BigCommerce Holdings Inc. (NASDAQ:BIGC) Q3 2023 Earnings Conference Call November 8, 2023 8:00 AM ET Company Participants Brent Bellm - Chairman, Chief Executive Officer Daniel Lentz - Chief Financial Officer Tyler Duncan - Senior Director, Finance Conference Call Participants Connor Passarella - Truist Securities Clarke Jeffries - Piper Sandler Rob Morelli - Needham DJ Hynes - Canaccord Genuity Raimo Lenschow - Barclays George - Bank of America Securities Parker Lane - Stifel Jeremy - Jefferies Maddie Sch ...

2 ‣ We enable merchants to run best-of-breed technology solutions without friction ‣ We're the leader in omnichannel selling, helping merchants boost sales regardless of their size or existing platform Cross-sell ecommerce fully integrated with a technology, application or service Food & Beverage Financials +27% (20%) 3 Annual revenue run-rate for enterprise accounts high value, high retention enterprise accounts... is li Open SaaS 3Q20 (IPO) 8 *Note: Q3 2022 marks the 1 year anniversary of the Feedonomics ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------|-----------------------------|----------------------------------------------------| | | | | | Commission | File Number: | 001-39423 | | BigCommerce (Exact Name of | Registrant ...

Financial Data and Key Metrics - Total revenue in Q2 was $75 million, up 11% YoY [16] - Subscription revenue grew 10% YoY to $56 million, while Partner and Services Revenue (PSR) increased 14% YoY to $19 million [16] - ARR grew to $331 million, up 12% YoY, with enterprise account ARR at $236 million, up 14% YoY [17] - Free cash flow was $14 million, compared to negative $16 million in Q2 2022 [22] - Operating loss improved to $3.4 million, a negative 4.5% operating margin, compared to a $13.7 million loss in the prior year [18] Business Line Data and Key Metrics - Small business ARR reached nearly $100 million, with Day 120 cohort retention rates 80%-85% higher than last year [9] - Mid-market and enterprise growth driven by improved cohort retention and pricing, with sales and marketing resources focused on these segments [6][9] - Non-enterprise ARR grew 6% YoY to $95 million, exceeding expectations [30] Market Data and Key Metrics - Americas revenue grew 9%, EMEA revenue increased 27%, and APAC revenue was up 3% YoY [16] - Expansion into 12 new countries over the past two years, with a focus on EMEA [25] - Enterprise accounts represent 71% of total ARR, with 5,929 accounts, up 9% YoY [17] Strategy and Industry Competition - Five primary growth levers: small business, mid-market, enterprise, B2B, and international expansion [9][23][24][25][37] - Focus on improving profitability and cash flow, with a shift towards mid-market and enterprise segments [22][113] - Feedonomics' AI-driven data feed optimization capabilities drive omnichannel growth, with 75% of customers reporting up to 50% improvements in conversion and ROI [10] Management Commentary on Operating Environment and Future Outlook - Management remains confident in achieving 20% long-term growth, despite elongated sales cycles in the enterprise segment [48] - Adjusted EBITDA breakeven expected in Q4 2023, with positive free cash flow achieved in Q2 [21][29] - Macroeconomic challenges, particularly in the enterprise segment, are impacting sales cycles and spending adjustments [32][115] Other Important Information - Daniel Lentz appointed as new CFO, replacing Robert Alvarez [11] - Steven Chung named President, focusing on mid-market and enterprise growth [28] - Partnership with Google to add AI-powered features to the platform later in 2023 [110] Q&A Session Summary Question: Pricing as a growth lever - Pricing is managed carefully, with recent increases showing minimal impact on retention [5][103] Question: B2B investments - Investments in B2B focus on product development and sales, with no significant difference in LTV to CAC compared to B2C [41][68] Question: Mid-market strength - Mid-market growth is strong across categories, with investments focused on EMEA [43][70] Question: International traction - U.K. remains the strongest market in EMEA, with Italy, Benelux, and Nordics also performing well [45][147] Question: Enterprise ARR growth - Enterprise ARR growth expected to finish the year in the low teens, with elongated sales cycles impacting performance [63][115] Question: Non-enterprise ARR growth - Non-enterprise ARR growth driven by pricing adjustments and improved retention, exceeding expectations [134][153] Question: EBITDA profitability - Adjusted EBITDA breakeven achieved in June, with full-quarter profitability expected in Q4 [158][173] Question: Sales efficiency - Sales efficiency in the enterprise segment is improving, with room for further optimization [164]

BECOMMERCE This presentation may contain forward-looking statements which constitute the views of the Company with respect to future events which can be identified by the use of forward-looking terminology such as "anticipate," "believe," "budget," "can," "continue," "commit," "control," "could," "estimate," "expect," "intend," "may," "ongoing," "plan," "potential," "predict," "project," "should," "will," "target" and similar words or phrases. These forward-looking statements include statements concerning t ...

FORM 10-Q For the quarterly period ended June 30, 2023 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 in ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Title of each class Trading Symbol(s) Name of each exchange on which registered Series 1 common stock, $0.0001 par value per share BIGC The Nasdaq Global Market Indicate by check mark whether the registr ...

Financial Data and Key Metrics Changes - In Q1, total revenue was $71.8 million, up 9% year-over-year, with subscription revenue growing 12% year-over-year to $53.8 million [26][63] - Q1 non-GAAP operating loss was $6.4 million, an improvement from a loss of $12.4 million in the prior year [2][3] - Gross margin was 77%, up 192 basis points from the previous year, while gross profit was $55.5 million, up 11% year-over-year [1] Business Line Data and Key Metrics Changes - Enterprise account ARR was $228.8 million, up 21% year-over-year, representing over 72% of total company ARR [27][66] - Non-enterprise account ARR was $87.9 million, showing slight sequential growth but down slightly year-over-year as expected [27] - Subscription ARR was up $5.1 million compared to Q4 and up 15% year-over-year [66] Market Data and Key Metrics Changes - Revenue in the Americas was up 7%, while EMEA revenue grew 27% and APAC revenue was up 1% compared to the prior year [63] - The sales pipeline for enterprise accounts as of the start of Q2 was approximately 20% higher than the previous year [28][70] Company Strategy and Development Direction - The company is focusing on cash flow improvements and aims to reach breakeven on adjusted EBITDA by the end of Q3 [7][12] - There is a strategic shift towards the mid-market and enterprise segments, with plans to build a scalable, self-serve small business segment [13][42] - The company is investing in B2B functionalities and expanding its omnichannel capabilities to enhance customer experiences [44][45] Management's Comments on Operating Environment and Future Outlook - Management remains conservative in guidance due to macroeconomic uncertainties, expecting total revenue for Q2 in the range of $72.1 million to $74.1 million, implying a year-over-year growth rate of 6% to 9% [8][9] - The company is optimistic about the potential for growth in the mid-market and enterprise segments, despite challenges in the sales cycle for larger enterprise deals [39][92] Other Important Information - The Q1 net loss included over $6 million in expenses from third-party acquisition costs related to the acquisition of Feedonomics [6] - The company has launched several new features and partnerships, including a strategic partnership with WPP for omnichannel solutions [48][50] Q&A Session Summary Question: Can you speak to the pipeline for new deals comparing to last quarter? - Management indicated that the pipeline for enterprise is roughly 20% higher than last year, with strong month-on-month performance in Q2 [70][71] Question: How do you view the competitive environment with Shopify's commerce components? - Management emphasized their commitment to an open SaaS strategy and their leadership in headless and composable ecommerce, which they believe provides a competitive advantage [74][75] Question: What are the growth expectations for Feedonomics? - Management expects Feedonomics to grow at or above the pace of the enterprise business, with strong demand signals from agency partners [105] Question: Are you seeing any changes in the growth algorithm for enterprise ARR? - Management noted that they are seeing larger merchants coming onto the platform and expect this trend to continue [81][82] Question: What are the expectations for retail accounts as an anchor to growth? - Management expressed confidence in the health of the non-enterprise segment and anticipates positive revenue impacts from recent pricing changes [87][90]

Financial Results This presentation has been prepared by BigCommerce Holdings, Inc. ("we," "us," "our," "BigCommerce" or the "Company"). The information contained herein may change at any time without notice, and we undertake no duty to update this information except as required by law. 2 BigCommerce is the ‣ BigCommerce is the premier open SaaS and composable platform for ecommerce ‣ We're the leader in omnichannel selling, helping merchants boost sales regardless of their size or existing platform Consist ...

Financial Performance - Total revenue for the three months ended March 31, 2023, was $71,757,000, an increase of 8.6% from $66,050,000 in the same period of 2022[127] - Net loss for the three months ended March 31, 2023, was $22,120,000, a significant improvement compared to a net loss of $37,037,000 in the same period of 2022[122] - Revenue increased by $5.7 million, or 8.6%, to $71.8 million from $66.1 million, driven by a $5.8 million, or 12.1%, increase in subscription solutions revenue[209] - Gross profit for the three months ended March 31, 2023, was $54,311 thousand, an increase of $5,364 thousand or 11.0% from $48,947 thousand in 2022[237] - The gross margin for the three months ended March 31, 2023, was 75.7%, compared to 74.1% in the previous year[237] Cash Flow and Liquidity - Cash and cash equivalents decreased to $61,070,000 as of March 31, 2023, down from $91,573,000 as of December 31, 2022[116] - Cash flows used in operating activities for the three months ended March 31, 2023, were $(20,836,000), a slight improvement from $(21,985,000) in the same period of 2022[122] - Net cash used in operating activities was $(20,836) thousand, compared to $(21,985) thousand in the previous year, showing a decrease of $1,149 thousand[215] - The company expects to continue incurring operating losses and negative cash flows for the full year 2023, potentially requiring additional capital resources[214] Assets and Liabilities - Total assets decreased to $461,506,000 as of March 31, 2023, compared to $474,056,000 as of December 31, 2022[116] - Total liabilities slightly decreased to $427,066,000 as of March 31, 2023, from $428,384,000 as of December 31, 2022[116] - As of March 31, 2023, $33.8 million in contingent consideration is to be paid, with $31.8 million potentially settled in shares of common stock[193] Revenue Breakdown - Subscription solutions revenue reached $53.8 million, up from $48.0 million, primarily due to growth in mid-market and enterprise activity[209] - Partner and services revenue decreased by $0.1 million, or 0.6%, to $18.0 million, attributed to a decline in revenue-sharing activity with technology partners[209] - Deferred revenue increased primarily due to increases in SaaS-related subscriptions, indicating growth in subscription solutions[145] Expenses - The company recognized $4.1 million in acquisition-related expenses during the three months ended March 31, 2023, down from $12.7 million in the same period of 2022[136] - General and administrative expenses increased by $0.6 million, or 4.1%, to $16.5 million from $15.9 million, primarily due to increased spending in various areas[211] - Research and development expenses are expected to increase in absolute dollars but decrease as a percentage of total revenue over time[205] - Research and development expenses decreased by $0.1 million, or (0.5)%, to $20.8 million from $20.9 million, as a result of cost-cutting measures[238] Strategic Initiatives - The company’s differentiated Open SaaS technology approach aims to provide flexibility and customization, enhancing competitive advantage for businesses[180] - The company focuses on strategic partnerships to enhance its ecommerce platform and earn high-margin revenue shares from technology partners[304] Other Financial Metrics - The provision for expected credit losses was $1.075 million, with accounts written off totaling $1.476 million, resulting in a balance of $9.594 million as of March 31, 2023[151] - The effective tax rate for the three months ended March 31, 2023, was approximately (0.90)%, lower than the U.S. federal statutory rate of 21%[297] - The company calculates annual revenue run-rate (ARR) by summing contractual monthly recurring revenue and trailing twelve-month non-recurring revenue[305] Acquisitions and Restructuring - The acquisition of Bundle B2B Inc. in April 2022 had a total purchase price of $7.7 million, with $7.3 million attributed to goodwill[284] - The company incurred $3.6 million in severance and other compensation charges related to the 2022 Restructure, with an additional $0.4 million in compensation charges during the three months ended March 31, 2023[274] - The company has $0.2 million accrued as of March 31, 2023, related to the 2022 Restructure, with no further material charges expected under this plan[274]

PART I [Business](index=4&type=page&id=Item%201.%20Business) BigCommerce provides a SaaS ecommerce platform, leveraging an 'Open SaaS' strategy and partner ecosystem, with 2022 revenue of $279.1 million - The company operates a SaaS ecommerce platform simplifying online store creation with a unique combination of ease-of-use, enterprise functionality, and flexibility[249](index=249&type=chunk) - BigCommerce targets three main business segments based on annual online sales: **SMBs (under $1M)**, the **mid-market ($1M to $50M)**, and **large enterprises (over $50M)**[279](index=279&type=chunk)[236](index=236&type=chunk)[251](index=251&type=chunk) Total Revenue (2020-2022) | Year | Total Revenue (in millions) | | :--- | :--- | | 2022 | $279.1 | | 2021 | $219.9 | | 2020 | $152.4 | - The company's strategy relies heavily on its partner ecosystem for adjacent services like payments, shipping, and marketing, allowing focus on core platform R&D and high-margin revenue share[237](index=237&type=chunk)[238](index=238&type=chunk) - As of December 31, 2022, the company had **1,500 full-time employees**, with **75% located in the United States**[289](index=289&type=chunk)[286](index=286&type=chunk) [Risk Factors](index=8&type=page&id=Item%201A.%20Risk%20Factors) The company faces significant risks from operating losses, intense competition, partner dependency, security breaches, and international conflicts - The company has a history of operating losses, incurring a net loss of **$139.9 million in 2022** and an accumulated deficit of **$529.9 million** as of December 31, 2022[269](index=269&type=chunk) - Competition is intense from established players like Magento (Adobe), Salesforce Commerce Cloud, and Shopify Plus, who may have greater financial and technical resources[334](index=334&type=chunk)[389](index=389&type=chunk) - The business is dependent on its partner-centric strategy; failure to maintain or expand relationships with technology and agency partners could harm revenue growth[273](index=273&type=chunk)[274](index=274&type=chunk) - Security risks are significant, as a compromise of the platform or third-party partner systems could lead to loss of customers, significant liabilities, and reputational harm[340](index=340&type=chunk) - Operations at the strategic development center in Kyiv, Ukraine have been impacted by the ongoing military action by Russia, which could materially adversely affect business and operations[445](index=445&type=chunk)[415](index=415&type=chunk) [Properties](index=34&type=page&id=Item%202.%20Properties) The company's Austin, Texas headquarters is partially subleased, with additional offices in San Francisco, Sydney, and London - The worldwide corporate headquarters is in Austin, Texas, under a lease for **70,682 square feet** that expires in 2028[291](index=291&type=chunk) - In December 2022, the company decided to put **40,540 square feet** of its Austin headquarters up for sublease[463](index=463&type=chunk)[291](index=291&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=35&type=page&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on Nasdaq under 'BIGC' since August 2020, with no cash dividends paid or anticipated - The common stock trades on the Nasdaq Global Select Market under the symbol **"BIGC"** since August 5, 2020[467](index=467&type=chunk) - The company has never declared or paid cash dividends on its common stock and does not plan to do so in the foreseeable future[468](index=468&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=page&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses 2022 financial results, highlighting revenue growth, a widened net loss due to increased operating expenses, and sufficient liquidity [Key Business Metrics](index=39&type=section&id=Key%20Business%20Metrics) The company tracks key metrics including ARR, enterprise accounts, and NRR, with total ARR reaching **$311.7 million** in 2022 Key Business Metrics (as of Dec 31, in thousands) | Metric | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | **Total ARR** | $311,670 | $268,665 | $181,166 | | **Subscription ARR** | $238,395 | $203,743 | $132,504 | | **Enterprise Accounts** | 5,786 | 5,036 | 3,365 | | **Enterprise ARR** | $223,964 | $172,858 | $100,771 | | **Enterprise ARR % of Total** | 72% | 64% | 56% | | **Enterprise ARPA** | $38,708 | $34,324 | $29,947 | - Net Revenue Retention (NRR) for enterprise accounts was **111%** for the year ended December 31, 2022, compared to **118%** for 2021[514](index=514&type=chunk) [Results of Operations](index=43&type=section&id=Results%20of%20Operations) In 2022, revenue grew to **$279.1 million**, but increased operating expenses led to a **$140.6 million** operating loss and **$139.9 million** net loss Revenue Breakdown (2020-2022, in thousands) | Revenue Source | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | Subscription solutions | $205,800 | $154,933 | $103,706 | | Partner and services | $73,275 | $64,922 | $48,662 | | **Total revenue** | **$279,075** | **$219,855** | **$152,368** | - Cost of revenue increased **44.4% to $70.0 million** in 2022, primarily due to higher hosting and personnel costs, leading to a gross margin decrease to **74.9% from 77.9%** in 2021[11](index=11&type=chunk) - Sales and marketing expenses increased **35.7% to $134.8 million** in 2022, driven by higher personnel costs and additional marketing spend[558](index=558&type=chunk) - Research and development expenses grew **36.7% to $88.2 million** in 2022, mainly due to higher staffing costs and Feedonomics acquisition expenses[14](index=14&type=chunk) - The company incurred restructuring charges of **$7.3 million** in 2022 related to a reduction in workforce and impairment of a right-of-use asset[16](index=16&type=chunk) [Liquidity and Capital Resources](index=47&type=section&id=Liquidity%20and%20Capital%20Resources) As of December 2022, the company had **$305.0 million** in liquidity, with net cash used in operations increasing, supported by convertible senior notes Summary of Cash Flows (in thousands) | Cash Flow Activity | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | Net cash used in operating activities | $(89,357) | $(40,300) | $(26,529) | | Net cash used in investing activities | $(116,526) | $(186,877) | $(1,964) | | Net cash provided by financing activities | $209 | $305,274 | $239,950 | - In September 2021, the company issued **$345.0 million** in **0.25% Convertible Senior Notes due 2026**, significantly increasing its liquidity[569](index=569&type=chunk)[600](index=600&type=chunk) - Management believes existing cash and cash equivalents are sufficient to fund operations for at least the next twelve months, despite continued operating losses and negative cash flows[564](index=564&type=chunk) [Critical Accounting Policies and Estimates](index=49&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) Critical accounting policies involve significant judgment in revenue recognition, deferred costs, equity-based compensation, business combinations, and restructuring - Revenue recognition requires significant judgment in identifying distinct performance obligations and allocating transaction prices, especially for contracts with multiple services[634](index=634&type=chunk)[27](index=27&type=chunk) - Deferred sales commissions are amortized over an estimated customer relationship period of approximately **four years**[573](index=573&type=chunk) - Equity-based compensation is valued using the Black-Scholes model, which requires subjective inputs like expected volatility and term[635](index=635&type=chunk)[574](index=574&type=chunk) - Business combination accounting requires management to estimate the fair value of acquired assets and liabilities, with any excess purchase price allocated to goodwill[606](index=606&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=51&type=page&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's market risks include minimal interest rate risk, unhedged foreign currency exposure, and managed credit risk - Interest rate risk is considered low due to the short-term maturities of cash, cash equivalents, and marketable securities; a **0.125%** change would impact annual interest expense by approximately **$0.4 million**[55](index=55&type=chunk) - Foreign currency exchange risk is present as some operating expenses are in foreign currencies, but all revenue is transacted in U.S. dollars; the company does not currently hedge this exposure[32](index=32&type=chunk)[609](index=609&type=chunk)[56](index=56&type=chunk) - Credit risk is managed by holding cash and investments with high-credit-quality financial institutions and adhering to an investment policy that limits concentration[33](index=33&type=chunk) [Financial Statements and Supplementary Data](index=51&type=page&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements for 2020-2022, with an unqualified opinion from Ernst & Young LLP - The financial statements were audited by Ernst & Young LLP, which issued an unqualified opinion on both the financial statements and the company's internal control over financial reporting as of December 31, 2022[105](index=105&type=chunk)[662](index=662&type=chunk) [Consolidated Balance Sheets](index=65&type=section&id=Consolidated%20Balance%20Sheets) As of December 2022, total assets decreased, liabilities slightly increased, and stockholders' equity significantly decreased Consolidated Balance Sheet Highlights (in thousands) | Account | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Cash and cash equivalents | $91,573 | $297,561 | | Total Assets | $474,056 | $555,460 | | Long-term debt | $337,497 | $335,537 | | Total Liabilities | $428,384 | $417,172 | | Total stockholders' equity | $45,672 | $138,288 | [Consolidated Statements of Operations](index=66&type=section&id=Consolidated%20Statements%20of%20Operations) In 2022, total revenue reached **$279.1 million**, with a **$139.9 million** net loss, or **($1.91)** per share, due to increased operating expenses Consolidated Statement of Operations Highlights (in thousands, except per share data) | Account | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | Total Revenue | $279,075 | $219,855 | $152,368 | | Gross Profit | $209,095 | $171,376 | $118,242 | | Loss from Operations | $(140,567) | $(75,943) | $(38,697) | | Net Loss | $(139,919) | $(76,677) | $(37,560) | | Net Loss Per Share | $(1.91) | $(1.08) | $(0.99) | [Consolidated Statements of Cash Flows](index=69&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) In 2022, net cash used in operating activities increased to **$89.4 million**, resulting in a net decrease of **$205.7 million** in cash, ending with **$93.0 million** Consolidated Statement of Cash Flows Highlights (in thousands) | Cash Flow Activity | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | Net cash used in operating activities | $(89,357) | $(40,300) | $(26,529) | | Net cash used in investing activities | $(116,526) | $(186,877) | $(1,964) | | Net cash provided by financing activities | $209 | $305,274 | $239,950 | | **Net change in cash** | **$(205,674)** | **$78,097** | **$211,457** | [Controls and Procedures](index=51&type=page&id=Item%209A.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of December 2022, and a material weakness in IT general controls from 2021 was successfully remediated - Management concluded that the company's disclosure controls and procedures were effective as of December 31, 2022[642](index=642&type=chunk) - A material weakness in IT general controls identified in the fiscal year 2021 was successfully remediated as of December 31, 2022[643](index=643&type=chunk) PART III [Directors, Executive Officers and Corporate Governance](index=54&type=page&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information for this item is incorporated by reference from the company's 2023 Proxy Statement - The information required by this item will be included in the Proxy Statement for the 2023 annual meeting of stockholders and is incorporated by reference[647](index=647&type=chunk) [Executive Compensation](index=54&type=page&id=Item%2011.%20Executive%20Compensation) Information for this item is incorporated by reference from the company's 2023 Proxy Statement - The information required by this item will be included in the Proxy Statement for the 2023 annual meeting of stockholders and is incorporated by reference[618](index=618&type=chunk) PART IV [Exhibits, Financial Statement Schedules](index=55&type=page&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists documents filed as part of the Annual Report on Form 10-K, including consolidated financial statements and an index of all exhibits - This section includes the consolidated financial statements and a schedule of exhibits filed with the report[67](index=67&type=chunk)[44](index=44&type=chunk)