Technology
Life360 reports CY 2023 results
Published
2 years agoon
By
SAN FRANCISCO, Feb. 29, 2024 /PRNewswire/ — San Francisco area-based Life360, Inc. (Life360 or the Company) (ASX: 360) today reported audited financial results for the quarter and year ended December 31, 2023. Life360 Co-founder and Chief Executive Officer Chris Hulls said: “We are incredibly proud that more than 61 million monthly active users (MAU) globally enjoy the peace of mind that comes with the location sharing and safety features of Life360. In CY23 we made significant strides in our member experience, showing our users what their family members are up to, whether they’re driving, walking or biking. We put pets and other valuables on the map with Tile, all in the service of our mission to keep people close to the ones they love.
“At the same time we made meaningful progress on our path to profitability as we significantly reduced our net loss, and achieved a major milestone by delivering our first full year of positive Adjusted EBITDA1 and Operating Cash Flow. We are excited to continue building on our leading global position in location sharing, and see exciting opportunities in CY24 and beyond to broaden our reach and deepen engagement with our members. We look forward to bringing the benefits of our subscriptions to more markets globally, and creating new revenue streams that utilize the scale and quality of our member base.
“In 2023, we delivered on our commitment to balance fiscal responsibility and prudent investment to position the business for long-term success. We delivered YoY revenue growth of 33% while GAAP operating expenses increased only 4% YoY. We met or exceeded all of the guidance metrics we provided to the market for CY23.”
Looking forward to CY24, we are excited to announce the creation of a new advertising revenue stream that offers partners unparalleled reach to Life360’s enormous free user base, and more than 20 million daily active users (DAU) connecting with their families and friends. We have consistently spoken of the potential that our investment in the core user experience, and the scaling of our MAU base, would provide for the future. We are encouraged by the success of early testing and see the opportunity to deliver an attractive platform to advertisers, while continuing to provide a great user experience.
CY23 Financial Highlights
Revenue of $305 million, a YoY increase of 33%, in line with guidance of $300 million – $310 million;Core Life360 subscription revenue2 of $200 million, up 52% YoY, ahead of guidance for more than a 50% YoY increase;Net loss of $28.2 million, a $63.5 million improvement from CY22;Positive Adjusted EBITDA of $20.6 million ahead of guidance of $12 million – $16 million, with consistent Positive Adjusted EBITDA delivered in each quarter of CY23;Positive Operating Cash Flow (OCF) of $7.5 million, a $64.6 million improvement versus CY22;Year-end cash, cash equivalents and restricted cash of $70.7 million up from $63.7 million at the end of Q3’23
CY23 Operating Highlights and CY24 Outlook
Significant CY23 operating leverage with revenue growth of $76.2 million on an operating expense increase of $9.6 million, yielding increasing Adjusted EBITDA margins and positive Adjusted EBITDA in each quarter.Global Monthly Active Users (MAU) grew nearly 13 million or 26% to 61.4 million, driven by ongoing investment in our core location sharing experience.International MAU grew 7 million, or 40% YoY to 24.6 million as we increased the speed and responsiveness of the app, and achieved international feature parity with the U.S.Global Paying Circles grew to 1.8 million, up 21% YoY, despite significant price increases implemented in Q3/Q4’22 and Q2’23, underscoring the value our subscribers perceive in the Life360 services. Q4’23 net subscriber additions were 54 thousand.U.S. Average Revenue Per Paying Circle (ARPPC) increased 32% YoY, driven by price increases.International Paying Circles increased 43% YoY to 474 thousand, benefiting from strong growth in both the UK and Australia.Triple Tier Membership launched in the UK in October, with an Australian launch planned for Q2’24.Looking forward to CY24, we are pursuing new value-added revenue streams including advertising, utilizing Life360’s enormous free user base. We expect some set-up costs in the first half of CY24, and a modest revenue contribution in the second half of the year.CY24 guidance: Consolidated revenue of $365–$375 million; Adjusted EBITDA2 of $30 million – $35 million; EBITDA loss of $(8) million – $(13) million; year-end cash balance of $80 million – $90 million.
1
Adjusted EBITDA is a Non-GAAP measure. For the definition of Adjusted EBITDA and the use of this Non-GAAP measure, as well as a reconciliation of Net Loss to Adjusted EBITDA, refer to the Non-GAAP Financial Measures section below.
2
Core Life360 subscription revenue is defined as subscription revenue derived from the Life360 mobile application, excluding certain revenue adjustments related to bundled Life360 subscription and hardware offerings, for the reported period.
Key Performance Indicators
(in millions, except ARPPC, ARPPS, and ASP)
Q4
2023
Q4
2022
% YoY
CY
2023
CY
2022
% YoY
Life360 Core3
Monthly Active Users (MAU) – Global
61.4
48.6
26 %
61.4
48.6
26 %
U.S.
36.8
30.9
19 %
36.8
30.9
19 %
International
24.6
17.6
40 %
24.6
17.6
40 %
Australia
1.9
1.4
36 %
1.9
1.4
36 %
Paying Circles – Total
1.8
1.5
21 %
1.8
1.5
21 %
U.S.
1.3
1.2
14 %
1.3
1.2
14 %
International
0.5
0.3
43 %
0.5
0.3
43 %
Average Revenue per Paying Circle (ARPPC)
$ 124.17
$ 105.79
17 %
$ 121.09
$ 96.95
25 %
Life360 Consolidated
Subscriptions
2.4
2.1
17 %
2.4
2.1
17 %
Average Revenue per Paying Subscription (ARPPS)
$ 102.17
$ 87.54
17 %
$ 99.53
$ 80.63
23 %
Net hardware units shipped (standalone)4
1.7
1.7
1 %
4.0
3.6
12 %
Average Sale Price (ASP)
$ 11.50
$ 11.48
— %
$ 13.48
$ 13.47
— %
Annualized Monthly Revenue (AMR)5
$ 274.1
$ 224.4
22 %
$ 274.1
$ 224.4
22 %
3
Life360 Core metrics relate solely to the Life360 mobile application.
4
Net hardware units shipped (standalone) represents the number of tracking devices sold during the period, excluding hardware units related to bundled Life360 subscription and hardware offerings, net of returns by our retail partners and directly to consumers.
5
We use Annualized Monthly Revenue (“AMR”) 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.
Global MAU increased 26% YoY to 61.4 million, with Q4’23 net additions of 3.0 million. U.S. MAU increased 19% YoY, with Q4’23 net adds of 1.4 million. International MAU were 40% higher YoY, with Q4’23 net adds of 1.6 million. Australian MAU increased 36% YoY to 1.9 million.Q4’23 Paying Circle net additions of 54 thousand reflected usual quarterly seasonality and natural churn following Q3’23’s record-breaking growth. U.S. Paying Circles increased 14% YoY despite the effect of price increases implemented from August 2022. Our U.S. Membership plan subscribers comprise Silver 15%, Gold 81% and Platinum 4% of total.International Paying Circles maintained strong momentum, up 43% YoY. The UK delivered a 47% YoY increase in Paying Circles and Australia achieved a 51% YoY increase. Triple Tier Membership launched in the UK in October with plans on track for a Triple Tier launch in Australia in Q2’24.Q4’23 global ARPPC increased 17% YoY and 4% QoQ. The benefit from U.S. price increases implemented from August 2022 saw Q4’23 U.S. ARPPC increase 24% YoY.
Operating Results
Revenue
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
($ millions)
(unaudited)
Subscription revenue
$ 59.8
$ 45.4
$ 220.8
$ 153.3
Hardware revenue
21.1
19.6
58.2
47.9
Other revenue
6.1
6.3
25.5
27.1
Total revenue
$ 87.0
$ 71.3
$ 304.5
$ 228.3
Annualized Monthly Revenue – December
$ 274.1
$ 224.4
$ 274.1
$ 224.4
Q4’23 Consolidated subscription revenue increased 32% YoY (including hardware subscriptions) to $59.8 million. Life360 core subscription revenue increased 40% YoY supported by the 21% YoY increase in Paying Circles, and 17% higher ARPPC, as a result of the price increases described above. CY23 Consolidated subscription revenue growth of 44% was underpinned by Core Life360 subscription revenue which increased 52% YoY, ahead of guidance of 50%.Q4’23 Hardware revenue delivered a seasonal uplift versus Q3, increasing 8% YoY to $21.1 million driven by lower returns and channel marketing versus Q4’23. CY23 Non-GAAP hardware revenue6 growth of 14% was in line with guidance, with GAAP hardware revenue growth of 21% benefiting from the contribution from bundling.Q4’23 Other revenue of $6.1 million was in line with the prior period reflecting the terms associated with the single data partnership. CY23 revenue of $25.5 million was in line with guidance of approximately $26 million.December AMR increased 22% YoY, cycling a very strong December 2022 base which included the impact of the U.S. price increases.
Gross Profit
Three Months Ended
December 31,
Year Ended December 31,
2023
2022
2023
2022
($ millions, except percentages)
(unaudited)
Gross Profit
$ 60.1
$ 45.0
$ 222.6
$ 148.6
Gross Margin
69 %
63 %
73 %
65 %
Gross Margin (Subscription Only)
86 %
83 %
86 %
80 %
Q4’23 gross profit margin increased to 69% from 63% in the prior year period, reflecting the improvement in subscription only margins to 86% due to higher pricing. CY23 gross margins increased from 65% to 73% due to higher prices as well as the significant YoY improvement in Hardware gross margins which benefited from successful initiatives and a favorable return adjustment recorded in Q2’23.
Three Months Ended
December 31,
Year Ended December 31,
2023
2022
2023
2022
($ millions)
(unaudited)
Research and development
$ 26.0
$ 25.2
$ 101.0
$ 102.5
Sales and marketing
25.7
22.0
99.1
92.4
Paid acquisition & TV
7.5
5.2
28.9
26.5
Other sales and marketing
7.0
8.1
27.5
34.5
Commissions
11.1
8.7
42.7
31.4
General and administrative
12.8
10.5
52.6
48.1
Total operating expenses
$ 64.5
$ 57.7
$ 252.6
$ 243.0
6
Life360 Non-GAAP Hardware Revenue is calculated using Hardware Revenue, GAAP. For a reconciliation between Hardware Revenue, GAAP and Non-GAAP Hardware Revenue, refer to the Revenue (GAAP to Non-GAAP reconciliation) section below.
Q4’23 operating expenses increased 12% YoY, largely due to higher general and administrative costs primarily arising from increased accounting costs related to Sarbanes-Oxley compliance, and higher legal expenses. Commissions were higher YoY in line with the growth in subscription revenue. CY23 operating expenses increased 4% for the year, benefiting from a 1% reduction in R&D expenses which reflected cost reduction measures undertaken in Q1’23.
EBITDA and Adjusted EBITDA7
Three Months Ended
December 31,
Year Ended December 31,
2023
2022
2023
2022
($ millions)
(unaudited)
Net Loss
$ (3.1)
$ (12.3)
$ (28.2)
$ (91.6)
EBITDA
(2.0)
(10.3)
(20.8)
(85.2)
Non-GAAP Adjustments
10.9
12.0
41.4
45.1
Adjusted EBITDA
$ 8.9
$ 1.6
$ 20.6
$ (40.1)
Q4’23 delivered a positive Adjusted EBITDA contribution of $8.9 million versus $1.6 million in the prior corresponding period as a result of continued strong subscription revenue growth, higher hardware revenue, improved margins and continuing cost efficiencies. These same drivers supported the $60.7 million improvement in Adjusted EBITDA in CY23.
7
EBITDA and Adjusted EBITDA are non-GAAP measures. For definitions of EBITDA and Adjusted EBITDA, a description of these non-GAAP measures’ use, and a reconciliation of Net Loss to EBITDA and Adjusted EBITDA, refer to the Non-GAAP Financial Measures section below.
Balance Sheet and Cash Flow
Three Months Ended
December 31,
Year Ended December 31,
2023
2022
2023
2022
($ millions)
(unaudited)
Net cash provided by (used in) operating activities
$ 9.0
$ (2.2)
$ 7.5
$ (57.1)
Net cash provided by (used in) investing activities
(1.0)
2.5
(2.2)
(111.6)
Net cash provided by (used in) financing activities
(0.9)
31.2
(25.0)
27.7
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash
7.1
31.5
(19.7)
(141.0)
Cash, Cash Equivalents, and Restricted Cash at the End of the Period
$ 70.7
$ 90.4
$ 70.7
$ 90.4
Life360 ended Q4’23 with cash, cash equivalents and restricted cash of $70.7 million, with unrestricted cash increasing by $7.1 million from Q3’23. Q4’23 operating cash flow of $9.0 million was offset by $1.0 million used in investing activities related to payments for internally developed software, and $0.9 million used in financing activities related to taxes paid for the net settlement of equity awards, offset by proceeds from the exercise of options.Q4’23 net cash provided by operating activities of $9.0 million was largely in line with Adjusted EBITDA of $8.9 million.In CY23, cash and cash equivalents decreased by $19.7 million from CY22. CY23 operating cash flow of $7.5 million was offset by $2.2 million used in investing activities and $25.0 million used in financing activities.CY23 cash provided by operating activities of $7.5 million saw a differential to Adjusted EBITDA of $20.6 million due to timing of receipts, manufacturing payments, and Q1 restructuring costs.
Earnings Guidance8
For CY24 Life360 expects to deliver the following metrics which include both the early revenue, and set-up costs, for the new advertising business:
Consolidated revenue of $365 million – $375 million, with core Life360 subscription revenue growth of at least 20% YoY;Positive Adjusted EBITDA9 of $30 million – $35 million;EBITDA7 loss of $(8) million to $(13) million;Positive Operating Cash Flow for each quarter of CY24, with the usual seasonal low point in Q1;Year-end cash, cash equivalents and restricted cash of $80 million – $90 million.
The company expects to continue to be Adjusted EBITDA positive on a quarterly basis going forward, and to achieve positive EBITDA in the first half of CY25.
8
With respect to forward looking non-GAAP guidance, we are not able to reconcile the forward-looking non-GAAP adjusted EBITDA measure to the closest corresponding GAAP measure without unreasonable efforts because we are unable to predict the ultimate outcome of certain significant items, which are fluid and unpredictable in nature. In addition, the Company believes such a reconciliation would imply a degree of precision that may be confusing or misleading to investors. These items include, but are not limited to, litigation costs, convertible notes and derivative liability fair value adjustments, and gains/losses on revaluation of contingent consideration. These items may be material to our results calculated in accordance with GAAP.
9
EBITDA and Adjusted EBITDA are non-GAAP measures. For definitions of EBITDA and Adjusted EBITDA, a description of these non-GAAP measures’ use, and a reconciliation of Net Loss to EBITDA and Adjusted EBITDA, refer to the Non-GAAP Financial Measures section below.
Investor Conference Call
A conference call will be held today at 9.30am AEDT, Friday 1 March 2024 (Thursday 29 February U.S. PT at 2.30pm). The call will be held as a Zoom audio webinar.
Participants wishing to ask a question should register and join via their browser here. Participants joining via telephone will be in listen only mode.
Dial in details
Australia: +61 2 8015 6011
U.S.: +1 669 444 9171
Other countries: details
Meeting ID: 951 2669 6840
A replay will be available after the call at https://investors.life360.com
Authorization
Chris Hulls, Director, Co-Founder and Chief Executive Officer of Life360 authorized this announcement being given to ASX.
About Life360
Life360 delivers peace of mind for families of all types. The company’s category leading mobile app and Tile tracking devices help members protect the people, pets and things they care about most, with a range of services including location sharing, safe driver reports, and crash detection with emergency dispatch. Life360 is based in San Mateo and has approximately 61 million monthly active users (MAU) located in more than 150 countries. For more information, please visit life360.com and Tile.com.
Life360’s CDIs are issued in reliance on the exemption from registration contained in Regulation S of the US Securities Act of 1933 (Securities Act) for offers of securities which are made outside the US. Accordingly, the CDIs have not been, and will not be, registered under the Securities Act or the laws of any state or other jurisdiction in the US. As a result of relying on the Regulation S exemption, the CDIs are ‘restricted securities’ under Rule 144 of the Securities Act. This means that you are unable to sell the CDIs into the US or to a US person who is not a QIB for the foreseeable future except in very limited circumstances until after the end of the restricted period, unless the re-sale of the CDIs is registered under the Securities Act or an exemption is available. To enforce the above transfer restrictions, all CDIs issued bear a FOR Financial Product designation on the ASX. This designation restricts any CDIs from being sold on ASX to US persons excluding QIBs. However, you are still able to freely transfer your CDIs on ASX to any person other than a US person who is not a QIB. In addition, hedging transactions with regard to the CDIs may only be conducted in accordance with the Securities Act.
Forward-looking statements
This announcement and the accompanying conference call contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Life360 intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements regarding Life360’s intentions, objectives, plans, expectations, assumptions and beliefs about future events, including Life360’s expectations with respect to the financial and operating performance of its business, including subscription revenue, hardware revenue, advertising revenue, other revenue, consolidated revenue and ability to create new revenue streams, such as advertising; Adjusted EBITDA, and operating cash flow; its capital position; future growth; the impact of past price increases on future results of operations and subscriber churn; scaling its MAU base; its ability to continue building on its leading global position and the strategic value and opportunities for global expansion; operating cost savings, including through reduced commissions; as well as Life360’s expectations of any changes to the information disclosed herein. The words “anticipate”, “believe”, “expect”, “project”, “predict”, “will”, “forecast”, “estimate”, “likely”, “intend”, “outlook”, “should”, “could”, “may”, “target”, “plan” and other similar expressions can generally be used to identify forward-looking statements. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward-looking statements. Investors and prospective investors are cautioned not to place undue reliance on these forward-looking statements as they involve inherent risk and uncertainty (both general and specific) and should note that they are provided as a general guide only and should not be relied on as an indication or guarantee of future performance. There is a risk that such predictions, forecasts, projections and other forward-looking statements will not be achieved. Subject to any continuing obligations under applicable law, Life360 does not undertake any obligation to publicly release the result of any revisions to these forward-looking statements to reflect events or circumstances after the date of this announcement, to reflect any change in expectations in relation to any forward-looking statements or any change in events, conditions or circumstances on which any such statements are based.
Although Life360 believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, Life360 can give no assurance that such expectations and assumptions will prove to be correct and, actual results may vary in a materially positive or negative manner. Forward-looking statements are subject to known and unknown risks, uncertainty, assumptions and contingencies, many of which are outside Life360’s control, and are based on estimates and assumptions that are subject to change and may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include risks related to the preliminary nature of financial results, risks related to Life360’s business, market risks, Life360’s need for additional capital, and the risk that Life360’s products and services may not perform as expected, as described in greater detail under the heading “Risk Factors” in Life360’s ASX and SEC filings, including its Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 29, 2024 and other reports filed with the SEC. To the maximum extent permitted by law, responsibility for the accuracy or completeness of any forward-looking statements whether as a result of new information, future events or results or otherwise is disclaimed. This announcement should not be relied upon as a recommendation or forecast by Life360. Past performance information given in this document is given for illustrative purposes only and is not necessarily a guide to future performance and no representation or warranty is made by any person as to the likelihood of achievement or reasonableness of any forward-looking statements, forecast financial information, future share price performance or any underlying assumptions. Nothing contained in this document nor any information made available to you is, or shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of Life360.
Consolidated Statements of Operations and Comprehensive Loss
(Dollars in U.S. $, in thousands, except share and per share data)
Year Ended December 31,
2023
2022
2021
Subscription revenue
$ 220,794
$ 153,287
$ 86,551
Hardware revenue
58,178
47,884
952
Other revenue
25,546
27,134
25,140
Total revenue
304,518
228,305
112,643
Cost of subscription revenue
30,975
30,659
17,807
Cost of hardware revenue
47,384
45,441
1,340
Cost of other revenue
3,522
3,607
3,621
Total cost of revenue
81,881
79,707
22,768
Gross profit
222,637
148,598
89,875
Operating expenses:
Research and development
100,965
102,480
50,994
Sales and marketing
99,072
92,419
47,473
General and administrative
52,583
48,110
23,670
Total operating expenses
252,620
243,009
122,137
Loss from operations
(29,983)
(94,411)
(32,262)
Other income (expense):
Convertible notes fair value adjustment
(684)
1,786
(511)
Derivative liability fair value adjustment
(116)
1,295
(733)
Other income (expense), net
3,228
13
(178)
Total other income (expense), net
2,428
3,094
(1,422)
Loss before income taxes
(27,555)
(91,317)
(33,684)
Provision for (benefit from) income taxes
616
312
(127)
Net loss
(28,171)
(91,629)
(33,557)
Net loss per share, basic
$ (0.42)
$ (1.47)
$ (0.65)
Net loss per share, diluted
$ (0.42)
$ (1.50)
$ (0.65)
Weighted-average shares used in computing net loss per share, basic
66,748,542
62,209,545
51,656,195
Weighted-average shares used in computing net loss per share, diluted
66,748,542
62,839,593
51,656,195
Comprehensive loss
Net loss
(28,171)
(91,629)
(33,557)
Change in foreign currency translation adjustment
15
(6)
—
Total comprehensive loss
$ (28,156)
$ (91,635)
$ (33,557)
Consolidated Balance Sheets
(Dollars in U.S. $, in thousands)
December 31,
2023
December 31,
2022
Assets
Current Assets:
Cash and cash equivalents
$ 68,964
$ 75,444
Restricted cash, current
—
13,274
Accounts receivable, net
42,180
33,125
Inventory
4,099
10,826
Costs capitalized to obtain contracts, net
1,010
1,438
Prepaid expenses and other current assets
15,174
8,548
Total current assets
131,427
142,655
Restricted cash, noncurrent
1,749
1,647
Property and equipment, net
730
393
Costs capitalized to obtain contracts, noncurrent
834
626
Prepaid expenses and other assets, noncurrent
6,848
7,134
Operating lease right-of-use asset
1,014
802
Intangible assets, net
45,441
52,699
Goodwill
133,674
133,674
Total Assets
$ 321,717
$ 339,630
Liabilities and Stockholders’ Equity
Current Liabilities:
Accounts payable
5,896
$ 13,791
Accrued expenses and other current liabilities
27,538
27,015
Escrow liability
—
13,274
Convertible notes, current
3,449
3,513
Deferred revenue, current
33,932
30,056
Total current liabilities
70,815
87,649
Convertible notes, noncurrent
1,056
4,060
Derivative liability, noncurrent
217
101
Deferred revenue, noncurrent
1,842
2,706
Other liabilities, noncurrent
723
576
Total Liabilities
$ 74,653
$ 95,092
Commitments and Contingencies
Stockholders’ Equity
Common Stock
70
67
Additional paid-in capital
532,128
501,763
Notes due from affiliates
—
(314)
Accumulated deficit
(285,143)
(256,972)
Accumulated other comprehensive income (loss)
9
(6)
Total stockholders’ equity
247,064
244,538
Total Liabilities and Stockholders’ Equity
$ 321,717
$ 339,630
Consolidated Statements of Cash Flows
(Dollars in U.S. $, in thousands)
Year Ended December 31,
2023
2022
2021
Cash Flows from Operating Activities:
Net loss
$ (28,171)
$ (91,629)
$ (33,557)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
9,141
9,199
876
Amortization of costs capitalized to obtain contracts
2,125
2,928
4,014
Amortization of operating lease right-of-use asset
842
—
—
Stock-based compensation expense
38,512
34,680
11,754
Compensation expense in connection with revesting notes
73
(87)
184
Non-cash interest expense, net
462
474
166
Convertible notes fair value adjustment
684
(1,786)
511
Derivative liability fair value adjustment
116
(1,295)
733
(Gain)/loss on revaluation of contingent consideration
—
(5,279)
3,600
Non-cash revenue from investment
(1,608)
(1,504)
—
Inventory write-off
916
—
—
Adjustment in connection with membership benefit
(2,172)
—
—
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net
(9,055)
6,474
(2,689)
Prepaid expenses and other assets
(6,667)
10,629
(943)
Inventory
5,811
(497)
(859)
Costs capitalized to obtain contracts, net
(1,905)
(3,343)
(1,713)
Accounts payable
(7,895)
(12,654)
559
Accrued expenses and other current liabilities
2,193
(7,722)
4,720
Deferred revenue
4,620
4,660
1,671
Other liabilities, noncurrent
(498)
(303)
(1,180)
Net cash provided by (used in) operating activities
7,524
(57,055)
(12,153)
Cash Flows from Investing Activities:
Cash paid for acquisitions, net of cash acquired
—
(110,933)
(2,983)
Internal use software
(1,715)
(701)
—
Purchase of property and equipment
(506)
—
(81)
Cash advance on convertible note receivable
—
—
(4,000)
Net cash used in investing activities
(2,221)
(111,634)
(7,064)
Cash Flows from Financing Activities:
Indemnity escrow payment in connection with an acquisition
(13,128)
—
—
Proceeds from the exercise of options
5,811
2,394
3,543
Taxes paid related to net settlement of equity awards
(14,033)
(4,077)
(4,725)
Proceeds from repayment of notes due from affiliates
314
648
—
Payments on borrowings
—
—
(41)
Repayment of convertible notes
(3,919)
(3,471)
—
Proceeds from capital raise, net of transaction costs
—
32,215
193,064
Cash received in advance of the issuance of convertible notes
—
—
2,110
Net cash provided by (used in) financing activities
(24,955)
27,709
193,951
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash
(19,652)
(140,980)
174,734
Cash, Cash Equivalents and Restricted Cash at the Beginning of the Period
90,365
231,345
56,611
Cash, Cash Equivalents, and Restricted Cash at the End of the Period
$ 70,713
$ 90,365
$ 231,345
Year Ended December 31,
2023
2022
2021
Supplemental disclosure:
Cash paid during the period for taxes
$ 697
$ —
$ 33
Cash paid during the period for interest
640
514
24
Non-cash investing and financing activities:
Fair value of stock issued in connection with an acquisition
—
15,409
13,821
Fair value of convertible debt issued in connection with an acquisition
—
—
11,597
Fair value of contingent consideration issued in connection with an acquisition
—
—
5,900
Fair value of vested options assumed in connection with an acquisition
—
—
533
Forgiveness of convertible debt receivable in connection with an acquisition
—
—
4,023
Relative fair value of warrants issue with convertible debt
—
—
844
Beneficial conversion feature related to convertible debt
—
—
603
Fair value of bifurcated derivative related to convertible debt
—
—
663
Fair value of warrants held as investment
—
5,474
—
Fair value of stock issued in settlement of contingent consideration
—
4,221
—
Right of use asset recognized in connection with lease modification
1,054
—
—
Operating lease liability recognized in connection with lease modification
1,054
—
—
Total non-cash investing and financing activities
$ 2,108
$ 25,104
$ 37,984
Non-GAAP Financial Measures
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 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 loss, excluding (i) convertible notes and derivative liability fair value adjustments, (ii) provision for income taxes, (iii) depreciation and amortization and (iv) other income, net. Adjusted EBITDA is defined as net loss, excluding (i) convertible notes and derivative liability fair value adjustments, (ii) provision for income taxes, (iii) depreciation and amortization, (iv) other expense, net, (v) stock-based compensation, (vi) Form 10 transaction costs, (vii) acquisition and integration costs, (viii) workplace restructuring costs, (ix) inventory write-offs, (x) adjustment in connection with membership benefit, (xi) warehouse relocation costs and (xii) gain on revaluation of contingent consideration.
The above items are excluded from EBITDA and Adjusted EBITDA because these items are non-cash in nature, or because the amount and timing of these items are unpredictable, 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 media release 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 loss and our other GAAP results.
The following table presents a reconciliation of net loss, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA:
Three Months Ended
December 31,
Year Ended December 31,
2023
2022
2023
2022
(in thousands)
Net loss
$ (3,146)
$ (12,303)
$ (28,171)
$ (91,629)
Add (deduct):
Convertible notes fair value adjustment
(114)
89
684
(1,786)
Derivative liability fair value adjustment10
(62)
(112)
116
(1,295)
Provision for income taxes
411
228
616
312
Depreciation and amortization11
2,297
2,368
9,141
9,199
Other expense, net
(1,431)
(614)
(3,228)
(13)
EBITDA
$ (2,045)
$ (10,344)
$ (20,842)
$ (85,212)
Stock-based compensation
10,834
10,193
38,512
34,680
Form 10 transaction costs
—
923
—
3,766
Acquisition and integration costs
—
852
—
11,949
Workplace restructuring costs12
54
—
4,024
—
Write-off of obsolete inventory13
—
—
916
—
Adjustment in connection with membership benefit14
—
—
(2,172)
—
Warehouse relocation costs15
44
—
121
—
Gain on revaluation of contingent consideration
—
—
—
(5,279)
Adjusted EBITDA
$ 8,887
$ 1,624
$ 20,559
$ (40,096)
10
To reflect the change in value of the derivative liability associated with the July 2021 Convertible Notes.
11
Includes depreciation on fixed assets and amortization of acquired intangible assets.
12
Relates to non-recurring personnel and severance related expenses in connection with the workplace restructure announced on January 12, 2023.
13
Relates to the write-off of raw materials that have no alternative use to the Company following the decision to halt development.
14
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.
15
Relates to non-recurring warehouse relocation costs in relation to the Company’s transition to a new logistics partner.
Key Financial Metrics:
Three Months Ended
December 31,
Year Ended December 31,
2023
2022
2023
2022
(in millions)
(unaudited)
Revenue
U.S. subscription revenue (Non-GAAP)
$ 54.5
$ 40.6
$ 199.4
$ 136.1
International subscription revenue (Non-GAAP)
6.5
4.8
24.5
17.2
Subscription revenue (Non-GAAP)16
61.0
45.2
223.9
153.3
Hardware revenue (Non-GAAP)16
19.8
19.7
54.5
47.8
Other revenue (GAAP)
6.1
6.4
25.5
27.2
Total revenue (Non-GAAP)
87.0
71.3
303.9
228.3
Add: Non-GAAP adjustments related to bundled offerings
—
—
0.6
—
Total revenue (GAAP)
87.0
71.3
304.5
228.3
Non-GAAP Gross Profit17
62.0
46.4
226.8
153.5
Non-GAAP Gross Margin %17
71 %
65 %
75 %
67 %
Non-GAAP Subscription Gross Margin %
85 %
84 %
84 %
81 %
Research and Development (Non-GAAP)
19.6
18.8
76.1
82.5
Sales and Marketing (Non-GAAP)
User acquisition and TV costs
7.5
5.2
28.9
26.4
Other Sales and Marketing
5.1
6.2
19.4
26.0
Commissions
11.1
8.7
42.7
31.4
General & Administrative (Non-GAAP)
9.8
5.9
39.7
28.5
Non-GAAP Operating Expenses18
53.1
44.8
206.8
194.8
Net loss (GAAP)
(3.1)
(12.3)
(28.2)
(91.6)
Adjusted EBITDA (Non-GAAP)
8.9
1.6
20.6
(40.1)
Non-GAAP Adjusted EBITDA Margin %
10 %
2 %
7 %
(18) %
Stock-based Compensation (GAAP)
(10.8)
(10.2)
(38.5)
(34.7)
Other Non-GAAP Adjustments
(0.1)
(1.9)
(2.9)
(10.5)
EBITDA (Non-GAAP)
$ (2.0)
$ (10.4)
$ (20.8)
$ (85.2)
16
Life360 Non-GAAP Revenue is calculated using GAAP Revenue. For a reconciliation between GAAP Revenue and Non-GAAP Revenue, refer to the Revenue (GAAP to Non-GAAP reconciliation) section in this table.
17
Non-GAAP Gross Profit is calculated using Revenue, Non-GAAP and Cost of revenue, Non-GAAP. Non-GAAP Gross Margin is calculated by dividing Non-GAAP Gross Profit by Total Revenue (Non-GAAP). For a reconciliation between Total Revenue, GAAP and Total Revenue, Non-GAAP and Total Cost of revenue, GAAP and Total Cost of revenue, Non-GAAP, refer to the Revenue and Cost of Revenue (GAAP to Non-GAAP reconciliation) sections below.
18
Non-GAAP operating expenses are calculated using Research and Development, Non-GAAP, Sales and Marketing, Non-GAAP and General & Administrative, Non-GAAP expenses. For a reconciliation between Total operating expenses, GAAP and Total operating expenses, Non-GAAP, refer to the Operating expenses (GAAP to Non-GAAP reconciliation) section below.
Revenue (GAAP to Non-GAAP reconciliation):
Q1 2023
Q2 2023
Q3 2023
Q4 2023
(in millions)
Subscription revenue, GAAP included in Adjusted EBITDA
$ 51.7
$ 52.7
$ 56.6
$ 59.8
Bundled offerings19
—
0.7
1.2
1.2
Total Subscription revenue, Non-GAAP
$ 51.7
$ 53.4
$ 57.8
$ 61.0
Hardware revenue, GAAP included in Adjusted EBITDA
$ 10.0
$ 11.6
$ 15.5
$ 21.1
Bundled offerings19
—
(1.1)
(1.4)
(1.2)
Total Hardware revenue, Non-GAAP
$ 10.0
$ 10.5
$ 14.2
$ 19.8
19
The net difference of the bundled offerings represents the GAAP revenue recognition of subscription revenue allocated to hardware revenue which is recognized at a point-in-time rather than ratably over the subscription period. Bundled offerings only represent bundled Life360 subscription and hardware offerings.
Cost of Revenue (GAAP to Non-GAAP reconciliation):
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
(in millions)
Cost of subscription revenue, GAAP
$ 8.3
$ 7.9
$ 31.0
$ 30.7
Less: Depreciation and amortization
(0.3)
(0.3)
(1.2)
(0.9)
Less: Stock-based compensation
(0.2)
(0.1)
(0.7)
(0.6)
Less: Severance and other
—
—
(0.1)
—
Less: Adjustment in connection with membership benefit
—
—
1.8
—
Non-GAAP Cost of subscription revenue included in Adjusted EBITDA
$ 7.7
$ 7.5
$ 30.8
$ 28.9
Less: Hardware bundling adjustment
1.5
—
4.0
—
Total Cost of subscription revenue, Non-GAAP
$ 9.2
$ 7.5
$ 34.8
$ 28.9
Cost of hardware revenue, GAAP
$ 17.7
$ 17.5
$ 47.4
$ 45.4
Less: Depreciation and amortization
(0.9)
(0.9)
(3.6)
(3.6)
Less: Stock-based compensation
(0.4)
(0.1)
(1.1)
(0.4)
Less: Severance and other
—
—
(0.2)
(0.1)
Less: Adjustment in connection with membership benefit
—
—
0.4
—
Non-GAAP Cost of hardware revenue included in Adjusted EBITDA
$ 16.3
$ 16.5
$ 42.9
$ 41.3
Less: Alignment of accounting policies20
—
—
—
1.0
Less: Hardware bundling adjustment
(1.5)
—
(4.0)
—
Total Cost of hardware revenue, Non-GAAP
$ 14.8
$ 16.5
$ 38.9
$ 42.3
Cost of other revenue, GAAP
$ 0.9
$ 0.9
$ 3.5
$ 3.6
Less: Stock-based compensation
—
(0.1)
—
(0.3)
Total Cost of other revenue, Non-GAAP
$ 0.9
$ 0.9
$ 3.5
$ 3.5
Cost of revenue, GAAP
$ 26.8
$ 26.3
$ 81.9
$ 79.7
Less: Depreciation and amortization
(1.2)
(1.2)
(4.8)
(4.5)
Less: Stock-based compensation
(0.6)
(0.3)
(1.8)
(1.3)
Less: Severance and other
—
—
(0.3)
(0.1)
Less: Adjustment in connection with membership benefit
—
—
2.2
—
Non-GAAP Cost of revenue included in Adjusted EBITDA
$ 24.9
$ 24.8
$ 77.2
$ 73.8
Less: Alignment of accounting policies20
—
—
—
1.0
Total Cost of revenue, Non-GAAP
$ 24.9
$ 24.9
$ 77.2
$ 74.8
20
Includes non-recurring costs reflecting the alignment of accounting policies attributable to the integration with Tile. As these adjustments are not deemed to be non-routine or one time in nature, they have not been added back to EBITDA or Adjusted EBITDA.
Operating expenses (GAAP to Non-GAAP reconciliation):
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
(in millions)
Research and development expense, GAAP
$ 26.0
$ 25.1
$ 101.0
$ 102.4
Less: Depreciation and amortization
—
—
(0.1)
—
Less: Stock-based compensation
(6.5)
(6.3)
(22.0)
(19.4)
Less: Severance and other
0.1
—
(2.7)
(0.5)
Total Research and development, Non-GAAP
$ 19.6
$ 18.8
$ 76.1
$ 82.5
Sales and marketing expense, GAAP
$ 25.7
$ 22.1
$ 99.1
$ 92.4
Less: Depreciation and amortization
(1.1)
(1.1)
(4.2)
(4.3)
Less: Stock-based compensation
(0.8)
(0.7)
(3.1)
(3.7)
Less: Severance and other
—
(0.1)
(0.9)
(0.6)
Total Sales and marketing expense, Non-GAAP
$ 23.7
$ 20.2
$ 90.9
$ 83.8
General and administrative expense, GAAP
$ 12.8
$ 10.5
$ 52.6
$ 48.1
Less: Depreciation and amortization
—
(0.1)
—
(0.4)
Less: Stock-based compensation
(2.9)
(2.9)
(11.6)
(10.1)
Less: Severance and other
(0.1)
(1.6)
(1.2)
(9.1)
Total General and administrative expense, Non-GAAP
$ 9.8
$ 5.9
$ 39.7
$ 28.5
Total Operating expenses, GAAP
$ 64.5
$ 57.7
$ 252.6
$ 243.0
Less: Depreciation and amortization
(1.1)
(1.2)
(4.3)
(4.7)
Less: Stock-based compensation
(10.2)
(9.9)
(36.7)
(33.2)
Less: Severance and other
(0.1)
(1.7)
(4.8)
(10.2)
Total Operating expenses, Non-GAAP
$ 53.1
$ 44.9
$ 206.8
$ 194.8
Note: The financial information in this announcement may not add or recalculate due to rounding. All references to $ are to U.S. dollar.
View original content to download multimedia:https://www.prnewswire.com/news-releases/life360-reports-cy-2023-results-302076508.html
SOURCE Life360
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Black Lake Technologies Shortlisted as SAIL Award TOP30 Finalist and Selected as Global Industrial AI Flagship Case, Showcasing Latest Industrial Agent at WAIC 2026
Published
49 minutes agoon
July 18, 2026By
SHANGHAI, July 18, 2026 /PRNewswire/ — The 2026 World Artificial Intelligence Conference (WAIC) opened in Shanghai on July 17. Shanghai Blacklake Technologies Co., Ltd. (“Black Lake”), an industrial AI company, is showcasing a portfolio of industrial AI agents at the conference. The company has also been named to the Top 30 shortlist for the 2026 WAIC Super AI Leader (SAIL) Award and selected as a Trusted Partner under the Global Call for Trusted Partners for Industrial AI in the Global South.
The accreditations highlight Black Lake’s latest progress in bringing AI into critical manufacturing decision-making workflows and deploying industrial AI capabilities on the shop floor around the world.
This year’s conference attracted over 1,100 exhibiting companies and showcased more than 3,000 exhibits, setting a new record for exhibition scale. The conference delivered a clear signal: as artificial intelligence becomes a common priority across global industries, attention is moving beyond model capabilities toward practical applications in real-world operating environments.
Manufacturing provides a particularly demanding test for this transition. Factory operations are governed by multiple constraints, including process specifications, equipment capabilities, material availability, production capacity, delivery schedules and quality requirements. Therefore, AI has to do so much more than simply comprehend information input. It must make reliable judgments within clearly defined business rules and operational constraints.
Black Lake has focused on industrial digitalization and industrial AI for years, developing and deploying AI applications in a range of factory environments.
At WAIC 2026, the company is presenting industrial AI agents covering order splitting and process planning, quotation and pricing, procurement, production scheduling, quality inspection, and order tracking. These applications are designed to move AI beyond an auxiliary role and into critical manufacturing decision-making workflows.
Traditional industrial software is primarily responsible for data recording, digital workflows, and worker coordination. However, critical decisions such as how to split an order, determine pricing, schedule production, and assess quality risks still depend heavily on the experience of engineers and frontline workers.
Industrial AI agents are intended to convert fragmented industrial knowledge and production experience into decision-making capabilities that can be invoked, reused and continuously refined by software systems.
Order decomposition and process planning are representative examples. After receiving an engineering drawing, a factory typically relies on experienced engineers to identify components, materials and dimensions, define the required manufacturing processes and technical specifications, and establish a basis for subsequent quotation and quality inspection.
The process is highly dependent on individual expertise and represents one of the first critical decision points after an order is received.
Black Lake Technologies’ CAD-to-Process Agent can understand product drawings and, taking into account the factory’s equipment capabilities, process requirements, and production practices, rapidly generate process steps along with the corresponding technical requirements. Drawing analysis that once took hours can now be completed in approximately one minute, achieving an accuracy rate of over 95% in real deployment and providing engineers with stable, efficient decision support. Currently, the industrial agents developed by the company cover core processes including design, scheduling, production, and quality inspection, and have entered the stage of large-scale deployment.
Founded in 2016, Black Lake serves nearly 40,000 factories worldwide. Its customers span more than 30 industries, including food and beverage, automotive components and equipment manufacturing.
By working across factory order management, production and fulfillment workflows, Black Lake has accumulated the technical capabilities and industry knowledge required to support decision-making in complex industrial environments.
In April 2026, Black Lake completed a Series D funding round of nearly RMB 1 billion. The company said the proceeds would primarily be used to accelerate the deployment of its industrial AI products and support its international expansion.
AI-related products are becoming a new source of growth for the company. In a recent interview, Black Lake founder and CEO Zhou Yuxiang said that the company had recorded significant growth in AI-related revenue since the beginning of 2026. He also said that manufacturing customers were taking less time to make purchasing decisions for industrial AI agents.
Zhou expects AI adoption among Chinese factories to increase substantially over the next three to four years.
Unlike consumer-facing AI, which is primarily associated with content generation and personal productivity, industrial AI agents can directly affect production costs, capacity utilization, delivery performance, and product quality. Their commercial value therefore depends largely on whether they can perform specific tasks reliably in complex production environments.
During WAIC 2026, Black Lake was named to the Top 30 shortlist for the 2026 Super AI Leader (SAIL) Award. The SAIL Award is one of WAIC’s major awards and recognizes achievements in technological breakthroughs, application innovation, and industrial value.
Black Lake was also selected as a Trusted Partner under UNIDO’s Global Call for Trusted Partners for Industrial AI in the Global South.
The Global Call was launched under the guidance of the United Nations Industrial Development Organization (UNIDO), in partnership with the Shanghai Artificial Intelligence Research Institute, and in connection with the work of UNIDO AIM Global and its Shanghai-based Centre of Excellence.
The initiative aims to build a curated pool of leading partners to co-develop scalable industrial AI solutions and public goods for the Global South.
For Black Lake, the two accreditations underscore the growing importance of reliability, explainability, and scalability in the evaluation of industrial AI, in addition to the capabilities of AI models.
Global expansion will be a major priority in the company’s next phase of development. Black Lake is currently focusing on Southeast Asia, Latin America and Eastern Europe, adapting its industrial AI agents to the industrial structures, production processes and management requirements of different markets.
Although manufacturing operations vary across countries and regions, manufacturers share similar concerns about efficiency, quality, delivery reliability and production flexibility.
Black Lake is transforming industrial AI capabilities that have been validated in complex factory environments into configurable and deployable products. Through these products, the company aims to work with manufacturers worldwide to explore more efficient, flexible and intelligent approaches to production.
SOURCE Black Lake
Technology
76% of Coupon Codes Work at Checkout, but Most Failures Trace Back to Terms Shoppers Never Read, CouponDopa Study Finds
Published
2 hours agoon
July 18, 2026By
Study Finds 76% of Coupon Codes Work at Checkout
NEW YORK, July 18, 2026 /PRNewswire-PRWeb/ — Multi-country research across 11 regions finds that most coupon code failures were not due to expired codes, but to terms and conditions shoppers did not check before checkout.
A new study testing 1,000 coupon codes across 11 countries found that three in four online discount codes applied successfully at checkout, while the remaining failures were tied more often to unmet terms than to expired or invalid codes.
The research was conducted by CouponDopa, a multi-regional coupon platform operating in 11 countries. Codes were tested across multiple retail categories in July 2026 to measure real checkout success rates.
KEY FINDINGS
Overall success rate: 76%. Overall failure rate: 24%. Highest-performing country: Netherlands, 81%. Lowest-performing countries: Poland and Italy, tied at 70%. Highest-performing category: Electronics. Lowest-performing category: Travel. Desktop success rate: 78%. Mobile success rate: 74%.
The study’s most significant finding was not the failure rate itself, but the reasons behind it.
“The assumption most shoppers make is that a coupon code doesn’t work because it’s expired,” said Anderson Joe, CMO at CouponDopa. “Our testing found that expiry was rarely the primary issue. In most failed attempts, the code was still active, but the shopper’s cart did not meet a listed condition, such as a minimum spend or a region restriction.”
WHY COUPON CODES ACTUALLY FAIL
Minimum spend not met: the most common reason for failure across all 11 regions, since many codes require a basket value above a set threshold.Region-specific restrictions: codes valid in one country frequently failed in another.Unread terms and conditions: codes were applied to excluded categories, sale items, or specific product ranges without checking eligibility first.Delivery and shipping thresholds: free shipping codes requiring a minimum order value were sometimes mistaken for blanket offers.
No exact percentage breakdown of failure causes is available. Minimum spend is confirmed as the single most common cause; the other three were not ranked against each other.
“In our view, a code that fails because of an unmet minimum spend is not necessarily a broken code,” said Anderson. “It may simply be a condition the shopper did not see before checkout.”
REGIONAL FINDINGS — NETHERLANDS LEADS
Country Success Rate
Netherlands 81%
Germany 79%
United States 77%
Canada 77%
United Kingdom 76%
Australia 75%
New Zealand 74%
France 73%
Spain 72%
Poland 70%
Italy 70%
Netherlands recorded the highest success rate of the 11 regions tested. Germany followed closely. The United Kingdom matched the overall study average, and Canada and the United States recorded the same rate. Poland and Italy recorded the lowest rates in the study, tied at 70%.
ELECTRONICS OUTPERFORMS TRAVEL
Electronics recorded the highest coupon code success rate of any category tested, at 80%, while travel recorded the lowest, at 69%.
“Electronics codes in our sample tended to carry fewer conditions,” noted Anderson Joe. “Travel codes more often included conditions tied to dates, destinations, or booking windows, which may explain the difference.”
MOBILE SHOPPERS RECORD LOWER SUCCESS RATES
Desktop checkouts recorded a 78% success rate compared with 74% for mobile, a 4-point gap. Researchers said the difference may relate to how terms are displayed on smaller screens, though this was not directly tested.
“We saw a consistent gap between desktop and mobile across our markets,” said Anderson Joe. “We can’t say precisely why from this data alone, but it’s a pattern worth further study.”
ABOUT THE STUDY
CouponDopa tested 1,000 coupon codes across 11 countries during July 2026, across electronics, fashion, food delivery, travel, beauty, and home categories. Codes were manually tested at real checkouts on desktop and mobile. A code counted as successful only when the discount appeared in the checkout total. Failed codes were categorized by reason. Read the complete methodology available at CouponDopa tested 1000 coupon codes in 11 regions.
ABOUT COUPONDOPA
CouponDopa is a multi-regional coupon and discount platform operating across 11 countries. CouponDopa verifies coupon codes across hundreds of brands before publishing, providing shoppers with discount information across major retail categories, including verified codes available on CouponDopa’s store pages.
MEDIA CONTACT
Organization: Coupondopa
Contact Person Name: Anderson Joe
Website: https://www.coupondopa.com/
Email: info@coupondopa.com
Contact Number: +1 (530) 269-6377
Address: 165 ithaca Bayshore NY, 11706 USA
City: Bay Shore
State: NY
Country: United States
Media Contact
Anderson Joe, Coupondopa, 1 631 404-9968, coupondopa@gmail.com, https://www.coupondopa.com/
View original content:https://www.prweb.com/releases/76-of-coupon-codes-work-at-checkout-but-most-failures-trace-back-to-terms-shoppers-never-read-coupondopa-study-finds-302828186.html
SOURCE CouponDopa
Technology
Global Times: Head-of-state diplomacy shines at WAIC, fostering ties and advancing global governance consensus
Published
6 hours agoon
July 18, 2026By
BEIJING, July 17, 2026 /PRNewswire/ — Chinese President Xi Jinping on Friday held a series of high-level meetings on the sidelines of the 2026 World Artificial Intelligence Conference (WAIC) and High-Level Meeting on Global AI Governance in Shanghai, sitting down successively with Thai Prime Minister Anutin Charnvirakul, Cambodian Prime Minister Hun Manet, and UN Secretary-General António Guterres. The bustling diplomatic activity transformed the WAIC from a premier showcase of AI technologies and industrial breakthroughs into a vibrant platform for head-of-state diplomacy and global governance coordination.
Analysts said hosting intensive head-of-state diplomatic events in Shanghai, a core hub of reform, opening-up and technological innovation, carries profound meaning. In addition, Friday’s high-level meetings embody the innovative model of “technology builds the stage while diplomacy takes the leading role.” It not only deepens China’s bilateral relations with ASEAN members, but also helps advance inclusive global AI governance centered on the UN mechanism.
Strategic guidance
According to the two separate official releases by Xinhua, during his meetings with the prime ministers of Thailand and Cambodia, President Xi spoke of the long-standing friendship China shares with both nations. He called on China and Thailand, as well as China and Cambodia, to join hands to advance the development of their respective communities with a shared future.
Furthermore, the Chinese leader stressed the need for China to expand pragmatic cooperation with Thailand and Cambodia respectively across traditional and emerging sectors, and work with each country to jointly crack down on cross-border crimes such as online gambling and telecom fraud, according to Xinhua.
He called for the proper handling of border frictions between Thailand and Cambodia and called on the two sides to resolve disputes through dialogue and consultation, with China standing ready to continue playing a constructive role in this regard, per Xinhua.
During their respective meetings with the Chinese leader, the prime ministers of Thailand and Cambodia both expressed willingness to deepen multi-field cooperation with China and spoke highly of China’s positive efforts to facilitate the peaceful settlement of the Thailand-Cambodia border conflicts.
Xu Liping, Director of the Center for Southeast Asian Studies at the Chinese Academy of Social Sciences, told the Global Times that head-of-state diplomacy has charted the fundamental course for the advancement of China’s ties with both Cambodia and Thailand.
WAIC exemplifies the innovative model of “technology builds the platform, while diplomacy takes the leading role,” said Xu, “In addition, AI cooperation is also expected to serve as a vital entry point to further deepen and substantiate China’s ties with Thailand and Cambodia going forward.”
Furthermore, addressing the sensitive and thorny Thailand-Cambodia border dispute amid the relatively relaxed atmosphere of a tech summit enables all relevant parties to handle differences in a rational and pragmatic manner, which embodies Eastern wisdom and an Asian approach to resolving issues, said Xu.
The year 2026 marks the fifth anniversary of the establishment of the China-ASEAN comprehensive strategic partnership, witnessing the official rollout of the new Plan of Action on the China-ASEAN Comprehensive Strategic Partnership (2026-2030). It also kicks off the implementation of China’s 15th Five-Year Plan.
The critical juncture offers a perfect window to align China’s development plans closely with the national development strategies of Global South countries and ASEAN members, said Xu. “Thailand and Cambodia’s willingness to ramp up cooperation with China mirrors the aspiration of the majority of ASEAN members to leverage China’s development dividends and pursue win-win outcomes and common prosperity in the region.”
Firm support for UN
In his meeting with UN Secretary-General Antonio Guterres on Friday, Xi reiterated China’s firm support for the UN.
Noting that this year marks the 55th anniversary of the restoration of the lawful seat of the People’s Republic of China at the UN, the Chinese leader said China has since been committed to building world peace, contributing to global development, defending international order, and firmly supporting the UN, Xinhua reported.
Xi added that he proposed the vision of building a community with a shared future for humanity and the four global initiatives with one important consideration in mind – to uphold the status and authority of the UN.
Currently, the international landscape is marked by more pronounced changes and turbulence, making it all the more necessary to practice true multilateralism and reinvigorate the status and role of the UN, he said.
Guterres commended China for its steadfast support for multilateralism, the cause of the UN, and international cooperation, saying that China has set an example for the world.
Guterres said the UN will continue to strengthen cooperation with China, oppose unilateralism, protectionism, and hegemonic bullying, safeguard the UN Charter and international law, as well as advance the process toward a multipolar world.
At this pivotal juncture where talks on AI development and UN multilateral governance converge, China, leveraging head-of-state diplomacy as a top-tier platform, has elaborated in a systematic manner its vision for global governance in the AI era, Wang Yiwei, a professor at the School of International Studies, Renmin University of China, told the Global Times.
He added that China’s emphasis on the UN-centered global governance architecture will further strengthen the UN’s authority and operational capacity.
Before the official opening of the WAIC, on Thursday, representatives from 29 countries, including Kazakhstan, Laos, Pakistan, Russia and Indonesia, signed an agreement on establishing the World Artificial Intelligence Cooperation Organization (WAICO) in Shanghai. UN chief Guterres was among representatives from countries and international organizations present at the signing ceremony.
According to the agreement, WAICO will be an independent intergovernmental international organization, which aims to promote international cooperation and global governance on AI, ensuring that AI is beneficial, safe and fair, thereby promoting its healthy and orderly development to benefit all humanity.
President Xi on Friday also announced that in the next five years, China will provide developing countries with 5,000 opportunities in AI training and seminar programs. China will also develop international AI application cooperation centers with the ASEAN, the League of Arab States, the African Union, the Community of Latin American and Caribbean States, the Shanghai Cooperation Organization, and BRICS.
However, some international media, including Reuters and Nikkei, used the term “AI diplomacy” describing the grand gathering in Shanghai, claiming that Beijing seeks a new global AI order, challenging US dominance.
In rebuttal, Wang pointed out that China advocates open, inclusive technology that lets AI benefit all humanity under the vision of “AI for All”. In contrast, the US adheres to a mindset of “All for AI”, weaponizing AI for geopolitical rivalry and aiming to outpace China in technological competition. Driven by the “America First” doctrine and capital-centric priorities, Washington’s approach forms a sharp contrast with China’s.
Meanwhile, China’s resolute commitment to upholding the UN system underscores that for China and a wide array of Global South countries, the sensible path lies in reforming and improving the existing global governance architecture rather than discarding it to build parallel institutions from scratch, the expert added.
This article first appeared on Global Times
View original content:https://www.prnewswire.com/news-releases/global-times-head-of-state-diplomacy-shines-at-waic-fostering-ties-and-advancing-global-governance-consensus-302828946.html
SOURCE Global Times
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