bigc-10q_20210930.htm
false Q3 --12-31 2021 0001626450 P12M true true P12M 2013-02-28 P4Y P5Y8M12D P5Y P5Y P3Y9M18D P5Y6M P4Y9M18D P4Y9M18D P5Y6M10D P6Y2M1D 0001626450 2021-01-01 2021-09-30 xbrli:shares 0001626450 2021-09-30 iso4217:USD 0001626450 2020-12-31 iso4217:USD xbrli:shares 0001626450 bigc:Series1CommonStocksMember 2021-09-30 0001626450 bigc:Series1CommonStocksMember 2020-12-31 0001626450 bigc:Series2CommonStocksMember 2021-09-30 0001626450 bigc:Series2CommonStocksMember 2020-12-31 0001626450 2021-07-01 2021-09-30 0001626450 2020-07-01 2020-09-30 0001626450 2020-01-01 2020-09-30 0001626450 us-gaap:CommonStockMember 2020-12-31 0001626450 us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0001626450 us-gaap:RetainedEarningsMember 2020-12-31 0001626450 us-gaap:CommonStockMember 2021-01-01 2021-03-31 0001626450 us-gaap:AdditionalPaidInCapitalMember 2021-01-01 2021-03-31 0001626450 2021-01-01 2021-03-31 0001626450 us-gaap:RetainedEarningsMember 2021-01-01 2021-03-31 0001626450 us-gaap:CommonStockMember 2021-03-31 0001626450 us-gaap:AdditionalPaidInCapitalMember 2021-03-31 0001626450 us-gaap:RetainedEarningsMember 2021-03-31 0001626450 2021-03-31 0001626450 us-gaap:CommonStockMember 2021-04-01 2021-06-30 0001626450 us-gaap:AdditionalPaidInCapitalMember 2021-04-01 2021-06-30 0001626450 2021-04-01 2021-06-30 0001626450 us-gaap:RetainedEarningsMember 2021-04-01 2021-06-30 0001626450 us-gaap:CommonStockMember 2021-06-30 0001626450 us-gaap:AdditionalPaidInCapitalMember 2021-06-30 0001626450 us-gaap:RetainedEarningsMember 2021-06-30 0001626450 2021-06-30 0001626450 us-gaap:CommonStockMember 2021-07-01 2021-09-30 0001626450 us-gaap:AdditionalPaidInCapitalMember 2021-07-01 2021-09-30 0001626450 us-gaap:RetainedEarningsMember 2021-07-01 2021-09-30 0001626450 us-gaap:CommonStockMember 2021-09-30 0001626450 us-gaap:AdditionalPaidInCapitalMember 2021-09-30 0001626450 us-gaap:RetainedEarningsMember 2021-09-30 0001626450 us-gaap:CommonStockMember 2019-12-31 0001626450 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001626450 us-gaap:RetainedEarningsMember 2019-12-31 0001626450 2019-12-31 0001626450 us-gaap:CommonStockMember 2020-01-01 2020-03-31 0001626450 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-03-31 0001626450 2020-01-01 2020-03-31 0001626450 us-gaap:RetainedEarningsMember 2020-01-01 2020-03-31 0001626450 srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember us-gaap:RetainedEarningsMember 2019-12-31 0001626450 srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember 2019-12-31 0001626450 us-gaap:CommonStockMember 2020-03-31 0001626450 us-gaap:AdditionalPaidInCapitalMember 2020-03-31 0001626450 us-gaap:RetainedEarningsMember 2020-03-31 0001626450 2020-03-31 0001626450 us-gaap:CommonStockMember 2020-04-01 2020-06-30 0001626450 us-gaap:AdditionalPaidInCapitalMember 2020-04-01 2020-06-30 0001626450 2020-04-01 2020-06-30 0001626450 us-gaap:RetainedEarningsMember 2020-04-01 2020-06-30 0001626450 us-gaap:CommonStockMember 2020-06-30 0001626450 us-gaap:AdditionalPaidInCapitalMember 2020-06-30 0001626450 us-gaap:RetainedEarningsMember 2020-06-30 0001626450 2020-06-30 0001626450 us-gaap:CommonStockMember 2020-07-01 2020-09-30 0001626450 us-gaap:AdditionalPaidInCapitalMember 2020-07-01 2020-09-30 0001626450 us-gaap:RetainedEarningsMember 2020-07-01 2020-09-30 0001626450 us-gaap:CommonStockMember 2020-09-30 0001626450 us-gaap:AdditionalPaidInCapitalMember 2020-09-30 0001626450 us-gaap:RetainedEarningsMember 2020-09-30 0001626450 2020-09-30 0001626450 us-gaap:ConvertiblePreferredStockMember 2019-12-31 0001626450 us-gaap:ConvertiblePreferredStockMember 2020-01-01 2020-03-31 0001626450 us-gaap:ConvertiblePreferredStockMember 2020-03-31 0001626450 us-gaap:ConvertiblePreferredStockMember 2020-04-01 2020-06-30 0001626450 us-gaap:ConvertiblePreferredStockMember 2020-06-30 0001626450 us-gaap:ConvertiblePreferredStockMember 2020-07-01 2020-09-30 0001626450 country:US 2021-07-01 2021-09-30 0001626450 country:US 2020-07-01 2020-09-30 0001626450 country:US 2021-01-01 2021-09-30 0001626450 country:US 2020-01-01 2020-09-30 0001626450 us-gaap:NonUsMember 2021-07-01 2021-09-30 0001626450 us-gaap:NonUsMember 2020-07-01 2020-09-30 0001626450 us-gaap:NonUsMember 2021-01-01 2021-09-30 0001626450 us-gaap:NonUsMember 2020-01-01 2020-09-30 0001626450 us-gaap:EMEAMember 2021-07-01 2021-09-30 0001626450 us-gaap:EMEAMember 2020-07-01 2020-09-30 0001626450 us-gaap:EMEAMember 2021-01-01 2021-09-30 0001626450 us-gaap:EMEAMember 2020-01-01 2020-09-30 0001626450 srt:AsiaPacificMember 2021-07-01 2021-09-30 0001626450 srt:AsiaPacificMember 2020-07-01 2020-09-30 0001626450 srt:AsiaPacificMember 2021-01-01 2021-09-30 0001626450 srt:AsiaPacificMember 2020-01-01 2020-09-30 0001626450 country:US 2021-09-30 0001626450 country:US 2020-12-31 0001626450 srt:AsiaPacificMember 2021-09-30 0001626450 srt:AsiaPacificMember 2020-12-31 0001626450 srt:MinimumMember 2021-01-01 2021-09-30 0001626450 srt:MaximumMember 2021-01-01 2021-09-30 0001626450 us-gaap:AccountingStandardsUpdate201613Member 2020-01-01 2020-01-01 0001626450 us-gaap:ComputerEquipmentMember 2021-01-01 2021-09-30 0001626450 us-gaap:SoftwareDevelopmentMember 2021-01-01 2021-09-30 0001626450 us-gaap:FurnitureAndFixturesMember 2021-01-01 2021-09-30 0001626450 us-gaap:LeaseholdImprovementsMember srt:MinimumMember 2021-01-01 2021-09-30 0001626450 us-gaap:LeaseholdImprovementsMember srt:MaximumMember 2021-01-01 2021-09-30 0001626450 us-gaap:AccountingStandardsUpdate202006Member 2021-09-30 0001626450 us-gaap:SubscriptionAndCirculationMember 2021-07-01 2021-09-30 0001626450 us-gaap:SubscriptionAndCirculationMember 2020-07-01 2020-09-30 0001626450 us-gaap:SubscriptionAndCirculationMember 2021-01-01 2021-09-30 0001626450 us-gaap:SubscriptionAndCirculationMember 2020-01-01 2020-09-30 0001626450 bigc:PartnerAndServicesMember 2021-07-01 2021-09-30 0001626450 bigc:PartnerAndServicesMember 2020-07-01 2020-09-30 0001626450 bigc:PartnerAndServicesMember 2021-01-01 2021-09-30 0001626450 bigc:PartnerAndServicesMember 2020-01-01 2020-09-30 0001626450 us-gaap:SubscriptionAndCirculationMember srt:MinimumMember 2021-01-01 2021-09-30 0001626450 us-gaap:SubscriptionAndCirculationMember srt:MaximumMember 2021-01-01 2021-09-30 0001626450 2021-10-01 2021-09-30 xbrli:pure 0001626450 2021-10-01 2021-01-01 2021-09-30 0001626450 2020-01-01 2020-12-31 0001626450 us-gaap:FairValueInputsLevel1Member us-gaap:MoneyMarketFundsMember 2021-09-30 0001626450 us-gaap:MoneyMarketFundsMember 2021-09-30 0001626450 us-gaap:FairValueInputsLevel1Member us-gaap:USTreasurySecuritiesMember 2021-09-30 0001626450 us-gaap:USTreasurySecuritiesMember 2021-09-30 0001626450 us-gaap:FairValueInputsLevel2Member bigc:CorporateSecuritiesMember 2021-09-30 0001626450 bigc:CorporateSecuritiesMember 2021-09-30 0001626450 us-gaap:FairValueInputsLevel1Member 2021-09-30 0001626450 us-gaap:FairValueInputsLevel2Member 2021-09-30 0001626450 us-gaap:FairValueInputsLevel1Member us-gaap:MoneyMarketFundsMember 2020-12-31 0001626450 us-gaap:MoneyMarketFundsMember 2020-12-31 0001626450 bigc:SeniorNotesZeroPointTwoFivePercentDueTwoThousandTwentySixMember 2021-09-30 0001626450 bigc:FeedonomicsLLCMember 2021-07-23 0001626450 bigc:FeedonomicsLLCMember 2021-07-23 2021-07-23 0001626450 bigc:FeedonomicsLLCMember 2021-07-01 2021-09-30 0001626450 2021-07-23 2021-07-23 0001626450 bigc:FeedonomicsLLCMember 2021-01-01 2021-09-30 0001626450 bigc:DevelopedTechnologyMember bigc:FeedonomicsLLCMember 2021-07-23 0001626450 us-gaap:CustomerRelationshipsMember bigc:FeedonomicsLLCMember 2021-07-23 0001626450 us-gaap:TradeNamesMember bigc:FeedonomicsLLCMember 2021-07-23 0001626450 bigc:NonCompeteAgreementMember bigc:FeedonomicsLLCMember 2021-07-23 0001626450 bigc:DevelopedTechnologyMember bigc:FeedonomicsLLCMember 2021-07-23 2021-07-23 0001626450 us-gaap:CustomerRelationshipsMember bigc:FeedonomicsLLCMember 2021-07-23 2021-07-23 0001626450 us-gaap:TradeNamesMember bigc:FeedonomicsLLCMember 2021-07-23 2021-07-23 0001626450 bigc:NonCompeteAgreementMember bigc:FeedonomicsLLCMember 2021-07-23 2021-07-23 0001626450 bigc:FeedonomicsLLCMember 2020-07-01 2020-09-30 0001626450 bigc:FeedonomicsLLCMember 2020-01-01 2020-09-30 0001626450 us-gaap:DevelopedTechnologyRightsMember 2021-09-30 0001626450 us-gaap:CustomerRelationshipsMember 2021-09-30 0001626450 us-gaap:TradeNamesMember 2021-09-30 0001626450 bigc:NonCompeteAgreementMember 2021-09-30 0001626450 us-gaap:DevelopedTechnologyRightsMember 2021-01-01 2021-09-30 0001626450 us-gaap:CustomerRelationshipsMember 2021-01-01 2021-09-30 0001626450 us-gaap:TradeNamesMember 2021-01-01 2021-09-30 0001626450 bigc:NonCompeteAgreementMember 2021-01-01 2021-09-30 0001626450 bigc:ZeroPointTwoFivePercentageConvertibleSeniorNotesDueTwoThousandTwentySixMember 2021-09-30 0001626450 bigc:ZeroPointTwoFivePercentageConvertibleSeniorNotesDueTwoThousandTwentySixMember 2021-09-01 2021-09-30 0001626450 bigc:ZeroPointTwoFivePercentageConvertibleSeniorNotesDueTwoThousandTwentySixMember 2021-01-01 2021-09-30 0001626450 bigc:ZeroPointTwoFivePercentageConvertibleSeniorNotesDueTwoThousandTwentySixMember srt:MinimumMember bigc:TwentyTradingDaysPeriodMember 2021-09-01 2021-09-30 bigc:Day 0001626450 bigc:ZeroPointTwoFivePercentageConvertibleSeniorNotesDueTwoThousandTwentySixMember srt:MaximumMember bigc:TenTradingDaysPeriodMember 2021-09-01 2021-09-30 0001626450 bigc:ZeroPointTwoFivePercentageConvertibleSeniorNotesDueTwoThousandTwentySixMember srt:MinimumMember 2021-09-30 0001626450 bigc:ZeroPointTwoFivePercentageConvertibleSeniorNotesDueTwoThousandTwentySixMember bigc:TwoThousandTwentyOneCappedCallTransactionsMember 2021-09-09 2021-09-09 0001626450 bigc:ZeroPointTwoFivePercentageConvertibleSeniorNotesDueTwoThousandTwentySixMember bigc:TwoThousandTwentyOneCappedCallTransactionsMember 2021-09-09 0001626450 bigc:ZeroPointTwoFivePercentageConvertibleSeniorNotesDueTwoThousandTwentySixMember 2021-07-01 2021-09-30 0001626450 bigc:ConvertibleTermLoanMember bigc:SiliconValleyBankMember 2020-08-04 0001626450 bigc:ConvertibleTermLoanMember bigc:SiliconValleyBankMember bigc:Series1CommonStocksMember 2020-08-04 2020-08-04 0001626450 bigc:ConvertibleTermLoanMember bigc:SiliconValleyBankMember 2020-09-30 0001626450 bigc:ConvertibleTermLoanMember bigc:SiliconValleyBankMember 2020-08-04 2020-08-04 0001626450 bigc:TwoThousandTwentyConvertibleLoanMember 2021-09-30 0001626450 bigc:TwoThousandTwentyConvertibleLoanMember 2020-01-01 2020-09-30 0001626450 us-gaap:RevolvingCreditFacilityMember bigc:SiliconValleyBankMember 2020-12-31 0001626450 us-gaap:RevolvingCreditFacilityMember bigc:SiliconValleyBankMember bigc:TwoThousandEighteenTermLoanMember 2020-12-31 0001626450 us-gaap:RevolvingCreditFacilityMember bigc:SiliconValleyBankMember 2020-09-30 0001626450 bigc:MezzanineLoanAndSecurityAgreementMember bigc:WestRiverInnovationLendingFundVIIILPMember 2020-02-28 0001626450 bigc:MezzanineLoanAndSecurityAgreementMember bigc:WestRiverInnovationLendingFundVIIILPMember 2020-02-28 2020-02-28 0001626450 bigc:MezzanineLoanAndSecurityAgreementMember bigc:WestRiverInnovationLendingFundVIIILPMember srt:MaximumMember 2020-02-28 0001626450 bigc:MezzanineLoanAndSecurityAgreementMember bigc:WestRiverInnovationLendingFundVIIILPMember 2020-08-01 2020-08-31 0001626450 us-gaap:RestrictedStockUnitsRSUMember 2021-01-01 2021-09-30 0001626450 us-gaap:CostOfSalesMember 2021-07-01 2021-09-30 0001626450 us-gaap:CostOfSalesMember 2020-07-01 2020-09-30 0001626450 us-gaap:CostOfSalesMember 2021-01-01 2021-09-30 0001626450 us-gaap:CostOfSalesMember 2020-01-01 2020-09-30 0001626450 us-gaap:SellingAndMarketingExpenseMember 2021-07-01 2021-09-30 0001626450 us-gaap:SellingAndMarketingExpenseMember 2020-07-01 2020-09-30 0001626450 us-gaap:SellingAndMarketingExpenseMember 2021-01-01 2021-09-30 0001626450 us-gaap:SellingAndMarketingExpenseMember 2020-01-01 2020-09-30 0001626450 us-gaap:ResearchAndDevelopmentExpenseMember 2021-07-01 2021-09-30 0001626450 us-gaap:ResearchAndDevelopmentExpenseMember 2020-07-01 2020-09-30 0001626450 us-gaap:ResearchAndDevelopmentExpenseMember 2021-01-01 2021-09-30 0001626450 us-gaap:ResearchAndDevelopmentExpenseMember 2020-01-01 2020-09-30 0001626450 us-gaap:GeneralAndAdministrativeExpenseMember 2021-07-01 2021-09-30 0001626450 us-gaap:GeneralAndAdministrativeExpenseMember 2020-07-01 2020-09-30 0001626450 us-gaap:GeneralAndAdministrativeExpenseMember 2021-01-01 2021-09-30 0001626450 us-gaap:GeneralAndAdministrativeExpenseMember 2020-01-01 2020-09-30 0001626450 us-gaap:SeriesFPreferredStockMember 2021-01-01 2021-09-30 0001626450 bigc:Series1CommonStocksMember 2021-01-01 2021-09-30 0001626450 us-gaap:EmployeeStockOptionMember 2021-07-01 2021-09-30 0001626450 us-gaap:EmployeeStockOptionMember 2020-07-01 2020-09-30 0001626450 us-gaap:EmployeeStockOptionMember 2021-01-01 2021-09-30 0001626450 us-gaap:EmployeeStockOptionMember 2020-01-01 2020-09-30 0001626450 us-gaap:RestrictedStockUnitsRSUMember 2021-07-01 2021-09-30 0001626450 us-gaap:RestrictedStockUnitsRSUMember 2020-07-01 2020-09-30 0001626450 us-gaap:RestrictedStockUnitsRSUMember 2021-01-01 2021-09-30 0001626450 us-gaap:RestrictedStockUnitsRSUMember 2020-01-01 2020-09-30 0001626450 bigc:AcquisitionRelatedCompensationMember 2021-07-01 2021-09-30 0001626450 bigc:AcquisitionRelatedCompensationMember 2020-07-01 2020-09-30 0001626450 bigc:AcquisitionRelatedCompensationMember 2021-01-01 2021-09-30 0001626450 bigc:AcquisitionRelatedCompensationMember 2020-01-01 2020-09-30 0001626450 us-gaap:ConvertibleDebtSecuritiesMember 2021-07-01 2021-09-30 0001626450 us-gaap:ConvertibleDebtSecuritiesMember 2020-07-01 2020-09-30 0001626450 us-gaap:ConvertibleDebtSecuritiesMember 2021-01-01 2021-09-30 0001626450 us-gaap:ConvertibleDebtSecuritiesMember 2020-01-01 2020-09-30 0001626450 bigc:FeedonomicsLLCMember bigc:PostAcquisitionServicesMember 2021-01-01 2021-09-30 0001626450 bigc:FeedonomicsLLCMember bigc:PostAcquisitionServicesMember 2021-09-30

 

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 September 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 September 30, 2021, the registrant had 71,618,735 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

8

 

Notes to Condensed Consolidated Financial Statements

9

Item 2.

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

27

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

39

Item 4.

Controls and Procedures

40

PART II.

OTHER INFORMATION

41

Item 1.

Legal Proceedings

41

Item 1A.

Risk Factors

41

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

70

Item 3.

Defaults Upon Senior Securities

71

Item 4.

Mine Safety Disclosures

71

Item 5.

Other Information

71

Item 6.

Exhibits

72

Signatures

73

 

 

 

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

8

Notes to the Condensed Consolidated Financial Statements

9

 

 

2


Table of Contents

 

 

 

BigCommerce Holdings, Inc.

Condensed Consolidated Balance Sheets

(in thousands, except per share amounts)

 

 

 

September 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

364,909

 

 

$

219,447

 

Restricted cash

 

 

1,141

 

 

 

1,160

 

Marketable securities

 

 

43,467

 

 

 

 

Accounts receivable, net

 

 

33,775

 

 

 

22,894

 

Prepaid expenses and other assets

 

 

13,722

 

 

 

8,000

 

Deferred commissions

 

 

3,445

 

 

 

2,571

 

Total current assets

 

 

460,459

 

 

 

254,072

 

Property and equipment, net

 

 

7,383

 

 

 

7,122

 

Right-of-use-assets

 

 

10,204

 

 

 

11,842

 

Prepaid expenses, net of current portion

 

 

913

 

 

 

 

Deferred commissions, net of current portion

 

 

4,800

 

 

 

3,590

 

Intangible assets, net

 

 

35,360

 

 

 

 

Goodwill

 

 

41,374

 

 

 

 

Total assets

 

$

560,493

 

 

$

276,626

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

5,885

 

 

$

5,788

 

Accrued liabilities

 

 

2,890

 

 

 

3,344

 

Deferred revenue

 

 

12,910

 

 

 

11,406

 

Current portion of operating lease liabilities

 

 

2,925

 

 

 

3,173

 

Other current liabilities

 

 

24,148

 

 

 

22,176

 

Total current liabilities

 

 

48,758

 

 

 

45,887

 

Deferred revenue, net of current portion

 

 

1,481

 

 

 

1,308

 

Long-term debt, net of current portion

 

 

335,050

 

 

 

 

 

Other long-term liabilities

 

 

3,210

 

 

 

 

 

Operating lease liabilities, net of current portion

 

 

10,805

 

 

 

12,672

 

Total liabilities

 

 

399,304

 

 

 

59,867

 

Commitments and contingencies (Note 6)

 

 

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

 

 

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

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

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

 

 

 

 

 

 

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

authorized at September 30, 2021 and December 31, 2020; 71,619, and 64,461 shares Series 1

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

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

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

 

 

7

 

 

 

7

 

Additional paid-in capital

 

 

517,006

 

 

 

530,143

 

Accumulated deficit

 

 

(355,824

)

 

 

(313,391

)

Total stockholders’ equity

 

 

161,189

 

 

 

216,759

 

Total liabilities and stockholders’ equity

 

$

560,493

 

 

$

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 September 30,

 

 

Nine months ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

59,285

 

 

$

39,735

 

 

$

154,958

 

 

$

109,225

 

Cost of revenue

 

 

12,403

 

 

 

8,593

 

 

 

31,838

 

 

 

23,910

 

Gross profit

 

 

46,882

 

 

 

31,142

 

 

 

123,120

 

 

 

85,315

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

 

26,101

 

 

 

19,328

 

 

 

69,066

 

 

 

51,893

 

Research and development

 

 

16,532

 

 

 

12,124

 

 

 

44,792

 

 

 

34,390

 

General and administrative

 

 

14,370

 

 

 

9,745

 

 

 

39,089

 

 

 

23,925

 

Acquisition related expenses

 

 

9,792

 

 

 

 

 

 

10,899

 

 

 

 

Amortization of intangible assets

 

 

1,402

 

 

 

 

 

 

1,402

 

 

 

 

Total operating expenses

 

 

68,197

 

 

 

41,197

 

 

 

165,248

 

 

 

110,208

 

Loss from operations

 

 

(21,315

)

 

 

(10,055

)

 

 

(42,128

)

 

 

(24,893

)

Interest income

 

 

24

 

 

 

2

 

 

 

65

 

 

 

20

 

Interest expense

 

 

(125

)

 

 

(741

)

 

 

(125

)

 

 

(2,655

)

Change in fair value of financial instruments

 

 

 

 

 

 

 

 

 

 

 

4,413

 

Other income (expense)

 

 

5

 

 

 

(75

)

 

 

18

 

 

 

(238

)

Loss before provision for income taxes

 

 

(21,411

)

 

 

(10,869

)

 

 

(42,170

)

 

 

(23,353

)

Provision for income taxes

 

 

257

 

 

 

(14

)

 

 

263

 

 

 

6

 

Net loss

 

$

(21,668

)

 

$

(10,855

)

 

$

(42,433

)

 

$

(23,359

)

Dividends and accretion of issuance costs on Series F

   preferred stock

 

$

 

 

$

2,732

 

 

$

 

 

$

(962

)

Net loss attributable to common stockholders

 

$

(21,668

)

 

$

(8,123

)

 

$

(42,433

)

 

$

(24,321

)

Basic and diluted net loss per share attributable to common

   stockholders

 

$

(0.30

)

 

$

(0.16

)

 

$

(0.60

)

 

$

(0.83

)

Weighted average shares used to compute basic and diluted net

   loss per share attributable to common stockholders

 

 

71,372

 

 

 

49,355

 

 

 

70,598

 

 

 

29,145

 

 

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 September 30,

 

 

Nine months ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

Net loss

 

$

(21,668

)

 

$

(10,855

)

 

$

(42,433

)

 

$

(23,359

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized gain (loss)

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive loss

 

$

(21,668

)

 

$

(10,855

)

 

$

(42,433

)

 

$

(23,359

)

 

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

 

Exercise of stock options

 

 

 

 

 

 

 

 

 

485

 

 

 

 

 

 

1,371

 

 

 

 

 

 

 

 

 

1,371

 

Release of restricted stock units

 

 

 

 

 

 

 

 

 

23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,989

 

 

 

 

 

 

 

 

 

5,989

 

Purchase of capped call

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(35,570

)

 

 

 

 

 

 

 

 

 

 

(35,570

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(21,668

)

 

 

 

 

 

(21,668

)

Balance at September 30, 2021

 

 

 

 

$

 

 

 

 

71,618

 

 

$

7

 

 

$

517,006

 

 

$

(355,824

)

 

$

 

 

$

161,189

 

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

6


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

 

 

(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