Business
LegalZoom Reports Second Quarter 2021 Results
Revenue of $150 Million, an increase of 36% year-over-year GLENDALE, Calif., Aug. 12, 2021 (GLOBE NEWSWIRE) -- LegalZoom.com, Inc. (NASDAQ: LZ), today
About this update from Legalzoom.com, Inc.
[{"type":"text","content":"Revenue of $150 Million, an increase of 36% year-over-year GLENDALE, Calif., Aug. 12, 2021 (GLOBE NEWSWIRE) -- LegalZoom.com, Inc. (NASDAQ: LZ), today announced results for its second quarter ended June 30, 2021, including the following highlights: Revenue was $150.4 million, up 36% year-over-year. Transaction revenue was $73.4 million, up 45% year-over-year driven by strong business formations of 123,000, up 34% year-over-year.Subscription revenue was $69.4 million, up 29% year-over-year. There were 1.2 million subscription units outstanding as of June 30, 2021, with 69,000 net units added in the quarter.Partner revenue was $7.7 million, up 14% year-over-year. Gross margin was 67% in the period, down from 68% in the second quarter of 2020 as the revenue mix shifted toward transaction revenue.Net loss was $38.4 million down from a net loss of $4.1 million in the second quarter of 2020.Non-GAAP net income was $4.6 million down from a Non-GAAP net income of $5.8 million in the second quarter of 2020.Adjusted EBITDA was $22.0 million, or 15% of revenue, compared to $20.3 million, or 18% of revenue, in the second quarter of 2020.Cash and cash equivalents were $167 million as of June 30, 2021. On July 2, 2021 we raised $666.9 million net of underwriting discounts and commissions from our IPO and private placement, and repaid in full $521.6 million of our 2018 Term Loan.Cash flows provided by operating activities decreased from $27.4 million in the three months ended June 30, 2020 to $9.3 million in the three months ended June 30, 2021. Cash flows provided by operating activities decreased from $49.3 million in the six months ended June 30, 2020 to $40.7 million in the six months ended June 30, 2021.Free cash flow was $6.2 million for the three months ended June 30, 2021 compared to $24.9 million for the three months ended June 30, 2020. Free cash flow was $34.7 million for the six months ended June 30, 2021 compared to $44.8 million for the six months ended June 30, 2020.Basic and diluted net loss per share was $0.31 and diluted Non-GAAP net income per share attributable to common stockholders was $0.03 for the second quarter of 2021. “I’m very proud of the team for delivering such a strong second quarter while also meeting the many demands of an IPO process,” said Dan Wernikoff, LegalZoom’s Chief Executive Officer. “We are excited b...