Q1 2024 Life360 Inc Earnings Call Transcript
Key Points
- Life360 Inc (ASX:360) achieved a new first-quarter record with net Paying Circle additions nearly doubling to 96,000 from 54,000 in Q4 '23.
- The company saw a significant increase in monthly active users, with 4.9 million new users, marking another first-quarter record.
- Life360 Inc (ASX:360) reported a 15% year-over-year revenue growth, reaching $78.2 million in Q1 '24.
- The company delivered its sixth consecutive quarter of positive adjusted EBITDA and fourth consecutive quarter of positive operating cash flow.
- Life360 Inc (ASX:360) is making meaningful progress towards profitability, reducing its net loss and achieving positive adjusted EBITDA of $4.3 million for the quarter.
- Q1 net hardware units shipped were modestly down year over year for the standalone hardware business.
- Average selling price for hardware was slightly lower year over year due to a higher mix of multi-pack units.
- The company experienced a modest uptick in churn in the UK due to a price increase for existing subscribers.
- Initial advertising revenue in Q1 '24 was minimal due to a measured approach, indicating a slow start for the new advertising initiative.
- Life360 Inc (ASX:360) reported a net loss of $9.8 million for the quarter, despite improvements from the previous year.
Good morning, and thank you for joining the Life360 2024 Q1 results conference call. This is Jolanta Masojada, and I head up Investor Relations for Life360 in Australia.
I'd like to introduce and welcome my new colleague Raymond Jones, who has joined Life360 to head up Investor Relations in the US. (Event Instructions)
Just a reminder that we'll make forward-looking statements regarding future events and financial performance, which are subject to material risks and uncertainties, and actual results may differ materially from such statements. Some of these risks have been set forth in the risk factors in our filings with the ASX and SEC. These forward-looking statements are based on assumptions that we believe to be reasonable as of today, and we have no obligation to update these statements as a result of new information or future events.
Additionally, we will present both GAAP and non-GAAP financial measures on today's call. These non-GAAP measures are not intended to be considered in isolation from, a substitute for
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