Pluralsight, the enterprise technology learning company, today
announced financial results for the second quarter ended June 30,
2018.
“We completed our IPO process early in the
quarter and went on to deliver strong topline growth, as well as
year over year improvement in operating performance,” said Aaron
Skonnard, co-founder and CEO of Pluralsight. “We continue to
disrupt the technology skills development market with a platform
that enables industry leaders and their teams to keep up with the
rapid pace of technology change and deliver key innovations on time
and on budget.”
Financial Highlights for the Second
Quarter 2018
- Billings - Q2 2018 billings were $65.3
million, an increase of 42% period over period. Q2 2018 billings
from business customers were $54.6 million, an increase of 52%
period over period.
- Revenue - Q2 2018 revenue was $53.6 million,
an increase of 38% period over period.
- Gross margin - Q2 2018 gross margin was 70%,
compared to 69% in Q2 2017. Q2 2018 non-GAAP gross margin was 76%,
compared to 74% in Q2 2017.
- Adjusted pro forma net loss per share -
Adjusted pro forma net loss per share for Q2 2018 was $0.21,
compared to $0.29 in Q2 2017.
- Cash Flows - Cash used in operations was $5.8
million, a 35% improvement over cash used in operations in Q2 2017.
Free cash flow improved by $1.7 million in Q2 2018 compared to Q2
2017.
- Cash - Cash and cash equivalents were $213.6
million as of June 30, 2018.
For information regarding the non-GAAP financial
measures discussed in this press release, please see the section
titled “Non-GAAP Financial Measures.” Reconciliations between GAAP
and non-GAAP financial measures are provided in the tables of this
press release. GAAP net loss per share is excluded above as it is
only presented for the period following the initial public offering
and is not indicative of the results for the entire quarter.
Financial Outlook
Pluralsight is providing the following financial
guidance for the third quarter and full year 2018:
Third Quarter 2018
guidance:
- Revenue is expected to be in the range of $57 million to $58
million.
- Adjusted pro forma net loss per share is expected to be in the
range of $0.14 to $0.13, assuming weighted average shares
outstanding of approximately 130.9 million.
Full Year guidance:
- Revenue is expected to be in the range of $222 million to $225
million.
- Adjusted pro forma net loss per share is expected to be in the
range of $0.68 to $0.65, assuming weighted average shares
outstanding of approximately 100.5 million.
Guidance for non-GAAP financial measures
excludes equity-based compensation, amortization of acquired
intangible assets, and loss on debt extinguishment. Pluralsight has
not reconciled its expectations as to adjusted pro forma net loss
and adjusted pro forma net loss per share to their most directly
comparable GAAP measures because certain items cannot be reasonably
predicted. Accordingly, a reconciliation for adjusted pro forma net
loss and adjusted pro forma net loss per share is not available
without unreasonable effort.
Conference Call Information
Pluralsight will host a conference call for
analysts and investors to discuss its second quarter 2018 results
and outlook for its third quarter and full year 2018 today at 2:30
p.m., Mountain time (4:30 p.m. Eastern time).
|
Date: |
Wednesday,
August 1 |
|
Time: |
2:30 p.m.
MT (4:30 p.m. ET) |
|
Webcast: |
https://investors.pluralsight.com/ |
|
Dial-in number: |
(877)
350-6732 or (629) 228-0693, conference ID: 8170746 |
A live audio webcast of the conference call will
also be accessible from the Pluralsight website
at investors.pluralsight.com. A telephonic replay of the call
will be available three hours after the call, will run for seven
days, and may be accessed by dialing (855) 859-2056 or (404)
537-3406 and entering the passcode 8170746.
About Pluralsight
Pluralsight is an enterprise technology learning
platform that delivers a unified, end-to-end learning experience
for businesses across the globe. Through its subscription service,
companies are empowered to move at the speed of technology,
increasing proficiency, innovation and efficiency. Founded in 2004,
brought online in 2011, and trusted by Fortune 500 companies,
Pluralsight provides subscribers with on-demand access to a digital
ecosystem of learning tools, including adaptive skill tests,
directed learning paths, expert-authored courses, interactive labs
and live mentoring.
Pluralsight and the Pluralsight logo are
trademarks of Pluralsight, LLC in the United States and in
jurisdictions throughout the world.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of federal securities laws that
involve risks and uncertainties, including statements regarding our
future financial and operating performance, including our financial
outlook for the third quarter and the full year 2018. There are a
significant number of factors that could cause actual results to
differ materially from statements made in this press release,
including: the pace of market adoption of cloud-based learning
solutions; our ability to expand our course library and develop new
platform features; competition; our ability to attract and retain
customers; our ability to increase sales of subscriptions to our
platform to customers; our ability to expand our sales and
marketing capabilities; and general market, political, economic,
and business conditions.
Additional risks and uncertainties that could
affect our financial results are included under the captions “Risk
Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” in our final prospectus filed
with the SEC on May 17, 2018 (File No. 333-224301), which is
available on our website at investors.pluralsight.com and on the
SEC’s website at www.sec.gov. Additional information will also be
set forth in other filings that we make with the SEC from time to
time. All forward-looking statements in this press release are
based on information available to us as of the date hereof, and we
do not assume any obligation to update the forward-looking
statements provided to reflect events that occur or circumstances
that exist after the date on which they were made, except as
required by law.
Key Business Metrics
Billings. Billings represent total revenue plus
the change in deferred revenue in the period, as presented in our
condensed consolidated statements of cash flows. Billings in any
particular period represent amounts invoiced to customers and
reflects subscription renewals and upsells to existing customers
plus sales to new customers. We use billings to measure our ability
to sell subscriptions to our platform to both existing and new
customers. We use billings from business customers and our
percentage of billings from business customers to measure and
monitor our ability to sell subscriptions to our platform to
business customers.
Non-GAAP Financial Measures
Pluralsight has provided in this press release
financial information that has not been prepared in accordance with
generally accepted accounting principles in the United States
(GAAP). Pluralsight uses the non-GAAP financial measures of
non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating
loss, adjusted pro forma net loss, adjusted pro forma net loss per
share and free cash flow in analyzing its financial results and
believes that the use of these metrics is useful to investors as an
additional tool to evaluate ongoing operating results and trends
and in comparing Pluralsight’s financial results with other
companies in its industry, many of which present similar non-GAAP
financial measures.
The presentation of these non-GAAP financial
measures are not meant to be considered in isolation or as a
substitute for comparable GAAP financial measures, and should be
read only in conjunction with our consolidated financial statements
prepared in accordance with GAAP. A reconciliation of our
historical non-GAAP financial measures to their most directly
comparable GAAP measures have been provided in the financial
statement tables included in this press release, and investors are
encouraged to review these reconciliations.
Non-GAAP gross profit. We define non-GAAP gross
profit as gross profit plus equity-based compensation and
amortization related to acquired intangible assets.
Non-GAAP gross margin. We define non-GAAP gross
margin as non-GAAP gross profit divided by our revenue.
Non-GAAP operating loss. We define non-GAAP
operating loss as loss from operations plus equity-based
compensation and amortization of acquired intangible assets.
Adjusted pro forma net loss and adjusted pro
forma net loss per share. We define adjusted pro forma net loss as
net loss attributable to common shares adjusted for the accretion
of redeemable convertible preferred units and the reallocation of
loss attributable to non-controlling interests from the assumed
exchange of LLC Units of Pluralsight Holdings for newly issued
shares of Class A common stock of Pluralsight, Inc. and further
adjusted for non-cash or one-time charges, including equity-based
compensation, amortization of acquired intangible assets, and loss
on debt extinguishment. We define adjusted pro forma net loss per
share as adjusted pro forma net loss divided by the
weighted-average shares of Class A common stock outstanding,
assuming the full exchange of all outstanding LLC Units of
Pluralsight Holdings for newly issued shares of Class A common
stock of Pluralsight, Inc.
Free cash flow. We define free cash flow
as cash used in operating activities less purchases of property and
equipment and purchases of our content library.
| |
|
|
|
|
| PLURALSIGHT,
INC.Condensed Consolidated Statements of
Operations(in thousands, except per share
amounts)(unaudited) |
| |
|
|
|
|
| |
|
Three Months Ended June
30, |
|
Six Months Ended June
30, |
| |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
Revenue |
|
$ |
53,572 |
|
|
$ |
38,891 |
|
|
$ |
103,216 |
|
|
$ |
76,130 |
|
| Cost of
revenue(1)(2) |
|
15,890 |
|
|
11,887 |
|
|
30,776 |
|
|
23,096 |
|
| Gross profit |
|
37,682 |
|
|
27,004 |
|
|
72,440 |
|
|
53,034 |
|
| Operating
expenses(1)(2): |
|
|
|
|
|
|
|
|
| Sales and marketing |
|
38,933 |
|
|
23,018 |
|
|
68,400 |
|
|
40,844 |
|
| Technology and content |
|
16,493 |
|
|
11,326 |
|
|
29,818 |
|
|
21,531 |
|
| General and administrative |
|
19,448 |
|
|
9,412 |
|
|
30,740 |
|
|
15,679 |
|
| Total operating expenses |
|
74,874 |
|
|
43,756 |
|
|
128,958 |
|
|
78,054 |
|
| Loss from operations |
|
(37,192 |
) |
|
(16,752 |
) |
|
(56,518 |
) |
|
(25,020 |
) |
| Other
(expense) income: |
|
|
|
|
|
|
|
|
| Interest expense |
|
(2,424 |
) |
|
(3,597 |
) |
|
(6,134 |
) |
|
(5,124 |
) |
| Loss on debt extinguishment |
|
(4,085 |
) |
|
(1,882 |
) |
|
(4,085 |
) |
|
(1,882 |
) |
| Other income, net |
|
48 |
|
|
21 |
|
|
35 |
|
|
69 |
|
| Loss before income taxes |
|
(43,653 |
) |
|
(22,210 |
) |
|
(66,702 |
) |
|
(31,957 |
) |
| Provision
for income taxes |
|
(143 |
) |
|
(68 |
) |
|
(252 |
) |
|
(126 |
) |
| Net loss |
|
$ |
(43,796 |
) |
|
$ |
(22,278 |
) |
|
$ |
(66,954 |
) |
|
$ |
(32,083 |
) |
| Less: net
loss attributable to non-controlling interests |
|
(12,706 |
) |
|
— |
|
|
(12,706 |
) |
|
— |
|
| Net loss attributable to Pluralsight, Inc. |
|
$ |
(31,090 |
) |
|
$ |
(22,278 |
) |
|
$ |
(54,248 |
) |
|
$ |
(32,083 |
) |
| Less:
accretion of Series A redeemable convertible preferred units |
|
(156,750 |
) |
|
(21,175 |
) |
|
(176,275 |
) |
|
(22,825 |
) |
| Net loss attributable to common shares |
|
$ |
(187,840 |
) |
|
$ |
(43,453 |
) |
|
$ |
(230,523 |
) |
|
$ |
(54,908 |
) |
| Net loss
per share, basic and diluted(3) |
|
$ |
(0.19 |
) |
|
|
|
$ |
(0.19 |
) |
|
|
|
Weighted-average common shares used in computing basic and diluted
net loss per share(3) |
|
62,252 |
|
|
|
|
62,252 |
|
|
|
(1) Includes equity-based compensation expense
as follows:
| |
|
Three Months Ended June
30, |
|
Six Months Ended June
30, |
| |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
| |
|
(in thousands) |
| Cost of
revenue |
|
$ |
46 |
|
|
$ |
5 |
|
|
$ |
46 |
|
|
$ |
10 |
|
| Sales and
marketing |
|
4,432 |
|
|
715 |
|
|
4,971 |
|
|
1,379 |
|
| Technology
and content |
|
2,668 |
|
|
526 |
|
|
3,049 |
|
|
990 |
|
| General and
administrative |
|
10,409 |
|
|
3,133 |
|
|
12,862 |
|
|
3,712 |
|
| Total equity-based compensation |
|
$ |
17,555 |
|
|
$ |
4,379 |
|
|
$ |
20,928 |
|
|
$ |
6,091 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PLURALSIGHT, INC.
Condensed Consolidated Statements of
Operations (cont.)(in thousands)(unaudited)
(2) Includes amortization of acquired intangible
assets as follows:
| |
|
Three Months Ended June
30, |
|
Six Months Ended June
30, |
| |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
| |
|
(in thousands) |
| Cost of
revenue |
|
$ |
2,961 |
|
|
$ |
1,642 |
|
|
$ |
5,923 |
|
|
$ |
3,284 |
|
| Sales and
marketing |
|
194 |
|
|
161 |
|
|
389 |
|
|
322 |
|
| Technology
and content |
|
177 |
|
|
176 |
|
|
353 |
|
|
352 |
|
| General and
administrative |
|
— |
|
|
27 |
|
|
— |
|
|
54 |
|
| Total amortization of acquired intangible assets |
|
$ |
3,332 |
|
|
$ |
2,006 |
|
|
$ |
6,665 |
|
|
$ |
4,012 |
|
(3) Represents net loss per share of Class A common stock and
weighted-average shares of Class A common stock outstanding for the
period from May 16, 2018 through June 30, 2018, the period
following the reorganization transactions and Pluralsight, Inc.'s
initial public offering.
PLURALSIGHT, INC.
Key Business Metrics and Non-GAAP
Financial Measures(dollars in thousands)(unaudited)
Key Business Metrics
| |
|
Three Months Ended June
30, |
|
Six Months Ended June
30, |
| |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
Billings |
|
$ |
65,297 |
|
|
$ |
46,029 |
|
|
$ |
120,716 |
|
|
$ |
84,912 |
|
| Billings from business customers |
|
$ |
54,623 |
|
|
$ |
35,845 |
|
|
$ |
99,875 |
|
|
$ |
65,172 |
|
| % of billings from business customers |
|
84 |
% |
|
78 |
% |
|
83 |
% |
|
77 |
% |
Non-GAAP Financial Measures
| |
|
Three Months Ended June
30, |
|
Six Months Ended June
30, |
| |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
Reconciliation of gross profit to non-GAAP gross
profit: |
|
|
| Gross
profit |
|
$ |
37,682 |
|
|
$ |
27,004 |
|
|
$ |
72,440 |
|
|
$ |
53,034 |
|
|
Equity-based compensation |
|
46 |
|
|
5 |
|
|
46 |
|
|
10 |
|
|
Amortization of acquired intangible assets |
|
2,961 |
|
|
1,642 |
|
|
5,923 |
|
|
3,284 |
|
| Non-GAAP gross profit |
|
$ |
40,689 |
|
|
$ |
28,651 |
|
|
$ |
78,409 |
|
|
$ |
56,328 |
|
| Gross
margin |
|
70 |
% |
|
69 |
% |
|
70 |
% |
|
70 |
% |
| Non-GAAP
gross margin |
|
76 |
% |
|
74 |
% |
|
76 |
% |
|
74 |
% |
| |
|
|
|
|
|
|
|
|
|
Reconciliation of loss from operations to non-GAAP
operating loss: |
|
|
|
|
|
|
|
|
| Loss from
operations |
|
$ |
(37,192 |
) |
|
$ |
(16,752 |
) |
|
$ |
(56,518 |
) |
|
$ |
(25,020 |
) |
|
Equity-based compensation |
|
17,555 |
|
|
4,379 |
|
|
20,928 |
|
|
6,091 |
|
|
Amortization of acquired intangible assets |
|
3,332 |
|
|
2,006 |
|
|
6,665 |
|
|
4,012 |
|
| Non-GAAP operating loss |
|
$ |
(16,305 |
) |
|
$ |
(10,367 |
) |
|
$ |
(28,925 |
) |
|
$ |
(14,917 |
) |
| |
|
|
|
|
| PLURALSIGHT,
INC.Key Business Metrics and Non-GAAP Financial
Measures(in thousands, except per share
amounts)(unaudited) |
| |
|
|
|
|
| |
|
Three Months Ended June
30, |
|
Six Months Ended June
30, |
| |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
Adjusted pro forma net loss per share |
|
|
|
|
|
|
|
|
|
Numerator: |
|
|
|
|
|
|
|
|
| GAAP net
loss attributable to common shares |
|
$ |
(187,840 |
) |
|
$ |
(43,453 |
) |
|
$ |
(230,523 |
) |
|
$ |
(54,908 |
) |
| Accretion
of Series A redeemable convertible preferred units |
|
156,750 |
|
|
21,175 |
|
|
176,275 |
|
|
22,825 |
|
|
Reallocation of net loss attributable to non-controlling interests
from the assumed exchange of LLC Units of Pluralsight Holdings for
Class A common stock |
|
(12,706 |
) |
|
— |
|
|
(12,706 |
) |
|
— |
|
|
Equity-based compensation |
|
17,555 |
|
|
4,379 |
|
|
20,928 |
|
|
6,091 |
|
|
Amortization of acquired intangibles |
|
3,332 |
|
|
2,006 |
|
|
6,665 |
|
|
4,012 |
|
| Loss on
debt extinguishment |
|
4,085 |
|
|
1,882 |
|
|
4,085 |
|
|
1,882 |
|
| Adjusted pro forma net loss |
|
$ |
(18,824 |
) |
|
$ |
(14,011 |
) |
|
$ |
(35,276 |
) |
|
$ |
(20,098 |
) |
| |
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
| Adjusted
pro forma weighted-average common shares outstanding, basic and
diluted(1) |
|
89,006 |
|
|
47,786 |
|
|
68,819 |
|
|
47,784 |
|
| |
|
|
|
|
|
|
|
|
| Adjusted pro forma net loss per share |
|
$ |
(0.21 |
) |
|
$ |
(0.29 |
) |
|
$ |
(0.51 |
) |
|
$ |
(0.42 |
) |
| |
|
|
|
|
|
|
|
|
|
Reconciliation of net cash used in operating activities to
free cash flow: |
|
|
|
|
|
|
|
|
| Net cash
used in operating activities |
|
$ |
(5,793 |
) |
|
$ |
(8,904 |
) |
|
$ |
(16,217 |
) |
|
$ |
(3,950 |
) |
| Less:
purchases of property and equipment |
|
(2,706 |
) |
|
(1,457 |
) |
|
(4,574 |
) |
|
(3,025 |
) |
| Less:
purchases of content library |
|
(735 |
) |
|
(606 |
) |
|
(1,504 |
) |
|
(1,229 |
) |
| Free cash flow |
|
$ |
(9,234 |
) |
|
$ |
(10,967 |
) |
|
$ |
(22,295 |
) |
|
$ |
(8,204 |
) |
(1) Reflects the weighted-average shares of Class A common stock
outstanding for each period presented, assuming the full exchange
of LLC Units of Pluralsight Holdings into shares of Class A common
stock.
| |
|
|
|
|
| |
|
|
|
|
| PLURALSIGHT,
INC.Condensed Consolidated Balance
Sheets(in thousands)(unaudited) |
| |
|
|
|
|
| |
|
June 30, 2018 |
|
December 31, 2017 |
|
Assets |
|
|
|
|
| Current
assets: |
|
|
|
|
| Cash and cash equivalents |
|
$ |
213,645 |
|
|
$ |
28,267 |
|
| Accounts receivable, net |
|
36,268 |
|
|
38,229 |
|
| Prepaid expenses and other current assets |
|
8,907 |
|
|
5,125 |
|
| Total current assets |
|
258,820 |
|
|
71,621 |
|
| Property
and equipment, net |
|
22,683 |
|
|
22,457 |
|
| Content
library, net |
|
8,093 |
|
|
13,441 |
|
| Intangible
assets, net |
|
2,111 |
|
|
2,854 |
|
|
Goodwill |
|
123,119 |
|
|
123,119 |
|
| Other
assets |
|
1,396 |
|
|
2,928 |
|
| Total assets |
|
$ |
416,222 |
|
|
$ |
236,420 |
|
|
Liabilities, redeemable convertible preferred units, and
stockholders' equity/members’ deficit |
|
|
|
|
| Current
liabilities: |
|
|
|
|
| Accounts payable |
|
$ |
6,836 |
|
|
$ |
6,029 |
|
| Accrued expenses |
|
24,208 |
|
|
26,514 |
|
| Accrued author fees |
|
8,496 |
|
|
7,879 |
|
| Deferred revenue |
|
121,978 |
|
|
103,107 |
|
| Total current liabilities |
|
161,518 |
|
|
143,529 |
|
| Deferred
revenue, net of current portion |
|
6,555 |
|
|
8,194 |
|
| Long-term
debt |
|
— |
|
|
116,037 |
|
| Facility
financing obligation |
|
7,505 |
|
|
7,513 |
|
| Other
liabilities |
|
779 |
|
|
458 |
|
| Total liabilities |
|
176,357 |
|
|
275,731 |
|
| Redeemable
convertible preferred units |
|
— |
|
|
405,766 |
|
|
Stockholders' equity/members’ deficit: |
|
|
|
|
| Preferred stock |
|
— |
|
|
— |
|
| Class A common stock |
|
6 |
|
|
— |
|
| Class B common stock |
|
6 |
|
|
— |
|
| Class C common stock |
|
1 |
|
|
— |
|
| Additional paid-in capital |
|
436,177 |
|
|
— |
|
| Members’ capital |
|
— |
|
|
— |
|
| Accumulated other comprehensive (loss) income |
|
(16 |
) |
|
25 |
|
| Accumulated deficit |
|
(321,704 |
) |
|
(445,102 |
) |
| Total stockholders' equity attributable to Pluralsight,
Inc./members' deficit |
|
114,470 |
|
|
(445,077 |
) |
| Non-controlling interests |
|
125,395 |
|
|
— |
|
| Total stockholders' equity/members' deficit |
|
239,865 |
|
|
(445,077 |
) |
| Total liabilities, redeemable convertible preferred units,
and stockholders' equity/members’ deficit |
|
$ |
416,222 |
|
|
$ |
236,420 |
|
| |
|
|
| PLURALSIGHT,
INC.Condensed Consolidated Statements of Cash
Flows(in thousands)(unaudited) |
| |
|
|
| |
|
Six Months Ended June
30, |
| |
|
2018 |
|
2017 |
|
Operating activities |
|
|
|
|
| Net loss |
|
$ |
(66,954 |
) |
|
$ |
(32,083 |
) |
| Adjustments to reconcile net loss to net cash used in
operating activities: |
|
|
|
|
| Depreciation of property and equipment |
|
4,358 |
|
|
2,626 |
|
| Amortization of acquired intangible assets |
|
6,665 |
|
|
4,012 |
|
| Amortization of course creation costs |
|
930 |
|
|
671 |
|
| Equity-based compensation |
|
20,928 |
|
|
6,091 |
|
| Provision for doubtful accounts |
|
358 |
|
|
188 |
|
| Amortization of debt discount and debt issuance costs |
|
1,215 |
|
|
306 |
|
| Debt extinguishment costs |
|
4,180 |
|
|
931 |
|
| Deferred tax benefit |
|
(64 |
) |
|
— |
|
| Changes in assets and liabilities: |
|
|
|
|
| Accounts receivable |
|
1,335 |
|
|
1,833 |
|
| Prepaid expenses and other assets |
|
(3,858 |
) |
|
(3,215 |
) |
| Accounts payable |
|
(588 |
) |
|
1,328 |
|
| Accrued expenses and other liabilities |
|
(2,839 |
) |
|
3,641 |
|
| Accrued author fees |
|
617 |
|
|
939 |
|
| Deferred revenue |
|
17,500 |
|
|
8,782 |
|
| Net cash used in operating activities |
|
(16,217 |
) |
|
(3,950 |
) |
|
Investing activities |
|
|
|
|
| Purchases of property and equipment |
|
(4,574 |
) |
|
(3,025 |
) |
| Purchases of content library |
|
(1,504 |
) |
|
(1,229 |
) |
| Net cash used in investing activities |
|
(6,078 |
) |
|
(4,254 |
) |
|
Financing activities |
|
|
|
|
| Proceeds from initial public offering, net of underwriting
discounts and commissions |
|
332,080 |
|
|
— |
|
| Payments of costs related to initial public offering |
|
(3,085 |
) |
|
— |
|
| Borrowings of long-term debt |
|
20,000 |
|
|
115,000 |
|
| Repayments of long-term debt |
|
(137,710 |
) |
|
(85,000 |
) |
| Payments of debt extinguishment costs |
|
(2,162 |
) |
|
— |
|
| Payments of debt issuance costs |
|
(450 |
) |
|
(809 |
) |
| Payments to settle equity appreciation rights |
|
(325 |
) |
|
— |
|
| Taxes paid related to net share settlement |
|
(78 |
) |
|
— |
|
| Proceeds from the issuance of common units |
|
— |
|
|
22 |
|
| Payments of facility financing obligation |
|
(8 |
) |
|
(8 |
) |
| Net cash provided by financing activities |
|
208,262 |
|
|
29,205 |
|
| Effect of
exchange rate change on cash, cash equivalents, and restricted
cash |
|
(86 |
) |
|
24 |
|
| Net
increase in cash, cash equivalents, and restricted cash |
|
185,881 |
|
|
21,025 |
|
| Cash, cash
equivalents, and restricted cash, beginning of period |
|
28,477 |
|
|
19,397 |
|
| Cash, cash
equivalents, and restricted cash, end of period |
|
$ |
214,358 |
|
|
$ |
40,422 |
|
| |
|
|
|
|
|
Reconciliation of cash, cash equivalents, and restricted
cash: |
|
|
|
|
| Cash and cash equivalents |
|
$ |
213,645 |
|
|
$ |
40,212 |
|
| Restricted cash included in other assets |
|
713 |
|
|
210 |
|
| Total cash, cash equivalents, and restricted cash |
|
$ |
214,358 |
|
|
$ |
40,422 |
|
Investor Relations Contact:Mark
McReynoldsInvestor
RelationsPluralsight801-784-9007mark-mcreynolds@pluralsight.com
Media Contact:DJ
AndersonCommunications/PressPluralsight801-784-9007dj@pluralsight.com
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