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): November 7, 2024

 

BigCommerce Holdings, Inc.

(Exact name of registrant as specified in its 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 November 7, 2024, BigCommerce Holdings, Inc. (the "Company") issued a press release reporting its financial results for the third quarter ended September 30, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information furnished with this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), except as expressly set forth by specific reference in such a filing.

 

 

---

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description
99.1		Press Release dated November 7, 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: November 7, 2024	By:	/s/ Hubert Ban
		Hubert Ban
		Senior Vice President (Principal Accounting Officer)

 

---

BigCommerce Announces Third Quarter 2024 Financial Results

 

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 Year
 

AUSTIN, Texas – November 7, 2024 – 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.

 

“BigCommerce has been significantly underrepresented in the marketplace relative to the strength of our products,” said Travis Hess, CEO of BigCommerce. “Our third-quarter revenue increased 7% year-over-year, but we have the potential to do much better. As CEO, it is my top priority to reach that potential. We are making significant changes to re-accelerate growth and re-align our team to help discerning organizations solve business problems, maximize agility and optimize revenue.”

 

“The entire board and I are confident that Travis is the right leader to drive additional growth for BigCommerce and value for shareholders,” said Ellen Siminoff, Executive Chair of the BigCommerce Board of Directors. “He has the necessary mix of deep industry expertise, operational focus and fresh perspective on the business to reignite and bolster our growth strategy.”

 

Third Quarter Financial Highlights:

 

 

Other Key Business Metrics

.

 

Loss from Operations and Non-GAAP Operating Income (Loss)

---

 

 

Net Income (Loss) and Earnings Per Share

Adjusted EBITDA

 

Cash

 

Debt

 

 

Business Highlights:

 

Corporate Highlights

---

 

 

Restructuring

 

 

Product Highlights

 

 

Partnership Highlights

 

---

 

Customer Highlights

 

Q4 and 2024 Financial Outlook:

 

For the fourth quarter of 2024, we currently expect:

 

For the full year 2024, we currently expect:

 

Our fourth 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 loss from operations , the most directly comparable GAAP measure to Non-GAAP operating income (loss), and similarly cannot provide a reconciliation between its forecasted Non-GAAP operating income (loss) and Non-GAAP income (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, November 7, 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, November 14, 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 1719588. 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, 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 Q4 and fiscal 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, the anticipated benefits and opportunities related to the 2024 Restructure may not be realized or may take longer to realize than expected, our ability to pay the interest and principal on our indebtedness depends upon cash flows generated by our operating performance, 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 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. 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, amortization of intangible assets, acquisition related costs, restructuring charges, depreciation, gain on convertible note extinguishment, interest income, interest expense, other expense, and our provision or benefit for income taxes. Acquisition related costs include contingent compensation arrangements entered into in connection with acquisitions and achieved earnout related to an acquisition.

 

Restructuring charges include severance benefits, right-of-use asset impairments, lease termination gain, software impairments, and professional services costs.

 

Depreciation includes depreciation expenses related to the Company's fixed assets.

 

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, amortization of intangible assets, acquisition-related costs, 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, amortization of intangible assets, acquisition-related costs, restructuring charges, and gain on convertible notes extinguishment. The most directly comparable GAAP measure is our net loss.

Non-GAAP Basic and Dilutive Net Income (Loss) per Share

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

 

 

---

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				2023
Cost of revenue		$	1,114			$	1,323			$	2,798			$	3,802
Sales and marketing			3,327				3,626				8,332				10,059
Research and development			3,766				4,124				10,515				11,570
General 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				2023
Subscription solutions		$	62,826			$	58,709			$	185,582			$	168,652
Partner and services			20,884				19,336				60,317				56,593
Revenue		$	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				2023
Revenue:
Americas – United States		$	63,682			$	60,019			$	187,249			$	172,374
Americas – other (1)			3,893				3,499				11,445				10,273
EMEA			9,709				8,631				28,182				25,263
APAC			6,426				5,896				19,023				17,335
Revenue		$	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.

---

Reconciliation of net loss to adjusted EBITDA:

 

		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
Depreciation			1,050				1,104				3,129				2,882
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 expenses			142				301				585				333
Provision for income taxes			269				145				691				552
Adjusted EBITDA		$	5,373			$	(102	)		$	12,506			$	(8,131	)
Adjusted EBITDA as a percentage of revenue			6.4		%		(0.1	)	%		5.1		%		(3.6	)	%

 

 

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

 

		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
Cost of revenue		$	19,863			$	19,054			$	58,113			$	55,256
Less: stock-based compensation expense and associated payroll tax costs			1,114				1,323				2,798				3,802
Non-GAAP cost of revenue		$	18,749			$	17,731			$	55,315			$	51,454
As a percentage of revenue			22.4		%		22.7		%		22.5		%		22.8		%

 

 

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

 

		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
Sales and marketing		$	33,140			$	36,253			$	99,997			$	105,898
Less: stock-based compensation expense and associated payroll tax costs			3,327				3,626				8,332				10,059
Non-GAAP sales and marketing		$	29,813			$	32,627			$	91,665			$	95,839
As a percentage of revenue			35.6		%		41.8		%		37.3		%		42.5		%

 

 

 

---

 

 

 

 

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

 

		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
Research and development		$	20,841			$	21,703			$	61,116			$	63,951
Less: stock-based compensation expense and associated payroll tax costs			3,766				4,124				10,515				11,570
Non-GAAP research and development		$	17,075			$	17,579			$	50,601			$	52,381
As a percentage of revenue			20.4		%		22.5		%		20.6		%		23.3		%

 

 

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

 

		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
General & administrative		$	16,435			$	14,342			$	46,800			$	45,264
Less: stock-based compensation expense and associated payroll tax costs			2,685				3,028				7,859				8,680
Non-GAAP general & administrative		$	13,750			$	11,314			$	38,941			$	36,584
As a percentage of revenue			16.4		%		14.5		%		15.8		%		16.2		%

 

 

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

 

		Three months ended September 30,								Nine months ended September 30,
		2024				2023				2024				2023
(in thousands)
Net cash provided by (used in) operating activities		$	5,573			$	(31,429	)		$	13,894			$	(37,522	)
Purchases of property and equipment			(1,064	)			(1,055	)			(2,934	)			(3,135	)
Free cash flow		$	4,509			$	(32,484	)		$	10,960			$	(40,657	)

 

 

---

v3.24.3

Document and Entity Information	Nov. 07, 2024
Cover [Abstract]
Amendment Flag	false
Entity Central Index Key	0001626450
Document Type	8-K
Document Period End Date	Nov. 07, 2024
Entity Registrant Name	BigCommerce Holdings, Inc.
Entity Incorporation State 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

---