(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Exhibit No. | Description of Exhibit | ||||
99.1 | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Pluralsight, Inc. | |||||||||||
Date: | February 10, 2021 | /s/ | James Budge | ||||||||
James Budge | |||||||||||
Chief Financial Officer |
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 |
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 |
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 |
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 | % |
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 | % |
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) |
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) |
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 |
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 |
Cover Page |
Feb. 10, 2021 |
---|---|
Entity Information [Line Items] | |
Document Type | 8-K |
Document Period End Date | Feb. 10, 2021 |
Entity Registrant Name | PLURALSIGHT, INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-38498 |
Entity Tax Identification Number | 82-3605465 |
Entity Address, Address Line One | 42 Future Way |
Entity Address, City or Town | Draper |
Entity Address, State or Province | UT |
Entity Address, Postal Zip Code | 84020 |
City Area Code | 801 |
Local Phone Number | 784-9007 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Class A Common Stock, $0.0001, par value per share |
Trading Symbol | PS |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0001725579 |
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