2022 Q3 Form 10-Q Financial Statement

#000158176022000007 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $57.15M $48.84M $50.97M
YoY Change 92.45% 95.31%
Cost Of Revenue $17.91M $19.56M $15.85M
YoY Change 232.46% 310.84%
Gross Profit $39.24M $29.29M $35.12M
YoY Change 61.42% 44.64%
Gross Profit Margin 68.66% 59.96% 68.9%
Selling, General & Admin $35.80M $35.73M $36.49M
YoY Change 88.95% 137.53%
% of Gross Profit 91.22% 121.98% 103.9%
Research & Development $24.57M $27.03M $25.74M
YoY Change 87.36% 124.96%
% of Gross Profit 62.61% 92.29% 73.29%
Depreciation & Amortization $100.0K $100.0K $2.201M
YoY Change -50.0% 0.0%
% of Gross Profit 0.25% 0.34% 6.27%
Operating Expenses $60.36M $62.76M $62.22M
YoY Change 88.3% 131.95%
Operating Profit -$21.12M -$33.47M -$27.11M
YoY Change 172.64% 391.67%
Interest Expense -$145.0K $415.0K $913.0K
YoY Change
% of Operating Profit
Other Income/Expense, Net $78.00K $436.0K $1.030M
YoY Change -119.02% 14433.33%
Pretax Income -$21.05M -$33.03M -$25.16M
YoY Change 157.98% 385.48%
Income Tax $73.00K -$47.00K $58.00K
% Of Pretax Income
Net Earnings -$21.12M -$32.99M -$25.22M
YoY Change 163.53% 384.79% 554.78%
Net Earnings / Revenue -36.95% -67.53% -49.48%
Basic Earnings Per Share -$0.34 -$0.53 -$0.41
Diluted Earnings Per Share -$0.34 -$0.53 -$408.7K
COMMON SHARES
Basic Shares Outstanding 62.11M shares 61.88M shares 61.19M shares
Diluted Shares Outstanding 62.17M shares 61.88M shares 61.88M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $43.96M $64.26M
YoY Change 27.11%
Cash & Equivalents $43.96M $64.26M $82.72M
Short-Term Investments
Other Short-Term Assets $8.348M $9.030M
YoY Change 30.12%
Inventory $15.21M $11.14M
Prepaid Expenses $8.348M $9.030M
Receivables $23.19M $19.54M
Other Receivables $2.457M $2.119M
Total Short-Term Assets $95.06M $107.7M
YoY Change 50.07%
LONG-TERM ASSETS
Property, Plant & Equipment $525.0K $661.0K
YoY Change -74.31%
Goodwill $133.6M $133.2M
YoY Change
Intangibles $54.93M $56.82M
YoY Change
Long-Term Investments
YoY Change
Other Assets $136.0K $180.0K
YoY Change -93.01%
Total Long-Term Assets $213.2M $216.1M
YoY Change 2235.96%
TOTAL ASSETS
Total Short-Term Assets $95.06M $107.7M
Total Long-Term Assets $213.2M $216.1M
Total Assets $308.3M $323.7M
YoY Change 299.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.58M $11.43M
YoY Change 1160.09%
Accrued Expenses $19.88M $19.84M
YoY Change 229.18%
Deferred Revenue $27.87M $24.84M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.454M $3.392M
YoY Change
Total Short-Term Liabilities $84.16M $82.16M
YoY Change 290.17%
LONG-TERM LIABILITIES
Long-Term Debt $3.909M $7.089M
YoY Change
Other Long-Term Liabilities $1.498M $1.285M
YoY Change -14.96%
Total Long-Term Liabilities $1.498M $1.285M
YoY Change -14.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $84.16M $82.16M
Total Long-Term Liabilities $1.498M $1.285M
Total Liabilities $92.79M $94.08M
YoY Change 316.84%
SHAREHOLDERS EQUITY
Retained Earnings -$244.7M -$223.6M
YoY Change
Common Stock $62.00K $62.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $215.5M $229.7M $247.2M
YoY Change
Total Liabilities & Shareholders Equity $308.3M $323.7M
YoY Change 299.66%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$21.12M -$32.99M -$25.22M
YoY Change 163.53% 384.79% 554.78%
Depreciation, Depletion And Amortization $100.0K $100.0K $2.201M
YoY Change -50.0% 0.0%
Cash From Operating Activities -$16.37M -$38.53M -$21.54M
YoY Change 683.25%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$113.4M $0.00
YoY Change
Acquisitions $112.3M
YoY Change
Other Investing Activities -$305.0K -$396.0K
YoY Change -84.16%
Cash From Investing Activities -$305.0K -$113.8M -$112.5M
YoY Change 4451.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.771M 300.0K $873.0K
YoY Change -80.81%
NET CHANGE
Cash From Operating Activities -16.37M -38.53M -$21.54M
Cash From Investing Activities -305.0K -113.8M -$112.5M
Cash From Financing Activities -3.771M 300.0K $873.0K
Net Change In Cash -20.45M -152.0M -$133.1M
YoY Change 2496.06%
FREE CASH FLOW
Cash From Operating Activities -$16.37M -$38.53M -$21.54M
Capital Expenditures $0.00 -$113.4M $0.00
Free Cash Flow -$16.37M $74.87M -$21.54M
YoY Change -1622.12%

Facts In Submission

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lifx Fair Value Of Warrants Held In Investment In Affiliate
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lifx Noncash Investing And Financing Activities
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us-gaap Nature Of Operations
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Nature of BusinessLife360, Inc. (the “Company”) is a leading technology platform, based on market share of the family safety and location sharing app market, to locate the people, pets and things that matter most to families. Refer to “Market and Industry Data” within our Registration Statement on Form 10 filed with the Securities and Exchange Commission on April 26, 2022, as amended by Amendment No. 1 filed on June 13, 2022 and Amendment No. 2 filed on July 5, 2022, and effective as of June 27, 2022 (“Form 10”), for more information on how we can calculate market share. The Company was incorporated in the State of Delaware in April 2007. The Company’s core offering, the Life360 mobile application, is now a market leading mobile application for families, with features that range from communications to driving safety and location sharing. The Company operates under a “freemium” model where its core offering is available to users at no charge, with three membership subscription options that are available but not required. The Company also generates revenue through monetization arrangements with certain commercial third parties (“Data Revenue Partners”) through Lead Gen and license agreements (including aggregated insights into the data collected from the Company’s user base). On September 1, 2021, the Company acquired all ownership interests of Jio, Inc (“Jiobit”). Jiobit is a provider of wearable location devices for young children, pets, and seniors. On January 5, 2022, the Company acquired all ownership interests of Tile, Inc. (“Tile”). Tile is a smart location company whose product is a Bluetooth enabled device that works in tandem with the Tile Application to enable its customers to locate lost or misplaced objects.
us-gaap Use Of Estimates
UseOfEstimates
Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amount of revenue and expenses during the reporting period. Significant estimates made by management include, but are not limited to, the determination of revenue recognition, including the determination of selling prices for distinct performance obligations sold in multiple-performance obligation arrangements, the period over which revenue is recognized for certain arrangements, and estimated delivery dates for orders with title transfer upon delivery, accounts receivable allowance, product returns, promotional and marketing allowances, inventory valuation, average useful customer life, stock-based compensation, legal contingencies, assessment of possible impairment of long-lived assets and goodwill, valuation of contingent consideration, convertible notes and embedded derivatives, useful lives of long lived assets and income taxes including valuation allowances on deferred tax assets. The Company bases its estimates and judgments on historical experience and on various assumptions that it believes are reasonable under the circumstances. Actual results could differ significantly from those estimates.
lifx Revenue Partnership Agreement Term
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us-gaap Provision For Doubtful Accounts
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us-gaap Advertising Expense
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CY2022Q2 us-gaap Inventory Net
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Files In Submission

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