Quick Summary:
Media Relations ContactInvestor Relations ContactBrad HemTyler DuncanPR@BigCommerce.comInvestorRelations@BigCommerce.com Condensed Consolidated Balance Sheets(in thousands) September 30, December 31, 2024 2023 (unaudited) Assets Current assets Cash and cash equivalents$35,441 71,719 Restricted cash 1,514 1,126 Marketable securities 132,955 198,415 Accounts receivable, net 43,378 37,713 Prepaid expenses and other assets, net 21,032 24,733 Deferred commissions 9,140 8,280 Total current assets 243,460 341,986 Property and equipment, net 9,374 10,233 Operating lease, right-of-use-assets 2,278 4,405 Prepaid expenses, net of current portion 2,412 1,240 Deferred commissions, net of current portion 5,998 7,056 Intangible assets, net 19,699 27,052 Goodwill 51,927 52,086 Total assets$335,148 $444,058 Liabilities and stockholders’ equity Current liabilities Accounts payable$8,149 $7,982 Accrued liabilities 2,771 2,652 Deferred revenue 46,352 32,242 Current portion of operating lease liabilities 2,883 2,542 Other current liabilities 26,432 25,332 Total current liabilities 86,587 70,750 Convertible notes 216,756 339,614 Operating lease liabilities, net of current portion 2,068 7,610 Other long-term liabilities, net of current portion 751 551 Total liabilities 306,162 418,525 Stockholders’ equity Common stock 7 7 Additional paid-in capital 647,897 620,021 Accumulated other comprehensive income 380 163 Accumulated deficit (619,298) (594,658)Total stockholders’ equity 28,986 25,533 Total liabilities and stockholders’ equity$335,148 $444,058 Condensed Consolidated Statements of Operations(in thousands, except per share amounts)(unaudited) For the three months ended September 30, For the nine months ended September 30, 2024 2023 2024 2023 Revenue$83,710 $78,045 $245,899 $225,245 Cost of revenue (1) 19,863 19,054 58,113 55,256 Gross profit 63,847 58,991 187,786 169,989 Operating expenses: (1) Sales and marketing 33,140 36,253 99,997 105,898 Research and development 20,841 21,703 61,116 63,951 General and administrative 16,435 14,342 46,800 45,264 Amortization of intangible assets 2,434 2,033 7,353 6,099 Acquisition related costs 334 1,067 1,001 9,317 Restructuring charges 9,880 5,795 12,452 6,215 Total operating expenses 83,064 81,193 228,719 236,744 Loss from operations (19,217) (22,202) (40,933) (66,755)Gain on convertible note extinguishment 12,110 0 12,110 0 Interest income 2,433 3,059 8,807 8,310 Interest expense (1,908) (721) (3,348) (2,165)Other expense (142) (301) (585) (333)Loss before provision for income taxes (6,724) (20,165) (23,949) (60,943)Provision for income taxes (269) (145) (691) (552)Net loss$(6,993) $(20,310) $(24,640) $(61,495)Basic net loss per share$(0.09) $(0.27) $(0.32) $(0.82)Shares used to compute basic net loss per share 77,869 75,387 77,319 74,778 (1) Amounts include stock-based compensation expense and associated payroll tax costs, as follows: For the three months ended September 30, For the nine months ended September 30, 2024 2023 2024 2023Cost of revenue$1,114 $1,323 $2,798 $3,802Sales and marketing 3,327 3,626 8,332 10,059Research and development 3,766 4,124 10,515 11,570General and administrative 2,685 3,028 7,859 8,680 Condensed Consolidated Statements of Cash Flows(in thousands)(unaudited) Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Cash flows from operating activities Net loss$(6,993) $(20,310) $(24,640) $(61,495)Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization expense 3,484 3,137 10,482 8,981 Amortization of discount on convertible note 344 494 1,338 1,481 Amortization of convertible note premium (240) 0 (240) 0 Stock-based compensation expense 10,159 11,773 28,556 33,550 Provision for expected credit losses 1,289 (47) 3,002 1,461 Impairment loss 3,031 0 3,031 0 Gain on lease modification (988) 0 (988) 0 Gain on convertible note extinguishment (12,110) 0 (12,110) 0 Other 0 171 (37) 171 Changes in operating assets and liabilities: Accounts receivable 445 401 (8,933) (1,359)Prepaid expenses 2,041 (2,087) 1,016 (5,571)Deferred commissions 389 (1,002) 198 (1,774)Accounts payable 1,022 (220) (223) (748)Accrued and other liabilities (235) (26,858) (668) (24,753)Deferred revenue 3,935 3,119 14,110 12,534 Net cash provided by (used in) operating activities 5,573 (31,429) 13,894 (37,522)Cash flows from investing activities: Cash paid for acquisition 0 0 (100) 0 Purchase of property and equipment (1,064) (1,055) (2,934) (3,135)Maturity of marketable securities 59,670 83,135 151,635 206,207 Purchase of marketable securities (49,355) (55,681) (85,957) (189,075)Net cash provided by investing activities 9,251 26,399 62,644 13,997 Cash flows from financing activities: Proceeds from exercise of stock options 238 1,455 1,483 3,700 Taxes paid related to net share settlement of stock options (1,086) (1,039) (2,411) (3,269)Proceeds from financing obligation 0 0 0 1,081 Payment of convertible note issuance costs (2,520) 0 (2,520) 0 Repayment of convertible notes and financing obligation (108,709) (131) (108,980) (131)Net cash provided by (used in) financing activities (112,077) 285 (112,428) 1,381 Net change in cash and cash equivalents and restricted cash (97,253) (4,745) (35,890) (22,144)Cash and cash equivalents and restricted cash, beginning of period 134,208 75,631 72,845 93,030 Cash and cash equivalents and restricted cash, end of period$36,955 $70,886 $36,955 $70,886 Supplemental cash flow information: Cash paid for interest$2,018 $442 $2,463 $873 Cash paid for taxes$93 $129 $275 $341 Noncash investing and financing activities: Capital additions, accrued but not paid$106 $224 $224 $224 Fair value of shares issued as consideration for acquisition$0 $921 $248 $921 Principal amount of 2028 Convertible Notes exchanged$150,000 $0 $150,000 $0 Disaggregated Revenue: Three months ended September 30, Nine months ended September 30,(in thousands)2024 2023 2024 2023Subscription solutions$62,826 $58,709 $185,582 $168,652Partner and services 20,884 19,336 60,317 56,593Revenue$83,710 $78,045 $245,899 $225,245 Revenue by geographic region: Three months ended September 30, Nine months ended September 30,(in thousands)2024 2023 2024 2023Revenue: Americas – United States$63,682 $60,019 $187,249 $172,374Americas – other (1) 3,893 3,499 11,445 10,273EMEA 9,709 8,631 28,182 25,263APAC 6,426 5,896 19,023 17,335Revenue$83,710 $78,045 $245,899 $225,245 (1)Americas-other revenue includes revenue from North and South America, other than the United States. 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Revenue$83,710 $78,045 $245,899 $225,245 Loss from operations$(19,217) $(22,202) $(40,933) $(66,755) Plus: stock-based compensation expense and associated payroll tax costs 10,892 12,101 29,504 34,111 Amortization of intangible assets 2,434 2,033 7,353 6,099 Acquisition related costs 334 1,067 1,001 9,317 Restructuring charges 9,880 5,795 12,452 6,215 Non-GAAP operating income (loss)$4,323 $(1,206) $9,377 $(11,013) Non-GAAP operating income (loss) as a percentage of revenue 5.2 % (1.5)% 3.8 % (4.9)% Reconciliation of net loss and basic net loss per share to Non-GAAP net income (loss) and Non-GAAP net income (loss) per share: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Revenue$83,710 $78,045 $245,899 $225,245 Net loss$(6,993) $(20,310) $(24,640) $(61,495) Plus: stock-based compensation expense and associated payroll tax costs 10,892 12,101 29,504 34,111 Amortization of intangible assets 2,434 2,033 7,353 6,099 Acquisition related costs 334 1,067 1,001 9,317 Restructuring charges 9,880 5,795 12,452 6,215 Gain on convertible note extinguishment (12,110) 0 (12,110) 0 Non-GAAP net income (loss)$4,437 $686 $13,560 $(5,753) Basic net loss per share$(0.09) $(0.27) $(0.32) $(0.82) Non-GAAP basic net income (loss) per share$0.06 $0.01 $0.18 $(0.08) Non-GAAP diluted net income per share (1)$0.06 $0.01 $0.17 Shares used to compute basic Non-GAAP net income (loss) per share 77,869 75,387 77,319 74,778 Shares used to compute diluted Non-GAAP net income (loss) per share (1) 79,401 78,550 79,184 Non-GAAP net income (loss) as a percentage of revenue 5.3 % 0.9 % 5.5 % (2.6)% (1) Due to Non-GAAP net loss for the nine months ended September 30, 2023, there are no common shares added to calculate Non-GAAP diluted net income per share because the effect would be anti-dilutive.
Third Quarter Total Revenue of $83.7 Million, an Increase of 7% Versus Prior Year.Total ARR of $347.8 Million, an Increase of 5% Versus Prior Year.Enterprise ARR of $256.9 Million, an Increase of 7% Versus Prior YearAUSTIN, Texas , Nov.07, 2024 (GLOBE NEWSWIRE) -- BigCommerce Holdings, Inc.("BigCommerce” or the "Company”) (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 third quarter ended September 30, 2024.
Restructuring On September 30, 2024, the Company initiated a restructuring program (the "2024 Restructure") that includes a reduction of the Company's workforce, select real estate exits within certain markets, abandonment of certain software development projects and contract amendments and terminations to better align operating expenses with existing economic conditions and the Company's strategic priorities.The Company incurred $9.8 million of restructuring charges for the three months ended September 30, 2024 in connection with the 2024 Restructure, consisting primarily of severance benefits, contract termination costs, right-of-use asset impairments, lease termination gain, software impairments, and professional services costs.
