bigc-10q_20210630.htm
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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, 2021

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, 2021, the registrant had 71,110,070 shares of Series 1 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 Convertible Preferred Stock and 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

21

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

35

Item 4.

Controls and Procedures

36

PART II.

OTHER INFORMATION

37

Item 1.

Legal Proceedings

37

Item 1A.

Risk Factors

38

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

66

Item 3.

Defaults Upon Senior Securities

66

Item 4.

Mine Safety Disclosures

66

Item 5.

Other Information

66

Item 6.

Exhibits

67

Signatures

68

 

 

 

i


 

 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

 

Index to Financial Statements

BigCommerce Holdings, Inc.

 

Consolidated Financial Statements

 

Condensed Consolidated Balance Sheets

3

Condensed Consolidated Statements of Operations

4

Condensed Consolidated Statements of Comprehensive Loss

5

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit)

6

Condensed Consolidated Statements of Cash Flows

7

Notes to the Condensed Consolidated Financial Statements

8

 

 

2


Table of Contents

 

 

 

BigCommerce Holdings, Inc.

Condensed Consolidated Balance Sheets

(in thousands, except per share amounts)

 

 

 

June 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

172,872

 

 

$

219,447

 

Restricted cash

 

 

1,156

 

 

 

1,160

 

Marketable securities

 

 

30,397

 

 

 

 

Accounts receivable, net

 

 

28,977

 

 

 

22,894

 

Prepaid expenses and other assets

 

 

6,496

 

 

 

8,000

 

Deferred commissions

 

 

3,158

 

 

 

2,571

 

Total current assets

 

 

243,056

 

 

 

254,072

 

Property and equipment, net

 

 

7,329

 

 

 

7,122

 

Right-of-use-assets

 

 

10,575

 

 

 

11,842

 

Prepaid expenses, net of current portion

 

 

1,096

 

 

 

 

Deferred commissions, net of current portion

 

 

4,456

 

 

 

3,590

 

Total assets

 

$

266,512

 

 

$

276,626

 

Liabilities, convertible preferred stock, and stockholders’ equity

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

5,412

 

 

$

5,788

 

Accrued liabilities

 

 

3,990

 

 

 

3,344

 

Deferred revenue

 

 

12,860

 

 

 

11,406

 

Current portion of operating lease liabilities

 

 

3,005

 

 

 

3,173

 

Other current liabilities

 

 

17,425

 

 

 

22,176

 

Total current liabilities

 

 

42,692

 

 

 

45,887

 

Deferred revenue, net of current portion

 

 

1,485

 

 

 

1,308

 

Operating lease liabilities, net of current portion

 

 

11,268

 

 

 

12,672

 

Total liabilities

 

 

55,445

 

 

 

59,867

 

Commitments and contingencies (Note 6)

 

 

 

 

 

 

 

 

Convertible preferred stock

 

 

 

 

 

 

 

 

Convertible preferred stock, $0.0001 par value; 10,000 shares authorized

at June 30, 2021 and December 31, 2020; 0 shares

issued and outstanding, at June 30, 2021 and December 31, 2020

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

 

 

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

authorized at June 30, 2021 and December 31, 2020; 71,110, and 64,461 shares Series 1

issued and outstanding at June 30, 2021 and December 31, 2020, respectively,

and 0 and 5,051 shares Series 2 issued and, outstanding at

June 30, 2021, and December 31, 2020, respectively

 

 

7

 

 

 

7

 

Additional paid-in capital

 

 

545,216

 

 

 

530,143

 

Accumulated deficit

 

 

(334,156

)

 

 

(313,391

)

Total stockholders’ equity

 

 

211,067

 

 

 

216,759

 

Total liabilities, convertible preferred stock, and stockholders’

   equity

 

$

266,512

 

 

$

276,626

 

 

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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

49,013

 

 

$

36,316

 

 

$

95,673

 

 

$

69,490

 

Cost of revenue

 

 

10,185

 

 

 

7,837

 

 

 

19,435

 

 

 

15,317

 

Gross profit

 

 

38,828

 

 

 

28,479

 

 

 

76,238

 

 

 

54,173

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

 

22,157

 

 

 

16,803

 

 

 

42,966

 

 

 

32,565

 

Research and development

 

 

14,725

 

 

 

11,345

 

 

 

28,260

 

 

 

22,266

 

General and administrative

 

 

13,110

 

 

 

7,714

 

 

 

24,718

 

 

 

14,180

 

Acquisition related expenses

 

 

1,107

 

 

 

 

 

 

1,107

 

 

 

 

Total operating expenses

 

 

51,099

 

 

 

35,862

 

 

 

97,051

 

 

 

69,011

 

Loss from operations

 

 

(12,271

)

 

 

(7,383

)

 

 

(20,813

)

 

 

(14,838

)

Interest income

 

 

29

 

 

 

17

 

 

 

41

 

 

 

18

 

Interest expense

 

 

 

 

 

(1,152

)

 

 

 

 

 

(1,914

)

Change in fair value of financial instruments

 

 

 

 

 

 

 

 

 

 

 

4,413

 

Other income (expense)

 

 

27

 

 

 

40

 

 

 

13

 

 

 

(163

)

Loss before provision for income taxes

 

 

(12,215

)

 

 

(8,478

)

 

 

(20,759

)

 

 

(12,484

)

Provision for income taxes

 

 

6

 

 

 

3

 

 

 

6

 

 

 

20

 

Net loss

 

$

(12,221

)

 

$

(8,481

)

 

$

(20,765

)

 

$

(12,504

)

Dividends and accretion of issuance costs on Series F

   preferred stock

 

$

 

 

$

(1,953

)

 

$

 

 

$

(3,698

)

Net loss attributable to common stockholders

 

$

(12,221

)

 

$

(10,434

)

 

$

(20,765

)

 

$

(16,202

)

Basic and diluted net loss per share attributable to common

   stockholders

 

$

(0.17

)

 

$

(0.54

)

 

$

(0.30

)

 

$

(0.86

)

Weighted average shares used to compute basic and diluted net

   loss per share attributable to common stockholders

 

 

70,622

 

 

 

19,149

 

 

 

70,194

 

 

 

18,852

 

 

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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

Net loss

 

$

(12,221

)

 

$

(8,481

)

 

$

(20,765

)

 

$

(12,504

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized gain (loss)

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive loss

 

$

(12,221

)

 

$

(8,481

)

 

$

(20,765

)

 

$

(12,504

)

 

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 (Deficit)

(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, 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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Convertible Preferred

Stock

 

 

 

Common Stock

 

 

Additional

Paid-in

 

 

Accumulated

 

 

Accumulated

Other

Comprehensive

 

 

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Loss

 

 

(Deficit)

 

Balance at December 31, 2019

 

 

102,030

 

 

$

223,754

 

 

 

 

18,544

 

 

$

2

 

 

$

17,244

 

 

$

(274,549

)

 

$

 

 

$

(257,303

)

Exercise of stock options

 

 

 

 

 

 

 

 

 

448

 

 

 

 

 

 

404

 

 

 

 

 

 

 

 

 

404

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,026

 

 

 

 

 

 

 

 

 

1,026

 

Accumulated dividend – Series F

 

 

 

 

 

1,727

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,727

)

 

 

 

 

 

(1,727

)

Accretion of Series F issuance costs

 

 

 

 

 

18

 

 

 

 

 

 

 

 

 

 

(18

)

 

 

 

 

 

 

 

 

(18

)

Warrants issued in connection with debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

297

 

 

 

 

 

 

 

 

 

297

 

Adoption of new accounting standard - See Note 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(364

)

 

 

 

 

 

(364

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,023

)

 

 

 

 

 

(4,023

)

Balance at March 31, 2020

 

 

102,030

 

 

$

225,499

 

 

 

 

18,992

 

 

$

2

 

 

$

18,953

 

 

$

(280,663

)

 

$

 

 

$

(261,708

)

Exercise of stock options

 

 

 

 

 

 

 

 

 

351

 

 

 

 

 

 

366

 

 

 

 

 

 

 

 

 

366

 

Exercise of warrants

 

 

 

 

 

 

 

 

 

35

 

 

 

 

 

 

126

 

 

 

 

 

 

 

 

 

126

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,144

 

 

 

 

 

 

 

 

 

1,144

 

Accumulated dividend – Series F

 

 

 

 

 

1,935

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,935

)

 

 

 

 

 

(1,935

)

Accretion of Series F issuance costs

 

 

 

 

 

18

 

 

 

 

 

 

 

 

 

 

(18

)

 

 

 

 

 

 

 

 

(18

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,481

)

 

 

 

 

 

(8,481

)

Balance at June 30, 2020

 

 

102,030

 

 

$

227,452

 

 

 

 

19,378

 

 

$

2

 

 

$

20,571

 

 

$

(291,079

)

 

$

 

 

$

(270,506

)

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,

 

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

Net loss

 

$

(20,765

)

 

$

(12,504

)

Adjustments to reconcile net loss to net cash used in operating

   activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

1,437