2024 Q1 Form 10-K Financial Statement

#000158176024000006 Filed on February 29, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $78.23M $86.96M $304.5M
YoY Change 14.8% 21.9% 33.38%
Cost Of Revenue $18.21M $26.82M $81.88M
YoY Change -0.54% 1.66% 2.73%
Gross Profit $60.01M $60.14M $222.6M
YoY Change 20.44% 33.78% 49.83%
Gross Profit Margin 76.72% 69.15% 73.11%
Selling, General & Admin $39.13M $38.46M $151.7M
YoY Change 4.29% 18.27% 7.92%
% of Gross Profit 65.21% 63.96% 68.12%
Research & Development $27.26M $26.02M $101.0M
YoY Change 0.22% 3.48% -1.48%
% of Gross Profit 45.42% 43.26% 45.35%
Depreciation & Amortization $2.295M $2.449M $9.141M
YoY Change 0.97% 3.42% -0.63%
% of Gross Profit 3.82% 4.07% 4.11%
Operating Expenses $66.39M $64.48M $252.6M
YoY Change 2.58% 11.82% 3.95%
Operating Profit -$6.379M -$4.341M -$29.98M
YoY Change -57.16% -65.85% -68.24%
Interest Expense -$1.707M $61.00K -$116.0K
YoY Change -12292.86% -45.54% -108.96%
% of Operating Profit
Other Income/Expense, Net -$2.004M $1.545M $2.428M
YoY Change -315.72% 194.29% -21.53%
Pretax Income -$8.383M -$2.735M -$27.56M
YoY Change -39.96% -77.35% -69.82%
Income Tax $1.400M $411.0K $616.0K
% Of Pretax Income
Net Earnings -$9.777M -$3.146M -$28.17M
YoY Change -30.52% -74.43% -69.26%
Net Earnings / Revenue -12.5% -3.62% -9.25%
Basic Earnings Per Share -$0.14 -$0.42
Diluted Earnings Per Share -$0.14 -$0.05 -$0.42
COMMON SHARES
Basic Shares Outstanding 68.29M shares 67.71M shares 66.75M shares
Diluted Shares Outstanding 68.54M shares 66.75M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $73.40M $68.96M $68.96M
YoY Change 19.56% -8.59% -8.59%
Cash & Equivalents $73.40M $68.96M $68.96M
Short-Term Investments
Other Short-Term Assets $13.22M $14.52M $14.52M
YoY Change -40.8% -28.12% -28.12%
Inventory $6.338M $4.099M $4.099M
Prepaid Expenses $13.22M $14.52M
Receivables $37.04M $42.18M $43.19M
Other Receivables $503.0K $654.0K $654.0K
Total Short-Term Assets $131.5M $131.4M $131.4M
YoY Change 4.6% -7.87% -7.87%
LONG-TERM ASSETS
Property, Plant & Equipment $684.0K $730.0K $1.744M
YoY Change -9.4% 85.75% 45.94%
Goodwill $133.7M $133.7M
YoY Change 0.0% 0.0%
Intangibles $45.44M
YoY Change -13.77%
Long-Term Investments
YoY Change
Other Assets $21.00K $21.00K $3.123M
YoY Change -58.82% -84.56% -5.56%
Total Long-Term Assets $187.3M $190.3M $190.3M
YoY Change -4.16% -3.39% -3.39%
TOTAL ASSETS
Total Short-Term Assets $131.5M $131.4M $131.4M
Total Long-Term Assets $187.3M $190.3M $190.3M
Total Assets $318.8M $321.7M $321.7M
YoY Change -0.73% -5.27% -5.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.388M $5.896M $5.896M
YoY Change -1.36% -57.25% -57.25%
Accrued Expenses $19.37M $16.99M $16.99M
YoY Change 34.39% 35.55% 35.55%
Deferred Revenue $35.51M $33.93M
YoY Change 17.82% 12.9%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.057M $3.449M $3.449M
YoY Change -16.69% -1.82% -1.82%
Total Short-Term Liabilities $74.02M $70.82M $70.82M
YoY Change -8.17% -19.21% -19.21%
LONG-TERM LIABILITIES
Long-Term Debt $1.161M $1.056M $1.056M
YoY Change -58.64% -73.99% -73.99%
Other Long-Term Liabilities $634.0K $723.0K $2.782M
YoY Change 27.57% 25.52% -17.77%
Total Long-Term Liabilities $634.0K $723.0K $3.838M
YoY Change 27.57% 25.52% -48.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $74.02M $70.82M $70.82M
Total Long-Term Liabilities $634.0K $723.0K $3.838M
Total Liabilities $78.94M $74.65M $74.65M
YoY Change -8.54% -21.49% -21.49%
SHAREHOLDERS EQUITY
Retained Earnings -$294.9M -$285.1M
YoY Change 8.81% 10.96%
Common Stock $71.00K $70.00K
YoY Change 4.41% 4.48%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $239.8M $247.1M $247.1M
YoY Change
Total Liabilities & Shareholders Equity $318.8M $321.7M $321.7M
YoY Change -0.73% -5.27% -5.27%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$9.777M -$3.146M -$28.17M
YoY Change -30.52% -74.43% -69.26%
Depreciation, Depletion And Amortization $2.295M $2.449M $9.141M
YoY Change 0.97% 3.42% -0.63%
Cash From Operating Activities $10.69M $8.958M $7.524M
YoY Change -216.19% -515.11% -113.19%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $989.0K $506.0K
YoY Change -100.0% -100.87%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $26.00K $0.00
YoY Change -100.02% -100.0%
Cash From Investing Activities -$1.089M -$963.0K -$2.221M
YoY Change 191.18% -139.02% -98.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$5.709M -939.0K -$24.96M
YoY Change 21.39% -103.01% -190.06%
NET CHANGE
Cash From Operating Activities $10.69M 8.958M $7.524M
Cash From Investing Activities -$1.089M -963.0K -$2.221M
Cash From Financing Activities -$5.709M -939.0K -$24.96M
Net Change In Cash $3.890M 7.056M -$19.65M
YoY Change -127.25% -77.59% -86.06%
FREE CASH FLOW
Cash From Operating Activities $10.69M $8.958M $7.524M
Capital Expenditures $0.00 $989.0K $506.0K
Free Cash Flow $10.69M $7.969M $7.018M
YoY Change -215.86% -92.84% -112.3%

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<div style="margin-top:18pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">1. Nature of Business</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%">Life360, Inc. 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 Jiobit and Tile subscription services and hardware tracking devices and 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.</span></div>
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Files In Submission

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