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8-K - FORM 8-K - LIFELOCK, INC.d577746d8k.htm
EX-99.2 - EX-99.2 - LIFELOCK, INC.d577746dex992.htm

Exhibit 99.1

CORRECTING AND REPLACING LifeLock Announces 2013 Second Quarter Results

Record quarterly revenue of $89.5 million, up 32% year-over-year

Q2 cumulative ending members of approximately 2.8 million, up 21% year-over-year

Q2 monthly average revenue per member of $10.18, up 11% year-over-year

TEMPE, AZ (July 31, 2013) – LifeLock, Inc. (NYSE: LOCK), an industry leader in identity theft protection, today announced financial results for the second quarter ended June 30, 2013.

Second Quarter 2013 Financial Highlights:

 

   

Revenue: Total revenue was $89.5 million for the second quarter of 2013, up 32% from $67.9 million for the second quarter of 2012. Consumer revenue was $82.6 million for the second quarter of 2013, up 34% from $61.6 million for the second quarter of 2012. Enterprise revenue was $6.9 million for the second quarter of 2013, up 11% from $6.3 million for the second quarter of 2012.

 

   

Net Income (Loss): Net loss was $2.1 million for the second quarter of 2013, compared to net loss of $6.9 million for the second quarter of 2012. Net loss per diluted share was $0.02 for the second quarter of 2013 based on 87.5 million weighted-average shares outstanding, compared with net loss per diluted share of $0.59 for the second quarter of 2012 based on 19.5 million weighted-average shares outstanding.

 

   

Adjusted Net Income: Adjusted net income was $3.4 million for the second quarter of 2013, down from $3.7 million for the second quarter of 2012. Adjusted net income per diluted share was $0.04 for the second quarter of 2013 based on 94.9 million weighted-average shares outstanding, compared with $0.05 per diluted share for the second quarter of 2012 based on 69.8 million weighted-average shares outstanding.

 

   

Adjusted EBITDA: Adjusted EBITDA was $4.6 million for the second quarter of 2013, compared with $6.1 million for the second quarter of 2012.

 

   

Cash Flow: Cash flow from operations was $20.8 million for the second quarter of 2013, leading to free cash flow of $18.4 million after taking into consideration $2.4 million of capital expenditures. This compares with cash flow from operations of $13.3 million and free cash flow of $11.6 million, after taking into consideration $1.7 million of capital expenditures, for the second quarter of 2012.

 

   

Balance Sheet: Cash and cash equivalents at the end of the second quarter of 2013 was $169.4 million, up from $134.2 million at the end of the fourth quarter of 2012.

“The combination of our market leading brand and superior service offering drove our results once again this quarter,” said Todd Davis, LifeLock’s Chairman and CEO. “Our LifeLock Ultimate service led the way, with a record number and percentage of new customers adopting our premium offering. The unique and proprietary nature of our technology continues to stand out against our more traditional competitors and our targeted marketing investments are paying off. We were very pleased to have both exceeded our prior guidance and increased our 2013 outlook.”


A reconciliation of GAAP to non-GAAP financial measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

Second Quarter 2013 & Recent Business Highlights:

 

   

Recorded the 33rd consecutive quarter of sequential growth in revenue and cumulative ending members.

 

   

Added approximately 230,000 gross new members in the second quarter of 2013 and ended the quarter with approximately 2.8 million members.

 

   

Achieved a retention rate of 87.4% for the second quarter of 2013, compared with 85.4% for the second quarter of 2012.

 

   

Increased monthly average revenue per member to $10.18 for the second quarter of 2013 from $9.14 for the second quarter of 2012.

 

   

Hired Seth Greenberg as Chief Marketing Officer.

 

   

Appointed Dr. Stephen Coggeshall as Chief Analytics and Science Officer of ID Analytics and LifeLock.

 

   

Clarissa Cerda, LifeLock’s Executive Vice President, Chief Legal Officer, and Secretary, joined the New York Stock Exchange’s Governance Council.

Guidance:

As of July 31, 2013, we are initiating guidance for our third quarter of 2013 as well as updating our guidance for the full year 2013.

 

   

Third Quarter 2013 Guidance: Total revenue is expected to be in the range of $92.0 million to $94.0 million. Adjusted net income per share is expected to be in the range of $0.09 to $0.10 based on approximately 96 million weighted-average shares outstanding. Adjusted EBITDA is expected to be in the range of $10 million to $11 million.

 

   

Full Year 2013 Guidance: Total revenue is expected to be in the range of $360.0 million to $365.0 million. Adjusted net income per share is expected to be in the range of $0.33 to $0.36 based on approximately 96 million weighted-average shares outstanding. Adjusted EBITDA is expected to be in the range of $39.0 million to $42.0 million. Free cash flow is expected to be in the range of $48.0 million to $53.0 million.

Conference Call Details:

 

   

What: LifeLock second quarter 2013 financial results.

 

   

When: Wednesday, July 31, 2013 at 2PM PT (5PM ET).

 

   

Dial in: To access the call in the United States, please dial (866) 515-2914, and for international callers dial (617) 399-5128. Callers may provide confirmation number 84617316 to access the call more quickly, and are encouraged to dial into the call 10 to 15 minutes prior to the start to prevent any delay in joining.


   

Webcast: http://investor.lifelock.com/ (live and replay)

 

   

Replay: A replay of the call will be available via telephone for seven days, beginning two hours after the call. To listen to the telephone replay in the U.S., please dial (888) 286-8010, and for international callers dial (617) 801-6888 and enter access code 76397931.

About LifeLock

LifeLock, Inc. (NYSE:LOCK) is a leading provider of proactive identity theft protection services for consumers and identity risk assessment and fraud protection services for enterprises. Since 2005, LifeLock has been relentlessly protecting identities by providing consumers with the tools and confidence they need to help protect themselves from identity theft. In October 2012, Javelin Strategy & Research named LifeLock Ultimate™ a “Best in Class Overall” identity theft protection solution and also named it “Best in Detection”. In March 2012, LifeLock further demonstrated its commitment to combating identity fraud with the purchase of ID Analytics, Inc., a leader in enterprise identity risk management that provides visibility into identity risk and credit worthiness. ID Analytics, Inc. currently operates as a wholly owned subsidiary of LifeLock, Inc.

Forward-Looking Statements

This press release contains “forward-looking” statements, as that term is defined under the federal securities laws, including statements regarding our brand and service offering, the success of our LifeLock Ultimate service, our technology, our competition, our target marketing investments, our outlook for 2013, and our expected total revenue, adjusted net income per share, adjusted EBITDA, and free cash flow for the third quarter of 2013 and for fiscal year 2013. These forward-looking statements are based on our current assumptions, expectations, and beliefs and are subject to substantial risks, uncertainties, assumptions, and changes in circumstances that may cause our actual results, performance, or achievements to differ materially from those expressed or implied in any forward-looking statement.

The risks and uncertainties referred to above include, but are not limited to, risks associated with our ability to achieve or maintain profitability on an annual basis; our ability to protect our customers’ confidential information; our ability to maintain and enhance our brand recognition and reputation; the competitive nature of the industries in which we conduct our business; our ability to maintain access to data sources; our ability to retain our existing customers and attract new customers; our ability to improve our services and develop and introduce new services with broad appeal; our ability to maintain existing and secure new relationships with strategic partners; the effects of laws, regulations, and enforcement; the outcome of any litigation or regulatory proceeding; our ability to protect our intellectual property and not infringe on the intellectual property of others; and other “Risk Factors” set forth in our most recent filings with the Securities and Exchange Commission (the “SEC”).


Further information on these and other factors that could affect our financial results and the forward-looking statements in this press release is included in the filings we make with the SEC from time to time, including our Form 10-K for the year ended December 31, 2012, particularly under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Copies of these documents may be obtained by visiting our Investor Relations website at http://investor.lifelock.com/ or the SEC’s website at www.sec.gov.

We assume no obligation and do not intend to update these forward-looking statements, except as required by law.

Non-GAAP Financial Measures

Our reported results include certain non-GAAP financial measures, including adjusted net income, adjusted net income per share, adjusted EBITDA, and free cash flow. We define adjusted net income as net income (loss) excluding amortization of acquired intangible assets, change in fair value of warrant liabilities, change in fair value of embedded derivatives, share-based compensation, and income tax benefits resulting from the acquisition of ID Analytics. We define adjusted net income per share as adjusted net income per share of stock assuming all preferred stock converted into common stock at the later of the start of the period or the date of issuance and excluding the impact of warrants to purchase Series E and Series E-2 preferred stock. We define adjusted EBITDA as net income (loss) excluding depreciation and amortization, interest expense, interest income, change in fair value of warrant liabilities, change in fair value of embedded derivative, other income (expense), income taxes, and share-based compensation. We define free cash flow as net cash provided by (used in) operating activities less net cash used in investing activities for acquisitions of property and equipment.

We have included adjusted net income, adjusted net income per share, and adjusted EBITDA in this press release because they are key measures used by us to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget, and to develop short- and long-term operational plans. In particular, the exclusion of certain expenses in calculating adjusted net income and adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business. Additionally, adjusted EBITDA is a key financial measure used in determining management’s incentive compensation.

We have included free cash flow in this press release because it typically presents a more conservative measure of cash flow as purchases of property and equipment are necessary components of ongoing operations. We believe that this non-GAAP financial measure is useful in evaluating our business because free cash flow reflects the cash surplus available to fund the expansion of our business after payment of capital expenditures relating to the necessary components of ongoing operations. We also believe that the use of free cash flow provides consistency and comparability with our past financial performance, facilitates period-to-period comparisons of operations, and also facilitates comparisons with other companies, many of which use similar non-GAAP financial measures to supplement their GAAP results.

Although adjusted net income, adjusted EBITDA, and free cash flow are frequently used by investors in their evaluations of companies, these non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Because of these limitations, these non-GAAP financial measures should be considered alongside other financial performance measures.


We have not reconciled adjusted net income per share guidance to net income per share guidance or adjusted EBITDA guidance to net income guidance because we do not provide guidance for share-based compensation expense, provision for income taxes, interest income, interest expense, change in fair value of warrant liabilities, change in fair value of embedded derivatives, other income and expenses, depreciation expense or amortization of intangible assets, which are reconciling items between net income (loss) and adjusted net income and net income (loss) and adjusted EBITDA. As items that impact net income (loss) are out of our control and/or cannot be reasonably predicted, we are unable to provide such guidance. Accordingly, reconciliation to net income (loss) is not available without unreasonable effort. For a reconciliation of historical non-GAAP financial measures to the nearest comparable GAAP measures, see the reconciliation tables included in this press release.

Media Contact:

Media@lifelock.com

480-457-2032

Investor Relations Contact:

Greg Kleiner

ICR for LifeLock

Investor.relations@lifelock.com

480-457-5000


LifeLock, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share amounts)

(Unaudited)

 

     Three Months Ended
June 30,
    Six Months Ended
June 30,
 
     2013     2012     2013     2012  

Revenue

        

Consumer revenue

   $ 82,574      $ 61,616      $ 157,667      $ 118,324   

Enterprise revenue

     6,946        6,267        13,947        7,171   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenue

     89,520        67,883        171,614        125,495   

Cost of services

     25,227        19,125        49,031        37,965   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     64,293        48,758        122,583        87,530   

Costs and expenses:

        

Sales and marketing

     43,248        31,167        85,041        61,505   

Technology and development

     10,370        7,644        19,394        12,993   

General and administrative

     10,900        6,602        20,323        9,537   

Amortization of acquired intangible assets

     1,966        1,966        3,932        2,325   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total costs and expenses

     66,484        47,379        128,690        86,360   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from operations

     (2,191     1,379        (6,107     1,170   

Other income (expense):

        

Interest expense

     (79     (935     (146     (1,285

Interest income

     26        1        46        2   

Change in fair value of warrant liabilities

     —          (7,836     —          (2,941

Change in fair value of embedded derivative

     —          714        —          714   

Other

     —          —          (4     (2
  

 

 

   

 

 

   

 

 

   

 

 

 

Total other income (expense)

     (53     (8,056     (104     (3,512
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) before provision for income taxes

     (2,244     (6,677     (6,211     (2,342

Income tax expense (benefit)

     (179     221        (29     (13,897
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

     (2,065     (6,898     (6,182     11,555   

Accretion of convertible redeemable preferred stock

     —          (4,018     —          (4,752

Net income allocable to convertible redeemable preferred stockholders

     —          —          —          (4,517
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income available (loss attributable) to common stockholders

   $ (2,065   $ (10,916   $ (6,182   $ 2,286   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income available (loss attributable) per share to common stockholders:

        

Basic

   $ (0.02   $ (0.56   $ (0.07   $ 0.12   

Diluted

   $ (0.02   $ (0.59   $ (0.07   $ 0.10   

Weighted-average common shares outstanding:

        

Basic

     87,533        19,476        87,089        19,453   

Diluted

     87,533        19,476        87,089        52,212   


LifeLock, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(Unaudited)

 

     June 30,
2013
    December 31,
2012
 

Assets

    

Current assets:

    

Cash and cash equivalents

   $ 169,444      $ 134,197   

Trade and other receivables, net

     10,953        7,560   

Prepaid expenses and other current assets

     6,435        5,753   
  

 

 

   

 

 

 

Total current assets

     186,832        147,510   

Property and equipment, net

     11,155        9,701   

Goodwill

     129,428        129,428   

Intangible assets, net

     47,310        51,242   

Other non-current assets

     1,707        1,707   
  

 

 

   

 

 

 

Total assets

   $ 376,432      $ 339,588   
  

 

 

   

 

 

 

Liabilities and stockholders’ equity

    

Current liabilities:

    

Accounts payable

   $ 1,251      $ 1,151   

Accrued expenses and other liabilities

     29,680        27,329   

Deferred revenue

     115,965        90,877   
  

 

 

   

 

 

 

Total current liabilities

     146,896        119,357   

Other non-current liabilities

     2,673        265   
  

 

 

   

 

 

 

Total liabilities

     149,569        119,622   

Commitments and contingencies

    

Stockholders’ equity:

    

Common stock

     89        87   

Additional paid-in capital

     452,959        439,883   

Accumulated deficit

     (226,185     (220,004
  

 

 

   

 

 

 

Total stockholders’ equity

     226,863        219,966   
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 376,432      $ 339,588   
  

 

 

   

 

 

 


LifeLock, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

 

     Six Months Ended
June 30,
 
     2013     2012  

Operating activities

    

Net income (loss)

   $ (6,182   $ 11,555   

Adjustment to reconcile net income (loss) to net cash provided by operating activities:

    

Depreciation and amortization

     6,360        4,403   

Share-based compensation

     6,261        2,363   

Provision for (recovery of) doubtful accounts

     95        (10

Change in fair value of warrant liabilities

     —          2,941   

Change in fair value of embedded derivative

     —          (714

Deferred income tax benefit

     (212     (14,310

Other

     4        2   

Change in operating assets and liabilities:

    

Trade and other receivables

     (3,244     (3,293

Prepaid expenses and other current assets

     (470     1,735   

Other non-current assets

     432        (1,154

Accounts payable

     (134     2,373   

Accrued expenses and other liabilities

     3,179        (1,245

Deferred revenue

     25,089        18,965   

Other non-current liabilities

     2,408        (512
  

 

 

   

 

 

 

Net cash provided by operating activities

     33,586        23,099   

Investing activities

    

Acquisition of ID Analytics, net of cash acquired

     —          (157,430

Acquisition of property and equipment

     (3,652     (2,080
  

 

 

   

 

 

 

Net cash used in investing activities

     (3,652     (159,510

Financing activities

    

Proceeds from:

    

Term loan

     —          68,000   

Issuance of convertible redeemable preferred stock, net of offering costs

     —          102,167   

Issuance of warrants

     —          4,373   

Stock option exercises

     5,753        158   

Payments for:

    

Term loan

     —          (2,790

Debt issuance costs

     (440     (1,511
  

 

 

   

 

 

 

Net cash provided by financing activities

     5,313        170,397   
  

 

 

   

 

 

 

Net increase in cash and cash equivalents

     35,247        33,986   

Cash and cash equivalents at beginning of period

     134,197        28,850   
  

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 169,444      $ 62,836   
  

 

 

   

 

 

 


Share-Based Compensation

(in thousands)

(Unaudited)

 

     Three Months Ended
June 30,
     Six Months Ended
June 30,
 
     2013      2012      2013      2012  

Cost of services

   $ 206       $ 182       $ 412       $ 251   

Sales and marketing

     386         283         719         413   

Technology and development

     824         490         1,339         710   

General and administrative

     2,121         604         3,791         989   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total share-based compensation expense

   $ 3,537       $ 1,559       $ 6,261       $ 2,363   
  

 

 

    

 

 

    

 

 

    

 

 

 

Key Financial and Operating Metrics

(in thousands except percentages and per member data)

(Unaudited)

 

     Three Months Ended
June 30,
    Six Months Ended
June 30,
 
     2013     2012     2013     2012  

Consumer revenue

   $ 82,574      $ 61,616      $ 157,667      $ 118,324   

Enterprise revenue

     6,946        6,267        13,947        7,171   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenue

   $ 89,520      $ 67,883      $ 171,614      $ 125,495   

Adjusted net income

   $ 3,438      $ 3,749      $ 4,011      $ 4,160   

Adjusted EBITDA

   $ 4,635      $ 6,067      $ 6,514      $ 7,936   

Free cash flow

   $ 18,424      $ 11,552      $ 29,934      $ 21,019   

Cumulative ending members

     2,760        2,282        2,760        2,282   

Gross new members

     230        169        480        377   

Member retention rate

     87.4     85.4     87.4     85.4

Average cost of acquisition per member

   $ 175      $ 172      $ 165      $ 157   

Monthly average revenue per member

   $ 10.18      $ 9.14      $ 10.00      $ 9.00   

Enterprise transactions

     48,325        55,710        106,808        105,479   


Reconciliation of GAAP to Adjusted Results

(in thousands, except per share amounts)

(Unaudited)

 

     Three Months Ended
June 30,
    Six Months Ended
June 30,
 
     2013     2012     2013     2012  

Reconciliation of Gross Profit to Adjusted Gross Profit

        

Gross profit

   $ 64,293      $ 48,758      $ 122,583      $ 87,530   

Share-based compensation

     206        182        412        251   
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted gross profit

   $ 64,499      $ 48,940      $ 122,995      $ 87,781   
  

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation of Sales and Marketing Expenses to Adjusted Sales and Marketing Expenses

        

Sales and marketing expenses

   $ 43,248      $ 31,167      $ 85,041      $ 61,505   

Share-based compensation

     (386     (283     (719     (413
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted sales and marketing expenses

   $ 42,862      $ 30,884      $ 84,322      $ 61,092   
  

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation of Technology and Development Expenses to Adjusted Technology and Development Expenses

        

Technology and development expenses

   $ 10,370      $ 7,644      $ 19,394      $ 12,993   

Share-based compensation

     (824     (490     (1,339     (710
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted technology and development expenses

   $ 9,546      $ 7,154      $ 18,055      $ 12,283   
  

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation of General and Administrative Expenses to Adjusted General and Administrative Expenses

        

General and administrative expense

   $ 10,900      $ 6,602      $ 20,323      $ 9,537   

Share-based compensation

     (2,121     (604     (3,791     (989
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted general and administrative expense

   $ 8,779      $ 5,998      $ 16,532      $ 8,548   
  

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation of Income (Loss) from Operations to Adjusted Income from Operations

        

Income (loss) from operations

   $ (2,191   $ 1,379      $ (6,107   $ 1,170   

Share-based compensation

     3,537        1,559        6,261        2,363   

Amortization of acquired intangible assets

     1,966        1,966        3,932        2,325   
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted income from operations

   $ 3,312      $ 4,904      $ 4,086      $ 5,858   
  

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation of Net Income (Loss) to Adjusted Net Income

        

Net income (loss)

   $ (2,065   $ (6,898   $ (6,182   $ 11,555   

Amortization of acquired intangible assets

     1,966        1,966        3,932        2,325   

Change in fair value of warrant liabilities

     —          7,836        —          2,941   

Change in fair value of embedded derivative

     —          (714     —          (714

Share-based compensation

     3,537        1,559        6,261        2,363   

Tax benefit from acquisition

     —          —          —          (14,310
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted net income

   $ 3,438      $ 3,749      $ 4,011      $ 4,160   
  

 

 

   

 

 

   

 

 

   

 

 

 


     Three Months Ended
June 30,
    Six Months Ended
June 30,
 
     2013     2012     2013     2012  

Reconciliation of Diluted Shares to Adjusted Diluted Shares

        

Diluted shares

     87,533        19,476        87,089        52,212   

Assumed preferred stock conversion

     —          44,598        —          9,198   

Dilutive securities excluded due to net loss available for distribution

     7,341        3,507        7,633        2,065   

Other dilutive equity awards excluded

     —          2,256        —          —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted diluted shares

     94,874        69,837        94,722        63,475   
  

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation of Net Income (Loss) per Diluted Share to Adjusted Net Income per Diluted Share

        

Net income (loss) per diluted share

   $ (0.02   $ (0.59   $ (0.07   $ 0.10   

Net income attributable to participating securities

     —          0.24        —          0.11   

Adjustments to net income (loss)

     0.06        0.55        0.12        (0.14

Adjustments to diluted shares

     —          (0.15     (0.01     (0.02
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted net income per diluted share

   $ 0.04      $ 0.05      $ 0.04      $ 0.05   
  

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation of Net Income (Loss) to Adjusted EBITDA

        

Net income (loss)

   $ (2,065   $ (6,898   $ (6,182   $ 11,555   

Depreciation and amortization

     3,289        3,129        6,360        4,403   

Interest expense

     79        935        146        1,285   

Interest income

     (26     (1     (46     (2

Change in fair value of warrant liabilities

     —          7,836        —          2,941   

Change in fair value of embedded derivatives

     —          (714     —          (714

Other

     —          —          4        2   

Income tax expense (benefit)

     (179     221        (29     (13,897

Share-based compensation

     3,537        1,559        6,261        2,363   
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

   $ 4,635      $ 6,067      $ 6,514      $ 7,936   
  

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow

        

Net cash provided by operating activities

   $ 20,791      $ 13,295      $ 33,586      $ 23,099   

Acquisitions of property and equipment

     (2,367     (1,743     (3,652     (2,080
  

 

 

   

 

 

   

 

 

   

 

 

 

Free cash flow

   $ 18,424      $ 11,552      $ 29,934      $ 21,019