$LZ
LEGALZOOM.COM, INC.

2024 Q3 Form 10-Q Financial Statement

#000128613924000093 Filed on August 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $168.6M $177.4M
YoY Change 0.79% 5.04%
Cost Of Revenue $54.72M $63.61M
YoY Change -7.6% -0.22%
Gross Profit $113.9M $113.8M
YoY Change 5.39% 8.23%
Gross Profit Margin 67.55% 64.14%
Selling, General & Admin $66.30M $84.42M
YoY Change -10.52% 7.72%
% of Gross Profit 58.22% 74.21%
Research & Development $23.18M $25.80M
YoY Change 7.85% 35.36%
% of Gross Profit 20.35% 22.68%
Depreciation & Amortization $9.195M $8.426M
YoY Change 37.24% 44.35%
% of Gross Profit 8.07% 7.41%
Operating Expenses $97.62M $112.6M
YoY Change -0.19% 12.32%
Operating Profit $16.27M $1.146M
YoY Change 58.63% -76.38%
Interest Expense $1.273M $2.203M
YoY Change -51.47% 2.32%
% of Operating Profit 7.82% 192.23%
Other Income/Expense, Net $1.741M $11.00K
YoY Change -297.39% -98.24%
Pretax Income $19.28M $3.360M
YoY Change 60.73% -55.33%
Income Tax $8.200M $2.000M
% Of Pretax Income 42.52% 59.52%
Net Earnings $11.05M $1.314M
YoY Change 46.68% -5.81%
Net Earnings / Revenue 6.55% 0.74%
Basic Earnings Per Share $0.06 $0.01
Diluted Earnings Per Share $0.06 $0.01
COMMON SHARES
Basic Shares Outstanding 175.6M shares 188.2M shares
Diluted Shares Outstanding 176.4M shares 186.5M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $112.5M $118.8M
YoY Change -46.97% -50.28%
Cash & Equivalents $112.5M $118.8M
Short-Term Investments
Other Short-Term Assets $1.699M $997.0K
YoY Change -21.42% -97.09%
Inventory
Prepaid Expenses $8.683M $9.234M
Receivables $11.52M $15.35M
Other Receivables $5.815M $8.399M
Total Short-Term Assets $167.2M $179.3M
YoY Change -37.32% -37.85%
LONG-TERM ASSETS
Property, Plant & Equipment $67.04M $64.35M
YoY Change 53.2% 31.94%
Goodwill $63.32M $63.32M
YoY Change 0.0% 0.08%
Intangibles $9.919M $11.19M
YoY Change -33.99% -31.4%
Long-Term Investments $1.386M $1.374M
YoY Change 15.5% 36.85%
Other Assets $8.232M $8.607M
YoY Change -4.5% -72.07%
Total Long-Term Assets $181.6M $180.2M
YoY Change 13.71% 12.53%
TOTAL ASSETS
Total Short-Term Assets $167.2M $179.3M
Total Long-Term Assets $181.6M $180.2M
Total Assets $348.8M $359.5M
YoY Change -18.21% -19.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $27.92M $34.25M
YoY Change -13.58% 2.82%
Accrued Expenses $57.03M $58.02M
YoY Change 2.98% 23.86%
Deferred Revenue $185.8M $189.1M
YoY Change 5.05% 5.41%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $272.6M $283.0M
YoY Change 2.17% 5.81%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $9.485M $9.003M
YoY Change 113.48% -29.64%
Total Long-Term Liabilities $9.485M $9.003M
YoY Change 113.48% -29.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $272.6M $283.0M
Total Long-Term Liabilities $9.485M $9.003M
Total Liabilities $288.7M $298.8M
YoY Change 3.41% 6.59%
SHAREHOLDERS EQUITY
Retained Earnings -$1.080B -$1.066B
YoY Change 14.82% 18.1%
Common Stock $1.141B $1.126B
YoY Change 5.03% 5.18%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $60.14M $60.76M
YoY Change
Total Liabilities & Shareholders Equity $348.8M $359.5M
YoY Change -18.21% -19.87%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $11.05M $1.314M
YoY Change 46.68% -5.81%
Depreciation, Depletion And Amortization $9.195M $8.426M
YoY Change 37.24% 44.35%
Cash From Operating Activities $31.61M $27.25M
YoY Change 15.38% -39.67%
INVESTING ACTIVITIES
Capital Expenditures $9.638M $9.874M
YoY Change 20.48% 26.61%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$9.638M -$9.874M
YoY Change 20.48% 26.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -28.35M -126.7M
YoY Change -38.77% 4834.19%
NET CHANGE
Cash From Operating Activities 31.61M 27.25M
Cash From Investing Activities -9.638M -9.874M
Cash From Financing Activities -28.35M -126.7M
Net Change In Cash -6.376M -109.3M
YoY Change -76.3% -414.21%
FREE CASH FLOW
Cash From Operating Activities $31.61M $27.25M
Capital Expenditures $9.638M $9.874M
Free Cash Flow $21.98M $17.37M
YoY Change 13.27% -53.51%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Nature Of Operations
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Description of the Business<div style="margin-bottom:6pt;margin-top:12pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Work Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">LegalZoom.com, Inc., was initially formed as a California corporation in 1999 and reincorporated as a Delaware corporation in 2007. LegalZoom.com, Inc., and its wholly owned subsidiaries, are referred to herein as the “Company”, “we,” “us,” or “our”. </span></div><div style="margin-bottom:6pt;margin-top:6pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Work Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> We are a provider of services that meet the legal needs of small businesses and consumers. Our position at business inception allows us to become a trusted business advisor, supporting the evolving needs of a new business across its lifecycle, 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. Along with business formation, our offerings include ongoing compliance and tax advice and filings, business licenses, accounting, virtual mailbox and e-signature solutions, trademark filings, and estate plans. Additionally, we have insights into our customers and leverage our offerings as a channel to introduce small businesses to leading brands in our partner ecosystem, solving even more of their business needs.</span></div>
us-gaap Use Of Estimates
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<div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Work Sans',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Work Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses, and related disclosures of contingent liabilities in the consolidated financial statements and accompanying notes. Estimates are used for, however not limited to, revenue recognition, sales allowances and expected credit loss allowances, available-for-sale debt securities, other equity securities, recoverability of long-lived assets and goodwill, income taxes, commitments and contingencies, valuation of assets and liabilities acquired in business combinations, valuation of assets in asset acquisitions, and fair value of stock-based compensation. Actual results could differ materially from those estimates. On an ongoing basis, we evaluate the estimates compared to historical experience and other factors including the current economic and regulatory environment, which form the basis for our judgments about the carrying value of assets and liabilities.</span></div>
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<div style="margin-bottom:6pt;margin-top:12pt"><span style="color:#000000;font-family:'Work Sans',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Concentrations of Credit Risk</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Work Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We maintain accounts in U.S. and U.K. banks with funds insured by the Federal Deposit Insurance Corporation, or FDIC, and the Financial Services Compensation Scheme, or FSCS, respectively. Our bank accounts may, at times, exceed the FDIC and FSCS insured limits. Financial instruments that potentially subject us to credit risk consist principally of cash and cash equivalents. Management believes that we are not exposed to any significant credit risk related to our cash or cash equivalents and have not experienced any losses in such accounts.</span></div>
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CY2023Q2 us-gaap Contract With Customer Liability Revenue Recognized
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88500000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
131700000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
128200000 usd
CY2023Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
0 usd
CY2024Q2 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
0 usd
CY2023Q4 srt Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000.0 usd
CY2024Q2 lz Share Repurchase Program Authorized Amount Increase Decrease
ShareRepurchaseProgramAuthorizedAmountIncreaseDecrease
75000000.0 usd
CY2024Q2 srt Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
175000000.0 usd
CY2024Q2 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
13900000 shares
CY2024Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
8.99
CY2024Q2 lz Stock Repurchased During Period Value Gross
StockRepurchasedDuringPeriodValueGross
125200000 usd
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
15100000 shares
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
9.14
lz Stock Repurchased During Period Value Gross
StockRepurchasedDuringPeriodValueGross
138000000.0 usd
CY2024Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
37000000.0 usd
CY2024Q2 us-gaap Share Repurchase Program Excise Tax Payable
ShareRepurchaseProgramExciseTaxPayable
1100000 usd
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
18915000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
18956000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
33771000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
35423000 usd
CY2024Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
1627000 usd
CY2023Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
1075000 usd
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
3044000 usd
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
1986000 usd
CY2024Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
20542000 usd
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
20031000 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
36815000 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
37409000 usd
CY2024Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2000000.0 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5300000 usd
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6100000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10000000.0 usd
CY2024Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.61
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.82
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.47
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
1.11
CY2024Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
12500000 usd
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
11500000 usd
CY2024Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
12500000 usd
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
1314000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
1395000 usd
us-gaap Net Income Loss
NetIncomeLoss
6058000 usd
us-gaap Net Income Loss
NetIncomeLoss
-963000 usd
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
184257000 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
191342000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
186438000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
191318000 shares
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
186456000 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
194826000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
189926000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
191318000 shares
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.03
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.01
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.01
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.03
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
CY2024Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
16526000 shares
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15197000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14344000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
36533000 shares

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0001286139-24-000093-xbrl.zip Edgar Link pending
ex-311lzx2024063010xq.htm Edgar Link pending
ex-312lzx2024063010xq.htm Edgar Link pending
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