10-Q Filing

COMMERCE.COM, INC. CIK: 1626450 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001564590-22-017843`
Period End Date	20220331
Filing Date	20220504
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	bigc-10q_20220331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 34 Cash Flow Statement 57 Stockholders Equity 15 Comprehensive Income 5

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$297.56M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$250.93M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$189.58M	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$1.14M	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$1.16M	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$1.16M	USD	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$125.17M	USD	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$102.31M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$40.99M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$39.81M	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$10.57M	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$9.71M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Deferred commissions	`DeferredCommissionsCurrent`	$4.01M	USD	Point-in-time
Deferred commissions	`DeferredCommissionsCurrent`	$4.41M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$433.24M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$454.55M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$7.98M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$7.43M	USD	Point-in-time
Right-of-use-assets	`OperatingLeaseRightOfUseAsset`	$11.65M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Right-of-use-assets	`OperatingLeaseRightOfUseAsset`	$9.52M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses, net of current portion	`PrepaidExpenseNoncurrent`	$778.00K	USD	Point-in-time
Prepaid expenses, net of current portion	`PrepaidExpenseNoncurrent`	$831.00K	USD	Point-in-time
Deferred commissions, net of current portion	`DeferredCommissionsNoncurrent`	$5.67M	USD	Point-in-time
Deferred commissions, net of current portion	`DeferredCommissionsNoncurrent`	$5.93M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$35.03M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$32.99M	USD	Point-in-time
Goodwill	`Goodwill`	$42.43M	USD	Point-in-time
Goodwill	`Goodwill`	$42.43M	USD	Point-in-time
Total assets	`Assets`	$535.01M	USD	Point-in-time
Total assets	`Assets`	$555.46M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$7.92M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$8.21M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$2.94M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$3.50M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$13.22M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$12.75M	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$2.65M	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$2.96M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$36.25M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$37.21M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$62.81M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$64.81M	USD	Point-in-time
Deferred revenue, net of current portion	`DeferredRevenueNoncurrent`	$1.36M	USD	Point-in-time
Deferred revenue, net of current portion	`DeferredRevenueNoncurrent`	$905.00K	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$335.54M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$336.02M	USD	Point-in-time
Operating lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$11.94M	USD	Point-in-time
Operating lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$10.22M	USD	Point-in-time
Other long-term liabilities, net of current portion	`OtherLiabilitiesNoncurrent`	$11.46M	USD	Point-in-time
Other long-term liabilities, net of current portion	`OtherLiabilitiesNoncurrent`	$7.25M	USD	Point-in-time
Total liabilities	`Liabilities`	$425.13M	USD	Point-in-time
Total liabilities	`Liabilities`	$417.17M	USD	Point-in-time
Commitments and contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.0001 par value; 10,000 shares authorized at March 31, 2022 and December 31, 2021; 0 shares issued and outstanding, at March 31, 2022 and December 31, 2021	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.0001 par value; 10,000 shares authorized at March 31, 2022 and December 31, 2021; 0 shares issued and outstanding, at March 31, 2022 and December 31, 2021	`PreferredStockValue`	-	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, 2022 and December 31, 2021; 72,673, and 72,311 shares Series 1 issued and outstanding at March 31, 2022 and December 31, 2021, respectively, and 0 shares Series 2 issued and, outstanding at March 31, 2022, and December 31, 2021, 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, 2022 and December 31, 2021; 72,673, and 72,311 shares Series 1 issued and outstanding at March 31, 2022 and December 31, 2021, respectively, and 0 shares Series 2 issued and, outstanding at March 31, 2022, and December 31, 2021, respectively	`CommonStockValue`	$7.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$528.54M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$537.78M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-804.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-191.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-427.11M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-390.07M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$138.29M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$215.34M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$109.88M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$216.76M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$535.01M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$555.46M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$66.05M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$46.66M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$9.25M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$17.10M	USD	1 Quarter
Gross profit	`GrossProfit`	$37.41M	USD	1 Quarter
Gross profit	`GrossProfit`	$48.95M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$20.81M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$32.17M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$20.94M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$13.54M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$17.31M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$11.61M	USD	1 Quarter
Acquisition related expenses	`BusinessCombinationAcquisitionRelatedCosts`	$12.66M	USD	1 Quarter
Acquisition related expenses	`BusinessCombinationAcquisitionRelatedCosts`	-	USD	Annual
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	-	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$2.04M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$45.95M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$85.13M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-36.18M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-8.54M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$12.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$122.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$709.00K	USD	1 Quarter
Other expense	`OtherNonoperatingIncomeExpense`	$-14.00K	USD	1 Quarter
Other expense	`OtherNonoperatingIncomeExpense`	$-156.00K	USD	1 Quarter
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-36.92M	USD	1 Quarter
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-8.54M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$115.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-37.04M	USD	1 Quarter
Basic and diluted net loss per share attributable to common stockholders	`EarningsPerShareBasicAndDiluted`	$-0.51	USD	1 Quarter
Basic and diluted net loss per share attributable to common stockholders	`EarningsPerShareBasicAndDiluted`	$-0.12	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`	72.48M	shares	1 Quarter

Cash Flow Statement 57 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-37.04M	USD	1 Quarter
Net loss	`ProfitLoss`	$-8.54M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$2.83M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$706.00K	USD	1 Quarter
Amortization of discount on debt	`AmortizationOfDebtDiscountPremium`	$488.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$8.96M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$5.17M	USD	1 Quarter
Allowance for credit losses	`ProvisionForDoubtfulAccounts`	$726.00K	USD	1 Quarter
Allowance for credit losses	`ProvisionForDoubtfulAccounts`	$1.31M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.90M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.50M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$582.00K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$806.00K	USD	1 Quarter
Deferred commissions	`IncreaseDecreaseInDeferredCommissions`	$796.00K	USD	1 Quarter
Deferred commissions	`IncreaseDecreaseInDeferredCommissions`	$658.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-287.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.13M	USD	1 Quarter
Accrued and other liabilities	`IncreaseDecreaseInAccruedAndOtherCurrentLiabilities`	$-6.40M	USD	1 Quarter
Accrued and other liabilities	`IncreaseDecreaseInAccruedAndOtherCurrentLiabilities`	$5.70M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$14.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$1.99M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-21.98M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-12.76M	USD	1 Quarter
Purchase of marketable securities	`PaymentsToAcquireMarketableSecurities`	$18.37M	USD	1 Quarter
Purchase of marketable securities	`PaymentsToAcquireMarketableSecurities`	$32.47M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquireMachineryAndEquipment`	$480.00K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquireMachineryAndEquipment`	$1.34M	USD	1 Quarter
Maturity of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$9.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-24.81M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-18.85M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$184.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$1.74M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.74M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$184.00K	USD	1 Quarter
Net change in cash and cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-29.87M	USD	1 Quarter
Net change in cash and cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-46.61M	USD	1 Quarter
Cash and cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$298.70M	USD	Point-in-time
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`	$252.09M	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, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$298.70M	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`	$252.09M	USD	Point-in-time
Cash and cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$220.61M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$472.00K	USD	1 Quarter
Cash paid for taxes	`IncomeTaxesPaid`	$32.00K	USD	1 Quarter
Changes in capital additions, accrued but not paid	`CapitalExpendituresIncurredButNotYetPaid`	$96.00K	USD	1 Quarter
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$297.56M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$250.93M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$189.58M	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$1.14M	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$1.16M	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$1.16M	USD	Point-in-time
Cash and cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$298.70M	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`	$252.09M	USD	Point-in-time
Cash and cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$220.61M	USD	Point-in-time

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$138.29M	USD	Point-in-time
Balance	`StockholdersEquity`	$215.34M	USD	Point-in-time
Balance	`StockholdersEquity`	$109.88M	USD	Point-in-time
Balance	`StockholdersEquity`	$216.76M	USD	Point-in-time
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$1.95M	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$277.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$8.96M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$5.17M	USD	1 Quarter
Total other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-613.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-37.04M	USD	1 Quarter
Balance	`StockholdersEquity`	$138.29M	USD	Point-in-time
Balance	`StockholdersEquity`	$215.34M	USD	Point-in-time
Balance	`StockholdersEquity`	$109.88M	USD	Point-in-time
Balance	`StockholdersEquity`	$216.76M	USD	Point-in-time

Comprehensive Income 5 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-8.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-37.04M	USD	1 Quarter
Net unrealized gain (loss) on marketable debt securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-613.00K	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-37.65M	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.