Q2 Holdings, Inc. (NYSE:QTWO), a leading provider of digital
transformation solutions for banking and lending, today announced
results for its second quarter ending June 30, 2020.
GAAP Results for the Second Quarter 2020
- Revenue for the second quarter of $97.6 million, up 26 percent
year-over-year and up 6 percent from the previous quarter.
- GAAP gross margin for the second quarter of 45.5 percent, down
from 48.4 percent for the prior-year quarter and up from 42.5
percent from the first quarter of 2020.
- GAAP net loss for the second quarter of $39.0 million, compared
to GAAP net losses of $17.3 million for the prior-year quarter and
$34.1 million from the first quarter of 2020.
Non-GAAP Results for the Second Quarter 2020
- Non-GAAP revenue for the second quarter of $98.9 million, up 27
percent year-over-year and up 5 percent from the previous
quarter.
- Non-GAAP gross margin for the second quarter of 53.9 percent,
up from 52.8 percent for the prior-year quarter and up from 53.1
percent for the first quarter of 2020.
- Adjusted EBITDA for the second quarter of $8.1 million,
compared to $3.2 million for the prior-year quarter and negative
$0.1 million for the first quarter of 2020.
For a reconciliation of our GAAP to non-GAAP results, please see
the tables below.
“Despite general market uncertainty related to the COVID-19
pandemic, we had a solid quarter to close out the first half of the
year,” said Matt Flake, CEO of Q2. “We were able to land several
Tier 1 customers amidst a challenging buying environment, in
addition to a record number of renewals for our digital banking
business. I was pleased with our strong user growth in the quarter,
which I believe is an encouraging sign that we’re well-equipped to
continue operating in a remote model as long as is necessary. While
we remain cautious in our second half outlook based on a typical
seasonally slower third quarter and uncertainty around the ongoing
challenges with the global pandemic and upcoming U.S. election, we
have proven that we can continue to serve customers and grow our
business as we work through these unprecedented challenges
together.”
Second Quarter Highlights
- Signed a Tier 1 digital banking contract with an $11 billion
bank on the West Coast for our retail and commercial solutions with
an existing Centrixcustomer.
- Signed a new Tier 1 digital banking contract for our retail and
commercial solutions with a $5 billion bank in the Midwest.
- Signed two new Tier 1 PrecisionLender contracts, including a
$12 billion bank in the Midwest and a $10 billion bank in the
Northeast.
- Signed a new Tier 1 Cloud Lending contract with a European
bank, representing the largest EMEA deal in Cloud Lending’s
history.
- Exited the second quarter with approximately 16.3 million
registered users on the Q2 platform, representing 20 percent
year-over-year and 6 percent sequential growth from the previous
quarter.
- Completed registered common stock offering in May, raising net
proceeds of more than $311 million.
“We are pleased to have delivered second quarter results, which
exceeded the high end of our non-GAAP revenue and adjusted EBITDA
guidance," said Jennifer Harris, CFO of Q2. “The revenue
achievement was bolstered in part by the success-based fees
associated with funded applications processed through our PPP
solution in the quarter. We also ended the quarter with cash, cash
equivalents and investments of $388.9 million as a result of the
capital raise in the quarter, which we believe effectively
positions us to capitalize on the long-term market
opportunity.”
Financial Outlook
As of August 5, 2020, Q2 Holdings is providing guidance for its
third quarter of 2020 and revised guidance for its full-year 2020,
which represents Q2 Holdings’ current estimates of the anticipated
impacts of the COVID-19 pandemic on Q2 Holdings’ operations and
financial results. The financial information below represents
forward-looking non-GAAP financial information, including an
estimate of non-GAAP revenue and adjusted EBITDA. GAAP net loss is
the most comparable GAAP measure to adjusted EBITDA. Adjusted
EBITDA differs from GAAP net loss in that it excludes items such as
depreciation and amortization, stock-based compensation,
acquisition-related costs, interest, income taxes, unoccupied lease
charges, partnership termination charges, and the impact to
deferred revenue from purchase accounting. Q2 Holdings is unable to
predict with reasonable certainty the ultimate outcome of these
exclusions without unreasonable effort. Therefore, Q2 Holdings has
not provided guidance for GAAP net loss or a reconciliation of the
foregoing forward-looking adjusted EBITDA guidance to GAAP net
loss. However, it is important to note that these excluded items
could be material to our results computed in accordance with GAAP
in future periods.
Q2 Holdings is providing guidance for its third quarter of 2020
as follows:
- Total Non-GAAP revenue of $102.0 million to $104.0 million,
which would represent year-over-year growth of 28 percent to 30
percent.
- Adjusted EBITDA of $6.5 million to $7.5 million.
“Our overachievement during the quarter, combined with our
proven ability to operate effectively in a remote environment and
quickly develop and deliver services, like our PPP solution, to our
customers provides us with the confidence to raise our full-year
revenue and adjusted EBITDA guidance. As we move into the back half
of the year, we will continue to exercise caution in spending while
putting ourselves in a position to accelerate investments as our
customers and prospects regain confidence in their purchasing
decisions,” said Harris.
Q2 Holdings is providing guidance for the full-year 2020 as
follows:
- Total Non-GAAP revenue of $398.5 million to $402.5 million,
which would represent year-over-year growth of 26 percent to 27
percent.
- Adjusted EBITDA of $21.0 million to $23.0 million, representing
5 percent to 6 percent of non-GAAP revenue for the year.
Conference Call Details
Date: August 6, 2020
Time: 8:30 a.m. EDT
Hosts: Matt Flake, CEO / Jennifer Harris, CFO
Conference ID: 7368366
Registration:
http://www.directeventreg.com/registration/event/7368366
Please join the conference call at least 10 minutes early to
ensure the line is connected. A live webcast of the conference call
and financial results will be accessible from the investor
relations section of the Q2 website at
http://investors.q2.com/.
An archived replay of the webcast will be available on this
website on a temporary basis shortly after the call.
About Q2 Holdings, Inc.
Q2 is a financial experience company dedicated to providing
digital banking and lending solutions to banks, credit unions,
alternative finance, and fintech companies in the U.S. and
internationally. With comprehensive end-to-end solution sets, Q2
enables its partners to provide cohesive, secure, data-driven
experiences to every account holder – from consumer to small
business and corporate. Headquartered in Austin, Texas, Q2 has
offices throughout the world and is publicly traded on the NYSE
under the stock symbol QTWO. To learn more, please visit
Q2.com.
Use of Non-GAAP Measures
Q2 uses the following non-GAAP financial measures: non-GAAP
revenue; adjusted EBITDA; non-GAAP gross margin; non-GAAP gross
profit; non-GAAP sales and marketing expense; non-GAAP research and
development expense; non-GAAP general and administrative expense;
non-GAAP operating expense; non-GAAP operating income (loss);
non-GAAP net income; non-GAAP net income per share; and pro forma
weighted-average diluted number of common shares outstanding.
Management believes that these non-GAAP financial measures are
useful measures of operating performance because they exclude items
that Q2 does not consider indicative of its core performance.
In the case of non-GAAP revenue, Q2 adjusts revenue to exclude
the impact to deferred revenue from purchase accounting
adjustments. In the case of adjusted EBITDA, Q2 adjusts net loss
for such items as interest, taxes, depreciation and amortization,
stock-based compensation, acquisition-related costs, unoccupied
lease charges, partnership termination charges and the impact to
deferred revenue from purchase accounting. In the case of non-GAAP
gross margin and non-GAAP gross profit, Q2 adjusts gross profit and
gross margin for stock-based compensation amortization of acquired
technology, acquisition-related costs, and the impact to deferred
revenue from purchase accounting. In the case of non-GAAP sales and
marketing expense, non-GAAP research and development expense, and
non-GAAP general and administrative expense, Q2 adjusts the
corresponding GAAP expense to exclude stock-based compensation.
Non-GAAP Operating Expense is calculated by taking the sum of
non-GAAP sales and marketing expense, non-GAAP research and
development expense, and non-GAAP general and administrative
expense. In the case of non-GAAP operating income (loss), non-GAAP
net income (loss), and non-GAAP net income (loss) per share, Q2
adjusts operating loss and net loss, respectively, for stock-based
compensation, acquisition-related costs, amortization of acquired
technology, amortization of acquired intangibles, unoccupied lease
charges, partnership termination charges, and the impact to
deferred revenue from purchase accounting, and with respect to
non-GAAP net income, amortization of debt discount and issuance
costs. In the case of pro forma diluted weighted-average number of
common shares outstanding, we adjust diluted weighted-average
number of common shares outstanding by the weighted-average effect
of potentially dilutive shares.
There are limitations associated with the use of these non-GAAP
financial measures. These non-GAAP financial measures are not
prepared in accordance with GAAP, do not reflect a comprehensive
system of accounting and may not be completely comparable to
similarly titled measures of other companies due to potential
differences in the exact method of calculation between companies.
Certain items that are excluded from these non-GAAP financial
measures can have a material impact on operating and net income
(loss). As a result, these non-GAAP financial measures have
limitations and should be considered in addition to, not as a
substitute for or superior to, the closest GAAP measures, or other
financial measures prepared in accordance with GAAP. A
reconciliation to the closest GAAP measures of these non-GAAP
measures is contained in tabular form on the attached unaudited
condensed consolidated financial statements.
Q2’s management uses these non-GAAP measures as measures of
operating performance; to prepare Q2’s annual operating budget; to
allocate resources to enhance the financial performance of Q2’s
business; to evaluate the effectiveness of Q2’s business
strategies; to provide consistency and comparability with past
financial performance; to facilitate a comparison of Q2’s results
with those of other companies, many of which use similar non-GAAP
financial measures to supplement their GAAP results; and in
communication with our board of directors concerning Q2’s financial
performance.
Forward-looking Statements
This press release contains forward-looking statements,
including statements about: the impacts of and uncertainty
surrounding the COVID-19 pandemic on Q2 and its customers, and Q2’s
response thereto; Q2’s ability to continue to operate in a remote
model; seasonal impacts on the third quarter; uncertainty
surrounding the upcoming election; Q2’s ability to continue to
serve customers and grow its business; the transition to digital
financial solutions and Q2’s market opportunity; Q2’s ability to
quickly develop and deliver services; expected expenses in the
latter half of 2020; Q2’s ability to position itself to accelerate
investments as customers and prospects regain confidence; and, Q2’s
quarterly and annual financial guidance. The forward-looking
statements contained in this press release are based upon Q2’s
historical performance and its current plans, estimates, and
expectations and are not a representation that such plans,
estimates or expectations will be achieved. Factors that could
cause actual results to differ materially from those described
herein include the adverse impacts of the COVID-19 pandemic on Q2’s
business operations and on global economic and financial markets,
including on Q2’s customers, partners and suppliers and employees
and business, as well as risks related to: (a) the risk of
increased competition in its existing markets and as it enters new
sections of the market with Tier 1 customers, new markets with
Alt-FIs and fintechs and new products and services; (b) the risk
that the market for Q2’s solutions does not grow as anticipated, in
particular with respect to Tier 1 customers and Alt-FI and fintech
customers; (c) the risk that Q2’s increased focus on selling to
larger Tier 1 customers may result in greater uncertainty and
variability in Q2’s business and sales results; (d) the risk that
changes in Q2’s market, business or sales organization negatively
impacts its ability to sell its products and services; (e) the
challenges and costs associated with selling, implementing and
supporting Q2’s solutions, particularly for larger customers with
more complex requirements and longer implementation processes,
including risks related to the timing and predictability of sales
of Q2’s solutions and the impact that the timing of bookings may
have on Q2’s revenue and financial performance in a period; (f) the
risk that errors, interruptions or delays in Q2’s products or
services or Web hosting negatively impacts Q2’s business and sales;
(g) risks associated with data breaches and breaches of security
measures within Q2’s products, systems and infrastructure and the
resultant harm to Q2’s business and its ability to sell its
products and services; (h) the impact that a slowdown in the
economy, financial markets and credit markets may have on Q2’s
customers and Q2’s business sales cycles, prospects and customers’
spending decisions and timing of implementation decisions,
particularly in regions where a significant number of Q2’s
customers are concentrated; (i) the difficulties and risks
associated with developing and selling complex new solutions and
enhancements with the technical and regulatory specifications and
functionality required by customers and governmental authorities;
(j) the risks inherent in technology and implementation
partnerships that could cause harm to Q2’s business; (k) the
difficulties and costs Q2 may encounter with complex
implementations of its solutions and the resulting impact on
reputation and the timing of its revenue from any delayed
implementations; (l) the risk that Q2 will not be able to maintain
historical contract terms such as pricing and duration; (m) the
risks associated with managing growth and the challenges associated
with improving operations and hiring, retaining and motivating
employees to support such growth; (n) the risk that modifications
or negotiations of contractual arrangements will be necessary
during Q2’s implementations of its solutions or the general risks
associated with the complexity of Q2’s customer arrangements; (o)
the risks associated with integrating acquired companies and
successfully selling and maintaining their solutions; (p) the risks
associated with anticipated higher operating expenses in 2020 and
beyond; (q) litigation related to intellectual property and other
matters and any related claims, negotiations and settlements; (r)
the risks associated with further consolidation in the financial
services industry; (s) risks associated with selling Q2 solutions
internationally; and (t) the risk that Q2 debt repayment
obligations may adversely affect its financial condition and cash
flows from operations in the future and that Q2 may not be able to
obtain capital when desired or needed on favorable terms.
Additional information relating to the uncertainty affecting the
Q2 business is contained in Q2’s filings with the Securities and
Exchange Commission. These documents are available on the SEC
Filings section of the Investor Relations section of Q2’s website
at http://investors.q2.com/. These forward-looking statements
represent Q2’s expectations as of the date of this press release.
Subsequent events may cause these expectations to change, and Q2
disclaims any obligations to update or alter these forward-looking
statements in the future, whether as a result of new information,
future events or otherwise.
Q2 Holdings, Inc. Condensed Consolidated Balance
Sheets (in thousands)
June 30,
December, 31
2020
2019
(unaudited) (unaudited) Assets Current assets:
Cash and cash equivalents
$ 376,257
$ 100,094
Restricted cash
3,464
3,468
Investments
12,687
32,325
Accounts receivable, net
33,585
22,442
Contract assets, current portion, net
1,049
872
Prepaid expenses and other current assets
8,862
6,354
Deferred solution and other costs, current portion
18,815
15,609
Deferred implementation costs, current portion
9,820
5,171
Total current assets
464,539
186,335
Property and equipment, net
50,298
39,252
Right of use assets
33,282
35,388
Deferred solution and other costs, net of current portion
31,328
29,220
Deferred implementation costs, net of current portion
15,686
15,848
Intangible assets, net
203,986
223,861
Goodwill
462,274
462,023
Contract assets, net of current portion and allowance
18,028
15,189
Other long-term assets
2,158
2,318
Total assets
$ 1,281,579
$ 1,009,434
Liabilities and stockholders' equity Current
liabilities: Accounts payable and accrued liabilities
$ 42,860
$ 65,976
Deferred revenues, current portion
68,172
57,850
Lease liabilities, current portion
8,812
9,140
Total current liabilities
119,844
132,966
Convertible notes, net of current portion
435,880
424,784
Deferred revenues, net of current portion
33,089
32,954
Lease liabilities, net of current portion
33,707
36,079
Other long-term liabilities
11,567
3,239
Total liabilities
634,087
630,022
Stockholders' equity: Common stock
5
5
Additional paid-in capital
964,185
622,692
Accumulated other comprehensive income (loss)
(52)
14
Accumulated deficit
(316,646)
(243,299)
Total stockholders' equity
647,492
379,412
Total liabilities and stockholders' equity
$ 1,281,579
$ 1,009,434
Q2 Holdings, Inc. Condensed Consolidated
Statements of Comprehensive Loss (in thousands, except per
share data)
Three Months Ended June 30, Six Months
Ended June 30,
2020
2019
2020
2019
(unaudited) (unaudited) (unaudited) (unaudited) Revenues (1)
$ 97,581
$ 77,646
$ 189,961
$ 148,942
Cost of revenues (2) (3)
53,203
40,052
106,310
77,236
Gross profit
44,378
37,594
83,651
71,706
Operating expenses: Sales and marketing (2)
16,310
15,866
36,194
31,671
Research and development (2)
23,642
19,118
48,600
36,775
General and administrative (2)
17,203
14,079
36,313
27,939
Acquisition related costs (4)
1,127
1,977
(840)
4,695
Amortization of acquired intangibles
4,491
905
8,982
2,120
Partnership termination charges
13,244
-
13,244
-
Unoccupied lease charges (5)
668
-
668
-
Total operating expenses
76,685
51,945
143,161
103,200
Loss from operations
(32,307)
(14,351)
(59,510)
(31,494)
Other income (expense), net
(6,599)
(3,217)
(13,064)
(5,424)
Loss before income taxes
(38,906)
(17,568)
(72,574)
(36,918)
Benefit from (provision for) income taxes
(65)
237
(505)
276
Net loss
$ (38,971)
$ (17,331)
$ (73,079)
$ (36,642)
Other comprehensive loss: Unrealized gain (loss) on
available-for-sale investments
108
97
(14)
210
Foreign currency translation adjustment
3
(22)
(52)
(10)
Comprehensive loss
$ (38,860)
$ (17,256)
$ (73,145)
$ (36,442)
Net loss per common share: Net loss per common share, basic and
diluted
$ (0.76)
$ (0.39)
$ (1.46)
$ (0.83)
Weighted average common shares outstanding, basic and diluted
51,241
44,978
49,911
44,382
(1) Includes deferred revenue
reduction from purchase accounting of $1.3 million and $2.8 million
for the three and six months ended June 30, 2020, respectively.
(2) Includes stock-based
compensation expense as follows:
Three Months Ended June 30, Six Months Ended June 30,
2020
2019
2020
2019
Cost of revenues
$ 1,904
$ 1,428
$ 5,312
$ 2,976
Sales and marketing
1,390
1,596
4,144
3,402
Research and development
3,109
2,473
6,879
4,485
General and administrative
4,380
4,072
8,984
7,602
Total stock-based compensation expense
$ 10,783
$ 9,569
$ 25,319
$ 18,465
(3) Includes amortization of
acquired technology of $5.5 million and $1.9 million for the three
months ended June 30, 2020 and 2019, respectively, and $10.9
million and $3.6 million for the six months ended June 30, 2020 and
2019, respectively.
(4) The six months ended June 30,
2020 includes a $2.9 million reduction to estimated contingent
consideration as a result of the actual contingent consideration
calculated as of the final measurement date of March 31, 2020.
(5) Unoccupied lease charges
include costs related to the early exit from our California
facilities, partially offset by anticipated sublease income from
these facilities for the three and six months ended June 30,
2020.
Q2 Holdings, Inc. Condensed Consolidated
Statements of Cash Flows (in thousands)
Six Months
Ended June 30,
2020
2019
(unaudited) (unaudited)
Cash flows from operating
activities: Net loss
$ (73,079)
$ (36,642)
Adjustments to reconcile net loss to net cash from operating
activities: Amortization of deferred implementation, solution and
other costs
8,608
6,056
Depreciation and amortization
26,046
11,796
Amortization of debt issuance costs
945
545
Amortization of debt discount
10,177
5,230
Amortization of premiums on investments
83
183
Stock-based compensation expenses
26,065
19,040
Deferred income taxes
311
(347)
Other non-cash charges
940
(112)
Changes in operating assets and liabilities
(27,310)
(24,428)
Net cash used in operating activities
(27,214)
(18,679)
Cash flows from investing activities: Net maturities of
investments
19,556
34,196
Purchases of property and equipment
(14,775)
(10,864)
Purchases of intangible assets
-
(288)
Capitalization of software development costs
(398)
-
Net cash provided by investing activities
4,383
23,044
Cash flows from financing activities: Proceeds from issuance
of common stock, net of issuance costs
311,636
195,581
Proceeds from issuance of convertible notes, net of issuance costs
-
307,288
Purchase of capped call transactions
-
(40,765)
Proceeds from exercise of stock options to purchase common stock
4,216
8,422
Payment of contingent consideration
(16,862)
-
Net cash provided by financing activities
298,990
470,526
Net increase in cash, cash equivalents, and restricted cash
276,159
474,891
Cash, cash equivalents, and restricted cash, beginning of period
103,562
110,156
Cash, cash equivalents, and restricted cash, end of period
$ 379,721
$ 585,047
Q2 Holdings, Inc. Reconciliation of GAAP to
Non-GAAP Measures (in thousands, except per share data)
Three Months Ended June 30, Six Months Ended June 30,
2020
2019
2020
2019
(unaudited) (unaudited) (unaudited) (unaudited) GAAP revenue
$ 97,581
$ 77,646
$ 189,961
$ 148,942
Deferred revenue reduction from
purchase accounting
1,321
-
2,763
-
Non-GAAP revenue
$ 98,902
$ 77,646
$ 192,724
$ 148,942
GAAP gross profit
$ 44,378
$ 37,594
$ 83,651
$ 71,706
Stock-based compensation
1,904
1,428
5,312
2,976
Amortization of acquired technology
5,452
1,941
10,929
3,573
Acquisition related costs
233
71
491
71
Deferred revenue reduction from purchase accounting
1,321
-
2,763
-
Non-GAAP gross profit
$ 53,288
$ 41,034
$ 103,146
$ 78,326
Non-GAAP gross margin: Non-GAAP gross profit
$ 53,288
$ 41,034
$ 103,146
$ 78,326
Non-GAAP revenue
98,902
77,646
192,724
148,942
Non-GAAP gross margin
53.9%
52.8%
53.5%
52.6%
GAAP sales and marketing expense
$ 16,310
$ 15,866
$ 36,194
$ 31,671
Stock-based compensation
(1,390)
(1,596)
(4,144)
(3,402)
Non-GAAP sales and marketing expense
$ 14,920
$ 14,270
$ 32,050
$ 28,269
GAAP research and development expense
$ 23,642
$ 19,118
$ 48,600
$ 36,775
Stock-based compensation
(3,109)
(2,473)
(6,879)
(4,485)
Non-GAAP research and development expense
$ 20,533
$ 16,645
$ 41,721
$ 32,290
GAAP general and administrative expense
$ 17,203
$ 14,079
$ 36,313
$ 27,939
Stock-based compensation
(4,380)
(4,072)
(8,984)
(7,602)
Non-GAAP general and administrative expense
$ 12,823
$ 10,007
$ 27,329
$ 20,337
GAAP operating loss
$ (32,307)
$ (14,351)
$ (59,510)
$ (31,494)
Deferred revenue reduction from purchase accounting
1,321
-
2,763
-
Partnership termination charges
13,244
-
13,244
-
Stock-based compensation
10,783
9,569
25,319
18,465
Acquisition related costs
1,361
2,048
(348)
4,766
Amortization of acquired technology
5,452
1,941
10,929
3,573
Amortization of acquired intangibles
4,491
905
8,982
2,120
Unoccupied lease charges
668
-
668
-
Non-GAAP operating income (loss)
$ 5,013
$ 112
$ 2,047
$ (2,570)
GAAP net loss
$ (38,971)
$ (17,331)
$ (73,079)
$ (36,642)
Deferred revenue reduction from purchase accounting
1,321
-
2,763
-
Partnership termination charges
13,244
-
13,244
-
Stock-based compensation
10,783
9,569
25,319
18,465
Acquisition related costs
1,361
2,048
(348)
4,766
Amortization of acquired technology
5,452
1,941
10,929
3,573
Amortization of acquired intangibles
4,491
905
8,982
2,120
Unoccupied lease charges
668
-
668
-
Amortization of debt discount and issuance costs
5,632
3,227
11,122
5,774
Non-GAAP net income (loss)
$ 3,981
$ 359
$ (400)
$ (1,944)
Reconciliation from diluted weighted-average number of
common shares as reported to pro forma diluted weighted average
number of common shares Diluted weighted-average number of common
shares, as reported
51,241
44,978
49,911
44,382
Weighted-average effect of potentially dilutive shares
1,870
2,628
-
-
Pro forma diluted weighted-average number of common shares
53,111
47,606
49,911
44,382
Calculation of non-GAAP income (loss) per share: Non-GAAP
net income (loss)
$ 3,981
$ 359
$ (400)
$ (1,944)
Pro forma diluted weighted-average number of common shares
53,111
47,606
49,911
44,382
Non-GAAP net income (loss) per share
$ 0.07
$ 0.01
$ (0.01)
$ (0.04)
Reconciliation of GAAP net loss to adjusted EBITDA: GAAP net
loss
$ (38,971)
$ (17,331)
$ (73,079)
$ (36,642)
Depreciation and amortization
13,029
5,975
26,046
11,796
Stock-based compensation
10,783
9,569
25,319
18,465
(Benefit from) provision for income taxes
65
(237)
505
(276)
Interest (income) expense, net
6,584
3,173
12,859
5,351
Acquisition related costs
1,361
2,048
(348)
4,766
Unoccupied lease charges
668
-
668
-
Deferred revenue reduction from purchase accounting
1,321
-
2,763
-
Partnership termination charges
13,244
-
13,244
-
Adjusted EBITDA
$ 8,084
$ 3,197
$ 7,977
$ 3,460
Q2 Holdings, Inc. Reconciliation of GAAP to
Non-GAAP Revenue Guidance (in thousands)
Q3 2020 Guidance Full Year 2020 Guidance Low
High Low High GAAP revenue
$ 101,055
$ 103,055
$ 394,150
$ 398,150
Deferred revenue reduction from purchase accounting
945
945
4,350
4,350
Non-GAAP revenue
$ 102,000
$ 104,000
$ 398,500
$ 402,500
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200805005848/en/
MEDIA CONTACT: Tiffany
Francis Q2 Holdings,
Inc. O: 737-236-3309 tiffany.francis@q2.com
INVESTOR CONTACT: Josh
Yankovich Q2 Holdings,
Inc. O: 512-682-4463 josh.yankovich@q2.com
Grafico Azioni Q2 (NYSE:QTWO)
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Grafico Azioni Q2 (NYSE:QTWO)
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