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 reported third quarter 2022 revenue of $154.4 million, a 4% increase year-over-year. Subscription revenue surged by 25% to $91.4 million, with 1,415,000 subscription units. Transaction revenue fell 14% to $57.6 million. The company posted a net loss of $10.1 million, down significantly from $39.7 million in the prior year. Adjusted EBITDA rose 16% to $17.5 million. Cash reserves stand at $211.8 million with no debt. The full-year revenue guidance was raised to $617-$619 million.
LegalZoom partners with the Philadelphia 76ers to launch the Spirit of Small Business program, aimed at supporting local small businesses in the Greater Philadelphia area. This initiative will provide free legal services, marketing visibility, and educational resources to entrepreneurs throughout the 2022-23 basketball season. Since its inception in 2020, the program has engaged with over 77 small businesses and achieved significant reach on social platforms, including over 16 million impressions. This partnership aims to uplift diverse businesses, with plans to introduce over 80 new featured businesses this season.
LegalZoom (Nasdaq: LZ) will disclose its third quarter financial results for the period ending September 30, 2022, on November 10, 2022, after market close. The company's CEO, Dan Wernikoff, and CFO, Noel Watson, will hold a conference call at 4:30 p.m. EST on the same day to discuss these results. Investors can access the live audio webcast on LegalZoom's Investor Relations website, with an archived replay available shortly after the event.
LegalZoom (Nasdaq: LZ) has acquired Revv, a Bengaluru-based document automation company, to enhance its product and engineering capabilities. This acquisition allows LegalZoom to leverage Revv's proprietary technology in developing productivity tools tailored for small businesses. The Revv team of 30 will integrate into LegalZoom, focusing on improving legal templates and modern product experiences. The deal's financial terms remain undisclosed. LegalZoom aims to utilize this acquisition to strengthen its market position and deliver enhanced services as it approaches 2023.
LegalZoom.com (NASDAQ: LZ) reported Q2 2022 revenue of $163.9 million, a 9% increase year-over-year. Subscription revenue surged 32% to $91.3 million, while transaction revenue fell 9% to $66.5 million. With a cash position of $215.5 million and no debt, the company achieved a net loss of $13.2 million. Adjusted EBITDA was $17.8 million, representing an 11% margin. The guidance for 2022 was revised, lowering revenue expectations to $612 million to $616 million. Adjusted EBITDA guidance increased to $55 million.
LegalZoom.com (NASDAQ: LZ) will announce its second-quarter financial results for the period ending June 30, 2022, on August 11, 2022, after the market closes. The conference call will be hosted by CEO Dan Wernikoff and CFO Noel Watson at 4:30 p.m. EST to discuss the results. Investors can register for the call through the provided link, and a live webcast will be accessible on the LegalZoom Investor Relations website. An archived replay of the webcast will also be available for three months post-event.
LegalZoom has launched its new creative campaign, “Now You’re in Business,” in partnership with agency 72andSunny New York, featuring actor Sam Richardson. The campaign aims to empower prospective small business owners by providing them motivation to start their businesses. It showcases various entrepreneurs on the brink of launching their ventures, with ads appearing on TV, social media, and digital platforms throughout the year. LegalZoom is adapting to the evolving landscape of small businesses, responding to trends like globalization and the gig economy.
LegalZoom.com reported a 15% year-over-year revenue increase for Q1 2022, totaling $154.2 million. Subscription revenue surged 29% to $84.4 million, with a net addition of 33,000 subscription units. However, the company posted a net loss of $30.6 million, a significant rise from last year, mainly due to higher operating expenses and a decline in gross margin to 64%. Cash reserves stand at $247.5 million with no debt. The guidance for Q2 expects revenue between $162-$164 million.
LegalZoom (NASDAQ: LZ) has partnered with the Los Angeles Sparks to empower women entrepreneurs through initiatives like Fast Break For Small Business, providing $6 million in grants and services. This marks LegalZoom's first WNBA partnership, aiming to address disparities in underserved communities. The campaign Small Business Champions, launching in June, will recognize and support women-led businesses in Southern California. Applications for grants are open until May 27, 2022.
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