Pluralsight, the enterprise technology skills company, today
announced financial results for the fourth quarter and full year
ended December 31, 2018.
“Pluralsight’s fourth quarter capped off a
milestone year for the company, highlighted by strong customer
additions and 42% revenue growth. We achieved our seventh
consecutive quarter of greater than 50% growth in B2B billings,
while continuing to demonstrate the inherent levers to
profitability in our model,” said Aaron Skonnard, co-founder and
CEO of Pluralsight.
Fourth Quarter Financial
Highlights
- Billings - Q4 2018
billings were $100.6 million, an increase of 42% period over
period. Q4 2018 billings from business customers were $87.1
million, an increase of 51% period over period.
- Revenue - Q4 2018
revenue was $67.3 million, an increase of 42% period over
period.
- Gross margin - Q4
2018 gross margin was 76%, compared to 70% in Q4 2017. Q4 2018
non-GAAP gross margin was 77%, compared to 75% in Q4 2017.
- Net loss per share
- GAAP net loss per share for Q4 2018 was $0.24. Adjusted
pro forma net loss per share for Q4 2018 was $0.09, compared to
$0.53 in Q4 2017.
- Cash flows - Cash
provided by operations was $8.4 million for Q4 2018, compared to
cash used in operations of $1.3 million in Q4 2017. Free cash flow
was $5.2 million for Q4 2018, compared to negative free cash flow
of $3.4 million in Q4 2017.
Full Year 2018 Financial
Highlights
- Billings - 2018
billings were $293.6 million, an increase of 43% year over year.
Billings from business customers for 2018 were $248.2 million, an
increase of 52% year over year.
- Revenue - 2018
revenue was $232.0 million, an increase of 39% year over year.
- Gross margin -
2018 gross margin was 73%, compared to 70% in 2017. Non-GAAP gross
margin for 2018 was 76%, compared to 74% in 2017.
- Net loss per share
- GAAP net loss per share for 2018 was $0.65. Adjusted pro
forma net loss per share for 2018 was $0.60, compared to $1.34 in
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 first quarter 2019, and the full year 2019:
First Quarter 2019
guidance:
- Revenue is expected to be in the
range of $68.0 million to $68.5 million.
- Adjusted pro forma net loss per
share is expected to be in the range of $0.09 to $0.08, assuming
weighted-average shares outstanding of approximately 135
million.
Full Year 2019 guidance:
- Revenue is expected to be in the
range of $306 million to $314 million.
- Adjusted pro forma net loss per
share is expected to be in the range of $0.32 to $0.26, assuming
weighted-average shares outstanding of approximately 137
million.
Guidance for non-GAAP financial measures
excludes equity-based compensation, amortization of acquired
intangible assets, and employer payroll taxes on employee stock
transactions. 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 fourth quarter and full year
2018 results and outlook for its first quarter and full year 2019,
today at 2:30 p.m., Mountain time (4:30 p.m. Eastern time).
Date: |
February 13, 2019 |
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: 8291428 |
|
|
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 8291428.
About Pluralsight
Pluralsight is an enterprise
technology skills platform that delivers a unified, end-to-end
learning experience for businesses across the globe. Through a
subscription service, companies are empowered to move at the speed
of technology, increasing proficiency, innovation and efficiency.
Founded in 2004 and trusted by Fortune 500 companies, Pluralsight
provides members with on-demand access to a digital ecosystem of
learning tools, including adaptive skill tests, directed learning
paths, expert-authored courses, interactive labs and
analytics. For more information, visit pluralsight.com.
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 first quarter 2019, and the full year 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, amortization
of acquired intangible assets, and employer payroll taxes on
employee stock transactions.
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, amortization of acquired intangible assets, and
employer payroll taxes on employee stock transactions.
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, employer payroll taxes on employee
stock transactions, 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 December 31, |
|
Year Ended December 31, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Revenue |
|
$ |
67,260 |
|
|
$ |
47,408 |
|
|
$ |
232,029 |
|
|
$ |
166,824 |
|
Cost of
revenue(1)(2) |
|
16,443 |
|
|
14,150 |
|
|
62,550 |
|
|
49,828 |
|
Gross
profit |
|
50,817 |
|
|
33,258 |
|
|
169,479 |
|
|
116,996 |
|
Operating
expenses(1)(2): |
|
|
|
|
|
|
|
|
Sales and
marketing |
|
43,851 |
|
|
33,224 |
|
|
153,643 |
|
|
103,478 |
|
Technology and content |
|
18,953 |
|
|
15,314 |
|
|
65,998 |
|
|
49,293 |
|
General
and administrative |
|
20,213 |
|
|
12,198 |
|
|
68,351 |
|
|
46,971 |
|
Total
operating expenses |
|
83,017 |
|
|
60,736 |
|
|
287,992 |
|
|
199,742 |
|
Loss from
operations |
|
(32,200 |
) |
|
(27,478 |
) |
|
(118,513 |
) |
|
(82,746 |
) |
Other (expense)
income: |
|
|
|
|
|
|
|
|
Interest
expense |
|
(350 |
) |
|
(3,289 |
) |
|
(6,826 |
) |
|
(11,665 |
) |
Loss on
debt extinguishment |
|
— |
|
|
— |
|
|
(4,085 |
) |
|
(1,882 |
) |
Other
income (expense), net |
|
815 |
|
|
(43 |
) |
|
1,504 |
|
|
81 |
|
Loss
before income taxes |
|
(31,735 |
) |
|
(30,810 |
) |
|
(127,920 |
) |
|
(96,212 |
) |
Provision for income
taxes |
|
(158 |
) |
|
(108 |
) |
|
(664 |
) |
|
(324 |
) |
Net
loss |
|
$ |
(31,893 |
) |
|
$ |
(30,918 |
) |
|
$ |
(128,584 |
) |
|
$ |
(96,536 |
) |
Less: Net loss
attributable to non-controlling interests |
|
(16,633 |
) |
|
— |
|
|
(44,917 |
) |
|
— |
|
Net loss
attributable to Pluralsight, Inc. |
|
$ |
(15,260 |
) |
|
$ |
(30,918 |
) |
|
$ |
(83,667 |
) |
|
$ |
(96,536 |
) |
Less: Accretion of
Series A redeemable convertible preferred units |
|
— |
|
|
(6,600 |
) |
|
(176,275 |
) |
|
(63,800 |
) |
Net loss
attributable to common shares |
|
$ |
(15,260 |
) |
|
$ |
(37,518 |
) |
|
$ |
(259,942 |
) |
|
$ |
(160,336 |
) |
Net loss per share,
basic and diluted(3) |
|
$ |
(0.24 |
) |
|
|
|
$ |
(0.65 |
) |
|
|
Weighted-average common
shares used in computing basic and diluted net loss per
share(3) |
|
63,494 |
|
|
|
|
62,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes equity-based compensation expense
as follows:
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Cost of revenue |
|
$ |
54 |
|
|
$ |
5 |
|
|
$ |
140 |
|
|
$ |
20 |
|
Sales and
marketing |
|
4,987 |
|
|
614 |
|
|
14,330 |
|
|
2,624 |
|
Technology and
content |
|
2,908 |
|
|
477 |
|
|
8,747 |
|
|
1,966 |
|
General and
administrative |
|
9,382 |
|
|
1,697 |
|
|
31,086 |
|
|
17,171 |
|
Total
equity-based compensation |
|
$ |
17,331 |
|
|
$ |
2,793 |
|
|
$ |
54,303 |
|
|
$ |
21,781 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Includes amortization of acquired intangible
assets as follows:
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Cost of revenue |
|
$ |
783 |
|
|
$ |
2,082 |
|
|
$ |
7,586 |
|
|
$ |
7,008 |
|
Sales and
marketing |
|
— |
|
|
238 |
|
|
389 |
|
|
721 |
|
Technology and
content |
|
177 |
|
|
178 |
|
|
706 |
|
|
706 |
|
General and
administrative |
|
— |
|
|
10 |
|
|
— |
|
|
91 |
|
Total
amortization of acquired intangible assets |
|
$ |
960 |
|
|
$ |
2,508 |
|
|
$ |
8,681 |
|
|
$ |
8,526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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(in thousands, except per share
amounts)(unaudited)
Key Business Metrics
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Billings |
|
$ |
100,624 |
|
|
$ |
70,890 |
|
|
$ |
293,583 |
|
|
$ |
205,807 |
|
Billings
from business customers |
|
$ |
87,141 |
|
|
$ |
57,873 |
|
|
$ |
248,159 |
|
|
$ |
162,965 |
|
% of
billings from business customers |
|
87 |
% |
|
82 |
% |
|
85 |
% |
|
79 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Reconciliation
of gross profit to non-GAAP gross profit: |
|
|
|
|
|
|
|
|
Gross profit |
|
$ |
50,817 |
|
|
$ |
33,258 |
|
|
$ |
169,479 |
|
|
$ |
116,996 |
|
Equity-based
compensation |
|
54 |
|
|
5 |
|
|
140 |
|
|
20 |
|
Amortization of
acquired intangible assets |
|
783 |
|
|
2,082 |
|
|
7,586 |
|
|
7,008 |
|
Employer payroll taxes
on employee stock transactions |
|
16 |
|
|
— |
|
|
16 |
|
|
— |
|
Non-GAAP
gross profit |
|
$ |
51,670 |
|
|
$ |
35,345 |
|
|
$ |
177,221 |
|
|
$ |
124,024 |
|
Gross margin |
|
76 |
% |
|
70 |
% |
|
73 |
% |
|
70 |
% |
Non-GAAP gross
margin |
|
77 |
% |
|
75 |
% |
|
76 |
% |
|
74 |
% |
|
|
|
|
|
|
|
|
|
Reconciliation
of loss from operations to non-GAAP operating loss: |
|
|
|
|
|
|
|
|
Loss from
operations |
|
$ |
(32,200 |
) |
|
$ |
(27,478 |
) |
|
$ |
(118,513 |
) |
|
$ |
(82,746 |
) |
Equity-based
compensation |
|
17,331 |
|
|
2,793 |
|
|
54,303 |
|
|
21,781 |
|
Amortization of
acquired intangible assets |
|
960 |
|
|
2,508 |
|
|
8,681 |
|
|
8,526 |
|
Employer payroll taxes
on employee stock transactions |
|
1,180 |
|
|
— |
|
|
1,180 |
|
|
— |
|
Non-GAAP
operating loss |
|
$ |
(12,729 |
) |
|
$ |
(22,177 |
) |
|
$ |
(54,349 |
) |
|
$ |
(52,439 |
) |
Adjusted pro
forma net loss per share |
|
|
|
|
|
|
|
|
Numerator: |
|
|
|
|
|
|
|
|
GAAP net loss
attributable to common shares |
|
$ |
(15,260 |
) |
|
$ |
(37,518 |
) |
|
$ |
(259,942 |
) |
|
$ |
(160,336 |
) |
Accretion of Series A
redeemable convertible preferred units |
|
— |
|
|
6,600 |
|
|
176,275 |
|
|
63,800 |
|
Reallocation of net
loss attributable to non-controlling interests from the assumed
exchange of LLC Units of Pluralsight Holdings for Class A common
stock |
|
(16,633 |
) |
|
— |
|
|
(44,917 |
) |
|
— |
|
Equity-based
compensation |
|
17,331 |
|
|
2,793 |
|
|
54,303 |
|
|
21,781 |
|
Amortization of
acquired intangibles |
|
960 |
|
|
2,508 |
|
|
8,681 |
|
|
8,526 |
|
Employer payroll taxes
on employee stock transactions |
|
1,180 |
|
|
— |
|
|
1,180 |
|
|
— |
|
Loss on debt
extinguishment |
|
— |
|
|
— |
|
|
4,085 |
|
|
1,882 |
|
Adjusted
pro forma net loss |
|
$ |
(12,422 |
) |
|
$ |
(25,617 |
) |
|
$ |
(60,335 |
) |
|
$ |
(64,347 |
) |
Denominator: |
|
|
|
|
|
|
|
|
Weighted-average shares
of Class A common stock outstanding |
|
63,494 |
|
|
— |
|
|
39,426 |
|
|
— |
|
Weighted-average LLC
Units of Pluralsight Holdings that are convertible into Class A
common stock |
|
69,211 |
|
|
48,329 |
|
|
61,221 |
|
|
47,957 |
|
Adjusted
pro forma weighted-average common shares outstanding, basic and
diluted |
|
132,705 |
|
|
48,329 |
|
|
100,647 |
|
|
47,957 |
|
|
|
|
|
|
|
|
|
|
Adjusted
pro forma net loss per share |
|
$ |
(0.09 |
) |
|
$ |
(0.53 |
) |
|
$ |
(0.60 |
) |
|
$ |
(1.34 |
) |
Reconciliation
of net cash provided by (used in) operating activities to free cash
flow: |
|
|
|
|
|
|
|
|
Net cash provided by
(used in) operating activities |
|
$ |
8,387 |
|
|
$ |
(1,323 |
) |
|
$ |
(5,896 |
) |
|
$ |
(12,139 |
) |
Less: Purchases of
property and equipment |
|
(2,220 |
) |
|
(1,492 |
) |
|
(8,796 |
) |
|
(5,951 |
) |
Less: Purchases of
content library |
|
(995 |
) |
|
(613 |
) |
|
(3,340 |
) |
|
(2,382 |
) |
Free cash
flow |
|
$ |
5,172 |
|
|
$ |
(3,428 |
) |
|
$ |
(18,032 |
) |
|
$ |
(20,472 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PLURALSIGHT, INC.
Condensed Consolidated Balance
Sheets(in thousands)(unaudited)
|
|
December 31, |
|
|
2018 |
|
2017 |
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash
equivalents |
|
$ |
194,306 |
|
|
$ |
28,267 |
|
Accounts
receivable, net |
|
63,436 |
|
|
38,229 |
|
Prepaid
expenses and other current assets |
|
8,323 |
|
|
5,125 |
|
Total
current assets |
|
266,065 |
|
|
71,621 |
|
Property and equipment,
net |
|
31,641 |
|
|
22,457 |
|
Content library,
net |
|
7,050 |
|
|
13,441 |
|
Intangible assets,
net |
|
1,759 |
|
|
2,854 |
|
Goodwill |
|
123,119 |
|
|
123,119 |
|
Restricted cash |
|
16,765 |
|
|
210 |
|
Other assets |
|
1,064 |
|
|
2,718 |
|
Total
assets |
|
$ |
447,463 |
|
|
$ |
236,420 |
|
Liabilities,
redeemable convertible preferred units, and stockholders'
equity/members’ deficit |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts
payable |
|
$ |
7,160 |
|
|
$ |
6,029 |
|
Accrued
expenses |
|
32,047 |
|
|
26,514 |
|
Accrued
author fees |
|
10,002 |
|
|
7,879 |
|
Deferred
revenue |
|
157,695 |
|
|
103,107 |
|
Total
current liabilities |
|
206,904 |
|
|
143,529 |
|
Deferred revenue, net
of current portion |
|
14,886 |
|
|
8,194 |
|
Long-term debt |
|
— |
|
|
116,037 |
|
Facility financing
obligations |
|
15,777 |
|
|
7,513 |
|
Other liabilities |
|
1,303 |
|
|
458 |
|
Total
liabilities |
|
238,870 |
|
|
275,731 |
|
Redeemable convertible
preferred units |
|
— |
|
|
405,766 |
|
Stockholders'
equity/members’ deficit: |
|
|
|
|
Preferred
stock |
|
— |
|
|
— |
|
Class A
common stock |
|
7 |
|
|
— |
|
Class B
common stock |
|
6 |
|
|
— |
|
Class C
common stock |
|
1 |
|
|
— |
|
Additional paid-in capital |
|
452,576 |
|
|
— |
|
Accumulated other comprehensive (loss) income |
|
(41 |
) |
|
25 |
|
Accumulated deficit |
|
(351,123 |
) |
|
(445,102 |
) |
Total
stockholders' equity attributable to Pluralsight, Inc./members'
deficit |
|
101,426 |
|
|
(445,077 |
) |
Non-controlling interests |
|
107,167 |
|
|
— |
|
Total
stockholders' equity/members' deficit |
|
208,593 |
|
|
(445,077 |
) |
Total
liabilities, redeemable convertible preferred units, and
stockholders' equity/members’ deficit |
|
$ |
447,463 |
|
|
$ |
236,420 |
|
|
|
|
|
|
|
|
|
|
PLURALSIGHT, INC.
Condensed Consolidated Statements of Cash
Flows(in thousands)(unaudited)
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Operating
activities |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(31,893 |
) |
|
$ |
(30,918 |
) |
|
$ |
(128,584 |
) |
|
$ |
(96,536 |
) |
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities: |
|
|
|
|
|
|
|
|
Depreciation of property and equipment |
|
1,987 |
|
|
2,308 |
|
|
8,318 |
|
|
6,675 |
|
Amortization of acquired intangible assets |
|
960 |
|
|
2,508 |
|
|
8,681 |
|
|
8,526 |
|
Amortization of course creation costs |
|
556 |
|
|
412 |
|
|
1,993 |
|
|
1,462 |
|
Equity-based compensation |
|
17,331 |
|
|
2,793 |
|
|
54,303 |
|
|
21,781 |
|
Provision
for doubtful accounts |
|
182 |
|
|
119 |
|
|
675 |
|
|
479 |
|
Amortization of debt discount and debt issuance costs |
|
— |
|
|
773 |
|
|
1,215 |
|
|
1,847 |
|
Debt
extinguishment costs |
|
— |
|
|
— |
|
|
4,197 |
|
|
931 |
|
Deferred
tax benefit |
|
(146 |
) |
|
(83 |
) |
|
(244 |
) |
|
(83 |
) |
Other |
|
153 |
|
|
63 |
|
|
153 |
|
|
63 |
|
Changes
in assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts
receivable |
|
(15,804 |
) |
|
(13,403 |
) |
|
(26,156 |
) |
|
(16,123 |
) |
Prepaid
expenses and other assets |
|
(492 |
) |
|
408 |
|
|
(3,482 |
) |
|
(2,796 |
) |
Accounts
payable |
|
457 |
|
|
173 |
|
|
1,385 |
|
|
2,561 |
|
Accrued
expenses and other liabilities |
|
1,061 |
|
|
9,239 |
|
|
7,973 |
|
|
17,960 |
|
Accrued
author fees |
|
671 |
|
|
803 |
|
|
2,123 |
|
|
2,131 |
|
Deferred
revenue |
|
33,364 |
|
|
23,482 |
|
|
61,554 |
|
|
38,983 |
|
Net cash
provided by (used in) operating activities |
|
8,387 |
|
|
(1,323 |
) |
|
(5,896 |
) |
|
(12,139 |
) |
Investing
activities |
|
|
|
|
|
|
|
|
Purchases
of property and equipment |
|
(2,220 |
) |
|
(1,492 |
) |
|
(8,796 |
) |
|
(5,951 |
) |
Purchases
of content library |
|
(995 |
) |
|
(613 |
) |
|
(3,340 |
) |
|
(2,382 |
) |
Net cash
used in investing activities |
|
(3,215 |
) |
|
(2,105 |
) |
|
(12,136 |
) |
|
(8,333 |
) |
Financing
activities |
|
|
|
|
|
|
|
|
Proceeds
from initial public offering, net of underwriting discounts and
commissions |
|
— |
|
|
— |
|
|
332,080 |
|
|
— |
|
Payments
of costs related to initial public offering |
|
— |
|
|
(132 |
) |
|
(7,083 |
) |
|
(307 |
) |
Taxes
paid related to net share settlement |
|
(16,827 |
) |
|
— |
|
|
(16,905 |
) |
|
— |
|
Proceeds
from issuance of common stock from employee equity plans |
|
13,378 |
|
|
— |
|
|
13,378 |
|
|
— |
|
Borrowings of long-term debt |
|
— |
|
|
— |
|
|
20,000 |
|
|
115,000 |
|
Repayments of long-term debt |
|
— |
|
|
— |
|
|
(137,710 |
) |
|
(85,000 |
) |
Payments
of debt extinguishment costs |
|
— |
|
|
— |
|
|
(2,179 |
) |
|
— |
|
Payments
of debt issuance costs |
|
— |
|
|
(17 |
) |
|
(450 |
) |
|
(854 |
) |
Payments
to settle equity appreciation rights |
|
— |
|
|
— |
|
|
(325 |
) |
|
— |
|
Proceeds
from the issuance of common units, net of issuance costs |
|
— |
|
|
1,263 |
|
|
— |
|
|
4,399 |
|
Redemption of incentive units |
|
— |
|
|
(923 |
) |
|
— |
|
|
(3,724 |
) |
Other |
|
(4 |
) |
|
(4 |
) |
|
(17 |
) |
|
(16 |
) |
Net cash
(used in) provided by financing activities |
|
(3,453 |
) |
|
187 |
|
|
200,789 |
|
|
29,498 |
|
Effect of exchange rate
change on cash, cash equivalents, and restricted cash |
|
(27 |
) |
|
16 |
|
|
(163 |
) |
|
54 |
|
Net increase (decrease)
in cash, cash equivalents, and restricted cash |
|
1,692 |
|
|
(3,225 |
) |
|
182,594 |
|
|
9,080 |
|
Cash, cash equivalents,
and restricted cash, beginning of period |
|
209,379 |
|
|
31,702 |
|
|
28,477 |
|
|
19,397 |
|
Cash, cash equivalents,
and restricted cash, end of period |
|
$ |
211,071 |
|
|
$ |
28,477 |
|
|
$ |
211,071 |
|
|
$ |
28,477 |
|
Reconciliation
of cash, cash equivalents, and restricted cash: |
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
194,306 |
|
|
$ |
28,267 |
|
|
$ |
194,306 |
|
|
$ |
28,267 |
|
Restricted cash |
|
16,765 |
|
|
210 |
|
|
16,765 |
|
|
210 |
|
Total
cash, cash equivalents, and restricted cash |
|
$ |
211,071 |
|
|
$ |
28,477 |
|
|
$ |
211,071 |
|
|
$ |
28,477 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Relations Contact:Mark
McReynoldsInvestor
RelationsPluralsight801-784-9007ir@pluralsight.com
Media Contact:
DJ
AndersonCommunications/PressPluralsight801-784-9007dj@pluralsight.com
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