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360 - LIFE360 INC.


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Life360 Inc (360) listed on the ASX in April 2019. Life360 is based in San Francisco and had more than 26 million monthly active users (MAU) as at December 2020, located in more than 195 countries.

 

The company operates a platform for today's busy families, bringing them closer together by helping them better know, communicate with and protect the people they care about. The Company's core offering, the Life360 mobile app, is a market leading app for families, with features that range from communications to driving safety and location sharing.

 

 

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In its first proposed acquisition since listing on the ASX in 2019, family tracking company Life360 is mulling a buyout of wearable location device maker Jiobit. Life360 founder and chief executive Chris Hulls said Life360 and Jiobit found that they had both customers and management vision in common.

Jiobit and Life360 are all about family safety and giving families peace of mind to get through the day. Our approach started with tracking teens through their smartphones, Jiobit started with wearables for younger kids, but if you look at where we were both going over a long term trajectory, we have the same North Star," Mr Hulls said.

Jiobit co-founder and chief executive John Renaldi said he was inspired by social exercise company Peloton's approach of combining a one-off purchase of a physical product (the bike) with an ongoing membership (live-streamed fitness classes).

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  • 7 months later...

James Marlay (Livewire Markets) : Interesting. Life360. I had to look this one up. It helps you keep track of your family. Is it a buy, hold or sell?

Jun Bei Liu (Tribeca) (BUYIt is absolutely a buy. Tracking is a big theme going forward. This company previously only tracked family members, but now it recently purchased the Tile business. So, now you can track absolutely everything, whether it is your device or anything else...

James Marlay: Keys.

Jun Bei Liu: Your keys. I can never find my keys. Your dog and everything else. And then it keeps them in the same ecosystem. This is absolutely where everything is going. Apple has got its own ecosystem and this one is already got that. It has already made over a hundred million dollars. They are mainly in America at the moment, but other markets are expected to pick up quite quickly. With the purchase of that Tile business, it has doubled its revenue.

In the future, the growth is phenomenal. The company grew organically during the pandemic. It has been hit by the pandemic, but even despite that, it grew over 40 per cent. Over the next couple of years, just organically excluding the acquisition, it is growing at 40 to 50 per cent. So, it is a very high growth business and it is still trading at four or five times revenue. It is not expensive and it is just started to get a little bit of interest. It is still at that early stage of its growth. It is a buy.

James Marlay: I must say, it slid under the radar for me. James, is Life360 on your radar? Buy, hold or sell?

James Gerrish (Market Matters) (BUY ) It is on our radar. It is a buy. I would caution it, in terms of, obviously, its share price is down from where it made the acquisition of Tile. It raised capital at $12. It is now under $10. On that metric, it is a buy.

The one aspect I would be cautious about is the monetization of data. That is going to be a really politically charged area over the next couple of years. So, that could be a risk for the business in how they monetize data and how they deal with consumers data on their platform. For me, it is a buy, for all the reasons Jun Bei pointed out, it is a phenomenal growth stock, it is inexpensive for what you get, but there is regulatory risk around it.

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  • 2 months later...

and then , out come the numbers and down go the shares

Quote

Shares in Life360 shed 25% of their value in the opening minutes of trade, after the company announced its loss had doubled despite growing revenues

.

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  • 2 months later...

it is a fussy market .... the Quarterly came out and the SP has tanked 30%, to as low as $3.70. Burning through the cash

Life360 is now able to provide guidance for the CY22 year, and expects to deliver: 

  • Core Life360 subscription revenue (excluding Tile and Jiobit) growth in excess of 50%;
  • Consolidated revenue of US$245 to 275 million for subscription, hardware and indirect revenue; 
  • Consolidated Non GAAP Underlying EBITDA loss (excluding Stock Based Compensation and non recurring items) in the range of US$(32) to (38) million. This includes incremental investment to rapidly integrate the Life360, Tile and Jiobit businesses of approximately US$13 million.  

 
Given the strong results from early Tile bundling trials, and ongoing supply chain issues impacting hardware, the Company intends to prioritise hardware inventory allocation towards bundled subscription offers over retail sales. While this strategy may have an adverse impact on Company consolidated revenue near term, we believe the benefits to higher margin subscription revenue, as well as improved customer retention and lifetime value, make this a sound strategic decision.  
 
The guidance range reflects the greater quarter to quarter volatility in the newly enlarged consolidated businesses, especially with respect to hardware sales. Positive Underlying EBITDA and Operating cash flows are anticipated in Q4 as a result of continued strong subscription growth, and the impact of the holiday season on hardware revenue.
 
We anticipate Life360 to move towards consistently positive Operating cash flow by late CY23, such that we record positive operating cashflow for CY24
.  
 

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  • 2 weeks later...

Life360, Inc. announced today that it has filed a Form 10 Registration Statement, dated 26 April 2022, with the U.S. Securities and Exchange Commission (SEC) and the Australian Securities Exchange.

Section 12(g) of the Securities and Exchange Act (Exchange Act) requires an issuer with total assets in excess of US$10 million and more than 2,000 holders of record on the last day of its fiscal year to register within 120 days of the fiscal year. Life360 exceeded the holder thresholds as of December 31, 2021 primarily due to equity issuances of common stock and CDIs in connection with the Tile and Jiobit acquisitions, and is therefore required under US law to file the Form 10.

The Form 10 is not being used to conduct a U.S. initial public offering or U.S. stock exchange listing and does not raise any additional capital for Life360. The Company previously announced plans for a US dual listing process via IPO; these have now ceased due to the change in market conditions since the process commenced in Q4 2021. The Company maintains a strong capital position, with more than US$98 million of cash and cash equivalents on the balance sheet................

.. and a further slide, 9% on Friday, now $3.31 (peaked at $14 last Nov)

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  • 2 weeks later...

Chairman at the AGM; Address and Presentation out. ... seems to have arrested the plunging performance, and SP has lifted 10% from $3.61

Our CY22 earnings expectations are unchanged from the April 2022 guidance:
▪ Core Life360 subscription revenue (not including Tile and Jiobit) growth in excess of 50%;
▪ Consolidated revenue of US$245 to 275 million for subscription, hardware and indirect revenue;
▪ Consolidated Non GAAP Underlying EBITDA loss (excluding Stock Based Compensation and non recurring items)* in the range of US$(32) to (38) million. This includes efficiencies flowing in the second half from the Tile integration and restructuring.

Life360 expects to finish CY22 with cash and cash equivalents in the range of US$65 to 70 million. This includes financing related cash outflows of approximately US$8 million.

This is a strong capital position to fund future growth. In addition, as demonstrated in the COVID19 period in CY20, Life360 has a flexible expense model, with discretionary marketing spend of approximately US$44 million currently projected in the period from July 2022 to December 2023. While we are currently committed to driving growth, this provides an additional buffer to support the balance sheet.

We expect Life360 to be on a trajectory to consistently positive Operating Cash Flow by late CY23, such that we record positive operating cashflow for CY24.

 

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