Business
LegalZoom Reports Third Quarter 2022 Results
Revenue of $154.4 million, an increase of 4% year-over-yearSubscription revenue of $91.4 million, an increase of 25% year-over-year$211.8 million of cash and
About this update from Legalzoom.com, Inc.
[{"type":"text","content":"Revenue of $154.4 million, an increase of 4% year-over-yearSubscription revenue of $91.4 million, an increase of 25% year-over-year$211.8 million of cash and cash equivalents and no debt outstanding as of September 30, 2022 GLENDALE, Calif., Nov. 10, 2022 (GLOBE NEWSWIRE) -- LegalZoom.com, Inc. (Nasdaq: LZ) today announced results for its third quarter ended September 30, 2022, including the following highlights: Revenue was $154.4 million for the quarter, up 4% year-over-year. Transaction revenue was $57.6 million, compared to $66.9 million in 2021, down 14% year-over-year.Subscription revenue was $91.4 million, compared to $73.3 million in 2021, an increase of 25% year-over-year. We had 1,415,000 subscription units as of September 30, 2022 with 21,000 net units added in the quarter, and our average revenue per subscription unit increased 12% from 2021.Partner revenue was $5.5 million, compared to $7.7 million in 2021. Gross margin was 68% for the quarter and 68% in the same period in 2021.Net loss was $10.1 million for the quarter, or 7% of revenue, compared to $39.7 million or 27% of revenue in 2021.Adjusted EBITDA was $17.5 million for the quarter, or 11% of revenue, compared to $15.1 million, or 10% of revenue, for the same period in 2021.Non-GAAP net income was $9.9 million for the quarter compared to Non-GAAP net income of $2.6 million in 2021.Cash and cash equivalents were $211.8 million as of September 30, 2022 compared to $239.3 million as of December 31, 2021.Cash flows provided by operating activities was $27.3 million for the three months ended September 30, 2022 compared to $19.5 million for 2021, and was $52.0 million for the nine months ended September 30, 2022 as compared to $60.2 million for 2021.Free cash flow was $21.2 million for the three months ended September 30, 2022 compared to $17.0 million for 2021, and was $35.6 million for the nine months ended September 30, 2022 as compared to $51.7 million for 2021.Basic and diluted net loss per share was $0.05 for the quarter compared to $0.20 for the same period in 2021, and basic and diluted Non-GAAP net income per share was $0.05 for the quarter in 2022 and $0.01 for the same period in 2021. “I’m pleased with our strong Q3 performance, with both revenue and Adjusted EBITDA at or above the top end of our guidance ranges” said Dan Wernikoff, LegalZoom’s Chief Ex...