Commerce.com, Inc. (CMRC): restructuring charge — BigCommerce Q3 revenue $78M (+8% YoY); GAAP net loss narrows; cuts 7% workforce

Commerce.com, Inc.

2023-Q3 EPS reported -$0.82 revenue$225,245,000

Revenue $78.0M (+8% YoY); Total ARR $332.2M (+9% YoY); Enterprise ARR $240.6M (+11% YoY).
GAAP op loss ($22.2M) vs ($30.6M); Non-GAAP op loss ($1.2M) vs ($11.5M); Adj EBITDA ($102K) vs ($10.5M).
GAAP net loss ($20.3M) ($0.27 EPS) vs ($30.3M) ($0.41 EPS); Non-GAAP net income $686K ($0.01 EPS).
Workforce reduction ~7% with $5.5M charge in Q3; cash impact $3.1M Q4 2023, $2.1M FY2024.
Deferred revenue up 85% YoY; cash and securities $266.5M.

item 2.02 item 2.05 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Commerce.com, Inc. reported the third quarter ended September 30, 2023 results: revenue $78.0 million, net income ($20.3) million, EPS ($0.27).

Period: the third quarter ended September 30, 2023
Revenue: $78.0 million
Net income: ($20.3) million
EPS: ($0.27)
Result: reported results

Exact text from the filing

as otherwise stated in such filing. --- EX-99.1 (EX-99.1) --- EX-99.1 Exhibit 99.1 BigCommerce Announces Third Quarter 2023 Financial Results Third Quarter Total Revenue of $78.0 Million, an Increase of 8% Versus Prior Year; Total ARR of $332.2 Million, an Increase of 9% Versus Prior Year. Enterprise ARR of $240.6 Million, an Increase of 11% Versus Prior Year

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.95

Commerce.com, Inc. announced a restructuring with charges of approximately $5.5 million in connection with the 2023 Restructuring Plan, which primarily related to severance payments, employee benefits and related costs affecting workforce (reduce the Company's current workforce by approximately 7 percent).

Type: restructuring
Charge: approximately $5.5 million in connection with the 2023 Restructuring Plan, which primarily related to severance payments, employee benefits and related costs
Affected area: workforce
Headcount: reduce the Company's current workforce by approximately 7 percent

Exact text from the filing

On September 30, 2023, the Company committed to a plan to reduce the Company's current workforce by approximately 7 percent (the “ 2023 Restructuring Plan ”). Affected employees were notified on November 8, 2023, and are being provided with severance arrangements. The decision was based on cost-reduction initiatives intended to better position the Company for continued profitable growth heading into 2024. The Company recorded an expense of approximately $5.5 million in connection with the 2023 Restructuring Plan, which primarily related to severance payments, employee benefits and related costs.

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Commerce.com, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-272894

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