BIGC BigCommerce Holdings Inc

 

 

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): February 22, 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. □

 

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Item 2.02 Results of Operations and Financial Condition.

On February 22, 2024, BigCommerce Holdings, Inc. (the “Company”) issued a press release announcing financial results for its fiscal quarter and fiscal year ended December 31, 2023. 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 February 22, 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.

 

 

 

 

 

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Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description
99.1		Press Release issued by BigCommerce Holdings, Inc. dated February 22, 2024.
104		Cover page interactive data file (embedded within the inline XBRL document).

 

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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: February 22, 2024	By:	/s/ Hubert Ban
		Hubert Ban
		Senior Vice President (Principal Accounting Officer)

 

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BigCommerce Announces Fourth Quarter and Fiscal Year 2023 Financial Results

 

Fourth Quarter Total Revenue of $84.1 Million, an Increase of 16% Versus Prior Year; Fourth Quarter GAAP Net Loss ($3.2) Million, Compared to a Loss of ($33.0) Million Versus Prior Year; Fourth Quarter Adjusted EBITDA of $6.5 Million, a 20-point Increase in Adjusted EBITDA Versus Prior Year; Operating Cash Flow of $13.3 Million

 

AUSTIN, Texas – February 22, 2024 – BigCommerce Holdings, Inc. (“BigCommerce”) (Nasdaq: BIGC), a leading Open SaaS ecommerce platform for fast-growing and established B2C and B2B brands, today announced financial results for its fourth quarter and fiscal year ended December 31, 2023.

 

“One year ago, we set a goal to hit break-even on an adjusted EBITDA basis in Q4 2023. We exceeded that goal with adjusted EBITDA of $6.5 million, or approximately 8% of revenue, representing a nearly 20-point profit margin improvement in the last year,” said Brent Bellm. “In 2024, we are relentlessly focused on customer success and delivering industry-leading products and service to our customers and partners. We aspire to become the most loved ecommerce platform in the world. Our innovations in AI and the recent launch of our next generation Catalyst storefront technology demonstrate our commitment to driving performance and success for B2C and B2B brands and retailers around the world.”

 

“We have executed a notable financial transformation over the last several quarters,” said Daniel Lentz, CFO at BigCommerce. “In addition to the significant improvement in profitability, we have made strong progress to drive positive operating cash flow of approximately $13 million, growing to 16% of revenue in Q4. We are seeing success from our Q3 2023 restructuring and 2024 financial plan. Cross-sell results are improving, retention is improving, and we continue to see healthy competitive win rates as well. We are optimistic about our 2024 plans and are focused on driving efficient revenue growth.”

 

 

Fourth Quarter Financial Highlights:

 

 

Other Key Business Metrics

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.

 

Operating Loss and Non-GAAP Operating Income (Loss)

 

Net Income (Loss) and Earnings Per Share

 

Adjusted EBITDA

 

Cash

 

 

Fiscal Year 2023 Financial Highlights:

 

Operating Loss and Non-GAAP Operating Income (Loss)

 

Net Income (Loss) and Earnings Per Share

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Adjusted EBITDA

 

Cash

 

Business Highlights:

 

Corporate Highlights

 

Product Highlights

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Customer Highlights

 

Partner Highlights

 

Q1 and 2024 Financial Outlook:

 

For the first quarter of 2024, we currently expect:

 

For the full year 2024, we currently expect:

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Our first 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 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, February 22, 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, February 29, 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 8007317. 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, Ted Baker, 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 Q1and 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

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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, 2022, our Quarterly report on Form 10-Q filed with the SEC on November 8, 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 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

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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.

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

 

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Consolidated Balance Sheets

(in thousands)

(unaudited)

 

		December 31,				December 31,
		2023				2022
Assets
Current assets
Cash and cash equivalents		$	71,719			$	91,573
Restricted cash			1,126				1,457
Marketable securities			198,415				211,941
Accounts receivable, net			37,713				35,072
Prepaid expenses and other assets, net			24,733				28,033
Deferred commissions			8,280				6,171
Total current assets			341,986				374,247
Property and equipment, net			10,233				9,083
Operating lease, right-of-use-assets			4,405				5,887
Prepaid expenses, net of current portion			1,240				470
Deferred commissions, net of current portion			7,056				7,037
Intangible assets, net			27,052				27,583
Goodwill			52,086				49,749
Total assets		$	444,058			$	474,056
Liabilities and stockholders’ equity
Current liabilities
Accounts payable		$	7,982			$	7,013
Accrued liabilities			2,652				2,937
Deferred revenue			32,242				17,783
Current portion of debt			547				0
Current portion of operating lease liabilities			2,542				2,609
Other current liabilities			24,785				48,444
Total current liabilities			70,750				78,786
Long-term portion of debt			339,614				337,497
Operating lease liabilities, net of current portion			7,610				10,008
Other long-term liabilities, net of current portion			551				2,093
Total liabilities			418,525				428,384
Commitments and contingencies (Note 8)
Stockholders’ equity
Common stock, $0.0001 par value; 500,000 shares authorized at December 31, 2023 and 2022, respectively; 76,410 and 73,945 shares issued and outstanding at December 31, 2023 and 2022, respectively.			7				7
Additional paid-in capital			620,021				576,851
Accumulated other comprehensive gain (loss)			163				(1,199	)
Accumulated deficit			(594,658	)			(529,987	)
Total stockholders’ equity			25,533				45,672
Total liabilities and stockholders’ equity		$	444,058			$	474,056

 

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Consolidated Statements of Operations

(in thousands, except per share amounts)

(unaudited)

		Three months ended December 31,								Year ended December 31,
		2023				2022				2023				2022
Revenue		$	84,149			$	72,431			$	309,394			$	279,075
Cost of revenue (1)			18,946				18,492				74,202				69,980
Gross profit			65,203				53,939				235,192				209,095
Operating expenses: (1)
Sales and marketing			34,332				35,697				140,230				141,342
Research and development			19,509				22,669				83,460				88,253
General and administrative			13,574				17,137				58,838				69,441
Acquisition related expenses			935				3,775				10,252				35,216
Restructuring charges			219				7,332				6,434				7,332
Amortization of intangible assets			2,323				2,016				8,422				8,078
Total operating expenses			70,892				88,626				307,636				349,662
Loss from operations			(5,689	)			(34,687	)			(72,444	)			(140,567	)
Interest income			3,183				2,068				11,493				4,198
Interest expense			(719	)			(708	)			(2,884	)			(2,828	)
Other income (expense)			(503	)			601				(836	)			(227	)
Loss before provision for income taxes			(3,728	)			(32,726	)			(64,671	)			(139,424	)
Benefit (provision) for income taxes			552				(254	)			0				(495	)
Net loss		$	(3,176	)		$	(32,980	)		$	(64,671	)		$	(139,919	)
Basic net loss per share		$	(0.04	)		$	(0.45	)		$	(0.86	)		$	(1.91	)
Shares used to compute basic net loss per share			76,226				73,819				75,143				73,226

 

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

		Three months ended December 31,								Year ended December 31,
		2023				2022				2023				2022
Cost of revenue		$	1,147			$	1,280			$	4,949			$	4,226
Sales and marketing			3,415				3,757				13,474				13,551
Research and development			1,908				3,639				13,478				12,388
General and administrative			1,105				3,483				9,785				12,821

 

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Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

	Three months ended December 31,								Year ended December 31,
	2023				2022				2023				2022
Cash flows from operating activities
Net loss	$	(3,176	)		$	(32,980	)		$	(64,671	)		$	(139,919	)
Adjustments to reconcile net loss to net cash used in operating activities:													0
Depreciation and amortization		3,500				2,791				12,480				11,421
Amortization of discount on debt		496				492				1,976				1,960
Stock-based compensation expense		7,635				12,146				41,185				42,332
Provision for expected credit losses		(656	)			1,237				805				8,244
Impairment of right-of-use assets		70				3,763				70				3,763
Other		(5	)			0				167				0
Changes in operating assets and liabilities:
Accounts receivable		534				(5,072	)			(3,877	)			(20,337	)
Prepaid expenses		4,581				2,817				2,063				(1,134	)
Deferred commissions		(354	)			(949	)			(2,128	)			(3,463	)
Accounts payable		1,710				(204	)			962				(1,198	)
Accrued and other liabilities		(1,083	)			11,055				(25,836	)			3,669
Deferred revenue		27				2,211				12,561				5,305
Net cash provided by (used in) operating activities		13,279				(2,693	)			(24,243	)			(89,357	)
Cash flows from investing activities:
Cash paid for business combinations		(7,891	)			0				(7,891	)			(696	)
Purchase of property and equipment		(1,043	)			(990	)			(4,179	)			(5,196	)
Maturity of marketable securities		36,960				38,900				243,167				103,550
Purchase of marketable securities		(39,207	)			(44,297	)			(228,281	)			(214,184	)
Net cash provided by (used in) investing activities		(11,181	)			(6,387	)			2,816				(116,526	)
Cash flows from financing activities:
Proceeds from exercise of stock options		136			145					3,849				209
Taxes paid related to net share settlement of stock options		(12	)			0				(3,294	)			0
Repayment of debt		(263	)			0				(394	)			0
Proceeds from debt		0				0				1,081				0
Net cash provided by (used in) financing activities		(139	)			145				1,242				209
Net change in cash and cash equivalents and restricted cash		1,959				(8,935	)			(20,185	)			(205,674	)
Cash and cash equivalents and restricted cash, beginning of period		70,886				101,965				93,030				298,704
Cash and cash equivalents and restricted cash, end of period	$	72,845			$	93,030			$	72,845			$	93,030
Supplemental cash flow information:
Cash paid for interest	$	21			$	0			$	894			$	903
Cash paid for taxes	$	242			$	0			$	583			$	32
Noncash investing and financing activities:
Changes in capital additions, accrued but not paid	$	168			$	0			$	168			$	0
Fair value of shares issued as consideration for business combinations	$	496			$	768			$	1,417			$	5,388
Reconciliation of cash, cash equivalents and restricted cash within the condensed consolidated balance sheet to the amounts shown in the statements of cash flows above:
Cash and cash equivalents	$	71,719			$	91,573			$	71,719			$	91,573
Restricted cash		1,126				1,457				1,126				1,457
Total cash, cash equivalents and restricted cash	$	72,845			$	93,030			$	72,845			$	93,030

 

 

 

 

 

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Disaggregated Revenue:

		Three months ended December 31,								Year ended  December 31,
(in thousands)		2023				2022				2023				2022
Subscription solutions		$	60,613			$	53,298			$	229,265			$	205,800
Partner and services			23,536				19,133				80,129				73,275
Revenue		$	84,149			$	72,431			$	309,394			$	279,075

 

Revenue by Geography:

		Three months ended December 31,								Year ended  December 31,
(in thousands)		2023				2022				2023				2022
Revenue:
Americas – U.S.		$	64,055			$	56,086			$	236,502			$	216,639
Americas – other (1)			3,837				3,131				14,103				12,124
EMEA			9,475				7,657				34,661				27,743
APAC			6,782				5,557				24,128				22,569
Revenue		$	84,149			$	72,431			$	309,394			$	279,075

 

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

 

 

 

 

 

 

 

 

 

 

 

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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 December 31,								Year ended December 31,
		2023				2022				2023				2022
(in thousands)
Revenue		$	84,149			$	72,431			$	309,394			$	279,075
Loss from operations		$	(5,689	)		$	(34,687	)		$	(72,444	)		$	(140,567	)
Plus: stock-based compensation expense and associated payroll tax costs			7,575				12,159				41,686				42,986
Acquisition related costs			935				3,775				10,252				35,216
Restructuring charges			219				7,332				6,434				7,332
Amortization of intangible assets			2,323				2,016				8,422				8,078
Non-GAAP operating income (loss)		$	5,363			$	(9,405	)		$	(5,650	)		$	(46,955	)
Non-GAAP operating income (loss) as a percentage of revenue			6.4		%		(13.0	)	%		(1.8	)	%		(16.8	)	%

 

 

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

 

		Three months ended December 31,								Year ended December 31,
		2023				2022				2023				2022
(in thousands)
Revenue		$	84,149			$	72,431			$	309,394			$	279,075
Net loss		$	(3,176	)		$	(32,980	)		$	(64,671	)		$	(139,919	)
Plus: stock-based compensation expense and associated payroll tax costs			7,575				12,159				41,686				42,986
Acquisition related costs			935				3,775				10,252				35,216
Restructuring charges			219				7,332				6,434				7,332
Amortization of intangible assets			2,323				2,016				8,422				8,078
Non-GAAP net income (loss)		$	7,876			$	(7,698	)		$	2,123			$	(46,307	)
Shares used to compute basic Non-GAAP net income (loss) per share			76,226				73,819				75,143				73,226
Shares used to compute diluted Non-GAAP net income (loss) per share (1)			83,679								82,938
Non-GAAP basic net income (loss) per share		$	0.10			$	(0.10	)		$	0.03			$	(0.63	)
Non-GAAP diluted net income (loss) per share (1)			0.09								0.03
Non-GAAP net income (loss) margin as a percentage of revenue			9.4		%		(10.6	)	%		0.7		%		(16.6	)	%

 

(1) Due to the loss from continuing operations for the three months and twelve months ended December 31, 2022, there are no common shares added to calculate diluted EPS because the effect would be anti-dilutive.

 

 

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Reconciliation of net loss to adjusted EBITDA:

 

		Three months ended December 31,								Year ended December 31,
		2023				2022				2023				2022
(in thousands)
Revenue		$	84,149			$	72,431			$	309,394			$	279,075
Net loss		$	(3,176	)		$	(32,980	)		$	(64,671	)		$	(139,919	)
Plus: stock-based compensation expense and associated payroll tax costs			7,575				12,159				41,686				42,986
Acquisition related costs			935				3,775				10,252				35,216
Restructuring charges			219				7,332				6,434				7,332
Depreciation			1,177				775				4,058				3,343
Amortization of intangible assets			2,323				2,016				8,422				8,078
Interest income			(3,183	)			(2,068	)			(11,493	)			(4,198	)
Interest expense			719				708				2,884				2,828
Other (income) expenses			503				(601	)			836				227
Provision (benefit) for income taxes			(552	)			254				0				495
Adjusted EBITDA		$	6,540			$	(8,630	)		$	(1,592	)		$	(43,612	)
Adjusted EBITDA margin as a percentage of revenue			7.8		%		(11.9	)	%		(0.5	)	%		(15.6	)	%

 

 

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

 

		Three months ended December 31,								Year ended December 31,
		2023				2022				2023				2022
(in thousands)
Revenue		$	84,149			$	72,431			$	309,394			$	279,075
Cost of revenue		$	18,946			$	18,492			$	74,202			$	69,980
Less: stock-based compensation expense and associated payroll tax costs			1,147				1,280				4,949				4,226
Non-GAAP cost of revenue		$	17,799			$	17,212			$	69,253			$	65,754
As a percentage of revenue			21.2		%		23.8		%		22.4		%		23.6		%

 

 

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

 

		Three months ended December 31,								Year ended December 31,
		2023				2022				2023				2022
(in thousands)
Revenue		$	84,149			$	72,431			$	309,394			$	279,075
Sales and marketing		$	34,332			$	35,697			$	140,230			$	141,342
Less: stock-based compensation expense and associated payroll tax costs			3,415				3,757				13,474				13,551
Non-GAAP sales and marketing		$	30,917			$	31,940			$	126,756			$	127,791
As a percentage of revenue			36.7		%		44.1		%		41.0		%		45.8		%

 

 

 

 

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

 

		Three months ended December 31,								Year ended December 31,
		2023				2022				2023				2022
(in thousands)
Revenue		$	84,149			$	72,431			$	309,394			$	279,075
Research and development		$	19,509			$	22,669			$	83,460			$	88,253
Less: stock-based compensation expense and associated payroll tax costs			1,908				3,639				13,478				12,388
Non-GAAP research and development		$	17,601			$	19,030			$	69,982			$	75,865
As a percentage of revenue			20.9		%		26.3		%		22.6		%		27.2		%

 

 

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

 

		Three months ended December 31,								Year ended December 31,
		2023				2022				2023				2022
(in thousands)
Revenue		$	84,149			$	72,431			$	309,394			$	279,075
General & administrative		$	13,574			$	17,137			$	58,838			$	69,441
Less: stock-based compensation expense and associated payroll tax costs			1,105				3,483				9,785				12,821
Non-GAAP general & administrative		$	12,469			$	13,654			$	49,053			$	56,620
As a percentage of revenue			14.8		%		18.9		%		15.9		%		20.3		%

 

 

Reconciliation of net cash provided by (used in) operating activities to free cash flow:

 

		Three months ended December 31,								Year ended December 31,
		2023				2022				2023				2022
(in thousands)
Net cash provided by (used in) operating activities		$	13,279			$	(2,693	)		$	(24,243	)		$	(89,357	)
Purchases of property and equipment			(1,043	)			(990	)			(4,179	)			(5,196	)
Free cash flow		$	12,236			$	(3,683	)		$	(28,422	)		$	(94,553	)

 

 

Reconciliation of net cash provided by (used in) operating activities to Non-GAAP net cash provided by (used in) operating activities:

 

		Three months ended December 31,								Year ended December 31,
		2023				2022				2023				2022
(in thousands)
Net cash provided by (used in) operating activities		$	13,279			$	(2,693	)		$	(24,243	)		$	(89,357	)
Feedonomics anniversary payout			0				0				32,500				0
Non-GAAP net cash provided by (used in) operating activities		$	13,279			$	(2,693	)		$	8,257			$	(89,357	)

 

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v3.24.0.1

Document and Entity Information	Feb. 22, 2024
Cover [Abstract]
Amendment Flag	false
Entity Central Index Key	0001626450
Document Type	8-K
Document Period End Date	Feb. 22, 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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