Pluralsight, Inc. (NASDAQ: PS), the enterprise technology skills
company, today announced financial results for the third quarter
ended September 30, 2019.
“We had a solid quarter and improved many of our
growth metrics demonstrating that the operational improvements we
put into motion at the beginning of the quarter are working. I’m
happy with the progress we made in the quarter, and recognize we
still have work to do,” said Aaron Skonnard, co-founder and CEO of
Pluralsight. “B2B billings grew 32%, total billings grew 28%,
revenue grew 34% and our guidance for 2019 remains inside the range
we provided and reiterated earlier in the year.”
Third Quarter Financial
Highlights
- Billings - Q3 2019 billings were $92.1
million, an increase of 28% period over period. Q3 2019 billings
from business customers were $80.7 million, an increase of 32%
period over period.
- Revenue - Q3 2019 revenue was $82.6 million,
an increase of 34% period over period.
- Gross margin - Q3 2019 gross margin was 78%,
compared to 75% in Q3 2018. Q3 2019 non-GAAP gross margin was 80%,
compared to 77% in Q3 2018.
- Net loss per share - GAAP net loss per share
for Q3 2019 was $0.32, compared to $0.26 in Q3 2018. Adjusted pro
forma net loss per share for Q3 2019 was $0.08, compared to $0.10
in Q3 2018.
- Cash flows - Cash used in operations was $2.2
million for Q3 2019, compared to cash provided by operations of
$1.9 million in Q3 2018. Free cash flow was negative $6.6 million
for Q3 2019, compared to negative free cash flow of $0.9 million in
Q3 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.
Financial Outlook
The following forward-looking statements reflect
Pluralsight's expectations as of October 30, 2019.
Full Year 2019 Guidance
- Revenue is expected to be in the range of $314 million to $316
million.
- Adjusted pro forma net loss per share is expected to be in the
range of $0.37 to $0.35, assuming weighted-average shares
outstanding of approximately 137 million.
Guidance for non-GAAP financial measures
excludes equity-based compensation, amortization of acquired
intangible assets, employer payroll taxes on employee stock
transactions, secondary offering costs, acquisition-related costs,
amortization of debt discount and issuance costs, 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 second quarter 2019 results
and outlook for its full year 2019, today at 2:30 p.m. Mountain
Time (4:30 p.m. Eastern Time).
| Date: |
October 30, 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: 2080527 |
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 2080527.
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
customers 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 full year 2019 and future periods. 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; our ability to successfully integrate GitPrime
into our platform; 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 to improve sales management and
execution; 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 Annual Report on Form
10-K/A filed with the SEC on June 27, 2019 and in our quarterly
report on Form 10-Q filed with the SEC on October 30, 2019, 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, less the change in
contract assets and unbilled accounts receivable in the period.
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
new and existing 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, employer
payroll taxes on employee stock transactions, secondary offering
costs, and acquisition-related costs.
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, secondary offering costs, acquisition-related
costs, amortization of debt discount and issuance costs, 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) provided by 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, |
| |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
| |
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
82,620 |
|
|
$ |
61,553 |
|
|
$ |
228,099 |
|
|
$ |
164,769 |
|
| Cost of revenue(1)(2) |
|
17,825 |
|
|
15,347 |
|
|
52,336 |
|
|
46,166 |
|
|
Gross profit |
|
64,795 |
|
|
46,206 |
|
|
175,763 |
|
|
118,603 |
|
| Operating expenses(1)(2): |
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
55,727 |
|
|
42,632 |
|
|
149,852 |
|
|
113,956 |
|
|
Technology and content |
|
27,799 |
|
|
18,137 |
|
|
72,829 |
|
|
49,858 |
|
|
General and administrative |
|
20,817 |
|
|
19,818 |
|
|
63,591 |
|
|
57,112 |
|
|
Total operating expenses |
|
104,343 |
|
|
80,587 |
|
|
286,272 |
|
|
220,926 |
|
|
Loss from operations |
|
(39,548 |
) |
|
(34,381 |
) |
|
(110,509 |
) |
|
(102,323 |
) |
| Other (expense) income: |
|
|
|
|
|
|
|
|
|
Interest expense |
|
(7,778 |
) |
|
(342 |
) |
|
(17,499 |
) |
|
(6,476 |
) |
|
Loss on debt extinguishment |
|
(950 |
) |
|
— |
|
|
(950 |
) |
|
(4,085 |
) |
|
Other income, net |
|
2,878 |
|
|
654 |
|
|
8,532 |
|
|
689 |
|
|
Loss before income taxes |
|
(45,398 |
) |
|
(34,069 |
) |
|
(120,426 |
) |
|
(112,195 |
) |
| Provision for income
taxes |
|
(404 |
) |
|
(254 |
) |
|
(701 |
) |
|
(506 |
) |
|
Net loss |
|
$ |
(45,802 |
) |
|
$ |
(34,323 |
) |
|
$ |
(121,127 |
) |
|
$ |
(112,701 |
) |
| Less: Net loss attributable to
non-controlling interests |
|
(13,073 |
) |
|
(17,980 |
) |
|
(39,763 |
) |
|
(31,890 |
) |
|
Net loss attributable to Pluralsight, Inc. |
|
$ |
(32,729 |
) |
|
$ |
(16,343 |
) |
|
$ |
(81,364 |
) |
|
$ |
(80,811 |
) |
| Less: Accretion of Series A
redeemable convertible preferred units |
|
— |
|
|
— |
|
|
— |
|
|
(176,275 |
) |
|
Net loss attributable to shares of Class A common stock |
|
$ |
(32,729 |
) |
|
$ |
(16,343 |
) |
|
$ |
(81,364 |
) |
|
$ |
(257,086 |
) |
| Net loss per share, basic and
diluted(3) |
|
$ |
(0.32 |
) |
|
$ |
(0.26 |
) |
|
$ |
(0.89 |
) |
|
$ |
(0.47 |
) |
| Weighted-average shares of
Class A common stock used in computing basic and diluted net loss
per share(3) |
|
101,407 |
|
|
62,472 |
|
|
91,741 |
|
|
62,400 |
|
(1) Includes equity-based compensation as
follows:
| |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
| |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
| |
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
$ |
138 |
|
|
$ |
56 |
|
|
$ |
355 |
|
|
$ |
145 |
|
| Sales and marketing |
|
8,739 |
|
|
5,612 |
|
|
22,967 |
|
|
13,507 |
|
| Technology and content |
|
6,666 |
|
|
3,700 |
|
|
15,513 |
|
|
8,652 |
|
| General and administrative |
|
9,114 |
|
|
11,262 |
|
|
28,822 |
|
|
30,678 |
|
|
Total equity-based compensation |
|
$ |
24,657 |
|
|
$ |
20,630 |
|
|
$ |
67,657 |
|
|
$ |
52,982 |
|
(2) Includes amortization of acquired intangible
assets as follows:
| |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
| |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
| |
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
$ |
1,209 |
|
|
$ |
880 |
|
|
$ |
2,436 |
|
|
$ |
6,803 |
|
| Sales and marketing |
|
50 |
|
|
— |
|
|
79 |
|
|
389 |
|
| Technology and content |
|
176 |
|
|
176 |
|
|
529 |
|
|
529 |
|
|
Total amortization of acquired intangible assets |
|
$ |
1,435 |
|
|
$ |
1,056 |
|
|
$ |
3,044 |
|
|
$ |
7,721 |
|
(3) Net loss per share, basic and diluted and weighted-average
common shares used in computing basic and diluted net loss per
share for the nine months ended September 30, 2019 reflect only the
activity for the portion of the period following Pluralsight,
Inc.'s initial public offering and the related reorganization
transactions.
PLURALSIGHT, INC.
Key Business Metrics and Non-GAAP
Financial Measures(dollars in thousands)(unaudited)
Key Business Metrics
| |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
| |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
| |
|
|
|
|
|
|
|
|
|
Billings |
|
$ |
92,123 |
|
|
$ |
72,243 |
|
|
$ |
250,603 |
|
|
$ |
192,959 |
|
|
Billings from business customers |
|
$ |
80,707 |
|
|
$ |
61,143 |
|
|
$ |
216,967 |
|
|
$ |
161,018 |
|
|
% of billings from business customers |
|
88 |
% |
|
85 |
% |
|
87 |
% |
|
83 |
% |
Non-GAAP Financial Measures
| |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
| |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
| |
|
|
|
|
|
|
|
|
| Reconciliation of
gross profit to non-GAAP gross profit: |
|
|
|
|
|
|
|
|
|
Gross profit |
|
$ |
64,795 |
|
|
$ |
46,206 |
|
|
$ |
175,763 |
|
|
$ |
118,603 |
|
| Equity-based compensation |
|
138 |
|
|
56 |
|
|
355 |
|
|
145 |
|
| Amortization of acquired
intangible assets |
|
1,209 |
|
|
880 |
|
|
2,436 |
|
|
6,803 |
|
| Employer payroll taxes on
employee stock transactions |
|
2 |
|
|
— |
|
|
18 |
|
|
— |
|
|
Non-GAAP gross profit |
|
$ |
66,144 |
|
|
$ |
47,142 |
|
|
$ |
178,572 |
|
|
$ |
125,551 |
|
| Gross margin |
|
78 |
% |
|
75 |
% |
|
77 |
% |
|
72 |
% |
| Non-GAAP gross margin |
|
80 |
% |
|
77 |
% |
|
78 |
% |
|
76 |
% |
| Reconciliation of loss
from operations to non-GAAP operating loss: |
|
|
|
|
|
|
|
|
| Loss from operations |
|
$ |
(39,548 |
) |
|
$ |
(34,381 |
) |
|
$ |
(110,509 |
) |
|
$ |
(102,323 |
) |
| Equity-based compensation |
|
24,657 |
|
|
20,630 |
|
|
67,657 |
|
|
52,982 |
|
| Amortization of acquired
intangible assets |
|
1,435 |
|
|
1,056 |
|
|
3,044 |
|
|
7,721 |
|
| Employer payroll taxes on
employee stock transactions |
|
333 |
|
|
— |
|
|
3,106 |
|
|
— |
|
| Secondary offering costs |
|
— |
|
|
— |
|
|
918 |
|
|
— |
|
| Acquisition-related costs |
|
— |
|
|
— |
|
|
835 |
|
|
— |
|
|
Non-GAAP operating loss |
|
$ |
(13,123 |
) |
|
$ |
(12,695 |
) |
|
$ |
(34,949 |
) |
|
$ |
(41,620 |
) |
| |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
| |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
| |
|
|
|
|
|
|
|
|
| Adjusted pro forma net
loss per share |
|
|
|
|
|
|
|
|
| Numerator: |
|
|
|
|
|
|
|
|
|
GAAP net loss attributable to shares of Class A common stock |
|
$ |
(32,729 |
) |
|
$ |
(16,343 |
) |
|
$ |
(81,364 |
) |
|
$ |
(257,086 |
) |
| Accretion of Series A redeemable
convertible preferred units |
|
— |
|
|
— |
|
|
— |
|
|
176,275 |
|
| Reallocation of net loss
attributable to non-controlling interests from the assumed exchange
of LLC Units of Pluralsight Holdings for Class A common stock |
|
(13,073 |
) |
|
(17,980 |
) |
|
(39,763 |
) |
|
(31,890 |
) |
| Equity-based compensation |
|
24,657 |
|
|
20,630 |
|
|
67,657 |
|
|
52,982 |
|
| Amortization of acquired
intangibles |
|
1,435 |
|
|
1,056 |
|
|
3,044 |
|
|
7,721 |
|
| Employer payroll taxes on
employee stock transactions |
|
333 |
|
|
— |
|
|
3,106 |
|
|
— |
|
| Secondary offering costs |
|
— |
|
|
— |
|
|
918 |
|
|
— |
|
| Acquisition-related costs |
|
— |
|
|
— |
|
|
835 |
|
|
— |
|
| Amortization of debt discount and
issuance costs |
|
6,826 |
|
|
— |
|
|
15,120 |
|
|
126 |
|
| Loss on debt extinguishment |
|
950 |
|
|
— |
|
|
950 |
|
|
4,085 |
|
|
Adjusted pro forma net loss |
|
$ |
(11,601 |
) |
|
$ |
(12,637 |
) |
|
$ |
(29,497 |
) |
|
$ |
(47,787 |
) |
|
Denominator: |
|
|
|
|
|
|
|
|
| Weighted-average shares of Class
A common stock outstanding |
|
101,407 |
|
|
62,472 |
|
|
91,741 |
|
|
31,314 |
|
| Weighted-average LLC Units of
Pluralsight Holdings that are convertible into Class A common
stock |
|
36,791 |
|
|
68,734 |
|
|
44,834 |
|
|
58,529 |
|
|
Adjusted pro forma weighted-average common shares outstanding,
basic and diluted |
|
138,198 |
|
|
131,206 |
|
|
136,575 |
|
|
89,843 |
|
|
Adjusted pro forma net loss per share |
|
$ |
(0.08 |
) |
|
$ |
(0.10 |
) |
|
$ |
(0.22 |
) |
|
$ |
(0.53 |
) |
| Reconciliation of net
cash (used in) provided by operating activities to free cash
flow: |
|
|
|
|
|
|
|
|
|
Net cash (used in) provided by operating activities |
|
$ |
(2,171 |
) |
|
$ |
1,934 |
|
|
$ |
(3,812 |
) |
|
$ |
(14,283 |
) |
| Less: Purchases of property and
equipment |
|
(3,029 |
) |
|
(2,002 |
) |
|
(7,619 |
) |
|
(6,576 |
) |
| Less: Purchases of content
library |
|
(1,381 |
) |
|
(841 |
) |
|
(3,822 |
) |
|
(2,345 |
) |
|
Free cash flow |
|
$ |
(6,581 |
) |
|
$ |
(909 |
) |
|
$ |
(15,253 |
) |
|
$ |
(23,204 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PLURALSIGHT, INC.
Condensed Consolidated Balance
Sheets(in thousands)(unaudited)
| |
|
September 30, 2019 |
|
December 31, 2018 |
| |
|
|
|
|
| Assets |
|
|
|
|
| Current assets: |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
120,871 |
|
|
$ |
194,306 |
|
|
Short-term investments |
|
328,602 |
|
|
— |
|
|
Accounts receivable, net |
|
63,001 |
|
|
63,436 |
|
|
Deferred contract acquisition costs, net |
|
17,128 |
|
|
— |
|
|
Prepaid expenses and other current assets |
|
12,664 |
|
|
8,323 |
|
|
Total current assets |
|
542,266 |
|
|
266,065 |
|
| Restricted cash |
|
27,748 |
|
|
16,765 |
|
| Long-term investments |
|
84,210 |
|
|
— |
|
| Property and equipment,
net |
|
56,471 |
|
|
31,641 |
|
| Content library, net |
|
8,207 |
|
|
7,050 |
|
| Intangible assets, net |
|
24,057 |
|
|
1,759 |
|
| Goodwill |
|
261,622 |
|
|
123,119 |
|
| Deferred contract acquisition
costs, noncurrent, net |
|
4,435 |
|
|
— |
|
| Other assets |
|
1,530 |
|
|
1,064 |
|
|
Total assets |
|
$ |
1,010,546 |
|
|
$ |
447,463 |
|
| Liabilities and
stockholders' equity |
|
|
|
|
| Current liabilities: |
|
|
|
|
|
Accounts payable |
|
$ |
4,664 |
|
|
$ |
7,160 |
|
|
Accrued expenses |
|
37,635 |
|
|
32,047 |
|
|
Accrued author fees |
|
11,294 |
|
|
10,002 |
|
|
Deferred revenue |
|
177,523 |
|
|
157,695 |
|
|
Total current liabilities |
|
231,116 |
|
|
206,904 |
|
| Deferred revenue,
noncurrent |
|
17,586 |
|
|
14,886 |
|
| Convertible senior notes,
net |
|
463,656 |
|
|
— |
|
| Facility financing
obligations |
|
38,225 |
|
|
15,777 |
|
| Other liabilities |
|
2,157 |
|
|
1,303 |
|
|
Total liabilities |
|
752,740 |
|
|
238,870 |
|
| Stockholders' equity: |
|
|
|
|
|
Preferred stock |
|
— |
|
|
— |
|
|
Class A common stock |
|
10 |
|
|
7 |
|
|
Class B common stock |
|
2 |
|
|
6 |
|
|
Class C common stack |
|
1 |
|
|
1 |
|
|
Additional paid-in capital |
|
615,713 |
|
|
456,899 |
|
|
Accumulated other comprehensive income (loss) |
|
185 |
|
|
(41 |
) |
|
Accumulated deficit |
|
(426,777 |
) |
|
(355,446 |
) |
|
Total stockholders’ equity attributable to Pluralsight, Inc. |
|
189,134 |
|
|
101,426 |
|
|
Non-controlling interests |
|
68,672 |
|
|
107,167 |
|
|
Total stockholders’ equity |
|
257,806 |
|
|
208,593 |
|
|
Total liabilities and stockholders' equity |
|
$ |
1,010,546 |
|
|
$ |
447,463 |
|
PLURALSIGHT, INC.
Condensed Consolidated Statements of Cash
Flows(in thousands)(unaudited)
| |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
| |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
| |
|
|
|
|
|
|
|
|
| Operating
activities |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(45,802 |
) |
|
$ |
(34,323 |
) |
|
$ |
(121,127 |
) |
|
$ |
(112,701 |
) |
|
Adjustments to reconcile net loss to net cash (used in) provided by
operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation of property and equipment |
|
2,275 |
|
|
1,973 |
|
|
6,471 |
|
|
6,331 |
|
|
Amortization of acquired intangible assets |
|
1,435 |
|
|
1,056 |
|
|
3,044 |
|
|
7,721 |
|
|
Amortization of course creation costs |
|
651 |
|
|
507 |
|
|
1,841 |
|
|
1,437 |
|
|
Equity-based compensation |
|
24,657 |
|
|
20,630 |
|
|
67,657 |
|
|
52,982 |
|
|
Amortization of deferred contract acquisition costs |
|
6,006 |
|
|
— |
|
|
17,317 |
|
|
— |
|
|
Amortization of debt discount and issuance costs |
|
6,826 |
|
|
— |
|
|
15,120 |
|
|
1,215 |
|
|
Investment discount and premium amortization, net |
|
(1,065 |
) |
|
— |
|
|
(1,771 |
) |
|
— |
|
|
Loss on debt extinguishment |
|
950 |
|
|
— |
|
|
950 |
|
|
4,085 |
|
|
Other |
|
(478 |
) |
|
118 |
|
|
(178 |
) |
|
507 |
|
|
Changes in assets and liabilities, net of acquired assets and
liabilities: |
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
(5,258 |
) |
|
(11,687 |
) |
|
1,858 |
|
|
(10,352 |
) |
|
Deferred contract acquisition costs |
|
(7,238 |
) |
|
|
|
(18,668 |
) |
|
— |
|
|
Prepaid expenses and other assets |
|
534 |
|
|
868 |
|
|
(3,660 |
) |
|
(2,990 |
) |
|
Accounts payable |
|
(3,556 |
) |
|
1,516 |
|
|
(2,486 |
) |
|
928 |
|
|
Accrued expenses and other liabilities |
|
8,441 |
|
|
9,751 |
|
|
6,067 |
|
|
6,912 |
|
|
Accrued author fees |
|
(7 |
) |
|
835 |
|
|
1,292 |
|
|
1,452 |
|
|
Deferred revenue |
|
9,458 |
|
|
10,690 |
|
|
22,461 |
|
|
28,190 |
|
|
Net cash (used in) provided by operating activities |
|
(2,171 |
) |
|
1,934 |
|
|
(3,812 |
) |
|
(14,283 |
) |
| Investing
activities |
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
(3,029 |
) |
|
(2,002 |
) |
|
(7,619 |
) |
|
(6,576 |
) |
|
Purchases of content library |
|
(1,381 |
) |
|
(841 |
) |
|
(3,822 |
) |
|
(2,345 |
) |
|
Cash paid for acquisition, net of cash acquired |
|
100 |
|
|
— |
|
|
(163,771 |
) |
|
— |
|
|
Purchases of investments |
|
(212,573 |
) |
|
— |
|
|
(529,653 |
) |
|
— |
|
|
Proceeds from sales of investments |
|
— |
|
|
— |
|
|
4,967 |
|
|
— |
|
|
Proceeds from maturities of short-term investments |
|
112,995 |
|
|
— |
|
|
112,995 |
|
|
— |
|
|
Net cash used in investing activities |
|
(103,888 |
) |
|
(2,843 |
) |
|
(586,903 |
) |
|
(8,921 |
) |
| Financing
activities |
|
|
|
|
|
|
|
|
|
Proceeds from issuance of convertible senior notes, net of discount
and issuance costs |
|
— |
|
|
— |
|
|
616,654 |
|
|
— |
|
|
Purchase of capped calls related to issuance of convertible senior
notes |
|
— |
|
|
— |
|
|
(69,432 |
) |
|
— |
|
|
Repurchases of convertible senior notes |
|
(35,000 |
) |
|
— |
|
|
(35,000 |
) |
|
— |
|
|
Proceeds from terminations of capped calls related to repurchases
of convertible senior notes |
|
1,284 |
|
|
— |
|
|
1,284 |
|
|
— |
|
|
Proceeds from issuance of common stock from employee equity
plans |
|
245 |
|
|
— |
|
|
14,876 |
|
|
— |
|
|
Proceeds from initial public offering, net of underwriting
discounts and commissions |
|
— |
|
|
— |
|
|
— |
|
|
332,080 |
|
|
Payments of costs related to initial public offering |
|
— |
|
|
(3,998 |
) |
|
— |
|
|
(7,083 |
) |
|
Borrowings of long-term debt |
|
— |
|
|
— |
|
|
— |
|
|
20,000 |
|
|
Repayments of long-term debt |
|
— |
|
|
— |
|
|
— |
|
|
(137,710 |
) |
|
Payments of debt extinguishment costs |
|
— |
|
|
(17 |
) |
|
— |
|
|
(2,179 |
) |
|
Payments of debt issuance costs |
|
— |
|
|
— |
|
|
— |
|
|
(450 |
) |
|
Payments to settle equity appreciation rights |
|
— |
|
|
— |
|
|
— |
|
|
(325 |
) |
|
Taxes paid related to net share settlement |
|
— |
|
|
— |
|
|
— |
|
|
(78 |
) |
|
Other |
|
(4 |
) |
|
(5 |
) |
|
(10 |
) |
|
(13 |
) |
|
Net cash (used in) provided by financing activities |
|
(33,475 |
) |
|
(4,020 |
) |
|
528,372 |
|
|
204,242 |
|
| Effect of exchange rate changes
on cash, cash equivalents, and restricted cash |
|
(130 |
) |
|
(50 |
) |
|
(109 |
) |
|
(136 |
) |
| Net (decrease) increase in cash,
cash equivalents, and restricted cash |
|
(139,664 |
) |
|
(4,979 |
) |
|
(62,452 |
) |
|
180,902 |
|
| Cash, cash equivalents, and
restricted cash, beginning of period |
|
288,283 |
|
|
214,358 |
|
|
211,071 |
|
|
28,477 |
|
| Cash, cash equivalents, and
restricted cash, end of period |
|
$ |
148,619 |
|
|
$ |
209,379 |
|
|
$ |
148,619 |
|
|
$ |
209,379 |
|
Investor Relations Contact:Mark
McReynoldsInvestor
RelationsPluralsight801-784-9007ir@pluralsight.com
Media Contact:DJ
AndersonCommunications/PressPluralsight801-784-9007dj@pluralsight.com
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