LifeLock Announces 2012 Fourth Quarter And Year-End Results

LifeLock, Inc. (NYSE: LOCK), an industry leader in identity theft protection, today announced financial results for the fourth quarter and fiscal year ended December 31, 2012.

Fourth Quarter 2012 Financial Highlights:
  • Revenue: Total revenue was $78.8 million for the fourth quarter of 2012, up 49% from $53.0 million for the fourth quarter of 2011. Consumer revenue was $70.8 million for the fourth quarter of 2012, up 34% from $53.0 million for the fourth quarter of 2011. Enterprise revenue was $8.0 million for the fourth quarter of 2012.
  • Income from Operations: Income from operations was $5.7 million for the fourth quarter of 2012, compared to $7.0 million for the fourth quarter of 2011.
  • Net Income: Net income was $4.1 million for the fourth quarter of 2012, up from $2.3 million for the fourth quarter of 2011. Net income per diluted share was $0.01 for the fourth quarter of 2012 based on 90.8 million weighted-average shares outstanding, compared with a net loss per diluted share of $0.03 for the fourth quarter of 2011 based on 18.9 million weighted-average shares outstanding.
  • Adjusted Net Income: Adjusted net income was $8.9 million for the fourth quarter of 2012, up from $7.8 million for the fourth quarter of 2011. Adjusted net income per diluted share was $0.10 for the fourth quarter of 2012 based on 92.2 million weighted-average shares outstanding, compared with $0.15 per diluted share for the fourth quarter of 2011 based on 53.1 million weighted-average shares outstanding.
  • Adjusted EBITDA: Adjusted EBITDA was $11.4 million for the fourth quarter of 2012, up from $8.9 million for the fourth quarter of 2011.
  • Cash Flow: Cash flow from operations was $7.7 million for the fourth quarter of 2012, leading to free cash flow of $3.7 million after taking into consideration $4.0 million of capital expenditures. This compares with cash flow from operations of $6.1 million and free cash flow of $5.5 million, after taking into consideration $0.6 million of capital expenditures, for the fourth quarter of 2011.
  • Balance Sheet: Cash and cash equivalents at the end of the fourth quarter of 2012 was $134.2 million, up from $76.7 million at the end of the third quarter of 2012. As of December 31, 2012, we had no outstanding debt.

“We are very pleased with our financial results for the fourth quarter, which exceeded our expectations on both the top and bottom line,” said Todd Davis, LifeLock’s Chairman and CEO. “The combination of our industry leading brand, the growing awareness of identity theft, and our superior product portfolio drove strong performance across each of our key operating metrics. The success of our LifeLock Ultimate service, in particular, continues to power our growth and we are optimistic about our outlook for 2013 based on our strong business momentum entering the year.”

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