Investor Presentation | February 2025 27 February 2025 US PT 28 February 2025 AEDT Investor Presentation FY’24
Investor Presentation | February 2025 DISCLAIMER These materials and the accompanying oral presentation have been prepared by Life360, Inc. (ARBN 629 412 942) (“Company”) on a confidential and non-reliance basis, and may not be reproduced in whole or in part, nor may any of its contents be disclosed, to any other person, without the prior written consent of the Company. These materials are for informational purposes only. This presentation contains summary information about the Company and its activities and is current as of the date of this presentation. This presentation does not purport to be all-inclusive or to contain all of the information you may desire. It should be read in conjunction with the Company’s periodic and continuous disclosure announcements filed with the Australian Securities Exchange and the U.S. Securities and Exchange Commission (“SEC”), available at www.asx.com.au and www.sec.gov, respectively. 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Investor Presentation | February 2025 01 | Life360 Overview (4 – 32) 02 | Financial Update FY’24 (33 – 45) Contents 03 | FY’25 Outlook (46 – 47) 1. 2. 3. 4. 5. 04 | Appendix (48 – 56) Operating metrics Financials GAAP to Non-GAAP reconciliations & Non-GAAP financial measures Competitive landscape Dual tier offering 3
Investor Presentation | February 2025 Life360 Overview 01
Investor Presentation | February 2025 Offering a holistic solution to improve everyday family life Location sharing for the whole family ...supercharged with safety Private map for your inner circle Free to use Built for families Devices for people, pets, and things Premium safety services Market leading driving safety Life360’s mission is to keep people close to the ones they love 5
Investor Presentation | February 2025 Note: As of December 31, 2024 unless otherwise stated. 1 Available in 133 countries through Google Play Store. 2 U.S. smartphone penetration based on approximately 43.7 million U.S. MAUs as of December 2024 compared to the total U.S. population per 2020 census adjusted for smartphone penetration. 3 LTM as of December 31, 2024. 4 By Daily Active Users on the Apple App Store in the U.S. as of December 2024. Source: data.ai, a Sensor Tower company 5 For the definition of Adjusted EBITDA, the use of this Non-GAAP measure, and a reconciliation of Net Income (Loss) to Adjusted EBITDA, see Appendix 3. Global Paying Circles ~2.3M Safe arrival notifications3 56 billion U.S. Penetration2 14% 10.3M+ Monthly active Tile devices Global Monthly Active Users ~79.6M Miles driven with Life360 Crash Detection3 379 billion Countries where available in Apple App Store 1 170+ Top Social Networking App4 #4 FY’24 Revenue $371.5m +22% YoY FY’24 Adjusted EBITDA5 $45.5m 12% Margin Global scale, durable growth, expanding profitability Life360 at a glance 6Investor Presentation |
Investor Presentation | February 2025 7 Family messaging Real-time driving One-tap communication Private family Circle Item tracking and SOS functionality Crash detection and emergency dispatch Driving Safety 24/7 support with crash detection, emergency dispatch, roadside assistance and more Digital Safety Protection and prevention for each family member Location Sharing and Item Tracking Effortless daily coordination with advanced location sharing and item tracking Emergency Dispatch Expert assistance any time, anywhere Comprehensive Offering All-in-one solution for real life Young couples New drivers Families of all stages Aging parents Adoring pet parents Life360 is a super-app serving families of all types Distinctive product offering 7Investor Presentation |
Investor Presentation | February 2025 Significant opportunity to continue to expand TAM Source: GSMA Mobile Economy Report, Pew Research Center, 2020 U.S. Census, International Monetary Fund (IMF), Public Company Filings, and Company Data 1 Smartphone-Equipped Population of Asia Pacific excluding China, Eurasia excluding Russia, Middle East and North Africa, United States, and Canada (Total Population × Smartphone Adoption Rate), divided by People Per Paying Circle to derive Total Paying Circles, multiplied by Q1’24 Average Revenue Per Paying Circle. 2 Intellectual Market Insights Research – AirTag Market Overview. 3 Grandview Research – Pet Wearables Market 4 2023 Average Advertising Revenue Per User of Meta, Snap, Uber, Spotify, Reddit, and Duolingo, multiplied by Smartphone-Equipped Population across the U.S. (Total Population × Smartphone Adoption Rate). 8 2021 – 2022 ~$80bn Item Tracking2 Pet Tracking3 Subscription Services $2.7bn $2.1bn $75bn Today ~$83bn Advertising4 Item Tracking Pet Tracking Subscription Services $2.7bn $2.1bn $75bn $3.1bn Subscription Services1 ~$75bn ~$75bn Acquisition of + Future E x p a n sio n O p p o rtu n itie s Family Financial Services Elderly Monitoring Auto Insurance Advertising Item Tracking Pet Tracking Subscription Services
Investor Presentation | February 2025 Expanding reach beyond parents with teens 9 Of Circles are Families with Teens 1,3 36% of U.S. households have at least one pet 4 of the U.S. population is 65 or older 13% 17% (2020)(2010) Of Circles are Couples 2,3 17% 70% … with an opportunity to expand within our current member base Premium member plans have historically focused on a narrow slice of our engaged free member base… Current Member Base Focus Member Base Expansion 3.3 members per Paying Circle on average 3 Source: U.S. Census Data, HealthforAnimals Note: The circle percentages referenced reflect data for free circles, not paying circles. 1 Defined as Circles with at least one member being a parent and one or more teens. 2 Defined as Circles of two members who are spouses or partners. 3 Reflects circles on a global basis. 4 As of 2021.
Investor Presentation | February 2025 Subscription Services IndirectDevices Advertising Adjacent Markets Monetizing our addressable markets ✓ Roadside Assistance ✓ Medical Assistance ✓ SOS ✓ Driver Reports ✓ Stolen Phone Protection ✓ ID Theft Protection ✓ Crash Detection ✓ Emergency Dispatch ✓ Disaster Response ✓ Travel Support & More… Platinum Ads for Free Members Access unique audiences based on First Party Data Elderly Monitoring Family Financial Services Auto Insurance First Party Data Monetization Hubble Partnership 10 Future Opportunity Investor Presentation |
Investor Presentation | February 2025 The aspirational goals that drive our strategy #1 Brand for everyday family life 150M+ Monthly Active Users $1B+ Revenue 35%+ AEBITDA margins1 Note: Long-term targets are not projections; they are goals and are forward-looking, subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and are based upon assumptions with respect to future decisions, which are subject to change. Actual results will vary and those variations may be material. For discussion of some of the important factors that could cause these variations, please consult the "Risk Factors" section in our most recent Annual Report on Form 10-K, as well as any amendments thereto reflected in subsequent Quarterly Reports on Form 10-Q and other filings with the SEC. Nothing in this presentation should be regarded as a representation by any person that these goals will be achieved and the Company undertakes no duty to update its goals. 1 In 2025, we will transition to sharing only Adjusted EBITDA in our outlook and results, and in our strategic goals, in order to create consistency and alignment across our dual listing environments. 11Investor Presentation |
Investor Presentation | February 2025 Grow our audience By building a leading position as a global family brand Scale paid offerings By driving higher retention and conversion through increased value for members Create new revenue streams By meeting family needs at every life stage and strengthening relationships with members Expand profitability By leveraging the expense base, and balancing growth investment with financial discipline Powerful network effects driving significant long-term growth opportunity Life360 strategy 12Investor Presentation |
Investor Presentation | February 2025 Consistent MAU growth • Consistent growth (Q1 2019 – Q4 2024 CAGR) of 26% across both US and International • US MAU base has grown in parallel with consistent improvements in features and the member experience • International MAUs up 46% YoY as of Q4 2024, reflecting significant growth opportunity as international user experience moves towards parity with US • Majority of new users are through referral/word of mouth Life360 Core Monthly Active Users (MAU)(M) Note: Numbers may not add or recalculate due to rounding. 13 Largely due to organic adoption 26% Total CAGR +46% YoY +19% YoY Investor Presentation | 11 13 15 17 17 16 17 17 18 20 22 24 25 27 29 31 32 34 35 37 39 40 42 44 10 11 11 11 12 9 9 10 10 12 12 12 13 15 18 18 19 20 23 25 28 30 35 36 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 US International
Investor Presentation | February 2025 Long remaining runway in U.S. penetration Penetration by State (2024)Penetration by State (2020) States with more than 6% penetration in 2020 experienced over 136% penetration growth on average from December 2020 to December 2024, underpinning the remaining meaningful runway in the U.S. 10% 2% 30% 6% Source: GSMA Mobile Economy Report, Pew Research Center, 2020 U.S. Census, and Company Data. 14
Investor Presentation | February 2025 Source: GSMA Mobile Economy Report, Pew Research Center, International Monetary Fund (IMF), and Company Data. 1 Estimated number of Life360 members as a percentage of smartphone-enabled population by region; Rest of World excludes Russia and China; Penetration rates of December 31, 2024 unless otherwise noted. Rest of World 0.4%0.2% (2020) (2024) Europe 1.6%0.4% (2020) (2024) International penetration, while expanding, trails the U.S., with large upside opportunity Large global opportunity Penetration by Region (2020–2024)1 15 $Australia & New Zealand 11%3% (2020) (2024)United States 14%6% (2020) (2024) Canada 4%1% (2020) (2024) $ United Kingdom 10%2% (2020) (2024) $ Indicates countries with Triple Tier offering $ $
Investor Presentation | February 2025 US iOS App Rankings by DAU 1 US iOS Social Networking App Rankings by DAU 2 Source: data.ai, a Sensor Tower company. Note: DAUs (Daily Active Users) defined as devices having 1 or more foreground sessions within an app in a day. 1 Life360 ranked 13th on iOS in the US by DAUs as of December 2024 on iPhone. 2 Life360 ranked 4th in the US in the social networking category on iOS by DAUs as of December 2024 on a unified basis. 16 One of the highest DAUs across all apps in the U.S. Investor Presentation |
Investor Presentation | February 2025 Strong U.S. Engagement – rivals the biggest names in social and streaming media US DAU/MAU Ratio (%) Source: Sensor Tower company as of December 31, 2024; Company Data for Life360 metrics. 1 Hyper-Engaged Social represents the average DAU/MAU of Facebook, Instagram, Snapchat, TikTok, and X (formerly Twitter). (Video) Social Media Streaming Media Hyper- Engaged Social1 With Push Notif. 17Investor Presentation | 67 % 61 % 60 % 57 % 46 % 43 % 38 % 29 % 27 % 26 % 24 % 20 % 17 % 14 % 14 % 12 % 11 %
Investor Presentation | February 2025 Our freemium flywheel drives our growth 18 Network effects enhance new member acquisition and fuel competitive advantages Better Engagement More Users
Investor Presentation | February 2025 New Member Onboarding Frictionless download & registration Free Member Experience features Paid Subscriber Upsell to Paid Subscriber Paid Subscriber Upsell to higher tier + Other products Life360’s digital based freemium business Monetization: Advertising + Data + Lead Gen Premium Subscription Referral Fees Other Sales1 Cost to provide: Hosting & other technology costs Membership benefit costs + app store commissions Referral costs1 Marketing Efforts Conversion / Retention initiatives Member Experience & Product Efforts 1 Represents potential revenue and costs associated with future opportunities. This statement is forward-looking, subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and are based upon assumptions with respect to future decisions, which are subject to change. Actual results will vary and those variations may be material. For discussion of some of the important factors that could cause these variations, please consult the "Risk Factors" section in our most recent Annual Report on Form 10-K, as well as any amendments thereto reflected in subsequent Quarterly Reports on Form 10-Q and other filings with the SEC. 19 Freemium model becomes powerful at scale • Strong word of mouth drives organic growth, supporting efficient customer acquisition spend • Digital economics enables efficient scaling of user base, with low cost/high margin subscription services • Growing free member base: - creates a competitive moat - increases premium member acquisition pool and - provides indirect monetization opportunities, including advertising Investor Presentation |
Investor Presentation | February 2025 1As of December 31, 2024. 2Bundled Tile product currently only available with web activation. Membership bundles shown represent U.S. offering. Services differ slightly by region. Loyal and engaged user base enables monetization through Triple Tier membership Current Triple Tier Membership Bundles (US, UK, Canada, ANZ) + Place Alert (5 places) + Location History (7 days) + Stolen Phone Protection ($100) + Ad-Free Experience 13% of US Paying Circles1 SILVER MEMBERSHIP $7.99/mo + Place Alert (99 places) + Location History (30 days) + Individual Driver Reports + Roadside Assistance + 24/7 Emergency Dispatch + ID Theft Protection + Free Towing (5mi Radius) + Stolen Funds Reimbursement ($25K) + Stolen Phone Protection ($250) + Tile Mate Included2 83% of US Paying Circles1 GOLD MEMBERSHIP $14.99/mo + Credit Monitoring + Disaster Response + Medical Assistance + Travel Support + Free Towing (50mi Radius) + Stolen Funds Reimbursement ($1M) + Stolen Phone Protection ($500) + Tile Starter Pack Included2 4% of US Paying Circles1 PLATINUM MEMBERSHIP $24.99/mo ✓ SOS ✓ Place Alert (2 places) ✓ Location History (2 days) ✓ Crash Detection ✓ Family Driving Summary ✓ Battery Monitoring FREE MEMBERSHIP $0.00/mo 20
Investor Presentation | February 2025 Top 10 International MAU countries1 (65% of total International) 1. United Kingdom 2. Brazil 3. Mexico 4. Australia 5. Italy 1Data as of FY’24 Top 10 International Revenue countries1 (77% of total International) 1. United Kingdom 2. Australia 3. Canada 4. Mexico 5. Brazil • Subscription revenue growth opportunity • Learnings to inform next targets for Triple Tier offerings Dual Tier Rest of World: Non-Triple Tier Countries Growing usage and increasing monetization globally Scaling the international opportunity Triple Tier UK, ANZ & CA • High income markets similar to the U.S. with a driving culture • Subscription benefits around driving and digital safety (e.g., roadside assistance and identity theft protection) 6. Japan 7. Germany 8. South Africa 9. Netherlands 10. Thailand 6. Philippines 7. Malaysia 8. Canada 9. Spain 10. Thailand 21
Investor Presentation | February 2025 Paying Circles growing while raising prices Paying Circles by geography (000s) • Consistent growth (Q1 2019 – Q4 2024 CAGR) across both US and International at 22% and 27%, respectively • Focus on driving customer value has allowed for continued growth while raising prices • Price increases implemented in non-Triple Tier regions for legacy subscribers in August 2024 and through the launch of Dual Tier membership in September 2024. Higher pricing also through the launch of Triple Tier membership in UK and ANZ in October 2023 and April 2024, respectively. • US price increases were implemented beginning in Q3’22 for new subscribers, followed by price increases for existing subscribers on iOS and Android in Q4’22 and Q2’23, respectively Note: Numbers may not add or recalculate due to rounding. 3.3 members per Paying Circle on average. 22 +33% YoY +23% YoY 23% Total CAGR 529 550 605 647 668 665 698 708 737 804 895 991 1,044 1,117 1,180 1,162 1,203 1,233 1,300 1,327 1,390 1,468 1,579 1,627 157 159 171 180 183 169 171 169 166 186 204 227 243 275 310 332 364 396 446 474 508 562 610 632 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 US International
Investor Presentation | February 2025 Premium ServicesDevicesMobile Life360 is a one-stop holistic experience vs competitors With the only combined feature set across all of these isolated point solutions 1 As of December 31, 2024. 2 Pet tracking is not currently available in the Life360 app. 10.3M+ 65% of surveyed U.S. pet owner member base has interest in a pet tracker 2 Monthly active Tile devices1 Emergency assistance Digital safety Additional safety features + +4.8 Life360 App Ranking (vs. Find My at 2.8) Competitors 23 45% of Total Paying Circles are cross- platform
Investor Presentation | February 2025 24 4.6 4.7 1 As of December 31, 2024. 2 Life 360 Brand Tracking research - April 2024 Fielding (based out of the 23 brand attributes tested). 3 According to April 2024 NPS creator, Bain & Co. for US Adults aged 31-60. in R&D investment since 2016 #1 Brand Attribute2 1 in 7 50 NPS Score Considered “Excellent” by NPS Creator, Bain & Co.3 “Peace of mind” 5x U.S. Smartphone Owners Use Life3601 $375+ Million App Opens per Day1 Life360’s family safety focus creates a competitive moat Providing peace of mind and engagement for families versus generic solutions
Investor Presentation | February 2025 Strategic initiatives fuel membership & revenue growth 25 Connecting magical location experiences with ad partnerships Landing Notifications Expanded our triple-tier membership offering into UK and ANZ International Expansion Launched a new demand-generating integrated marketing campaign Brand Campaign Key product and marketing highlights of 2024
Investor Presentation | February 2025 26 Life360’s Tile trackers deliver family peace of mind Makes everyday life better through fast, reliable item finding and personal safety New products are a significant step toward full brand unification • Tile serves as a valuable gateway to accelerate growth in the Life360 subscription business • Innovative SOS button directly integrates the hardware with the Life360 app ecosystem • The only tracker on the market that combines safety and item finding in a single device for ultimate peace of mind • Tile continues to benefit from being cross platform, particularly for families who use both iOS and Android • Bold colors stand out from competition and elevate Tile from a utility device to a lifestyle accessory for the whole family
Investor Presentation | February 2025 New monetization opportunities from free user base Loyal User Base of families that retains on the platform1 Globally Recognized Brand Focused on safety and connection First Party Data Advantage based on location Valuable Targeting Opportunities based on user insights … has the potential to deliver significant value while maintaining privacy at the forefront of our member experience Note: All metrics as of December 31, 2024 unless otherwise noted. 1 Based on MAU and Paying Circles by Registration Year data. 44M U.S. Monthly Active Users 1 in 7 U.S. Smartphone Owners Use Life360 5x App Opens per Day 43% MAUs Open the App Daily “US, 70th percentile household income, Moms, who have visited a Walmart in the last 30 days” Illustrative Customer Profiling & Audience Segment “1 million users visited Walmart in the course of the last 30 days” Our differentiated audience… 27 Our differentiated audience can deliver value to B2B data providers and advertisers
Investor Presentation | February 2025 High value offsite and direct sales advertising are differentiators for Life360’s advertising model 28 The Future New & Expanded Sales Channels + Improved Ad Relevance, Data and Delivery + Expanded Ad Formats / Surfaces = Long-term Revenue and Value Driving Higher Average Revenue Per User Over Time Third party sales teams, Programmatic relationships Ad Testing & Infrastructure Development Paid Partnerships Pursue paid partnerships in parallel to programmatic ads Direct Sales Expand direct sales efforts while continuing to leverage programmatic ads Offsite Explore offsite (retargeting) opportunities to help brands connect with our members A v e ra g e R e v e n u e P e r U se r
Investor Presentation | February 2025 Partners Life360’s differentiated advertising platform reach and capabilities 29 Audience Engine Thousands of Unique Audiences and Targeting Capabilities (ex. US, 70th percentile household income, Moms, who have visited a Walmart in the last 30 days) Measurement Engine Helping brands understand advertising impact with physical store visits Connected TV/OTT Display Online Video Digital Out of Home Audio Offsite Inventory TypesOnsite / In App Advertising Banner Ads | Push Notifications Email | Interstitials | On Map
Investor Presentation | February 2025 Ad Revenue ARPU by MAU (M)1,2 MAU A d v e rt is in g A R P U Ad Revenue ARPU from Launch1,3 30 The advertising opportunity for Life360 1Based on public filings, Wall Street Journal, FactSet Consensus Estimates, Reuters, Visible Alpha Consensus Estimates. Nextdoor MAU estimated using a WAU to MAU conversion rate of 0.59. Match Group MAU estimated using a Payer to MAU conversion rate of 0.165. Snapchat MAU estimated using a DAU / MAU conversion rate of 0.5275. 2Waze MAU and ad revenue reflects estimated 2022 figures. Waze and Lyft data not available over time. 3Limited Y + 0 and Y + 1 ARPU data is publicly available. 4Data.ai, a Sensor Tower company. Global Mobile Advertising Spend4 $402bn (2024 estimate) Large Market Opportunity Year of in-app Advertising Launch Data indicates long-term growth potential in advertising revenue A d v e rt is in g A R P U Investor Presentation | $-- $ 1 $ 2 $ 3 $ 4 $ 5 $ 6 $ 7 $ 8 -- 100 200 300 400 500 600 700 800 900 $– $1 $2 $3 $4 $5 $6 $7 Y +0 Y +1 Y +2 Y +3 Y +4 Y +5 Y +6 Y +7 Y +8 Y +9 Y +10 Y +11 Y +12
Investor Presentation | February 2025 Recognized leader in family safety and security Fully integrated cross- platform offering through leading mobile app & supporting devices Loyal and engaged user base with multiple monetization vectors including advertising Global opportunity with tailwinds from demographics and accelerating adoption of location sharing Scalable business model driven by recurring revenue with opportunity to expand profitability Strong brand awareness and freemium model driving powerful network effects What sets Life360 apart 31
Investor Presentation | February 2025 Life360’s highly attractive financial model $367.6M AMR as of Q4’24 (34% year- over-year growth) with additional growth across other non-subscription revenue streams Growth at Scale Capital light business + operating leverage results in improving positive operating cash flow, with $12.3m and $32.6m of operating cash flow in Q4’24 and FY’24, respectively Strong Capital Efficiency Significant opportunities for additional growth: wider use cases + broadening demographics + international rollout + monetization of free member base Strategic Opportunities for Growth ~79.6M Global MAU and ~2.3M Global Paying Circles with consistent net subscriber revenue retention of approximately 100% across member registration years. Loyal, engaged members are the best acquisition engine through word- of-mouth referrals Highly Engaged Members Drive Acquisition Flywheel Globally scalable tech stack makes services available at very low cost per additional user. These economics combined with operating leverage drive improving margins (Q4’24 is 9th consecutive quarter of positive Adj. EBITDA) Digital Economics and Profitability Note: Metrics as of December 31, 2024. 32Investor Presentation |
Investor Presentation | February 2025 Financial Update FY’24 02
Investor Presentation | February 2025 FY’24 Achievements Cementing our position as the market-leading family safety membership service $371.5m FY’24 Revenue +22% YoY $45.5m FY’24 Adjusted EBITDA 12% Margin Expanding profitability ~2.3m Global Paying Circles + 25% YoY 457k Annual net adds, an all-time record Scaling paid offerings ~79.6m Global Monthly Active Users (MAU) + 30% YoY 46% YoY growth in International MAU Growing our audience Expansion of B2B indirect monetization Initial infrastructure established to build advertising revenue stream Creating new revenue streams 34
Investor Presentation | February 2025 • Continued strong subscription revenue momentum, up 26% including hardware subscriptions, and 29% for Life360 subscriptions, which was ahead of FY’24 guidance of 25% • Hardware revenue decrease of 1%, primarily driven by delay in new product launch, which led to lower sales volume • Other revenue increase of 41% due to increases in data and partnership revenue, which includes advertising revenue • Annualized Monthly Revenue up 34% to $367.6 million • Operating expenses increased 14%, demonstrating strong operating leverage given the revenue uplift of 22% • Adjusted EBITDA margin expansion to 12% driven by strong subscription revenue growth and increased operating leverage $M FY’23 FY’24 Guidance $ Change % ch YoY Revenue Subscription 220.8 277.8 57.1 26 % Hardware 58.2 57.6 (0.6) (1)% Other 25.5 36.0 10.5 41 % Total revenue 304.5 371.5 368 - 374 67.0 22 % Annualized Monthly Revenue (AMR)1 274.1 367.6 93.5 34 % Operating expenses 252.6 287.1 34.5 14 % Net Income (Loss) (28.2) (4.6) EBITDA (Non-GAAP) 2 (20.8) (3.8) (7) – (10) Adjusted EBITDA (Non-GAAP) 2 20.6 45.5 39 – 42 24.9 121 % Adjusted EBITDA Margin2 7% 12% Cash and cash equivalents3 70.7 160.5 150 - 160 Operating cash flow 7.5 32.6 25.1 333% Note: Numbers may not add or recalculate due to rounding. 1AMR includes the annualized monthly value of subscription, data and partnership agreements. All components of these agreements that are not expected to recur are excluded. 2 EBITDA and Adjusted EBITDA are non-GAAP measures. For definitions of EBITDA and Adjusted EBITDA and the use of these non-GAAP measures, as well as a reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA see Appendix 3. 3 Cash and cash equivalents includes Restricted Cash. FY’24 Results Summary CommentaryDelivering on growth 35Investor Presentation |
Investor Presentation | February 2025 Continued Strong Revenue Momentum *Annualized Monthly Revenue (AMR) is a financial measure used by the Company to identify the annualized monthly value of active customer agreements at the end of a reporting period. AMR includes the annualized monthly value of subscription, data and partnership agreements. All components of these agreements that are not expected to recur are excluded. Quarterly Annualized Monthly Revenue ($M)* 36 +34% YoY growth in December 2024 Annualized Monthly revenue 46 62 68 75 76 78 81 90 96 106 124 140 166 174 184 224 239 249 259 274 285 305 336 368 Q 1 19 Q 2 1 9 Q 3 1 9 Q 4 1 9 Q 1 2 0 Q 2 2 0 Q 3 2 0 Q 4 2 0 Q 1 2 1 Q 2 2 1 Q 3 2 1 Q 4 2 1 Q 1 2 2 Q 2 2 2 Q 3 2 2 Q 4 2 2 Q 1 2 3 Q 2 2 3 Q 3 2 3 Q 4 2 3 Q 1 2 4 Q 2 2 4 Q 3 2 4 Q 4 2 4
Investor Presentation | February 2025 Consolidated Revenue 37 Annual revenue ($M) $153 $221 $278 $48 $58 $58 $27 $26 $36 $228 $305 $371 FY'22 FY'23 FY'24 Subscription Hardware Other Total consolidated revenue breakdown (FY’24) Hardware Life360 US Subscription Life360 International Subscription Hardware Subscription Other 60% 9% 6% 10% 15% *Includes non-recurring adjustment of approximately $0.9 million in relation to deferral of subscription revenue FY’24 year over year growth of 22%
Investor Presentation | February 2025 Life360 Core Monthly Active Users (MAU)(M) Note: Numbers may not add or recalculate due to rounding. Global MAU Q4’24 year over year growth of 30% International Triple Tier launch countries MAU +37% YoY +47% YoY +35% YoY +46% YoY +19% YoY 38 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 ANZ UK Canada 11 13 15 17 17 16 17 17 18 20 22 24 25 27 29 31 32 34 35 37 39 40 42 44 10 11 11 11 12 9 9 10 10 12 12 12 13 15 18 18 19 20 23 25 28 30 35 36 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 US International
Investor Presentation | February 2025 Subscription Revenue Consolidated Quarterly Subscription revenue ($M) Consolidated Annual Subscription revenue ($M) • Global revenue growth underpinned by 25% YoY uplift in Global Paying Circles, and 6% YoY increase in Q4’24 ARPPC • Strong subscription growth across U.S. and international, with consolidated subscription revenue uplift of 32% YoY in Q4’24 including the contribution of hardware subscriptions • Core Life360 subscription revenue growth of 36% YoY in Q4’24, benefitting from strong Paying Circles growth and price increases in INTL regions • Price increases implemented for legacy subscribers in August 2024 and launch of Dual Tier memberships in September 2024 in non-Triple Tier regions • Additional price increases through Triple Tier membership launches in the UK and ANZ in October 2023 and April 2024, respectively • FY’22 – FY’23 growth driven by U.S. price increases for Core Life360 Subscription Revenue Q4’24 year over year growth of 32% 39 33.1 36.0 39.0 45.4 51.7 52.7 56.6 59.861.6 65.7 71.8 78.8 Q1 Q2 Q3 Q4 2022 2023 2024 153.3 220.8 277.8 FY'22 FY'23 FY'24
Investor Presentation | February 2025 Paying Circles by geography (000s) Paying Circles $140 $1398 +42% YoY$38 +42% YoYInternational Triple Tier launch countries Paying Circles +10% YoY +58% YoY +26% YoY +33% YoY +23% YoY 40 Note: Numbers may not add or recalculate due to rounding. Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 ANZ UK Canada 529 550 605 647 668 665 698 708 737 804 895 991 1,044 1,117 1,180 1,162 1,203 1,233 1,300 1,327 1,390 1,468 1,579 1,627 157 159 171 180 183 169 171 169 166 186 204 227 243 275 310 332 364 396 446 474 508 562 610 632 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 US International Q4’24 year over year growth of 25% UK & ANZ Legacy price increases
Investor Presentation | February 2025 Strength of Free User Engagement Drives Consistent Net Subscriber Retention Over Time • Charts highlight that MAUs and Paying Circles by member registration year have increased over time, demonstrating strong retention dynamics and ability to convert free members to paid over the long-term • Net subscriber retention has historically been consistent across member registration years, driving net subscription revenue retention rate that is approximately 100% 1 Global Paying Circles by Member Registration Year (M)Global MAU by Member Registration Year (M) 1 Based on the average monthly subscription revenue for the six months ended December 31, 2024 compared to the prior six-month period 2023 2022 2021 2020 2019 2018 2017 2016 and before 2024 41 0 10 20 30 40 50 60 70 80 D e c- 2 0 Ju n -2 1 D e c- 2 1 Ju n -2 2 D e c- 2 2 Ju n -2 3 D e c- 2 3 Ju n -2 4 D e c- 2 4 0 0.5 1 1.5 2 D ec -2 0 Ju n- 21 D ec -2 1 Ju n- 22 D ec -2 2 Ju n- 23 D ec -2 3 Ju n- 24 D ec -2 4
Investor Presentation | February 2025 $59 $156 $43 $70 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 US International Average Revenue Per Paying Circle (ARPPC) 1 U.S. Price increase took effect across all Membership tiers starting in August 2022. 2 The uplift to global ARPPC was tempered by a 6% increase in the weighting of international Paying Circles as a percentage of global Paying Circles, reflecting faster growth in international regions that have lower pricing relative to the U.S. Triple Tier launches and price increases for legacy subscribers driving international ARPPC Average Revenue Per Paying Circle (ARPPC) ($) 1 +42% YoY 42 +3% YoY +6% YoY Global ARPPC 2 FY'23 FY'24 ANZ UK Canada +88% YoY +62% YoY +95% YoY International Triple Tier launch countries revenue
Investor Presentation | February 2025 Hardware Revenue Q4’24 year over year growth of 13% *Q1’22 revenue is adjusted and includes Tile revenue pre-acquisition. Quarterly Hardware revenue ($M)* 43 • Q4’24 hardware revenue increase of 13% YoY, primarily driven by reduced returns and discounts offered, as well as an increase in units shipped and a shift in channel mix • Strategic decision to launch product refresh in September 2024 to incorporate essential functional and packaging updates • Continued focus on supporting strong demand for new Tile lineup and expanding user base, with Life360 branding in physical retail stores on a global basis for the first time 10.5 6.8 11.7 19.6 10.0 11.6 15.5 21.1 10.2 11.9 11.7 23.8 Q1 Q2 Q3 Q4 2022 2023 2024 Annual Hardware revenue ($M) 47.9 58.2 57.6 FY'22 FY'23 FY'24
Investor Presentation | February 2025 • FY’24 growth driven primarily by advertising revenue contribution and renegotiated data agreement with Placer.ai in July 2024 • Q4’24 Other revenue growth of 113% YoY reflects increases in data and partnership revenue, which includes advertising revenue • Q1’23 YoY revenue decline reflects transition to single data arrangement • Expectation of significant long term growth potential as part of broader advertising and free user monetization strategy Quarterly Other revenue ($M) Other Revenue Q4’24 year over year growth of 113% 44 Annual Other Revenue ($M) 8.3 6.0 6.5 6.36.5 6.5 6.5 6.16.5 7.3 9.3 13.0 Q1 Q2 Q3 Q4 2022 2023 2024 27.1 25.5 36.0 FY'22 FY'23 FY'24
Investor Presentation | February 2025 Expanding Profitability Leveraging the cost base as we scale 45Investor Presentation | -13.7 -18.7 -9.4 1.60.5 5.7 5.5 8.9 4.3 11.0 9.0 21.2 Q1 Q2 Q3 Q4 2022 2023 2024 -25.0 -31.2 -18.8 -10.3 -12.6 -2.0 -4.2 -2.0-4.1 -5.6 -2.6 8.4 Q1 Q2 Q3 Q4 2022 2023 2024 Adjusted EBITDA ($M) & Margin (%) 1 Total Gross Margin expansion 1 Q1'22 revenue used within these calculations includes Tile revenue pre-acquisition. Operating Expenses declining as a % of revenue -48% -64% -33% -14% -19% -3% -5% -2% -5% -7% -3% 7% -26% -38% -16% 2%1% 8% 7% 10% 5% 13% 10% 18% 18% 13% 7% 106% 83% 77% FY'22 FY'23 FY'24 65% 73% 75% FY'22 FY'23 FY'24 EBITDA ($M) & Margin (%) 1
Investor Presentation | February 2025 FY’25 Outlook 03
Investor Presentation | February 2025 1 For the definition of Adjusted EBITDA and the use of this non-GAAP measure, as well as a reconciliation of Net Income (Loss) to Adjusted EBITDA see Appendix 3 Outlook 47 For FY’25, Life360 expects to deliver the following metrics: • Consolidated revenue of $450 - $480 million comprised of: • Subscription revenue of $350 million - $360 million; • Hardware revenue of $45 million - $55 million; • Other revenue of $55 million - $65 million; and • Positive Adjusted EBITDA1 of $65 million - $75 million, which includes $8 million of investment to developing and launching a new pet device in 2025. Investor Presentation |
Investor Presentation | February 2025 Appendix 04
Investor Presentation | February 2025 APPENDIX 1 Operating Metrics 1 Core metrics relate solely to the Life360 mobile application. 2 Core subscription revenue is defined as subscription revenue derived from the Life360 mobile application and excludes non-core subscription revenue which relates to other hardware related subscription offerings. Beginning with the second quarter of 2024, this definition has been updated and calculated in accordance with GAAP. 49 (in millions, except ARPPC, ARPPS, ASP) Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Life360 Core(1) Monthly Active Users (MAU) - Global 79.6 76.9 70.6 66.4 61.4 58.4 U.S. 43.7 42.2 40.5 38.8 36.8 35.4 International 36.0 34.7 30.1 27.5 24.6 23.0 ANZ 2.7 2.5 2.4 2.2 2.0 1.9 Paying Circles - Total 2.3 2.2 2.0 1.9 1.8 1.7 U.S. 1.6 1.6 1.5 1.4 1.3 1.3 International 0.6 0.6 0.6 0.5 0.5 0.4 Average Revenue per Paying Circle (ARPPC) $ 131.76 $ 127.57 $ 125.96 $ 123.97 $ 124.17 $ 119.97 Life360 Consolidated Subscriptions 2.9 2.8 2.7 2.5 2.4 2.3 Average Revenue per Paying Subscription (ARPPS) $ 110.43 $ 106.27 $ 104.00 $ 102.02 $ 102.17 $ 101.33 Net hardware units shipped 1.8 0.8 0.7 0.5 1.7 1.1 Average Sale Price (ASP) $ 12.56 $ 12.69 $ 15.92 $ 16.50 $ 11.50 $ 13.24 Annualized Monthly Revenue (AMR) $ 367.6 $ 336.2 $ 304.8 $ 284.7 $ 274.1 $ 259.1 Additional KPI Related Information Subscription revenue $ 78.8 $ 71.8 $ 65.7 $ 61.6 $ 59.8 $ 56.6 Non-Core subscription revenue $ (5.7) $ (5.6) $ (5.5) $ (5.8) $ (5.9) $ (7.2) Core subscription revenue(2) $ 73.1 $ 66.2 $ 60.2 $ 55.8 $ 53.9 $ 49.4 Subscription revenue bundling related adjustment $ (0.6) $ (1.4) $ (1.3) $ (1.2) $ (1.2) $ (1.2) Hardware revenue bundling related adjustment $ 0.4 $ 1.4 $ 1.3 $ 1.2 $ 1.2 $ 1.4
Investor Presentation | February 2025 APPENDIX 2 Income Statement 50 Note: Numbers may not add or recalculate due to rounding. Three Months Ended December 31, Year Ended December 31, $ in millions, except share and per share data 2024 2023 2024 2023 Revenue Subscription revenue $ 78.8 $ 59.8 $ 277.8 $ 220.8 Hardware revenue 23.8 21.1 57.6 58.2 Other revenue 13.0 6.1 36.0 25.5 Total revenue 115.5 87.0 371.5 304.5 Cost of Revenue Cost of subscription revenue 10.6 8.3 41.0 31.0 Cost of hardware revenue 18.1 17.7 47.2 47.4 Cost of other revenue 1.3 0.9 4.1 3.5 Total cost of revenue 30.0 26.8 92.3 81.9 Gross Profit 85.5 60.1 279.2 222.6 Operating expenses Research and development 29.8 26.0 113.1 101.0 Sales and marketing 33.5 25.7 113.4 99.1 General and administrative 16.5 12.8 60.7 52.6 Total operating expenses 79.8 64.5 287.1 252.6 Income (loss) from operations 5.7 (4.3) (8.0) (30.0) Other income (expense), net Convertible notes fair value adjustment — 0.1 (0.6) (0.7) Derivative liability fair value adjustment — 0.1 (1.7) (0.1) Loss on settlement of convertible notes — — (0.4) — Gain on settlement of derivative liability — — 1.9 — Gain on change in fair value of investment — — 5.4 — Other income (expense), net 0.6 1.4 (1.2) 3.2 Total other income (expense), net 0.6 1.6 3.4 2.4 Income (loss) before income taxes 6.3 (2.7) (4.6) (27.6) Provision for (benefit from) income taxes (2.2) 0.4 (0.1) 0.6 Net income (loss) $ 8.5 $ (3.1) $ (4.6) $ (28.2) Net income (loss) per share, basic $ 0.11 $ (0.05) $ (0.06) $ (0.42) Net income (loss) per share, diluted $ 0.10 $ (0.05) $ (0.06) $ (0.42) Weighted-average shares used in computing net income (loss) per share, basic 74,920,574 66,748,542 72,125,571 66,748,542 Weighted-average shares used in computing net income (loss) per share, diluted 83,212,947 66,748,542 72,125,571 66,748,542
Investor Presentation | February 2025 APPENDIX 2 Balance Sheet Cash Flow 51 Note: Numbers may not add or recalculate due to rounding. $M December 31, December 31, 2024 2023 Current Assets: Cash and cash equivalents $ 159.2 $ 69.0 Accounts receivable, net 58.0 42.2 Inventory 8.1 4.1 Costs capitalized to obtain contracts, net 1.1 1.0 Prepaid expenses and other current assets 14.6 15.2 Total current assets 241.0 131.4 Restricted cash, noncurrent 1.2 1.7 Property and equipment, net 1.8 0.7 Costs capitalized to obtain contracts, noncurrent 1.0 0.8 Prepaid expenses and other assets, noncurrent 21.6 6.8 Operating lease right-of-use asset 0.7 1.0 Intangible assets, net 40.6 45.4 Goodwill 133.7 133.7 Total Assets $ 441.6 $ 321.7 Liabilities and Stockholders’ Equity Current Liabilities: Accounts payable $ 5.5 $ 5.9 Accrued expenses and other current liabilities 32.0 27.5 Convertible notes, current — 3.4 Deferred revenue, current 39.9 33.9 Total current liabilities 77.3 70.8 Convertible notes, noncurrent — 1.1 Derivative liability, noncurrent — 0.2 Deferred revenue, noncurrent 5.3 1.8 Other liabilities, noncurrent 0.4 0.7 Total Liabilities $ 83.0 $ 74.7 Commitments and Contingencies Stockholders’ Equity Common Stock 0.1 0.1 Additional paid-in capital 648.1 532.1 Accumulated deficit (289.7) (285.1) Total stockholders’ equity 358.5 247.1 Total Liabilities and Stockholders’ Equity $ 441.6 $ 321.7 2024 2023 Cash Flows from Operating Activities: Net loss $ (4.6) $ (28.2) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 9.8 9.1 Amortization of costs capitalized to obtain contracts 1.3 2.1 Amortization of operating lease right-of-use asset 0.3 0.8 Stock-based compensation expense, net of amounts capitalized 42.3 38.5 Compensation expense in connection with revesting notes — 0.1 Non-cash interest expense, net 0.1 0.5 Convertible notes fair value adjustment 0.6 0.7 Derivative liability fair value adjustment 1.7 0.1 Loss on settlement of convertible notes 0.4 — Gain on settlement of derivative liability (1.9) — Gain on change in fair value of investment (5.4) — Non-cash revenue from investment (1.0) (1.6) Provision for credit losses 0.3 — Inventory write-off — 0.9 Adjustment in connection with membership benefit — (2.2) Changes in operating assets and liabilities, net of acquisitions: Accounts receivable, net (16.1) (9.1) Prepaid expenses and other assets 0.1 (6.7) Inventory (4.0) 5.8 Costs capitalized to obtain contracts, net (1.6) (1.9) Accounts payable (0.4) (7.9) Accrued expenses and other current liabilities 4.5 2.2 Deferred revenue 6.6 4.6 Other liabilities, noncurrent (0.4) (0.5) Net cash provided by (used in) operating activities 32.6 7.5 Cash Flows from Investing Activities: Internal use software (3.9) (1.7) Purchase of property and equipment (1.2) (0.5) Related Party SAFE (5.0) — Net cash used in investing activities (10.1) (2.2) Cash Flows from Financing Activities: Indemnity escrow payment in connection with an acquisition — (13.1) Proceeds from the exercise of stock options and warrants, and restricted stock settlements 14.6 5.8 Taxes paid related to net settlement of equity awards (34.0) (14.0) Proceeds from issuance of common stock in U.S. initial public offering, net of underwriting discounts and commissions 93.0 — Payments of U.S. initial public offering issuance costs (6.3) — Proceeds from repayment of notes due from affiliates — 0.3 Repayment of convertible notes — (3.9) Net cash provided by (used in) financing activities 67.3 (25.0) Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash 89.7 (19.7) Cash, Cash Equivalents and Restricted Cash at the Beginning of the Period 70.7 90.4 Cash, Cash Equivalents, and Restricted Cash at the End of the Period 160.5 70.7 Year Ended December 31,
Investor Presentation | February 2025 Operating expenses APPENDIX 3 GAAP to Non-GAAP reconciliations 52 Note: Numbers may not add or recalculate due to rounding. Cost of revenue Three Months Ended December 31, Year Ended December 31, $M 2024 2023 2024 2023 Cost of subscription revenue, GAAP 10.6 8.3 41.0 31.0 Less: Depreciation and amortization (0.7) (0.3) (1.7) (1.2) Less: Stock-based compensation (0.2) (0.2) (0.7) (0.7) Less: Severance and other — — — (0.1) Less: Adjustment in connection with membership benefit — — — 1.8 Total cost of subscription revenue, Non-GAAP 9.8 7.7 38.5 30.8 Cost of hardware revenue, GAAP 18.1 17.7 47.2 47.4 Less: Depreciation and amortization (1.0) (0.9) (3.7) (3.6) Less: Stock-based compensation (0.2) (0.4) (0.8) (1.1) Less: Severance and other — — — (0.2) Less: Adjustment in connection with membership benefit — — — 0.4 Total cost of hardware revenue, Non-GAAP 16.9 16.3 42.7 42.9 Cost of other revenue, GAAP 1.3 0.9 4.1 3.5 Total cost of other revenue, Non-GAAP 1.3 0.9 4.1 3.5 Cost of revenue, GAAP 30.0 26.8 92.3 81.9 Less: Depreciation and amortization (1.6) (1.2) (5.5) (4.8) Less: Stock-based compensation (0.4) (0.6) (1.5) (1.8) Less: Severance and other — — — (0.3) Less: Adjustment in connection with membership benefit — — — 2.2 Total cost of revenue, Non-GAAP 28.0 24.9 85.3 77.2 Three Months Ended December 31, Year Ended December 31, $M 2024 2023 2024 2023 Research and development expense, GAAP 29.8 26.0 113.1 101.0 Less: Depreciation and amortization — — (0.1) (0.1) Less: Stock-based compensation (7.0) (6.5) (25.5) (22.0) Less: Severance and other — 0.1 — (2.7) Total Research and development, Non-GAAP 22.7 19.6 87.5 76.1 Sales and marketing expense, GAAP 33.5 25.7 113.4 99.1 Less: Depreciation and amortization (1.1) (1.1) (4.2) (4.2) Less: Stock-based compensation (1.1) (0.8) (3.3) (3.1) Less: Severance and other — — — (0.9) Total Sales and marketing expense, Non-GAAP 31.4 23.7 105.8 90.9 General and administrative expense, GAAP 16.5 12.8 60.7 52.6 Less: Stock-based compensation (3.3) (2.9) (11.9) (11.6) Less: Severance and other — (0.1) (0.2) (1.2) Total General and administrative expense, Non-GAAP 13.2 9.8 48.6 39.7 Total Operating expenses, GAAP 79.8 64.5 287.1 252.6 Less: Depreciation and amortization (1.1) (1.1) (4.3) (4.3) Less: Stock-based compensation (11.4) (10.2) (40.7) (36.7) Less: Severance and other — (0.1) (0.2) (4.8) Total Operating expenses, Non-GAAP 67.3 53.1 241.9 206.8
Investor Presentation | February 2025 We collect and analyze operating and financial data to evaluate the health of our business, allocate our resources and assess our performance. EBITDA and Adjusted EBITDA In addition to total revenue, net income (loss) and other results under GAAP, we utilize non-GAAP calculations of earnings before interest, taxes, depreciation and amortization (“EBITDA”) and adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”). EBITDA is defined as net income (loss), excluding (i) convertible notes, derivative liability, and investment fair value adjustments, (ii) gain and loss on settlement of convertible notes and derivative liability, (iii) provision for (benefit from) income taxes, (iv) depreciation and amortization and (v) other income, net. Adjusted EBITDA is defined as net income (loss), excluding (i) convertible notes, derivative liability, and investment fair value adjustments, (ii) gain and loss on settlement of convertible notes and derivative liability, (iii) provision for (benefit from) income taxes, (iv) depreciation and amortization, (v) other income, net, (vi) stock-based compensation, (vii) IPO-related transaction costs, including secondary offering costs (viii) workplace restructuring costs, (ix) the write-off of obsolete inventory, (x) the adjustment in connection with membership benefit, and (xi) warehouse relocation costs. These items are excluded from EBITDA and Adjusted EBITDA because they are non- cash in nature, because the amount and timing of these items are unpredictable, or because they are not driven by core results of operations and render comparisons with prior periods and competitors less meaningful. We believe EBITDA and Adjusted EBITDA provide useful information to investors and others in understanding and evaluating our results of operations, as well as providing useful measures for period- to-period comparisons of our business performance. Moreover, we have included EBITDA and Adjusted EBITDA in this presentation because they are key measurements used by our management team internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting. However, these non-GAAP financial measures are presented for supplemental informational purposes only, should not be considered a substitute for or superior to financial information presented in accordance with GAAP, and may be different from similarly titled non- GAAP financial measures used by other companies. As such, you should consider these non-GAAP financial measures in addition to other financial performance measures presented in accordance with GAAP, including various cash flow metrics, net income (loss) and our other GAAP results. The table presents a reconciliation of net income (loss), the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA. 1 To reflect the change in fair value of the September 2021 Convertible Notes and derivative liability associated with the July 2021 Convertible Notes. 2 To reflect the change in fair value of an investment in non-marketable equity securities carried at cost less impairments, if any, plus or minus changes in observable prices. 3 Includes depreciation on fixed assets and amortization of intangible assets. 4 Relates to non-recurring personnel and severance related expenses. 5 Relates to the write-off of raw materials that have no alternative use to the Company following the decision to halt development. 6 Relates to an adjustment recorded to reduce product costs recorded to cost of revenue in connection with the discontinuation of certain battery related membership benefits. 7Relates to non-recurring warehouse relocation costs in relation to the Company's transition to a new logistics partner. 53 APPENDIX 3 Non-GAAP Financial Measures Note: Numbers may not add or recalculate due to rounding. $M 2024 2023 2024 2023 Net income (loss) 8.5 (3.1) (4.6) (28.2) Add (deduct): — — — — Convertible notes fair value adjustment(1) — (0.1) 0.6 0.7 Derivative liability fair value adjustment(1) — (0.1) 1.7 0.1 Loss on settlement of convertible notes — — 0.4 — Gain on settlement of derivative liability — — (1.9) — Gain on change in fair value of investment(2) — — (5.4) — Provision for (benefit from) income taxes (2.2) 0.4 (0.1) 0.6 Depreciation and amortization(3) 2.7 2.3 9.8 9.1 Other income, net (0.6) (1.4) (4.4) (3.2) EBITDA 8.4 (2.0) (3.8) (20.8) Stock-based compensation 11.8 10.8 42.3 38.5 IPO-related transaction costs, including secondary offering costs 1.0 — 6.8 — Workplace restructuring costs(4) — 0.1 0.2 4.0 Write-off of obsolete inventory(5) — — — 0.9 Adjustment in connection with membership benefit(6) — — — (2.2) Warehouse relocation costs(7) — — — 0.1 Adjusted EBITDA 21.2 8.9 45.5 20.6 Three Months Ended December 31, Year Ended December 31,
Investor Presentation | February 2025 54 Monthly Price $24.99 $14.99 $10.00 $14.99 $79.99 $4.99 Free Free Membership Family circle Individual Individual Individual Family circle Individual Individual Individual Features Available on iOS & Android Roadside Assistance SOS Alert Driver Reports Stolen Phone Reimbursement Credit Monitoring ID Theft Protection Crash Detection Disaster Assistance Travel Assistance Location Sharing Stolen Funds Reimbursement Item Tracking In-App Messaging Note: Pricing and feature information sourced from publicly available data. APPENDIX 4 Competitive Landscape
Investor Presentation | February 2025 1Membership bundles shown represent dual tier offering outside of the U.S., United Kingdom, Australia, New Zealand, and Canada. Pricing varies based on local currency in line with USD equivalents and is subject to change. ✓ SOS ✓ Place Alert (2 places) ✓ Location History (2 days) ✓ Crash Detection ✓ Family Driving Summary ✓ Battery Monitoring + Place Alert (5 places) + Location History (7 days) + Stolen Phone Protection ($100) + Ad-Free Experience + Place Alert (99 places) + Location History (30 days) + Individual Driver Reports + Priority Customer Support Current Dual Tier Membership Bundles (Rest of World)1 FREE MEMBERSHIP $0.00/mo SILVER MEMBERSHIP $4.99/mo GOLD MEMBERSHIP $7.99/mo + We will activate triple tier on a market-by-market basis when we can offer the right mix of relevant premium services FUTURE MEMBERSHIP SKUs 55 • Launch of two premium tiers to replace previous single premium tier • Silver tier mirrors the Triple Tier offering in the UK and ANZ • Gold tier offers premium digital services in line with Triple Tier Gold • No change to free offering Investor Presentation | APPENDIX 5 Launch of Dual Tier Pricing to maximize value of large global footprint
Investor Presentation | February 2025 Thank You