BigCommerce Holdings, Inc(NASDAQ:BIGC) 
BigCommerce Holdings, Inc. operates a software-as-a-service platform for small businesses, mid-markets, and large enterprises in the United States. The company's platform provides various services for launching and scaling ecommerce operation, including store design, catalog management, hosting, che...
Website: https://www.bigcommerce.com/
Founded: 2009
Full Time Employees: 690
Founder: Eddie Machaalani
Co-Founder: Mitchell Harper
CEO: Brent Bellm
Sector: Technology
Industry: Software-Application
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At a glance:
- Leading Open SaaS E-commerce Platform: BigCommerce provides a flexible, cloud-based software-as-a-service (SaaS) platform enabling businesses of all sizes, particularly mid-market and enterprise, to build and manage online stores.
- Strategic Focus on Enterprise and B2B Growth: The company is increasingly targeting larger, more complex B2B and B2C enterprise clients to drive higher average revenue per user (ARPU) and secure more stable recurring revenue streams.
- Recurring Revenue Model with Growth Investments: BigCommerce primarily generates revenue through subscription fees, with additional income from partner services. While demonstrating top-line growth, the company often prioritizes investments in product development and market expansion, impacting short-term profitability and free cash flow.
- Highly Competitive Market Position: Operating in a crowded e-commerce platform space, BigCommerce competes with major players like Shopify Plus, Adobe Commerce, and Salesforce Commerce Cloud, differentiating itself through its open SaaS architecture and robust feature set for scaling businesses.
Bull Thesis:
- Strong Focus on Mid-Market and Enterprise Clients: BigCommerce's strategic shift and success in attracting larger, more complex businesses (mid-market and enterprise) with higher average revenue per user (ARPU) and potentially lower churn rates positions it for more stable and significant revenue growth. Its 'Open SaaS' architecture appeals to these clients seeking greater flexibility and customization.
- Significant International Expansion Opportunities: The company has substantial runway for growth by expanding its presence in international markets. As e-commerce adoption continues globally, BigCommerce can leverage its platform to capture market share outside its core regions, diversifying its revenue streams and reducing reliance on any single market.
- Expanding Ecosystem and Strategic Partnerships: BigCommerce continues to build out its ecosystem through strategic integrations and partnerships with leading payment providers, ERP systems, marketing tools, and shipping solutions. This enhances the platform's value proposition, makes it more sticky for merchants, and broadens its appeal to a wider range of businesses.
Bear Thesis:
- Intense Competition and Market Share Pressure: BigCommerce operates in a highly competitive e-commerce platform market, facing formidable rivals like Shopify Plus, Salesforce Commerce Cloud, and Adobe Commerce (Magento). This intense competition can lead to pricing pressure, increased marketing spend, and challenges in rapidly gaining significant market share, potentially limiting its growth ceiling.
- Persistent Unprofitability and Negative Free Cash Flow: Despite revenue growth, BigCommerce has consistently reported net losses and negative free cash flow. This raises concerns about its long-term financial sustainability and its ability to fund operations and growth initiatives without relying on further capital raises, especially in a higher interest rate environment.
- Macroeconomic Headwinds Impacting E-commerce Growth: A slowdown in global economic growth, inflationary pressures, and reduced consumer spending can directly impact e-commerce sales and, consequently, BigCommerce's Gross Merchandise Volume (GMV) and subscription revenue. This external factor could lead to slower merchant acquisition and reduced expansion from existing clients.
- Slower Growth Trajectory Compared to Market Leaders: While growing, BigCommerce's revenue growth rate might be perceived as slower or less explosive compared to some market leaders or high-growth SaaS peers. This could lead to investor skepticism regarding its ability to achieve significant scale and profitability in the near term, especially given its current valuation.
Main Competitors:
- Shopify Inc. ($SHOP) (Shopify Platform), Shopify is the market leader in SaaS e-commerce, offering a comprehensive platform for businesses of all sizes. It competes directly with BigCommerce across SMB, mid-market, and increasingly enterprise segments, providing similar core functionalities, extensive app ecosystems, and integrated payment solutions (Shopify Payments). Shopify's broad appeal and ease of use make it a formidable competitor.
- Adobe Inc. ($ADBE) (Adobe Commerce (Magento)), Adobe Commerce (formerly Magento) is a powerful, highly customizable e-commerce platform, available in both open-source and cloud-hosted versions. It competes with BigCommerce primarily in the mid-market and enterprise segments, appealing to businesses that require extensive customization, complex integrations, and have dedicated development resources for a robust, scalable solution.
- Automattic Inc. (WooCommerce), WooCommerce is a free, open-source e-commerce plugin for WordPress, making it a popular choice for businesses already using WordPress or those seeking a highly customizable, self-hosted solution. It competes with BigCommerce by offering a lower-cost entry point and extensive flexibility, though it typically requires more technical expertise and management from the merchant for hosting, security, and maintenance.
- Salesforce, Inc. ($CRM) (Salesforce Commerce Cloud), Salesforce Commerce Cloud is an enterprise-grade e-commerce platform designed for large businesses with complex needs, high transaction volumes, and global operations. It competes with BigCommerce in the upper mid-market and enterprise segments, offering robust features, AI capabilities, and deep integration with the broader Salesforce CRM and marketing ecosystem.
- Wix.com Ltd. ($WIX) (Wix eCommerce), Wix offers an easy-to-use website builder with integrated e-commerce functionalities, targeting small businesses, solopreneurs, and individuals who prioritize simplicity and design. It competes with BigCommerce at the lower end of the SMB market, providing an all-in-one solution for building an online presence and selling products with minimal technical effort, often at a lower price point.
Moat:
BigCommerce operates in a highly competitive e-commerce platform market, facing diverse rivals across various segments. Its primary moat lies in its 'Open SaaS' approach, offering greater flexibility, API access, and headless commerce capabilities compared to more closed platforms, which appeals to mid-market and enterprise clients seeking custom solutions without the full burden of self-hosting. BigCommerce also emphasizes a lower total cost of ownership for scaling businesses and strong B2B functionality. Competition is intense, with Shopify dominating the SMB and mid-market with its vast ecosystem, while Adobe Commerce and Salesforce Commerce Cloud target the enterprise space with highly customizable and integrated solutions. Open-source alternatives like WooCommerce provide a flexible, cost-effective option for technically proficient users, and website builders like Wix capture the smallest businesses. BigCommerce differentiates itself by balancing ease of use with powerful customization, aiming to capture businesses that have outgrown simpler platforms but aren't ready for the full complexity of traditional enterprise solutions.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 86,029,000 | 84,433,000 | 82,370,000 | 87,028,000 | 83,710,000 | 81,829,000 | 80,360,000 | 84,149,000 | 78,045,000 | 75,443,000 | 71,757,000 | 72,431,000 | 72,391,000 | 68,203,000 | 66,050,000 | 64,897,000 | 59,285,000 | 49,013,000 | 46,660,000 | 43,143,000 | 39,735,000 | 36,316,000 |
yoy | 2.77% | 3.18% | 2.50% | 3.42% | 7.26% | 8.46% | 11.99% | 16.18% | 7.81% | 10.62% | 8.64% | 11.61% | 22.11% | 39.15% | 41.56% | 50.42% | 49.20% | 34.96% | ||||
qoq | 1.89% | 2.50% | -5.35% | 3.96% | 2.30% | 1.83% | -4.50% | 7.82% | 3.45% | 5.14% | -0.93% | 0.06% | 6.14% | 3.26% | 1.78% | 9.47% | 20.96% | 5.04% | 8.15% | 8.58% | 9.41% | |
cost of revenue | 18,595,000 | 17,739,000 | 16,984,000 | 19,476,000 | 19,863,000 | 19,811,000 | 18,439,000 | 18,946,000 | 19,054,000 | 18,756,000 | 17,446,000 | 18,492,000 | 17,525,000 | 16,860,000 | 17,103,000 | 16,641,000 | 12,403,000 | 10,185,000 | 9,250,000 | 10,216,000 | 8,593,000 | 7,837,000 |
gross profit | 67,434,000 | 66,694,000 | 65,386,000 | 67,552,000 | 63,847,000 | 62,018,000 | 61,921,000 | 65,203,000 | 58,991,000 | 56,687,000 | 54,311,000 | 53,939,000 | 54,866,000 | 51,343,000 | 48,947,000 | 48,256,000 | 46,882,000 | 38,828,000 | 37,410,000 | 32,927,000 | 31,142,000 | 28,479,000 |
yoy | 5.62% | 7.54% | 5.60% | 3.60% | 8.23% | 9.40% | 14.01% | 20.88% | 7.52% | 10.41% | 10.96% | 11.78% | 17.03% | 32.23% | 30.84% | 46.55% | 50.54% | 36.34% | ||||
qoq | 1.11% | 2.00% | -3.21% | 5.80% | 2.95% | 0.16% | -5.03% | 10.53% | 4.06% | 4.37% | 0.69% | -1.69% | 6.86% | 4.90% | 1.43% | 2.93% | 20.74% | 3.79% | 13.61% | 5.73% | 9.35% | |
gross margin % | 78.39% | 78.99% | 79.38% | 77.62% | 76.27% | 75.79% | 77.05% | 77.49% | 75.59% | 75.14% | 75.69% | 74.47% | 75.79% | 75.28% | 74.11% | 74.36% | 79.08% | 79.22% | 80.18% | 76.32% | 78.37% | 78.42% |
operating expenses: | ||||||||||||||||||||||
sales and marketing | 36,281,000 | 35,071,000 | 30,366,000 | 29,605,000 | 33,140,000 | 34,425,000 | 32,432,000 | 34,332,000 | 36,253,000 | 35,593,000 | 34,052,000 | 33,871,000 | 34,402,000 | 34,348,000 | 32,173,000 | 30,284,000 | 26,101,000 | 22,157,000 | 20,809,000 | 20,577,000 | 19,328,000 | 16,803,000 |
research and development | 17,464,000 | 18,310,000 | 19,206,000 | 19,763,000 | 20,841,000 | 20,287,000 | 19,988,000 | 19,509,000 | 21,703,000 | 21,403,000 | 20,845,000 | 22,669,000 | 22,245,000 | 22,394,000 | 20,944,000 | 19,755,000 | 16,532,000 | 14,725,000 | 13,535,000 | 13,942,000 | 12,124,000 | 11,345,000 |
general and administrative | 12,141,000 | 15,855,000 | 13,644,000 | 14,994,000 | 16,435,000 | 15,436,000 | 14,929,000 | 13,574,000 | 14,342,000 | 14,428,000 | 16,494,000 | 18,963,000 | 20,503,000 | 19,211,000 | 17,312,000 | 17,750,000 | 14,370,000 | 13,110,000 | 11,608,000 | 12,212,000 | 9,745,000 | 7,714,000 |
amortization of intangible assets | 1,900,000 | 2,520,000 | 2,335,000 | 2,383,000 | 2,434,000 | 2,452,000 | 2,467,000 | 2,323,000 | 2,033,000 | 2,033,000 | 2,033,000 | 2,016,000 | 2,016,000 | 2,009,000 | 2,037,000 | 1,882,000 | 1,402,000 | |||||
acquisition related costs | 111,000 | 333,000 | 333,000 | 334,000 | 334,000 | |||||||||||||||||
restructuring charges | 83,000 | 1,614,000 | 1,912,000 | 1,225,000 | 9,880,000 | 2,572,000 | 219,000 | 5,795,000 | 420,000 | |||||||||||||
total operating expenses | 67,869,000 | 73,481,000 | 67,796,000 | 68,303,000 | 83,064,000 | 75,506,000 | 70,149,000 | 70,892,000 | 81,193,000 | 77,582,000 | 77,969,000 | 88,626,000 | 85,426,000 | 90,483,000 | 85,126,000 | 82,071,000 | 68,197,000 | 51,099,000 | 45,952,000 | 46,731,000 | 41,197,000 | 35,862,000 |
income from operations | -435,000 | -6,787,000 | -2,410,000 | -751,000 | -19,217,000 | -13,488,000 | -8,228,000 | -5,689,000 | -22,202,000 | -20,895,000 | -23,658,000 | -34,687,000 | -30,560,000 | -39,140,000 | -36,179,000 | -33,815,000 | -21,315,000 | -12,271,000 | -8,542,000 | -13,804,000 | -10,055,000 | -7,383,000 |
yoy | -97.74% | -49.68% | -70.71% | -86.80% | -13.44% | -35.45% | -65.22% | -83.60% | -27.35% | -46.61% | -34.61% | 2.58% | 43.37% | 218.96% | 323.54% | 144.97% | 111.98% | 66.21% | ||||
qoq | -93.59% | 181.62% | 220.91% | -96.09% | 42.47% | 63.93% | 44.63% | -74.38% | 6.26% | -11.68% | -31.80% | 13.50% | -21.92% | 8.18% | 6.99% | 58.64% | 73.70% | 43.65% | -38.12% | 37.28% | 36.19% | |
operating margin % | -0.51% | -8.04% | -2.93% | -0.86% | -22.96% | -16.48% | -10.24% | -6.76% | -28.45% | -27.70% | -32.97% | -47.89% | -42.22% | -57.39% | -54.78% | -52.11% | -35.95% | -25.04% | -18.31% | -32.00% | -25.31% | -20.33% |
gain on convertible note extinguishment | 3,931,000 | 12,110,000 | ||||||||||||||||||||
interest income | 1,184,000 | 1,171,000 | 1,300,000 | 1,761,000 | 2,433,000 | 3,196,000 | 3,178,000 | 3,183,000 | 3,059,000 | 2,825,000 | 2,426,000 | 2,068,000 | 1,431,000 | 577,000 | 122,000 | 65,000 | 24,000 | 29,000 | 12,000 | 11,000 | 2,000 | 17,000 |
interest expense | -2,478,000 | -2,522,000 | -2,543,000 | -2,703,000 | -1,908,000 | -720,000 | -720,000 | -719,000 | -721,000 | -722,000 | -722,000 | -708,000 | -706,000 | -705,000 | -709,000 | -703,000 | -125,000 | -448,000 | -741,000 | -1,152,000 | ||
other expense | -302,000 | -23,000 | -107,000 | -146,250 | -142,000 | -111,000 | -63,000 | -297,000 | -156,000 | -14,000 | 59,000 | -75,000 | 40,000 | |||||||||
income before provision for income taxes | -2,031,000 | -8,161,000 | 171,000 | -2,066,000 | -6,724,000 | -11,123,000 | -6,102,000 | -3,728,000 | -20,165,000 | -18,855,000 | -21,923,000 | -32,726,000 | -30,211,000 | -39,565,000 | -36,922,000 | -34,541,000 | -21,411,000 | -12,215,000 | -8,544,000 | -14,182,000 | -10,869,000 | -8,478,000 |
provision for income taxes | -212,000 | -221,000 | -524,000 | -324,000 | -269,000 | -132,000 | -290,000 | -138,000 | -145,000 | 210,000 | 197,000 | 254,000 | 86,000 | 40,000 | 115,000 | -297,000 | 257,000 | 6,000 | 19,000 | -14,000 | 3,000 | |
net income | -2,243,000 | -8,382,000 | -353,000 | -2,390,000 | -6,993,000 | -11,255,000 | -6,392,000 | -3,176,000 | -20,310,000 | -19,065,000 | -22,120,000 | -32,980,000 | -30,297,000 | -39,605,000 | -37,037,000 | -34,244,000 | -21,668,000 | -12,221,000 | -8,544,000 | -14,201,000 | -10,855,000 | -8,481,000 |
yoy | -67.93% | -25.53% | -94.48% | -24.75% | -65.57% | -40.97% | -71.10% | -90.37% | -32.96% | -51.86% | -40.28% | -3.69% | 39.82% | 224.07% | 333.49% | 141.14% | 99.61% | 44.10% | ||||
qoq | -73.24% | 2274.50% | -85.23% | -65.82% | -37.87% | 76.08% | 101.26% | -84.36% | 6.53% | -13.81% | -32.93% | 8.86% | -23.50% | 6.93% | 8.16% | 58.04% | 77.30% | 43.04% | -39.84% | 30.82% | 27.99% | |
net income margin % | -2.61% | -9.93% | -0.43% | -2.75% | -8.35% | -13.75% | -7.95% | -3.77% | -26.02% | -25.27% | -30.83% | -45.53% | -41.85% | -58.07% | -56.07% | -52.77% | -36.55% | -24.93% | -18.31% | -32.92% | -27.32% | -23.35% |
basic net loss per share | -0.03 | -0.1 | -0.03 | -0.09 | -0.15 | -0.08 | -0.04 | -0.27 | ||||||||||||||
shares used to compute basic net loss per share | 80,756 | 80,122 | 78,835 | 281 | 77,869 | 77,456 | 76,626 | 365 | 75,387 | |||||||||||||
acquisition related expenses | 333,000 | 935,000 | 1,067,000 | 4,125,000 | 4,125,000 | 3,775,000 | 6,260,000 | 12,521,000 | 12,660,000 | 12,400,000 | 9,792,000 | 1,107,000 | ||||||||||
other income | -332,000 | 31,000 | -207,000 | -376,000 | 4,500 | 5,000 | 27,000 | |||||||||||||||
other expenses | -503,000 | -301,000 | ||||||||||||||||||||
basic and diluted net loss per share | -0.25 | |||||||||||||||||||||
shares used to compute basic and diluted net loss per share | 74,790 | |||||||||||||||||||||
basic and diluted net loss per share attributable to common stockholders | -0.3 | -0.45 | -0.41 | -0.54 | -0.51 | -0.48 | -0.3 | -0.17 | -0.12 | -0.16 | -0.16 | -0.54 | ||||||||||
weighted-average shares used for eps calculation | 74,142 | 73,226 | 73,508 | 73,084 | 72,476 | 70,933 | 71,372 | 70,622 | 69,792 | 39,092 | 49,355 | 19,149 | ||||||||||
change in fair value of financial instruments | ||||||||||||||||||||||
dividends and accretion of issuance costs on series f preferred stock | -240,500 | 2,732,000 | ||||||||||||||||||||
net loss attributable to common stockholders | -34,244,000 | -21,668,000 | -12,221,000 | -8,544,000 | -14,201,000 | -8,123,000 | -10,434,000 | |||||||||||||||
cumulative dividends and accretion of issuance costs on series f preferred stock | -1,953,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||||||||
current assets | ||||||||||||||||||||||
cash and cash equivalents | 49,912,000 | 46,265,000 | 52,084,000 | 88,877,000 | 35,441,000 | 133,088,000 | 60,900,000 | 71,719,000 | 69,779,000 | 74,517,000 | 61,070,000 | 91,573,000 | 100,609,000 | 220,550,000 | 250,934,000 | 297,561,000 | 364,909,000 | 172,872,000 | 189,578,000 | 219,447,000 | 178,846,000 | 25,390,000 |
restricted cash | 1,164,000 | 1,164,000 | 1,164,000 | 1,479,000 | 1,514,000 | 1,120,000 | 1,112,000 | 1,126,000 | 1,107,000 | 1,114,000 | 1,117,000 | 1,457,000 | 1,356,000 | 1,331,000 | 1,156,000 | 1,143,000 | 1,141,000 | 1,156,000 | 1,158,000 | 1,160,000 | 1,133,000 | 1,121,000 |
marketable securities | 92,114,000 | 88,190,000 | 68,628,000 | 89,283,000 | 132,955,000 | 142,712,000 | 204,281,000 | 198,415,000 | 195,590,000 | 222,890,000 | 221,272,000 | 211,941,000 | 206,134,000 | 138,109,000 | 125,175,000 | 102,315,000 | 43,467,000 | 30,397,000 | 18,374,000 | |||
accounts receivable | 48,234,000 | 51,767,000 | 44,164,000 | 48,117,000 | 43,378,000 | 45,054,000 | 39,302,000 | 37,713,000 | 51,797,000 | 52,151,000 | 59,009,000 | 51,899,000 | 48,064,000 | 45,908,000 | 40,995,000 | 39,806,000 | 33,775,000 | 28,977,000 | 26,067,000 | 22,894,000 | 21,458,000 | 20,244,000 |
prepaid expenses and other assets | 17,720,000 | 14,722,000 | 18,575,000 | 14,641,000 | 21,032,000 | 24,688,000 | 29,251,000 | 24,733,000 | 15,673,000 | 13,455,000 | 14,048,000 | 11,206,000 | 13,819,000 | 8,944,000 | 10,570,000 | 9,710,000 | 13,722,000 | 6,496,000 | 7,307,000 | 8,000,000 | 9,259,000 | 7,837,000 |
deferred commissions | 6,808,000 | 7,556,000 | 8,065,000 | 8,822,000 | 9,140,000 | 9,119,000 | 8,695,000 | 8,280,000 | 7,585,000 | 6,995,000 | 6,431,000 | 6,171,000 | 5,532,000 | 5,138,000 | 4,412,000 | 4,013,000 | 3,445,000 | 3,158,000 | 2,880,000 | 2,571,000 | 2,224,000 | 1,971,000 |
total current assets | 215,952,000 | 209,664,000 | 192,680,000 | 251,219,000 | 243,460,000 | 355,781,000 | 343,541,000 | 341,986,000 | 341,531,000 | 371,122,000 | 362,947,000 | 374,247,000 | 375,514,000 | 419,980,000 | 433,242,000 | 454,548,000 | 460,459,000 | 243,056,000 | 245,364,000 | 254,072,000 | 212,920,000 | 56,563,000 |
property and equipment | 11,196,000 | 8,983,000 | 8,128,000 | 9,128,000 | 9,374,000 | 9,975,000 | 9,991,000 | 10,233,000 | 10,538,000 | 10,362,000 | 10,251,000 | 9,083,000 | 9,067,000 | 9,314,000 | 7,980,000 | 7,429,000 | 7,383,000 | 7,329,000 | 6,896,000 | 7,122,000 | 7,242,000 | 7,608,000 |
operating lease, right-of-use-assets | 7,470,000 | 7,114,000 | 7,447,000 | 1,993,000 | 2,278,000 | 3,647,000 | 4,024,000 | 4,405,000 | 4,681,000 | 5,042,000 | ||||||||||||
prepaid expenses and other assets, net of current portion | 6,181,000 | 5,797,000 | 4,299,000 | 3,146,000 | 728,000 | |||||||||||||||||
deferred commissions, net of current portion | 3,733,000 | 4,143,000 | 4,381,000 | 5,559,000 | 5,998,000 | 6,408,000 | 6,430,000 | 7,056,000 | 7,397,000 | 6,985,000 | 6,728,000 | 7,037,000 | 6,727,000 | 6,662,000 | 5,932,000 | 5,673,000 | 4,800,000 | 4,456,000 | 4,077,000 | 3,590,000 | 2,995,000 | 2,558,000 |
intangible assets | 13,006,000 | 14,906,000 | 17,426,000 | 17,317,000 | 19,699,000 | 22,133,000 | 24,584,000 | 27,052,000 | 21,484,000 | 23,517,000 | 25,550,000 | 27,583,000 | 29,400,000 | 31,416,000 | 32,995,000 | 35,032,000 | 35,360,000 | |||||
goodwill | 51,927,000 | 51,927,000 | 51,927,000 | 51,927,000 | 51,927,000 | 51,927,000 | 52,086,000 | 52,086,000 | 49,749,000 | 49,749,000 | 49,749,000 | 49,749,000 | 49,749,000 | 49,742,000 | 42,432,000 | 42,432,000 | 41,374,000 | |||||
total assets | 309,465,000 | 302,534,000 | 286,288,000 | 340,289,000 | 335,148,000 | 452,504,000 | 442,473,000 | 444,058,000 | 435,976,000 | 467,505,000 | 461,506,000 | 474,056,000 | 481,370,000 | 528,591,000 | 535,011,000 | 555,460,000 | 560,493,000 | 266,512,000 | 268,829,000 | 276,626,000 | 235,502,000 | 79,617,000 |
liabilities and stockholders’ equity | ||||||||||||||||||||||
current liabilities | ||||||||||||||||||||||
accounts payable | 9,530,000 | 8,775,000 | 7,822,000 | 7,018,000 | 8,149,000 | 6,686,000 | 7,063,000 | 7,982,000 | 6,265,000 | 6,485,000 | 7,508,000 | 7,013,000 | 7,217,000 | 6,283,000 | 7,924,000 | 8,211,000 | 5,885,000 | 5,412,000 | 4,658,000 | 5,788,000 | 5,566,000 | 5,752,000 |
accrued liabilities | 4,485,000 | 3,464,000 | 2,760,000 | 3,194,000 | 2,771,000 | 3,596,000 | 3,212,000 | 2,652,000 | 3,091,000 | 3,673,000 | 4,239,000 | 2,937,000 | 2,797,000 | 2,137,000 | 3,495,000 | 2,941,000 | 2,890,000 | 3,990,000 | 2,572,000 | 3,344,000 | 2,584,000 | 2,843,000 |
deferred revenue | 59,179,000 | 55,738,000 | 48,658,000 | 46,590,000 | 46,352,000 | 42,417,000 | 34,810,000 | 32,242,000 | 31,269,000 | 28,245,000 | 20,786,000 | 17,783,000 | 15,626,000 | 15,224,000 | 13,220,000 | 12,752,000 | 12,910,000 | 12,860,000 | 13,144,000 | 11,406,000 | 11,842,000 | 11,257,000 |
operating lease liabilities | 1,540,000 | 1,766,000 | 2,006,000 | 2,438,000 | ||||||||||||||||||
other liabilities | 26,258,000 | 28,538,000 | 21,006,000 | 28,766,000 | ||||||||||||||||||
total current liabilities | 100,992,000 | 98,281,000 | 82,252,000 | 88,006,000 | 86,587,000 | 78,829,000 | 67,945,000 | 70,750,000 | 67,054,000 | 91,503,000 | 77,358,000 | 78,786,000 | 66,320,000 | 78,629,000 | 64,806,000 | 62,811,000 | 48,758,000 | 42,692,000 | 40,101,000 | 45,887,000 | 52,477,000 | 38,338,000 |
convertible notes | 157,298,000 | 157,545,000 | 157,788,000 | 216,466,000 | 216,756,000 | |||||||||||||||||
operating lease liabilities, net of current portion | 7,047,000 | 6,709,000 | 6,994,000 | 1,680,000 | 2,068,000 | 6,393,000 | 7,014,000 | 7,610,000 | 8,090,000 | 8,695,000 | 9,362,000 | 10,008,000 | 10,627,000 | 11,276,000 | 11,941,000 | 10,217,000 | 10,805,000 | 11,268,000 | 11,831,000 | 12,672,000 | 13,400,000 | 14,152,000 |
other liabilities, net of current portion | 1,293,000 | 1,233,000 | 1,179,000 | 768,000 | ||||||||||||||||||
total liabilities | 266,630,000 | 263,768,000 | 248,213,000 | 306,920,000 | 306,162,000 | 426,393,000 | 415,554,000 | 418,525,000 | 416,101,000 | 440,585,000 | 427,066,000 | 428,384,000 | 416,276,000 | 443,612,000 | 425,134,000 | 417,172,000 | 399,304,000 | 55,445,000 | 53,491,000 | 59,867,000 | 77,004,000 | 122,671,000 |
stockholders’ equity | ||||||||||||||||||||||
common stock | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | ||||||||||||||||
additional paid-in capital | 675,285,000 | 669,068,000 | 659,985,000 | 654,905,000 | 647,897,000 | 638,586,000 | 628,058,000 | 620,021,000 | 611,767,000 | 598,657,000 | 587,022,000 | 576,851,000 | 563,703,000 | 552,752,000 | 537,779,000 | 528,540,000 | 517,006,000 | 545,216,000 | 537,266,000 | 530,143,000 | 457,681,000 | 20,571,000 |
accumulated other comprehensive income | 209,000 | 114,000 | 124,000 | 145,000 | 380,000 | |||||||||||||||||
accumulated deficit | -632,666,000 | -630,423,000 | -622,041,000 | -621,688,000 | -619,298,000 | -612,305,000 | -601,050,000 | -594,658,000 | -591,482,000 | -571,172,000 | -552,107,000 | -529,987,000 | -497,007,000 | -466,710,000 | -427,105,000 | -390,068,000 | -355,824,000 | -334,156,000 | -321,935,000 | -313,391,000 | -299,190,000 | -291,079,000 |
total stockholders’ equity | 42,835,000 | 38,766,000 | 38,075,000 | 33,369,000 | 28,986,000 | 26,111,000 | 26,919,000 | 25,533,000 | 19,875,000 | 26,920,000 | 34,440,000 | 45,672,000 | 65,094,000 | 84,979,000 | 109,877,000 | 138,288,000 | 161,189,000 | 211,067,000 | 215,338,000 | 216,759,000 | 158,498,000 | -270,506,000 |
total liabilities and stockholders’ equity | 309,465,000 | 302,534,000 | 286,288,000 | 335,148,000 | 452,504,000 | 442,473,000 | 444,058,000 | 435,976,000 | 467,505,000 | 461,506,000 | 474,056,000 | 481,370,000 | 528,591,000 | 535,011,000 | 560,493,000 | |||||||
commitments and contingencies | ||||||||||||||||||||||
common stock, 0.0001 par value... | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | 2,000 | ||||||
total liabilities and stockholders' equity | 340,289,000 | |||||||||||||||||||||
prepaid expenses, net of current portion | 2,412,000 | 2,633,000 | 1,817,000 | 1,240,000 | 596,000 | 886,000 | 470,000 | 674,000 | 588,000 | 778,000 | 831,000 | 913,000 | 1,096,000 | 1,275,000 | ||||||||
current portion of operating lease liabilities | 2,883,000 | 2,424,000 | 2,477,000 | 2,542,000 | 2,535,000 | 2,563,000 | 2,509,000 | 2,609,000 | 2,683,000 | 2,799,000 | 2,957,000 | 2,653,000 | 2,925,000 | 3,005,000 | 3,243,000 | 3,173,000 | 3,074,000 | 2,945,000 | ||||
other current liabilities | 26,432,000 | 23,289,000 | 19,830,000 | 24,785,000 | 23,491,000 | 50,138,000 | 42,316,000 | 48,444,000 | 37,997,000 | 52,186,000 | 37,210,000 | 36,254,000 | 24,148,000 | 17,425,000 | 16,484,000 | 22,176,000 | 17,516,000 | 13,326,000 | ||||
other long-term liabilities, net of current portion | 751,000 | 703,000 | 625,000 | 551,000 | 756,000 | 639,000 | 478,000 | 334,000 | 619,000 | 15,738,000 | 11,457,000 | 7,248,000 | ||||||||||
current portion of debt | 417,000 | 553,000 | 547,000 | |||||||||||||||||||
long-term portion of debt | 340,468,000 | 339,970,000 | 339,614,000 | |||||||||||||||||||
accumulated other comprehensive gain | -177,000 | -96,000 | 163,000 | |||||||||||||||||||
current portion of long-term debt | 403,000 | 399,000 | 11,895,000 | 2,215,000 | ||||||||||||||||||
deferred revenue, net of current portion | 807,000 | 712,000 | 1,879,000 | 1,759,000 | 1,705,000 | 1,454,000 | 905,000 | 1,359,000 | 1,481,000 | 1,485,000 | 1,559,000 | 1,308,000 | 1,127,000 | 1,060,000 | ||||||||
long-term debt | 339,394,000 | 339,036,000 | 337,989,000 | 337,497,000 | 337,005,000 | 336,515,000 | 336,025,000 | 335,537,000 | 335,050,000 | 10,000,000 | 69,121,000 | |||||||||||
accumulated other comprehensive loss | -417,000 | -572,000 | -482,000 | -1,199,000 | -1,609,000 | -1,070,000 | -804,000 | -191,000 | ||||||||||||||
preferred stock, 0.0001 par value... | ||||||||||||||||||||||
right-of-use-assets | 5,395,000 | 10,239,000 | 10,889,000 | 11,652,000 | 10,204,000 | 10,575,000 | 11,217,000 | 12,345,000 | 12,888,000 | |||||||||||||
right-of-use-asset | 5,887,000 | 9,515,000 | 11,842,000 | |||||||||||||||||||
preferred stock 0.0001 par value... | ||||||||||||||||||||||
total liabilities, convertible preferred stock, and stockholders’ equity | 555,460,000 | 266,512,000 | 268,829,000 | 276,626,000 | 235,502,000 | 79,617,000 | ||||||||||||||||
other long-term liabilities | 3,210,000 | |||||||||||||||||||||
liabilities, convertible preferred stock, and stockholders’ equity | ||||||||||||||||||||||
convertible preferred stock | ||||||||||||||||||||||
convertible preferred stock, 0.0001 par value... | 227,452,000 | |||||||||||||||||||||
convertible preferred stock 0.0001 par value... |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities | |||||||||||||||||||||
net loss | 6,139,000 | -8,029,000 | -353,000 | -20,037,000 | 4,262,000 | -4,863,000 | -6,392,000 | -44,361,000 | 20,875,000 | -19,065,000 | -22,120,000 | -32,980,000 | -30,297,000 | -39,605,000 | -37,037,000 | -34,244,000 | -21,668,000 | -12,221,000 | -8,544,000 | -14,201,000 | -10,855,000 |
adjustments to reconcile net loss to net cash from operating activities: | |||||||||||||||||||||
depreciation and amortization expense | -1,120,000 | -436,000 | 4,281,000 | 10,327,000 | -28,000 | ||||||||||||||||
amortization of discount on convertible notes | 2,000 | -22,000 | 187,000 | ||||||||||||||||||
amortization of premium on convertible notes | -6,000 | -6,000 | -402,000 | ||||||||||||||||||
stock-based compensation expense | -909,000 | 2,027,000 | 5,209,000 | 25,218,000 | 150,000 | 1,621,000 | 8,388,000 | ||||||||||||||
provision for expected credit losses | -1,827,000 | 668,000 | 930,000 | 1,919,000 | 439,000 | -13,000 | 863,000 | 852,000 | |||||||||||||
real estate and internal-use software charges | |||||||||||||||||||||
gain on lease modification | 0 | ||||||||||||||||||||
gain on convertible notes extinguishment | -3,931,000 | ||||||||||||||||||||
changes in operating assets and liabilities: | |||||||||||||||||||||
accounts receivable | 12,745,000 | -12,025,000 | 3,020,000 | -14,651,000 | 7,235,000 | -4,202,000 | -2,588,000 | -4,278,000 | 2,161,000 | 6,425,000 | -8,185,000 | -5,072,000 | -5,764,000 | -6,999,000 | -2,502,000 | -7,381,000 | -2,188,000 | -3,811,000 | -3,899,000 | -1,832,000 | -1,468,000 |
prepaid expenses and other assets | -5,518,000 | 7,243,000 | -5,084,000 | ||||||||||||||||||
deferred commissions | 411,000 | -1,188,000 | 1,935,000 | 566,000 | 791,000 | -613,000 | 211,000 | -1,126,000 | -230,000 | -821,000 | 49,000 | -949,000 | -459,000 | -1,397,000 | -658,000 | -1,441,000 | -631,000 | -657,000 | -796,000 | -942,000 | -690,000 |
accounts payable | 568,000 | -234,000 | 678,000 | -1,917,000 | 1,378,000 | 533,000 | -889,000 | 1,182,000 | 308,000 | -1,023,000 | 495,000 | -204,000 | 935,000 | -1,642,000 | -287,000 | 2,326,000 | 187,000 | 754,000 | -1,130,000 | 222,000 | -186,000 |
accrued and other liabilities | -9,850,000 | 16,215,000 | -8,137,000 | 3,078,000 | -4,403,000 | 8,769,000 | -4,601,000 | 1,022,000 | -28,963,000 | 7,027,000 | -4,922,000 | -28,638,000 | 15,550,000 | 5,702,000 | 8,436,000 | ||||||
deferred revenue | -3,639,000 | 5,012,000 | 2,068,000 | 10,413,000 | -3,672,000 | 5,039,000 | 2,568,000 | 9,442,000 | -6,296,000 | 6,292,000 | 3,123,000 | 2,211,000 | 653,000 | 2,427,000 | 14,000 | -280,000 | 45,000 | -357,000 | 1,989,000 | -255,000 | 652,000 |
net cash from operating activities | -3,004,000 | 13,156,000 | 401,000 | 20,681,000 | -6,165,000 | 15,155,000 | -3,417,000 | 7,186,000 | -25,336,000 | 14,743,000 | -20,836,000 | -2,693,000 | -50,804,000 | -13,875,000 | -21,985,000 | -8,817,000 | -14,077,000 | -4,648,000 | -12,758,000 | -3,329,000 | -6,206,000 |
capital expenditures | -1,316,000 | -826,000 | -825,000 | 0 | 0 | -258,000 | -806,000 | -3,124,000 | 1,025,000 | -1,017,000 | -1,063,000 | -990,000 | -720,000 | -2,146,000 | -1,340,000 | -1,017,000 | -643,000 | -1,164,000 | -480,000 | -586,000 | -333,000 |
free cash flows | -4,320,000 | 12,330,000 | -424,000 | 20,681,000 | -6,165,000 | 14,897,000 | -4,223,000 | 4,062,000 | -24,311,000 | 13,726,000 | -21,899,000 | -3,683,000 | -51,524,000 | -16,021,000 | -23,325,000 | -9,834,000 | -14,720,000 | -5,812,000 | -13,238,000 | -3,915,000 | -6,539,000 |
cash flows from investing activities: | |||||||||||||||||||||
cash paid for website domain name | -2,444,000 | ||||||||||||||||||||
cash paid for acquisition | 0 | 0 | -115,000 | ||||||||||||||||||
purchase of property, equipment, leasehold improvements and capitalized internal-use software | -1,316,000 | -826,000 | -825,000 | ||||||||||||||||||
maturity of marketable securities | 27,500,000 | -15,579,000 | 28,579,000 | 129,640,000 | -2,855,000 | 33,085,000 | 29,440,000 | 160,032,000 | 39,429,000 | 38,900,000 | 22,050,000 | 33,600,000 | 9,000,000 | ||||||||
purchase of marketable securities | -11,757,000 | -24,627,000 | -7,945,000 | -30,841,000 | -48,318,000 | 34,528,000 | -35,565,000 | -172,600,000 | 77,713,000 | -85,351,000 | -48,043,000 | -44,297,000 | -90,614,000 | -46,800,000 | -32,473,000 | -63,539,000 | -13,070,000 | -12,023,000 | -18,374,000 | ||
net cash from investing activities | 14,427,000 | -38,588,000 | 17,365,000 | 96,042,000 | -51,073,000 | 67,255,000 | -6,931,000 | -23,583,000 | 38,801,000 | -2,725,000 | -9,677,000 | -6,387,000 | -69,284,000 | -16,042,000 | -24,813,000 | -60,171,000 | -94,665,000 | -13,187,000 | -18,854,000 | -586,000 | -333,000 |
cash flows from financing activities: | |||||||||||||||||||||
proceeds from exercise of stock options | -1,533,000 | 877,000 | 1,096,000 | 1,470,000 | -33,000 | -703,000 | 974,000 | 2,394,000 | -790,000 | 172,000 | -292,000 | 184,000 | 1,371,000 | 1,127,000 | 1,741,000 | 1,051,000 | |||||
taxes paid related to net share settlement of stock options | -424,000 | 1,099,000 | -1,225,000 | -1,363,000 | -1,325,000 | -2,255,000 | |||||||||||||||
payment of convertible note issuance costs | -217,000 | -656,000 | |||||||||||||||||||
repayment of convertible notes and financing obligation | -54,528,000 | -410,000 | |||||||||||||||||||
net cash from financing activities | -1,957,000 | 56,721,000 | -54,874,000 | -1,959,000 | -112,211,000 | 619,000 | -485,000 | 957,000 | -811,000 | 1,426,000 | -330,000 | 145,000 | 172,000 | -292,000 | 184,000 | 1,642,000 | 300,764,000 | 1,127,000 | 1,741,000 | 44,543,000 | 160,007,000 |
net change in cash and cash equivalents and restricted cash | 9,466,000 | 31,289,000 | -37,108,000 | 114,764,000 | -169,449,000 | 83,029,000 | -10,833,000 | -15,440,000 | 12,654,000 | 13,444,000 | -30,843,000 | -8,935,000 | -119,916,000 | -30,209,000 | -46,614,000 | -67,346,000 | 192,022,000 | -16,708,000 | -29,871,000 | 40,628,000 | 153,468,000 |
cash and cash equivalents and restricted cash, beginning of period | -5,819,000 | -37,108,000 | 90,356,000 | -61,363,000 | 72,196,000 | -10,833,000 | 72,845,000 | 17,399,000 | -17,399,000 | 0 | 93,030,000 | 0 | 0 | 0 | 298,704,000 | 0 | 0 | 0 | 220,607,000 | 0 | 0 |
cash and cash equivalents and restricted cash, end of period | 3,647,000 | -5,819,000 | 53,248,000 | 53,401,000 | -97,253,000 | 72,196,000 | 62,012,000 | 1,959,000 | -4,745,000 | 13,444,000 | 62,187,000 | -8,935,000 | -119,916,000 | -30,209,000 | 252,090,000 | -67,346,000 | 192,022,000 | -16,708,000 | 190,736,000 | 40,628,000 | 153,468,000 |
supplemental cash flow information: | |||||||||||||||||||||
cash paid for interest | 5,685,000 | 448,000 | 2,012,000 | -433,000 | 439,000 | 452,000 | 11,000 | 0 | 431,000 | 0 | 431,000 | 0 | 472,000 | 766,000 | |||||||
cash paid for taxes | -175,000 | 39,000 | 220,000 | 288,000 | 51,000 | -98,000 | 140,000 | 454,000 | -83,000 | 60,000 | 152,000 | 0 | 0 | 0 | 32,000 | ||||||
noncash investing and financing activities: | |||||||||||||||||||||
capital additions, accrued but not paid | 70,000 | 530,000 | 205,000 | -11,000 | |||||||||||||||||
fair value of shares issued as consideration for acquisition | 768,000 | 6,000 | |||||||||||||||||||
right-of-use asset obtained in exchange for new operating lease liability | 5,516,000 | ||||||||||||||||||||
principal amount of 2028 convertible notes exchanged | 0 | ||||||||||||||||||||
other | |||||||||||||||||||||
amortization of discount on convertible note | 1,238,000 | ||||||||||||||||||||
amortization of premium on convertible note | |||||||||||||||||||||
gain on convertible note extinguishment | 0 | ||||||||||||||||||||
holdback payments related to business combination | |||||||||||||||||||||
proceeds from financing obligation | |||||||||||||||||||||
changes in capital additions, accrued but not paid | -56,000 | 34,000 | 125,000 | 65,000 | 2,000 | 9,000 | 96,000 | ||||||||||||||
fair value of shares issued as consideration for business combinations | |||||||||||||||||||||
amortization of convertible note premium | |||||||||||||||||||||
impairment loss | |||||||||||||||||||||
prepaid expenses | -1,894,000 | 8,895,000 | -4,960,000 | 4,150,000 | 1,397,000 | 751,000 | -4,235,000 | 2,817,000 | -4,961,000 | 1,816,000 | -806,000 | 4,094,000 | -6,915,000 | 990,000 | -582,000 | 971,000 | -1,422,000 | ||||
purchase of property and equipment | 0 | -258,000 | -806,000 | -3,124,000 | 1,025,000 | -1,017,000 | -1,063,000 | -990,000 | -720,000 | -2,146,000 | -1,340,000 | -1,017,000 | -643,000 | -1,164,000 | -480,000 | -586,000 | -333,000 | ||||
amortization of discount on debt | 0 | 497,000 | 1,482,000 | -493,000 | 494,000 | 493,000 | 492,000 | 490,000 | 490,000 | 488,000 | 487,000 | 294,000 | 91,000 | ||||||||
repayment of debt | -3,000 | -134,000 | -263,000 | -21,902,000 | -474,000 | ||||||||||||||||
depreciation and amortization | 3,486,000 | 9,343,000 | -2,707,000 | 2,940,000 | 2,904,000 | 2,791,000 | 2,983,000 | 2,821,000 | 2,826,000 | 2,630,000 | 2,084,000 | 731,000 | 706,000 | 707,000 | 699,000 | ||||||
impairment of right-of-use assets | |||||||||||||||||||||
cash paid for business combinations | |||||||||||||||||||||
payment of debt issuance costs | 0 | ||||||||||||||||||||
purchase of capped calls | 0 | ||||||||||||||||||||
proceeds from debt | 0 | 1,116,000 | |||||||||||||||||||
reconciliation of cash, cash equivalents and restricted cash within the consolidated balance sheet to the amounts shown in the statements of cash flows above: | |||||||||||||||||||||
cash and cash equivalents | 1,940,000 | -4,738,000 | 13,447,000 | 61,070,000 | -9,036,000 | -119,941,000 | -30,384,000 | 250,934,000 | -67,348,000 | 192,037,000 | -16,706,000 | 189,578,000 | |||||||||
restricted cash | 19,000 | -7,000 | -3,000 | 1,117,000 | 101,000 | 25,000 | 175,000 | 1,156,000 | 2,000 | -15,000 | -2,000 | 1,158,000 | |||||||||
total cash, cash equivalents and restricted cash | 1,959,000 | -4,745,000 | 13,444,000 | 62,187,000 | -8,935,000 | -119,916,000 | -30,209,000 | 252,090,000 | -67,346,000 | 192,022,000 | -16,708,000 | 190,736,000 | |||||||||
stock-based compensation | -10,004,000 | 11,290,000 | 10,487,000 | 12,146,000 | 10,646,000 | 10,578,000 | 8,962,000 | 7,742,000 | 5,989,000 | 6,522,000 | 5,171,000 | 6,020,000 | 2,868,000 | ||||||||
other noncash expenses | |||||||||||||||||||||
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: | |||||||||||||||||||||
allowance for credit losses | 433,000 | 1,075,000 | 1,237,000 | 3,608,000 | 2,086,000 | 1,313,000 | 1,350,000 | 497,000 | 901,000 | 726,000 | 254,000 | ||||||||||
sales and maturities of marketable securities | |||||||||||||||||||||
taxes paid related to net share settlement of equity awards | |||||||||||||||||||||
net payment of settlement of equity-based awards | -330,000 | ||||||||||||||||||||
change in fair value of financial instrument | 0 | 0 | |||||||||||||||||||
restructuring charges | |||||||||||||||||||||
accrued and other current liabilities | -6,399,000 | 5,291,000 | 3,851,000 | ||||||||||||||||||
proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions and other offering costs | 1,000 | ||||||||||||||||||||
proceeds from issuance of common stock upon secondary offering, net of underwriting discounts and commissions and other offerings costs | |||||||||||||||||||||
payment of series f dividends | |||||||||||||||||||||
proceeds from exercise of stock options and warrants | |||||||||||||||||||||
proceeds from issuance of convertible senior notes | |||||||||||||||||||||
conversion of convertible preferred stock into common stock upon initial public offering | 0 | ||||||||||||||||||||
conversion of convertible debt into common stock upon initial public offering | 0 | ||||||||||||||||||||
proceeds from the issuance of convertible senior notes | |||||||||||||||||||||
non-cash investing and financing activities: | |||||||||||||||||||||
accretion on discount to marketable securities | |||||||||||||||||||||
payment of dividends | |||||||||||||||||||||
issuance of warrants | |||||||||||||||||||||
reconciliation of cash, cash equivalents and restricted cash within the condensed consolidated balance sheet to the amounts show in the statements of cash flows above: | |||||||||||||||||||||
cash flows from operating activities: | |||||||||||||||||||||
proceeds from issuance of convertible preferred stock, net of issuance costs |