0000950170-24-056268.txt : 20240509 0000950170-24-056268.hdr.sgml : 20240509 20240509071049 ACCESSION NUMBER: 0000950170-24-056268 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20240509 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240509 DATE AS OF CHANGE: 20240509 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BigCommerce Holdings, Inc. CENTRAL INDEX KEY: 0001626450 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] ORGANIZATION NAME: 06 Technology IRS NUMBER: 462707656 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-39423 FILM NUMBER: 24928534 BUSINESS ADDRESS: STREET 1: 11305 FOUR POINTS DR, BLDG 2, SUITE 100 CITY: AUSTIN STATE: TX ZIP: 78726 BUSINESS PHONE: 1-888-699-8911 MAIL ADDRESS: STREET 1: 11305 FOUR POINTS DR, BLDG 2, SUITE 100 CITY: AUSTIN STATE: TX ZIP: 78726 8-K 1 bigc-20240509.htm 8-K 8-K
0001626450false00016264502024-05-092024-05-09

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 9, 2024

 

BigCommerce Holdings, Inc.

(Exact name of registrant as specified in charter)

Delaware

 

001-39423

 

46-2707656

(State or Other Jurisdiction of

 Incorporation)

 

(Commission File Number)

 

(I.R.S. Employer Identification

 Number)

 

11305 Four Points Drive

Building II, Suite 100

Austin, Texas 78726

(Address of principal executive offices, including zip code)

(512) 865-4500

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

□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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Series 1 Common Stock, $ 0.0001 par value per share

BIGC

The Nasdaq Global Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

□ Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

 

 

Item 2.02 Results of Operations and Financial Condition.

On May 9, 2024, BigCommerce Holdings, Inc. (the “Company”) issued a press release announcing financial results as of and for the three months ended March 31, 2024. The press release contains forward-looking statements regarding the Company, and includes cautionary statements identifying important factors that could cause actual results to differ materially from those anticipated. A copy of the press release issued May 9, 2024 is furnished herewith as Exhibit 99.1.

 

The information set forth in this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liability of that Section, nor shall such information be deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as otherwise stated in such filing.

 

 

 

 

 

 

 

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

 

Exhibit No.

Description

99.1

Press Release issued by BigCommerce Holdings, Inc. dated May 9, 2024.

104

 Cover page interactive data file (embedded within the inline XBRL document).

 

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

BigCommerce Holdings, Inc.

Date: May 9, 2024

By:

/s/ Hubert Ban

 

 

Hubert Ban

 

 

Senior Vice President

(Principal Accounting Officer)

 

 

 

 EX-99.1 2 bigc-ex99_1.htm EX-99.1 EX-99.1

Exhibit 99.1

BigCommerce Announces First Quarter 2024 Financial Results

 

First Quarter Total Revenue of $80.4 Million, an Increase of 12% Versus Prior Year. Total ARR of $340.1 Million, an Increase of 7% Versus Prior Year. Enterprise ARR of $248.2 Million, an Increase of 8% Versus Prior Year
 

AUSTIN, Texas – May 9, 2024 – BigCommerce Holdings, Inc. (“BigCommerce”) (Nasdaq: BIGC), an open SaaS, composable ecommerce platform for fast-growing and established B2C and B2B brands and retailers, today announced financial results for its first quarter ended March 31, 2024.

 

“Our first quarter results reflect a good start to the year as our total revenue exceeded $80 million, up 12% year-over-year. We also delivered strong profit improvement, with net income gaining nearly 23 points as a percent of revenue compared to last year,” said Brent Bellm, CEO of BigCommerce. “Looking forward, we anticipate additional growth momentum from our new Catalyst storefront technology, Open Source B2B Buyer Portal, and the 100+ new product releases announced as part of Next Big Thing. Our new President, Travis Hess, brings unparalleled ecommerce industry experience that will further enhance the enterprise effectiveness and customer-centricity of our sales, marketing, and professional services. Together, we aspire to set a new standard for enterprise ecommerce excellence.”

 

 

First Quarter Financial Highlights:

•
Total revenue was $80.4 million, up 12% compared to the first quarter of 2023.
•
Total annual revenue run-rate (ARR) as of March 31, 2024 was $340.1 million, up 7% compared to March 31, 2023.
•
Subscription revenue was $61.0 million, up 13% compared to the first quarter of 2023.
•
ARR from accounts with at least one enterprise plan (“Enterprise Accounts”) was $248.2 million as of March 31, 2024, up 8% from March 31, 2023.
•
ARR from Enterprise Accounts as a percent of total ARR was 73% as of March 31, 2024, compared to 72% as of March 31, 2023.
•
GAAP gross margin was 77%, compared to 76% in the first quarter of 2023. Non-GAAP gross margin was 78%, compared to 77% in the first quarter of 2023.

 

 

Other Key Business Metrics

•
Number of enterprise accounts was 5,970, up 2% compared to the first quarter of 2023.
•
Average revenue per account (ARPA) of enterprise accounts was $41,581 up 6% compared to the first quarter of 2023.
•
Revenue in the Americas grew by 12% compared to the first quarter of 2023.
•
Revenue in EMEA grew by 15% and revenue in APAC grew by 11% compared to the first quarter of 2023.

.

 

Operating Loss and Non-GAAP Operating Income (Loss)

•
GAAP operating loss was ($8.2) million, compared to ($23.7) million in the first quarter of 2023.
•
Non-GAAP operating income (loss) was $3.2 million, compared to ($6.4) million in the first quarter of 2023.

 

 

Exhibit 99.1

 

Net Income (Loss) and Earnings Per Share

•
GAAP net loss was ($6.4) million, compared to ($22.1) million in the first quarter of 2023.
•
Non-GAAP net income (loss) was $5.0 million or 6% of revenue, compared to ($4.9) million or (7%) of revenue in the first quarter of 2023.
•
GAAP net loss per share was ($0.08) based on 76.6 million shares of common stock, compared to ($0.30) based on 74.1 million shares of common stock in the first quarter of 2023.
•
Non-GAAP net income (loss) per share was $0.07 based on 76.6 million shares of common stock, compared to ($0.07) based on 74.1 million shares of common stock in the first quarter of 2023.

 

Adjusted EBITDA

•
Adjusted EBITDA was $4.2 million, compared to ($5.5) million in the first quarter of 2023.

 

Cash

•
Cash, cash equivalents, restricted cash, and marketable securities totaled $266.3 million as of March 31, 2024.
•
For the three months ended March 31, 2024, net cash used in operating activities was ($3.4) million, compared to ($20.8) million for the same period in 2023. We reported free cash flow of ($4.2) million.

 

 

Business Highlights:

 

Corporate Highlights

•
The company announced the addition of Travis Hess, formerly a leading ecommerce managing director at Accenture, as its new company President. Hess brings deep ecommerce experience across the range of platform competition, and his expertise in service and implementation, ecosystem partnerships, and competitive selling and positioning will help drive BigCommerce’s go-to-market transformation and operations.
•
BigCommerce revealed the winners of the sixth annual BigCommerce Global Partner Awards, recognizing top-performing partners among the company’s global network of agency and technology partners in its open ecosystem.

 

Product Highlights

•
In conjunction with our EMEA BigSummit in April, we announced BigCommerce’s Next Big Thing, a collection of over 100 platform enhancements, new features and partner integrations, including Catalyst, our next generation storefront technology. Catalyst lowers the barrier to entry for composable commerce projects for customers and agencies. These projects are now as simple as projects leveraging our out-of-the box storefront framework, Stencil.
•
We have delivered major improvements to support global selling by adding even more localization features, including language, content, pricing, and promotions, to our powerful Multi-Storefront capabilities.
•
We also launched the Open Source B2B Buyer Portal, making the code to our popular B2B Edition Buyer Portal available for enterprise suppliers, manufacturers, distributors and wholesalers to create bespoke buyer experiences throughout the entire buyer lifecycle. By leveraging this customizable

 

Exhibit 99.1

starting point, B2B brands can decrease the time and costs to develop their ecommerce sites and streamline their operations.
•
We announced Feedonomics’ Instant Commerce, which enables rapid delivery and fulfillment of orders within hours of them being placed, unlocking more revenue streams for brands and retailers, marketplaces and delivery app providers. Instant Commerce enables brands to provide both in-store pickup and fast, same-day delivery. It surfaces local inventory on digital channels, increasing sell-through for merchants and reducing barriers to purchase for shoppers.

 

 

Customer Highlights

•
Modere, a global health and wellness brand of household and personal care products, launched a new composable store featuring a front-end built by ContentStack and integrations with Exigo, Braintree, Signifyd and others.
•
Sportsshoes, one of the UK’s leading sports brands specializing in running shoes, sports wear and accessories, launched six headless storefronts, leveraging Multi-Storefront to operate channels in the UK, Spain, Germany, Italy and France, in addition to one for their mobile app.
•
9Round, a global network of kickboxing studios, leveraged BigCommerce’s strong partner ecosystem to improve customer experience with a new corporate run store.
•
Karava, a Finnish family-owned business that offers indoor and outdoor wood solutions, launched a new headless store on BigCommerce leveraging Multi-Storefront functionality as well as B2B Edition.
•
Twin Liquors is utilizing BigCommerce's B2B Edition to offer seamless ordering and unrivaled convenience for their B2B customers.
•
Healthy Pets, a leading source for top-quality pet essentials launched a new store on BigCommerce featuring integration with their NetSuite ERP and secure payments powered by Braintree.
•
Feedonomics, a BigCommerce subsidiary, also added several new customers to its roster, including Whirlpool Corporation, Versatrim, Titan Footwear, Bollman Hat Company, Budget Pet Products, and Dickies Japan.

 

Q2 and 2024 Financial Outlook:

 

For the second quarter of 2024, we currently expect:

•
Total revenue between $79.8 million to $81.8 million, implying a year-over-year growth rate of 6% to 8%.
•
Non-GAAP operating income is expected to be between $200 thousand to $1.2 million.

 

For the full year 2024, we currently expect:

•
Total revenue between $329.7 million and $335.7 million, translating into a year-over-year growth rate of 7% and 9%.
•
Non-GAAP operating income between $10.2 million and $14.2 million.

 

Our second quarter and 2024 financial outlook is based on a number of assumptions that are subject to change and many of which are outside our control. If actual results vary from these assumptions, our expectations may change. There can be no assurance that we will achieve these results.

 

We do not provide guidance for operating loss, the most directly comparable GAAP measure to Non-GAAP operating loss, and similarly cannot provide a reconciliation between its forecasted Non-GAAP operating loss and Non-GAAP net loss per share and these comparable GAAP measures without unreasonable effort due to the

 

Exhibit 99.1

unavailability of reliable estimates for certain items. These items are not within our control and may vary greatly between periods and could significantly impact future financial results.

Conference Call Information

 

BigCommerce will host a conference call and webcast at 7:00 a.m. CT (8:00 a.m. ET) on Thursday, May 9, 2024, to discuss its financial results and business highlights. The conference call can be accessed by dialing (833) 634-1254 from the United States and Canada or (412) 317-6012 internationally and requesting to join the “BigCommerce conference call.” The live webcast of the conference call and other materials related to BigCommerce’s financial performance can be accessed from BigCommerce’s investor relations website at http://investors.bigcommerce.com.


Following the completion of the call through 11:59 p.m. ET on Thursday, May 16, 2024, a telephone replay will be available by dialing (877) 344-7529 from the United States, (855) 669-9658 from Canada or (412) 317-0088 internationally with conference ID 9598809. A webcast replay will also be available at http://investors.bigcommerce.com for 12 months.

About BigCommerce

 

BigCommerce (Nasdaq: BIGC) is a leading open SaaS and composable ecommerce platform that empowers brands and retailers of all sizes to build, innovate and grow their businesses online. BigCommerce provides its customers sophisticated enterprise-grade functionality, customization and performance with simplicity and ease-of-use. Tens of thousands of B2C and B2B companies across 150 countries and numerous industries rely on BigCommerce, including Burrow, Coldwater Creek, Francesca’s, Harvey Nichols, King Arthur Baking Co., MKM Building Supplies, United Aqua Group and Uplift Desk. For more information, please visit www.bigcommerce.com or follow us on X and LinkedIn.

 

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “outlook,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “strategy, “target,” “explore,” “continue,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words. These statements may relate to our market size and growth strategy, our estimated and projected costs, margins, revenue, expenditures and customer and financial growth rates, our Q2 and 2024 financial outlook, our plans and objectives for future operations, growth, initiatives or strategies. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the forward-looking statements. These assumptions, uncertainties and risks include that, among others, our business would be harmed by any decline in new customers, renewals or upgrades, our limited operating history makes it difficult to evaluate our prospects and future results of operations, we operate in competitive markets, we may not be able to sustain our revenue growth rate in the future, our business would be harmed by any significant interruptions, delays or outages in services from our platform or certain social media platforms, and a cybersecurity-related attack, significant data breach or disruption of the information technology systems or networks could negatively affect our business. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our filings with the Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2023 and the future quarterly and current reports that we file with the SEC. Forward-looking statements speak only as of the date the statements are made and are based on information available to BigCommerce at the time those statements are made and/or management's good faith belief as of that time with

 

Exhibit 99.1

respect to future events. BigCommerce assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

 

Use of Non-GAAP Financial Measures

We have provided in this press release certain financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Our management uses these Non-GAAP financial measures internally in analyzing our financial results and believes that use of these Non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar Non-GAAP financial measures. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable financial measures prepared in accordance with GAAP 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 the most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review these reconciliations.

Annual Revenue Run-Rate

We calculate annual revenue run-rate (“ARR”) at the end of each month as the sum of: (1) contractual monthly recurring revenue at the end of the period, which includes platform subscription fees, invoiced growth adjustments, feed management subscription fees, recurring professional services revenue, and other recurring revenue, multiplied by twelve to prospectively annualize recurring revenue, and (2) the sum of the trailing twelve-month non-recurring and variable revenue, which includes one-time partner integrations, one-time fees, payments revenue share, and any other revenue that is non-recurring and variable.

 

Enterprise Account Metrics

To measure the effectiveness of our ability to execute against our growth strategy, particularly within the mid-market and enterprise business segments, we calculate ARR attributable to Enterprise Accounts. We define Enterprise Accounts as accounts with at least one unique Enterprise plan subscription or an enterprise level feed management subscription (collectively “Enterprise Accounts”). These accounts may have more than one Enterprise plan or a combination of Enterprise plans and Essentials plans.

 

Average Revenue Per Account

We calculate average revenue per account (ARPA) for accounts in the Enterprise cohort at the end of a period by including customer-billed revenue and an allocation of partner and services revenue, where applicable. We allocate partner revenue, where applicable, primarily based on each customer’s share of GMV processed through that partner’s solution. For partner revenue that is not directly linked to customer usage of a partner’s solution, we allocate such revenue based on each customer’s share of total platform GMV. Each account’s partner revenue allocation is calculated by taking the account’s trailing twelve-month partner revenue, then dividing by twelve to create a monthly average to apply to the applicable period in order to normalize ARPA for seasonality.

Adjusted EBITDA

We define Adjusted EBITDA as our net loss, excluding the impact of stock-based compensation expense and related payroll tax costs, third party acquisition-related costs, and other acquisition related expenses, including contingent compensation arrangements entered into in connection with acquisitions, depreciation, amortization of acquisition-related intangible assets, interest income, interest expense, restructuring charges, other non-operating income and expense and our provision or benefit for income taxes. The most directly comparable GAAP measure is net loss.

 

Exhibit 99.1

Non-GAAP Operating Income (Loss)

We define Non-GAAP Operating Income (Loss) as our GAAP Loss from operations, excluding the impact of stock-based compensation expense and related payroll tax costs, third party acquisition-related costs, and other acquisition related expenses, including contingent compensation arrangements entered into in connection with acquisitions, amortization of acquisition-related intangible assets, and restructuring charges. The most directly comparable GAAP measure is our loss from operations.

Non-GAAP Net Income (Loss)

We define Non-GAAP Net Income (Loss) as our GAAP net loss, excluding the impact of stock-based compensation expense and related payroll tax costs, third party acquisition-related costs, and other acquisition related expenses, including contingent compensation arrangements entered into in connection with acquisitions, amortization of acquisition-related intangible assets, and restructuring charges. The most directly comparable GAAP measure is our net loss.

Non-GAAP Net Income (Loss) per Share

We define Non-GAAP Net Income (Loss) per Share as our Non-GAAP Net Loss, defined above, divided by our basic and diluted GAAP weighted average shares outstanding. The most directly comparable GAAP measure is our net loss per share.

 

Free Cash Flow

We define Free Cash flow as our GAAP cash flow provided by (used in) operating activities less our GAAP purchases of property and equipment (Capital Expenditures). The most directly comparable GAAP measure is our cash flow provided by (used in) operating activities.

 

 

 

 

Media Relations Contact Investor Relations Contact

Brad Hem Tyler Duncan

PR@BigCommerce.com InvestorRelations@BigCommerce.com

 

 

Exhibit 99.1

Consolidated Balance Sheets

(in thousands)

 

 

 

March 31,

 

 

December 31,

 

 

 

2024

 

 

2023

 

 

 

(unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

60,900

 

 

$

71,719

 

Restricted cash

 

 

1,112

 

 

 

1,126

 

Marketable securities

 

 

204,281

 

 

 

198,415

 

Accounts receivable, net

 

 

39,302

 

 

 

37,713

 

Prepaid expenses and other assets, net

 

 

29,251

 

 

 

24,733

 

Deferred commissions

 

 

8,695

 

 

 

8,280

 

Total current assets

 

 

343,541

 

 

 

341,986

 

Property and equipment, net

 

 

9,991

 

 

 

10,233

 

Operating lease, right-of-use-assets

 

 

4,024

 

 

 

4,405

 

Prepaid expenses, net of current portion

 

 

1,817

 

 

 

1,240

 

Deferred commissions, net of current portion

 

 

6,430

 

 

 

7,056

 

Intangible assets, net

 

 

24,584

 

 

 

27,052

 

Goodwill

 

 

52,086

 

 

 

52,086

 

Total assets

 

$

442,473

 

 

$

444,058

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

7,063

 

 

$

7,982

 

Accrued liabilities

 

 

3,212

 

 

 

2,652

 

Deferred revenue

 

 

34,810

 

 

 

32,242

 

Current portion of debt

 

 

553

 

 

 

547

 

Current portion of operating lease liabilities

 

 

2,477

 

 

 

2,542

 

Other current liabilities

 

 

19,830

 

 

 

24,785

 

Total current liabilities

 

 

67,945

 

 

 

70,750

 

Long-term portion of debt

 

 

339,970

 

 

 

339,614

 

Operating lease liabilities, net of current portion

 

 

7,014

 

 

 

7,610

 

Other long-term liabilities, net of current portion

 

 

625

 

 

 

551

 

Total liabilities

 

 

415,554

 

 

 

418,525

 

Stockholders’ equity

 

 

 

 

 

 

Common stock

 

 

7

 

 

 

7

 

Additional paid-in capital

 

 

628,058

 

 

 

620,021

 

Accumulated other comprehensive gain (loss)

 

 

(96

)

 

 

163

 

Accumulated deficit

 

 

(601,050

)

 

 

(594,658

)

Total stockholders’ equity

 

 

26,919

 

 

 

25,533

 

Total liabilities and stockholders’ equity

 

$

442,473

 

 

$

444,058

 

 

 

Exhibit 99.1

Consolidated Statements of Operations

(in thousands, except per share amounts)

(unaudited)

 

 

 

For the three months ended March 31,

 

 

 

2024

 

 

2023

 

Revenue

 

$

80,360

 

 

$

71,757

 

Cost of revenue (1)

 

 

18,439

 

 

 

17,446

 

Gross profit

 

 

61,921

 

 

 

54,311

 

Operating expenses: (1)

 

 

 

 

 

 

Sales and marketing

 

 

32,432

 

 

 

34,052

 

Research and development

 

 

19,988

 

 

 

20,845

 

General and administrative

 

 

14,929

 

 

 

16,494

 

Acquisition related expenses

 

 

333

 

 

 

4,125

 

Restructuring charges

 

0

 

 

 

420

 

Amortization of intangible assets

 

 

2,467

 

 

 

2,033

 

Total operating expenses

 

 

70,149

 

 

 

77,969

 

Loss from operations

 

 

(8,228

)

 

 

(23,658

)

Interest income

 

 

3,178

 

 

 

2,426

 

Interest expense

 

 

(720

)

 

 

(722

)

Other income (expense)

 

 

(332

)

 

 

31

 

Loss before provision for income taxes

 

 

(6,102

)

 

 

(21,923

)

Provision for income taxes

 

 

(290

)

 

 

(197

)

Net loss

 

$

(6,392

)

 

$

(22,120

)

Basic net loss per share

 

$

(0.08

)

 

$

(0.30

)

Shares used to compute basic net loss per share

 

 

76,626

 

 

 

74,142

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Amounts include stock-based compensation expense and associated payroll tax costs, as follows:

 

 

For the three months ended March 31,

 

 

 

2024

 

 

2023

 

Cost of revenue

 

$

656

 

 

$

1,189

 

Sales and marketing

 

 

1,867

 

 

 

2,867

 

Research and development

 

 

3,476

 

 

 

3,503

 

General and administrative

 

 

2,592

 

 

 

3,079

 

 

 

Exhibit 99.1

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

 

Three months ended March 31,

 

 

2024

 

 

2023

 

 

 

 

 

 

 

Cash flows from operating activities

 

 

 

 

 

Net loss

$

(6,392

)

 

$

(22,120

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

Depreciation and amortization

 

3,486

 

 

 

2,904

 

Amortization of discount on debt

 

497

 

 

 

493

 

Stock-based compensation expense

 

8,388

 

 

 

10,487

 

Provision for expected credit losses

 

863

 

 

 

1,075

 

Changes in operating assets and liabilities:

 

 

 

 

 

Accounts receivable

 

(2,588

)

 

 

(8,185

)

Prepaid expenses

 

(4,960

)

 

 

(4,235

)

Deferred commissions

 

211

 

 

 

49

 

Accounts payable

 

(889

)

 

 

495

 

Accrued and other liabilities

 

(4,601

)

 

 

(4,922

)

Deferred revenue

 

2,568

 

 

 

3,123

 

Net cash used in operating activities

 

(3,417

)

 

 

(20,836

)

Cash flows from investing activities:

 

 

 

 

 

Purchase of property and equipment

 

(806

)

 

 

(1,063

)

Maturity of marketable securities

 

29,440

 

 

 

39,429

 

Purchase of marketable securities

 

(35,565

)

 

 

(48,043

)

Net cash used in investing activities

 

(6,931

)

 

 

(9,677

)

Cash flows from financing activities:

 

 

 

 

 

Proceeds from exercise of stock options

 

974

 

 

0

 

Taxes paid related to net share settlement of stock options

 

(1,325

)

 

 

(330

)

Repayment of debt

 

(134

)

 

 

0

 

Net cash used in financing activities

 

(485

)

 

 

(330

)

Net change in cash and cash equivalents and restricted cash

 

(10,833

)

 

 

(30,843

)

Cash and cash equivalents and restricted cash, beginning of period

 

72,845

 

 

 

93,030

 

Cash and cash equivalents and restricted cash, end of period

$

62,012

 

 

$

62,187

 

Supplemental cash flow information:

 

 

 

 

 

Cash paid for interest

$

439

 

 

$

431

 

Cash paid for taxes

$

140

 

 

$

152

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exhibit 99.1

Disaggregated Revenue:

 

 

 

Three months ended
March 31,

 

(in thousands)

 

2024

 

 

2023

 

Subscription solutions

 

$

60,959

 

 

$

53,808

 

Partner and services

 

 

19,401

 

 

 

17,949

 

Revenue

 

$

80,360

 

 

$

71,757

 

 

Revenue by Geography:

 

 

 

Three months ended
March 31,

 

(in thousands)

 

2024

 

 

2023

 

Revenue:

 

 

 

 

 

 

Americas – U.S.

 

$

61,138

 

 

$

54,809

 

Americas – other (1)

 

 

3,776

 

 

 

3,351

 

EMEA

 

 

9,192

 

 

 

7,983

 

APAC

 

 

6,254

 

 

 

5,614

 

Revenue

 

$

80,360

 

 

$

71,757

 

 

(1)Americas-other revenue includes revenue from North and South America, other than the U.S.

 

 

 

 

 

 

 

 

 

 

 

 

Exhibit 99.1

Reconciliation of GAAP to Non-GAAP Results

(in thousands, except per share amounts)

(unaudited)

 

 

Reconciliation of loss from operations to Non-GAAP operating income (loss):

 

 

 

Three months ended March 31,

 

 

 

 

2024

 

 

2023

 

 

(in thousands)

 

 

 

 

 

 

 

Revenue

 

$

80,360

 

 

$

71,757

 

 

 

 

 

 

 

 

 

Loss from operations

 

$

(8,228

)

 

$

(23,658

)

 

Plus: stock-based compensation expense and associated payroll tax costs

 

 

8,591

 

 

 

10,638

 

 

Acquisition related costs

 

 

333

 

 

 

4,125

 

 

Restructuring charges

 

 

0

 

 

 

420

 

 

Amortization of intangible assets

 

 

2,467

 

 

 

2,033

 

 

Non-GAAP operating income (loss)

 

$

3,163

 

 

$

(6,442

)

 

Non-GAAP operating income (loss) as a percentage of revenue

 

 

3.9

 

%

 

(9.0

)

%

 

 

Reconciliation of net loss & net loss per share to Non-GAAP net income (loss) & Non-GAAP net income (loss) per share:

 

 

 

Three months ended March 31,

 

 

 

 

2024

 

 

2023

 

 

(in thousands)

 

 

 

 

 

 

 

Revenue

 

$

80,360

 

 

$

71,757

 

 

 

 

 

 

 

 

 

Net loss

 

$

(6,392

)

 

$

(22,120

)

 

Plus: stock-based compensation expense and associated payroll tax costs

 

 

8,591

 

 

 

10,638

 

 

Acquisition related costs

 

 

333

 

 

 

4,125

 

 

Restructuring charges

 

 

0

 

 

 

420

 

 

Amortization of intangible assets

 

 

2,467

 

 

 

2,033

 

 

Non-GAAP net income (loss)

 

$

4,999

 

 

$

(4,904

)

 

Non-GAAP basic net income (loss) per share

 

$

0.07

 

 

$

(0.07

)

 

Non-GAAP diluted net income per share (1)

 

$

0.06

 

 

 

 

 

Shares used to compute basic Non-GAAP net income (loss) per share

 

 

76,626

 

 

 

74,142

 

 

Shares used to compute diluted Non-GAAP net income (loss) per share (1)

 

 

78,521

 

 

 

 

 

Non-GAAP net income (loss) as a percentage of revenue

 

 

6.2

 

%

 

(6.8

)

%

 

(1) Due to the loss from continuing operations for the three months ended March 31, 2023, there are no common shares added to calculate Non-GAAP diluted net income per share because the effect would be anti-dilutive.

 

 

 

Exhibit 99.1

Reconciliation of net loss to adjusted EBITDA:

 

 

 

Three months ended March 31,

 

 

 

 

2024

 

 

2023

 

 

(in thousands)

 

 

 

 

 

 

 

Revenue

 

$

80,360

 

 

$

71,757

 

 

 

 

 

 

 

 

 

Net loss

 

$

(6,392

)

 

$

(22,120

)

 

Plus: stock-based compensation expense and associated payroll tax costs

 

 

8,591

 

 

 

10,638

 

 

Acquisition related costs

 

 

333

 

 

 

4,125

 

 

Restructuring charges

 

 

0

 

 

 

420

 

 

Depreciation

 

 

1,019

 

 

 

957

 

 

Amortization of intangible assets

 

 

2,467

 

 

 

2,033

 

 

Interest income

 

 

(3,178

)

 

 

(2,426

)

 

Interest expense

 

 

720

 

 

 

722

 

 

Other (income) expenses

 

 

332

 

 

 

(31

)

 

Provision for income taxes

 

 

290

 

 

 

197

 

 

Adjusted EBITDA

 

$

4,182

 

 

$

(5,485

)

 

Adjusted EBITDA as a percentage of revenue

 

 

5.2

 

%

 

(7.6

)

%

 

 

Reconciliation of cost of revenue to Non-GAAP cost of revenue:

 

 

 

Three months ended March 31,

 

 

 

 

2024

 

 

2023

 

 

(in thousands)

 

 

 

 

 

 

 

Revenue

 

$

80,360

 

 

$

71,757

 

 

 

 

 

 

 

 

 

Cost of revenue

 

$

18,439

 

 

$

17,446

 

 

Less: stock-based compensation expense and associated payroll tax costs

 

 

656

 

 

 

1,189

 

 

Non-GAAP cost of revenue

 

$

17,783

 

 

$

16,257

 

 

As a percentage of revenue

 

 

22.1

 

%

 

22.7

 

%

 

 

Reconciliation of sales and marketing expense to Non-GAAP sales and marketing expense:

 

 

 

Three months ended March 31,

 

 

 

 

2024

 

 

2023

 

 

(in thousands)

 

 

 

 

 

 

 

Revenue

 

$

80,360

 

 

$

71,757

 

 

 

 

 

 

 

 

 

Sales and marketing

 

$

32,432

 

 

$

34,052

 

 

Less: stock-based compensation expense and associated payroll tax costs

 

 

1,867

 

 

 

2,867

 

 

Non-GAAP sales and marketing

 

$

30,565

 

 

$

31,185

 

 

As a percentage of revenue

 

 

38.0

 

%

 

43.5

 

%

 

 

 

 

 

 

 

 

 

 

Exhibit 99.1

Reconciliation of research and development expense to Non-GAAP research and development expense:

 

 

 

Three months ended March 31,

 

 

 

 

2024

 

 

2023

 

 

(in thousands)

 

 

 

 

 

 

 

Revenue

 

$

80,360

 

 

$

71,757

 

 

 

 

 

 

 

 

 

Research and development

 

$

19,988

 

 

$

20,845

 

 

Less: stock-based compensation expense and associated payroll tax costs

 

 

3,476

 

 

 

3,503

 

 

Non-GAAP research and development

 

$

16,512

 

 

$

17,342

 

 

As a percentage of revenue

 

 

20.5

 

%

 

24.2

 

%

 

 

Reconciliation of general and administrative expense to Non-GAAP general and administrative expense:

 

 

 

Three months ended March 31,

 

 

 

 

2024

 

 

2023

 

 

(in thousands)

 

 

 

 

 

 

 

Revenue

 

$

80,360

 

 

$

71,757

 

 

 

 

 

 

 

 

 

General & administrative

 

$

14,929

 

 

$

16,494

 

 

Less: stock-based compensation expense and associated payroll tax costs

 

 

2,592

 

 

 

3,079

 

 

Non-GAAP general & administrative

 

$

12,337

 

 

$

13,415

 

 

As a percentage of revenue

 

 

15.4

 

%

 

18.7

 

%

 

 

Reconciliation of net cash used in operating activities to free cash flow:

 

 

 

Three months ended March 31,

 

 

 

 

2024

 

 

2023

 

 

(in thousands)

 

 

 

 

 

 

 

Net cash used in operating activities

 

$

(3,417

)

 

$

(20,836

)

 

Purchases of property and equipment

 

 

(806

)

 

 

(1,063

)

 

Free cash flow

 

$

(4,223

)

 

$

(21,899

)

 

 

 

 

 

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Document and Entity Information
May 09, 2024
Cover [Abstract]  
Amendment Flag false
Entity Central Index Key 0001626450
Document Type 8-K
Document Period End Date May 09, 2024
Entity Registrant Name BigCommerce Holdings, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-39423
Entity Tax Identification Number 46-2707656
Entity Address, Address Line One 11305 Four Points Drive
Entity Address, Address Line Two Building II
Entity Address, Address Line Three Suite 100
Entity Address, City or Town Austin
Entity Address, State or Province TX
Entity Address, Postal Zip Code 78726
City Area Code (512)
Local Phone Number 865-4500
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Series 1 Common Stock, $ 0.0001 par value per share
Trading Symbol BIGC
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
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