BigCommerce Announces Fourth Quarter and Fiscal Year 2024 Financial Results

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, up 3% compared to the fourth quarter of 2023.Total annual revenue run-rate (“ARR”) as of December 31, 2024 was $349.6 million, up 4% compared to December 31, 2023.Subscription solutions revenue was $62.3 million, up 3% 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, up 7% from December 31, 2023.ARR from Enterprise Accounts as a percent of total ARR was 75% as of December 31, 2024, compared to 73% as of December 31, 2023.GAAP gross margin was 78%, compared to 77% in the fourth quarter of 2023. Non-GAAP gross margin was 78%, compared to 79% 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 up 9% 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 by 1% 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 or 10% of revenue, compared to $7.9 million or 9% of revenue in the fourth quarter of 2023.GAAP basic net loss per share was ($0.03) based on 78.4 million shares of common stock, compared to ($0.04) based on 76.2 million shares of common stock in the fourth quarter of 2023.Non-GAAP basic net income per share was $0.11 based on 78.4 million of shares, compared to $0.10 based on 76.2 million shares in the fourth quarter of 2023.Non-GAAP diluted net income per share was $0.11 based on 80.1 million shares of dilutive shares, compared to $0.09 based 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, up 8% compared to fiscal year 2023.Subscription solutions revenue was $247.9 million, up 8% compared to fiscal year 2023.GAAP gross margin was 77%, compared to 76% in fiscal year 2023. Non-GAAP gross margin was 78%, 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 or 7% of revenue, compared to $2.1 million or 1% of revenue in fiscal year 2023.GAAP net loss per share was ($0.35) based on 77.6 million shares of common stock, compared to ($0.86) based on 75.1 million shares of common stock in fiscal year 2023.Non-GAAP diluted net income per share was $0.28 based on 79.4 million shares of dilutive shares, compared to $0.03 based 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 a 26% 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 increase 13% and average order value rise 11%, 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. 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, $0.0001 par value; 500,000 shares authorized at December 31, 2024 and 2023, respectively; 78,573 and 76,410 shares issued and outstanding at December 31, 2024 and 2023, respectively. 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)

BigCommerce Announces Fourth Quarter and Fiscal Year 2024 Financial Results

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