Life360 – Tracking well

August 15, 2024

Life360 (360) offers a technology platform to locate the people, pets and things that matter most to families. The company’s core offering – its Family Tracking App – includes features ranging from communications, crash and roadside assistance and identify theft protection to location sharing. The company had around 71 million monthly active users across more than 170 countries as of June 2024.

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The company delivered another extremely strong result in the June quarter of 2024, beating Ord Minnett expectations for adjusted operating earnings and operating cash flow by 50% and 100%, respectively. Guidance for calendar 2024 was materially upgraded at both the revenue and adjusted operating earnings lines, while profitability at the statutory operating earnings level has been brought forward to the December quarter of 2024 from the first half of 2025.

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Encouragingly, 360’s platform continues to strengthen – with a new record for additions to its ‘Paying Circles’ product in the June quarter, while improved unit economics and incremental operating earnings margins of 40% were also demonstrated. Following the result, we raised our price target to $19.28 from $16.42 and reiterated our Buy recommendation.

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