BigCommerce Announces Fourth Quarter and Fiscal Year 2024 Financial Results
BigCommerce (BIGC) reported its Q4 and fiscal year 2024 results with full-year total revenue reaching $332.9 million, up 8% year-over-year. The company's total Annual Revenue Run-rate (ARR) grew 4% to $349.6 million, while Enterprise ARR increased 7% to $261.6 million.
Q4 revenue was $87.0 million, up 3% year-over-year, with subscription solutions revenue at $62.3 million. The company reported a GAAP net loss of ($2.4) million in Q4, improved from ($3.2) million in Q4 2023. Non-GAAP net income was $8.4 million.
For fiscal year 2025, BigCommerce expects revenue between $342.1 million and $350.1 million, with non-GAAP operating income between $20 million and $24 million. The company maintains strong liquidity with $179.6 million in cash and equivalents, while generating positive operating cash flow of $26.3 million for the full year 2024.
BigCommerce (BIGC) ha riportato i risultati del quarto trimestre e dell'anno fiscale 2024, con un fatturato totale annuale di 332,9 milioni di dollari, in aumento dell'8% rispetto all'anno precedente. Il tasso di fatturato annuale totale (ARR) dell'azienda è cresciuto del 4% a 349,6 milioni di dollari, mentre l'ARR per le imprese è aumentato del 7% a 261,6 milioni di dollari.
Il fatturato del quarto trimestre è stato di 87,0 milioni di dollari, in aumento del 3% rispetto all'anno precedente, con un fatturato da soluzioni in abbonamento pari a 62,3 milioni di dollari. L'azienda ha riportato una perdita netta GAAP di (2,4 milioni di dollari) nel quarto trimestre, migliorata rispetto a (3,2 milioni di dollari) nel quarto trimestre del 2023. L'utile netto non-GAAP è stato di 8,4 milioni di dollari.
Per l'anno fiscale 2025, BigCommerce prevede un fatturato compreso tra 342,1 milioni di dollari e 350,1 milioni di dollari, con un utile operativo non-GAAP compreso tra 20 milioni di dollari e 24 milioni di dollari. L'azienda mantiene una solida liquidità con 179,6 milioni di dollari in contante e equivalenti, generando un flusso di cassa operativo positivo di 26,3 milioni di dollari per l'intero anno 2024.
BigCommerce (BIGC) informó sus resultados del cuarto trimestre y del año fiscal 2024, con un ingreso total anual que alcanzó 332,9 millones de dólares, un aumento del 8% en comparación con el año anterior. La tasa de ingresos anuales totales (ARR) de la empresa creció un 4% a 349,6 millones de dólares, mientras que el ARR empresarial aumentó un 7% a 261,6 millones de dólares.
Los ingresos del cuarto trimestre fueron de 87,0 millones de dólares, un aumento del 3% interanual, con ingresos por soluciones de suscripción de 62,3 millones de dólares. La compañía reportó una pérdida neta GAAP de (2,4 millones de dólares) en el cuarto trimestre, mejorando desde (3,2 millones de dólares) en el cuarto trimestre de 2023. El ingreso neto no GAAP fue de 8,4 millones de dólares.
Para el año fiscal 2025, BigCommerce espera ingresos entre 342,1 millones de dólares y 350,1 millones de dólares, con un ingreso operativo no GAAP entre 20 millones de dólares y 24 millones de dólares. La empresa mantiene una fuerte liquidez con 179,6 millones de dólares en efectivo y equivalentes, generando un flujo de caja operativo positivo de 26,3 millones de dólares para todo el año 2024.
BigCommerce (BIGC)는 2024 회계연도 4분기 및 연간 실적을 보고했으며, 연간 총 수익은 3억 3,290만 달러에 달해 전년 대비 8% 증가했습니다. 회사의 연간 총 수익률(ARR)은 4% 증가하여 3억 4,960만 달러에 도달했고, 기업 ARR은 7% 증가하여 2억 6,160만 달러로 증가했습니다.
4분기 수익은 8,700만 달러로 전년 대비 3% 증가했으며, 구독 솔루션 수익은 6,230만 달러였습니다. 이 회사는 4분기에 GAAP 기준 순손실이 (240만 달러)로, 2023년 4분기의 (320만 달러)에서 개선되었음을 보고했습니다. 비-GAAP 기준 순이익은 840만 달러였습니다.
2025 회계연도에 대해 BigCommerce는 수익이 3억 4,210만 달러에서 3억 5,010만 달러 사이가 될 것으로 예상하며, 비-GAAP 기준 운영 소득은 2천만 달러에서 2천4백만 달러 사이가 될 것으로 보입니다. 이 회사는 1억 7,960만 달러의 현금 및 현금성 자산을 보유하고 있으며, 2024년 전체 연도 동안 2천6백30만 달러의 긍정적인 운영 현금 흐름을 생성하고 있습니다.
BigCommerce (BIGC) a publié ses résultats du quatrième trimestre et de l'exercice fiscal 2024, avec un chiffre d'affaires total annuel atteignant 332,9 millions de dollars, en hausse de 8 % par rapport à l'année précédente. Le taux de revenu annuel total (ARR) de l'entreprise a augmenté de 4 % pour atteindre 349,6 millions de dollars, tandis que l'ARR des entreprises a augmenté de 7 % pour atteindre 261,6 millions de dollars.
Le chiffre d'affaires du quatrième trimestre s'est élevé à 87,0 millions de dollars, en hausse de 3 % par rapport à l'année précédente, avec un chiffre d'affaires des solutions d'abonnement de 62,3 millions de dollars. L'entreprise a déclaré une perte nette GAAP de (2,4 millions de dollars) au quatrième trimestre, améliorée par rapport à (3,2 millions de dollars) au quatrième trimestre 2023. Le bénéfice net non-GAAP s'est élevé à 8,4 millions de dollars.
Pour l'exercice 2025, BigCommerce prévoit un chiffre d'affaires compris entre 342,1 millions de dollars et 350,1 millions de dollars, avec un bénéfice d'exploitation non-GAAP compris entre 20 millions de dollars et 24 millions de dollars. L'entreprise maintient une forte liquidité avec 179,6 millions de dollars en espèces et équivalents, tout en générant un flux de trésorerie d'exploitation positif de 26,3 millions de dollars pour l'ensemble de l'année 2024.
BigCommerce (BIGC) hat seine Ergebnisse für das vierte Quartal und das Geschäftsjahr 2024 veröffentlicht, wobei der Gesamterlös für das Jahr 332,9 Millionen Dollar erreichte, was einem Anstieg von 8% im Vergleich zum Vorjahr entspricht. Der Gesamterlös-Jahreslaufzeit (ARR) des Unternehmens wuchs um 4% auf 349,6 Millionen Dollar, während der ARR für Unternehmen um 7% auf 261,6 Millionen Dollar anstieg.
Der Umsatz im vierten Quartal betrug 87,0 Millionen Dollar, was einem Anstieg von 3% im Vergleich zum Vorjahr entspricht, wobei der Umsatz aus Abonnementlösungen 62,3 Millionen Dollar betrug. Das Unternehmen berichtete von einem GAAP-Nettoverlust von (2,4 Millionen Dollar) im vierten Quartal, was eine Verbesserung gegenüber (3,2 Millionen Dollar) im vierten Quartal 2023 darstellt. Der Non-GAAP-Nettoertrag betrug 8,4 Millionen Dollar.
Für das Geschäftsjahr 2025 erwartet BigCommerce einen Umsatz zwischen 342,1 Millionen Dollar und 350,1 Millionen Dollar, mit einem Non-GAAP-Betriebsgewinn zwischen 20 Millionen Dollar und 24 Millionen Dollar. Das Unternehmen verfügt über eine starke Liquidität mit 179,6 Millionen Dollar in Bargeld und Äquivalenten und generiert einen positiven operativen Cashflow von 26,3 Millionen Dollar für das gesamte Jahr 2024.
- Full-year revenue increased 8% to $332.9 million
- Enterprise ARR grew 7% to $261.6 million
- Generated positive operating cash flow of $26.3M in 2024
- Non-GAAP net income improved to $22.0 million (7% of revenue) from $2.1 million in 2023
- Average revenue per enterprise account increased 9% to $44,458
- Gross margin improved to 78% from 77% in Q4 2023
- Q4 revenue growth slowed to 3% year-over-year
- Number of enterprise accounts decreased 2% compared to Q4 2023
- GAAP net loss of $27.0 million for fiscal year 2024
- APAC revenue declined 1% in Q4 2024
- Restructuring charge of $13.7 million impacted operating results
Insights
BigCommerce's FY2024 results reveal a company in strategic transition, prioritizing profitability over aggressive growth. The 8% annual revenue growth to $332.9M reflects a measured approach, while the achievement of $19.5M in non-GAAP operating income marks a substantial improvement from the previous year's loss, demonstrating successful operational optimization.
The company's enterprise focus is yielding results, with Enterprise ARR now constituting 75% of total ARR, up from 73% year-over-year. The 9% increase in Average Revenue Per Account (ARPA) to $44,458 among enterprise customers indicates successful up-selling and deeper platform adoption, though the 2% decline in enterprise account numbers suggests a strategic shift toward higher-value customers.
A particularly significant post-year-end move was the repurchase of $59M in 2026 Convertible Notes for $54M, representing an opportunistic debt restructuring that strengthens the balance sheet and reduces future obligations. The company's $179.6M cash position and positive operating cash flow of $26.3M provide ample runway for strategic initiatives.
The 2025 guidance of $342.1M to $350.1M in revenue suggests conservative growth expectations of 2.8% to 5.2%, indicating management's focus on profitable growth rather than expansion at any cost. The recent leadership additions in marketing, revenue operations, and engineering positions the company for its next growth phase, with a particular emphasis on enterprise-level solutions and B2B commerce capabilities.
The successful Cyber Week performance, with a 26% YoY increase in GMV and 11% rise in average order value, demonstrates platform scalability and reliability. New customer wins across diverse sectors - from emergency preparedness (4Patriots) to industrial distribution (Bunzl) - showcase the platform's versatility in handling complex enterprise requirements.
Full-Year Total Revenue of
AUSTIN, Texas, Feb. 20, 2025 (GLOBE NEWSWIRE) -- BigCommerce Holdings, Inc. (“BigCommerce” or the “Company”) (Nasdaq: BIGC), a leading provider of open, composable commerce solutions for B2C and B2B brands and retailers, today announced financial results for its fourth quarter and fiscal year ended December 31, 2024.
“Over the last several months, we have focused on executing our go-to-market transformation, aligning our strategy, structure and messaging to reflect the full power of BigCommerce,” said Travis Hess, CEO of BigCommerce. “Transformations like this are not easy, and I am encouraged by the progress, feedback and traction we are seeing, and I am energized by the path ahead. I took on this role because of my belief in what BigCommerce is today and, more importantly, where we can take commerce into the future as a leader in modern commerce with a differentiated approach, a world-class team and an immense market opportunity.”
Fourth Quarter Financial Highlights:
- Total revenue was
$87.0 million , up3% compared to the fourth quarter of 2023. - Total annual revenue run-rate (“ARR”) as of December 31, 2024 was
$349.6 million , up4% compared to December 31, 2023. - Subscription solutions revenue was
$62.3 million , up3% compared to the fourth quarter of 2023. - ARR from accounts with at least one enterprise plan (collectively, “Enterprise Accounts”) was
$261.6 million as of December 31, 2024, up7% from December 31, 2023. - ARR from Enterprise Accounts as a percent of total ARR was
75% as of December 31, 2024, compared to73% as of December 31, 2023. - GAAP gross margin was
78% , compared to77% in the fourth quarter of 2023. Non-GAAP gross margin was78% , compared to79% in the fourth quarter of 2023.
Other Key Business Metrics
- Number of enterprise accounts was 5,884, down
2% compared to the fourth quarter of 2023. - Average revenue per account (ARPA) of enterprise accounts was
$44,458 up9% compared to the fourth quarter of 2023. - Revenue in the Americas grew by
4% compared to the fourth quarter of 2023. - Revenue in EMEA grew by
5% and revenue in APAC declined by1% compared to the fourth quarter of 2023.
Loss from Operations and Non-GAAP Operating Income (Loss)
- GAAP loss from operations was (
$0.8) million , compared to ($5.7) million in the fourth quarter of 2023. - Included in GAAP loss from operations was a restructuring charge of
$1.2 million , including but not limited to the 2024 Restructuring. - Non-GAAP operating income was
$10.1 million , compared to$5.4 million in the fourth quarter of 2023.
Net Income (Loss) and Earnings Per Share
- GAAP net loss was (
$2.4) million , compared to ($3.2) million in the fourth quarter of 2023. - Non-GAAP net income was
$8.4 million or10% of revenue, compared to$7.9 million or9% of revenue in the fourth quarter of 2023. - GAAP basic net loss per share was (
$0.03) b ased on 78.4 million shares of common stock, compared to ($0.04) b ased on 76.2 million shares of common stock in the fourth quarter of 2023. - Non-GAAP basic net income per share was
$0.11 b ased on 78.4 million of shares, compared to$0.10 b ased on 76.2 million shares in the fourth quarter of 2023. - Non-GAAP diluted net income per share was
$0.11 b ased on 80.1 million shares of dilutive shares, compared to$0.09 b ased on 83.7 million dilutive shares in the fourth quarter of 2023.
Adjusted EBITDA
- Adjusted EBITDA was
$11.0 million , compared to$6.5 million in the fourth quarter of 2023.
Cash
- Cash, cash equivalents, restricted cash, and marketable securities totaled
$179.6 million as of December 31, 2024. - For the three months ended December 31, 2024, net cash provided by operating activities was
$12.4 million , compared to$13.3 million provided by operating activities for the same period in 2023. The Company reported free cash flow was$11.6 million in the three months ended December 31, 2024.
Debt
- As of December 31, 2024 the Company had
$63.1 million in outstanding aggregate principal amount of its 2026 Convertible Notes, and$150.0 million in outstanding aggregate principal amount of its 2028 Convertible Notes. Subsequent to year end the Company repurchased approximately$59.0 million in principal amount of the 2026 Convertible notes for$54.0 million in cash. The Company’s total outstanding debt is approximately$154.1 million .
Fiscal Year 2024 Financial Highlights:
- Total revenue was
$332.9 million , up8% compared to fiscal year 2023. - Subscription solutions revenue was
$247.9 million , up8% compared to fiscal year 2023. - GAAP gross margin was
77% , compared to76% in fiscal year 2023. Non-GAAP gross margin was78% , for both fiscal year 2024 and 2023.
Operating Loss and Non-GAAP Operating Income (Loss)
- GAAP operating loss was (
$41.7) million , compared to ($72.4) million in fiscal year 2023. - Included in GAAP loss from operations was a restructuring charge of
$13.7 million , including but not limited to the 2024 Restructuring. - Non-GAAP operating income (loss) was
$19.5 million , compared to ($5.7) million in fiscal year 2023.
Net Income (Loss) and Earnings Per Share
- GAAP net loss was (
$27.0) million , compared to ($64.7) million in fiscal year 2023. - Non-GAAP net income was
$22.0 million or7% of revenue, compared to$2.1 million or1% of revenue in fiscal year 2023. - GAAP net loss per share was (
$0.35) b ased on 77.6 million shares of common stock, compared to ($0.86) b ased on 75.1 million shares of common stock in fiscal year 2023. - Non-GAAP diluted net income per share was
$0.28 b ased on 79.4 million shares of dilutive shares, compared to$0.03 b ased on 82.9 million dilutive shares in fiscal year 2023.
Adjusted EBITDA
- Adjusted EBITDA was
$23.5 million , compared to ($1.6) million in fiscal year 2023.
Cash
- For the twelve months ended December 31, 2024, net cash provided by operating activities was
$26.3 million , compared to ($24.2) million used in operating activities for the same period in 2023. The Company reported free cash flow of$22.5 million for the year ended December 31, 2024.
Business Highlights:
Corporate Highlights
- The Company made several additions to its leadership team. In January, Michelle Suzuki joined as BigCommerce’s Chief Marketing Officer, Rob Walter joined as Chief Revenue Officer, and Marcus Groff started as Senior Vice President of Engineering. In November, Tracy Turner joined as Senior Vice President of Revenue Operations.
- BigCommerce and its customers achieved another successful Cyber Week, the eleventh in a row with
100% uptime on the platform. Customers on BigCommerce experienced a26% increase, year over year, in gross merchandise value (GMV) during the five-day period from November 28 through December 2. BigCommerce merchants also saw total orders increase13% and average order value rise11% , year over year.
Customer Highlights
- 4Patriots, a family-founded company that sells emergency preparedness products, launched a new headless ecommerce store with BigCommerce, utilizing BigCommerce APIs and open source checkout to run a custom tax app, offer their own installment plans to customers, and provide one-click, post-purchase upsell opportunities.
- Lube-Tech, a longstanding engine fluid brand, partnered with BigCommerce agency partner Codal to launch their first of three enterprise-level stores. They incorporated StagingPro to mirror sandbox and production stores.
- ABC Fine Wine & Spirits, a retail chain that specializes in wine, spirits, and beer, launched a new online storefront featuring custom pickup and delivery options implemented by BigCommerce partner Irish Titan.
- Bunzl, a leading distributor in the food processing industry since 1883, launched their ecommerce store using BigCommerce’s B2B Edition, assisted by BigCommerce partner Groove Commerce.
- Witmer Public Safety Group successfully launched four online stores for firefighters, EMTs, and police officers, and more on BigCommerce's B2B Edition and using the platform's Multi-Storefront functionality. Designed by BigCommerce partner Jamersan, the sites are integrated with Witmer's NetSuite ERP and leverage Algolia's search technology, resulting in a robust online experience for customers and increased uptimes.
Partner Highlights
- We finalized a new global preferred partnership with payments provider Klarna to provide buy now, pay later services to merchants on the BigCommerce platform, helping them optimize checkout and conversion.
Q1 and 2025 Financial Outlook:
For the first quarter of 2025, we currently expect:
- Total revenue between
$81.2 million to$83.2 million . - Non-GAAP operating income is expected to be between
$4 million to$5 million .
For the full year 2025, we currently expect:
- Total revenue between
$342.1 million and$350.1 million . - Non-GAAP operating income between
$20 million and$24 million .
Our first quarter and 2025 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, February 20, 2025, 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 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 27, 2025, 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 9139950. 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, retailers, manufacturers and distributors of all sizes to build, innovate and grow their businesses online. BigCommerce provides its customers sophisticated professional-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 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 Q1 and fiscal 2025 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, 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 non-enterprise plans.
Average Revenue Per Account
We calculate 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, accelerated depreciation and amortization, 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 |
| Consolidated Balance Sheets (in thousands) | |||||||
| December 31, | December 31, | ||||||
| 2024 | 2023 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 88,877 | $ | 71,719 | |||
| Restricted cash | 1,479 | 1,126 | |||||
| Marketable securities | 89,283 | 198,415 | |||||
| Accounts receivable, net | 48,117 | 37,713 | |||||
| Prepaid expenses and other assets, net | 14,641 | 24,733 | |||||
| Deferred commissions | 8,822 | 8,280 | |||||
| Total current assets | 251,219 | 341,986 | |||||
| Property and equipment, net | 9,128 | 10,233 | |||||
| Operating lease, right-of-use-assets, net | 1,993 | 4,405 | |||||
| Prepaid expenses and other assets, net of current portion | 3,146 | 1,240 | |||||
| Deferred commissions, net of current portion | 5,559 | 7,056 | |||||
| Intangible assets, net | 17,317 | 27,052 | |||||
| Goodwill | 51,927 | 52,086 | |||||
| Total assets | $ | 340,289 | $ | 444,058 | |||
| Liabilities and stockholders’ equity | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 7,018 | $ | 7,982 | |||
| Accrued liabilities | 3,194 | 2,652 | |||||
| Deferred revenue | 46,590 | 32,242 | |||||
| Operating lease liabilities | 2,438 | 2,542 | |||||
| Other liabilities | 28,766 | 25,332 | |||||
| Total current liabilities | 88,006 | 70,750 | |||||
| Convertible notes | 216,466 | 339,614 | |||||
| Operating lease liabilities, net of current portion | 1,680 | 7,610 | |||||
| Other liabilities, net of current portion | 768 | 551 | |||||
| Total liabilities | 306,920 | 418,525 | |||||
| Commitments and contingencies (Note 8) | |||||||
| Stockholders’ equity | |||||||
| Common stock, | 7 | 7 | |||||
| Additional paid-in capital | 654,905 | 620,021 | |||||
| Accumulated other comprehensive income | 145 | 163 | |||||
| Accumulated deficit | (621,688 | ) | (594,658 | ) | |||
| Total stockholders’ equity | 33,369 | 25,533 | |||||
| Total liabilities and stockholders' equity | $ | 340,289 | $ | 444,058 | |||
| Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited) | |||||||||||||
| Three months ended December 31, | Year ended December 31, | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||
| Revenue | $ | 87,028 | $ | 84,149 | $ | 332,927 | $ | 309,394 | |||||
| Cost of revenue (1) | 19,476 | 18,946 | 77,589 | 74,202 | |||||||||
| Gross profit | 67,552 | 65,203 | 255,338 | 235,192 | |||||||||
| Operating expenses: (1) | |||||||||||||
| Sales and marketing | 29,605 | 34,332 | 129,602 | 140,230 | |||||||||
| Research and development | 19,763 | 19,509 | 80,879 | 83,460 | |||||||||
| General and administrative | 14,994 | 13,574 | 61,794 | 58,838 | |||||||||
| Amortization of intangible assets | 2,383 | 2,323 | 9,736 | 8,422 | |||||||||
| Acquisition related costs | 333 | 935 | 1,334 | 10,252 | |||||||||
| Restructuring charges | 1,225 | 219 | 13,677 | 6,434 | |||||||||
| Total operating expenses | 68,303 | 70,892 | 297,022 | 307,636 | |||||||||
| Loss from operations | (751 | ) | (5,689 | ) | (41,684 | ) | (72,444 | ) | |||||
| Gain on convertible note extinguishment | 0 | 0 | 12,110 | 0 | |||||||||
| Interest income | 1,761 | 3,183 | 10,568 | 11,493 | |||||||||
| Interest expense | (2,703 | ) | (719 | ) | (6,051 | ) | (2,884 | ) | |||||
| Other expenses | (373 | ) | (503 | ) | (958 | ) | (836 | ) | |||||
| Loss before provision for income taxes | (2,066 | ) | (3,728 | ) | (26,015 | ) | (64,671 | ) | |||||
| Benefit (provision) for income taxes | (324 | ) | 552 | (1,015 | ) | 0 | |||||||
| Net loss | $ | (2,390 | ) | $ | (3,176 | ) | $ | (27,030 | ) | $ | (64,671 | ) | |
| Basic net loss per share | $ | (0.03 | ) | $ | (0.04 | ) | $ | (0.35 | ) | $ | (0.86 | ) | |
| Shares used to compute basic net loss per share | 78,438 | 76,226 | 77,600 | 75,143 | |||||||||
(1) Amounts include stock-based compensation expense and associated payroll tax costs, as follows:
| Three months ended December 31, | Year ended December 31, | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||
| Cost of revenue | $ | 735 | $ | 1,147 | $ | 3,533 | $ | 4,949 | |||||
| Sales and marketing | 920 | 3,415 | 9,252 | 13,474 | |||||||||
| Research and development | 3,099 | 1,908 | 13,614 | 13,478 | |||||||||
| General and administrative | 2,141 | 1,105 | 10,000 | 9,785 | |||||||||
| Consolidated Statements of Cash Flows (in thousands) (unaudited) | ||||||||||||
| Three months ended December 31, | Year ended December 31, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Cash flows from operating activities | ||||||||||||
| Net loss | $ | (2,390 | ) | $ | (3,176 | ) | $ | (27,030 | ) | $ | (64,671 | ) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||||||
| Depreciation and amortization expense | 3,329 | 3,500 | 13,811 | 12,480 | ||||||||
| Amortization of discount on convertible note | 244 | 496 | 1,582 | 1,976 | ||||||||
| Amortization of premium on convertible note | (396 | ) | 0 | (636 | ) | 0 | ||||||
| Stock-based compensation expense | 6,821 | 7,635 | 35,377 | 41,185 | ||||||||
| Provision for expected credit losses | 206 | (656 | ) | 3,208 | 805 | |||||||
| Real estate and internal-use software charges | 502 | 70 | 3,533 | 70 | ||||||||
| Gain on lease modification | 0 | 0 | (988 | ) | 0 | |||||||
| Gain on convertible note extinguishment | 0 | 0 | (12,110 | ) | 0 | |||||||
| Other | 6 | (5 | ) | (31 | ) | 167 | ||||||
| Changes in operating assets and liabilities: | ||||||||||||
| Accounts receivable | (5,273 | ) | 534 | (14,206 | ) | (3,877 | ) | |||||
| Prepaid expenses and other assets | 5,477 | 4,581 | 6,493 | 2,063 | ||||||||
| Deferred commissions | 757 | (354 | ) | 955 | (2,128 | ) | ||||||
| Accounts payable | (672 | ) | 1,710 | (895 | ) | 962 | ||||||
| Accrued and other liabilities | 3,511 | (1,083 | ) | 2,843 | (25,836 | ) | ||||||
| Deferred revenue | 238 | 27 | 14,348 | 12,561 | ||||||||
| Net cash provided by (used in) operating activities | 12,360 | 13,279 | 26,254 | (24,243 | ) | |||||||
| Cash flows from investing activities: | ||||||||||||
| Cash paid for acquisition | 0 | (7,891 | ) | (100 | ) | (7,891 | ) | |||||
| Purchase of property, equipment, leasehold improvements and capitalized internal-use software | (787 | ) | (1,043 | ) | (3,721 | ) | (4,179 | ) | ||||
| Maturity of marketable securities | 53,603 | 36,960 | 205,238 | 243,167 | ||||||||
| Purchase of marketable securities | (10,167 | ) | (39,207 | ) | (96,124 | ) | (228,281 | ) | ||||
| Net cash provided by (used in) investing activities | 42,649 | (11,181 | ) | 105,293 | 2,816 | |||||||
| Cash flows from financing activities: | ||||||||||||
| Proceeds from exercise of stock options | 225 | 136 | 1,708 | 3,849 | ||||||||
| Taxes paid related to net share settlement of stock options | (38 | ) | (12 | ) | (2,449 | ) | (3,294 | ) | ||||
| Holdback payments related to business combination | (1,000 | ) | 0 | (1,000 | ) | 0 | ||||||
| Proceeds from financing obligation | 0 | 0 | 0 | 1,081 | ||||||||
| Payment of convertible note issuance costs | (656 | ) | 0 | (3,176 | ) | 0 | ||||||
| Repayment of convertible notes and financing obligation | (139 | ) | (263 | ) | (109,119 | ) | (394 | ) | ||||
| Net cash provided by (used in) financing activities | (1,608 | ) | (139 | ) | (114,036 | ) | 1,242 | |||||
| Net change in cash and cash equivalents and restricted cash | 53,401 | 1,959 | 17,511 | (20,185 | ) | |||||||
| Cash and cash equivalents and restricted cash, beginning of period | 36,955 | 70,886 | 72,845 | 93,030 | ||||||||
| Cash and cash equivalents and restricted cash, end of period | $ | 90,356 | $ | 72,845 | $ | 90,356 | $ | 72,845 | ||||
| Supplemental cash flow information: | ||||||||||||
| Cash paid for interest | $ | 3 | $ | 21 | $ | 2,466 | $ | 894 | ||||
| Cash paid for taxes | $ | 106 | $ | 242 | $ | 381 | $ | 583 | ||||
| Noncash investing and financing activities: | ||||||||||||
| Changes in capital additions, accrued but not paid | $ | 84 | $ | 168 | $ | 84 | $ | 168 | ||||
| Fair value of shares issued as consideration for business combinations | $ | 0 | $ | 496 | $ | 248 | $ | 1,417 | ||||
| Principal amount of 2028 Convertible Notes exchanged | $ | 0 | $ | 0 | $ | 150,000 | $ | 0 | ||||
Disaggregated Revenue:
| Three months ended December 31, | Year ended December 31, | ||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||
| Subscription solutions | $ | 62,288 | $ | 60,613 | $ | 247,870 | $ | 229,265 | |||||
| Partner and services | 24,740 | 23,536 | 85,057 | 80,129 | |||||||||
| Revenue | $ | 87,028 | $ | 84,149 | $ | 332,927 | $ | 309,394 | |||||
Revenue by Geography:
| Three months ended December 31, | Year ended December 31, | ||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||
| Revenue: | |||||||||||||
| Americas – U.S. | $ | 66,078 | $ | 64,055 | $ | 253,484 | $ | 236,502 | |||||
| Americas – other (1) | 4,217 | 3,837 | 15,662 | 14,103 | |||||||||
| EMEA | 9,994 | 9,475 | 38,031 | 34,661 | |||||||||
| APAC | 6,739 | 6,782 | 25,750 | 24,128 | |||||||||
| Revenue | $ | 87,028 | $ | 84,149 | $ | 332,927 | $ | 309,394 | |||||
(1)Americas-other revenue includes revenue from North and South America, other than the U.S.
| 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, | ||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| (in thousands) | |||||||||||||||||
| Revenue | $ | 87,028 | $ | 84,149 | $ | 332,927 | $ | 309,394 | |||||||||
| Loss from operations | $ | (751 | ) | $ | (5,689 | ) | $ | (41,684 | ) | $ | (72,444 | ) | |||||
| Plus: stock-based compensation expense and associated payroll tax costs | 6,895 | 7,575 | 36,399 | 41,686 | |||||||||||||
| Amortization of intangible assets | 2,383 | 2,323 | 9,736 | 8,422 | |||||||||||||
| Acquisition related costs | 333 | 935 | 1,334 | 10,252 | |||||||||||||
| Restructuring charges | 1,225 | 219 | 13,677 | 6,434 | |||||||||||||
| Non-GAAP operating income (loss) | $ | 10,085 | $ | 5,363 | $ | 19,462 | $ | (5,650 | ) | ||||||||
| Non-GAAP operating income (loss) as a percentage of revenue | 11.6 | % | 6.4 | % | 5.8 | % | (1.8 | ) | % | ||||||||
Reconciliation of net loss & basic net loss per share to Non-GAAP net income & Non-GAAP net income per share:
| Three months ended December 31, | Year ended December 31, | ||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| (in thousands) | |||||||||||||||||
| Revenue | $ | 87,028 | $ | 84,149 | $ | 332,927 | $ | 309,394 | |||||||||
| Net loss | $ | (2,390 | ) | $ | (3,176 | ) | $ | (27,030 | ) | $ | (64,671 | ) | |||||
| Plus: stock-based compensation expense and associated payroll tax costs | 6,895 | 7,575 | 36,399 | 41,686 | |||||||||||||
| Amortization of intangible assets | 2,383 | 2,323 | 9,736 | 8,422 | |||||||||||||
| Acquisition related costs | 333 | 935 | 1,334 | 10,252 | |||||||||||||
| Restructuring charges | 1,225 | 219 | 13,677 | 6,434 | |||||||||||||
| Gain on convertible note extinguishment | 0 | 0 | (12,110 | ) | 0 | ||||||||||||
| Non-GAAP net income | $ | 8,446 | $ | 7,876 | $ | 22,006 | $ | 2,123 | |||||||||
| Basic net loss per share | $ | (0.03 | ) | $ | (0.04 | ) | $ | (0.35 | ) | $ | (0.86 | ) | |||||
| Non-GAAP basic net income per share | $ | 0.11 | $ | 0.10 | $ | 0.28 | $ | 0.03 | |||||||||
| Non-GAAP diluted net income per share | $ | 0.11 | $ | 0.09 | $ | 0.28 | $ | 0.03 | |||||||||
| Shares used to compute basic Non-GAAP net income per share | 78,438 | 76,226 | 77,600 | 75,143 | |||||||||||||
| Shares used to compute diluted Non-GAAP net income per share | 80,081 | 83,679 | 79,544 | 82,938 | |||||||||||||
| Non-GAAP net income as a percentage of revenue | 9.7 | % | 9.4 | % | 6.6 | % | 0.7 | % | |||||||||
Reconciliation of net loss to adjusted EBITDA:
| Three months ended December 31, | Year ended December 31, | ||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| (in thousands) | |||||||||||||||||
| Revenue | $ | 87,028 | $ | 84,149 | $ | 332,927 | $ | 309,394 | |||||||||
| Net loss | $ | (2,390 | ) | $ | (3,176 | ) | $ | (27,030 | ) | $ | (64,671 | ) | |||||
| Plus: stock-based compensation expense and associated payroll tax costs | 6,895 | 7,575 | 36,399 | 41,686 | |||||||||||||
| Amortization of intangible assets | 2,383 | 2,323 | 9,736 | 8,422 | |||||||||||||
| Acquisition related costs | 333 | 935 | 1,334 | 10,252 | |||||||||||||
| Restructuring charges | 1,225 | 219 | 13,677 | 6,434 | |||||||||||||
| Depreciation | 946 | 1,177 | 4,075 | 4,058 | |||||||||||||
| Gain on convertible note extinguishment | 0 | 0 | (12,110 | ) | 0 | ||||||||||||
| Interest income | (1,761 | ) | (3,183 | ) | (10,568 | ) | (11,493 | ) | |||||||||
| Interest expense | 2,703 | 719 | 6,051 | 2,884 | |||||||||||||
| Other expenses | 373 | 503 | 958 | 836 | |||||||||||||
| Benefit (provision) for income taxes | 324 | (552 | ) | 1,015 | 0 | ||||||||||||
| Adjusted EBITDA | $ | 11,031 | $ | 6,540 | $ | 23,537 | $ | (1,592 | ) | ||||||||
| Adjusted EBITDA as a percentage of revenue | 12.7 | % | 7.8 | % | 7.1 | % | (0.5 | ) | % | ||||||||
Reconciliation of cost of revenue to Non-GAAP cost of revenue:
| Three months ended December 31, | Year ended December 31, | ||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| (in thousands) | |||||||||||||||||
| Revenue | $ | 87,028 | $ | 84,149 | $ | 332,927 | $ | 309,394 | |||||||||
| Cost of revenue | $ | 19,476 | $ | 18,946 | $ | 77,589 | $ | 74,202 | |||||||||
| Less: stock-based compensation expense and associated payroll tax costs | 735 | 1,147 | 3,533 | 4,949 | |||||||||||||
| Non-GAAP cost of revenue | $ | 18,741 | $ | 17,799 | $ | 74,056 | $ | 69,253 | |||||||||
| As a percentage of revenue | 21.5 | % | 21.2 | % | 22.2 | % | 22.4 | % | |||||||||
Reconciliation of sales and marketing expense to Non-GAAP sales and marketing expense:
| Three months ended December 31, | Year ended December 31, | ||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| (in thousands) | |||||||||||||||||
| Revenue | $ | 87,028 | $ | 84,149 | $ | 332,927 | $ | 309,394 | |||||||||
| Sales and marketing | $ | 29,605 | $ | 34,332 | $ | 129,602 | $ | 140,230 | |||||||||
| Less: stock-based compensation expense and associated payroll tax costs | 920 | 3,415 | 9,252 | 13,474 | |||||||||||||
| Non-GAAP sales and marketing | $ | 28,685 | $ | 30,917 | $ | 120,350 | $ | 126,756 | |||||||||
| As a percentage of revenue | 33.0 | % | 36.7 | % | 36.1 | % | 41.0 | % | |||||||||
Reconciliation of research and development expense to Non-GAAP research and development expense:
| Three months ended December 31, | Year ended December 31, | ||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| (in thousands) | |||||||||||||||||
| Revenue | $ | 87,028 | $ | 84,149 | $ | 332,927 | $ | 309,394 | |||||||||
| Research and development | $ | 19,763 | $ | 19,509 | $ | 80,879 | $ | 83,460 | |||||||||
| Less: stock-based compensation expense and associated payroll tax costs | 3,099 | 1,908 | 13,614 | 13,478 | |||||||||||||
| Non-GAAP research and development | $ | 16,664 | $ | 17,601 | $ | 67,265 | $ | 69,982 | |||||||||
| As a percentage of revenue | 19.1 | % | 20.9 | % | 20.2 | % | 22.6 | % | |||||||||
Reconciliation of general and administrative expense to Non-GAAP general and administrative expense:
| Three months ended December 31, | Year ended December 31, | ||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| (in thousands) | |||||||||||||||||
| Revenue | $ | 87,028 | $ | 84,149 | $ | 332,927 | $ | 309,394 | |||||||||
| General & administrative | $ | 14,994 | $ | 13,574 | $ | 61,794 | $ | 58,838 | |||||||||
| Less: stock-based compensation expense and associated payroll tax costs | 2,141 | 1,105 | 10,000 | 9,785 | |||||||||||||
| Non-GAAP general & administrative | $ | 12,853 | $ | 12,469 | $ | 51,794 | $ | 49,053 | |||||||||
| As a percentage of revenue | 14.8 | % | 14.8 | % | 15.6 | % | 15.9 | % | |||||||||
Reconciliation of net cash provided by (used in) operating activities to free cash flow:
| Three months ended December 31, | Year ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| (in thousands) | ||||||||||||||||
| Net cash provided by (used in) operating activities | $ | 12,360 | $ | 13,279 | $ | 26,254 | $ | (24,243 | ) | |||||||
| Purchase of property, equipment, leasehold improvements and capitalized internal-use software | (787 | ) | (1,043 | ) | (3,721 | ) | (4,179 | ) | ||||||||
| Free cash flow | $ | 11,573 | $ | 12,236 | $ | 22,533 | $ | (28,422 | ) | |||||||
FAQ
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