GlobeNewswire Inc | Feb 22, 2021 04:05PM EST

February 22, 2021

AUSTIN, Texas, Feb. 22, 2021 (GLOBE NEWSWIRE) -- BigCommerce Holdings, Inc. (BigCommerce) (Nasdaq: BIGC), a leading open SaaS ecommerce platform for fast-growing and established brands, today announced financial results for its fourth quarter and fiscal year ended December 31, 2020.

2020 marked a historic year for BigCommerce with our fourth quarter revenue up 39% year-over-year and our ARR increasing 41% year-over-year to $181.2 million, said Brent Bellm, CEO at BigCommerce. We remain strategically focused on serving the needs of merchants of all sizes, and this past quarter further illustrates our ability to disrupt the mid-market and large enterprise market segments with 51% year over year growth in enterprise account ARR.

Financial Highlights

-- Total revenue was $43.1 million, up 39% compared to the fourth quarter of 2019. -- Total annual revenue run-rate (ARR) as of December 31, 2020 was $181.2 million, up 41% compared to December 31, 2019. -- ARR from accounts with at least one Enterprise plan (Enterprise accounts) was $100.8 million as of December 31, 2020, up 51% compared to December 31, 2019. -- ARR from Enterprise accounts as a percent of total ARR was 56% as of December 31, 2020, up from 52% compared to December 31, 2019. -- Accounts greater than $2,000 in ACV as a percent of total ARR was 82%, up from 78% from the fourth quarter of 2019. -- Net revenue retention for accounts greater than $2,000 in ACV finished at 113% in 2020, up from 106% in 2019. -- New SMB, Mid-Market and Enterprise customers were added at an estimated LTV to CAC ratio of 4.9:1, up from 4.4:1 in 2019

Business Highlights

-- Product Highlights: The Company continues to invest in building the best open SaaS ecommerce platform in the world, supported and integrated with the Companys extensive network of best-of-breed technology and agency partners. Fourth quarter highlights include:-- The Company further optimized the product for international markets by adding support for German, Dutch, Portuguese, and Swedish to its merchant admin panel and a native integration to global payments partner, Checkout.com.-- It bolstered its Open SaaS strategy by introducing Storefront API powered by GraphQL, which is optimized for headless implementations including Progressive Web Apps (PWAs), native mobile experiences and Content Management Systems (CMSs).-- The Company completed the rollout of Channel Manager in October, a unified hub to help merchants streamline listing and selling products on third-party sales channels via seamless integrations with Amazon, eBay, Wish, Google, and Facebook/Instagram to help amplify merchant reach to millions of shoppers. In parallel, the Company launched Channels Toolkit, -- a toolset composed of APIs, resources, and tools -- that enables partners and developers to deeply integrate third-party channels. -- Merchant Highlights: The Company added leading brands across multiple industries including HoMedics, a leader in home health wellness innovations; HMD Global, the official licensee of Nokia brand mobile phones and services; and Spiceology, one of the fastest-growing private spice companies in America. -- Partner Highlights: Our ecosystem grew to include integration with PayPals newly acquired EMEA point-of-sale platform, iZettle; leading ads provider Teikametrics; and subscription billing solutions Sticky.io and Recharge. As previously announced, BigCommerce partnered with Wish to expand our merchants sales channels to include one of the largest global Marketplaces. -- Team/Culture: BigCommerce was proud to be recognized as a Top WorkPlace by the Austin American-Statesman for the 9th year in a row, in addition to numerous other awards received in 2020, such as Great Place to Work Australia and San Francisco Bay Areas Best and Brightest Companies.

Fourth Quarter Financials:

Other Key Business Metrics

-- Number of accounts greater than $2,000 in annual contract value (ACV) was 10,184, up 12% compared to the fourth quarter of 2019. -- Average revenue per account (ARPA) of accounts greater than $2,000 in ACV was $14,615, up 32% compared to the fourth quarter of 2019.

Operating Income/(Loss)

-- GAAP operating loss was ($13.8) million, compared to ($9.8) million in the fourth quarter of 2019. -- Non-GAAP operating loss was ($7.6) million, compared to ($8.8) million in the fourth quarter of 2019.

Net Income/(Loss) and Earnings Per Share

-- GAAP net loss was ($14.2) million, compared to ($10.3) million in the fourth quarter of 2019. Non-GAAP net loss was ($8.0) million or (18%) of total revenue, compared to ($9.4) million or (30%) of total revenue in the fourth quarter of 2019. The nearly 12 point improvement in non-GAAP net loss as a percent of revenue was primarily a result of the significant increase in high margin PSR and the Companys ability to manage spend effectively while driving further leverage in the business as the Company continues to scale. -- GAAP net loss per share was ($0.21) based on 68.6 million weighted-average shares of common stock outstanding, compared to ($0.68) based on 18.0 million weighted-average shares of common stock outstanding in the fourth quarter of 2019. -- Non-GAAP net loss per share was ($0.12) based on 68.6 million weighted-average shares of common stock outstanding, compared to ($0.52) based on 18.0 million weighted-average shares of common stock outstanding in the fourth quarter of 2019.

Adjusted EBITDA

-- Adjusted EBITDA was negative ($6.8) million, compared to ($8.1) million in the fourth quarter of 2019. The improvement in Adjusted EBITDA was primarily a result of the significant increase in high margin PSR and the Companys ability to manage spend effectively and drive operating leverage in R&D and sales and marketing spending.

Fiscal Year 2020 Financials:

-- Total revenue was $152.4 million, up 36% compared to fiscal year 2019.

Operating Income/(Loss)

-- GAAP operating loss was ($38.7) million, compared to ($41.0) million in fiscal year 2019. -- Non-GAAP operating loss was ($27.4) million, compared to ($37.8) million in fiscal year 2019.

Net Income/(Loss) and Earnings Per Share

-- GAAP net loss was ($37.6) million, compared to ($42.6) million in the fourth quarter of 2019. -- Non-GAAP net loss was ($30.7) million or (20%) of total revenue, compared to ($39.4) million or (35%) of total revenue in fiscal year 2019. The nearly 15 point improvement in non-GAAP net loss as a percent of revenue was primarily a result of the significant increase in high margin PSR and the Companys ability to manage spend effectively while driving further leverage in the business as the Company continues to scale. -- GAAP net loss per share was ($0.99) based on 39.1 million weighted-average shares of common stock outstanding, compared to ($2.80) based on 17.8 million weighted-average shares of common stock outstanding in fiscal year 2019. -- Non-GAAP net loss per share was ($0.79) based on 39.1 million weighted-average shares of common stock outstanding, compared to ($2.21) based on 17.8 million weighted-average shares of common stock outstanding in fiscal year 2019.

Adjusted EBITDA

-- Adjusted EBITDA was ($24.5) million, compared to ($35.5) million in fiscal year 2019. The increase in Adjusted EBITDA was primarily a result of the significant increase in high margin PSR and the Companys ability to manage spend effectively while driving operating leverage in R&D and sales and marketing spending. This increase was partially offset by higher costs in G&A primarily due to public company expenses.

Cash

-- Cash and cash equivalents totaled $219.4 million as of December 31, 2020. -- For the year ended December 31, 2020, net cash used in operating activities was ($26.5) million, compared to ($40.0) million for the same period in 2019. -- Free cash flow was ($28.5) million, compared to ($45.5) million for the same period in 2019.

Q1 and 2021 Financial OutlookFor the first quarter of 2021, the Company currently expects:

-- Total revenue between $41.8 million and $42.3 million. -- Non-GAAP operating loss between ($8.2) million and ($7.9) million.

For the full year 2021, the Company currently expects:

-- Total revenue between $189.0 million and $191.0 million. -- Non-GAAP operating loss between ($34.5) million and ($33.3) million.

The Companys first quarter and 2021 financial outlook is based on a number of assumptions that are subject to change and many of which are outside the Companys control. If actual results vary from these assumptions, the Companys expectations may change. There can be no assurance that the Company will achieve these results.

The Company does not provide guidance for operating loss, the most directly comparable GAAP measure to non-GAAP operating loss, and similarly cannot provide a reconciliation between its forecasted non-GAAP operating loss and non-GAAP net 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 the Companys 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 4:00 p.m. CT (5:00 p.m. ET) on Monday, February 22, 2021, to discuss its financial results and business highlights. The conference call can be accessed by dialing (833) 519-1347 from the United States and Canada or (914) 800-3909 internationally with conference ID 7799601. The live webcast of the conference call and other materials related to BigCommerces financial performance can be accessed from BigCommerces investor relations website at http://investors.bigcommerce.com.

Following the completion of the call through 8:00 p.m. ET on March 1, 2021, a telephone replay will be available by dialing (855) 859-2056 from the United States and Canada or (404) 537-3406 internationally with conference ID 7799601. A webcast replay will also be available at http://investors.bigcommerce.com for 12 months.

About BigCommerce

BigCommerce (Nasdaq: BIGC) is a leading software-as-a-service (SaaS) ecommerce platform that empowers merchants of all sizes to build, innovate, and grow their businesses online. As a leading open SaaS solution, BigCommerce provides merchants sophisticated enterprise-grade functionality, customization, and performance with simplicity and ease-of-use. Tens of thousands of B2B and B2C companies across 150 countries and numerous industries use BigCommerce to create beautiful, engaging online stores, including Ben & Jerrys, Skullcandy, Sony, and Woolrich. Headquartered in Austin, BigCommerce has offices in San Francisco, Sydney, and London.

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 2021 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, 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 final prospectus under Rule 424(b) filed with the SEC, our Annual Report on Form 10-K for the year ended December 31, 2020 to be filed with the SEC 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) the product of the current months monthly recurring revenue (MRR) multiplied by twelve (to prospectively annualize subscription revenue), and (2) the trailing twelve-month partner and services revenue, including non-recurring services revenue, such as one-time partner integration fees and store-launch services. MRR includes BigCommerce platform subscription fees and invoiced growth adjustments as customers businesses grow past contracted order thresholds after a threshold has been met. It also includes recurring professional services revenue, such as recurring technical account management services and product training services.

Accounts with greater than $2,000 ACV

We track the total number of accounts with annual contract value (ACV) greater than $2,000 (the ACV threshold) as of the end of a monthly billing period. To define this $2,000 ACV cohort, we include only subscription plan revenue and exclude partner and services revenue and recurring services revenue. We consider all stores added and subtracted as of the end of the monthly billing period. This metric includes accounts that may have either one single store above the ACV threshold or multiple stores that together exceed the ACV threshold. Accordingly, this cohort would include: (1) customers on Enterprise plans, (2) customers on Pro plans, and (3) customers with multiple plans that together exceed the ACV threshold.

Average revenue per account

We calculate average revenue per account (ARPA) for accounts above the ACV threshold at the end of a period by including customer-billed revenue and an allocation of partner and services revenue.

Adjusted EBITDA

We define Adjusted EBITDA as our net loss, excluding the impact of stock-based compensation expense and related payroll tax expense, depreciation and amortization expense, interest income, interest expense, changes in fair value of financial instruments, and our provision for income taxes. The most directly comparable GAAP measure is net loss.

Non-GAAP Operating Loss

We define Non-GAAP Operating Loss as our GAAP Loss from operations, excluding the impact of stock-based compensation expense and related payroll tax expense. The most directly comparable GAAP measure is our loss from operations.

Non-GAAP Net Loss

We define Non-GAAP Net Loss as our GAAP net loss, excluding the impact of stock-based compensation expense and related payroll tax expense. The most directly comparable GAAP measure is our net loss.

Non-GAAP Net Loss per Share

We define Non-GAAP Net Loss per Share as our Non-GAAP Net Loss, defined above, divided by our basic and diluted GAAP weighted average shares outstanding. The most directly comparable GAAP measure is our net loss per share.

Free Cash Flow

We define Free Cash flow as our GAAP cash flow from operating activities plus our GAAP purchases of property and equipment (Capital Expenditures). The most directly comparable GAAP measure is our cash flow from operating activities.

Media Relations ContactRachael Hensley Investor Relations ContactPR@BigCommerce.com Daniel Lentz InvestorRelations@BigCommerce.com 607-351-7812ICR PR for BigCommerceBigCommerceICRPR@icrinc.com

Source: BigCommerce Holdings, Inc.

Consolidated Balance Sheet(in thousands, except per share amounts)

December31, 2020 2019 Assets Current assets Cash and cash equivalents $ 219,447 $ 7,795 Restricted cash 1,160 1,355 Accounts receivable, net 22,894 15,548 Prepaid expenses and other assets 8,000 5,296 Deferred commissions 2,571 1,677 Total current assets 254,072 31,671 Property and equipment, net 7,122 8,241 Right-of-use-asset 11,842 14,065 Deferred commissions, net of current portion 3,590 2,087 Total assets $ 276,626 $ 56,064 Liabilities, convertible preferred stock, and stockholders? equity (deficit)Current liabilities Accounts payable $ 5,788 $ 3,881 Accrued liabilities 3,344 5,849 Deferred revenue 11,406 9,399 Current portion of long-term debt ? 2,363 Current portion of operating lease liabilities 3,173 2,718 Other current liabilities 22,176 9,704 Total current liabilities 45,887 33,914 Deferred revenue, net of current portion 1,308 1,492 Long-term debt, net of current portion ? 38,502 Operating lease liabilities, net of current 12,672 15,705 portionTotal liabilities 59,867 89,613 Commitments and contingencies (Note 6) Convertible preferred stock Convertible preferred stock $0.0001 par value;10,000 and 102,030 shares authorized at December31, 2020 and December 31, 2019, respectively; 0 ? 223,754 shares and 102,030 shares issued and outstandingat December 31, 2020 and 2019, respectively.Stockholders? equity (deficit) Common stock, $0.0001 par value; 500,000 sharesSeries 1 and, 5,051 shares Series 2authorized at December 31, 2020 and 200,000shares voting and 30,000 shares of non-votingauthorized at December 31, 2019; 65,407, and18,544 shares Series 1 and voting issued and, 7 2 outstanding at December 31, 2020 2020 andDecember 31, 2019, respectively, and 4,106 and 0shares Series 2 and non-voting issued and,outstanding at December 31, 2020, and December31, 2019, respectively.Additional paid-in capital 530,143 17,244 Accumulated other comprehensive loss ? ? Accumulated deficit (313,391 ) (274,549 )Total stockholders? equity (deficit) 216,759 (257,303 )Total liabilities, convertible preferred stock, $ 276,626 $ 56,064 and stockholders? equity (deficit)

Consolidated Statements of Operations(in thousands, except per share amounts)

Three months ended Twelve months ended December31, December31, 2020 2019 2020 2019 Revenue $ 43,143 $ 31,020 $ 152,368 $ 112,103 Cost of revenue 10,216 8,065 34,126 27,023 Gross profit 32,927 22,955 118,242 85,080 Operating expenses: Sales and marketing 20,577 15,295 72,470 60,740 Research and 13,942 10,961 48,332 43,123 developmentGeneral and 12,212 6,456 36,137 22,204 administrativeTotal operating 46,731 32,712 156,939 126,067 expensesLoss from operations (13,804 ) (9,757 ) (38,697 ) (40,987 )Interest income 11 0 31 245 Interest expense (448 ) (483 ) (3,103 ) (1,612 )Change in fair value of ? ? 4,413 ? financial instrumentsOther expense 59 (45 ) (179 ) (208 )Loss before provision (14,182 ) (10,285 ) (37,535 ) (42,562 )for income taxesProvision for income 19 7 25 28 taxesNet loss $ (14,201 ) $ (10,292 ) $ (37,560 ) $ (42,590 )Dividends and accretionof issuance costs on $ ? $ (1,891 ) $ (962 ) $ (7,308 )Series F preferred stockNet loss attributable $ (14,201 ) $ (12,183 ) $ (38,522 ) $ (49,898 )to common stockholdersBasic and diluted netloss per share $ (0.21 ) $ (0.68 ) $ (0.99 ) $ (2.80 )attributable to common stockholdersWeighted average sharesused to compute basicand diluted net 68,638 17,959 39,092 17,834 loss per shareattributable to commonstockholders

Revenue by Source(in thousands)

Three months ended Twelve months ended December31, December31,(Unaudited, 2020 2019 2020 2019 in thousands)Subscription $ 29,665 $ 22,283 $ 103,706 $ 82,689 solutionsPartner and 13,478 8,737 48,662 29,414 servicesTotal revenue $ 43,143 $ 31,020 $ 152,368 $ 112,103

Consolidated Statements of Cash Flows(in thousands)

Year ended December31, 2020 2019 2018 Cash flows from operating activities Net loss $ (37,560 ) $ (42,590 ) $ (38,878 )Adjustments to reconcile net loss tonet cash used in operating activities:Depreciation and amortization 3,084 2,569 1,844 Amortization of discount on debt 774 54 49 Stock-based compensation 11,058 3,156 2,071 Provision for expected credit losses 1,594 988 341 Accretion on discount to marketable ? (69 ) (190 )securitiesChange in fair value of financial (4,413 ) ? ? instrumentChanges in operating assets and liabilities:Accounts receivable (9,305 ) (6,297 ) (4,627 )Prepaid expenses (2,704 ) (1,786 ) (294 )Deferred commissions (2,396 ) (903 ) (804 )Accounts payable 1,907 (1,582 ) 291 Accrued and other current liabilities 9,610 8,164 2,351 Deferred revenue 1,822 (1,673 ) 6,908 Other ? ? 347 Net cash used in operating activities (26,529 ) (39,969 ) (30,591 )Cash flows from investing activities: Purchase of marketable securities ? ? (33,566 )Purchase of property and equipment (1,964 ) (5,579 ) (3,326 )Maturity of marketable securities ? 23,450 10,375 Net cash (used in) provided by (1,964 ) 17,871 (26,517 )investing activitiesCash flows from financing activities: Proceeds from issuance of convertiblepreferred stock, net of issuance ? ? 63,629 costsProceeds from issuance of commonstock upon initial public offering, 171,128 ? ? net of underwriting discounts andcommissions and other offering costsProceeds from issuance of commonstock upon secondary offering, net of 65,112 ? ? underwriting discounts andcommissions and other offerings costsPayment of Series F dividends (12,814 ) ? ? Proceeds from exercise of stock 3,279 901 607 options and warrantsProceeds from debt 41,861 18,500 4,500 Repayment of debt (28,616 ) (2,050 ) (4,500 )Net cash provided by financing 239,950 17,351 64,236 activitiesNet change in cash and cash 211,457 (4,747 ) 7,128 equivalents and restricted cashCash and cash equivalents and 9,150 13,897 6,769 restricted cash, beginning of periodCash and cash equivalents and $ 220,607 $ 9,150 $ 13,897 restricted cash, end of periodSupplemental cash flow information: Cash paid for interest $ 2,285 $ 1,626 $ 1,250 Noncash investing and financing activities:Conversion of convertible preferredstock into common stock upon initial $ 211,902 $ ? $ ? public offeringConversion of convertible debt intocommon stock upon initial public $ 50,173 $ ? $ ? offering

Reconciliation from GAAP to Non-GAAP Results(in thousands, except per share amounts)

Three months ended Twelve months ended December31, December31, 2020 2019 2020 2019 Operating loss $ (13,804 ) $ (9,757 ) $ (38,697 ) $ (40,987 )Less: Stock-based 6,020 925 11,058 3,156 compensation expenseLess: Payroll taxassociated with 222 ? 222 ? stock-based compensationexpenseNon-GAAP operating loss (7,562 ) (8,832 ) (27,417 ) (37,831 )Non-GAAP operating (17.5 ) (28.5 ) (18.0 ) (33.7 )margin % % % %

Three months ended Twelve months ended December31, December31, 2020 2019 2020 2019 Net loss $ (14,201 ) $ (10,292 ) $ (37,560 ) $ (42,590 )less: Stock-based 6,020 925 11,058 3,156 compensation expenseless: Payroll taxassociated with 222 ? 222 ? stock-basedcompensation expenseless: Change in fairvalue of financial ? ? (4,413 ) ? instrumentsNon-GAAP net loss (7,959 ) (9,367 ) (30,693 ) (39,434 )Non-GAAP net loss per (0.12 ) (0.52 ) (0.79 ) (2.21 )shareWeighted average sharesused to compute basicand diluted net loss 68,638 17,959 39,092 17,834 per share attributableto common stockholdersNon-GAAP net loss (18.4 ) (30.2 ) (20.1 ) (35.2 )margin % % % %

Three months ended Twelve months ended December31, December31, 2020 2019 2020 2019 Net loss $ (14,201 ) $ (10,292 ) $ (37,560 ) $ (42,590 )Stock-based 6,020 925 11,058 3,156 compensation expensePayroll tax associatedwith stock-based 222 ? 222 ? compensation expenseDepreciation and 707 818 3,084 2,569 amortizationInterest income (11 ) 0 (31 ) (245 )Interest expense 448 483 3,103 1,612 Change in fair value of ? ? (4,413 ) ? financial instrumentProvision for income 19 7 25 28 taxesAdjusted EBITDA $ (6,796 ) $ (8,059 ) $ (24,512 ) $ (35,470 )Adjusted EBITDA Margin (15.8 ) (26.0 ) (16.1 ) (31.6 ) % % % %

Three months ended Twelve months ended December31, December31,(in 2020 2019 2020 2019 thousands) Net cash usedin operating $ (3,329 ) $ (8,859 ) $ (26,529 ) $ (39,969 )activitiesCapital $ (586 ) $ (253 ) $ (1,964 ) $ (5,579 )expendituresFree cash $ (3,915 ) $ (9,112 ) $ (28,493 ) $ (45,548 )flow

Reconciliation from GAAP to Non-GAAP Results (continued)(in thousands, except per share amounts)

Three months ended Twelve months ended December31, December31, 2020 2019 2020 2019 Cost of revenue $ 10,216 $ 8,065 $ 34,126 $ 27,023 less: Share-based 435 70 769 191 compensation expenseLess: Payroll tax associatedwith share-based 34 ? 34 ? compensation expenseNon-GAAP cost of revenue 9,747 7,995 33,323 26,832 As a % of revenue 22.6 % 25.8 % 21.9 % 23.9 %

Three months ended Twelve months ended December31, December31, 2020 2019 2020 2019 Sales and marketing $ 20,577 $ 15,295 $ 72,470 $ 60,740 less: Share-based 1,799 266 3,310 838 compensation expenseLess: Payroll taxassociated with share-based 155 ? 155 ? compensation expenseNon-GAAP sales and 18,623 15,029 69,005 59,902 marketingAs a % of revenue 43.2 % 48.4 % 45.3 % 53.4 %

Three months ended Twelve months ended December31, December31, 2020 2019 2020 2019 Research and development $ 13,942 $ 10,961 $ 48,332 $ 43,123 less: Share-based 1,284 251 2,500 666 compensation expenseless: Payroll taxassociated with share-based ? ? ? ? compensation expenseNon-GAAP research and 12,658 10,710 45,832 42,457 developmentAs a % of revenue 29.3 % 34.5 % 30.1 % 37.9 %

Three months ended Twelve months ended December31, December31, 2020 2019 2020 2019 General & administrative $ 12,212 $ 6,456 $ 36,137 $ 22,204 less: Share-based 2,502 338 4,479 1,461 compensation expenseless: Payroll tax associatedwith share-based 33 ? 33 ? compensation expenseNon-GAAP general & 9,677 6,118 31,625 20,743 administrativeAs a % of revenue 22.4 % 19.7 % 20.8 % 18.5 %