LegalZoom Q4 revenue $146.6M (+3% YoY); restates Q1 2022, cites ineffective controls

LEGALZOOM.COM, INC.

2022-FY EPS reported -$0.25 revenue$619,979,000

Q4 revenue $146.6M (+3% YoY); subscription revenue $91.0M (+13% YoY) with 1.44M units.
Q4 net income $1.7M vs. net loss $(20.8M) in prior year; Adjusted EBITDA $26.5M (18% margin).
Full-year 2022 revenue $620.0M (+8% YoY); net loss $(48.7M) vs. $(108.7M) in 2021.
Q1 2023 guidance: revenue $153-157M, Adjusted EBITDA $17M; FY 2023: revenue $620-640M, Adj. EBITDA $100M.
Restating Q1 2022 financials; will report ineffective internal control over financial reporting in 10-K.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

LEGALZOOM.COM, INC. reported the year ended December 31, 2022 results: revenue $620.0 million, net income $ (48,733). Guidance initiated.

Period: the year ended December 31, 2022
Revenue: $620.0 million
Net income: $ (48,733)
Guidance: initiated
Result: reported results

Exact text from the filing

Document Exhibit 99.1 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-year • Subscription revenue of $91.0 million for the quarter, an increase of 13% year-over-year; and $358.0 million for the year, up 24%

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

LEGALZOOM.COM, INC. reported the three months ended December 31, 2022 results: revenue $146.6 million, net income $1.7 million, EPS $0.01. Guidance initiated.

Period: the three months ended December 31, 2022
Revenue: $146.6 million
Net income: $1.7 million
EPS: $0.01
Guidance: initiated
Result: reported results

Exact text from the filing

• 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, fo

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Source: SEC EDGAR

accession 0001286139-23-000011

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