Welcome to our dedicated page for LegalZoom.com news (Ticker: LZ), a resource for investors and traders seeking the latest updates and insights on LegalZoom.com stock.
LegalZoom.com, Inc. (Nasdaq: LZ) is a leading online platform providing comprehensive legal, tax, accounting, and compliance solutions tailored for small businesses and families in the United States. Since its inception over 15 years ago, LegalZoom has assisted more than three million Americans in navigating the complexities of legal and financial tasks. The company’s services encompass business formations, compliance and tax advice, estate plans, trademark filings, business licenses, accounting, virtual mailbox, and e-signature solutions.
Recent developments highlight LegalZoom’s ongoing commitment to supporting entrepreneurs. In November 2023, the company announced a Secondary Offering of 15,099,993 shares of common stock by LucasZoom, LLC, an affiliate of Permira Advisers LLC. Though LegalZoom is not directly offering shares in this transaction, it underscores the confidence investors have in the company's growth trajectory.
The company recently introduced the Beneficial Ownership Information Report service, aimed at ensuring compliance with the new Corporate Transparency Act. This service helps business owners avoid severe penalties associated with non-compliance by streamlining the filing process with the Financial Crimes Enforcement Network (FinCEN).
LegalZoom also announced partnerships with NBA Champion Giannis Antetokounmpo and WNBA Champion Kelsey Plum to support the Fast Break for Small Business grant program. This initiative, launched in collaboration with the NBA, WNBA, and NBA G-League, aims to distribute $3 million in grants and services to small business owners and aspiring entrepreneurs.
Financially, LegalZoom demonstrated strong performance in the fourth quarter of 2023, with significant revenue growth and an increase in Adjusted EBITDA margin, reflecting operational efficiencies. The company continues to invest in technology and expand its service offerings, ensuring robust support for its growing base of small business customers.
Looking ahead, LegalZoom is poised to maintain its leadership in online legal solutions by continuously enhancing its platform and broadening its ecosystem of services. With a mission to make legal and financial expertise accessible to all, LegalZoom empowers entrepreneurs to transform their business dreams into reality.
LegalZoom.com announced on May 22, 2024, that its Board of Directors has authorized an additional $75 million increase to the existing stock repurchase program, raising the total authorization to $175 million. As of May 21, 2024, LegalZoom has repurchased approximately 5.9 million shares at an average price of $10.10 per share, totaling around $59 million, leaving $116 million available for future repurchases. CEO Dan Wernikoff emphasized that this move aligns with the company's balanced capital allocation strategy, driven by strong cash generation. The repurchase program’s execution will depend on market conditions and other factors, and it has no fixed expiration date.
LegalZoom has announced that CEO Dan Wernikoff and CFO Noel Watson will participate in two upcoming investor conferences: the Jefferies Software Conference on May 29-30, 2024, in Newport Beach, CA, and the William Blair 44th Annual Growth Stock Conference on June 4-6, 2024, in Chicago, IL. The company will present on May 29 at 1:00 p.m. PT and will hold investor meetings during both events. A live audio webcast and replay of the Jefferies Software Conference will be accessible on LegalZoom's Investor Relations website.
LegalZoom is a leader in online small business formations and offers a variety of legal, tax, and compliance products for small business owners. The company's mission is to make entrepreneurship accessible to everyone.
LegalZoom reported strong financial results for the first quarter of 2024, with a revenue of $174.2 million, up 5% year-over-year. The company has $228.1 million in cash and cash equivalents with no outstanding debt as of March 31, 2024. LegalZoom's CEO highlighted the momentum seen in their ecosystem, driven by new compliance offerings and technology platform innovations. Despite a weaker macro environment, the company exceeded revenue and adjusted EBITDA expectations, achieving 28% growth year-over-year.
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