LifeLock Announces 2013 Second Quarter Results

Adjusted Net Income bullet, second sentence should read: “Adjusted net income per diluted share was $0.04...” (sted $0.03). In the Reconciliation of Net Income (Loss) per Diluted Share to Adjusted Net Income per Diluted Share section of the last financial table, Adjustments to diluted shares for Three Months Ended June 30, 2013 should read - (sted (0.01)) and Adjusted net income per diluted share for Three Months Ended June 30, 2013 should read $0.04 (sted $0.03).

The corrected release reads:

LIFELOCK ANNOUNCES 2013 SECOND QUARTER RESULTS

Record quarterly revenue of $89.5 million, up 32% year-over-year

Q2 cumulative ending members of approximately 2.8 million, up 21% year-over-year

Q2 monthly average revenue per member of $10.18, up 11% year-over-year

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

Second Quarter 2013 Financial Highlights:
  • Revenue: Total revenue was $89.5 million for the second quarter of 2013, up 32% from $67.9 million for the second quarter of 2012. Consumer revenue was $82.6 million for the second quarter of 2013, up 34% from $61.6 million for the second quarter of 2012. Enterprise revenue was $6.9 million for the second quarter of 2013, up 11% from $6.3 million for the second quarter of 2012.
  • Net Income (Loss): Net loss was $2.1 million for the second quarter of 2013, compared to net loss of $6.9 million for the second quarter of 2012. Net loss per diluted share was $0.02 for the second quarter of 2013 based on 87.5 million weighted-average shares outstanding, compared with net loss per diluted share of $0.59 for the second quarter of 2012 based on 19.5 million weighted-average shares outstanding.
  • Adjusted Net Income: Adjusted net income was $3.4 million for the second quarter of 2013, down from $3.7 million for the second quarter of 2012. Adjusted net income per diluted share was $0.04 for the second quarter of 2013 based on 94.9 million weighted-average shares outstanding, compared with $0.05 per diluted share for the second quarter of 2012 based on 69.8 million weighted-average shares outstanding.
  • Adjusted EBITDA: Adjusted EBITDA was $4.6 million for the second quarter of 2013, compared with $6.1 million for the second quarter of 2012.
  • Cash Flow: Cash flow from operations was $20.8 million for the second quarter of 2013, leading to free cash flow of $18.4 million after taking into consideration $2.4 million of capital expenditures. This compares with cash flow from operations of $13.3 million and free cash flow of $11.6 million, after taking into consideration $1.7 million of capital expenditures, for the second quarter of 2012.
  • Balance Sheet: Cash and cash equivalents at the end of the second quarter of 2013 was $169.4 million, up from $134.2 million at the end of the fourth quarter of 2012.

“The combination of our market leading brand and superior service offering drove our results once again this quarter,” said Todd Davis, LifeLock’s Chairman and CEO. “Our LifeLock Ultimate service led the way, with a record number and percentage of new customers adopting our premium offering. The unique and proprietary nature of our technology continues to stand out against our more traditional competitors and our targeted marketing investments are paying off. We were very pleased to have both exceeded our prior guidance and increased our 2013 outlook.”

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