Good morning to our Australian shareholders, and good afternoon to everyone joining from the United States and elsewhere around the world. Welcome to the 2026 annual meeting of the stockholders of Life360, Inc. My name is Chris Hulls. I am the Co-founder and Executive Chairman of the Board, and I will be presiding over today's meeting. We are conducting this meeting as a virtual meeting via the Broadridge platform. We appreciate your continued support of Life360. Before we proceed, I'd like to introduce our other executives and board members who are with us today. Joining me is Lauren Antonoff, our Chief Executive Officer and Member of the Board of Directors. Lauren will be sharing a business update later in our meeting. Russell Burke, our Chief Financial Officer, is also with us. Matthew Cullen, our General Counsel and Corporate Secretary, is here to assist with the formal proceedings.
Joining from our board of directors is Mark Goines, Alex Haro, Brit Morin, C.J. Prober, James Synge, David Wiadrowski, Randi Zuckerberg, and John Coghlan. Before we move into the meeting formalities, I want to take a moment to reflect on something that's deeply personal to me. I co-founded Life360 nearly two decades ago from a simple belief that technology could help families stay close to the ones they love. For most of those years, I had the privilege of serving as your CEO, and I'm so grateful for the trust you, as a shareholder, have placed in me through every chapter of this company's journey. The early days, the hard days, and the extraordinary days that followed. Last August, I made what I believe is one of the best decisions I've ever made for this company, handing the CEO role to Lauren Antonoff.
I've never been more confident in a person or in a moment. Lauren brings a depth of operational excellence, a genuine love for our members, and ambition for what Life360 can become that inspires everyone around her, including me. My job now as Executive Chairman is to support her, to keep us focused on the long term, and to make sure this company continues to earn your trust for decades to come. I'm spending my time on what I believe is the most important bet we can make for Life360's next decade, which is building an Agentic AI layer on top of our Family Graph that no one else can. We have the data, the trust, and the relationships to make AI genuinely useful for families from a foundation 18 years in the making. Now handing off to Matt, who will lead us through the meeting formalities.
Thanks, Chris. The notice of the annual meeting of stockholders was distributed to stockholders on or about April 16th, 2026. The record date for this meeting was April 9th, 2026, at 2:00 A.M. Pacific. As of the record date, there were 80,689,686 shares of common stock outstanding, representing an equivalent number of total votes. A quorum is required to conduct the business of this meeting today. A quorum requires the holders of at least one-third of the outstanding shares to be present in person or represented by proxy. I'm pleased to confirm that a quorum is present. This is a validly organized meeting. Stockholders of record who joined via the virtual meeting platform and entered their 16-digit control number are able to vote today during the webcast.
CDI holders who did not submit voting instructions in advance via the Computershare AUS platform are able to attend today and submit questions, but are not able to vote directly online. Carideo Group has been certified as our inspector today and will assist with the tabulation of the proxies and ballots. A representative from Deloitte & Touche LLP, that's our independent auditor, is present today and will be available to answer appropriate questions during the Q&A session of this meeting. We designed the format of this year's annual meeting to ensure that our stockholders who attend will be afforded similar rights and opportunities to participate as they would have at an in-person meeting. Shareholders are, of course, free to vote at any time until I close voting.
We also established clear processes around submitting and responding to stockholder questions, and members of our executive management and board will be available for questions today. Finally, we're conducting this meeting in accordance with our bylaws and the meeting rules of procedure. Those rules and our agenda are available on the meeting website. Now, before we move to formal proposals, I'm pleased to turn the floor over to our CEO, Lauren Antonoff, to share an update on Life360's business performance and our strategic progress.
Thank you, Matt, and to everyone joining us today, whether you're dialing in from the U.S. or waking up early for us in Australia. We're grateful for your support of Life360 and our 100 million members around the world who rely on us to make their everyday family life better. 2025 was a landmark year for Life360. We delivered record revenue of nearly $490 million, up 32% year-over-year. We reached 95.8 million monthly active users and 2.8 million Paying Circles, both all-time high. Most importantly, we delivered our first fully profitable year in company history. Adjusted EBITDA exceeded $93 million, more than doubling from prior year, with margin expanding from 12%-19%. We generated almost $89 million in positive operating cash flow, up 172% year-over-year. We've carried that momentum into 2026. On May 11th, we reported record Q1 results.
Total revenue grew 38% year-over-year. Paying Circles hit 3 million, with record growth of over 200,000 net additions in the quarter. Monthly active users reached almost 98 million, up 17% year-over-year. Annualized monthly revenue grew 32% and exceeded $500 million. I'm particularly proud of how far we've come with Life360 Ads, driven by the acceleration following the Nativo acquisition in January. This is the first quarter we reported advertising revenue as a separate line, reflecting the significant scale we achieved with Q1 revenue nearing $20 million. Over the long term, we continue to believe that advertising revenue can rival the scale of subscription revenue. That performance reflects a clear strategic direction. Our stated objectives are to exceed 150 million MAU, $1 billion in revenue, and 35% Adjusted EBITDA margin, and to become the number one brand that makes everyday family life better.
With 16% penetration in the U.S. and 1% penetration internationally, the vast majority of our growth remains ahead of us. AI will play a central role in shaping how we get there. AI has been broadly adopted across the organization, and we're building faster and more efficiently than ever. Most importantly, AI is enabling us to shift from a platform that informs families to one that anticipates their needs and connects them in increasingly meaningful ways. Based on our confidence in our trajectory, we raised our full year 2026 guidance to consolidated revenue of $650 million-$685 million, representing 33%-40% year-over-year growth, and Adjusted EBITDA of $130 million-$140 million, representing approximately 20% margin. We also recently announced a multi-year share repurchase program of up to $225 million, intended to offset dilution from share-based compensation.
Our cash flow generation allows us to invest in growth while maintaining shareholder value. For all of this, I'm deeply grateful to our employees, members, partners, and to you, our stockholders, for your trust and support. Life360 has never been better positioned for what lies ahead. Now, let's turn to the foremost business of the meeting.
All right. Thank you, Lauren. The first proposal before the stockholders today is the election of four Class I directors, each to serve for a three-year term expiring in 2029. The board of directors currently has 10 members. The four nominees up for election today are as follows. First, we have Lauren Antonoff, our CEO, who has served as a Director since August of 2025. Lauren brings exceptional executive leadership experience, consumer tech expertise, and a proven track record of product innovation. Secondly, we have Mark Goines, who has served on the board since 2019 and as our Lead Independent Director since August of 2025. Mark brings deep experience from serving on the boards of multiple growth-focused tech companies. Third, we have Alex Haro, Co-founder of Life360, who has served on the board since 2008 and brings unmatched institutional knowledge as a former President and Chief Technology Officer.
Fourth, we have Randi Zuckerberg, who has served on the board since 2021 and brings an extensive background investing in and advising tech and public companies, as well as unique expertise in digital literacy and family-focused technology. Directors are elected by a plurality of the votes cast. Accordingly, the four nominees receiving the highest number of affirmative votes will be elected. Each of these nominees is currently serving as a director and has agreed to serve if reelected. The board of directors recommends a vote for each nominee. The second proposal is an advisory and non-binding vote to approve the compensation of the company's named executive officers, all as disclosed in our proxy statement. This is commonly referred to as a say on pay vote.
The compensation of our named executive officers is designed to attract and to retain talented executives, to align pay with performance, and to align their interests with those of our stockholders. Importantly, on average, over 91% of continuing named executive officer target direct compensation is at risk, tied to company performance or our stock price. Approval requires the affirmative vote of a majority of the votes cast. Because this is advisory, it is not binding on the board, but the board and the compensation committee will take the results into consideration in future compensation decisions. The board of directors recommends a vote for this proposal as well. The third and final proposal is the ratification of the appointment of Deloitte & Touche, LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2026.
Deloitte has served as our independent auditor, and our audit committee has been satisfied with their independence, qualifications, and performance. A representative of Deloitte is available to respond to appropriate questions. Approval requires the affirmative vote of a majority of the votes cast. As this is a routine matter, brokers may vote shares held in street name without specific instructions from the beneficial owner. The board of directors recommends a vote for this proposal. At this time, we are going to open the floor for questions from stockholders that are submitted in accordance with meeting rules and related criteria. Questions may be submitted via the Q&A function on the virtual meeting platform, and we will do our best to address as many as time allows. Questions pertinent to annual meeting business will be prioritized. Questions may also be grouped.
Joining me to answer the questions today are Lauren Antonoff, our CEO, and Russell Burke, our CFO. We'll pause to see if there are any questions. With no questions at this time, the Q&A portion of the meeting has been concluded. If you have not already voted and you wish to do so, please do so now. All votes cast via proxy prior to the meeting will, of course, be counted. If you have any difficulty voting online, please contact the technical support line shown on the meeting platform. I'll pause now for a moment to capture all final votes before announcing preliminary results. All right. The polls are now officially closed, and I am pleased to announce the preliminary results as follows. Each director has been reelected, and the remaining proposals have all passed.
Final certified results will be filed with the SEC on Form 8-K and lodged with the ASX within four business days following this meeting. We'll also post results to our investor relations website. Over to Chris for closing remarks.
Before I close, I want to take a moment to thank our stockholders for your continued trust in Life360. I'm proud of what this team has built, and I'm excited about everything ahead. We are grateful for your investment and support. Thank you for joining us today. With no further business before the meeting, I hereby declare the 2026 annual meeting of stockholders at Life360, Inc formally adjourned. Thank you all, and have a great day.
The meeting is now concluded. You may now disconnect.