Q2 Holdings, Inc. (NYSE:QTWO), a leading provider of digital
transformation solutions for banking and lending, today announced
results for its third quarter ending September 30, 2022.
GAAP Results for the Third Quarter 2022
- Revenue for the third quarter of $144.8 million, up 14 percent
year-over-year and up 3 percent from the second quarter of
2022.
- GAAP gross margin for the third quarter of 46.2 percent, up
from 45.0 percent in the prior-year quarter and 44.8 percent in the
second quarter of 2022.
- GAAP net loss for the third quarter of $27.8 million, compared
to GAAP net losses of $31.6 million for the prior-year quarter and
$25.2 million for the second quarter of 2022.
Non-GAAP Results for the Third Quarter 2022
- Non-GAAP revenue for the third quarter of $144.9 million, up 14
percent year-over-year and up 3 percent from the second quarter of
2022.
- Non-GAAP gross margin for the third quarter of 52.1 percent, up
from 51.9 percent for the prior-year quarter and 51.3 percent for
the second quarter of 2022.
- Adjusted EBITDA for the third quarter of $10.8 million, up from
$7.3 million for the prior-year quarter and $9.7 million for the
second quarter of 2022.
For a reconciliation of our GAAP to non-GAAP results, please see
the tables below.
“The third quarter represented our strongest bookings
performance of the year,” said Q2 CEO Matt Flake. “Our sales
success came from a mix of key wins across digital banking, lending
and Helix, with one Enterprise and five Tier 1 deals in total. I am
encouraged by the quarter; and believe that our sales results
indicate that the demand environment remains positive. Given the
economic backdrop, we will manage the business with an increased
focus on profitability, and we believe our continued sales
execution will drive acceleration in our subscription revenue
growth for the remainder of this year and in 2023.”
Third Quarter Highlights
Continued Sales Success, Leading the
Industry in Delivering “The Digital Bank”
- Signed one Enterprise and three Tier 1 digital banking
contracts including a(n):
- Enterprise, Top 50 U.S. bank to utilize our commercial and
small business digital banking solutions;
- Tier 1, Top 50 U.S. credit union to utilize our commercial
digital banking solutions;
- Tier 1 bank to utilize our retail and commercial digital
banking solutions;
- Tier 1 credit union to utilize our retail digital banking
solutions.
- Signed two Tier 1 digital lending contracts including a:
- Tier 1 Agricultural Lender to utilize our loan pricing
solutions;
- Tier 1, Top 100 U.S. Bank to expand the use of our loan pricing
solutions.
- Exited the third quarter with more than 20.9 million registered
users on the Q2 digital banking platform, representing 9 percent
year-over-year growth and 4 percent sequential growth.
Facilitating the Convergence of Financial
Services
- Signed a contract with a digital-first insurance company to
offer a unique savings account product utilizing our Helix
platform.
- Launched a strategic program with Mana, an online gaming
company looking to offer personalized debit cards and checking
accounts utilizing our Helix Platform.
“We delivered strong adjusted EBITDA results driven by an
acceleration in higher margin subscription revenue growth and
proactive cost management,” said David Mehok, Q2 CFO. “Our total
revenue results for the quarter came in below our guidance
predominately due to lower-than-expected discretionary services and
transactional revenue which we believe were partially impacted by
macroeconomic conditions. Our revised full-year outlook reflects
our expectation to see continued pressure on our lower margin
revenue streams and our focus on driving profitable growth.”
Financial Outlook
As of November 7, 2022, Q2 Holdings is providing guidance for
its fourth quarter of 2022 and updated guidance for its full-year
2022, which represents Q2 Holdings’ current estimates on Q2
Holdings’ operations and financial results. The financial
information below represents forward-looking, non-GAAP financial
information, including estimates 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 and
other (income) expense, income taxes, lease and other restructuring
charges, loss on extinguishment of debt 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 fourth quarter of 2022
as follows:
- Total non-GAAP revenue of $148.4 million to $150.4 million,
which would represent year-over-year growth of 12 percent to 14
percent.
- Adjusted EBITDA of $10.5 million to $12.5 million, representing
7 to 8 percent of non-GAAP revenue for the year.
Q2 Holdings is providing updated guidance for the full-year 2022
as follows:
- Total non-GAAP revenue of $568.0 million to $570.0 million,
which would represent year-over-year growth of 13 percent to 14
percent.
- Adjusted EBITDA of $39.0 million to $41.0 million, representing
7 percent of non-GAAP revenue for the year.
Conference Call Details
Date:
Monday, November 7, 2022
Time:
5:00 p.m. ET
Hosts:
Matt Flake, CEO / David Mehok,
CFO / Jonathan Price, EVP Emerging Businesses, Corporate &
Business Development
Conference Call Registration:
https://conferencingportals.com/event/ZwJrtqJb
Webcast Registration:
https://events.q4inc.com/attendee/920160905
All participants must register using the above links (either the
webcast or conference call). A 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/. In addition,
a live conference call dial-in will be available upon registration.
Participants should dial in at least 10 minutes before the start of
the conference call. An archived replay of the webcast will be
available on this website for a limited time 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 non-GAAP
diluted weighted-average 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 and other (income) expense, taxes,
depreciation and amortization, stock-based compensation,
acquisition related costs, lease and other restructuring charges,
loss on extinguishment of debt 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 expenses, 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, lease and other restructuring charges, loss
on extinguishment of debt and the impact to deferred revenue from
purchase accounting, and with respect to non-GAAP net income,
amortization of debt discount and issuance costs and loss on
extinguishment of debt. In the case of non-GAAP diluted
weighted-average number of common shares outstanding, Q2 adjusts
diluted weighted-average number of common shares outstanding by the
weighted-average effect of potentially dilutive shares which
include (i) employee equity incentive plans, excluding the impact
of unrecognized stock-based compensation expense and (ii)
convertible senior notes outstanding and related warrants including
the anti-dilutive impact of note hedge and capped call agreements
on convertible senior notes outstanding.
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: Q2’s sales execution and the demand
environment for its solutions; declines in discretionary spending
from some customers; increased focus on profitability; continued
sales execution and acceleration in our subscription revenue growth
going forward; the current uncertain and challenging economic
conditions and the impact such conditions may have on our revenue
streams and our focus on driving profitable growth; 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 risks related to: (a) the risk of increased or new
competition in our existing markets and as we enter new markets or
new sections of existing markets, or as we offer new solutions; (b)
risks associated with the development of and changes to the market
for our solutions compared to our expectations; (c) quarterly
fluctuations in our operating results relative to our expectations
and guidance and the accuracy of our forecasts; (d) the risks
associated with anticipated higher operating expenses in 2022 and
beyond; (e) the impact that inflation, rising interest rates or a
slowdown in the economy, financial markets and credit markets have
and may continue to have on account holder or end user usage of our
solutions and on our customers’, prospects and our business sales
cycles, our prospects’ and customers’ purchasing, spending
decisions, including for some of our non-implementation services,
which are more discretionary in nature, and the timing of customer
implementation and purchasing decisions; (f) the risks and
increased costs associated with managing growth and the challenges
associated with improving operations and hiring, retaining and
motivating employees to support such growth, particularly in light
of the macroeconomic impacts of the novel coronavirus disease, or
COVID-19, including increased employee turnover, labor shortages,
wage inflation and extreme competition for talent; (g) the risk
that the COVID-19 pandemic and the associated efforts to limit its
spread continue to negatively impact or disrupt the markets for our
solutions and that the markets for our solutions do not return to
normal or grow as anticipated; (h) the risks associated with Q2’s
transactional business which are typically driven by end-user
behavior which can be influenced by external drivers outside of our
control; (i) risks associated with effectively managing costs in
light of the challenging macroeconomic environment, including the
impacts of wage inflation on our operating costs; (j) risks
associated with the general economic and geopolitical impacts of
Russia’s invasion of Ukraine, including the heightened risk of
cyberattacks on financial services and other critical
infrastructure, and continued or increased inflation partially
driven by increased energy costs or other unpredictable economic
impacts that have and may continue to negatively affect demand for
our solutions; (k) risks associated with managing Q2’s business in
response to continued challenging macroeconomic conditions and any
anticipated or resulting recession; (l) risks associated with
accurately forecasting and managing the impacts of any
macroeconomic downturn on Q2 customers and their end users,
including in particular the impacts of any downturn on FinTechs and
Q2’s arrangements with them, which represent a newer market
opportunity for Q2, a more complex revenue model for Q2 and which
may be more vulnerable to an economic downturn than Q2’s financial
institution customers; (m) the challenges and costs associated with
selling, implementing and supporting our solutions, particularly
for larger customers with more complex requirements and longer
implementation processes, including risks related to the timing and
predictability of sales of our solutions and the impact that the
timing of bookings may have on our revenue and financial
performance in a period; (n) the risk that errors, interruptions or
delays in our solutions or Web hosting negatively impacts our
business and sales; (o) risks associated with cyberattacks, data
and privacy breaches and breaches of security measures within our
products, systems and infrastructure or the products, systems and
infrastructure of third parties upon which we rely and the
resultant costs and liabilities and harm to our business and
reputation and our ability to sell our solutions; (p) regulatory
risks, including risks related to evolving regulation of artificial
intelligence, machine learning and the receipt, collection,
storage, processing and transfer of data; (q) the difficulties and
risks associated with developing and selling complex new solutions
and enhancements with the technical and regulatory specifications
and functionality required by our customers and relevant
governmental authorities; (r) risks associated with our sales and
marketing capabilities, including partner relationships and the
length, cost and unpredictability of our sales cycle; (s) the risks
inherent in third-party technology and implementation partnerships
that could cause harm to our business; (t) the risk that we will
not be able to maintain historical contract terms such as pricing
and duration; (u) the general risks associated with the complexity
of our customer arrangements and our solutions; (v) the risks
associated with integrating acquired companies and successfully
selling and maintaining their solutions; (w) litigation related to
intellectual property and other matters and any related claims,
negotiations and settlements; (x) the risks associated with further
consolidation in the financial services industry; (y) risks
associated with selling our solutions internationally and with our
international operations; and (z) the risk that our debt repayment
obligations may adversely affect our financial condition and cash
flows from operations in the future and that we 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) (unaudited)
September 30,
December 31,
2022
2021
Assets Current assets: Cash and cash equivalents
$
192,574
$
322,848
Restricted cash
2,732
2,973
Investments
203,116
104,878
Accounts receivable, net
52,598
46,979
Contract assets, current portion, net
3,298
1,845
Prepaid expenses and other current assets
13,503
10,531
Deferred solution and other costs, current portion
23,827
25,076
Deferred implementation costs, current portion
7,646
7,320
Total current assets
499,294
522,450
Property and equipment, net
59,130
66,608
Right of use assets
43,451
52,278
Deferred solution and other costs, net of current portion
26,571
26,930
Deferred implementation costs, net of current portion
18,686
17,039
Intangible assets, net
146,197
162,461
Goodwill
512,869
512,869
Contract assets, net of current portion and allowance
25,272
22,103
Other long-term assets
1,928
2,307
Total assets
$
1,333,398
$
1,385,045
Liabilities and stockholders' equity Current liabilities:
Accounts payable and accrued liabilities
$
44,841
$
60,665
Convertible notes, current portion
10,887
-
Deferred revenues, current portion
101,057
98,692
Lease liabilities, current portion
9,443
9,001
Total current liabilities
166,228
168,358
Convertible notes, net of current portion
657,129
551,598
Deferred revenues, net of current portion
20,831
29,168
Lease liabilities, net of current portion
55,292
61,374
Other long-term liabilities
3,573
4,251
Total liabilities
903,053
814,749
Stockholders' equity: Common stock
6
6
Additional paid-in capital
961,841
1,064,358
Accumulated other comprehensive loss
(3,603
)
(135
)
Accumulated deficit
(527,899
)
(493,933
)
Total stockholders' equity
430,345
570,296
Total liabilities and stockholders' equity
$
1,333,398
$
1,385,045
Q2 Holdings, Inc. Condensed Consolidated
Statements of Comprehensive Loss (in thousands, except per
share data)
(unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
Revenues (1)
$
144,751
$
126,736
$
419,131
$
366,829
Cost of revenues (2)
77,895
69,726
228,988
201,278
Gross profit
66,856
57,010
190,143
165,551
Operating expenses: Sales and marketing
27,966
22,664
79,709
63,067
Research and development
33,099
30,763
96,062
86,987
General and administrative
22,614
20,352
66,467
57,890
Acquisition related costs
352
476
882
2,514
Amortization of acquired intangibles
4,422
4,483
13,266
13,465
Lease and other restructuring charges (3)
5,494
1,244
6,031
2,056
Total operating expenses
93,947
79,982
262,417
225,979
Loss from operations
(27,091
)
(22,972
)
(72,274
)
(60,428
)
Total other income (expense), net
(231
)
(8,015
)
(2,125
)
(26,028
)
Loss before income taxes
(27,322
)
(30,987
)
(74,399
)
(86,456
)
Provision for income taxes
(469
)
(596
)
(2,173
)
(909
)
Net loss
$
(27,791
)
$
(31,583
)
$
(76,572
)
$
(87,365
)
Other comprehensive gain (loss): Unrealized loss on
available-for-sale investments
(746
)
(8
)
(2,363
)
(3
)
Foreign currency translation adjustment
(291
)
163
(1,105
)
128
Comprehensive loss
$
(28,828
)
$
(31,428
)
$
(80,040
)
$
(87,240
)
Net loss per common share: Net loss per common share, basic and
diluted
$
(0.48
)
$
(0.56
)
$
(1.34
)
$
(1.55
)
Weighted average common shares outstanding, basic and diluted
57,362
56,559
57,205
56,242
(1)
Includes deferred revenue
reduction from purchase accounting of $0.1 million and $0.6 million
for the three months ended September 30, 2022 and 2021,
respectively, and $0.5 million and $1.7 million for the nine months
ended September 30, 2022 and 2021, respectively.
(2)
Includes amortization of acquired
technology of $5.6 million for each of the three months ended
September 30, 2022 and 2021, and $16.8 million and $16.4 million
for the nine months ended September 30, 2022 and 2021,
respectively.
(3)
Lease and other restructuring
charges include costs related to the early vacating of various
facilities and any related impairment of the right of use assets,
partially offset by anticipated sublease income from these
facilities and severance and other related compensation
charges.
Q2 Holdings, Inc. Condensed Consolidated
Statements of Cash Flows (in thousands) (unaudited)
Nine Months Ended September
30,
2022
2021
Cash flows from operating activities: Net loss
$
(76,572
)
$
(87,365
)
Adjustments to reconcile net loss to net cash from operating
activities: Amortization of deferred implementation, solution and
other costs
17,227
17,394
Depreciation and amortization
45,237
40,580
Amortization of debt issuance costs
2,043
1,550
Amortization of debt discount
-
19,398
Amortization of premiums on investments
311
751
Stock-based compensation expense
51,208
41,796
Deferred income taxes
943
52
Loss on extinguishment of debt
-
1,513
Other non-cash charges
6,178
2,517
Changes in operating assets and liabilities
(54,821
)
(46,572
)
Net cash used in operating activities
(8,246
)
(8,386
)
Cash flows from investing activities: Net maturities
(purchases) of investments
(100,928
)
30,793
Purchases of property and equipment
(8,933
)
(16,059
)
Business combinations, net of cash acquired
-
(64,652
)
Capitalized software development costs
(15,662
)
(3,908
)
Net cash used in investing activities
(125,523
)
(53,826
)
Cash flows from financing activities: Payments for
repurchases of convertible notes
-
(63,692
)
Proceeds from bond hedges related to convertible notes
-
26,295
Payments for warrants related to convertible notes
-
(19,655
)
Proceeds from exercise of stock options and ESPP
3,254
5,822
Net cash provided by (used in) financing activities
3,254
(51,230
)
Net decrease in cash, cash equivalents, and restricted cash
(130,515
)
(113,442
)
Cash, cash equivalents, and restricted cash, beginning of period
325,821
411,185
Cash, cash equivalents, and restricted cash, end of period
$
195,306
$
297,743
Q2 Holdings, Inc. Reconciliation of GAAP to Non-GAAP
Measures (in thousands, except per share data) (unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
GAAP revenue
$
144,751
$
126,736
$
419,131
$
366,829
Deferred revenue reduction from
purchase accounting
104
554
515
1,677
Non-GAAP revenue
$
144,855
$
127,290
$
419,646
$
368,506
GAAP gross profit
$
66,856
$
57,010
$
190,143
$
165,551
Stock-based compensation
2,898
2,728
8,972
8,026
Amortization of acquired technology
5,603
5,604
16,810
16,365
Acquisition related costs
-
105
-
327
Deferred revenue reduction from purchase accounting
104
554
515
1,677
Non-GAAP gross profit
$
75,461
$
66,001
$
216,440
$
191,946
Non-GAAP gross margin: Non-GAAP gross profit
$
75,461
$
66,001
$
216,440
$
191,946
Non-GAAP revenue
144,855
127,290
419,646
368,506
Non-GAAP gross margin
52.1
%
51.9
%
51.6
%
52.1
%
GAAP sales and marketing expense
$
27,966
$
22,664
$
79,709
$
63,067
Stock-based compensation
(4,286
)
(2,885
)
(11,624
)
(8,352
)
Non-GAAP sales and marketing expense
$
23,680
$
19,779
$
68,085
$
54,715
GAAP research and development expense
$
33,099
$
30,763
$
96,062
$
86,987
Stock-based compensation
(3,661
)
(3,388
)
(10,363
)
(10,039
)
Non-GAAP research and development expense
$
29,438
$
27,375
$
85,699
$
76,948
GAAP general and administrative expense
$
22,614
$
20,352
$
66,467
$
57,890
Stock-based compensation
(5,919
)
(5,068
)
(17,341
)
(14,374
)
Non-GAAP general and administrative expense
$
16,695
$
15,284
$
49,126
$
43,516
GAAP operating loss
$
(27,091
)
$
(22,972
)
$
(72,274
)
$
(60,428
)
Deferred revenue reduction from purchase accounting
104
554
515
1,677
Stock-based compensation
16,764
14,069
48,300
40,791
Acquisition related costs
352
581
882
2,841
Amortization of acquired technology
5,603
5,604
16,810
16,365
Amortization of acquired intangibles
4,422
4,483
13,266
13,465
Lease and other restructuring charges
5,494
1,244
6,031
2,056
Non-GAAP operating income
$
5,648
$
3,563
$
13,530
$
16,767
GAAP net loss
$
(27,791
)
$
(31,583
)
$
(76,572
)
$
(87,365
)
Deferred revenue reduction from purchase accounting
104
554
515
1,677
Loss on extinguishment of debt
-
-
-
1,513
Stock-based compensation
16,764
14,069
48,300
40,791
Acquisition related costs
352
581
882
2,841
Amortization of acquired technology
5,603
5,604
16,810
16,365
Amortization of acquired intangibles
4,422
4,483
13,266
13,465
Lease and other restructuring charges
5,494
1,244
6,031
2,056
Amortization of debt discount and issuance costs
676
6,849
2,043
20,948
Non-GAAP net income
$
5,624
$
1,801
$
11,275
$
12,291
Reconciliation from diluted weighted-average number of
common shares as reported to Non-GAAP diluted weighted-average
number of common shares Diluted weighted-average number of common
shares, as reported
57,362
56,559
57,205
56,242
Non-GAAP weighted-average effect of potentially dilutive shares
238
802
335
1,148
Non-GAAP diluted weighted-average number of common shares
57,600
57,361
57,540
57,390
Calculation of non-GAAP income per share: Non-GAAP net
income
$
5,624
$
1,801
$
11,275
$
12,291
Non-GAAP diluted weighted-average number of common shares
57,600
57,361
57,540
57,390
Non-GAAP net income per share
$
0.10
$
0.03
$
0.20
$
0.21
Reconciliation of GAAP net loss to adjusted EBITDA: GAAP net
loss
$
(27,791
)
$
(31,583
)
$
(76,572
)
$
(87,365
)
Depreciation and amortization
15,291
14,082
45,237
40,580
Stock-based compensation
16,764
14,069
48,300
40,791
Provision for income taxes
469
596
2,173
909
Interest and other (income) expense, net
137
7,761
1,975
24,056
Acquisition related costs
352
581
882
2,841
Lease and other restructuring charges
5,494
1,244
6,031
2,056
Loss on extinguishment of debt
-
-
-
1,513
Deferred revenue reduction from purchase accounting
104
554
515
1,677
Adjusted EBITDA
$
10,820
$
7,304
$
28,541
$
27,058
Q2 Holdings, Inc. Reconciliation of GAAP to
Non-GAAP Revenue Outlook (in thousands)
Q4 2022 Outlook
Full Year 2022 Outlook
Low
High
Low
High
GAAP revenue
$
148,271
$
150,271
$
567,356
$
569,356
Deferred revenue reduction from
purchase accounting
129
129
644
644
Non-GAAP revenue
$
148,400
$
150,400
$
568,000
$
570,000
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221107005832/en/
MEDIA CONTACT: Jean Kondo Q2 Holdings, Inc. M:
+1-510-823-4728 jean.kondo@Q2.com
INVESTOR CONTACT: Josh Yankovich Q2 Holdings, Inc. O:
+1-512-682-4463 josh.yankovich@Q2.com
Grafico Azioni Q2 (NYSE:QTWO)
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