2023 Q2 Form 10-Q Financial Statement

#000158176023000045 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $70.79M $68.14M $50.97M
YoY Change 44.93% 33.69%
Cost Of Revenue $16.01M $18.31M $15.85M
YoY Change -18.16% 15.52%
Gross Profit $54.78M $49.83M $35.12M
YoY Change 87.05% 41.89%
Gross Profit Margin 77.39% 73.13% 68.9%
Selling, General & Admin $35.84M $37.53M $36.49M
YoY Change 0.33% 2.84%
% of Gross Profit 65.43% 75.31% 103.9%
Research & Development $23.18M $27.20M $25.74M
YoY Change -14.24% 5.67%
% of Gross Profit 42.32% 54.58% 73.29%
Depreciation & Amortization $40.00K $2.273M $2.201M
YoY Change -60.0% 3.27%
% of Gross Profit 0.07% 4.56% 6.27%
Operating Expenses $59.03M $64.72M $62.22M
YoY Change -5.94% 4.01%
Operating Profit -$4.243M -$14.89M -$27.11M
YoY Change -87.32% -45.06%
Interest Expense -$254.0K $14.00K $913.0K
YoY Change -161.2% -98.47%
% of Operating Profit
Other Income/Expense, Net $97.00K $929.0K $1.030M
YoY Change -77.75% -9.81%
Pretax Income -$4.146M -$13.96M -$25.16M
YoY Change -87.45% -44.51%
Income Tax $300.0K $100.0K $58.00K
% Of Pretax Income
Net Earnings -$4.413M -$14.07M -$25.22M
YoY Change -86.62% -44.21% 554.78%
Net Earnings / Revenue -6.23% -20.65% -49.48%
Basic Earnings Per Share -$0.07 -$0.21 -$0.41
Diluted Earnings Per Share -$0.07 -$0.21 -$408.7K
COMMON SHARES
Basic Shares Outstanding 66.35M shares 66.27M shares 61.19M shares
Diluted Shares Outstanding 66.47M shares 65.59M shares 61.88M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $62.40M $61.39M
YoY Change -2.89%
Cash & Equivalents $62.40M $61.39M $82.72M
Short-Term Investments
Other Short-Term Assets $8.340M $22.33M
YoY Change -7.64%
Inventory $10.39M $8.797M
Prepaid Expenses $8.340M $9.232M
Receivables $33.47M $30.98M
Other Receivables $1.556M $828.0K
Total Short-Term Assets $117.5M $125.7M
YoY Change 9.13%
LONG-TERM ASSETS
Property, Plant & Equipment $829.0K $755.0K
YoY Change 25.42%
Goodwill $133.7M $133.7M
YoY Change 0.34%
Intangibles $49.09M $50.81M
YoY Change -13.6%
Long-Term Investments
YoY Change
Other Assets $21.00K $51.00K
YoY Change -88.33%
Total Long-Term Assets $194.3M $195.5M
YoY Change -10.07%
TOTAL ASSETS
Total Short-Term Assets $117.5M $125.7M
Total Long-Term Assets $194.3M $195.5M
Total Assets $311.8M $321.1M
YoY Change -3.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.111M $9.517M
YoY Change -37.78%
Accrued Expenses $16.58M $14.41M
YoY Change -16.42%
Deferred Revenue $31.07M $30.14M
YoY Change 25.09%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $6.129M $4.870M
YoY Change 80.69%
Total Short-Term Liabilities $68.70M $80.61M
YoY Change -16.39%
LONG-TERM LIABILITIES
Long-Term Debt $1.918M $2.807M
YoY Change -72.94%
Other Long-Term Liabilities $1.377M $497.0K
YoY Change 7.16%
Total Long-Term Liabilities $1.377M $497.0K
YoY Change 7.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $68.70M $80.61M
Total Long-Term Liabilities $1.377M $497.0K
Total Liabilities $74.09M $86.31M
YoY Change -21.24%
SHAREHOLDERS EQUITY
Retained Earnings -$275.5M -$271.0M
YoY Change 23.22%
Common Stock $68.00K $68.00K
YoY Change 9.68%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $237.7M $234.8M $247.2M
YoY Change
Total Liabilities & Shareholders Equity $311.8M $321.1M
YoY Change -3.68%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$4.413M -$14.07M -$25.22M
YoY Change -86.62% -44.21% 554.78%
Depreciation, Depletion And Amortization $40.00K $2.273M $2.201M
YoY Change -60.0% 3.27%
Cash From Operating Activities $3.671M -$9.199M -$21.54M
YoY Change -109.53% -57.29%
INVESTING ACTIVITIES
Capital Expenditures $517.0K $26.00K $0.00
YoY Change -100.46%
Acquisitions $0.00 $112.3M
YoY Change -100.0%
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$517.0K -$374.0K -$112.5M
YoY Change -99.55% -99.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -15.09M -$4.703M $873.0K
YoY Change -5131.0% -638.72%
NET CHANGE
Cash From Operating Activities 3.671M -$9.199M -$21.54M
Cash From Investing Activities -517.0K -$374.0K -$112.5M
Cash From Financing Activities -15.09M -$4.703M $873.0K
Net Change In Cash -11.94M -$14.28M -$133.1M
YoY Change -92.15% -89.28%
FREE CASH FLOW
Cash From Operating Activities $3.671M -$9.199M -$21.54M
Capital Expenditures $517.0K $26.00K $0.00
Free Cash Flow $3.154M -$9.225M -$21.54M
YoY Change -95.79% -57.17%

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ShareBasedCompensation
8955000 usd
CY2022Q1 us-gaap Share Based Compensation
ShareBasedCompensation
6095000 usd
CY2023Q1 lifx Compensation Expense Revesting Notes
CompensationExpenseRevestingNotes
72000 usd
CY2022Q1 lifx Compensation Expense Revesting Notes
CompensationExpenseRevestingNotes
120000 usd
CY2023Q1 lifx Paid In Kind Interest And Noncash Dividend Expense Income
PaidInKindInterestAndNoncashDividendExpenseIncome
92000 usd
CY2022Q1 lifx Paid In Kind Interest And Noncash Dividend Expense Income
PaidInKindInterestAndNoncashDividendExpenseIncome
98000 usd
CY2023Q1 lifx Fair Value Adjustment Of Convertible Notes
FairValueAdjustmentOfConvertibleNotes
-72000 usd
CY2022Q1 lifx Fair Value Adjustment Of Convertible Notes
FairValueAdjustmentOfConvertibleNotes
-1575000 usd
CY2023Q1 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
14000 usd
CY2022Q1 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
914000 usd
CY2023Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
0 usd
CY2022Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-4000000 usd
CY2023Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
496000 usd
CY2022Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
135000 usd
CY2023Q1 us-gaap Inventory Write Down
InventoryWriteDown
916000 usd
CY2022Q1 us-gaap Inventory Write Down
InventoryWriteDown
0 usd
CY2023Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-2145000 usd
CY2022Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-17155000 usd
CY2023Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1340000 usd
CY2022Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
560000 usd
CY2023Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-1113000 usd
CY2022Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
1067000 usd
CY2023Q1 us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
498000 usd
CY2022Q1 us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
1121000 usd
CY2023Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-4274000 usd
CY2022Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-14689000 usd
CY2023Q1 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
-4628000 usd
CY2022Q1 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
-1673000 usd
CY2023Q1 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
189000 usd
CY2022Q1 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
2936000 usd
CY2023Q1 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
0 usd
CY2022Q1 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-122000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-9199000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-21537000 usd
CY2023Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 usd
CY2022Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
112306000 usd
CY2023Q1 us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
348000 usd
CY2022Q1 us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
159000 usd
CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
26000 usd
CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
0 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-374000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-112465000 usd
CY2023Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
714000 usd
CY2022Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1508000 usd
CY2023Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
5731000 usd
CY2022Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
716000 usd
CY2023Q1 lifx Proceeds From Collection Of Stockholder Notes Receivable
ProceedsFromCollectionOfStockholderNotesReceivable
314000 usd
CY2022Q1 lifx Proceeds From Collection Of Stockholder Notes Receivable
ProceedsFromCollectionOfStockholderNotesReceivable
0 usd
CY2023Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 usd
CY2022Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
85000 usd
CY2023Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
0 usd
CY2022Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
4000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-4703000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
873000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-14276000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-133129000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
90365000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
231345000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
76089000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
98216000 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
0 usd
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
15000 usd
CY2023Q1 us-gaap Business Combination Consideration Transferred Equity Interests Issued And Issuable
BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable
0 usd
CY2022Q1 us-gaap Business Combination Consideration Transferred Equity Interests Issued And Issuable
BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable
15409000 usd
CY2023Q1 lifx Fair Value Of Warrants Held In Investment In Affiliate
FairValueOfWarrantsHeldInInvestmentInAffiliate
0 usd
CY2022Q1 lifx Fair Value Of Warrants Held In Investment In Affiliate
FairValueOfWarrantsHeldInInvestmentInAffiliate
5474000 usd
CY2023Q1 lifx Deferred Capitalized Costs Incurred But Not Yet Paid
DeferredCapitalizedCostsIncurredButNotYetPaid
0 usd
CY2022Q1 lifx Deferred Capitalized Costs Incurred But Not Yet Paid
DeferredCapitalizedCostsIncurredButNotYetPaid
700000 usd
CY2023Q1 lifx Noncash Investing And Financing Activities
NoncashInvestingAndFinancingActivities
0 usd
CY2022Q1 lifx Noncash Investing And Financing Activities
NoncashInvestingAndFinancingActivities
21583000 usd
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
61394000 usd
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
82717000 usd
CY2023Q1 us-gaap Restricted Cash
RestrictedCash
14695000 usd
CY2022Q1 us-gaap Restricted Cash
RestrictedCash
15499000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
76089000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
98216000 usd
CY2023Q1 us-gaap Nature Of Operations
NatureOfOperations
Nature of Business<div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Life360, Inc. (the “Company”) is a leading technology platform used to locate the people, pets and things that matter most to families. The Company was incorporated in the State of Delaware in 2007. The Company’s core offering, the Life360 mobile application, includes 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 Generation 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 products include a Bluetooth enabled device and related accessories that work in tandem with the Tile application to enable its customers to locate lost or misplaced objects. </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On January 12, 2023, the Company announced a workforce restructure which resulted in a reduction of the Company’s workforce of approximately 14%. The Company incurred $3.3 million in non-recurring personnel and severance related expenses in connection with the restructure during the three months ended March 31, 2023. As of March 31, 2023, approximately $0.4 million of the expense incurred remains unpaid and is included within accrued expenses and other current liabilities on the condensed consolidated balance sheet. </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The restructuring costs are recognized in the condensed consolidated statements of operations for the three months ended March 31, 2023 as follows (in thousands):</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:79.960%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:17.840%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Personnel and Severance and Related Expenses</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cost of subscription revenue</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">61 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cost of hardware revenue</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">91 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Research and development</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,878 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Sales and marketing</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">666 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">General and administrative</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">558 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,254 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div>
CY2023Q1 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedPeriodPercent
0.14
CY2023Q1 us-gaap Restructuring Charges
RestructuringCharges
3300000 usd
CY2023Q1 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
400000 usd
CY2023Q1 us-gaap Restructuring Charges
RestructuringCharges
3254000 usd
CY2023Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
Reclassification of Prior Year Statement of Cash Flows Presentation Certain prior year amounts on the condensed consolidated statement of cash flows have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. An adjustment has been made to the condensed consolidated statements of cash flows for the three months ended March 31, 2022 to reclassify internal use software, amortization of costs capitalized to obtain contracts, and non-cash revenue from affiliate. Such reclassifications had no material impact to the Company’s financial positions, operating cash flows, net loss or net loss per share attributable to common stockholders.
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates </span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets, liabilities, net revenue, and expenses. Significant items subject to such estimates, judgments, and assumptions include: </span></div><div style="margin-top:6pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">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; </span></div><div style="margin-top:3pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">allowances for credit losses and product returns;</span></div><div style="margin-top:3pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">promotional and marketing allowances;</span></div><div style="margin-top:3pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">inventory valuation;</span></div><div style="margin-top:3pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">average useful customer life;</span></div><div style="margin-top:3pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">valuation of stock-based awards; </span></div><div style="margin-top:3pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">legal contingencies; </span></div><div style="margin-top:3pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">impairment of long-lived assets and goodwill;</span></div><div style="margin-top:3pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">valuation of contingent consideration, convertible notes and embedded derivatives; </span></div><div style="margin-top:3pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">useful lives of long-lived assets; and</span></div><div style="margin-top:3pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">income taxes including valuation allowances on deferred tax assets.</span></div>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.
CY2023Q1 us-gaap Restricted Cash
RestrictedCash
14700000 usd
CY2022Q4 us-gaap Restricted Cash
RestrictedCash
14900000 usd
CY2023Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
1600000 usd
CY2022Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
1600000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
68143000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
50970000 usd
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
16800000 usd
CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
12100000 usd
CY2023Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
32500000 usd
CY2023Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
30100000 usd
CY2023Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
CY2023Q1 us-gaap Capitalized Contract Cost Amortization Period
CapitalizedContractCostAmortizationPeriod
P3Y
CY2022Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
2063000 usd
CY2021Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
1649000 usd
CY2023Q1 lifx Capitalized Contract Cost Increase For Contract Acquired In Business Combination
CapitalizedContractCostIncreaseForContractAcquiredInBusinessCombination
0 usd
CY2022Q1 lifx Capitalized Contract Cost Increase For Contract Acquired In Business Combination
CapitalizedContractCostIncreaseForContractAcquiredInBusinessCombination
849000 usd
CY2023Q1 lifx Capitalized Contract Cost Additions
CapitalizedContractCostAdditions
499000 usd
CY2022Q1 lifx Capitalized Contract Cost Additions
CapitalizedContractCostAdditions
272000 usd
CY2023Q1 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
439000 usd
CY2022Q1 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
936000 usd
CY2023Q1 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
2123000 usd
CY2022Q1 us-gaap Capitalized Contract Cost Net
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1834000 usd
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