Pluralsight (Nasdaq:PS), the enterprise technology learning
company, today announced financial results for the third quarter
ended September 30, 2018.
“We achieved our sixth consecutive quarter of
greater than 50% growth in B2B billings, while demonstrating the
inherent levers to profitability in our model,” said Aaron
Skonnard, co-founder and CEO of Pluralsight. “Our platform gives
tech leaders unprecedented insights into the skill gaps across
their organizations, and we provide the tools to close them,
enabling enterprises to accelerate innovation.”
Financial Highlights for the Third
Quarter 2018
- Billings - Q3 2018
billings were $72.2 million, an increase of 44% period over period.
Q3 2018 billings from business customers were $61.1 million, an
increase of 53% period over period.
- Revenue - Q3 2018
revenue was $61.6 million, an increase of 42% period over
period.
- Gross margin - Q3
2018 gross margin was 75%, compared to 71% in Q3 2017. Q3 2018
non-GAAP gross margin was 77%, compared to 75% in Q3 2017.
- Net loss per share -
GAAP net loss per share for Q3 2018 was $0.23. Adjusted pro forma
net loss per share for Q3 2018 was $0.10, compared to $0.39 in Q3
2017.
- Cash flows - Cash
provided by operations was $1.9 million for Q3 2018, compared to
cash used in operations of $6.9 million in Q3 2017. Free cash flow
improved by $7.9 million in Q3 2018 compared to Q3 2017.
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.
Financial Outlook
Pluralsight is providing the following financial
guidance for the fourth quarter 2018, and the full years 2018 and
2019:
Fourth Quarter 2018
guidance:
- Revenue is expected to be in the range of $65 million to $66
million.
- Adjusted pro forma net loss per share is expected to be in the
range of $0.10 to $0.09, assuming weighted-average shares
outstanding of approximately 133.0 million.
Full Year 2018 guidance:
- Revenue is expected to be in the range of $230 million to $231
million.
- Adjusted pro forma net loss per share is expected to be in the
range of $0.63 to $0.60, assuming weighted-average shares
outstanding of approximately 100.5 million.
Full Year 2019 guidance:
- Revenue is expected to be in the range of $295 million to $310
million.
- Adjusted pro forma net loss per share is expected to be in the
range of $0.34 to $0.26, assuming weighted-average shares
outstanding of approximately 138.5 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
per share to their most directly comparable GAAP measures because
certain items cannot be reasonably predicted. Accordingly, a
reconciliation for expectations of 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 third quarter 2018 results
and outlook for its fourth quarter 2018, and the full years 2018
and 2019, today at 2:30 p.m., Mountain time (4:30 p.m. Eastern
time).
Date: |
Wednesday, October 24 |
|
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: 1166607 |
|
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 1166607.
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 fourth quarter 2018, and the full years 2018 and
2019. 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 represents 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 represents 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 is 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 Pluralsight, Inc. adjusted for 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 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
provided by (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 September
30, |
|
Nine Months Ended September
30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Revenue |
|
$ |
61,553 |
|
|
$ |
43,286 |
|
|
$ |
164,769 |
|
|
$ |
119,416 |
|
Cost of revenue(1)(2) |
|
15,331 |
|
|
12,582 |
|
|
46,107 |
|
|
35,678 |
|
Gross profit |
|
46,222 |
|
|
30,704 |
|
|
118,662 |
|
|
83,738 |
|
Operating expenses(1)(2): |
|
|
|
|
|
|
|
|
Sales and
marketing |
|
41,392 |
|
|
29,410 |
|
|
109,792 |
|
|
70,254 |
|
Technology and content |
|
17,227 |
|
|
12,448 |
|
|
47,045 |
|
|
33,979 |
|
General
and administrative |
|
17,398 |
|
|
19,094 |
|
|
48,138 |
|
|
34,773 |
|
Total operating expenses |
|
76,017 |
|
|
60,952 |
|
|
204,975 |
|
|
139,006 |
|
Loss from operations |
|
(29,795 |
) |
|
(30,248 |
) |
|
(86,313 |
) |
|
(55,268 |
) |
Other (expense) income: |
|
|
|
|
|
|
|
|
Interest
expense |
|
(342 |
) |
|
(3,252 |
) |
|
(6,476 |
) |
|
(8,376 |
) |
Loss on
debt extinguishment |
|
— |
|
|
— |
|
|
(4,085 |
) |
|
(1,882 |
) |
Other
income, net |
|
654 |
|
|
55 |
|
|
689 |
|
|
124 |
|
Loss before income taxes |
|
(29,483 |
) |
|
(33,445 |
) |
|
(96,185 |
) |
|
(65,402 |
) |
Provision for income taxes |
|
(254 |
) |
|
(90 |
) |
|
(506 |
) |
|
(216 |
) |
Net loss |
|
$ |
(29,737 |
) |
|
$ |
(33,535 |
) |
|
$ |
(96,691 |
) |
|
$ |
(65,618 |
) |
Less: Net loss attributable to non-controlling interests |
|
(15,578 |
) |
|
— |
|
|
(28,284 |
) |
|
— |
|
Net loss attributable to Pluralsight, Inc. |
|
$ |
(14,159 |
) |
|
$ |
(33,535 |
) |
|
$ |
(68,407 |
) |
|
$ |
(65,618 |
) |
Less: Accretion of Series A redeemable convertible preferred
units |
|
— |
|
|
(34,375 |
) |
|
(176,275 |
) |
|
(57,200 |
) |
Net loss attributable to common shares |
|
$ |
(14,159 |
) |
|
$ |
(67,910 |
) |
|
$ |
(244,682 |
) |
|
$ |
(122,818 |
) |
Net loss per share, basic and diluted(3) |
|
$ |
(0.23 |
) |
|
|
|
$ |
(0.41 |
) |
|
|
Weighted-average common shares used in computing basic and diluted
net loss per share(3) |
|
62,472 |
|
|
|
|
62,400 |
|
|
|
(1) Includes equity-based compensation expense
as follows:
|
|
Three Months Ended September
30, |
|
Nine Months Ended September
30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Cost of revenue |
|
$ |
40 |
|
|
$ |
5 |
|
|
$ |
86 |
|
|
$ |
15 |
|
Sales and marketing |
|
4,372 |
|
|
631 |
|
|
9,343 |
|
|
2,010 |
|
Technology and content |
|
2,790 |
|
|
499 |
|
|
5,839 |
|
|
1,489 |
|
General and administrative |
|
8,842 |
|
|
11,762 |
|
|
21,704 |
|
|
15,474 |
|
Total equity-based compensation |
|
$ |
16,044 |
|
|
$ |
12,897 |
|
|
$ |
36,972 |
|
|
$ |
18,988 |
|
|
PLURALSIGHT, INC.
Condensed Consolidated Statements of
Operations (cont.)(in thousands)(unaudited)
(2) Includes amortization of acquired intangible
assets as follows:
|
|
Three Months EndedSeptember
30, |
|
Nine Months EndedSeptember
30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Cost of revenue |
|
$ |
880 |
|
|
$ |
1,642 |
|
|
$ |
6,803 |
|
|
$ |
4,926 |
|
Sales and marketing |
|
— |
|
|
161 |
|
|
389 |
|
|
483 |
|
Technology and content |
|
176 |
|
|
176 |
|
|
529 |
|
|
528 |
|
General and administrative |
|
— |
|
|
27 |
|
|
— |
|
|
81 |
|
Total amortization of acquired intangible
assets |
|
$ |
1,056 |
|
|
$ |
2,006 |
|
|
$ |
7,721 |
|
|
$ |
6,018 |
|
(3) Represents net loss per share of Class A common stock and
weighted-average shares of Class A common stock outstanding for the
periods 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 EndedSeptember
30, |
|
Nine Months EndedSeptember
30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Billings |
|
$ |
72,243 |
|
|
$ |
50,005 |
|
|
$ |
192,959 |
|
|
$ |
134,917 |
|
Billings from business customers |
|
$ |
61,143 |
|
|
$ |
39,920 |
|
|
$ |
161,018 |
|
|
$ |
105,092 |
|
% of billings from business customers |
|
85 |
% |
|
80 |
% |
|
83 |
% |
|
78 |
% |
Non-GAAP Financial Measures
|
|
Three Months EndedSeptember
30, |
|
Nine Months EndedSeptember
30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Reconciliation of gross profit to non-GAAP gross
profit: |
|
|
|
|
|
|
|
|
Gross profit |
|
$ |
46,222 |
|
|
$ |
30,704 |
|
|
$ |
118,662 |
|
|
$ |
83,738 |
|
Equity-based compensation |
|
40 |
|
|
5 |
|
|
86 |
|
|
15 |
|
Amortization of acquired intangible assets |
|
880 |
|
|
1,642 |
|
|
6,803 |
|
|
4,926 |
|
Non-GAAP gross profit |
|
$ |
47,142 |
|
|
$ |
32,351 |
|
|
$ |
125,551 |
|
|
$ |
88,679 |
|
Gross margin |
|
75 |
% |
|
71 |
% |
|
72 |
% |
|
70 |
% |
Non-GAAP gross margin |
|
77 |
% |
|
75 |
% |
|
76 |
% |
|
74 |
% |
|
|
|
|
|
|
|
|
|
Reconciliation of loss from operations to non-GAAP
operating loss: |
|
|
|
|
|
|
|
|
Loss from operations |
|
$ |
(29,795 |
) |
|
$ |
(30,248 |
) |
|
$ |
(86,313 |
) |
|
$ |
(55,268 |
) |
Equity-based compensation |
|
16,044 |
|
|
12,897 |
|
|
36,972 |
|
|
18,988 |
|
Amortization of acquired intangible assets |
|
1,056 |
|
|
2,006 |
|
|
7,721 |
|
|
6,018 |
|
Non-GAAP operating loss |
|
$ |
(12,695 |
) |
|
$ |
(15,345 |
) |
|
$ |
(41,620 |
) |
|
$ |
(30,262 |
) |
|
PLURALSIGHT, INC.
Key Business Metrics and Non-GAAP
Financial Measures(in thousands, except per share
amounts)(unaudited)
|
|
Three Months EndedSeptember
30, |
|
Nine Months EndedSeptember
30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Adjusted pro forma net loss per share |
|
|
|
|
|
|
|
|
Numerator: |
|
|
|
|
|
|
|
|
GAAP net loss attributable to common shares |
|
$ |
(14,159 |
) |
|
$ |
(67,910 |
) |
|
$ |
(244,682 |
) |
|
$ |
(122,818 |
) |
Accretion of Series A redeemable convertible preferred units |
|
— |
|
|
34,375 |
|
|
176,275 |
|
|
57,200 |
|
Reallocation of net loss attributable to non-controlling interests
from the assumed exchange of LLC Units of Pluralsight Holdings for
Class A common stock |
|
(15,578 |
) |
|
— |
|
|
(28,284 |
) |
|
— |
|
Equity-based compensation |
|
16,044 |
|
|
12,897 |
|
|
36,972 |
|
|
18,988 |
|
Amortization of acquired intangibles |
|
1,056 |
|
|
2,006 |
|
|
7,721 |
|
|
6,018 |
|
Loss on debt extinguishment |
|
— |
|
|
— |
|
|
4,085 |
|
|
1,882 |
|
Adjusted
pro forma net loss |
|
$ |
(12,637 |
) |
|
$ |
(18,632 |
) |
|
$ |
(47,913 |
) |
|
$ |
(38,730 |
) |
Denominator: |
|
|
|
|
|
|
|
|
Weighted-average shares of Class A common stock outstanding |
|
62,472 |
|
|
— |
|
|
31,314 |
|
|
— |
|
Weighted-average LLC Units of Pluralsight Holdings that are
convertible into Class A common stock |
|
68,734 |
|
|
47,922 |
|
|
58,529 |
|
|
47,831 |
|
Adjusted
pro forma weighted-average common shares outstanding, basic and
diluted |
|
131,206 |
|
|
47,922 |
|
|
89,843 |
|
|
47,831 |
|
|
|
|
|
|
|
|
|
|
Adjusted pro forma net loss per share |
|
$ |
(0.10 |
) |
|
$ |
(0.39 |
) |
|
$ |
(0.53 |
) |
|
$ |
(0.81 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net cash provided by (used in) operating
activities to free cash flow: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash
provided by (used in) operating activities |
|
$ |
1,934 |
|
|
$ |
(6,866 |
) |
|
$ |
(14,283 |
) |
|
$ |
(10,816 |
) |
Less:
Purchases of property and equipment |
|
|
(2,002 |
) |
|
|
(1,434 |
) |
|
|
(6,576 |
) |
|
|
(4,459 |
) |
Less:
Purchases of content library |
|
|
(841 |
) |
|
|
(540 |
) |
|
|
(2,345 |
) |
|
|
(1,769 |
) |
Free cash
flow |
|
$ |
(909 |
) |
|
$ |
(8,840 |
) |
|
$ |
(23,204 |
) |
|
$ |
(17,044 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PLURALSIGHT, INC.
Condensed Consolidated Balance
Sheets(in thousands)(unaudited)
|
|
September30,
2018 |
|
December31,
2017 |
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and
cash equivalents |
|
$ |
208,626 |
|
|
$ |
28,267 |
|
Accounts
receivable, net |
|
47,801 |
|
|
38,229 |
|
Prepaid
expenses and other current assets |
|
8,037 |
|
|
5,125 |
|
Total current assets |
|
264,464 |
|
|
71,621 |
|
Property and equipment, net |
|
22,503 |
|
|
22,457 |
|
Content library, net |
|
7,547 |
|
|
13,441 |
|
Intangible assets, net |
|
1,935 |
|
|
2,854 |
|
Goodwill |
|
123,119 |
|
|
123,119 |
|
Other assets |
|
2,080 |
|
|
2,928 |
|
Total assets |
|
$ |
421,648 |
|
|
$ |
236,420 |
|
Liabilities, redeemable convertible preferred units, and
stockholders' equity/members’ deficit |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts
payable |
|
$ |
6,834 |
|
|
$ |
6,029 |
|
Accrued
expenses |
|
31,415 |
|
|
26,514 |
|
Accrued
author fees |
|
9,331 |
|
|
7,879 |
|
Deferred
revenue |
|
130,555 |
|
|
103,107 |
|
Total current liabilities |
|
178,135 |
|
|
143,529 |
|
Deferred revenue, net of current portion |
|
8,649 |
|
|
8,194 |
|
Long-term debt |
|
— |
|
|
116,037 |
|
Facility financing obligation |
|
7,500 |
|
|
7,513 |
|
Other liabilities |
|
1,090 |
|
|
458 |
|
Total liabilities |
|
195,374 |
|
|
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 |
|
443,182 |
|
|
— |
|
Members’
capital |
|
— |
|
|
— |
|
Accumulated other comprehensive (loss) income |
|
(34 |
) |
|
25 |
|
Accumulated deficit |
|
(335,863 |
) |
|
(445,102 |
) |
Total stockholders' equity attributable to
Pluralsight, Inc./members' deficit |
|
107,298 |
|
|
(445,077 |
) |
Non-controlling interests |
|
118,976 |
|
|
— |
|
Total stockholders' equity/members' deficit |
|
226,274 |
|
|
(445,077 |
) |
Total liabilities, redeemable convertible preferred
units, and stockholders' equity/members’ deficit |
|
$ |
421,648 |
|
|
$ |
236,420 |
|
|
|
|
|
|
|
|
|
|
PLURALSIGHT, INC.
Condensed Consolidated Statements of Cash
Flows(in thousands)(unaudited)
|
|
Three Months EndedSeptember
30, |
|
Nine Months EndedSeptember
30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Operating activities |
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(29,737 |
) |
|
$ |
(33,535 |
) |
|
$ |
(96,691 |
) |
|
$ |
(65,618 |
) |
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities: |
|
|
|
|
|
|
|
|
Depreciation of property and equipment |
|
1,973 |
|
|
1,741 |
|
|
6,331 |
|
|
4,367 |
|
Amortization of acquired intangible assets |
|
1,056 |
|
|
2,006 |
|
|
7,721 |
|
|
6,018 |
|
Amortization of course creation costs |
|
507 |
|
|
379 |
|
|
1,437 |
|
|
1,050 |
|
Equity-based compensation |
|
16,044 |
|
|
12,897 |
|
|
36,972 |
|
|
18,988 |
|
Provision
for doubtful accounts |
|
135 |
|
|
172 |
|
|
493 |
|
|
360 |
|
Amortization of debt discount and debt issuance costs |
|
— |
|
|
768 |
|
|
1,215 |
|
|
1,074 |
|
Debt
extinguishment costs |
|
17 |
|
|
— |
|
|
4,197 |
|
|
931 |
|
Deferred
tax benefit |
|
(34 |
) |
|
— |
|
|
(98 |
) |
|
— |
|
Changes
in assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
(11,687 |
) |
|
(4,553 |
) |
|
(10,352 |
) |
|
(2,720 |
) |
Prepaid expenses and other assets |
|
868 |
|
|
11 |
|
|
(2,990 |
) |
|
(3,204 |
) |
Accounts payable |
|
1,516 |
|
|
1,060 |
|
|
928 |
|
|
2,388 |
|
Accrued expenses and other liabilities |
|
9,751 |
|
|
5,080 |
|
|
6,912 |
|
|
8,721 |
|
Accrued author fees |
|
835 |
|
|
389 |
|
|
1,452 |
|
|
1,328 |
|
Deferred revenue |
|
10,690 |
|
|
6,719 |
|
|
28,190 |
|
|
15,501 |
|
Net cash provided by (used in)
operating activities |
|
1,934 |
|
|
(6,866 |
) |
|
(14,283 |
) |
|
(10,816 |
) |
Investing activities |
|
|
|
|
|
|
|
|
Purchases
of property and equipment |
|
(2,002 |
) |
|
(1,434 |
) |
|
(6,576 |
) |
|
(4,459 |
) |
Purchases
of content library |
|
(841 |
) |
|
(540 |
) |
|
(2,345 |
) |
|
(1,769 |
) |
Net cash used in investing
activities |
|
(2,843 |
) |
|
(1,974 |
) |
|
(8,921 |
) |
|
(6,228 |
) |
Financing activities |
|
|
|
|
|
|
|
|
Proceeds
from initial public offering, net of underwriting discounts and
commissions |
|
— |
|
|
— |
|
|
332,080 |
|
|
— |
|
Payments
of costs related to initial public offering |
|
(3,998 |
) |
|
(175 |
) |
|
(7,083 |
) |
|
(175 |
) |
Borrowings of long-term debt |
|
— |
|
|
— |
|
|
20,000 |
|
|
115,000 |
|
Repayments of long-term debt |
|
— |
|
|
— |
|
|
(137,710 |
) |
|
(85,000 |
) |
Payments
of debt extinguishment costs |
|
(17 |
) |
|
— |
|
|
(2,179 |
) |
|
— |
|
Payments
of debt issuance costs |
|
— |
|
|
(28 |
) |
|
(450 |
) |
|
(837 |
) |
Payments
to settle equity appreciation rights |
|
— |
|
|
— |
|
|
(325 |
) |
|
— |
|
Taxes
paid related to net share settlement |
|
— |
|
|
— |
|
|
(78 |
) |
|
— |
|
Proceeds
from the issuance of common units |
|
— |
|
|
3,114 |
|
|
— |
|
|
3,136 |
|
Redemption of incentive units |
|
— |
|
|
(2,801 |
) |
|
— |
|
|
(2,801 |
) |
Payments
of facility financing obligation |
|
(5 |
) |
|
(4 |
) |
|
(13 |
) |
|
(12 |
) |
Net cash (used in) provided by
financing activities |
|
(4,020 |
) |
|
106 |
|
|
204,242 |
|
|
29,311 |
|
Effect of exchange rate change on cash, cash equivalents, and
restricted cash |
|
(50 |
) |
|
14 |
|
|
(136 |
) |
|
38 |
|
Net (decrease) increase in cash, cash equivalents, and restricted
cash |
|
(4,979 |
) |
|
(8,720 |
) |
|
180,902 |
|
|
12,305 |
|
Cash, cash equivalents, and restricted cash, beginning of
period |
|
214,358 |
|
|
40,422 |
|
|
28,477 |
|
|
19,397 |
|
Cash, cash equivalents, and restricted cash, end of period |
|
$ |
209,379 |
|
|
$ |
31,702 |
|
|
$ |
209,379 |
|
|
$ |
31,702 |
|
|
|
|
|
|
|
|
|
|
Reconciliation of cash, cash equivalents, and restricted
cash: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
208,626 |
|
|
$ |
31,492 |
|
|
$ |
208,626 |
|
|
$ |
31,492 |
|
Restricted cash included in other assets |
|
753 |
|
|
210 |
|
|
753 |
|
|
210 |
|
Total cash, cash equivalents, and restricted
cash |
|
$ |
209,379 |
|
|
$ |
31,702 |
|
|
$ |
209,379 |
|
|
$ |
31,702 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Relations Contact:Mark
McReynoldsInvestor
RelationsPluralsight801-784-9007mark-mcreynolds@pluralsight.com
Media Contact:DJ
AndersonCommunications/PressPluralsight801-784-9007dj@pluralsight.com
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