Business
LegalZoom Reports First Quarter 2023 Financial Results
Revenue of $165.9 million for the quarter, an increase of 7% year-over-yearSubscription revenue of $97.3 million for the quarter, an increase of 15%
About this update from Legalzoom.com, Inc.
[{"type":"text","content":"Revenue of $165.9 million for the quarter, an increase of 7% year-over-yearSubscription revenue of $97.3 million for the quarter, an increase of 15% year-over-year$204.1 million of cash and cash equivalents and no debt outstanding as of March 31, 2023 GLENDALE, Calif., May 09, 2023 (GLOBE NEWSWIRE) -- LegalZoom.com, Inc. (Nasdaq: LZ) today announced results for its first quarter ended March 31, 2023, including the following highlights: Revenue was $165.9 million for the quarter, up 7% year-over-year. Transaction revenue was $62.2 million, compared to $65.3 million in the same period in 2022, down 5% year-over-year, driven by an 18% reduction in average order value, partially offset by a 15% increase in the number of transactions.Subscription revenue was $97.3 million, compared to $84.4 million in the same period in 2022, an increase of 15% year-over-year. We had approximately 1.5 million subscription units as of March 31, 2023 with approximately 139 thousand net units added during the trailing twelve months, and our average revenue per subscription unit increased 6% from the same period in 2022.Partner revenue was $6.4 million, compared to $5.7 million in the same period in 2022. Gross margin was 64% for the quarter, flat compared to the same period in 2022.Net loss was $2.4 million for the quarter, or 1% of revenue, compared to net loss of $25.8 million or 17% of revenue, for the same period in 2022.Adjusted EBITDA was $21.9 million for the quarter, or 13% of revenue, compared to $2.3 million, or 1% of revenue, for the same period in 2022.Non-GAAP net income was $14.0 million for the quarter compared to Non-GAAP net loss of $5.4 million in the same period in 2022.Cash and cash equivalents were $204.1 million as of March 31, 2023 compared to $189.1 million as of December 31, 2022.Cash flows provided by operating activities was $29.2 million for the quarter compared to cash provided by operating activities of $13.7 million for the same period in 2022.Free cash flow was $21.8 million for the quarter compared to $8.8 million for the same period in 2022.Basic and diluted net loss per share was $0.01 for the quarter compared to a basic and diluted net loss per share of $0.13 for the same period in 2022, and basic and diluted Non-GAAP net income per share was $0.07 for the quarter compared to basic and diluted Non-GAAP net loss per sh...