EX-99.1 2 d619094dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

LifeLock Announces 2013 Third Quarter Results

Record quarterly revenue of $95.7 million, up 33% year-over-year

Q3 cumulative ending members of approximately 2.9 million, up 21% year-over-year

Q3 monthly average revenue per member of $10.48, up 12% year-over-year

TEMPE, AZ (October 29, 2013)LifeLock, Inc. (NYSE: LOCK), an industry leader in identity theft protection, today announced financial results for the third quarter ended September 30, 2013.

Third Quarter 2013 Financial Highlights:

 

    Revenue: Total revenue was $95.7 million for the third quarter of 2013, up 33% from $72.1 million for the third quarter of 2012. Consumer revenue was $88.4 million for the third quarter of 2013, up 35% from $65.6 million for the third quarter of 2012. Enterprise revenue was $7.4 million for the third quarter of 2013, up 12% from $6.5 million for the third quarter of 2012.

 

    Net Income (Loss): Net income was $5.4 million for the third quarter of 2013, compared to net income of $7.9 million for the third quarter of 2012. Net income per diluted share was $0.06 for the third quarter of 2013 based on 96.4 million weighted-average shares outstanding, compared with net loss per diluted share of $0.16 for the third quarter of 2012 based on 19.5 million weighted-average shares outstanding.

 

    Adjusted Net Income: Adjusted net income was $11.4 million for the third quarter of 2013, up from $8.9 million for the third quarter of 2012. Adjusted net income per diluted share was $0.12 for the third quarter of 2013 based on 96.4 million weighted-average shares outstanding, compared with $0.12 per diluted share for the third quarter of 2012 based on 71.5 million weighted-average shares outstanding.

 

    Adjusted EBITDA: Adjusted EBITDA was $12.8 million for the third quarter of 2013, compared with $10.9 million for the third quarter of 2012.

 

    Cash Flow: Cash flow from operations was $18.2 million for the third quarter of 2013, leading to free cash flow of $16.6 million after taking into consideration $1.6 million of capital expenditures. This compares with cash flow from operations of $17.6 million and free cash flow of $16.2 million, after taking into consideration $1.4 million of capital expenditures, for the third quarter of 2012.

 

    Balance Sheet: Total cash and marketable securities at the end of the third quarter of 2013 was $191.9 million, up from $134.2 million at the end of the fourth quarter of 2012.

“We are pleased to celebrate our one year anniversary as a public company,” said Todd Davis, LifeLock’s Chairman and CEO. “LifeLock showed solid growth on both the top and bottom line in the third quarter. We saw strong adoption of our LifeLock Ultimate service offering once again, as consumers are increasingly choosing our premium offering in an effort to protect themselves from identity theft. The value provided by our unique technology platform continues to resonate with consumers and enterprises alike.”


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.”

Third Quarter 2013 & Recent Business Highlights:

 

    Recorded the 34th consecutive quarter of sequential growth in revenue and cumulative ending members.

 

    Added approximately 218,000 gross new members in the third quarter of 2013 and ended the quarter with approximately 2.864 million members.

 

    Achieved a retention rate of 87.6% for the third quarter of 2013, compared with 85.9% for the third quarter of 2012.

 

    Increased monthly average revenue per member to $10.48 for the third quarter of 2013 from $9.39 for the third quarter of 2012.

 

    Appointed Gary Briggs, Chief Marketing Officer of Facebook, to the LifeLock Board of Directors.

 

    Awarded the 2013 LifeLock Ultimate Award to Delaware Attorney General Joseph R. “Beau” Biden, III.

 

    Marked the fifth anniversary of a partnership with the FBI Law Enforcement Executive Development Association in a program that has trained more than 8,900 U.S. law enforcement officers to recognize and investigate identity theft crimes.

Guidance:

As of October 29, 2013, we are initiating guidance for our fourth quarter of 2013 as well as updating our guidance for the full year 2013.

 

    Fourth Quarter 2013 Guidance: Total revenue is expected to be in the range of $99.0 million to $101.0 million. Adjusted net income per share is expected to be in the range of $0.21 to $0.22 based on approximately 98 million weighted-average shares outstanding. Adjusted EBITDA is expected to be in the range of $23 million to $24 million.

 

    Full Year 2013 Guidance: Total revenue is expected to be in the range of $366.0 million to $368.0 million. Adjusted net income per share is expected to be in the range of $0.37 to $0.38 based on approximately 96 million weighted-average shares outstanding. Adjusted EBITDA is expected to be in the range of $42.0 million to $43.0 million. Free cash flow is expected to be in the range of $60.0 million to $65.0 million.

Conference Call Details:

 

    What: LifeLock third quarter 2013 financial results.

 

    When: Tuesday, October 29, 2013 at 2PM PT (5PM ET).

 

    Dial in: To access the call in the United States, please dial (877) 407-3982, and for international callers dial (201) 493-6780. Callers may provide confirmation number 10000538 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 (877) 870-5176, and for international callers dial (858) 384-5517 and enter access code 10000538.

About LifeLock

LifeLock, Inc. (NYSE:LOCK) is a leading provider of proactive identity theft protection services for consumers and identity risk and credit worthiness assessment services for enterprises. Leveraging unique data, science and patented technology from ID Analytics, Inc., a wholly-owned subsidiary, LifeLock gains a comprehensive perspective into identity risk to best protect consumers. As part of its commitment to fighting identity theft, LifeLock regularly works with law enforcement officials to better understand identity theft threats and trends.

Forward-Looking Statements

This press release contains “forward-looking” statements, as that term is defined under the federal securities laws, including statements regarding the success of our LifeLock Ultimate service, the value provided by our technology platform, our competition, our outlook for 2013, and our expected total revenue, adjusted net income per share, adjusted EBITDA, and free cash flow for the fourth 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
September 30,
    Nine Months Ended
September 30,
 
     2013     2012     2013     2012  

Revenue

        

Consumer revenue

   $ 88,386      $ 65,579      $ 246,053      $ 183,903   

Enterprise revenue

     7,353        6,538        21,300        13,709   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenue

     95,739        72,117        267,353        197,612   

Cost of services

     24,935        19,762        73,965        57,727   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     70,804        52,355        193,388        139,885   

Expenses:

        

Sales and marketing

     40,609        29,926        125,651        91,431   

Technology and development

     10,734        7,943        30,128        20,936   

General and administrative

     11,837        6,297        32,160        15,834   

Amortization of acquired intangible assets

     1,966        1,966        5,898        4,291   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses

     65,146        46,132        193,837        132,492   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from operations

     5,658        6,223        (449     7,393   

Other income (expense):

        

Interest expense

     (82     (854     (228     (2,139

Interest income

     29        4        75        6   

Change in fair value of warrant liabilities

     —          6,058        —          3,117   

Change in fair value of embedded derivative

     —          (3,499     —          (2,785

Other

     (7     (1     (11     (3
  

 

 

   

 

 

   

 

 

   

 

 

 

Total other income (expense)

     (60     1,708        (164     (1,804
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) before provision for income taxes

     5,598        7,931        (613     5,589   

Income tax (benefit) expense

     171        63        142        (13,834
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

     5,427        7,868        (755     19,423   

Accretion of convertible redeemable preferred stock

     —          (4,207     —          (8,959

Net income allocable to convertible redeemable preferred stockholders

     —          (2,550     —          (7,067
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income available (loss attributable) to common stockholders

   $ 5,427      $ 1,111      $ (755   $ 3,397   
  

 

 

   

 

 

   

 

 

   

 

 

 

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

        

Basic

   $ 0.06      $ 0.06      $ (0.01   $ 0.17   

Diluted

   $ 0.06      $ (0.16   $ (0.01   $ 0.07   

Weighted-average common shares outstanding:

        

Basic

     89,318        19,501        87,841        19,469   

Diluted

     96,395        19,501        87,841        52,993   


LifeLock, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(Unaudited)

 

     September 30,
2013
    December 31,
2012
 

Assets

    

Current assets:

    

Cash and cash equivalents

   $ 167,888      $ 134,197   

Marketable securities

     24,048        —     

Trade and other receivables, net

     11,540        7,560   

Prepaid expenses and other current assets

     5,359        5,753   
  

 

 

   

 

 

 

Total current assets

     208,835        147,510   

Property and equipment, net

     12,586        9,701   

Goodwill

     129,428        129,428   

Intangible assets, net

     45,344        51,242   

Other non-current assets

     1,759        1,707   
  

 

 

   

 

 

 

Total assets

   $ 397,952      $ 339,588   
  

 

 

   

 

 

 

Liabilities and stockholders’ equity

    

Current liabilities:

    

Accounts payable

   $ 2,922      $ 1,151   

Accrued expenses and other liabilities

     33,589        27,329   

Deferred revenue

     115,816        90,877   
  

 

 

   

 

 

 

Total current liabilities

     152,327        119,357   

Other non-current liabilities

     4,006        265   
  

 

 

   

 

 

 

Total liabilities

     156,333        119,622   

Commitments and contingencies

    

Stockholders’ equity:

    

Common stock

     90        87   

Additional paid-in capital

     462,330        439,883   

Accumulated other comprehensive loss

     (43     —     

Accumulated deficit

     (220,758     (220,004
  

 

 

   

 

 

 

Total stockholders’ equity

     241,619        219,966   
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 397,952      $ 339,588   
  

 

 

   

 

 

 


LifeLock, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

 

     Nine Months Ended
September 30,
 
     2013     2012  

Operating activities

    

Net income (loss)

   $ (755   $ 19,423   

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

    

Depreciation and amortization

     9,484        7,487   

Share-based compensation

     10,270        3,994   

Provision for (recovery of) doubtful accounts

     220        (10

Change in fair value of warrant liabilities

     —          (3,117

Change in fair value of embedded derivative

     —          2,785   

Deferred income tax benefit

     (19     (14,310

Other

     28        3   

Change in operating assets and liabilities:

    

Trade and other receivables

     (3,698     (2,344

Prepaid expenses and other current assets

     413        2,039   

Other non-current assets

     380        (1,184

Accounts payable

     831        5,822   

Accrued expenses and other liabilities

     5,993        959   

Deferred revenue

     24,939        19,388   

Other non-current liabilities

     3,741        (214
  

 

 

   

 

 

 

Net cash provided by operating activities

     51,827        40,721   

Investing activities

    

Acquisition of ID Analytics, net of cash acquired

     —          (157,430

Acquisition of property and equipment

     (5,264     (3,506

Purchases of marketable securities

     (24,247     —     

Decrease in restricted cash

     —          1,748   
  

 

 

   

 

 

 

Net cash used in investing activities

     (29,511     (159,188

Financing activities

    

Proceeds from:

    

Term loan

     —          68,000   

Issuance of convertible redeemable preferred stock, net of offering costs

     —          102,165   

Issuance of warrants

     —          4,373   

Stock based compensation plans

     11,815        222   

Payments for:

    

Term loan

     —          (5,440

Initial public offering costs

     —          (1,530

Debt issuance costs related to credit facilities

     (440     (1,511
  

 

 

   

 

 

 

Net cash provided by financing activities

     11,375        166,279   
  

 

 

   

 

 

 

Net increase in cash and cash equivalents

     33,691        47,812   

Cash and cash equivalents at beginning of period

     134,197        28,850   
  

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 167,888      $ 76,662   
  

 

 

   

 

 

 


Share-Based Compensation

(in thousands)

(Unaudited)

 

     Three Months Ended
September 30,
     Nine Months Ended
September 30,
 
     2013      2012      2013      2012  

Cost of services

   $ 210       $ 186       $ 622       $ 437   

Sales and marketing

     573         299         1,292         712   

Technology and development

     1,054         498         2,393         1,208   

General and administrative

     2,172         648         5,963         1,637   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total share-based compensation expense

   $ 4,009       $ 1,631       $ 10,270       $ 3,994   
  

 

 

    

 

 

    

 

 

    

 

 

 

Key Financial and Operating Metrics

(in thousands except percentages and per member data)

(Unaudited)

 

     Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
     2013     2012     2013     2012  

Consumer revenue

   $ 88,386      $ 65,579      $ 246,053      $ 183,903   

Enterprise revenue

     7,353        6,538        21,300        13,709   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenue

   $ 95,739      $ 72,117      $ 267,353      $ 197,612   

Adjusted net income

   $ 11,402      $ 8,906      $ 15,413      $ 13,066   

Adjusted EBITDA

   $ 12,791      $ 10,938      $ 19,305      $ 18,874   

Free cash flow

   $ 16,629      $ 16,196      $ 46,563      $ 37,215   

Cumulative ending members

     2,864        2,376        2,864        2,376   

Gross new members

     218        187        698        564   

Member retention rate

     87.6     85.9     87.6     85.9

Average cost of acquisition per member

   $ 173      $ 147      $ 168      $ 153   

Monthly average revenue per member

   $ 10.48      $ 9.39      $ 10.17      $ 9.18   

Enterprise transactions

     53,042        57,295        159,850        162,774   


Reconciliation of GAAP to Adjusted Results

(in thousands, except per share amounts)

(Unaudited)

 

     Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
     2013     2012     2013     2012  

Reconciliation of Gross Profit to Adjusted Gross Profit

        

Gross profit

   $ 70,804      $ 52,355      $ 193,388      $ 139,885   

Share-based compensation

     210        186        622        437   
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted gross profit

   $ 71,014      $ 52,541      $ 194,010      $ 140,322   
  

 

 

   

 

 

   

 

 

   

 

 

 

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

        

Sales and marketing expenses

   $ 40,609      $ 29,926      $ 125,651      $ 91,431   

Share-based compensation

     (573     (299     (1,292     (712
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted sales and marketing expenses

   $ 40,036      $ 29,627      $ 124,359      $ 90,719   
  

 

 

   

 

 

   

 

 

   

 

 

 

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

        

Technology and development expenses

   $ 10,734      $ 7,943      $ 30,128      $ 20,936   

Share-based compensation

     (1,054     (498     (2,393     (1,208
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted technology and development expenses

   $ 9,680      $ 7,445      $ 27,735      $ 19,728   
  

 

 

   

 

 

   

 

 

   

 

 

 

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

        

General and administrative expense

   $ 11,837      $ 6,297      $ 32,160      $ 15,834   

Share-based compensation

     (2,172     (648     (5,963     (1,637
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted general and administrative expense

   $ 9,665      $ 5,649      $ 26,197      $ 14,197   
  

 

 

   

 

 

   

 

 

   

 

 

 

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

        

Income (Loss) from operations

   $ 5,658      $ 6,223      $ (449   $ 7,393   

Share-based compensation

     4,009        1,631        10,270        3,994   

Amortization of acquired intangible assets

     1,966        1,966        5,898        4,291   
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted income from operations

   $ 11,633      $ 9,820      $ 15,719      $ 15,678   
  

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation of Net Income (Loss) to Adjusted Net Income

        

Net income (loss)

   $ 5,427      $ 7,868      $ (755   $ 19,423   

Amortization of acquired intangible assets

     1,966        1,966        5,898        4,291   

Change in fair value of warrant liabilities

     —          (6,058     —          (3,117

Change in fair value of embedded derivative

     —          3,499        —          2,785   

Tax benefit from acquisition

     —          —          —          (14,310

Share-based compensation

     4,009        1,631        10,270        3,994   
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted net income

   $ 11,402      $ 8,906      $ 15,413      $ 13,066   
  

 

 

   

 

 

   

 

 

   

 

 

 


     Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
     2013     2012     2013     2012  

Reconciliation of Diluted Shares to Adjusted Diluted Shares

        

Diluted shares

     96,395        19,501        87,840        52,993   

Assumed preferred stock conversion

     —          44,599        —          13,404   

Dilutive securities excluded due to net loss available for distribution

     —          10,837        7,469        2,526   

Other dilutive equity awards excluded

     —          (3,443     —          (2,526
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted diluted shares

     96,395        71,494        95,309        66,397   
  

 

 

   

 

 

   

 

 

   

 

 

 

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

        

Net Income (Loss) per share

   $ 0.06      $ (0.16   $ (0.01   $ 0.07   

Net income attributable to participating securities

     —          —          —          0.09   

Adjustments to net income (loss)

     0.06        0.01        0.17        (0.10

Adjustments to diluted shares

     —          0.27        —          0.14   
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted net income per share

   $ 0.12      $ 0.12      $ 0.16      $ 0.20   
  

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation of Net Income (Loss) to Adjusted EBITDA

        

Net income (loss)

   $ 5,427      $ 7,868      $ (755   $ 19,423   

Depreciation and amortization

     3,124        3,084        9,484        7,487   

Interest expense

     82        854        228        2,139   

Interest income

     (29     (4     (75     (6

Change in fair value of warrant liabilities

     —          (6,058     —          (3,117

Change in fair value of embedded derivatives

     —          3,499        —          2,785   

Other income and expense

     7        1        11        3   

Income tax (benefit) expense

     171        63        142        (13,834

Share-based compensation

     4,009        1,631        10,270        3,994   
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

   $ 12,791      $ 10,938      $ 19,305      $ 18,874   
  

 

 

   

 

 

   

 

 

   

 

 

 

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

        

Net cash provided by operating activities

   $ 18,241      $ 17,622      $ 51,827      $ 40,721   

Acquisitions of property and equipment

     (1,612     (1,426     (5,264     (3,506
  

 

 

   

 

 

   

 

 

   

 

 

 

Free cash flow

   $ 16,629      $ 16,196      $ 46,563      $ 37,215