Good morning, ladies and gentlemen, and welcome to Life360's annual meeting of stockholders. I would like to introduce you to John Philip Coghlan, Chairman of the Board of Life360. Mr. Chairman, you may begin.
Good afternoon to our U.S. investors, and good morning to our Australian investors. Welcome to the 2025 annual meeting of the stockholders of Life360 Inc. My name is John Philip Coghlan, and I'm the Chairman of the Board of Life360. On behalf of the Board, it is my pleasure to address shareholders at Life360's first annual meeting since listing on the NASDAQ in 2024. At this time, I'd like to introduce the other Board members who are participating in today's meeting: Mark Goines, Alex Haro, Chris Hulls, Brit Morin, CJ Prober, James Synge, David Wiadrowski, and Randi Zuckerberg. CFO Russell Burke is also participating in today's meeting and will act as Secretary. A representative from Deloitte & Touche LLP, our independent auditor, is also present today and will be available to answer appropriate questions during the question-and-answer session of the meeting.
Caridio Group has been certified as our Inspector of Election and will assist with the tabulation of the proxies and ballots. We designed the format of this year's annual meeting to ensure that our stockholders who attend the annual meeting will be afforded similar rights and opportunities to participate as they would at an in-person meeting. We have established clear processes around submitting and responding to stockholder questions, and members of executive management and the Board will be available for questions today. We are conducting this meeting in accordance with our bylaws and the meeting rules of procedures. The meeting rules and agenda are available on the meeting website. The record date for determination of stockholders entitled to vote at the meeting was April 4, 2025, 2:00 A.M. Pacific time, which is 8:00 P.M. Australian Eastern time.
The Board of Directors has appointed Russell Burke as proxy to represent and vote shares of common stock at this meeting in accordance with the proxies they have received. Russell, would you please report on the percentage of shares of stock represented at this meeting?
Mr. Chairman, the Inspector of Election reports that more than 74% of the company's outstanding shares of common stock entitled to vote are represented by proxy at this meeting.
Thank you. A quorum is therefore present. I will now call the 2025 annual meeting to order. The polls are now open for the proposals to be voted on at this meeting. As a reminder, stockholders attending the virtual meeting can vote their shares online from now through the closing of the polls by logging into the meeting website as a stockholder, entering their 16-digit control numbers, and clicking the "Vote Here" button on their screen. Please select your choice for each proposal and click "Submit." If you have previously voted by proxy and do not wish to change your vote, your vote will be cast as you previously instructed, and no further action is required. Stockholders who have logged into the meeting website using their 16-digit control numbers will be able to submit questions through the end of the Q&A session.
To submit a question, please first select a question topic. Then, type your question into the text box and click "Submit." Finally, please note that the meeting is being recorded and will be available for replay on the meeting website for one year. The agenda for the meeting today will be as follows. First, I will give a short address on Life360's performance for the 2024 fiscal year and an overview of the company's strategy. This will be followed by a presentation from our CEO, Chris Hulls. I will then continue to the formal business of the meeting, during which we will respond to questions that have been submitted in relation to the various resolutions. Today's discussion may contain forward-looking statements, and actual results may differ materially from those expectations discussed here.
Additional information concerning factors that could cause such a difference can be found in our recent reports on Forms 10-K and 10-Q, our future filings with the SEC, and the cautionary statements regarding forward-looking statements in our recent earnings press release. Today's discussion may also contain certain Non-GAAP financial measures. You are encouraged to review the reconciliation of any such Non-GAAP financial measures with their most direct comparable GAAP financial results, which can be found on the Investor Relations page of our website. At Life360, our mission is to keep people close to the ones they love. In 2024, we made substantial progress toward accomplishing that mission: enhancing the everyday experience for millions of families. Whether someone is driving, walking, cycling, or tracking a pet or valuable, we are providing real-time peace of mind through our expanding ecosystem.
As of March 2025, Life360 serves over 83 million monthly active users around the world, a powerful reflection of the trust families place in our platform. The past year was not only a period of significant growth in scale but also a turning point in our financial trajectory. We successfully completed our U.S. initial public offering and made substantial progress toward long-term profitability, marked by a sharp reduction in net loss and the achievement of both positive operating cash flow and Adjusted EBITDA. In 2024, we met or exceeded every guidance metric we set for ourselves. Revenue grew 22% to $371.5 million, led by 26% growth in our core subscription business. At the same time, we demonstrated disciplined execution. GAAP operating expenses rose just 14%.
This balance of growth and cost control resulted in close to $24 million year-over-year improvements in net loss, with EBITDA and Adjusted EBITDA increasing by over $17 million and close to $25 million, respectively. Adjusted EBITDA reached $45.5 million, and we achieved our second consecutive year of positive operating cash flow, totaling $32.6 million, up $25 million year-over-year. Our financial strength was further bolstered by the successful completion of our U.S. public offering, ending the year with $160.5 million in cash and equivalents. This positions us to continue investing in long-term strategic growth. In 2024, we remain focused and disciplined in executing against our strategic priorities, delivering meaningful progress across every pillar of our growth strategy. We saw significant success in expanding our audience, with monthly active users increasing by 30% year-over-year to 79.6 million.
Much of this momentum came from international markets, where we achieved 46% growth, driven by organic word-of-mouth and rising global awareness of the Life360 brand. Our paid membership base also grew meaningfully. Paying Circles rose 25% to $2.3 million, with a record $457,000 net additions in the year. Importantly, this growth came even as we implemented global price adjustments, underscoring the strength of user engagement and loyalty within our ecosystem. We also took a major step forward in diversifying our revenue streams. In 2024, we launched our advertising platform, unlocking a new monetization opportunity by leveraging our proprietary data and user insights. Early performance has been promising, and we expect advertising to become a significant contributor to revenue in 2025 and beyond. Finally, we maintained strong financial discipline. By balancing investment with efficient execution, we delivered positive Adjusted EBITDA while continuing to lay the groundwork for long-term margin expansion.
Chris will shortly share more about how we're building on this momentum in 2025 with initiatives designed to propel our next chapter of growth and innovation. Life360's real-world impact is measured in lives touched, not just numbers. In 2024, our crash detection technology dispatched over 46,800 ambulances and helped protect over 379 billion miles of family travel. Every day, we receive heartfelt testimonials from members whose lives have been safer and more connected, thanks to our services. As we look ahead, I want to express my gratitude to my fellow Board members for their strategic guidance and dedication. Their oversight ensures we continue to build Life360 into a globally trusted brand. To our stockholders, thank you for your continued support. To our esteemed colleagues around the world, it is your innovation, passion, and relentless focus on our mission that are what power this company.
On behalf of the Board, I especially thank Chris Hulls and his leadership team for their bold vision and disciplined execution. Their drive to build a fully integrated, differentiated platform for family safety and location intelligence is the engine behind our growth. I'll now turn it over to Chris to walk through our performance and priorities for the year ahead.
Thanks, John, and thank you all for joining us. It's a privilege to speak with you today and share how Life360 continues to evolve into the leading brand for families across all stages of life. In 2024, we deepened our commitment to our mission to keep people close to the ones they love while delivering record performance across our key metrics. We are already a trusted companion for millions of families seeking safety, connection, and peace of mind. Now, we're building on that foundation to become the number one brand that makes everyday life better for families, not just in the U.S. but around the world. 2024 was a breakout year for our user growth. Monthly active users grew 30% year-over-year, reaching $79.6 million by December. That momentum has continued into 2025, with Q1 showing 26% year-over-year MAU growth and our strongest-ever net additions for the first quarter.
Our international markets, particularly our triple-tier markets of Canada, the U.K., and ANZ, were standout performers last year and have continued their strong trajectory in Q1. These results confirm that the demand for our offering is both global and growing. We also saw robust growth in our Paying Circles. In 2024, they increased 25% year-over-year to $2.3 million, including 33% growth in international Paying Circles, despite the impact of legacy price increases. In Q1 2025, that momentum has accelerated. Global Paying Circles grew 26% year-over-year, with another record for net additions in the first quarter. This level of performance reflects the growing value that families place in our premium services, both in the U.S. and internationally. The quality of our revenue is improving as well. Global average revenue per paying circle increased 6% in 2024, with particularly strong growth internationally, up 42% year-over-year, driven by pricing optimization. U.S.
ARPPC also grew 3%. This monetization strength, paired with membership growth, led to a 36% year-over-year increase in core Life360 subscription revenue. It's a clear signal that our investments in product experience, pricing, and platform integration are delivering results. Our recurring revenue base continues to expand meaningfully. Since our IPO in Australia in 2019 to the end of 2024, we've grown annualized monthly revenue eightfold to $368 million. In March 2025, we saw a 38% year-over-year increase, proof of the long-term compounding power of our model. As we look forward, we remain focused on our long-term aspirations: to serve over 150 million monthly active users, surpass $1 billion in annual revenue, and achieve an Adjusted EBITDA margin above 35%. We believe we are uniquely positioned to achieve these goals by continuing to grow relevance across family life stages, from parents to pet owners to caregivers of aging loved ones.
By doing so, we can unlock new levels of scale, monetization, and impact, and become the number one brand for everyday family life. Our path forward is grounded in four strategic initiatives. First, growing our audience. With more than 83 million monthly active users as of March, we're focused on building even deeper engagement. Organic growth continues to be fueled by word-of-mouth, and we're investing in features that make it easier for families to connect and share our app. International expansion remains a major lever, especially in our triple-tier markets, where we're launching full-funnel marketing campaigns, expanding emergency dispatch, and tailoring premium offerings for local needs. Second, scaling paid offerings. The integration of Tile into the Life360 platform is a major milestone. In Q4, we saw a sharp uptick in premium members connecting Tile devices.
In 2025, all new Tile devices will activate through the Life360 app, simplifying the experience and reinforcing the value of our ecosystem. We're also expanding our hardware lineup with a new pet tracking device later this year, followed by an aging parent solution, broadening our appeal across life stages. Third, creating new revenue streams. In 2024, we launched our advertising platform, opening up a significant new revenue stream. We're already seeing strong momentum, with early brand partnerships like Uber enhancing the user experience and offering personalized value. Our acquisition of Fantix, an AI-powered ad tech platform, will further improve targeting and monetization while respecting user privacy. We're also scaling our data business through our partnership with Placer.ai and laying the groundwork for future innovations via our investment in Hubble. Fourth, expanding profitability. We've taken big steps forward in our path to sustainable profitability.
In 2024, we delivered $45.5 million in Adjusted EBITDA, supported by disciplined cost management and strong operating leverage. In 2025, we're investing in high ROI growth initiatives, particularly marketing and our new Tile for Pets, while maintaining our clear line of sight to our long-term margin targets. Finally, turning to our 2025 guidance. Despite ongoing economic pressures and tariff impacts, our core subscription business remains strong and resilient. We've adjusted quickly, shifting our Tile for Pets launch to international markets where demand remains healthy. While overall device demand has softened, we're on track for a Q4 launch and continue to view hardware as a key long-term driver of engagement and subscription growth. We're executing with focus, scaling internationally, expanding our device ecosystem, and growing our advertising platform while remaining disciplined on cost.
With regard to the outlook, we have maintained the guidance we provided to the market in our Q1 2025 results announcement. We're confident in our strategy and excited about the road ahead. With that, I'll hand it back to John to lead the formal portion of today's meeting.
Thank you, Chris. There are several formal business matters we'll address at this meeting. First is to elect three Class 3 members to the Life360 Board of Directors for a three-year term. We will also consider the approval of named executive officer compensation on an advisory basis and the ratification of the appointment of Deloitte & Touche LLP as our independent registered public accounting firm for 2025. We have not received notice of and are not aware of any business to come before the meeting other than these items. Before moving on to the various resolutions to be considered today, I will now briefly outline the meeting and voting procedures. As set out in the notice of meeting, voting on each of the resolutions will be conducted by a poll.
The results of the poll will be filed with the SEC and lodged with the ASX and will be available on the company's website as soon as possible after the meeting. The Board of Directors has appointed Russell Burke as proxy to represent and vote shares of common stock. As shareholders, if you have not already done so, you can cast your vote using the electronic voting card that you received when you registered via the online virtual platform. You are able to vote between the commencement of the meeting and the closure of voting as announced during the meeting. If you are a CDI holder attending the online meeting, you will not be able to vote using the online voting system and must have submitted your CDI voting form ahead of the meeting in accordance with the procedures in the notice of meeting.
I will now move on to the business of the meeting. The proxy materials accompanying the notice of meeting included detailed information, explanations, and rationale around each of the items of business. For this reason, when I introduce each resolution, I do not propose to summarize any of the information, explanations, or rationale for the resolutions which were included in the proxy materials. That brings me to the resolutions. The first resolution of the meeting is the re-election of Chris Hulls as a Class 3 director of the company for a term of three years. Information relevant to Chris's proposed re-election is set out in the information that accompanied the proxy materials. The resolution is set out on the slide. I will now address any questions regarding Chris's re-election as a Class 3 director. RJ, do we have any questions?
There are no questions, Mr. Chairman.
Thank you. I put to the meeting Proposal 1A. On your electronic voting card, through the voting icon, please now select For or Withhold next to Proposal 1A. The next resolution of the meeting is the re-election of Charles Prober as a Class 3 director of the company for a term of three years. Information relevant to Charles's proposed re-election is set out in the information that accompanied the proxy materials. The resolution is set out on the slide. I will now address any questions regarding Charles's re-election as a Class 3 director. RJ, do we have any questions?
There are no questions, Mr. Chairman.
Thank you. I put to the meeting Proposal 1B. On your electronic voting card, through the voting icon, please now select For or Withhold next to Proposal 1B. As the next resolution relates to my re-election, I propose to hand the chair to David Wiadrowski for this item.
Thank you, John. The next resolution of the meeting is the re-election of John Philip Coghlan as a Class 3 director of the company for a term of three years. Information relevant to John's proposed re-election is set out in the information that accompanied the proxy materials. The resolution is set out on the slide. I will now address any questions regarding John's re-election as a Class 3 director. RJ, do we have any questions?
There are no questions.
Thank you. I put to the meeting Proposal 1C. On your electronic voting card, through the voting icon, please now select For or Withhold next to Proposal 1C. I will now pass the chair back to John.
Thank you, David. Proposal 2 relates to a non-binding advisory vote on executive compensation for the company's named executive officers. This vote is not intended to address any specific item of compensation, but rather the overall compensation of the company's named executive officers and the philosophy, policies, and practices described in the proxy statement. The resolution is set out on the slide. I will now address any questions regarding the advisory vote on executive compensation. RJ, do we have any questions?
There are no questions, Mr. Chairman.
Thank you. I put to the meeting Proposal 2. On your electronic voting card, through the voting icon, please now select For, Against, or Abstain next to Proposal 2. Proposal 3 relates to the ratification of the selection of Deloitte & Touche LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2025. The resolution is set out on the slide. I will now address any questions regarding the ratification of the selection of Deloitte & Touche. RJ, do we have any questions?
There are no questions, Mr. Chairman.
Thank you. I put to the meeting Proposal 3. On your electronic voting card, through the voting icon, please now select For, Against, or Abstain next to Proposal 3. Ladies and gentlemen, that concludes our discussion on the items of business. I will shortly close the voting system. Please ensure that you have cast your vote on all resolutions. I will now pause to allow you time to finalize those votes. Voting is now closed. Thank you. The appointed proxy has delivered his ballot, voting shares of stock in accordance with the proxies he has received. The inspector of election has delivered the preliminary results of the shares that have been voted. Russell, would you please announce the preliminary voting results on each of the proposals?
Based on the preliminary review of the votes cast, the inspector of elections has informed me that each of the three Class 3 director nominees have been duly elected, the compensation of our named executive officers has been approved on an advisory basis, and the appointment of Deloitte & Touche LLP as our independent registered public accounting firm for 2025 has been ratified.
Thank you. That completes the formal business of the meeting. We will now answer any questions received on the 2024 annual report and any general questions that we have received. RJ, do we have any questions?
Mr. Chairman, we have received no questions.
Thank you very much. If there are any further queries, I encourage you to send them to our investor relations team, whose contact information is available on the company's website. The certificate of the inspector of election will be filed with the records of this meeting, and the final results of the voting will be recorded in the minutes of the meeting. The final count with respect to the matters voted on today will be reported on a Form 8-K as required by the SEC and the ASX. That concludes the business of the meeting, and I now declare this annual meeting closed. Thank you for your time, your questions, and your continued engagement and support.