LifeLock Announces Third Quarter 2012 Results

LifeLock, Inc. (NYSE: LOCK), an industry leader in identity theft protection, today announced financial results for the third quarter ended September 30, 2012.

Third Quarter 2012 Financial Highlights:

• Revenue: Total revenue was $72.1 million for the third quarter of 2012, up 44% from $50.0 million for the third quarter of 2011. Consumer revenue was $65.6 million for the third quarter of 2012, up 31% from $50.0 million for the third quarter of 2011. Enterprise revenue was $6.5 million for the third quarter of 2012.
• Income from Operations: Income from operations was $6.2 million for the third quarter of 2012, up from a loss from operations of $0.5 million for the third quarter of 2011.
• Net Income: Net income was $7.9 million for the third quarter of 2012, up from a net loss of $0.5 million for the third quarter of 2011. Net loss per diluted share was $0.16 for the third quarter of 2012 based on 19.5 million weighted-average shares outstanding, compared with a net loss of $0.33 per diluted share based on 18.8 million weighted-average shares outstanding for the third quarter of 2011.
• Non-GAAP Adjusted Net Income: Non-GAAP adjusted net income was $8.9 million for the third quarter of 2012, up from $0.3 million for the third quarter of 2011. Non-GAAP adjusted net income per diluted share was $0.12 for the third quarter of 2012 based on 71.5 million weighted-average shares outstanding, compared with $0.01 per diluted share based on 53.3 million weighted-average shares outstanding for the third quarter of 2011.
• Adjusted EBITDA: Adjusted EBITDA was $10.9 million for the third quarter of 2012, up from $1.2 million in the third quarter of 2011.
• Cash Flow: Cash flow from operations was $17.6 million for the third quarter of 2012, leading to free cash flow of $16.2 million after taking into consideration $1.4 million of capital expenditures. This compares with cash flow from operations of $6.4 million and free cash flow of $6.2 million after taking into consideration $0.2 million of capital expenditures in the third quarter of 2011.
• Balance Sheet: Cash and cash equivalents at the end of the third quarter of 2012 was $76.7 million, compared with $21.6 million at the end of the third quarter of 2011.

“We were very pleased with our financial results for the third quarter as we continued to execute at a high level”, said Todd Davis, LifeLock’s Chairman and CEO. “We saw continued improvement in our operating metrics with a growing member base, improving annual retention rates, and the strong performance of our LifeLock Ultimate product continuing to drive our revenue per member higher. We continue to gain share while transforming the identity theft protection market from reactive solutions to our proactive identity theft protection solutions. Market awareness of the growing risk of identity theft and fraud continues to increase and we are benefitting from the combination of our industry leading product offering and brand recognition.”

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