Sign In  |  Register  |  About Sunnyvale  |  Contact Us

Sunnyvale, CA
September 01, 2020 10:10am
7-Day Forecast | Traffic
  • Search Hotels in Sunnyvale

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

BigCommerce Announces Fourth Quarter and Fiscal Year 2022 Financial Results

AUSTIN, Texas, Feb. 23, 2023 (GLOBE NEWSWIRE) -- BigCommerce Holdings, Inc. (“BigCommerce”) (Nasdaq: BIGC), a leading Open SaaS ecommerce platform for fast-growing and established B2C and B2B brands, today announced financial results for its fourth quarter and fiscal year ended December 31, 2022.

“In a challenging year for global ecommerce, BigCommerce grew faster than the broader ecommerce industry, and our Q4 results showed strong progress in both profitability and operating cash flow. Our full-year revenue grew to $279.1 million, up 27% year-over-year,” said Brent Bellm, CEO at BigCommerce. “This strong performance in a tough economy delivered our best-ever gains in market share and global presence. BigCommerce’s 2023 plan achieves profitability in Q4 and focuses our execution on ecommerce leadership in the enterprise segment.”

Fourth Quarter Financial Highlights:

  • Total revenue was $72.4 million, up 12% compared to the fourth quarter of 2021.
  • Total annual revenue run-rate (ARR) as of December 31, 2022 was $311.7 million, up 16% compared to December 31, 2021.
  • Subscription revenue was $53.3 million, up 14% compared to the fourth quarter of 2021.
  • ARR from accounts with at least one enterprise plan (“Enterprise Accounts”) was $224 million as of December 31, 2022, up 30% from December 31, 2021.
  • ARR from Enterprise Accounts as a percent of total ARR was 72% as of December 31, 2022, compared to 64% as of December 31, 2021.
  • GAAP gross margin was 74%, compared to 74% in the fourth quarter of 2021. Non-GAAP gross margin was 76%, compared to 76% in the fourth quarter of 2021.

Other Key Business Metrics

  • Number of enterprise accounts was 5,786, up 15% compared to the fourth quarter of 2021.
  • Average revenue per account (ARPA) of enterprise accounts was $38,708, up 13% compared to the fourth quarter of 2021.
  • Revenue in the Americas grew by 12% compared to the fourth quarter of 2021.
  • Revenue in EMEA grew by 22% and revenue in APAC declined by 6% compared to the fourth quarter of 2021.

Operating Income/(Loss)

  • GAAP operating loss was ($34.7) million, compared to ($33.8) million in the fourth quarter of 2021.
  • Non-GAAP operating loss was ($9.4) million, compared to ($11.6) million in the fourth quarter of 2021.

Net Income/(Loss) and Earnings Per Share

  • GAAP net loss was ($33.0) million, compared to ($34.2) million in the fourth quarter of 2021.
  • Non-GAAP net loss was ($7.7) million or (11%) of total revenue, compared to ($12.1) million or (19%) of total revenue in the first quarter of 2021.
  • GAAP net loss per share was ($0.45) based on 73.8 million weighted-average shares of common stock outstanding, compared to ($0.48) based on 72.0 million weighted-average shares of common stock outstanding in the fourth quarter of 2021.
  • Non-GAAP net loss per share was ($0.10) based on 73.8 million weighted-average shares of common stock outstanding, compared to ($0.17) based on 72.0 million weighted-average shares of common stock outstanding in the fourth quarter of 2021.

Adjusted EBITDA

  • Adjusted EBITDA was ($8.6) million, compared to ($10.9) million in the fourth quarter of 2021. Note: In comparison to prior year, results also include the removal of Other Income and Expense from Adjusted EBITDA, which was $0.6 million for the three months ended December 31, 2022.

Cash

  • Cash, cash equivalents, restricted cash, and marketable securities totaled $305.0 million as of December 31, 2022.
  • For the three months ended December 31, 2022, net cash used in operating activities was ($2.7 million), compared to ($8.8) million for the same period in 2021. We reported free cash flow of ($3.7) million or a (5%) free cash flow margin.
  • For the twelve months ended December 31, 2022, net cash used in operating activities was ($89.4) million, compared to ($40.3) million for the same period in 2021.
  • For the twelve months ended December 31, 2022, free cash flow was ($94.6) million, compared to ($43.6) million for the same period in 2021.
  • Included in our 2022 operating cash flow and free cash flow was the first annual payment to Feedonomics of $32.5M related to the contingent compensation arrangements entered into in connection with the 2021 acquisition.

Fiscal Year 2022 Financial Highlights:

  • Total revenue was $279.1 million, up 27% compared to fiscal year 2021.
  • Subscription revenue was $205.8 million, up 33% compared to fiscal year 2021.
  • GAAP gross margin was 75%, compared to 78% in fiscal year 2021. Non-GAAP gross margin was 76%, compared to 79% in fiscal year 2021.

Operating Income/(Loss)

  • GAAP operating loss was ($140.6) million, compared to ($75.9) million in fiscal year 2021.
  • Non-GAAP operating loss was ($47.0) million, compared to ($22.8) million in fiscal year 2021.

Net Income/(Loss) and Earnings Per Share

  • GAAP net loss was ($139.9) million, compared to ($76.7) million in fiscal year 2021.
  • Non-GAAP net loss was ($46.3) million or (16.6%) of total revenue, compared to ($23.6) million or (10.7%) of total revenue in the fiscal year 2021.
  • GAAP net loss per share was ($1.91) based on 73.2 million weighted-average shares of common stock outstanding, compared to ($1.08) based on 70.9 million weighted-average shares of common stock outstanding in fiscal year 2021.
  • Non-GAAP net loss per share was ($0.63) based on 73.2 million weighted-average shares of common stock outstanding, compared to ($0.33) based on 70.9 million weighted-average shares of common stock outstanding in fiscal year 2021.

Adjusted EBITDA

  • Adjusted EBITDA was ($43.6) million, compared to ($20.0) million in fiscal year 2021. Note: In comparison to prior year, results also include the removal of Other Income and Expense from Adjusted EBITDA, which was ($0.2) million for fiscal year 2022.

Business Highlights:

  • Corporate Highlights:

In December, we announced our plan to reduce our cost structure and accelerate our path to profitability from mid to late 2024 to the fourth quarter of 2023. We also made two recent leadership additions. In October, we announced Rosie Rivel joined the company as our first chief information officer. In January, we announced ecommerce industry veteran Mark Adams will join the company as senior vice president and general manager for EMEA. In January, we announced the launch of our Omnichannel Certified Partner (OCP) Program, an enterprise-focused initiative designed to give partners new ways to generate revenue by helping merchants on leading ecommerce platforms to achieve omnichannel success. Over 100 partners have joined the program either the Omnichannel Certified Agency (OCA) Program or the Omnichannel Certified Technology (OCT) Partner Program. Each brings opportunities for partners to empower merchants to further innovate through specialized services such as optimized product feed management from Feedonomics, a BigCommerce company, and unprecedented access to partner initiatives.

  • Product Highlights:

BigCommerce continues to release features and product enhancements that resonate with our target market of enterprise customers. In December, we launched StagingPro, a comprehensive staging and deployment suite that gives enterprise merchants and agency developers a collaborative, near-production level environment to easily test and deploy code to a BigCommerce store.

  • Merchant Highlights:

FishUSA, a leading retailer for fishing tackle and supplies needs, launched a new store that takes advantage of integrations with its Netsuite ERP, Square's point of sale system, and customized workflows with Celigo to deliver a unified shopping experience both online and in-store. Norwall Power Systems launched on BigCommerce capitalizing on our integration with MiniBC, enabling Norwall to have a flexible payment processing working with integrations from both Acctivate and QuickBooks. The Fold London, an iconic fashion brand, launched its store on BigCommerce, taking advantage of our new StagingPro capabilities and leveraging our partner ecosystem and Open SaaS platform for several integrations and data migration. The Chair King, a family-owned business since 1950 with showrooms across Texas, is now selling on BigCommerce with a custom-built connector integrating seamlessly with their ERP. Skee-Ball, the brand behind the popular arcade game, launched on BigCommerce to sell its line of games designed specifically for the home, leveraging B2B Edition to sell both B2B and B2C.

  • Partner Highlights:

In December, BigCommerce announced a new integration with Sage, a leader in accounting, financial, HR and payroll technology, to provide B2C and B2B merchants with an end-to-end commerce solution, integrating their online storefronts to their back-office. The integration of BigCommerce with Sage 100 ERP software empowers businesses to modernize their ecommerce presence and launch fully integrated B2C and B2B storefronts to reach new customers, increase operational efficiency and provide real-time updates and visibility for orders, customer information, invoices and more. BigCommerce is now one of the first enterprise ecommerce platforms to launch in Sage Business Cloud Marketplace for Sage 100 customers looking to sell online. In November, we launched Snapchat for BigCommerce, enabling US merchants of all sizes to directly integrate their store as a one-stop shop to sync product catalogs and create immersive Snapchat ad campaigns to broaden customer reach, open new revenue streams and ultimately scale their business to the next level. In January BigCommerce became the inaugural partner for the launch of Buy with Prime, which allows BigCommerce merchants to easily sync their existing catalog across Amazon and BigCommerce and deploy the Buy with Prime button on their sites. We also started a new partnership with Microsoft Ads and Listings, allowing BigCommerce merchants to create and manage ad campaigns across Microsoft’s extensive properties. Earlier this month, we announced a new strategic partnership with WPP to offer omnichannel solutions to help WPP clients drive growth and maximize sales across hundreds of advertising channels and marketplaces. This innovative partnership will give WPP priority access to new product tools on both BigCommerce and data feed management platform Feedonomics, in addition to providing APIs and data sets that will enable WPP agencies to develop unique insights for clients across product, trend and purchasing data.

Q1 and 2023 Financial Outlook:

For the first quarter of 2023, the Company currently expects:

  • Total revenue between $69.7 million to $72.7 million, implying a year-over-year growth rate of 6% to 10%.
  • Non-GAAP operating loss is expected to be between $8.2 million to $12.2 million.

For the full year 2023, the Company currently expects:

  • Total revenue between $301 million and $313 million, translating into a year-over-year growth rate of 8% and 12%.
  • Non-GAAP operating loss between $15.7 million and $22.7 million.

The Company’s first quarter and 2023 financial outlook is based on a number of assumptions that are subject to change and many of which are outside the Company’s control. If actual results vary from these assumptions, the Company’s expectations may change. There can be no assurance that the Company will achieve these results.

The Company does not provide guidance for operating loss, the most directly comparable GAAP measure to Non-GAAP operating loss, and similarly cannot provide a reconciliation between its forecasted Non-GAAP operating loss and Non-GAAP net 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 the Company’s 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 4:00 p.m. CT (5:00 p.m. ET) on Thursday, February 23, 2023, to discuss its financial results and business highlights. The conference call can be accessed by dialing (833) 634-1254 from the United States and Canada or (412) 317-6012 internationally and requesting to join the “BigCommerce conference call.” The live webcast of the conference call and other materials related to BigCommerce’s financial performance can be accessed from BigCommerce’s investor relations website at http://investors.bigcommerce.com.

Following the completion of the call through 11:59 p.m. ET on Thursday, March 2, 2023, 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 6945940. A webcast replay will also be available at http://investors.bigcommerce.com for 12 months.

About BigCommerce

BigCommerce (Nasdaq: BIGC) is a leading open software-as-a-service (SaaS) ecommerce platform that empowers merchants of all sizes to build, innovate and grow their businesses online. BigCommerce provides merchants sophisticated enterprise-grade functionality, customization and performance with simplicity and ease-of-use. Tens of thousands of B2C and B2B companies across 150 countries and numerous industries use BigCommerce to create beautiful, engaging online stores, including Ben & Jerry’s, Molton Brown, S.C. Johnson, Skullcandy, SoloStove, Ted Baker and Vodafone. Headquartered in Austin, BigCommerce has offices in London, Kyiv, San Francisco, and Sydney. For more information, please visit www.bigcommerce.com or follow us on Twitter, LinkedIn, Instagram and Facebook.

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 2023 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, 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, 2022, 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.

Accounts with Greater than $2,000 ACV

We track the total number of accounts with annual contract value (“ACV”) greater than $2,000 (the “ACV threshold”) as of the end of a monthly billing period. To define this $2,000 ACV cohort, we include only subscription plan revenue and exclude partner and services revenue and recurring services revenue. We consider all stores and brands added and subtracted as of the end of the monthly billing period. This metric includes accounts that may have either one single store or brand above the ACV threshold or multiple stores or brands that together exceed the ACV threshold.

Enterprise Account Metrics

To measure the effectiveness of our ability to execute against our growth strategy, particularly within the mid-market and enterprise business segments, we calculate ARR attributable to Enterprise Accounts. We define Enterprise Accounts as accounts with at least one unique Enterprise plan subscription or an enterprise level feed management subscription (collectively “Enterprise Accounts”). These accounts may have more than one Enterprise plan or a combination of Enterprise plans and Essentials plans.

Average Revenue Per Account

We calculate average revenue per account (ARPA) for accounts above the ACV threshold 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 expense, third party acquisition-related costs, and other acquisition related expenses, including contingent compensation arrangements entered into in connection with acquisitions, depreciation, amortization of acquisition-related intangible assets, interest income, interest expense, changes in fair value of financial instruments, restructuring charges, other non-operating income and expense and our provision for income taxes. The most directly comparable GAAP measure is net loss.

Non-GAAP Operating Loss

We define Non-GAAP Operating Loss as our GAAP Loss from operations, excluding the impact of stock-based compensation expense and related payroll tax expense, third party acquisition-related costs, and other acquisition related expenses, including contingent compensation arrangements entered into in connection with acquisitions, amortization of acquisition-related intangible assets, and restructuring charges. The most directly comparable GAAP measure is our loss from operations.

Non-GAAP Net Loss

We define Non-GAAP Net Loss as our GAAP net loss, excluding the impact of stock-based compensation expense and related payroll tax expense, third party acquisition-related costs, and other acquisition related expenses, including contingent compensation arrangements entered into in connection with acquisitions, amortization of acquisition-related intangible assets restructuring charges and changes in fair value of financial instruments. The most directly comparable GAAP measure is our net loss.

Non-GAAP Net Loss per Share

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

Free Cash Flow

We define Free Cash flow as our GAAP cash flow from operating activities plus our GAAP purchases of property and equipment (Capital Expenditures). The most directly comparable GAAP measure is our cash flow from operating activities.

Media Relations ContactInvestor Relations Contact
Brad HemDaniel Lentz
PR@BigCommerce.comInvestorRelations@BigCommerce.com


Consolidated Balance Sheet

(in thousands, except per share amounts)

  December 31, 
  2022  2021 
Assets        
Current assets        
Cash and cash equivalents $91,573  $297,561 
Restricted cash  1,457   1,143 
Marketable securities  211,941   102,315 
Accounts receivable, net  51,899   39,806 
Prepaid expenses and other assets  11,206   9,710 
Deferred commissions  6,171   4,013 
Total current assets  374,247   454,548 
Property and equipment, net  9,083   7,429 
Right-of-use-asset  5,887   9,515 
Prepaid expenses, net of current portion  470   831 
Deferred commissions, net of current portion  7,037   5,673 
Intangible assets, net  27,583   35,032 
Goodwill  49,749   42,432 
Total assets $474,056  $555,460 
Liabilities and stockholders’ equity        
Current liabilities        
Accounts payable $7,013  $8,211 
Accrued liabilities  2,937   2,941 
Deferred revenue  17,783   12,752 
Current portion of operating lease liabilities  2,609   2,653 
Other current liabilities  48,444   36,254 
Total current liabilities  78,786   62,811 
Deferred revenue, net of current portion  1,759   1,359 
Long-term debt  337,497   335,537 
Operating lease liabilities, net of current portion  10,008   10,217 
Other long-term liabilities, net of current portion  334   7,248 
Total liabilities  428,384   417,172 
Commitments and contingencies (Note 7)        
Stockholders’ equity        
Preferred stock $0.0001 par value; 10,000 shares authorized at
December 31, 2022 and December 31, 2021; 0 shares issued
and outstanding at December 31, 2022 and 2021.
      
Common stock, $0.0001 par value; 500,000 shares Series 1 authorized at December 31, 2022 and December 31, 2021; 73,945, and 72,311 shares Series 1 issued and outstanding at December 31, 2022 and December 31, 2021, respectively.  7   7 
Additional paid-in capital  576,851   528,540 
Accumulated other comprehensive loss  (1,199)  (191)
Accumulated deficit  (529,987)  (390,068)
Total stockholders’ equity  45,672   138,288 
Total liabilities and stockholders’ equity $474,056  $555,460 


Consolidated Statement of Operations

(in thousands, except per share amounts)

  Year ended December 31, 
  2022  2021  2020 
Revenue $279,075  $219,855  $152,368 
Cost of revenue  69,980   48,479   34,126 
Gross profit  209,095   171,376   118,242 
Operating expenses:            
Sales and marketing  134,794   99,350   72,470 
Research and development  88,253   64,547   48,332 
General and administrative  75,989   56,839   36,137 
Acquisition related expenses  35,216   23,299    
Restructuring charges  7,332       
Amortization of intangible assets  8,078   3,284    
Total operating expenses  349,662   247,319   156,939 
Loss from operations  (140,567)  (75,943)  (38,697)
Interest income  4,198   130   31 
Interest expense  (2,828)  (828)  (3,103)
Change in fair value of financial instruments        4,413 
Other expense  (227)  (70)  (179)
Loss before provision for income taxes  (139,424)  (76,711)  (37,535)
Provision for income taxes  495   (34)  25 
Net loss  (139,919)  (76,677)  (37,560)
Dividends and accretion of issuance costs on Series F preferred stock $  $  $(962)
Net loss attributable to common stockholders $(139,919) $(76,677) $(38,522)
Basic and diluted net loss per share attributable to common stockholders $(1.91) $(1.08) $(0.99)
Weighted average shares used to compute basic and diluted net loss
per share attributable to common stockholders
  73,226   70,933   39,092 


Consolidated Statement of Cash Flows

(in thousands)

  Year ended December 31, 
  2022  2021  2020 
Cash flows from operating activities            
Net loss $(139,919) $(76,677) $(37,560)
Adjustments to reconcile net loss to net cash used in operating activities:            
Depreciation and amortization  11,421   6,151   3,084 
Amortization of discount on debt  1,960   574   774 
Stock-based compensation  42,332   25,424   11,058 
Allowance for credit losses  8,244   3,474   1,594 
Change in fair value of financial instrument        (4,413)
Restructuring charges  7,332       
Changes in operating assets and liabilities:            
Accounts receivable  (20,337)  (17,279)  (9,305)
Prepaid expenses  (1,134)  (2,413)  (2,704)
Deferred commissions  (3,463)  (3,525)  (2,396)
Accounts payable  (1,198)  2,137   1,907 
Accrued and other current liabilities  100   20,437   9,610 
Deferred revenue  5,305   1,397   1,822 
Net cash used in operating activities  (89,357)  (40,300)  (26,529)
Cash flows from investing activities:            
Cash paid for acquisition  (696)  (81,067)   
Purchase of marketable securities  (214,184)  (107,006)   
Purchase of property and equipment  (5,196)  (3,304)  (1,964)
Maturity of marketable securities  103,550   4,500    
Net cash used in investing activities  (116,526)  (186,877)  (1,964)
Cash flows from financing activities:            
Payment of debt issuance costs     (10,037)   
Purchase of capped calls     (35,570)    
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions and other offering costs        171,129 
Proceeds from issuance of common stock upon secondary offering, net of underwriting discounts and commissions and other offerings costs        65,112 
Payment of Series F dividends        (12,814)
Proceeds from exercise of stock options and warrants  209   5,881   3,279 
Proceeds from issuance of convertible senior notes     345,000   41,861 
Repayment of debt        (28,617)
Net cash provided by financing activities  209   305,274   239,950 
Net change in cash and cash equivalents and restricted cash  (205,674)  78,097   211,457 
Cash and cash equivalents and restricted cash, beginning of period  298,704   220,607   9,150 
Cash and cash equivalents and restricted cash, end of period $93,030  $298,704  $220,607 
Supplemental cash flow information:            
Cash paid for interest $903  $  $2,285 
Cash paid for taxes $32  $  $ 
Noncash investing and financing activities:            
Fair value of shares issued as consideration for acquisition  5,388   2,003    
Conversion of convertible preferred stock into common stock upon initial public offering        211,902 
Conversion of convertible debt into common stock upon initial public offering         50,173 
Changes in capital additions, accrued but not paid $107  $  $ 
Reconciliation of cash, cash equivalents and restricted cash within the condensed consolidated balance sheet to the amounts shown in the statements of cash flows above:            
Cash and cash equivalents  91,573   297,561   219,447 
Restricted cash  1,457   1,143   1,160 
Total cash, cash equivalents and restricted cash $93,030  $298,704  $220,607 


Disaggregated Revenue:

  Year ended December 31, 
(in thousands) 2022  2021  2020 
Subscription solutions $205,800  $154,933  $103,706 
Partner and services  73,275   64,922   48,662 
Total revenue $279,075  $219,855  $152,368 


Revenue by Geography:

  Year ended December 31, 
(in thousands) 2022  2021  2020 
Revenue:            
Americas—U.S. $216,639  $169,737  $120,934 
Americas—other  12,124   8,559   5,371 
EMEA  27,743   20,783   12,396 
APAC  22,569   20,776   13,667 
Total revenue $279,075  $219,855  $152,368 


Reconciliation of GAAP to Non-GAAP Results

(in thousands, except per share amounts)

Reconciliation of operating loss to Non-GAAP operating loss:

  Year ended December 31, 
  2022  2021  2020 
  (dollars in thousands) 
Operating loss $(140,567) $(75,943) $(38,697)
Less: stock-based compensation expense  42,332   25,424   11,058 
Less: payroll tax associated with stock-based compensation expense  654   1,111   222 
Less: third-party acquisition related costs  35,216   23,299    
Less: restructuring charges  7,332       
Less: amortization of intangible assets  8,078   3,284    
Non-GAAP operating loss  (46,955)  (22,825)  (27,417)
Non-GAAP operating margin  (16.8)%  (10.4)%  (18.0)%


Reconciliation of net loss & net loss per share to Non-GAAP net loss & Non-GAAP net loss per share:

  Year ended December 31, 
  2022  2021  2020 
  (dollars in thousands) 
Net Loss $(139,919) $(76,677) $(37,560)
Less: stock-based compensation expense  42,332   25,424   11,058 
Less: payroll tax associated with stock-based compensation expense  654   1,111   222 
Less: third-party acquisition related costs  35,216   23,299    
Less: restructuring charges  7,332       
Less: amortization of intangible assets  8,078   3,284    
Less: change in fair value of financial instruments        (4,413)
Non-GAAP net loss  (46,307)  (23,559)  (30,693)
Non-GAAP net loss per share  (0.63)  (0.33)  (0.79)
Weighted average shares used to compute basic and diluted net loss per share attributable to common stockholders  73,226   70,933   39,092 
Non-GAAP net loss margin  (16.6)%  (10.7)%  (20.1)%


Reconciliation of net loss to adjusted EBITDA:

  Year ended December 31, 
  2022  2021  2020 
  (dollars in thousands) 
Net loss $(139,919) $(76,677) $(37,560)
Stock-based compensation expense  42,332   25,424   11,058 
Payroll tax associated with stock based-compensation expense  654   1,111   222 
Depreciation  3,344   2,867   3,084 
Third-party acquisition related costs  35,216   23,299    
Restructuring charges  7,332       
Amortization of intangible assets  8,078   3,284    
Interest income  (4,198)  (130)  (31)
Interest expense  2,828   828   3,103 
Change in fair value of financial instrument        (4,413)
Other income/expense  227   70   179 
Provision for income taxes  495   (34)  25 
Adjusted EBITDA $(43,611) $(19,958) $(24,333)
Adjusted EBITDA margin  (15.6)%  (9.1)%  (16.0)%


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

  Year ended December 31, 
  2022  2021  2020 
  (dollars in thousands) 
Cost of revenue $69,980  $48,479  $34,126 
Less: share-based compensation expense  4,181   2,055   769 
Less: payroll tax associated with share-based compensation expense  45   67   34 
Non-GAAP cost of revenue  65,754   46,357   33,323 
As of % of revenue  23.6%  21.1%  21.9%


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

  Year ended December 31, 
  2022  2021  2020 
  (dollars in thousands) 
Sales and marketing $134,794  $99,350  $72,470 
Less: share-based compensation expense  11,905   7,761   3,310 
Less: payroll tax associated with share-based compensation expense  132   483   155 
Non-GAAP sales and marketing  122,757   91,106   69,005 
As of % of revenue  44.0%  41.4%  45.3%


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

  Year ended December 31, 
  2022  2021  2020 
  (dollars in thousands) 
Research and development $88,253  $64,547  $48,332 
Less: share-based compensation expense  12,292   5,901   2,500 
Less: payroll tax associated with share-based compensation expense  96   269    
Non-GAAP research and development  75,865   58,377   45,832 
As of % of revenue  27.2%  26.6%  30.1%


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

  Year ended December 31, 
  2022  2021  2020 
  (dollars in thousands) 
General and administrative $75,989  $56,839  $36,137 
Less: share-based compensation expense  13,954   9,707   4,479 
Less: payroll tax associated with share-based compensation expense  381   292   33 
Non-GAAP general and administrative  61,654   46,840   31,625 
As of % of revenue  22.1%  21.3%  20.8%


Reconciliation of net cash used in operating activities to free cash flow:

  Year ended December 31, 
  2022  2021  2020 
  (dollars in thousands) 
Net cash used in operating activities $(89,357) $(40,300) $(26,529)
Capital expenditures $(5,196) $(3,304) $(1,964)
Free cash flow $(94,553) $(43,604) $(28,493)


YoY comparisons:

Income Statement:

  Three months ended
December 31,
  Twelve months ended
December 31,
 
  2022  2021  2022  2021 
                 
Revenue $72,431  $64,897  $279,075  $219,855 
Cost of revenue  18,492   16,641   69,980   48,479 
Gross profit  53,939   48,256   209,095   171,376 
Operating expenses:                
Sales and marketing  33,871   30,284   134,794   99,350 
Research and development  22,669   19,755   88,253   64,547 
General and administrative  18,963   17,750   75,989   56,839 
Acquisition related expenses  3,775   12,400   35,216   23,299 
Restructuring charges  7,332      7,332    
Amortization of intangible assets  2,016   1,882   8,078   3,284 
Total operating expenses  88,626   82,071   349,662   247,319 
Loss from operations  (34,687)  (33,815)  (140,567)  (75,943)
Interest income  2,068   65   4,198   130 
Interest expense  (708)  (703)  (2,828)  (828)
Change in fair value of financial instruments            
Other expense  601   (88)  (227)  (70)
Loss before provision for income taxes  (32,726)  (34,541)  (139,424)  (76,711)
Provision for income taxes  254   (297)  495   (34)
Net loss $(32,980) $(34,244) $(139,919) $(76,677)
Dividends and accretion of issuance costs on Series F
preferred stock
 $  $  $  $ 
Net loss attributable to common stockholders $(32,980) $(34,244) $(139,919) $(76,677)
Basic and diluted net loss per share attributable to common
stockholders
 $(0.45) $(0.48) $(1.91) $(1.08)
Weighted average shares used to compute basic and diluted net
loss per share attributable to common stockholders
  73,819   71,952   73,226   70,933 


Cash Flow:

  Three months ended
December 31,
  Twelve months ended
December 31,
 
  2022  2021  2022  2021 
Cash flows from operating activities                
Net loss $(32,980) $(34,244) $(139,919) $(76,677)
Adjustments to reconcile net loss to net cash used in operating activities:                
Depreciation and amortization  2,791   2,630   11,421   6,151 
Amortization of discount on debt  492   487   1,960   574 
Stock-based compensation  12,146   7,742   42,332   25,424 
Allowance for credit losses  1,237   1,350   8,244   3,474 
Change in fair value of financial instrument            
Restructuring charges  7,332      7,332    
Changes in operating assets and liabilities:              
Accounts receivable  (5,072)  (7,381)  (20,337)  (17,279)
Prepaid expenses  2,817   4,094   (1,134)  (2,413)
Deferred commissions  (949)  (1,441)  (3,463)  (3,525)
Accounts payable  (204)  2,326   (1,198)  2,137 
Accrued and other current liabilities  7,486   15,900   100   20,437 
Deferred revenue  2,211   (280)  5,305   1,397 
Net cash used in operating activities  (2,693)  (8,817)  (89,357)  (40,300)
Cash flows from investing activities:                
Cash paid for acquisition     (115)  (696)  (81,067)
Purchase of marketable securities  (44,297)  (63,539)  (214,184)  (107,006)
Purchase of property and equipment  (990)  (1,017)  (5,196)  (3,304)
Maturity of marketable securities  38,900   4,500   103,550   4,500 
Net cash used in investing activities  (6,387)  (60,171)  (116,526)  (186,877)
Cash flows from financing activities:                
Payment of debt issuance costs           (10,037)
Purchase of capped calls           (35,570)
Payment of Series F dividends            
Proceeds from exercise of stock options and warrants  145   1,642   209   5,881 
Proceeds from issuance of convertible senior notes           345,000 
Repayment of debt            
Net cash provided by financing activities  145   1,642   209   305,274 
Net change in cash and cash equivalents and restricted cash  (8,935)  (67,346)  (205,674)  78,097 
Cash and cash equivalents and restricted cash, beginning of period  101,965   366,050   298,704   220,607 
Cash and cash equivalents and restricted cash, end of period $93,030  $298,704  $93,030  $298,704 
Supplemental cash flow information:                
Cash paid for interest $  $  $903  $ 
Cash paid for taxes $  $  $32  $ 
Noncash investing and financing activities:                
Fair value of shares issued as consideration for acquisition  768   2,003   5,388   2,003 
Changes in capital additions, accrued but not paid $  $  $107  $ 
Reconciliation of cash, cash equivalents and restricted cash within the condensed consolidated balance sheet to the amounts shown in the statements of cash flows above:                
Cash and cash equivalents  91,573   297,561   91,573   297,561 
Restricted cash  1,457   1,143   1,457   1,143 
Total cash, cash equivalents and restricted cash $93,030  $298,704  $93,030  $298,704 


Disaggregated Revenue:

  Three months ended
December 31,
  Twelve months ended
December 31,
 
(in thousands) 2022  2021  2022  2021 
Subscription solutions $53,297  $46,852  $205,800  $154,933 
Partner and services  19,134   18,045   73,275   64,922 
Total revenue $72,431  $64,897  $279,075  $219,855 


Reconciliation of operating loss to Non-GAAP operating loss:

  Three months ended
December 31,
  Twelve months ended
December 31,
 
  2022  2021  2022  2021 
                 
Operating loss $(34,687) $(33,815) $(140,567) $(75,943)
Less: stock-based compensation expense  12,146   7,742   42,332   25,424 
Less: payroll tax associated with stock-based compensation expense  13   144   654   1,111 
Less: third-party acquisition related costs  3,775   12,400   35,216   23,299 
Less: restructuring charges  7,332      7,332    
Less: amortization of intangible assets  2,016   1,882   8,078   3,284 
Non-GAAP operating loss  (9,405)  (11,647)  (46,955)  (22,825)
Non-GAAP operating margin  (13.0)%  (17.9)%  (16.8)%  (10.4)%


Reconciliation of net loss & Net Loss per share to Non-GAAP net loss & Non-GAAP net loss per share:

  Three months ended
December 31,
  Twelve months ended
December 31,
 
  2022  2021  2022  2021 
                 
Net loss $(32,980) $(34,244) $(139,919) $(76,677)
Less: stock-based compensation expense  12,146   7,742   42,332   25,424 
Less: payroll tax associated with stock-based compensation expense  13   144   654   1,111 
Less: third-party acquisition related costs  3,775   12,400   35,216   23,299 
'Less: restructuring charges  7,332      7,332    
Less: amortization of intangible assets  2,016   1,882   8,078   3,284 
Less: change in fair value of financial instruments            
Non-GAAP net loss  (7,698)  (12,076)  (46,307)  (23,559)
Non-GAAP net loss per share  (0.10)  (0.17)  (0.63)  (0.33)
Weighted average shares used to compute basic and diluted net loss per share attributable to common stockholders  73,819   71,952   73,226   70,933 
Non-GAAP net loss margin  (10.6)%  (18.6)%  (16.6)%  (10.7)%


Reconciliation of net loss to adjusted EBITDA:

  Three months ended
December 31,
  Twelve months ended
December 31,
 
  2022  2021  2022  2021 
                 
Net loss $(32,980) $(34,244) $(139,919) $(76,677)
Stock-based compensation expense  12,146   7,742   42,332   25,424 
Payroll tax associated with stock-based compensation expense  13   144   654   1,111 
Depreciation  776   716   3,344   2,867 
Third-party acquisition related costs  3,775   12,400   35,216   23,299 
Restructuring charges  7,332      7,332    
Amortization of intangible assets  2,016   1,882   8,078   3,284 
Interest income  (2,068)  (65)  (4,198)  (130)
Interest expense  708   703   2,828   828 
Change in fair value of financial instrument            
Other income/expense  (601)  88   227   70 
Provision for income taxes  254   (297)  495   (34)
Adjusted EBITDA $(8,629) $(10,931) $(43,611) $(19,958)
Adjusted EBITDA Margin  (11.9)%  (16.8)%  (15.6)%  (9.1)%


COR:

  Three months ended
December 31,
  Twelve months ended
December 31,
 
  2022  2021  2022  2021 
                 
Cost of revenue $18,492  $16,641  $69,980  $48,479 
Less: share-based compensation expense  1,278   849   4,181   2,055 
Less: payroll tax associated with share-based compensation expense  2   3   45   67 
Non-GAAP cost of revenue  17,212   15,789   65,754   46,357 
As a % of revenue  23.8%  24.3%  23.6%  21.1%


Sales and marketing:

  Three months ended
December 31,
  Twelve months ended
December 31,
 
  2022  2021  2022  2021 
                 
Sales and marketing $33,871  $30,284  $134,794  $99,350 
Less: share-based compensation expense  3,328   2,410   11,905   7,761 
Less: payroll tax associated with share-based compensation expense  4   67   132   483 
Non-GAAP sales and marketing  30,539   27,807   122,757   91,106 
As a % of revenue  42.2%  42.8%  44.0%  41.4%


Research and development:

  Three months ended
December 31,
  Twelve months ended
December 31,
 
  2022  2021  2022  2021 
                 
Research and development $22,669  $19,755  $88,253  $64,547 
Less: share-based compensation expense  3,635   1,721   12,292   5,901 
Less: payroll tax associated with share-based compensation expense  4   31   96   269 
Non-GAAP research and development  19,030   18,003   75,865   58,377 
As a % of revenue  26.3%  27.7%  27.2%  26.6%


General and administrative:

  Three months ended
December 31,
  Twelve months ended
December 31,
 
  2022  2021  2022  2021 
                 
General & administrative $18,963  $17,750  $75,989  $56,839 
Less: share-based compensation expense  3,905   2,762   13,954   9,707 
Less: payroll tax associated with share-based compensation expense  3   43   381   292 
Non-GAAP general & administrative  15,055   14,945   61,654   46,840 
As a % of revenue  20.8%  23.0%  22.1%  21.3%


Free cash flow (FCF):

  Three months ended
December 31,
  Twelve months ended
December 31,
 
(in thousands) 2022  2021  2022  2021 
                 
Net cash used in operating activities $(2,693) $(8,816) $(89,357) $(40,300)
Capital expenditures $(990) $(1,017) $(5,196) $(3,304)
Free cash flow $(3,683) $(9,833) $(94,553) $(43,604)

 


Primary Logo

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 Sunnyvale.com & California Media Partners, LLC. All rights reserved.