Quick Summary:
Media Relations ContactInvestor Relations ContactBrad HemTyler DuncanPR@BigCommerce.comInvestorRelations@BigCommerce.com Consolidated Balance Sheets(in thousands) December 31, December 31, 2024 2023 Assets Current assets Cash and cash equivalents $88,877 $71,719 Restricted cash 1,479 1,126 Marketable securities 89,283 198,415 Accounts receivable, net 48,117 37,713 Prepaid expenses and other assets, net 14,641 24,733 Deferred commissions 8,822 8,280 Total current assets 251,219 341,986 Property and equipment, net 9,128 10,233 Operating lease, right-of-use-assets, net 1,993 4,405 Prepaid expenses and other assets, net of current portion 3,146 1,240 Deferred commissions, net of current portion 5,559 7,056 Intangible assets, net 17,317 27,052 Goodwill 51,927 52,086 Total assets $340,289 $444,058 Liabilities and stockholders’ equity Current liabilities Accounts payable $7,018 $7,982 Accrued liabilities 3,194 2,652 Deferred revenue 46,590 32,242 Operating lease liabilities 2,438 2,542 Other liabilities 28,766 25,332 Total current liabilities 88,006 70,750 Convertible notes 216,466 339,614 Operating lease liabilities, net of current portion 1,680 7,610 Other liabilities, net of current portion 768 551 Total liabilities 306,920 418,525 Commitments and contingencies (Note 8) Stockholders’ equity Common stock, $0.0001 par value; 500,000 shares authorized at December 31, 2024 and 2023, respectively; 78,573 and 76,410 shares issued and outstanding at December 31, 2024 and 2023, respectively. 7 7 Additional paid-in capital 654,905 620,021 Accumulated other comprehensive income 145 163 Accumulated deficit (621,688) (594,658)Total stockholders’ equity 33,369 25,533 Total liabilities and stockholders' equity $340,289 $444,058 Consolidated Statements of Operations(in thousands, except per share amounts)(unaudited) Three months ended December 31, Year ended December 31, 2024 2023 2024 2023 Revenue $87,028 $84,149 $332,927 $309,394 Cost of revenue (1) 19,476 18,946 77,589 74,202 Gross profit 67,552 65,203 255,338 235,192 Operating expenses: (1) Sales and marketing 29,605 34,332 129,602 140,230 Research and development 19,763 19,509 80,879 83,460 General and administrative 14,994 13,574 61,794 58,838 Amortization of intangible assets 2,383 2,323 9,736 8,422 Acquisition related costs 333 935 1,334 10,252 Restructuring charges 1,225 219 13,677 6,434 Total operating expenses 68,303 70,892 297,022 307,636 Loss from operations (751) (5,689) (41,684) (72,444)Gain on convertible note extinguishment 0 0 12,110 0 Interest income 1,761 3,183 10,568 11,493 Interest expense (2,703) (719) (6,051) (2,884)Other expenses (373) (503) (958) (836)Loss before provision for income taxes (2,066) (3,728) (26,015) (64,671)Benefit (provision) for income taxes (324) 552 (1,015) 0 Net loss $(2,390)$(3,176)$(27,030)$(64,671)Basic net loss per share $(0.03)$(0.04)$(0.35)$(0.86)Shares used to compute basic net loss per share 78,438 76,226 77,600 75,143 (1) Amounts include stock-based compensation expense and associated payroll tax costs, as follows: Three months ended December 31, Year ended December 31, 2024 2023 2024 2023 Cost of revenue $735 $1,147 $3,533 $4,949 Sales and marketing 920 3,415 9,252 13,474 Research and development 3,099 1,908 13,614 13,478 General and administrative 2,141 1,105 10,000 9,785 Consolidated Statements of Cash Flows(in thousands)(unaudited) Three months ended December 31, Year ended December 31, 2024 2023 2024 2023 Cash flows from operating activities Net loss$(2,390)$(3,176)$(27,030)$(64,671)Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization expense 3,329 3,500 13,811 12,480 Amortization of discount on convertible note 244 496 1,582 1,976 Amortization of premium on convertible note (396) 0 (636) 0 Stock-based compensation expense 6,821 7,635 35,377 41,185 Provision for expected credit losses 206 (656) 3,208 805 Real estate and internal-use software charges 502 70 3,533 70 Gain on lease modification 0 0 (988) 0 Gain on convertible note extinguishment 0 0 (12,110) 0 Other 6 (5) (31) 167 Changes in operating assets and liabilities: Accounts receivable (5,273) 534 (14,206) (3,877)Prepaid expenses and other assets 5,477 4,581 6,493 2,063 Deferred commissions 757 (354) 955 (2,128)Accounts payable (672) 1,710 (895) 962 Accrued and other liabilities 3,511 (1,083) 2,843 (25,836)Deferred revenue 238 27 14,348 12,561 Net cash provided by (used in) operating activities 12,360 13,279 26,254 (24,243)Cash flows from investing activities: Cash paid for acquisition 0 (7,891) (100) (7,891)Purchase of property, equipment, leasehold improvements and capitalized internal-use software (787) (1,043) (3,721) (4,179)Maturity of marketable securities 53,603 36,960 205,238 243,167 Purchase of marketable securities (10,167) (39,207) (96,124) (228,281)Net cash provided by (used in) investing activities 42,649 (11,181) 105,293 2,816 Cash flows from financing activities: Proceeds from exercise of stock options 225 136 1,708 3,849 Taxes paid related to net share settlement of stock options (38) (12) (2,449) (3,294)Holdback payments related to business combination (1,000) 0 (1,000) 0 Proceeds from financing obligation 0 0 0 1,081 Payment of convertible note issuance costs (656)0 (3,176)0 Repayment of convertible notes and financing obligation (139) (263) (109,119) (394)Net cash provided by (used in) financing activities (1,608) (139) (114,036) 1,242 Net change in cash and cash equivalents and restricted cash 53,401 1,959 17,511 (20,185)Cash and cash equivalents and restricted cash, beginning of period 36,955 70,886 72,845 93,030 Cash and cash equivalents and restricted cash, end of period$90,356 $72,845 $90,356 $72,845 Supplemental cash flow information: Cash paid for interest$3 $21 $2,466 $894 Cash paid for taxes$106 $242 $381 $583 Noncash investing and financing activities: Changes in capital additions, accrued but not paid$84 $168 $84 $168 Fair value of shares issued as consideration for business combinations$0 $496 $248 $1,417 Principal amount of 2028 Convertible Notes exchanged$0 $0 $150,000 $0 Disaggregated Revenue: Three months ended December 31, Year ended December 31, (in thousands) 2024 2023 2024 2023 Subscription solutions $62,288 $60,613 $247,870 $229,265 Partner and services 24,740 23,536 85,057 80,129 Revenue $87,028 $84,149 $332,927 $309,394 Revenue by Geography: Three months ended December 31, Year ended December 31, (in thousands) 2024 2023 2024 2023 Revenue: Americas – U.S. $66,078 $64,055 $253,484 $236,502 Americas – other (1) 4,217 3,837 15,662 14,103 EMEA 9,994 9,475 38,031 34,661 APAC 6,739 6,782 25,750 24,128 Revenue $87,028 $84,149 $332,927 $309,394 (1)Americas-other revenue includes revenue from North and South America, other than the U.S.
Loss from Operations and Non-GAAP Operating Income (Loss) GAAP loss from operations was ($0.8) million, compared to ($5.7) million in the fourth quarter of 2023.
Operating Loss and Non-GAAP Operating Income (Loss) GAAP operating loss was ($41.7) million, compared to ($72.4) million in fiscal year 2023.
