PS - Pluralsight Announces Fourth Quarter 2020 Results
SILICON SLOPES, Utah, Feb. 10, 2021 (GLOBE NEWSWIRE) -- Pluralsight, Inc. (NASDAQ: PS), the technology workforce development company, today announced financial results for the fourth quarter and year ended December 31, 2020.
Fourth Quarter Financial Highlights
- Billings - Q4 2020 billings were $151.1 million, an increase of 18% period over period. Q4 2020 billings from business customers were $134.0 million, an increase of 18% period over period.
- Revenue - Q4 2020 revenue was $105.0 million, an increase of 18% period over period.
- Gross margin - Q4 2020 gross margin was 78%, compared to 79% in Q4 2019. Q4 2020 and Q4 2019 non-GAAP gross margin was 80%.
- Net loss per share - GAAP net loss per share for Q4 2020 was $0.30, compared to $0.31 in Q4 2019. Adjusted pro forma net loss per share for Q4 2020 was $0.01, compared to $0.09 in Q4 2019.
- Cash flows - Cash provided by operations was $2.4 million for Q4 2020, compared to cash used in operations of $7.9 million in Q4 2019. Free cash flow was negative $4.0 million for Q4 2020, compared to negative $13.0 million in Q4 2019.
Full Year 2020 Financial Highlights
- Billings - 2020 billings were $430.4 million, an increase of 14% year over year. 2020 billings from business customers were $380.8 million, an increase of 15% year over year.
- Revenue - 2020 revenue was $391.9 million, an increase of 24% year over year.
- Gross margin - 2020 gross margin was 79%, compared to 77% in 2019. 2020 non-GAAP gross margin was 81%, compared to 79% in 2019.
- Net loss per share - GAAP net loss per share for 2020 was $1.15, compared to $1.19 in 2019. Adjusted pro forma net loss per share for 2020 was $0.12, compared to $0.30 in 2019.
- Cash flows - Cash provided by operations was $9.1 million for 2020, compared to cash used in operations of $11.7 million in 2019. Free cash flow was negative $34.2 million for 2020, compared to negative $28.2 million in 2019.
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.
About Pluralsight
Pluralsight is the leading technology workforce development company that helps companies and teams build better products by developing critical skills, improving processes and gaining insights through data, and providing strategic skills consulting. Trusted by forward-thinking companies of every size in every industry, Pluralsight helps individuals and businesses transform with technology. Pluralsight Skills helps enterprises build technology skills at scale with expert-authored courses on today’s most important technologies, including cloud, artificial intelligence and machine learning, data science, and security, among others. Skills also includes tools to align skill development with business objectives, virtual instructor-led training, hands-on labs, skill assessments and one-of-a-kind analytics. Flow complements Skills by providing engineering teams with actionable data and visibility into workflow patterns to accelerate the delivery of products and services. For more information about Pluralsight, visit pluralsight.com.
Pluralsight and the Pluralsight logo are trademarks of Pluralsight, LLC in the United States and in jurisdictions throughout the world.
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 expenses, 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 expenses. We define non-GAAP operating expenses as operating expenses less equity-based compensation, amortization of acquired intangible assets, and employer payroll taxes on employee stock transactions, and, as applicable, other special items including acquisition-related costs.
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, and, as applicable, other special items including 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, amortization of debt discount and issuance costs, and, as applicable, other special items including acquisition-related costs. 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, |
| 2020 |
| 2019 |
| 2020 |
| 2019 |
| Revenue |
| $ |
| 104,989 |
| $ |
| 88,811 |
| $ |
| 391,865 |
| $ |
| 316,910 |
| Cost of revenue (1)(2) |
| 23,401 |
| 19,009 |
| 82,552 |
| 71,353 |
| Gross profit |
| 81,588 |
| 69,802 |
| 309,313 |
| 245,557 |
| Operating expenses (1)(2) : |
| Sales and marketing |
| 60,785 |
| 57,071 |
| 238,165 |
| 207,085 |
| Technology and content |
| 29,782 |
| 29,965 |
| 118,785 |
| 102,902 |
| General and administrative |
| 28,918 |
| 21,950 |
| 95,651 |
| 85,560 |
| Total operating expenses |
| 119,485 |
| 108,986 |
| 452,601 |
| 395,547 |
| Loss from operations |
| (37,897 |
| ) |
| (39,184 |
| ) |
| (143,288 |
| ) |
| (149,990 |
| ) |
| Other income (expense): |
| Interest expense |
| (7,523 |
| ) |
| (7,129 |
| ) |
| (29,322 |
| ) |
| (23,565 |
| ) |
| Loss on debt extinguishment |
| — |
| — |
| — |
| (950 |
| ) |
| Other income, net |
| 1,982 |
| 2,966 |
| 8,411 |
| 11,749 |
| Loss before income taxes |
| (43,438 |
| ) |
| (43,347 |
| ) |
| (164,199 |
| ) |
| (162,756 |
| ) |
| Income tax benefit (expense) |
| 361 |
| (122 |
| ) |
| 108 |
| (823 |
| ) |
| Net loss |
| $ |
| (43,077 |
| ) |
| $ |
| (43,469 |
| ) |
| $ |
| (164,091 |
| ) |
| $ |
| (163,579 |
| ) |
| Less: Net loss attributable to non-controlling interests |
| (7,606 |
| ) |
| (11,492 |
| ) |
| (36,011 |
| ) |
| (50,921 |
| ) |
| Net loss attributable to Pluralsight, Inc. |
| $ |
| (35,471 |
| ) |
| $ |
| (31,977 |
| ) |
| $ |
| (128,080 |
| ) |
| $ |
| (112,658 |
| ) |
| Net loss per share, basic and diluted |
| $ |
| (0.30 |
| ) |
| $ |
| (0.31 |
| ) |
| $ |
| (1.15 |
| ) |
| $ |
| (1.19 |
| ) |
| Weighted-average shares of Class A common stock used in computing basic and diluted net loss per share |
| 120,133 |
| 102,747 |
| 111,798 |
| 94,515 |
(1) Includes equity-based compensation as follows:
| Three Months Ended December 31, |
| Year Ended December 31, |
| 2020 |
| 2019 |
| 2020 |
| 2019 |
| Cost of revenue |
| $ |
| 335 |
| $ |
| 193 |
| $ |
| 1,213 |
| $ |
| 548 |
| Sales and marketing |
| 9,860 |
| 7,710 |
| 41,168 |
| 30,677 |
| Technology and content |
| 6,641 |
| 5,917 |
| 26,222 |
| 21,430 |
| General and administrative |
| 6,800 |
| 8,960 |
| 31,250 |
| 37,782 |
| Total equity-based compensation |
| $ |
| 23,636 |
| $ |
| 22,780 |
| $ |
| 99,853 |
| $ |
| 90,437 |
(2) Includes amortization of acquired intangible assets as follows:
| Three Months Ended December 31, |
| Year Ended December 31, |
| 2020 |
| 2019 |
| 2020 |
| 2019 |
| Cost of revenue |
| $ |
| 1,832 |
| $ |
| 1,209 |
| $ |
| 5,458 |
| $ |
| 3,645 |
| Sales and marketing |
| 146 |
| 50 |
| 296 |
| 129 |
| Technology and content |
| 121 |
| 176 |
| 580 |
| 705 |
| Total amortization of acquired intangible assets |
| $ |
| 2,099 |
| $ |
| 1,435 |
| $ |
| 6,334 |
| $ |
| 4,479 |
PLURALSIGHT, INC.
Key Business Metrics and Non-GAAP Financial Measures
(dollars in thousands)
(unaudited)
Key Business Metrics
| Three Months Ended December 31, |
| Year Ended December 31, |
| 2020 |
| 2019 |
| 2020 |
| 2019 |
| Billings |
| $ |
| 151,088 |
| $ |
| 128,448 |
| $ |
| 430,422 |
| $ |
| 379,051 |
| Billings from business customers |
| $ |
| 134,022 |
| $ |
| 113,176 |
| $ |
| 380,788 |
| $ |
| 330,143 |
| % of billings from business customers |
| 89 |
| % |
| 88 |
| % |
| 88 |
| % |
| 87 |
| % |
Non-GAAP Financial Measures
| Three Months Ended December 31, |
| Year Ended December 31, |
| 2020 |
| 2019 |
| 2020 |
| 2019 |
| Reconciliation of gross profit to non-GAAP gross profit: |
| Gross profit |
| $ |
| 81,588 |
| $ |
| 69,802 |
| $ |
| 309,313 |
| $ |
| 245,557 |
| Equity-based compensation |
| 335 |
| 193 |
| 1,213 |
| 548 |
| Amortization of acquired intangible assets |
| 1,832 |
| 1,209 |
| 5,458 |
| 3,645 |
| Employer payroll taxes on employee stock transactions |
| 12 |
| 5 |
| 54 |
| 23 |
| Non-GAAP gross profit |
| $ |
| 83,767 |
| $ |
| 71,209 |
| $ |
| 316,038 |
| $ |
| 249,773 |
| Gross margin |
| 78 |
| % |
| 79 |
| % |
| 79 |
| % |
| 77 |
| % |
| Non-GAAP gross margin |
| 80 |
| % |
| 80 |
| % |
| 81 |
| % |
| 79 |
| % |
PLURALSIGHT, INC.
Key Business Metrics and Non-GAAP Financial Measures (cont.)
(dollars in thousands)
(unaudited)
| Three Months Ended December 31, |
| Year Ended December 31, |
| 2020 |
| 2019 |
| 2020 |
| 2019 |
| Reconciliation of operating expenses to non-GAAP operating expenses: |
| Sales and marketing |
| $ |
| 60,785 |
| $ |
| 57,071 |
| $ |
| 238,165 |
| $ |
| 207,085 |
| Less: Equity-based compensation |
| (9,860 |
| ) |
| (7,710 |
| ) |
| (41,168 |
| ) |
| (30,677 |
| ) |
| Less: Amortization of acquired intangible assets |
| (146 |
| ) |
| (50 |
| ) |
| (296 |
| ) |
| (129 |
| ) |
| Less: Employer payroll taxes on employee stock transactions |
| (169 |
| ) |
| (81 |
| ) |
| (1,151 |
| ) |
| (1,293 |
| ) |
| Non-GAAP sales and marketing |
| $ |
| 50,610 |
| $ |
| 49,230 |
| $ |
| 195,550 |
| $ |
| 174,986 |
| Sales and marketing as a percentage of revenue |
| 58 |
| % |
| 64 |
| % |
| 61 |
| % |
| 65 |
| % |
| Non-GAAP sales and marketing as a percentage of revenue |
| 48 |
| % |
| 55 |
| % |
| 50 |
| % |
| 55 |
| % |
| Technology and content |
| $ |
| 29,782 |
| $ |
| 29,965 |
| $ |
| 118,785 |
| $ |
| 102,902 |
| Less: Equity-based compensation |
| (6,641 |
| ) |
| (5,917 |
| ) |
| (26,222 |
| ) |
| (21,430 |
| ) |
| Less: Amortization of acquired intangible assets |
| (121 |
| ) |
| (176 |
| ) |
| (580 |
| ) |
| (705 |
| ) |
| Less: Employer payroll taxes on employee stock transactions |
| (121 |
| ) |
| (94 |
| ) |
| (1,165 |
| ) |
| (1,073 |
| ) |
| Non-GAAP technology and content |
| $ |
| 22,899 |
| $ |
| 23,778 |
| $ |
| 90,818 |
| $ |
| 79,694 |
| Technology and content as a percentage of revenue |
| 28 |
| % |
| 34 |
| % |
| 30 |
| % |
| 32 |
| % |
| Non-GAAP technology and content as a percentage of revenue |
| 22 |
| % |
| 27 |
| % |
| 23 |
| % |
| 25 |
| % |
| General and administrative |
| $ |
| 28,918 |
| $ |
| 21,950 |
| $ |
| 95,651 |
| $ |
| 85,560 |
| Less: Equity-based compensation |
| (6,800 |
| ) |
| (8,960 |
| ) |
| (31,250 |
| ) |
| (37,782 |
| ) |
| Less: Employer payroll taxes on employee stock transactions |
| (156 |
| ) |
| (142 |
| ) |
| (1,008 |
| ) |
| (1,039 |
| ) |
| Less: Secondary offering costs |
| — |
| — |
| (1,260 |
| ) |
| (918 |
| ) |
| Less: Acquisition-related costs |
| (8,097 |
| ) |
| — |
| (8,438 |
| ) |
| (835 |
| ) |
| Non-GAAP general and administrative |
| $ |
| 13,865 |
| $ |
| 12,848 |
| $ |
| 53,695 |
| $ |
| 44,986 |
| General and administrative as a percentage of revenue |
| 28 |
| % |
| 25 |
| % |
| 24 |
| % |
| 27 |
| % |
| Non-GAAP general and administrative as a percentage of revenue |
| 13 |
| % |
| 14 |
| % |
| 14 |
| % |
| 14 |
| % |
| Reconciliation of loss from operations to non-GAAP operating loss: |
| Loss from operations |
| $ |
| (37,897 |
| ) |
| $ |
| (39,184 |
| ) |
| $ |
| (143,288 |
| ) |
| $ |
| (149,990 |
| ) |
| Equity-based compensation |
| 23,636 |
| 22,780 |
| 99,853 |
| 90,437 |
| Amortization of acquired intangible assets |
| 2,099 |
| 1,435 |
| 6,334 |
| 4,479 |
| Employer payroll taxes on employee stock transactions |
| 458 |
| 322 |
| 3,378 |
| 3,428 |
| Secondary offering costs |
| — |
| — |
| 1,260 |
| 918 |
| Acquisition-related costs |
| 8,097 |
| — |
| 8,438 |
| 835 |
| Non-GAAP operating loss |
| $ |
| (3,607 |
| ) |
| $ |
| (14,647 |
| ) |
| $ |
| (24,025 |
| ) |
| $ |
| (49,893 |
| ) |
PLURALSIGHT, INC.
Key Business Metrics and Non-GAAP Financial Measures (cont.)
(in thousands, except per share amounts)
(unaudited)
| Three Months Ended December 31, |
| Year Ended December 31, |
| 2020 |
| 2019 |
| 2020 |
| 2019 |
| Adjusted pro forma net loss per share |
| Numerator: |
| Net loss attributable to Pluralsight, Inc. |
| $ |
| (35,471 |
| ) |
| $ |
| (31,977 |
| ) |
| $ |
| (128,080 |
| ) |
| $ |
| (112,658 |
| ) |
| Net loss attributable to non-controlling interests |
| (7,606 |
| ) |
| (11,492 |
| ) |
| (36,011 |
| ) |
| (50,921 |
| ) |
| Equity-based compensation |
| 23,636 |
| 22,780 |
| 99,853 |
| 90,437 |
| Amortization of acquired intangibles |
| 2,099 |
| 1,435 |
| 6,334 |
| 4,479 |
| Employer payroll taxes on employee stock transactions |
| 458 |
| 322 |
| 3,378 |
| 3,428 |
| Secondary offering costs |
| — |
| — |
| 1,260 |
| 918 |
| Acquisition-related costs |
| 8,097 |
| — |
| 8,438 |
| 835 |
| Amortization of debt discount and issuance costs |
| 6,949 |
| 6,571 |
| 27,077 |
| 21,691 |
| Loss on debt extinguishment |
| — |
| — |
| — |
| 950 |
| Adjusted pro forma net loss |
| $ |
| (1,838 |
| ) |
| $ |
| (12,361 |
| ) |
| $ |
| (17,751 |
| ) |
| $ |
| (40,841 |
| ) |
| Denominator: |
| Weighted-average shares of Class A common stock outstanding |
| 120,133 |
| 102,747 |
| 111,798 |
| 94,515 |
| Weighted-average LLC Units of Pluralsight Holdings that are convertible into Class A common stock |
| 25,446 |
| 36,447 |
| 31,434 |
| 42,720 |
| Adjusted pro forma weighted-average common shares outstanding, basic and diluted |
| 145,579 |
| 139,194 |
| 143,232 |
| 137,235 |
| Adjusted pro forma net loss per share |
| $ |
| (0.01 |
| ) |
| $ |
| (0.09 |
| ) |
| $ |
| (0.12 |
| ) |
| $ |
| (0.30 |
| ) |
| Reconciliation of net cash provided by (used in) operating activities to free cash flow: |
| Net cash provided by (used in) operating activities |
| $ |
| 2,397 |
| $ |
| (7,906 |
| ) |
| $ |
| 9,090 |
| $ |
| (11,729 |
| ) |
| Less: Purchases of property and equipment (1) |
| (4,212 |
| ) |
| (3,562 |
| ) |
| (35,438 |
| ) |
| (11,181 |
| ) |
| Less: Purchases of content library |
| (2,213 |
| ) |
| (1,504 |
| ) |
| (7,809 |
| ) |
| (5,326 |
| ) |
| Free cash flow |
| $ |
| (4,028 |
| ) |
| $ |
| (12,972 |
| ) |
| $ |
| (34,157 |
| ) |
| $ |
| (28,236 |
| ) |
(1) Purchases of property and equipment includes cash paid for the construction of tenant improvements at our new headquarters in Utah of approximately $1.2 million and $24.1 million for the three months and year ended December 31, 2020, respectively.
PLURALSIGHT, INC.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
| December 31, 2020 |
| December 31, 2019 |
| Assets |
| Current assets: |
| Cash and cash equivalents |
| $ |
| 134,395 |
| $ |
| 90,515 |
| Short-term investments |
| 265,220 |
| 332,234 |
| Accounts receivable, net |
| 118,808 |
| 101,576 |
| Deferred contract acquisition costs |
| 22,910 |
| 18,331 |
| Prepaid expenses and other current assets |
| 25,033 |
| 14,174 |
| Total current assets |
| 566,366 |
| 556,830 |
| Restricted cash and cash equivalents |
| 17,546 |
| 28,916 |
| Long-term investments |
| 86,586 |
| 105,805 |
| Property and equipment, net |
| 64,518 |
| 22,896 |
| Right-of-use assets |
| 61,157 |
| 15,804 |
| Content library, net |
| 28,890 |
| 8,958 |
| Intangible assets, net |
| 18,488 |
| 22,631 |
| Goodwill |
| 293,863 |
| 262,532 |
| Deferred contract acquisition costs, noncurrent |
| 10,553 |
| 5,982 |
| Other assets |
| 3,166 |
| 1,599 |
| Total assets |
| $ |
| 1,151,133 |
| $ |
| 1,031,953 |
| Liabilities and stockholders' equity |
| Current liabilities: |
| Accounts payable |
| $ |
| 9,697 |
| $ |
| 10,615 |
| Accrued expenses |
| 57,884 |
| 40,703 |
| Accrued author fees |
| 12,111 |
| 11,694 |
| Lease liabilities |
| 10,350 |
| 5,752 |
| Deferred revenue |
| 252,423 |
| 215,137 |
| Total current liabilities |
| 342,465 |
| 283,901 |
| Deferred revenue, noncurrent |
| 23,863 |
| 19,517 |
| Convertible senior notes, net |
| 497,305 |
| 470,228 |
| Lease liabilities, noncurrent |
| 74,421 |
| 11,167 |
| Contingent consideration liabilities |
| 11,050 |
| — |
| Other liabilities |
| 259 |
| 980 |
| Total liabilities |
| 949,363 |
| 785,793 |
| Stockholders' equity: |
| Preferred stock |
| — |
| — |
| Class A common stock |
| 12 |
| 10 |
| Class B common stock |
| 1 |
| 2 |
| Class C common stock |
| 1 |
| 1 |
| Additional paid-in capital |
| 752,804 |
| 641,128 |
| Accumulated other comprehensive income |
| 975 |
| 225 |
| Accumulated deficit |
| (586,461 |
| ) |
| (458,381 |
| ) |
| Total stockholders’ equity attributable to Pluralsight, Inc. |
| 167,332 |
| 182,985 |
| Non-controlling interests |
| 34,438 |
| 63,175 |
| Total stockholders’ equity |
| 201,770 |
| 246,160 |
| Total liabilities and stockholders' equity |
| $ |
| 1,151,133 |
| $ |
| 1,031,953 |
PLURALSIGHT, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
| Three Months Ended December 31, |
| Year Ended December 31, |
| 2020 |
| 2019 |
| 2020 |
| 2019 |
| Operating activities |
| Net loss |
| $ |
| (43,077 |
| ) |
| $ |
| (43,469 |
| ) |
| $ |
| (164,091 |
| ) |
| $ |
| (163,579 |
| ) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
| Depreciation of property and equipment |
| 3,396 |
| 2,468 |
| 12,262 |
| 9,464 |
| Amortization of acquired intangible assets |
| 2,099 |
| 1,435 |
| 6,334 |
| 4,479 |
| Amortization of course creation costs |
| 963 |
| 702 |
| 3,427 |
| 2,543 |
| Equity-based compensation |
| 23,636 |
| 22,780 |
| 99,853 |
| 90,437 |
| Amortization of deferred contract acquisition costs |
| 6,876 |
| 6,270 |
| 25,894 |
| 23,587 |
| Amortization of debt discount and issuance costs |
| 6,949 |
| 6,571 |
| 27,077 |
| 21,691 |
| Investment discount and premium amortization, net |
| 702 |
| (675 |
| ) |
| 770 |
| (2,446 |
| ) |
| Loss on debt extinguishment |
| — |
| — |
| — |
| 950 |
| Other |
| (807 |
| ) |
| 558 |
| (218 |
| ) |
| 380 |
| Changes in assets and liabilities, net of acquired assets and liabilities: |
| Accounts receivable |
| (40,557 |
| ) |
| (39,132 |
| ) |
| (17,045 |
| ) |
| (37,274 |
| ) |
| Deferred contract acquisition costs |
| (12,553 |
| ) |
| (9,020 |
| ) |
| (35,044 |
| ) |
| (27,688 |
| ) |
| Prepaid expenses and other assets |
| (6,185 |
| ) |
| (2,154 |
| ) |
| (10,422 |
| ) |
| (5,663 |
| ) |
| Right-of-use assets |
| 1,128 |
| 1,247 |
| 5,615 |
| 5,586 |
| Accounts payable |
| 1,969 |
| 5,203 |
| (1,157 |
| ) |
| 2,683 |
| Accrued expenses and other liabilities |
| 11,023 |
| 699 |
| 17,903 |
| 5,887 |
| Accrued author fees |
| 124 |
| 400 |
| 417 |
| 1,692 |
| Lease liabilities |
| 59 |
| (1,529 |
| ) |
| (3,545 |
| ) |
| (6,659 |
| ) |
| Deferred revenue |
| 46,652 |
| 39,740 |
| 41,060 |
| 62,201 |
| Net cash provided by (used in) operating activities |
| 2,397 |
| (7,906 |
| ) |
| 9,090 |
| (11,729 |
| ) |
| Investing activities |
| Purchases of property and equipment |
| (4,212 |
| ) |
| (3,562 |
| ) |
| (35,438 |
| ) |
| (11,181 |
| ) |
| Purchases of content library |
| (2,213 |
| ) |
| (1,504 |
| ) |
| (7,809 |
| ) |
| (5,326 |
| ) |
| Cash paid for acquisition, net of cash acquired |
| (37,512 |
| ) |
| — |
| (37,512 |
| ) |
| (163,771 |
| ) |
| Purchases of investments |
| (64,148 |
| ) |
| (164,593 |
| ) |
| (491,278 |
| ) |
| (694,246 |
| ) |
| Proceeds from sales of investments |
| — |
| — |
| — |
| 4,967 |
| Proceeds from maturities of investments |
| 129,752 |
| 139,841 |
| 576,582 |
| 252,836 |
| Net cash provided by (used in) investing activities |
| 21,667 |
| (29,818 |
| ) |
| 4,545 |
| (616,721 |
| ) |
| Financing activities |
| Proceeds from issuance of common stock from employee equity plans |
| 11,677 |
| 9,952 |
| 26,418 |
| 24,828 |
| Taxes paid related to net share settlement |
| (2,387 |
| ) |
| (1,574 |
| ) |
| (7,992 |
| ) |
| (1,574 |
| ) |
| 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 |
| ) |
| Proceeds from terminations of capped calls related to repurchases of convertible senior notes |
| — |
| — |
| — |
| 1,284 |
| Net cash provided by (used in) financing activities |
| 9,290 |
| 8,378 |
| 18,426 |
| 536,760 |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash and cash equivalents |
| 368 |
| 158 |
| 449 |
| 50 |
| Net increase (decrease) in cash, cash equivalents, and restricted cash and cash equivalents |
| 33,722 |
| (29,188 |
| ) |
| 32,510 |
| (91,640 |
| ) |
| Cash, cash equivalents, and restricted cash and cash equivalents, beginning of period |
| 118,219 |
| 148,619 |
| 119,431 |
| 211,071 |
| Cash, cash equivalents, and restricted cash and cash equivalents, end of period |
| $ |
| 151,941 |
| $ |
| 119,431 |
| $ |
| 151,941 |
| $ |
| 119,431 |
Investor Relations Contact:
Mark McReynolds
Investor Relations
Pluralsight
801-784-9007
ir@pluralsight.com
Media Contact:
DJ Anderson
Communications/Press
Pluralsight
801-784-9007
dj@pluralsight.com