Fourth Quarter 2012 Business Highlights:
- Recorded the 31st consecutive quarter of sequential growth in revenue and cumulative ending members.
- Added approximately 198,000 gross new members in the fourth quarter of 2012 and ended the quarter with approximately 2.5 million members.
- Improved retention rate to 87.1% for the fourth quarter of 2012, compared with 82.7% for the fourth quarter of 2011.
- Increased monthly average revenue per member to $9.68 for the fourth quarter of 2012 from $8.67 for the fourth quarter of 2011.
- Awarded first place overall in the 6 th annual Javelin Strategy and Research identity protection service scorecard. In addition, the awards recognized the proactive nature of LifeLock Ultimate by naming it Best in Detection.
- Added to the Russell 2000, 3000, and Global Indexes.
Fiscal Year 2012 Financial Highlights:
- Revenue: Total revenue was $276.4 million for 2012, up 43% from $193.9 million for 2011. Consumer revenue was $254.7 million for 2012, up 31% from $193.9 million for 2011. Enterprise revenue was $21.8 million for 2012.
- Income from Operations: Income from operations was $13.1 million for 2012, up from $4.8 million for 2011.
- Net Income: Net income was $23.5 million for 2012, up from a net loss of $4.3 million for 2011. Net income per diluted share was $0.09 for 2012 based on 62.2 million weighted-average shares outstanding, compared with a net loss of $1.24 per diluted share for 2011 based on 18.7 million weighted-average shares outstanding.
- Adjusted Net Income: Adjusted net income was $22.0 million for 2012, up from $7.7 million for 2011. Adjusted net income per diluted share was $0.30 for 2012 based on 72.6 million weighted-average shares outstanding, compared with $0.15 per diluted share for 2011 based on 52.4 million weighted-average shares outstanding.
- Adjusted EBITDA: Adjusted EBITDA was $30.3 million for 2012, up from $11.9 million for 2011.
- Cash Flow: Cash flow from operations was $48.4 million for 2012, leading to free cash flow of $40.9 million after taking into consideration $7.5 million of capital expenditures. This compares with cash flow from operations of $24.3 million and free cash flow of $22.3 million, after taking into consideration $2.0 million of capital expenditures, for 2011.
A reconciliation of GAAP to non-GAAP financial measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”
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