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Ecommerce

BigCommerce Announces Second Quarter 2022 Financial Results

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BigCommerce

Second Quarter Total Revenue of $68.2 Million, an Increase of 39% Versus Prior Year;
Total ARR of $296.0 Million, an Increase of 41% Versus Prior Year

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 second quarter ended June 30, 2022.

“Our overall growth continued at a strong pace in the second quarter, and equally encouraging is the external recognition we are gaining as the world’s most modern enterprise ecommerce platform,” said Brent Bellm, CEO at BigCommerce. “Our ARR from enterprise accounts grew 68% year-over-year, and enterprise ARR as a percentage of total ARR was 70%, compared to 59% a year ago. In addition, we delivered the biggest sequential growth in subscription ARR in our history, excluding the quarter of the Feedonomics acquisition. We are landing bigger deals with bigger merchants and remain on a solid path toward long-term growth.”

Second Quarter Financial Highlights:

  • Total revenue was $68.2 million, up 39% compared to the second quarter of 2021.
  • Total annual revenue run-rate (ARR) as of June 30, 2022 was $296.0 million, up 41% compared to June 30, 2021.
  • Subscription revenue was $51.3 million, up 51% compared to the second quarter of 2021.
  • Subscription ARR as of June 30, 2022 was $225.8 million, up 48% compared to June 30, 2021.
  • Partner and services revenue was $16.9 million, up 12% compared to June 30, 2021.
  • ARR from accounts with at least one enterprise plan (“Enterprise Accounts”) was $206.6 million as of June 30, 2022, up 68% from June 30, 2021.
  • ARR from Enterprise Accounts as a percent of total ARR was 70% as of June 30, 2022, compared to 59% as of June 30, 2021.
  • GAAP gross margin was 75%, compared to 79% in the second quarter of 2021. Non-GAAP gross margin was 77%, compared to 80% in the second quarter of 2021.

Second Quarter Financials:
Other Key Business Metrics

  • Number of enterprise accounts was 5,418, up 38% compared to the second quarter of 2021.
  • Average revenue per account (ARPA) of enterprise accounts was $38,133, up 22% compared to the second quarter of 2021.
  • Revenue in the Americas grew by 41% compared to the second quarter of 2021.
  • Revenue in EMEA grew by 42% and revenue in APAC grew by 18% compared to the second quarter of 2021.

Operating Income/(Loss)

  • GAAP operating loss was ($39.1) million, compared to ($12.3) million in the second quarter of 2021.
  • Non-GAAP operating loss was ($13.7) million, compared to ($4.2) million in the second quarter of 2021.

Net Income/(Loss) and Earnings Per Share

  • GAAP net loss was ($39.6) million, compared to ($12.2) million in the second quarter of 2021.
  • Non-GAAP net loss was ($14.1) million or (21%) of total revenue, compared to ($4.2) million or (9%) of total revenue in the second quarter of 2021.
  • GAAP net loss per share was ($0.54) based on 73.1 million weighted-average shares of common stock outstanding, compared to ($0.17) based on 70.6 million weighted-average shares of common stock outstanding in the second quarter of 2021.
  • Non-GAAP net loss per share was ($0.19) based on 73.1 million weighted-average shares of common stock outstanding, compared to ($0.06) based on 70.6 million weighted-average shares of common stock outstanding in the second quarter of 2021.

Adjusted EBITDA

  • Adjusted EBITDA was ($13.2) million, compared to ($3.5) million in the second quarter of 2021.

Cash

  • Cash, cash equivalents and marketable securities totaled $360.0 million as of June 30, 2022.
  • For the six months ended June 30, 2022, net cash used in operating activities was ($35.9) million, compared to ($17.4) million for the same period in 2021.
  • For the six months ended June 30, 2022, free cash flow was ($39.3) million, compared to ($19.1) million for the same period in 2021.

Business Highlights:

  • Corporate Highlights:
    • We launched our formal European presence in Austria, Denmark, Norway and Sweden, and our Latin American presence in Peru. With its latest expansions and fully localized tech and agency partner ecosystem, BigCommerce will enable merchants of all sizes and complexities to build and scale their online businesses to deliver seamless shopping experiences to local and cross-border customers and drive revenue.
    • We received high honors as a top solution in both the 2022 Paradigm B2B Combine (Midmarket Edition) and 2022 Paradigm B2B Combine (Enterprise Edition) with 22 out of 24 total medals, surpassing previous analyst evaluations for the third consecutive year. BigCommerce exceeded last year’s analyst evaluations by six medals and was awarded an exceptional rating (Gold) for Total Cost of Ownership and Partner Ecosystem.
    • We were named a Strong Performer by Forrester Research in both The Forrester Wave™: B2C Commerce Solutions, Q2 2022 and The Forrester Wave™: B2B Commerce Solutions, Q2 2022 reports. BigCommerce received the highest possible score in 11 criteria in the Forrester Wave™ B2C evaluation: Role-based Access Management, Customer Success and Support, Promotions Management, Practitioner UX, Architecture, Extensibility and Integration Tools, Product Vision, Performance, Innovation Roadmap, Partner Ecosystem and Commercial Model.
    • We were honored with the Retail Global Vendors in Partnership (VIP) Award for 2022 Australian Solution Provider of the Year. BigCommerce was recognized for itsachievement in excellent customer and employee culture, and how it translates to great business results.
  • Product Highlights: Just a few months after launching Multi-Storefront Functionality (MSF) for new merchants, we expanded availability for all enterprise stores. With Multi-Storefront, merchants can create multiple unique storefronts within a single store. These storefronts can be powered by BigCommerce’s native Stencil framework or by a third-party, headless solution such as Next.js, Bloomreach, Contentstack, Contentful, WordPress and others. Multi-storefront empowers merchants that want to manage multiple brands, sell into multiple customer segments, and/or sell into multiple regions.
  • Merchant Highlights: We continued to add new enterprise merchants to our platform in the second quarter. Mountain Equipment Company, Canada’s largest supplier of outdoor gear, launched its headless integration using BigCommerce checkout to support storefronts in English and French. Well Pharmacy, one of the UK’s largest pharmacies, is now selling over-the-counter and prescription medications on its BigCommerce store, leveraging our Open SaaS and headless capabilities. Australian motorcycle helmet brand Forcite Helmets is leveraging headless to create its beautifully designed storefront. Lifetime Brands, a leading global designer, developer and marketer of a wide range of household products from KitchenAid, Farberware and other brands, launched a new store using B2B Edition. Tile Warehouse, a subsidiary of major UK tile brand Topps Tiles, launched a pop-up storefront to sell clearance tiles directly to consumers, leveraging a fulfillment partner to pull through real-time inventories and providing custom URLs for product categories and attributes. Finally Zumnorde, the popular German shoe retailer, turned to BigCommerce to internationalize and relaunch its web shop on a modern platform that doesn’t require constant upkeep and that can be customized to provide an incredible customer experience.
  • Partner Highlights: We partnered with London-based dropshipping marketplace, Avasam to launch its new integration, Click2Launch, utilizing our Commerce-as-a-Service capabilities. The integration empowers online entrepreneurs and early startup businesses to create a fully functioning, product-stocked, sales-ready ecommerce store in a few easy steps and helps remove the complexity barrier for aspiring entrepreneurs seeking to start their own online businesses by rapidly selecting the category of products to sell, and automatically build and populate a customized webstore.

Q3 and 2022 Financial Outlook:
For the third quarter of 2022, the Company currently expects:

  • Total revenue between $68.3 million to $71.2 million, implying an organic year-over-year growth rate of 15% to 20% with revenue from Feedonomics in the base period.
  • Non-GAAP operating loss is expected to be between $14.4 million to $16.4 million.

For the full year 2022, the Company currently expects:

  • Total revenue between $277.0 million and $282.9 million, translating into a year-over-year growth rate of 26% and 29%.
  • Non-GAAP operating loss between $48.9 million and $52.9 million.

The Company’s third quarter and 2022 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, August 4, 2022, 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, August 11, 2022, 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 9327286. A webcast replay will also be available at http://investors.bigcommerce.com for 12 months.

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