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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 10-Q

 

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2022

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from __________ to __________

Commission File Number: 001-39423

 

 

BigCommerce Holdings, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

46-2707656

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

11305 Four Points Drive
Building II, 3rd Floor

Austin, Texas

78726

(Address of principal executive offices)

(Zip Code)

 

Registrant’s telephone number, including area code: (512) 865-4500

 

 

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes  ☒    No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  ☒    No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

Smaller reporting company

 

 

 

 

 

 

 

 

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. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes      No  

As of June 30, 2022, the registrant had 73,376,095 shares of common stock, $0.0001 par value per share outstanding.

 

 

 


 

 

Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

 

Item 1.

Index to Financial Statements

2

 

Condensed Consolidated Balance Sheets

3

 

Condensed Consolidated Statements of Operations

4

 

Condensed Consolidated Statements of Comprehensive Loss

5

 

Condensed Consolidated Statements of Stockholders’ Equity (Deficit)

6

 

Condensed Consolidated Statements of Cash Flows

7

 

Notes to Condensed Consolidated Financial Statements

8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

26

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

37

Item 4.

Controls and Procedures

37

PART II.

OTHER INFORMATION

39

Item 1.

Legal Proceedings

39

Item 1A.

Risk Factors

39

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

43

Item 3.

Defaults Upon Senior Securities

43

Item 4.

Mine Safety Disclosures

43

Item 5.

Other Information

43

Item 6.

Exhibits

44

Signatures

45

 

 

 

i


 

 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

 

Index to Financial Statements

BigCommerce Holdings, Inc.

 

 

 

2


Table of Contents

 

 

 

BigCommerce Holdings, Inc.

Condensed Consolidated Balance Sheets

(in thousands, except per share amounts)

 

 

 

June 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

220,550

 

 

$

297,561

 

Restricted cash

 

 

1,331

 

 

 

1,143

 

Marketable securities

 

 

138,109

 

 

 

102,315

 

Accounts receivable, net

 

 

45,908

 

 

 

39,806

 

Prepaid expenses and other assets

 

 

8,944

 

 

 

9,710

 

Deferred commissions

 

 

5,138

 

 

 

4,013

 

Total current assets

 

 

419,980

 

 

 

454,548

 

Property and equipment, net

 

 

9,314

 

 

 

7,429

 

Right-of-use-assets

 

 

10,889

 

 

 

9,515

 

Prepaid expenses, net of current portion

 

 

588

 

 

 

831

 

Deferred commissions, net of current portion

 

 

6,662

 

 

 

5,673

 

Intangible assets, net

 

 

31,416

 

 

 

35,032

 

Goodwill

 

 

49,742

 

 

 

42,432

 

Total assets

 

$

528,591

 

 

$

555,460

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

6,283

 

 

$

8,211

 

Accrued liabilities

 

 

2,137

 

 

 

2,941

 

Deferred revenue

 

 

15,224

 

 

 

12,752

 

Current portion of operating lease liabilities

 

 

2,799

 

 

 

2,653

 

Other current liabilities

 

 

52,186

 

 

 

36,254

 

Total current liabilities

 

 

78,629

 

 

 

62,811

 

Deferred revenue, net of current portion

 

 

1,454

 

 

 

1,359

 

Long-term debt

 

 

336,515

 

 

 

335,537

 

Operating lease liabilities, net of current portion

 

 

11,276

 

 

 

10,217

 

Other long-term liabilities, net of current portion

 

 

15,738

 

 

 

7,248

 

Total liabilities

 

 

443,612

 

 

 

417,172

 

Commitments and contingencies (Note 7)

 

 

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

 

 

Preferred stock, $0.0001 par value; 10,000 shares authorized

at June 30, 2022 and December 31, 2021; 0 shares

issued and outstanding, at June 30, 2022 and December 31, 2021

 

 

 

 

 

 

Common stock, $0.0001 par value; 500,000 shares Series 1 and, 5,051 shares Series 2

authorized at June 30, 2022 and December 31, 2021; 73,388 and 72,311 shares Series 1

issued and outstanding at June 30, 2022 and December 31, 2021, respectively,

and 0 shares Series 2 issued and, outstanding at

June 30, 2022, and December 31, 2021, respectively

 

 

7

 

 

 

7

 

Additional paid-in capital

 

 

552,752

 

 

 

528,540

 

Accumulated other comprehensive loss

 

 

(1,070

)

 

 

(191

)

Accumulated deficit

 

 

(466,710

)

 

 

(390,068

)

Total stockholders’ equity

 

 

84,979

 

 

 

138,288

 

Total liabilities and stockholders’ equity

 

$

528,591

 

 

$

555,460

 

 

The accompanying notes are an integral part of these consolidated financial statements.

3


Table of Contents

 

BigCommerce Holdings, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share amounts)

 

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

68,203

 

 

$

49,013

 

 

$

134,253

 

 

$

95,673

 

Cost of revenue

 

 

16,860

 

 

 

10,185

 

 

 

33,963

 

 

 

19,435

 

Gross profit

 

 

51,343

 

 

 

38,828

 

 

 

100,290

 

 

 

76,238

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

 

34,348

 

 

 

22,157

 

 

 

66,521

 

 

 

42,966

 

Research and development

 

 

22,394

 

 

 

14,725

 

 

 

43,339

 

 

 

28,260

 

General and administrative

 

 

19,211

 

 

 

13,110

 

 

 

36,523

 

 

 

24,718

 

Acquisition related expenses

 

 

12,521

 

 

 

1,107

 

 

 

25,181

 

 

 

1,107

 

Amortization of intangible assets

 

 

2,009

 

 

 

 

 

 

4,046

 

 

 

 

Total operating expenses

 

 

90,483

 

 

 

51,099

 

 

 

175,610

 

 

 

97,051

 

Loss from operations

 

 

(39,140

)

 

 

(12,271

)

 

 

(75,320

)

 

 

(20,813

)

Interest income

 

 

577

 

 

 

29

 

 

 

699

 

 

 

41

 

Interest expense

 

 

(705

)

 

 

 

 

 

(1,414

)

 

 

 

Other expense

 

 

(297

)

 

 

27

 

 

 

(452

)

 

 

13

 

Loss before provision for income taxes

 

 

(39,565

)

 

 

(12,215

)

 

 

(76,487

)

 

 

(20,759

)

Provision for income taxes

 

 

40

 

 

 

6

 

 

 

155

 

 

 

6

 

Net loss

 

$

(39,605

)

 

$

(12,221

)

 

$

(76,642

)

 

$

(20,765

)

Basic and diluted net loss per share attributable to common

   stockholders

 

$

(0.54

)

 

$

(0.17

)

 

$

(1.05

)

 

$

(0.30

)

Weighted average shares used to compute basic and diluted net

   loss per share attributable to common stockholders

 

 

73,084

 

 

 

70,622

 

 

 

72,782

 

 

 

70,194

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

4


Table of Contents

 

 

BigCommerce Holdings, Inc.

Condensed Consolidated Statements of Comprehensive Loss

(in thousands)

 

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

Net loss

 

$

(39,605

)

 

$

(12,221

)

 

$

(76,642

)

 

$

(20,765

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized gain (loss) on marketable debt securities

 

 

(266

)

 

 

 

 

 

(879

)

 

 

 

Total comprehensive loss

 

$

(39,871

)

 

$

(12,221

)

 

$

(77,521

)

 

$

(20,765

)

 

The accompanying notes are an integral part of these consolidated financial statements.

 

5


Table of Contents

 

 

BigCommerce Holdings, Inc.

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity

(in thousands)

 

 

 

Convertible Preferred

Stock

 

 

 

Common Stock

 

 

Additional

Paid-in

 

 

Accumulated

 

 

Accumulated

Other

Comprehensive

 

 

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Loss

 

 

Equity

 

Balance at December 31, 2021

 

 

 

 

$

 

 

 

 

72,311

 

 

$

7

 

 

$

528,540

 

 

$

(390,068

)

 

$

(191

)

 

$

138,288

 

Exercise of stock options

 

 

 

 

 

 

 

 

 

272

 

 

 

 

 

 

277

 

 

 

 

 

 

 

 

 

277

 

Release of restricted stock units

 

 

 

 

 

 

 

 

 

90

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,962

 

 

 

 

 

 

 

 

 

8,962

 

Total other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(613

)

 

 

(613

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(37,037

)

 

 

 

 

 

(37,037

)

Balance at March 31, 2022

 

 

 

 

$

 

 

 

 

72,673

 

 

$

7

 

 

$

537,779

 

 

$

(427,105

)

 

$

(804

)

 

$

109,877

 

Exercise of stock options, net of shares withheld for taxes

 

 

 

 

 

 

 

 

 

208

 

 

 

 

 

 

(219

)

 

 

 

 

 

 

 

 

(219

)

Release of restricted stock units

 

 

 

 

 

 

 

 

 

248

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock as consideration for an acquisition

 

 

 

 

 

 

 

 

 

259

 

 

 

 

 

 

4,614

 

 

 

 

 

 

 

 

 

4,614

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,578

 

 

 

 

 

 

 

 

 

10,578

 

Total other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(266

)

 

 

(266

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(39,605

)

 

 

 

 

 

(39,605

)

Balance at June 30, 2022

 

 

 

 

$

 

 

 

 

73,388

 

 

$

7

 

 

$

552,752

 

 

$

(466,710

)

 

$

(1,070

)

 

$

84,979

 

 

 

 

 

Convertible Preferred

Stock

 

 

 

Common Stock

 

 

Additional

Paid-in

 

 

Accumulated

 

 

Accumulated

Other

Comprehensive

 

 

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Loss

 

 

Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2020

 

 

 

 

$

 

 

 

 

69,512

 

 

$

7

 

 

$

530,143

 

 

$

(313,391

)

 

$

 

 

$

216,759

 

Exercise of stock options

 

 

 

 

 

 

 

 

 

784

 

 

 

 

 

 

1,952

 

 

 

 

 

 

 

 

 

1,952

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,171

 

 

 

 

 

 

 

 

 

5,171

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,544

)

 

 

 

 

 

(8,544

)

Balance at March 31, 2021

 

 

 

 

$

 

 

 

 

70,296

 

 

$

7

 

 

$

537,266

 

 

$

(321,935

)

 

$

 

 

$

215,338

 

Exercise of stock options

 

 

 

 

 

 

 

 

 

509

 

 

 

 

 

 

1,428

 

 

 

 

 

 

 

 

 

1,428

 

Release of restricted stock units

 

 

 

 

 

 

 

 

 

305

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,522

 

 

 

 

 

 

 

 

 

6,522

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12,221

)

 

 

 

 

 

(12,221

)

Balance at June 30, 2021

 

 

 

 

$

 

 

 

 

71,110

 

 

$

7

 

 

$

545,216

 

 

$

(334,156

)

 

$

 

 

$

211,067

 

 

The accompanying notes are an integral part of these consolidated financial statements.    

 

6


Table of Contents

 

 

BigCommerce Holdings, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

 

 

Six months ended June 30,

 

 

Six months ended June 30,

 

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

Net loss

 

$

(76,642

)

 

$

(20,765

)

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

5,647

 

 

 

1,437

 

Amortization of discount on debt

 

 

978

 

 

 

 

Stock-based compensation

 

 

19,540

 

 

 

11,693

 

Allowance for credit losses

 

 

3,399

 

 

 

1,627

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(9,501

)

 

 

(7,710

)

Prepaid expenses

 

 

1,010

 

 

 

408

 

Deferred commissions

 

 

(2,055

)

 

 

(1,453

)

Accounts payable

 

 

(1,929

)

 

 

(376

)

Accrued and other liabilities

 

 

21,252

 

 

 

(3,899

)

Deferred revenue

 

 

2,441

 

 

 

1,632

 

Net cash used in operating activities

 

 

(35,860

)

 

 

(17,406

)

Cash flows from investing activities: