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LifeLock Announces 2013 Third Quarter Results

LifeLock, Inc. (NYSE: LOCK), an industry leader in identity theft protection, today announced financial results for the third quarter ended September 30, 2013.

Third Quarter 2013 Financial Highlights:

  • Revenue: Total revenue was $95.7 million for the third quarter of 2013, up 33% from $72.1 million for the third quarter of 2012. Consumer revenue was $88.4 million for the third quarter of 2013, up 35% from $65.6 million for the third quarter of 2012. Enterprise revenue was $7.4 million for the third quarter of 2013, up 12% from $6.5 million for the third quarter of 2012.
  • Net Income (Loss): Net income was $5.4 million for the third quarter of 2013, compared to net income of $7.9 million for the third quarter of 2012. Net income per diluted share was $0.06 for the third quarter of 2013 based on 96.4 million weighted-average shares outstanding, compared with net loss per diluted share of $0.16 for the third quarter of 2012 based on 19.5 million weighted-average shares outstanding.
  • Adjusted Net Income: Adjusted net income was $11.4 million for the third quarter of 2013, up from $8.9 million for the third quarter of 2012. Adjusted net income per diluted share was $0.12 for the third quarter of 2013 based on 96.4 million weighted-average shares outstanding, compared with $0.12 per diluted share for the third quarter of 2012 based on 71.5 million weighted-average shares outstanding.
  • Adjusted EBITDA: Adjusted EBITDA was $12.8 million for the third quarter of 2013, compared with $10.9 million for the third quarter of 2012.
  • Cash Flow: Cash flow from operations was $18.2 million for the third quarter of 2013, leading to free cash flow of $16.6 million after taking into consideration $1.6 million of capital expenditures. This compares with cash flow from operations of $17.6 million and free cash flow of $16.2 million, after taking into consideration $1.4 million of capital expenditures, for the third quarter of 2012.
  • Balance Sheet: Total cash and marketable securities at the end of the third quarter of 2013 was $191.9 million, up from $134.2 million at the end of the fourth quarter of 2012.

“We are pleased to celebrate our one year anniversary as a public company,” said Todd Davis, LifeLock’s Chairman and CEO. “LifeLock showed solid growth on both the top and bottom line in the third quarter. We saw strong adoption of our LifeLock Ultimate service offering once again, as consumers are increasingly choosing our premium offering in an effort to protect themselves from identity theft. The value provided by our unique technology platform continues to resonate with consumers and enterprises alike.”

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