define Adjusted EBITDA as Net income (loss) adjusted to
exclude interest income (expense), net, provision for (benefit
from) income taxes, depreciation and amortization, other expense
(income), net, stock-based compensation, impairments of other
securities, loss on debt extinguishment, impairment of goodwill,
long-lived and other assets, losses from impairment of
available-for-sale debt securities, restructuring expenses,
transaction-related expenses and certain other non-recurring
expenses. Our Adjusted EBITDA financial measure differs from GAAP
in that it excludes certain items of income and expense. We define
Adjusted EBITDA margin as Adjusted EBITDA as a percentage of
revenue.
Adjusted EBITDA is one of the primary performance measures used
by our management and our board of directors to understand and
evaluate our financial performance and operating trends, including
period-to-period comparisons, prepare and approve our annual
budget, develop short- and long-term operational plans and
determine appropriate compensation plans for our employees.
Accordingly, we believe that Adjusted EBITDA provides useful
information to investors and others in understanding and evaluating
our results of operations in the same manner as our management team
and board of directors. In assessing our performance, we exclude
certain expenses that we believe are not comparable period over
period. Adjusted EBITDA should not be considered in isolation of,
or as an alternative to, measures prepared and presented in
accordance with GAAP. There are a number of limitations related to
the use of Adjusted EBITDA rather than net income (loss), which is
the nearest GAAP equivalent of Adjusted EBITDA, and it may be
calculated differently by other companies in our industry, limiting
its usefulness as a comparative measure. Some of these limitations
include that the non-GAAP financial measure:
- does not reflect interest income
(expense), net, or the cash requirements necessary to service
interest or principal payments, which reduces cash available to
us;
- does not reflect provision for
(benefit from) income taxes that may result in payments that reduce
cash available to us;
- excludes depreciation and
amortization and, although these are non-cash expenses, the assets
being depreciated may be replaced in the future;
- does not reflect foreign currency
exchange or other gains or losses, which are included in other
(income) expense, net;
- excludes stock-based compensation
expense, which has been, and will continue to be, a significant
recurring expense for our business and an important part of our
compensation strategy;
- excludes losses from impairments of
goodwill, long-lived and other assets and available-for-sale debt
securities;
- excludes legal expenses, which reduce cash available to
us;
- excludes restructuring expenses,
which reduce cash available to us;
- excludes transaction-related
expenses that are not considered representative of our underlying
performance, which reduce cash available to us; and
- does not reflect certain other
non-recurring expenses that are not considered representative of
our underlying performance, which reduce cash available to us.
We define Non-GAAP net income as net income (loss) adjusted to
exclude amortization of acquired intangible assets, stock-based
compensation expense, certain transaction-related expenses, and
certain other non-recurring expenses, net of related income tax
impacts. Our Non-GAAP net income financial measure differs from
GAAP in that it excludes certain items of income and expense. We
define Net income (loss) margin as net loss as a percentage of
revenue. We define Non-GAAP net income (loss) margin as Non-GAAP
net income (loss) as a percentage of revenue. We define Non-GAAP
net income (loss) per share attributable to common stockholders as
Non-GAAP net income (loss) divided by basic and diluted
weighted-average common stock. We believe Non-GAAP net income
(loss) and Non-GAAP net income (loss) per share attributable to
common stockholders are operating performance measures that provide
investors and analysts with useful supplemental information about
the financial performance of our business.
Free cash flow is a liquidity measure used by management in
evaluating the cash generated by our operations after purchases of
property and equipment including
capitalized internal-use software. We consider Free cash
flow to be an important measure because it provides useful
information to management and investors about the amount of cash
generated by our business that can be used for strategic
opportunities, including investing in our business and
strengthening our balance sheet. Once our business needs and
obligations are met, cash can be used to maintain a strong balance
sheet and invest in future growth. The usefulness of Free cash flow
as an analytical tool has limitations because it excludes certain
items that are settled in cash, does not represent residual cash
flow available for discretionary expenses, does not reflect our
future contractual commitments, and may be calculated differently
by other companies in our industry. Accordingly, it should not be
considered in isolation or as a substitute for analysis of other
GAAP financial measures, such as net cash used in or provided by
operating activities.
We are not providing a reconciliation for our
non-GAAP outlook and estimates on a forward-looking basis
(including the information under “Financial Guidance and Outlook”
above), as we are unable to provide a meaningful calculation or
estimation of reconciling items and the information is not
available without unreasonable effort. This is due to the inherent
difficulty of forecasting the timing or amount of various items
that would impact the most directly comparable forward-looking GAAP
financial measure that have not yet occurred, are out of the
Company’s control and/or cannot be reasonably predicted.
Forward-looking non-GAAP financial measures provided
without the most directly comparable GAAP financial measures may
vary materially from the corresponding GAAP financial measures.
The tables in this press release contain more details on the
GAAP financial measures that are most directly comparable
to non-GAAP financial measures and the related
reconciliations between these financial measures.
LegalZoom
LegalZoom is a leading online platform for legal and compliance
solutions in the United States, or U.S. Our core offerings include
business formations, intellectual property and estate planning
services, and we have expanded our platform to include professional
expertise and other products, both legal and non-legal, to better
meet the needs of small businesses. Our unique position at business
inception allows us to become a trusted business advisor,
supporting the evolving needs of a new business throughout its
lifecycle. Along with formations, our services include ongoing
compliance and tax advice and filings, virtual mailbox solutions,
trademark filings, and estate plans. Additionally, we have unique
insights into our customers and leverage our product as a channel
to introduce small businesses to leading brands in our partner
ecosystem, solving even more of their business needs. We operate
across all 50 states and over 3,000 counties in the U.S. and have
more than 20 years of experience navigating complex regulation and
simplifying the legal and compliance process for our customers.
Contact
Investor Relations
investor@legalzoom.com
LegalZoom.com,
Inc.Unaudited Condensed Consolidated Balance
Sheets(In thousands, except par values)
|
March 31, 2023 |
|
December 31, 2022 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
204,126 |
|
|
$ |
189,082 |
|
Accounts receivable, net |
|
15,766 |
|
|
|
13,177 |
|
Prepaid expenses and other current assets |
|
19,581 |
|
|
|
16,699 |
|
Current assets held for sale |
|
22,722 |
|
|
|
22,722 |
|
Total current assets |
|
262,195 |
|
|
|
241,680 |
|
Property and equipment,
net |
|
34,446 |
|
|
|
30,823 |
|
Goodwill |
|
63,247 |
|
|
|
63,229 |
|
Intangible assets, net |
|
17,566 |
|
|
|
18,900 |
|
Operating lease right-of-use
assets |
|
10,461 |
|
|
|
11,148 |
|
Deferred income taxes |
|
26,682 |
|
|
|
29,380 |
|
Available-for-sale debt
securities |
|
1,000 |
|
|
|
995 |
|
Other assets |
|
8,755 |
|
|
|
9,240 |
|
Total assets |
$ |
424,352 |
|
|
$ |
405,395 |
|
Liabilities and stockholders’ equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
25,803 |
|
|
$ |
25,312 |
|
Accrued expenses and other current liabilities |
|
51,682 |
|
|
|
57,373 |
|
Deferred revenue |
|
181,219 |
|
|
|
164,200 |
|
Operating lease liabilities |
|
2,351 |
|
|
|
2,317 |
|
Total current liabilities |
|
261,055 |
|
|
|
249,202 |
|
Operating lease liabilities,
non-current |
|
8,353 |
|
|
|
8,958 |
|
Deferred revenue |
|
794 |
|
|
|
892 |
|
Other liabilities |
|
4,133 |
|
|
|
3,968 |
|
Total liabilities |
|
274,335 |
|
|
|
263,020 |
|
Commitments and
contingencies |
|
|
|
Stockholders’ equity: |
|
|
|
Preferred stock, $0.001 par value; 100,000 shares authorized at
March 31, 2023 and December 31, 2022, none issued or
outstanding at March 31, 2023 and December 31, 2022 |
|
— |
|
|
|
— |
|
Common stock, $0.001 par value; 1,000,000 shares authorized;
191,244 shares and 190,822 shares issued and outstanding at
March 31, 2023 and December 31, 2022, respectively |
|
190 |
|
|
|
190 |
|
Additional paid-in capital |
|
1,049,948 |
|
|
|
1,032,550 |
|
Accumulated deficit |
|
(900,987 |
) |
|
|
(891,862 |
) |
Accumulated other comprehensive income |
|
866 |
|
|
|
1,497 |
|
Total stockholders’ equity |
|
150,017 |
|
|
|
142,375 |
|
Total liabilities and
stockholders’ equity |
$ |
424,352 |
|
|
$ |
405,395 |
|
LegalZoom.com,
Inc.Unaudited Condensed Consolidated Statements of
Operations(In thousands, except per share amounts)
|
Three Months Ended March 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
(Restated) |
Revenue |
|
$ |
165,936 |
|
|
$ |
155,427 |
|
Cost of revenue |
|
|
60,395 |
|
|
|
56,182 |
|
Gross profit |
|
|
105,541 |
|
|
|
99,245 |
|
Operating expenses: |
|
|
|
|
Sales and marketing |
|
|
60,150 |
|
|
|
76,874 |
|
Technology and development |
|
|
19,683 |
|
|
|
17,959 |
|
General and administrative |
|
|
26,504 |
|
|
|
29,488 |
|
Total operating expenses |
|
|
106,337 |
|
|
|
124,321 |
|
Loss from operations |
|
|
(796 |
) |
|
|
(25,076 |
) |
Interest income (expense), net |
|
|
1,581 |
|
|
|
(53 |
) |
Other income (expense), net |
|
|
694 |
|
|
|
(1,544 |
) |
Income (loss) before income
taxes |
|
|
1,479 |
|
|
|
(26,673 |
) |
Provision for (benefit from) income taxes |
|
|
3,837 |
|
|
|
(920 |
) |
Net loss |
|
$ |
(2,358 |
) |
|
$ |
(25,753 |
) |
Net loss per share
attributable to common stockholders—basic and diluted |
|
$ |
(0.01 |
) |
|
$ |
(0.13 |
) |
Weighted-average shares used
to compute net loss per share attributable to common stockholders -
basic and diluted |
|
|
191,293 |
|
|
|
198,265 |
|
LegalZoom.com,
Inc.Unaudited Condensed Consolidated Statements of
Cash Flows(In thousands)
|
|
Three Months Ended March 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
(Restated) |
Cash flows from
operating activities |
|
|
|
|
Net loss |
|
$ |
(2,358 |
) |
|
$ |
(25,753 |
) |
Adjustments to reconcile net
loss to net cash provided by operating activities: |
|
|
|
|
Depreciation and amortization |
|
|
5,569 |
|
|
|
5,394 |
|
Amortization of right-of-use assets |
|
|
687 |
|
|
|
378 |
|
Amortization of debt issuance costs |
|
|
56 |
|
|
|
56 |
|
Impairment of other equity security |
|
|
— |
|
|
|
170 |
|
Stock-based compensation |
|
|
16,467 |
|
|
|
21,865 |
|
Deferred income taxes |
|
|
2,763 |
|
|
|
(1,086 |
) |
Change in fair value of contingent consideration |
|
|
(631 |
) |
|
|
— |
|
Unrealized foreign exchange (gain) loss |
|
|
(579 |
) |
|
|
1,379 |
|
Changes in operating assets and liabilities: |
|
|
|
|
Accounts receivable |
|
|
(2,588 |
) |
|
|
(2,755 |
) |
Prepaid expenses and other current assets |
|
|
(2,869 |
) |
|
|
(6,464 |
) |
Other assets |
|
|
348 |
|
|
|
(811 |
) |
Accounts payable |
|
|
936 |
|
|
|
(117 |
) |
Accrued expenses and other liabilities |
|
|
(4,947 |
) |
|
|
5,772 |
|
Operating lease liabilities |
|
|
(572 |
) |
|
|
(770 |
) |
Income tax payable |
|
|
7 |
|
|
|
7 |
|
Deferred revenue |
|
|
16,918 |
|
|
|
16,472 |
|
Net cash provided by operating activities |
|
|
29,208 |
|
|
|
13,737 |
|
Cash flows from
investing activities |
|
|
|
|
Proceeds from acquisition
working capital adjustment |
|
|
— |
|
|
|
304 |
|
Purchase of property and
equipment |
|
|
(7,428 |
) |
|
|
(4,911 |
) |
Net cash used in investing activities |
|
|
(7,428 |
) |
|
|
(4,607 |
) |
Cash flows from
financing activities |
|
|
|
|
Repayment of capital lease
obligations |
|
|
(9 |
) |
|
|
(4 |
) |
Repurchase of common
stock |
|
|
(6,768 |
) |
|
|
(1,094 |
) |
Shares surrendered for
settlement of minimum statutory tax withholding |
|
|
— |
|
|
|
(11 |
) |
Proceeds from issuance of
stock under employee stock plans |
|
|
22 |
|
|
|
237 |
|
Net cash used in financing activities |
|
|
(6,755 |
) |
|
|
(872 |
) |
Effect of exchange rate
changes on cash and cash equivalents |
|
|
19 |
|
|
|
(51 |
) |
Net increase in cash and cash equivalents |
|
|
15,044 |
|
|
|
8,207 |
|
Cash and cash equivalents, at
beginning of the period |
|
|
189,082 |
|
|
|
239,297 |
|
Cash and cash equivalents, at
end of the period |
|
$ |
204,126 |
|
|
$ |
247,504 |
|
Adjusted EBITDA and Adjusted EBITDA Margin
The following table presents a reconciliation of net loss to
Adjusted EBITDA for each of the periods indicated (unaudited):
|
|
Three Months Ended March 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
(Restated) |
|
|
(in thousands, except percentages) |
Reconciliation of net
loss to Adjusted EBITDA |
|
|
|
|
Net loss |
|
|
(2,358 |
) |
|
$ |
(25,753 |
) |
Interest (income) expense, net |
|
|
(1,581 |
) |
|
|
53 |
|
Provision for (benefit from) income taxes |
|
|
3,837 |
|
|
|
(920 |
) |
Depreciation and amortization |
|
|
5,569 |
|
|
|
5,394 |
|
Other (income) expense, net |
|
|
(693 |
) |
|
|
1,544 |
|
Stock-based compensation |
|
|
16,467 |
|
|
|
21,865 |
|
Transaction-related expenses |
|
|
— |
|
|
|
30 |
|
Restructuring costs(1) |
|
|
627 |
|
|
|
— |
|
Legal expenses |
|
|
— |
|
|
|
40 |
|
Adjusted EBITDA |
|
$ |
21,868 |
|
|
$ |
2,253 |
|
Net loss margin |
|
|
(1 |
%) |
|
|
(17 |
%) |
Adjusted EBITDA margin |
|
|
13 |
% |
|
|
1 |
% |
(1) For 2023, restructuring expenses related to the
reduction of our U.K. headcount, which is expected to be
substantially complete by December 31, 2023. Restructuring
expenses include salary and benefits for the impacted employees and
are included in general and administrative expenses in the
accompanying unaudited condensed consolidated statements of
operations.
Non-GAAP Net Income (Loss), Non-GAAP Net
Income (Loss) Margin and diluted Non-GAAP Net Income
(Loss) Per Share
The following table presents a reconciliation of net loss
to Non-GAAP net income (loss) for each of the periods
indicated (unaudited):
|
|
Three Months Ended March 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
(Restated) |
|
|
(in thousands, except per share amounts) |
Reconciliation of Net
loss to Non-GAAP net income (loss) |
|
|
|
|
Net loss |
|
$ |
(2,358 |
) |
|
$ |
(25,753 |
) |
Amortization of acquired
intangible assets |
|
|
1,291 |
|
|
|
670 |
|
Stock-based compensation |
|
|
16,467 |
|
|
|
21,865 |
|
Transaction-related
expenses |
|
|
— |
|
|
|
30 |
|
Restructuring expenses |
|
|
627 |
|
|
|
— |
|
Legal
expenses |
|
|
— |
|
|
|
40 |
|
Income tax effects(1) |
|
|
(2,030 |
) |
|
|
(2,277 |
) |
Non-GAAP net income (loss) |
|
$ |
13,998 |
|
|
$ |
(5,425 |
) |
Net loss margin |
|
|
1 |
% |
|
|
17 |
% |
Non-GAAP net income (loss) margin |
|
|
8 |
% |
|
(3)% |
Net loss per share
attributable to common stockholders—basic and diluted |
|
$ |
(0.01 |
) |
|
$ |
(0.13 |
) |
Non-GAAP net income
(loss) per share—basic |
|
$ |
0.07 |
|
|
$ |
(0.03 |
) |
Non-GAAP net income
(loss) per share—diluted |
|
$ |
0.07 |
|
|
$ |
(0.03 |
) |
Weighted-average shares used
to compute net loss per share attributable to common
stockholders—basic and diluted |
|
|
191,293 |
|
|
|
198,265 |
|
Weighted-average shares used
to compute Non-GAAP net income (loss) per share attributable to
common stockholders—basic |
|
|
191,293 |
|
|
|
198,265 |
|
Weighted-average shares used
to compute Non-GAAP net income (loss) per share attributable
to common stockholders—diluted |
|
|
192,580 |
|
|
|
198,265 |
|
(1) Income tax effects consist primarily of the
tax impact of the non-GAAP pre-tax adjustments and
the excess tax benefits on stock-based compensation.
The following table shows the computation of basic and diluted
Non-GAAP net income (loss) per share attributable to common
stockholders (unaudited):
|
|
Three Months Ended March 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
(Restated) |
|
|
(in thousands, except per share amounts) |
Non-GAAP net income (loss) and Non-GAAP net income (loss)
per share attributable to common stockholders: |
|
|
|
|
Non-GAAP net income (loss) |
|
$ |
13,998 |
|
$ |
(5,425 |
) |
Reconciliation of
denominator for net income (loss) per share attributable to common
stockholders to Non-GAAP net income (loss) per share attributable
to common stockholders: |
|
|
|
|
Weighted-average shares used to compute net income (loss) per share
attributable to common stockholders—basic: |
|
|
191,293 |
|
|
198,265 |
|
Effect of potentially dilutive securities: |
|
|
|
|
Stock options |
|
|
457 |
|
|
— |
|
Restricted stock unit and performance stock units |
|
|
830 |
|
|
— |
|
Employee stock purchase plan |
|
|
— |
|
|
— |
|
Weighted-average common stock used in
computing Non-GAAP net income (loss) per share
attributable to common stockholders—diluted |
|
|
192,580 |
|
|
198,265 |
|
Non-GAAP net income (loss) per share attributable to common
stockholders—basic |
|
$ |
0.07 |
|
$ |
(0.03 |
) |
Non-GAAP net income (loss) per share attributable to common
stockholders—diluted |
|
$ |
0.07 |
|
$ |
(0.03 |
) |
Free Cash Flow
The following table presents a reconciliation of net cash
provided by operating activities to free cash flow (unaudited):
|
|
Three Months Ended March 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
(Restated) |
|
|
(in thousands) |
Reconciliation of Net Cash Provided by Operating Activities
to Free Cash Flow |
|
|
|
|
Net cash
provided by operating activities |
|
$ |
29,208 |
|
|
$ |
13,737 |
|
Purchase
of property and equipment |
|
|
(7,428 |
) |
|
|
(4,911 |
) |
Free cash flow |
|
$ |
21,780 |
|
|
$ |
8,826 |
|
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