$BIGC
BigCommerce Holdings, Inc.

2022 Q1 Form 10-Q Financial Statement

#000156459022017843 Filed on May 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $66.05M $46.66M
YoY Change 41.56% 40.65%
Cost Of Revenue $17.10M $9.250M
YoY Change 84.9% 23.66%
Gross Profit $48.95M $37.41M
YoY Change 30.84% 45.6%
Gross Profit Margin 74.11% 80.18%
Selling, General & Admin $48.49M $32.42M
YoY Change 49.57% 45.84%
% of Gross Profit 99.06% 86.65%
Research & Development $20.94M $13.54M
YoY Change 54.74% 23.94%
% of Gross Profit 42.79% 36.18%
Depreciation & Amortization $2.826M $700.0K
YoY Change 303.71% -22.22%
% of Gross Profit 5.77% 1.87%
Operating Expenses $85.13M $45.95M
YoY Change 85.25% 38.62%
Operating Profit -$36.18M -$8.542M
YoY Change 323.54% 14.58%
Interest Expense -$587.0K $10.00K
YoY Change -5970.0% -98.69%
% of Operating Profit
Other Income/Expense, Net -$156.0K -$14.00K
YoY Change 1014.29% -93.1%
Pretax Income -$36.92M -$8.544M
YoY Change 332.14% 113.28%
Income Tax $115.0K $0.00
% Of Pretax Income
Net Earnings -$37.04M -$8.544M
YoY Change 333.49% 112.38%
Net Earnings / Revenue -56.07% -18.31%
Basic Earnings Per Share -$0.51
Diluted Earnings Per Share -$511.0K -$122.4K
COMMON SHARES
Basic Shares Outstanding 72.47M 68.53M
Diluted Shares Outstanding 72.48M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $376.1M $208.0M
YoY Change 80.82% 530.3%
Cash & Equivalents $250.9M $189.6M
Short-Term Investments $125.2M $18.40M
Other Short-Term Assets $16.14M $11.30M
YoY Change 42.81% 18.95%
Inventory
Prepaid Expenses
Receivables $41.00M $26.10M
Other Receivables $0.00 $0.00
Total Short-Term Assets $433.2M $245.4M
YoY Change 76.55% 318.77%
LONG-TERM ASSETS
Property, Plant & Equipment $7.980M $18.10M
YoY Change -55.91% -14.62%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.710M $5.400M
YoY Change 24.26% 145.45%
Total Long-Term Assets $101.8M $23.40M
YoY Change 334.91% 0.0%
TOTAL ASSETS
Total Short-Term Assets $433.2M $245.4M
Total Long-Term Assets $101.8M $23.40M
Total Assets $535.0M $268.8M
YoY Change 99.04% 227.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.924M $4.700M
YoY Change 68.6% -21.67%
Accrued Expenses $40.62M $18.20M
YoY Change 123.18% 61.06%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $64.81M $40.10M
YoY Change 61.61% 21.15%
LONG-TERM LIABILITIES
Long-Term Debt $336.0M $0.00
YoY Change -100.0%
Other Long-Term Liabilities $24.30M $13.40M
YoY Change 81.37% -14.65%
Total Long-Term Liabilities $336.0M $13.40M
YoY Change 2407.65% -84.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $64.81M $40.10M
Total Long-Term Liabilities $336.0M $13.40M
Total Liabilities $425.1M $53.50M
YoY Change 694.64% -54.78%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $109.9M $215.3M
YoY Change
Total Liabilities & Shareholders Equity $535.0M $268.8M
YoY Change 99.04% 227.8%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$37.04M -$8.544M
YoY Change 333.49% 112.38%
Depreciation, Depletion And Amortization $2.826M $700.0K
YoY Change 303.71% -22.22%
Cash From Operating Activities -$21.99M -$12.76M
YoY Change 72.32% 27.71%
INVESTING ACTIVITIES
Capital Expenditures -$1.340M -$480.0K
YoY Change 179.17% -20.0%
Acquisitions
YoY Change
Other Investing Activities -$23.47M -$18.37M
YoY Change 27.78%
Cash From Investing Activities -$24.81M -$18.85M
YoY Change 31.61% 3058.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 184.0K 1.741M
YoY Change -89.43% -95.1%
NET CHANGE
Cash From Operating Activities -21.99M -12.76M
Cash From Investing Activities -24.81M -18.85M
Cash From Financing Activities 184.0K 1.741M
Net Change In Cash -46.61M -29.87M
YoY Change 56.05% -219.67%
FREE CASH FLOW
Cash From Operating Activities -$21.99M -$12.76M
Capital Expenditures -$1.340M -$480.0K
Free Cash Flow -$20.65M -$12.28M
YoY Change 68.15% 30.76%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2022Q1 bigc First Contingent Compensation Arrangement Payments Over Service Period
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CY2022Q1 us-gaap Use Of Estimates
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<p style="text-align:justify;margin-top:8pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Use of estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of consolidated financial statements in conformity with GAAP requires certain financial instruments to be recorded at fair value; requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenue and expenses during the reporting periods. Significant estimates, judgments, and assumptions in these consolidated financial statements include: allocating variable consideration for revenue recognition; the amortization period for deferred commissions; the </p> <p style="text-align:justify;margin-top:8pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2. Summary of significant</span><span style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> accounting policies (continued)</span></p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">allowance for credit losses; a determination of the deferred tax asset valuation allowance and the valuation of our common stock used to determine stock-based compensation expense prior to our IPO. Because of the use of estimates inherent in the financial reporting process and given the additional or unforeseen effects from the COVID-19 pandemic, actual results could differ from those estimates, and such differences could be material to our consolidated financial statements.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">COVID-19, declared a global pandemic by the World Health Organization on March 11, 2020, has caused disruption to the economies and communities of the United States and our target international markets. In the interest of public health, many governments closed physical stores and places of business deemed non-essential. This precipitated a significant shift in shopping behavior from offline to online. Our business has benefited from this shift, both in accelerated sales growth for our existing customers’ stores, and in our sales of new store subscriptions to customers. Nevertheless, we do not have certainty that those trends will continue; the COVID-19 pandemic and the uncertainty it has created in the global economy could materially adversely affect our business, financial condition, and results of operations.</p>
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0
CY2022Q1 bigc Lease Operating Lease Expiration Year
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2028
CY2022Q1 bigc Operating And Short Term Rent Expense
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1400000
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900000
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CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0541
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0546
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2757000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3258000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2985000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2775000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2528000
CY2022Q1 bigc Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
2852000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
17155000
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2273000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
14882000
CY2022Q1 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
813000
CY2021Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
679000
CY2022Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
10795000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
17315000
CY2022Q1 bigc Acquisition Related Compensation Current
AcquisitionRelatedCompensationCurrent
22559000
CY2021Q4 bigc Acquisition Related Compensation Current
AcquisitionRelatedCompensationCurrent
14309000
CY2022Q1 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
3043000
CY2021Q4 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
3951000
CY2022Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
37210000
CY2021Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
36254000
CY2022Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
345000000
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
345000000
CY2022Q1 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
8975000
CY2021Q4 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
9463000
CY2022Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
336025000
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
335537000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
876584
CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
20.25
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y1M6D
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.63
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.018
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8962000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5171000
CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0031
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0000
CY2022Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
396000
CY2021Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q1 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
0
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17955000
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9359000

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