What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-02-27 compared with 2024-02-29 · 67 added, 110 removed, 129 unchanged (58% of the section changed)

Life360 is a leading technology platform used to locate the people, pets and things that matter most to families.

Life360 has created a new category at the intersection of family, technology, and safety to help keep families connected and safe.

Our core offering, the Life360 mobile application, includes features that range from communications to driving safety and location sharing.

The Life360 mobile application operates under a “freemium” model where its core offering is available to users at no charge, with three membership subscription options that are available but not required.

We acquired Jiobit and Tile in September 2021 and January 2022, respectively, to create a comprehensive cross-platform location tracking solution for people, pets and things.

Jiobit is a leading platform-agnostic wearable location device for young children, pets and seniors and Tile is a leading cross platform brand in finding objects.

The suite of Life360 product and service offerings, including the Life360, Tile and Jiobit mobile applications, and related third-party services (the “Life360 Service”), is system and device agnostic, allowing our products and services to work seamlessly for families, regardless of the different platforms and devices that each family member may elect to use.

Our revenue is primarily generated from the sale of subscriptions and hardware tracking devices to access our services across our three brands—Life360, Tile and Jiobit.

In addition, a portion of our revenue for the years ended December 31, 2023, 2022, and 2021 was generated indirectly and is categorized as other revenue on our Consolidated Statements of Operations and Comprehensive Loss.

Indirect revenue includes revenue from the sale of aggregated data (non-personally identifiable information) for the purposes of data insights from our member base to our partners, and revenue from the sale of third-party products and services, including through the placement of ads within our platform.

For example, we generate revenue through the display of auto insurance products within the Life360 Platform.

For the years ended December 31, 2023, 2022, and 2021 Life360 generated:

Life360 is a leading technology platform connecting millions of people throughout the world to the people, pets and things they care about most.

We have created a new category at the intersection of family, technology, and safety to help keep families connected and safe.

Our core offering, the Life360 mobile application, includes features like communications, driving safety, digital safety and location sharing.

Beyond the everyday, Life360 also provides much-needed protection and saves lives, which is crucial for families in emergency situations such as natural disasters, vehicle collisions, physical property theft, and digital identity theft.

The Life360 mobile application operates under a “freemium” model where its core offering is available to members at no charge, with additional membership subscription options that are available but not required.

In addition to the Life360 mobile application, we also offer hardware tracking devices through the sale of Tile, Inc.

(“Tile”) and Jio, Inc.

(“Jiobit”) products to keep members close to the people, pets and things they care about most.

Our suite of product and service offerings, including the Life360 and Tile mobile applications, and related third-party services, is system and platform-agnostic, allowing our products and services to work seamlessly for our members, regardless of the different devices they use.

As of December 31, 2024, we had approximately 79.6 million Monthly Active Users (“MAUs”), and 2.3 million global Paying Circles on the Life360 Platform, as described below, representing a year-over-year increase of 30% and 25%, respectively.

We define a Paying Circle as a group of Life360 members with a paying subscription who have been billed as of the end of period.

Our revenue is primarily generated from the sale of subscriptions and hardware tracking devices used to access our services across our two major brands, Life360 and Tile.

In addition, a portion of our revenue for the years ended December 31, 2024, 2023, and 2022 was generated indirectly from the sale of aggregated data (non-personally identifiable information) for the purposes of data insights from our member base to our partners and from the sale of third-party products and services, including through the placement of ads within our platform.

For the years ended December 31, 2024, 2023, and 2022, we generated:

• Total revenue of $371.5 million, $304.5 million, and $228.3 million, respectively;

◦ Subscription revenue of $277.8 million, $220.8 million, and $153.3 million, respectively;

◦ Hardware revenue of $57.6 million, $58.2 million, and $47.9 million, respectively;

◦ Other revenue of $36.0 million, $25.5 million, and $27.1 million, respectively;

• Net loss of $4.6 million, $28.2 million, and $91.6 million, respectively.

Our Growth Strategy

Our growth is driven by member engagement and customer value, so our priority is driving continued innovation, delight, and value that continues to broaden our audience and enrich the role we play in their lives.

We believe these investments will help us grow membership in new and existing markets so that we remain a trusted brand and indispensable tool for families at every life stage.

Our members are our best acquisition engine.

We believe that word of mouth referrals, coupled with increased investments in marketing and member acquisition initiatives will drive strong new member growth for Life360.

We are also increasing our subscription value propositions and improving customer awareness of these benefits to grow subscription adoption and revenue per Paying Circle.

Further, we are opening new revenue streams, including advertising, that leverage our highly engaged base of 61 million monthly active users, while taking a cautious approach to ensure that we maintain the highest levels of customer satisfaction for free and paid customers.

Life360 Subscription Offerings

The Life360 mobile application operates under a “freemium” model where its core offering is available to users at no charge.

In addition, three paid membership subscription options are available for users looking for a wider variety of features, such as additional safety features for the everyday family:

Life360 Silver, Life360 Gold, and Life360 Platinum, which offer users a comprehensive suite of premium safety services.

Pricing for the paid memberships in the United States of the Life360 Platform currently ranges from $7.99 per month for Life360 Silver to $24.99 per month for Life360 Platinum.

Memberships are available in the United States, United Kingdom and Canada.

Outside of these three markets, Life360 offers the free membership and a single paid membership option, which is priced at $4.99 per month in local currency equivalent and offers place alerts, location history and individual driver reports.

Life360 Platform

We currently offer four key product features that combined make up the Life360 Platform:

We currently offer four key product features that make up the Life360 Platform:

(i) location coordination and safety, (ii) driving safety, (iii) digital safety, and (iv) emergency assistance.

Each of these features keeps members connected to the important people in their lives by organizing them into groups (“Circles”).

Each of these features keeps members connected to the important people in their lives by organizing them into groups called “Circles”.

A member selects who to invite to their Circle and what information a Circle, or any individual member within that Circle, receives.

Location coordination and safety features include real-time location, location history and smart notifications such as location-specific alerts, driving alerts, crash alerts and crime reports.

Location coordination and safety features include real-time location, location history, and smart notifications such as location-specific alerts, driving alerts, and crime reports.

Driving safety features include crash detection, roadside assistance, family driving summaries, and individual driver reports.

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Emergency assistance features include SOS with emergency dispatch, disaster response, medical assistance, and travel support.

Tile Product Line

Tile branded hardware tracking devices come in various shapes, sizes and price points for different use cases.

The Tile network leverages the Life360 member base, generating even higher confidence that we can locate lost devices of Tile customers.

Tile devices are sold through online and brick and mortar retail channels as well as directly via Tile.com.

Single Tile devices’ recommended retail prices range from $24.99 to $39.99 with additional bundles at higher price points.

Tile devices are also available internationally at locally relevant prices.

Tile Subscription Offerings

The Life360 mobile application operates under a “freemium” model where its core offering is available to members at no charge, with paid membership subscription options that are available but not required.

Paid subscription options offer members a comprehensive suite of premium safety services.

We expect that, from time to time, the prices of our membership plans in each country may change and that we may implement other plan and price variations.

Hardware Products

Our hardware products under the Tile brand seamlessly integrate with the Life360 Platform.

The Tile Bluetooth ® network leverages the installed base of Life360 members to scan for locations of devices, generating even higher confidence that we can locate lost devices of Tile customers.

Tile devices are sold through online and brick and mortar retail channels as well as directly via Tile.com, and are available, in various shapes, sizes, and price points for different use cases.

The Tile mobile application offers a free service as well as two paid subscription options:

Premium and Premium Protect, which offer additional services such as warranties and item reimbursement.

Jiobit Product Line

The Jiobit product line offers wearable location devices for young children, pets, and seniors.

Currently, Jiobit is offered exclusively in the United States via online retailers.

Customers purchase a Jiobit device at the current retail price of $129.99 and a monthly subscription to access Jiobit location tracking services.

Jiobit Subscription Offerings

The Jiobit device requires a monthly subscription plan to stay connected to the Jiobit services.

Subscription prices vary based on the duration of the contract and range from $8.33 per month with a one-year commitment to $16.99 per month with no commitment.

Monthly contracts offer features such as location history, SOS notifications, and access to the Jiobit desktop portal.

Customers purchase a Global Positioning System (“GPS”) enabled device and a monthly subscription to access location tracking services.

Our Technology Platform

To help families stay connected and safe, we have developed a scalable mobile-first technology platform that supports our business while protecting our operational integrity, security and performance.

To help families stay connected and safe, we have developed a scalable mobile-first technology platform that protects our members’ data and ensures operational integrity, security and performance.

Highlights of our technology platform include a robust location engine design, scalable and modern technology infrastructure, and seamless third-party integration.

Location Engine Design

We have designed an end-to-end location technology solution that allows us to deliver real-time location-based experiences and includes functionality such as storage, processing and communication of events, locations, drives, maps, places, networking and visualization of device characteristics for people, pets and things.

The Tile finding network, which allows Tile users to locate their devices via the Tile app, has been integrated into the Life360 Platform.

This integration allows members and Circles to keep track of their things and connect with each other through one seamless Life360 Platform.

We utilize third-party services for our backend platform and infrastructure to connect to our apps and custom hardware devices.

Using these services grants us access to a highly distributed, scalable, reliable and secure architecture for global delivery.

Third-Party Integration

To extend the features and functionality of our platform, we integrate third-party software into our products where applicable.

Our platform seamlessly integrates with our partnership offerings with several software-as-a-service vendors.

This enhances our offerings with capabilities and features such as contextual auto insurance ads, identity theft protection, data breach alerts, and voice service integrations.

Our competitors include both large competitors with various product and service offerings and smaller competitors, including (i) direct competitors with location sharing products that target family safety, (ii) competitors providing location sharing platforms that are not focused on family safety, (iii) competitors in the item tracking technology market and (iv) competitors that have, or may in the future have, overlapping offerings (for example, companies in industries related to roadside assistance and crash detection, identity theft protection, phone insurance and travel, disaster and medical assistance).

We have designed an end-to-end technology location solution that allows us to deliver real-time location-based experiences and includes functionality such as storage, processing and communication of events, locations, drives, maps, places, networking, and visualization of device characteristics for people, pets and things.

The Tile finding network has been integrated into the Life360 Platform.

This integration allows members and Paying Circles to keep track of their things and connect with each other through the Life360 Platform.

Through our strategic partnership with Hubble, we expect to expand our location tracking capabilities.

We utilize third-party services for our backend platform and infrastructure to connect to our apps and the hardware devices running them.

Using these services grants us access to a highly distributed, scalable, reliable, and secure architecture for global delivery of our mission critical services with potential to extend features and functionality—from dispatching tow trucks for roadside assistance to connecting calls for 24/7 SOS help.

Our competitors include both large competitors with various product and service offerings and smaller competitors, including (i) direct competitors with location sharing products focused on family safety, (ii) competitors providing location sharing platforms that are not focused on family safety, (iii) competitors in the item tracking technology market and (iv) competitors that have, or may in the future have, overlapping offerings (for example, companies in industries related to roadside assistance and crash detection, identity theft protection, phone insurance and travel, and disaster and medical assistance).

While our industry is becoming increasingly competitive, we believe that we will continue to compete successfully due to our leading market position, superior value proposition, brand recognition, ability to leverage our member base, our comprehensive suite of offerings and economies of scale.

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Life360 aims to provide a work environment in which all of our people can excel regardless of race, religion, age, disability, gender identity, sexual orientation or marital status..

Our Diversity Policy reflects a strong commitment to diversity, and a recognition of the value of attracting people with different backgrounds, knowledge, experience and abilities.

We believe that diversity contributes to our business success, and benefits all of our stakeholders.

As of December 31, 2023, our company wide employees consisted of approximately 37% female, 62% male, and 1% non-binary.

employees consisted of approximately 33% Asian, 3% Black/African-American, 8% Hispanic or Latino, 5% of two or more races, and 51% White.

We are committed to implementing further initiatives to increase the diversity of our workforce.

We view the quality of our products and services as our key long-term strategic differentiator, and as such, we are committed to providing continuous learning and development opportunities for our people.

Employees are provided access to career ladders and are encouraged to create individual development plans to focus on growth to the next level in their role.

Our standing Thursday “deep-dives” are where our people can learn from the expertise of their colleagues.

We also provide full day and full week-long courses in “best practices” and broad and specialist business training to further promote personal and professional growth.

In addition, our people have opportunities for cohort learning as well as personalized learning via the LinkedIn Learning Platform throughout the year.

As of December 31, 2024, our company wide employees were approximately 63% male, 35% female, and 2% not disclosed or other.

employees were approximately 53% White, 32% Asian, 7% Hispanic or Latino, 4% African-American, and 4% of two or more races.

We are committed to creating an inclusive and equitable work environment for all employees.

We view the quality of our products and services as our key long-term strategic differentiator, and as such, we also provide training opportunities for our employees to further promote personal and professional growth.

We do this through both cohort learning as well as personalized learning via the LinkedIn Learning ® platform throughout the year.

Environmental, Social and Corporate Governance

We accomplish our core mission of simplifying safety for families through ESG initiatives based on four key areas:

people, environment, community and governance.

We believe that different ideas, perspectives and backgrounds create a stronger and more creative work environment that delivers better results.

Together, we continue to build an inclusive culture that encourages, supports, and celebrates the diverse voices of our employees.

This fuels our innovation and connects us closer to our customers and the communities we serve.

We strive to create a workplace that reflects the communities we serve and where everyone feels empowered to bring their authentic best selves to work.

Our workplace culture is supported by a range of policies adopted by our Board of Directors (our “Board”) that reflect our beliefs, including a Diversity Policy.

We support our core mission of simplifying safety for families through ESG initiatives based on the following key areas:

environment, community and governance.

We recognize that climate change will have an increasingly significant impact on all aspects of society.

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By quantifying our impact, we will be able to implement an emission reduction plan that targets the greatest contributors to our carbon footprint.

We achieved carbon neutrality across Scope 1, 2, and 3 Emissions for calendar years 2021 and 2020.

We did not achieve carbon neutrality across Scope 1, 2, or 3 Emissions for the 2022 calendar year.

We are in the process of finalizing the reporting of Scope 1, 2 and 3 Emissions for the 2023 calendar year.

We aim to simplify safety so families can live fully.

Our products and services deliver peace of mind and safety in the online and physical worlds.

Additionally, we engage in community outreach by supporting and matching employee contributions to three non-profit organizations committed to supporting families:

UNICEF USA, Best Friends Animal Society and St.

Jude Children’s Research Hospital.

We are committed to robust governance frameworks and responsible business practices to ensure the financial sustainability of the Company for all stakeholders including shareholders, employees, customers and suppliers.

We have established a disciplined process to identify, assess and analyze risk, and ensure appropriate risk monitoring and reporting.

Our ESG reports are available at https://investors.life360.com/investor-relations, which is provided for reference only and is not incorporated by reference into this Annual Report on Form 10-K.

We expect our 2023 calendar year ESG report to be available on March 31, 2024.

Our products and services seek to deliver peace of mind and safety in the online and physical worlds.

Additionally, we engage in community outreach by supporting and matching employee contributions to four non-profit organizations committed to supporting families:

One Tail at a Time, Ronald McDonald House Charities, The Ocean Cleanup, and Chester Children’s Chorus.

We are committed to robust governance frameworks and responsible business practices to foster the financial sustainability of the Company for all stakeholders including shareholders, employees, customers and suppliers.

We have established a disciplined process to identify, assess and analyze risk, and promote appropriate risk monitoring and reporting.

Research and Development

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Jiobit utilizes additional contract manufacturers for additional accessory production.

To continue to provide our members with quality technology, our supply chain teams in the United States and Asia coordinate the relationships between our contract manufacturer and suppliers.

To continue to provide our members with quality technology, our supply chain teams in the United States and Asia coordinate the relationships between our contract manufacturers and suppliers.

In order to mitigate risks associated with a single supply source, and to ensure we can scale our manufacturing base as we continue to expand, we routinely evaluate new partners, manufacturers and suppliers.

Tile entered into a manufacturing agreement with Jabil on March 8, 2017, for an initial term of five years.

In October 2024, the Company entered into a new manufacturing agreement with Jabil for an initial term of three years that will automatically renew for additional one-year periods, unless terminated or advance written notice not to renew is given.

Under our agreement with Jabil, Jabil manufactures our products using design specifications, quality assurance programs, and standards that we establish.

We additionally grant Jabil a non-exclusive, royalty-free, non-transferable right and license to use certain Tile intellectual property as it relates to Jabil’s obligations under the agreement.

We additionally grant Jabil a non-exclusive, royalty-free, non-transferable right and license to use certain Life360, Tile, and Jiobit intellectual property as it relates to Jabil’s obligations under the agreement.

We pay for and own the majority of tooling and other equipment specifically required to manufacture our products.

We have purchase commitments based on our purchase orders and demand forecasts for certain amounts of finished goods, works-in-progress, and components purchased in order to support such purchase orders and forecasts.

We have purchase commitments based on our purchase orders and forecasts for certain amounts of finished goods, works-in-progress, and components purchased in order to support such purchase orders and forecasts.

Under the terms of the agreement, the agreement may be terminated (i) by mutual written consent, (ii) by advanced written notice from either party, (iii) for cause by either party after written notice of a material breach and failure by the other party to cure such breach within thirty days or (iv) immediately upon written notice by either party upon the bankruptcy or insolvency of the other party.

As of December 31, 2023, we are operating under an extension agreement to our initial agreement with Jabil, which expired in March 2022, and are in the process of negotiating a new agreement.

Jabil has provided us with written confirmation of its intention to continue our relationship on the same terms as our original manufacturing agreement, and to enter into a new agreement with us on similar terms.

We also work with third-party fulfillment partners that package and deliver our products to multiple locations worldwide, which allows us to reduce order fulfillment time and shipping costs, as well as improve inventory flexibility.

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To protect our brand, we hold and maintain a global trademark portfolio.

In the U.S., we own trademark registrations for our “Life360”, “Jiobit”, and “Tile” marks and logos.

In the U.S., we own trademark registrations for our “Life360”, “Jiobit”, and “Tile” brands.

We also own applications and registrations for “Tile”, “Tile-formative” and other trademarks in certain foreign jurisdictions.

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We also enter into, and rely on, confidentiality and proprietary rights agreements with our employees, consultants, contractors and business partners to protect our trade secrets, proprietary technology and other confidential information.

We further protect the use of our proprietary technology and intellectual property through provisions in both our customer terms of use on our website and in our vendor terms and conditions.

We further protect the use of our proprietary technology and intellectual property through provisions in both our customer terms of service on our website and in our vendor terms and conditions.

For information regarding risks related to our intellectual property, please see “Item 1A.

Risk Factors—Risks Related to Our Technology and Intellectual Property.”

Life360 subscriptions have historically experienced member and subscription growth seasonality in the third quarter of each calendar year, which includes the return to school for many of our members.

Hardware sales have historically experienced comparatively higher seasonal growth in the fourth quarter of each calendar year, which includes the important selling periods in November (Black Friday and Cyber Monday) and December in large part due to seasonal holiday demand.

During the year ended December 31, 2023, the Company leased real estate space under non-cancellable operating lease agreements in San Mateo, California and Chicago, Illinois.

As of December 31, 2023, the Company had terminated the operating lease agreement in Chicago, Illinois.

As of December 31, 2022, the Company relocated its corporate headquarters to San Mateo, California.

Our office in San Mateo generally accommodates principal, development, engineering, marketing and administrative activities.

Beginning in 2020 at the start of the COVID-19 pandemic, we began operating as a remote-first company with plans to continue as such indefinitely.

We believe that our current facilities are adequate to meet our current needs and that, should it be needed, suitable additional or alternative space will be available to accommodate our operations.

Life360 subscriptions in the United States have historically experienced member and subscription growth seasonality in the third quarter of each calendar year, which includes the return to school for many of our members.

Government Regulation

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These laws and regulations are constantly evolving and being tested in courts and by regulators and may be interpreted, applied, created, or amended, in a manner that could harm our business.

Additionally, the application and interpretation of these laws and regulations are often uncertain, especially in new or rapidly evolving industries, and could be interpreted and applied in a manner that is inconsistent from country to country or state to state and inconsistent with our current policies and practices and in ways that could harm our business.

The application and interpretation of these laws and regulations are often uncertain, especially in new or rapidly evolving industries, and could be interpreted and applied in a manner that is inconsistent from country to country or state to state and inconsistent with our current policies and practices and in ways that could harm our business.

Additionally, our service providers are also subject to domestic and international laws and regulations.

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For additional information, see the section entitled “Item 1A.

Risk Factors—Risks Related to Legal Matters and Our Regulatory Environment.”

Risk Factors—Risks Related to Our Technology and Intellectual Property.”

Government Regulation of Data Privacy and Security

In the ordinary course of our business, we may process personal or other sensitive data.

This data may relate to our users, employees, partners, vendors, and others.

This data may relate to our members, employees, partners, vendors, and others.

This data may include contact details, payment card information, geolocation data, as well as information collected from and about children and minors.

Accordingly, we are or may become subject to numerous data privacy and security obligations, including federal, state, local, and foreign laws, regulations, guidance, and industry standards related to data privacy and security.

Such obligations may include, without limitation, the Federal Trade Commission Act, the Telephone Consumer Protection Act of 1991 (“TCPA”), the Children’s Online Privacy Protection Act of 1998 (“COPPA”), the Controlling the Assault of Non-Solicited Pornography And Marketing Act of 2003 (“CAN-SPAM”), the California Consumer Privacy Act of 2018 (“CCPA”), the European Union’s General Data Protection Regulation 2016/679 (“EU GDPR”), the EU GDPR as it forms part of United Kingdom (“UK”) law by virtue of section 3 of the European Union (Withdrawal) Act 2018 and the Data Protection Act 2018 (collectively the “UK GDPR”, with the EU GDPR and UK GDPR together referred to as the “GDPR”), EU Digital Services Act (“DSA”), the Age Appropriate Design Code enacted by the UK Information Commissioner’s Office, the Privacy and Electronic Communications Directive 2002/58/EC on Privacy and Electronic Communications (the “ePrivacy Directive”), and the Payment Card Industry Data Security Standard (“PCI DSS”).

Such obligations may include, without limitation, the Federal Trade Commission Act, the Telephone Consumer Protection Act of 1991 (“TCPA”), the Children’s Online Privacy Protection Act of 1998 (“COPPA”), the Controlling the Assault of Non-Solicited Pornography And Marketing Act of 2003 (“CAN-SPAM”), the California Consumer Privacy Act of 2018 (“CCPA”) and other state privacy laws, the European Union’s General Data Protection Regulation 2016/679 (“EU GDPR”), the EU GDPR as it forms part of the law of England and Wales by virtue of section 3 of the European Union (Withdrawal) Act 2018 and the Data Protection Act 2018 (collectively the “UK GDPR”, with the EU GDPR and UK GDPR together referred to as the “GDPR”), the EU Digital Services Act (“DSA”), the UK Online Safety Act, the Age Appropriate Design Code enacted by the UK Information Commissioner’s Office, the Privacy and Electronic Communications Directive 2002/58/EC on Privacy and Electronic Communications (the “ePrivacy Directive”), and the Payment Card Industry Data Security Standard (“PCI DSS”).

Several states within the United States have enacted or proposed data privacy laws.

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The CCPA and the GDPR are examples of the increasingly stringent and evolving regulatory frameworks related to personal data processing that may increase our compliance obligations and exposure for any noncompliance.

Similar laws have been enacted or proposed in the past few years in other U.S.

states (including in Colorado, Connecticut, Utah and Virginia) and other foreign jurisdictions.

Similar laws have been enacted or proposed in the past few years in several other U.S.

states and other foreign jurisdictions.

These laws impose certain data privacy and security obligations on covered businesses.

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These laws may also allow for regulators to impose statutory fines or allow private claimants to recover damages for noncompliance.

The European Union is also focused on the regulation of digital services.

The DSA came into force in 2022, with the majority of the substantive provisions taking effect in 2024.

The DSA may increase our compliance costs, require changes to our user interfaces, processes, operations, and business practices which may adversely affect our ability to attract, retain and provide our services to users, and may otherwise adversely affect our business, operations and financial condition.

Some European jurisdictions and the UK have also proposed or intend to pass legislation that imposes new obligations and liabilities on platforms with respect to certain types of harmful content.

While the scope and timing of these proposals are currently uncertain, if the rules, doctrines or currently available defenses change, if international jurisdictions refuse to apply similar protections that are currently available in the United States, or the European Union or if a court were to disagree with our application of those rules to our service, we could be required to expend significant resources to try to comply with the new rules or incur liability, and our business, financial condition and results of operations could be harmed.

The European Union and the UK are also focused on the regulation of digital services and online platforms.

The EU DSA came into force in 2022, with the majority of the substantive provisions taking effect in 2024.

The UK Online Safety Act came into force in 2024, with the majority of the substantive provisions taking effect in 2025.

The DSA and the UK Online Safety Act may increase our compliance costs, require changes to our user interfaces, processes, operations, and business practices which may adversely affect our ability to attract, retain and provide our services to members, increase our liability for content hosted, and may otherwise adversely affect our business, operations and financial condition.If the rules, doctrines or currently available defenses change, if international jurisdictions refuse to apply similar protections that are currently available in the United States, or the European Union or a court were to disagree with our application of those rules to our service, we could be required to expend significant resources to try to comply with the new rules or incur liability, and our business, financial condition and results of operations could be harmed.

For additional information about the laws and regulations to which we are or may become subject and about the risks to our business associated with such laws and regulations, see the section entitled “Risk Factors—Risks Related to Privacy and Cybersecurity.”

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persons excluding QIBs.

CDIs may be transferred on ASX to any person other than a U.S.

CDIs may be transferred on the ASX to any person other than a U.S.

person who is not a QIB.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business