Business
LegalZoom Reports Fourth Quarter and Full Year 2022 Financial Results
Revenue of $146.6 million for the quarter, an increase of 3% year-over-year; and $620.0 million for the year, up 8% year-over-yearSubscription revenue of
About this update from Legalzoom.com, Inc.
[{"type":"text","content":"Revenue of $146.6 million for the quarter, an increase of 3% year-over-year; and $620.0 million for the year, up 8% year-over-yearSubscription revenue of $91.0 million for the quarter, an increase of 13% year-over-year; and $358.0 million for the year, up 24% year-over-year$189.1 million of cash and cash equivalents and no debt outstanding as of December 31, 2022 GLENDALE, Calif., Feb. 23, 2023 (GLOBE NEWSWIRE) -- LegalZoom.com, Inc. (Nasdaq: LZ) today announced results for its fourth quarter and year ended December 31, 2022, including the following highlights: Revenue was $146.6 million for the quarter, up 3% year-over-year, and $620.0 million for the year, up 8% year-over-year. Transaction revenue was $50.8 million, compared to $56.5 million in the same period in 2021, down 10% year-over-year.Subscription revenue was $91.0 million, compared to $80.7 million in the same period in 2021, an increase of 13% year-over-year. We had approximately 1.4 million subscription units as of December 31, 2022 with approximately 26 thousand net units added in the quarter, and our average revenue per subscription unit increased 9% from 2021.Partner revenue was relatively flat at $4.9 million for both quarters in 2022 and 2021. Gross margin was 68% for the quarter and 66% in the same period in 2021.Net income was $1.7 million for the quarter, or 1% of revenue, compared to net loss of $(20.8) million or (15%) of revenue in 2021.Adjusted EBITDA was $26.5 million for the quarter, or 18% of revenue, compared to $7.0 million, or 5% of revenue, for the same period in 2021.Non-GAAP net income was $19.0 million for the quarter compared to Non-GAAP net income of $5.0 million in the same period in 2021.Cash and cash equivalents were $189.1 million as of December 31, 2022 compared to $239.3 million as of December 31, 2021.Cash flows provided by operating activities was $21.8 million for the quarter ended December 31, 2022 compared to cash used in operating activities of $6.0 million for 2021.Free cash flow was $16.2 million for the quarter ended December 31, 2022 compared to $(9.2) million for 2021.Basic and diluted net income per share was $0.01 for the quarter compared to a basic and diluted net loss per share of $(0.11) for the same period in 2021, and basic and diluted Non-GAAP net income per share was $0.10 for the quarter in 2022 compared to basic No...