| 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.
