LIFE360, INC. 03 | investors.life360.com Page 4 Chairman and CEO's Speeches and
Presentations
investors and good morning to our Australian investors. Welcome to the 2023
Annual General Meeting of
the Chairman of Life360. On behalf of the Board, it is my pleasure to address shareholders at Life360's fourth AGM since listing on the ASX in 2019. Today we
are very pleased to welcome those of you participating online through our virtual meeting platform provided by Lumi. This allows Shareholders, Proxies and
Guests to attend the meeting virtually. All attendees can watch a live webcast
of the meeting. In addition, shareholders and proxies have the ability to ask
questions and submit votes. While there has been significant easing of
restrictions following the COVID-19 pandemic, given that we have security
holders in the US,
amongst our security holders, wherever they may be. It is now after
be considered at this meeting. I therefore declare this AGM open and welcome
each of you to the virtual platform. Before I proceed with the business of the
Meeting, I would like to introduce my fellow Directors. In the US are: • Chris
Hulls, our CEO and Co-Founder, and an Executive Director; •
Co-Founder and Non-Executive Director; •
Non-Executive Director; • CJ Prober; an Executive Director In
James Synge; Independent Non-Executive Director; and • David Wiadrowski;
Independent Non-Executive Director, and Chairman of the
Meeting today will be as follows: • Firstly, I will give a short address on
Life360's performance for the 2022 year and an overview of the company's
strategy. • This will be followed by a presentation from our CEO
I will then outline the meeting procedures and continue to the formal items of
business.
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CA 94403 | investors.life360.com Page 5 Slide 3 Life360 is cementing its
position as the world's leading family safety membership service, offering an
all-in-one solution designed for modern life. During 2022 the Company demonstrated pleasing progress against our strategic objectives. We achieved our largest ever annual growth in Global Monthly Active Users to around 49 million.
We delivered accelerating momentum in core subscription revenue, with strong
Paying Circle growth and the early impact of meaningful price increases. Our
pricing power demonstrates the considerable value we are delivering to our
Members. We executed the Tile integration strategy, bringing together the
Life360, Tile and Jiobit teams into a single company. We built the platform to
support the bundled Life360 and Tile Membership offering which launched during
the first quarter of 2023. And finally, we established a path to profitability
beginning in 2023. This goal is underpinned by strong revenue momentum and an
integrated, leaner and scalable cost base. Annualized Monthly Revenue for the
month of December increased 61% to
Life360's recurring revenue. We have seen continued strong momentum into the
first quarter of 2023, achieving positive Adjusted EBITDA one quarter earlier
than our expectations. Slide 4 Life360 delivered CY22 revenue of
a year-on-year increase of 103%. This performance benefited from strong core
Life360 subscription revenue growth of 54% on a like-for- like basis, and the
contributions from the Tile and Jiobit acquisitions. Adjusted EBITDA Loss
(excluding Stock Based Compensation and non-recurring items) of
The EBITDA loss was
ended the CY22 year with cash, restricted cash and cash equivalents of
million. This included the net proceeds of
capital raise which was well supported by shareholders. The Company is in a
strong position to navigate the uncertainties of the broader macroeconomic environment. Slide 5 At Life360 we are progressing our Environmental, Social and
Governance (ESG) activities, a reflection of our commitment to the communities
we serve. Initiatives are underway across all three ESG pillars. I'll make
special mention of the progress we made with our People policies as we brought
together the Life360, Tile and Jiobit teams during CY22. Our corporate values
were refreshed, and we established a new approach to create a Culture of
Belonging with further details available in the Annual Report. Slide 6
Undoubtedly the key contribution Life360 makes to the community is our mission
to simplify safety so families are connected and protected. During the year we
dispatched more than 34,000 ambulances as well as billions of safe arrival
notifications, illustrating the peace of mind our core proposition delivers.
Slide 7 I would like to express my appreciation to my fellow Board members for
their contribution to Life360 over the past year. Shareholders greatly benefit
from their expertise and guidance. On behalf of the Board I thank our
colleagues, including those who unfortunately have had to leave the business,
for their hard work and commitment. We are grateful for their talent and dedication which have contributed to the successful integration of the Life360,
Tile and Jiobit businesses, and established the next important steps in our
strategy. I acknowledge Chris Hulls and his leadership
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vision for a fully integrated and differentiated location platform. Finally I
would like to thank our shareholders for their ongoing support of the Company
and participation in the
positioned than ever to deliver on our mission to offer peace of mind designed
for modern life. I'll now hand over to
able to provide you with a brief business update, and a deeper dive into the
operating metrics driving Life360's performance. 2022 was a tremendous year of
progress for the Company in delivering against our strategic objectives, and
we're seeing strong momentum in the Q1 results we recently delivered to the
market Slide 9 John mentioned that during 2022 we achieved our largest ever
annual growth in Monthly Active Users, and we've seen continued progress in Q1 with a 33% uplift to around 51 million users. We have seen continued strength in our Retur
ning Monthly Active Users or RMAU, reflecting the increasing engagement
of our user base. We believe we have absolute top tier retention for a mobile
app, with users who signed up nearly a decade ago just as engaged with the product as they were when they initially registered. Slide 10 During CY22 Global
Paying Circles increased 23% year-on-year, with
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