10-Q Filing

COMMERCE.COM, INC. CIK: 1626450 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001564590-21-026757`
Period End Date	20210331
Filing Date	20210512
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	bigc-20210331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 59 Income Statement 34 Cash Flow Statement 57 Stockholders Equity 17 Comprehensive Income 4

Balance Sheet 59 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$219.45M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$33.03M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$189.58M	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$1.16M	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$1.16M	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$1.09M	USD	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$18.37M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$22.89M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$26.07M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$8.00M	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$7.31M	USD	Point-in-time
Deferred commissions	`DeferredCommissionsCurrent`	$2.88M	USD	Point-in-time
Deferred commissions	`DeferredCommissionsCurrent`	$2.57M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$245.36M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$254.07M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$7.12M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$6.90M	USD	Point-in-time
Right-of-use-assets	`OperatingLeaseRightOfUseAsset`	$11.84M	USD	Point-in-time
Right-of-use-assets	`OperatingLeaseRightOfUseAsset`	$11.22M	USD	Point-in-time
Prepaid expenses, net of current portion	`PrepaidExpenseNoncurrent`	$1.27M	USD	Point-in-time
Deferred commissions, net of current portion	`DeferredCommissionsNoncurrent`	$4.08M	USD	Point-in-time
Deferred commissions, net of current portion	`DeferredCommissionsNoncurrent`	$3.59M	USD	Point-in-time
Total assets	`Assets`	$268.83M	USD	Point-in-time
Total assets	`Assets`	$276.63M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$4.66M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.79M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$3.34M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$2.57M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$13.14M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$11.41M	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$3.24M	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$3.17M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$16.48M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$9.40M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$22.18M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$45.89M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$40.10M	USD	Point-in-time
Deferred revenue, net of current portion	`DeferredRevenueNoncurrent`	$1.31M	USD	Point-in-time
Deferred revenue, net of current portion	`DeferredRevenueNoncurrent`	$1.56M	USD	Point-in-time
Operating lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$12.67M	USD	Point-in-time
Operating lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$11.83M	USD	Point-in-time
Total liabilities	`Liabilities`	$53.49M	USD	Point-in-time
Total liabilities	`Liabilities`	$59.87M	USD	Point-in-time
Commitments and contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.0001 par value; 500,000 shares Series 1 and, 5,051 shares Series 2 authorized at March 31, 2021 and December 31, 2020; 69,095, and 64,461 shares Series 1 issued and outstanding at March 31, 2021 and December 31, 2020, respectively, and 1,201 and 5,051 shares Series 2 issued and, outstanding at March 31, 2021, and December 31, 2020, respectively.	`CommonStockValue`	$7.00K	USD	Point-in-time
Common stock, $0.0001 par value; 500,000 shares Series 1 and, 5,051 shares Series 2 authorized at March 31, 2021 and December 31, 2020; 69,095, and 64,461 shares Series 1 issued and outstanding at March 31, 2021 and December 31, 2020, respectively, and 1,201 and 5,051 shares Series 2 issued and, outstanding at March 31, 2021, and December 31, 2020, respectively.	`CommonStockValue`	$7.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$537.27M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$530.14M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-313.39M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-321.94M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$-261.71M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$-257.30M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$215.34M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$216.76M	USD	Point-in-time
Total liabilities, convertible preferred stock, and stockholders equity (deficit)	`LiabilitiesAndStockholdersEquity`	$276.63M	USD	Point-in-time
Total liabilities, convertible preferred stock, and stockholders equity (deficit)	`LiabilitiesAndStockholdersEquity`	$268.83M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$33.17M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$46.66M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$9.25M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$7.48M	USD	1 Quarter
Gross profit	`GrossProfit`	$25.69M	USD	1 Quarter
Gross profit	`GrossProfit`	$37.41M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$20.81M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$15.76M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$13.54M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$10.92M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$6.47M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$11.61M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$45.95M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$33.15M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-8.54M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-7.46M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$12.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$1.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$762.00K	USD	1 Quarter
Change in fair value of financial instruments	`FairValueOptionChangesInFairValueGainLoss1`	$4.41M	USD	1 Quarter
Other expense	`OtherNonoperatingIncomeExpense`	$-203.00K	USD	1 Quarter
Other expense	`OtherNonoperatingIncomeExpense`	$-14.00K	USD	1 Quarter
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-8.54M	USD	1 Quarter
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.01M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$17.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.02M	USD	1 Quarter
Dividends and accretion of issuance costs on Series F preferred stock	`DividendsAndAccretionOfIssuanceCosts`	$1.75M	USD	1 Quarter
Net loss attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-8.54M	USD	1 Quarter
Net loss attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-5.77M	USD	1 Quarter
Basic and diluted net loss per share attributable to common stockholders	`EarningsPerShareBasicAndDiluted`	$-0.12	USD	1 Quarter
Basic and diluted net loss per share attributable to common stockholders	`EarningsPerShareBasicAndDiluted`	$-0.31	USD	1 Quarter
Weighted average shares used to compute basic and diluted net loss per share attributable to common stockholders	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	69.79M	shares	1 Quarter
Weighted average shares used to compute basic and diluted net loss per share attributable to common stockholders	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	18.64M	shares	1 Quarter

Cash Flow Statement 57 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-4.02M	USD	1 Quarter
Net loss	`ProfitLoss`	$-8.54M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$706.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$907.00K	USD	1 Quarter
Amortization of discount on debt	`AmortizationOfDebtDiscountPremium`	$118.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$5.17M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.03M	USD	1 Quarter
Allowance for credit losses	`ProvisionForDoubtfulAccounts`	$726.00K	USD	1 Quarter
Allowance for credit losses	`ProvisionForDoubtfulAccounts`	$589.00K	USD	1 Quarter
Change in fair value of financial instrument	`IncreaseDecreaseInFinancialInstrumentsUsedInOperatingActivities`	$4.41M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.47M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.90M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$1.10M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$582.00K	USD	1 Quarter
Deferred commissions	`IncreaseDecreaseInDeferredCommissions`	$182.00K	USD	1 Quarter
Deferred commissions	`IncreaseDecreaseInDeferredCommissions`	$796.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$2.15M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.13M	USD	1 Quarter
Accrued and other current liabilities	`IncreaseDecreaseInAccruedAndOtherCurrentLiabilities`	$-3.26M	USD	1 Quarter
Accrued and other current liabilities	`IncreaseDecreaseInAccruedAndOtherCurrentLiabilities`	$-6.40M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$1.99M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-336.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-12.76M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-9.99M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquireMachineryAndEquipment`	$480.00K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquireMachineryAndEquipment`	$597.00K	USD	1 Quarter
Purchase of marketable securities	`PaymentsToAcquireMarketableSecurities`	$18.37M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-18.85M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-597.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$404.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$1.74M	USD	1 Quarter
Proceeds from debt	`ProceedsFromIssuanceOfDebt`	$40.74M	USD	1 Quarter
Repayment of debt	`RepaymentsOfDebt`	$5.60M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$35.55M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.74M	USD	1 Quarter
Net change in cash and cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$24.96M	USD	1 Quarter
Net change in cash and cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-29.87M	USD	1 Quarter
Cash and cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$190.74M	USD	Point-in-time
Cash and cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$220.61M	USD	Point-in-time
Cash and cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$34.11M	USD	Point-in-time
Cash and cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$9.15M	USD	Point-in-time
Cash and cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$190.74M	USD	Point-in-time
Cash and cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$220.61M	USD	Point-in-time
Cash and cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$34.11M	USD	Point-in-time
Cash and cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$9.15M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$601.00K	USD	1 Quarter
Issuance of warrants	`NoncashTransactionWarrantsIssuedInConnectionWithDebt`	$297.00K	USD	1 Quarter
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$219.45M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$33.03M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$189.58M	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$1.16M	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$1.16M	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$1.09M	USD	Point-in-time
Cash and cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$190.74M	USD	Point-in-time
Cash and cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$220.61M	USD	Point-in-time
Cash and cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$34.11M	USD	Point-in-time
Cash and cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$9.15M	USD	Point-in-time

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-261.71M	USD	Point-in-time
Balance	`StockholdersEquity`	$-257.30M	USD	Point-in-time
Balance	`StockholdersEquity`	$215.34M	USD	Point-in-time
Balance	`StockholdersEquity`	$216.76M	USD	Point-in-time
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$404.00K	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$1.95M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$5.17M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.03M	USD	1 Quarter
Accumulated dividend Series F	`ChangesInPreferredStockDividends`	$1.73M	USD	1 Quarter
Accretion of Series F issuance costs	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$18.00K	USD	1 Quarter
Warrants issued in connection with debt	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$297.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.02M	USD	1 Quarter
Balance	`StockholdersEquity`	$-261.71M	USD	Point-in-time
Balance	`StockholdersEquity`	$-257.30M	USD	Point-in-time
Balance	`StockholdersEquity`	$215.34M	USD	Point-in-time
Balance	`StockholdersEquity`	$216.76M	USD	Point-in-time

Comprehensive Income 4 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-8.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.02M	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-4.02M	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-8.54M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.