360 +38.48%: the share price of tracking and digital safety business Life360 surged into double digits for the first time since 2021 on a strong FY24 report out this morning. Earnings came home with a wet sail, EBITDA of $US20.8m was ~45% ahead of consensus and smashed the $US12-16m guidance out of the park. Hardware was the main driver, the company getting a sugar hit from better penetration in Australia, UK & Canada while revenue growth in the more mature US market was still 14%. Operating costs fell from 88% of revenue to 68% from CY22 to CY23, driving better margins. Guidance was also a ~10% beat to consensus, driven by further subscription growth and price increases.
MM remains bullish 360, looking for a pullback
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