Q2 Holdings, Inc. (NYSE:QTWO), a leading provider of digital
transformation solutions for financial services, today announced
results for its fourth quarter and full year ending December 31,
2023.
GAAP Results for the Fourth Quarter and Full-Year
2023
- Revenue for the fourth quarter of $162.1 million, up 11 percent
year-over-year and up 5 percent from the third quarter of 2023.
Full-year 2023 revenue of $624.6 million, up 10 percent
year-over-year.
- GAAP gross margin for the fourth quarter of 50.2 percent, up
from 45.2 percent for the prior-year quarter and up from 47.8
percent for the third quarter of 2023. GAAP gross margin for
full-year 2023 of 48.5 percent, up from 45.3 percent for the
full-year 2022.
- GAAP net loss for the fourth quarter of $18.1 million, compared
to GAAP net losses of $32.4 million for the prior-year quarter and
$23.2 million for the third quarter of 2023. GAAP net loss for
full-year 2023 of $65.4 million, compared to $109.0 million for
full-year 2022.
Non-GAAP Results for the Fourth Quarter and Full-Year
2023
- Non-GAAP revenue for the fourth quarter of $162.2 million, up
11 percent year-over-year and up 5 percent from the third quarter
of 2023. Full-year 2023 non-GAAP revenue of $625.0 million, up 10
percent year-over-year.
- Non-GAAP gross margin for the fourth quarter of 56.0 percent,
up from the prior-year quarter of 51.5 percent and up from 53.9
percent for the third quarter of 2023. Non-GAAP gross margin for
full-year 2023 of 54.5 percent, up from 51.6 percent for full-year
2022.
- Adjusted EBITDA for the fourth quarter of $23.2 million, up
from $8.4 million for the prior-year quarter and $19.7 million for
the third quarter of 2023. Full-year 2023 adjusted EBITDA of $76.9
million, up from $36.9 million for the full-year 2022.
For a reconciliation of our GAAP to non-GAAP results, please see
the tables below.
“We closed out 2023 with our best bookings performance in
company history, which included our two largest deals ever,” said
Q2 CEO Matt Flake. “Our customers' focus on deposit growth drove
heightened demand for our solutions throughout 2023, and our
competitive differentiation enabled us to make 2023 a record year
that included our highest-ever net new bookings, renewals, and
backlog growth. This, coupled with our marked improvements in
profitability expansion in the year, gives me confidence in our
trajectory for 2024 and beyond.”
Fourth Quarter Highlights
- Signed four Tier 1 digital banking contracts including
(a):
- Top 10 U.S. Credit Union to utilize our retail solutions;
- Three banks to utilize our commercial and small business
solutions.
- Signed a new Top 4 U.S. bank to a relationship pricing solution
contract.
- Signed an expansion deal with an existing Top 4 U.S. bank
customer to further utilize our relationship pricing
solutions.
- Subscription Annualized Recurring Revenue increased to $593.9
million, up 19 percent year-over-year from $500.9 million at the
end of 2022.
- Remaining Performance Obligation total, or Backlog, increased
by $269.2 million sequentially, resulting in total committed
Backlog of approximately $1.8 billion at quarter-end, representing
17 percent sequential growth and 23 percent year-over-year
growth.
“We delivered strong financial results to close out the year,
with adjusted EBITDA at the high end of our guidance,” said David
Mehok, Q2 CFO. “We've made significant strides in key financial
metrics throughout 2023, effectively managing costs and
strategically deploying capital. This led to more than doubling our
full-year Adjusted EBITDA and a substantial increase in annual free
cash flow when compared to the prior year. We believe that a strong
demand environment and our progress on profitability improvements
positions us well to execute on our new three-year financial
targets.”
Financial Outlook
As of February 21, 2024, Q2 Holdings is providing guidance for
its first quarter of 2024 and full-year 2024, 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,
transaction-related costs, interest and other (income) expense,
income taxes, lease and other restructuring charges, (gain) 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
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 first quarter of 2024
as follows:
- Total non-GAAP revenue of $161.7 million to $164.7 million,
which would represent year-over-year growth of 6 to 8 percent.
- Adjusted EBITDA of $22.0 million to $24.0 million, representing
13 to 15 percent of non-GAAP revenue for the quarter.
Q2 Holdings is providing guidance for the full-year 2024 as
follows:
- Total non-GAAP revenue of $683.0 million to $689.0 million,
which would represent year-over-year growth of 9 to 10
percent.
- Adjusted EBITDA of $107.0 million to $111.0 million,
representing approximately 16 percent of non-GAAP revenue for the
year.
New Three-Year Financial Targets
Q2 Holdings is providing new three-year targets, for the years
2024 through 2026 as follows:
- Average annual subscription revenue growth of approximately 14
percent.
- Average annual adjusted EBITDA margin expansion of 300 to 400
basis points.
- Free Cash Flow of greater than 70 percent of our total Adjusted
EBITDA for the full year of 2026.
Conference Call Details
Date:
Wednesday, February 21, 2024
Time:
5:00 p.m. EST
Hosts:
Matt Flake, CEO / David Mehok, CFO / Kirk
Coleman, President / Jonathan Price, EVP Strategy and Emerging
Businesses
Conference Call Registration:
https://conferencingportals.com/event/sPCVBfoJ
Webcast Registration:
https://events.q4inc.com/attendee/606425959
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. Q2 has
used, and intends to continue to use, its investor relations
website as a means of disclosing material non-public information
and for complying with its disclosure obligations under Regulation
FD.
About Q2 Holdings, Inc.
Q2 is a leading provider of digital transformation solutions for
financial services, serving banks, credit unions, alternative
finance companies, and fintechs in the U.S. and internationally. Q2
enables its financial institutions and fintech companies to provide
comprehensive, data-driven digital engagement solutions for
consumers, small businesses and corporate clients. Headquartered in
Austin, Texas, Q2 has offices worldwide and is publicly traded on
the NYSE under the stock symbol QTWO. To learn more, please visit
Q2.com. Follow us on LinkedIn and X to stay up to date.
Use of Non-GAAP Measures
Q2 uses the following non-GAAP financial measures: non-GAAP
revenue; adjusted EBITDA; adjusted EBITDA margin; 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); and free cash flow. 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,
transaction-related costs, lease and other restructuring charges,
(gain) loss on extinguishment of debt and the impact to deferred
revenue from purchase accounting. In the case of adjusted EBITDA
margin, Q2 calculates adjusted EBITDA margin by dividing adjusted
EBITDA by non-GAAP revenue. 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,
transaction-related costs, lease and other restructuring charges
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), Q2 adjusts operating income (loss), for stock-based
compensation, transaction-related costs, amortization of acquired
technology, amortization of acquired intangibles, lease and other
restructuring charges, and the impact to deferred revenue from
purchase accounting. In the case of free cash flow, Q2 adjusts net
cash provided by (used in) operating activities for purchases of
property and equipment and capitalized software development
costs.
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: strong demand for our solutions; our
competitive differentiation; improvements in profitability
expansion; our trajectory for 2024 and beyond; our progress on
profitability improvements; our new three-year financial targets
and our ability to execute on them; 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) global macroeconomic uncertainties and challenges in the
financial services industry and credit markets, including as a
result of recent bank failures, inflation and higher interest rates
and their potential impacts on Q2's prospects' and customers'
operations, the timing of prospect and customer implementations and
purchasing decisions, Q2's business sales cycles and on account
holder or end user, or End User, usage of Q2's solutions; (b) the
risk of increased or new competition in Q2's existing markets and
as Q2 enters new markets or new segments of existing markets, or as
Q2 offers new solutions; (c) the risks associated with the
development of Q2's solutions and changes to the market for Q2's
solutions compared to Q2's expectations; (d) quarterly fluctuations
in Q2's operating results relative to Q2's expectations and
guidance and the accuracy of Q2's forecasts; (e) the risks and
increased costs associated with managing growth and the challenges
associated with improving global operations, hiring, retaining and
motivating employees to support such growth, particularly in light
of recent macroeconomic factors, including increased employee
turnover, labor shortages, wage inflation and competition for
talent; (f) the risks associated with Q2's transactional business
which are typically driven by End-User behavior and can be
influenced by external drivers outside of Q2's control; (g) the
risks associated with effectively managing Q2's business and cost
structure in an uncertain macroeconomic environment, including as a
result of challenges in the financial services industry and the
effects of seasonal or other unexpected trends; (h) the risks
associated with geopolitical uncertainties, including the
heightened risk of state-sponsored cyberattacks on financial
services and other critical infrastructure; (i) the risks
associated with accurately forecasting and managing the impacts of
any macroeconomic downturn or challenges in the financial services
industry on Q2's customers and their End Users, including in
particular the impacts of any downturn on fintechs or alternative
finance companies, and Q2's arrangements with them, which represent
a newer market opportunity for us, a more complex revenue model for
us and which may be more vulnerable to an economic downturn than
Q2's financial institution customers; (j) 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; (k) the risk that errors,
interruptions or delays in Q2's solutions or Web hosting negatively
impacts Q2's business and sales; (l) the risks associated with
cyberattacks, data and privacy breaches and breaches of security
measures within Q2's products, systems and infrastructure or the
products, systems and infrastructure of third parties upon which Q2
relies and the resultant costs and liabilities and harm to Q2's
business and reputation and Q2's ability to sell Q2's solutions;
(m) the difficulties and risks associated with developing and
selling complex new solutions and enhancements, including those
using artificial intelligence, or AI, with the technical and
regulatory specifications and functionality required by Q2's
customers and relevant governmental authorities; (n) regulatory
risks, including risks related to evolving regulation of AI and
machine learning and the receipt, collection, storage, processing
and transfer of data; (o) the risks associated with Q2's sales and
marketing capabilities, including partner relationships and the
length, cost and unpredictability of Q2's sales cycle; (p) the
risks inherent in third-party technology and implementation
partnerships that could cause harm to Q2's business; (q) the risk
that Q2 will not be able to maintain historical contract terms such
as pricing and duration; (r) the general risks associated with the
complexity of Q2's customer arrangements and Q2's solutions; (s)
the risks associated with integrating acquired companies and
successfully selling and maintaining their solutions; (t)
litigation related to intellectual property and other matters and
any related claims, negotiations and settlements; (u) the risks
associated with further consolidation in the financial services
industry; (v) the risks associated with selling Q2's solutions
internationally and with the continued expansion of Q2's
international operations; and (w) the risk that Q2's debt repayment
obligations may adversely affect Q2's financial condition 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)
(unaudited)
December 31, 2023
December 31, 2022
Assets
Current assets:
Cash and cash equivalents
$
229,655
$
199,600
Restricted cash
3,977
2,302
Investments
94,353
233,753
Accounts receivable, net
42,899
46,735
Contract assets, current portion, net
9,193
8,909
Prepaid expenses and other current
assets
11,625
10,832
Deferred solution and other costs, current
portion
27,521
21,117
Deferred implementation costs, current
portion
8,741
7,828
Total current assets
427,964
531,076
Property and equipment, net
41,178
56,695
Right of use assets
35,453
39,837
Deferred solution and other costs, net of
current portion
26,090
26,410
Deferred implementation costs, net of
current portion
21,480
18,713
Intangible assets, net
121,572
145,681
Goodwill
512,869
512,869
Contract assets, net of current portion
and allowance
12,210
16,186
Other long-term assets
2,609
2,259
Total assets
$
1,201,425
$
1,349,726
Liabilities and stockholders'
equity
Current liabilities:
Accounts payable and accrued
liabilities
$
62,404
$
54,263
Convertible notes, current portion
—
10,903
Deferred revenues, current portion
118,723
117,468
Lease liabilities, current portion
10,436
9,408
Total current liabilities
191,563
192,042
Convertible notes, net of current
portion
490,464
657,789
Deferred revenues, net of current
portion
17,350
21,691
Lease liabilities, net of current
portion
45,588
52,991
Other long-term liabilities
7,981
6,189
Total liabilities
752,946
930,702
Stockholders' equity:
Common stock
6
6
Additional paid-in capital
1,075,278
982,300
Accumulated other comprehensive loss
(1,111
)
(2,972
)
Accumulated deficit
(625,694
)
(560,310
)
Total stockholders' equity
448,479
419,024
Total liabilities and stockholders'
equity
$
1,201,425
$
1,349,726
Q2 Holdings, Inc.
Condensed Consolidated
Statements of Comprehensive Loss
(in thousands, except per share
data)
(unaudited)
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
Revenues (1)
$
162,118
$
146,542
$
624,624
$
565,673
Cost of revenues (2)
80,725
80,340
321,973
309,328
Gross profit
81,393
66,202
302,651
256,345
Operating expenses:
Sales and marketing
26,554
28,505
109,522
108,214
Research and development
34,271
34,041
137,334
130,103
General and administrative
30,283
23,696
110,186
90,163
Transaction-related costs
—
294
24
1,176
Amortization of acquired intangibles
4,903
4,982
20,667
18,248
Lease and other restructuring charges
3,399
7,171
10,975
13,202
Total operating expenses
99,410
98,689
388,708
361,106
Loss from operations
(18,017
)
(32,487
)
(86,057
)
(104,761
)
Total other income (expense), net (3)
1,997
811
24,235
(1,314
)
Loss before income taxes
(16,020
)
(31,676
)
(61,822
)
(106,075
)
Provision for income taxes
(2,059
)
(735
)
(3,562
)
(2,908
)
Net loss
$
(18,079
)
$
(32,411
)
$
(65,384
)
$
(108,983
)
Other comprehensive income (loss):
Unrealized gain (loss) on
available-for-sale investments
515
490
1,800
(1,873
)
Foreign currency translation
adjustment
368
141
61
(964
)
Comprehensive loss
$
(17,196
)
$
(31,780
)
$
(63,523
)
$
(111,820
)
Net loss per common share:
Net loss per common share, basic and
diluted
$
(0.31
)
$
(0.56
)
$
(1.12
)
$
(1.90
)
Weighted average common shares
outstanding, basic and diluted
58,742
57,582
58,354
57,300
(1)
Includes deferred revenue reduction from
purchase accounting of $0.1 million for each of the three months
ended December 31, 2023 and 2022, and $0.3 million and $0.6 million
for the twelve months ended December 31, 2023 and 2022,
respectively.
(2)
Includes amortization of acquired
technology of $5.8 million and $5.9 million for the three months
ended December 31, 2023 and 2022, respectively, and $23.4 million
and $22.7 million for the twelve months ended December 31, 2023 and
2022, respectively.
(3)
Includes a gain of $19.9 million related
to the early extinguishment of a portion of our 2026 Notes and 2025
Notes for the twelve months ended December 31, 2023.
Q2 Holdings, Inc.
Condensed Consolidated
Statements of Cash Flows
(in thousands)
(unaudited)
Twelve Months Ended December
31,
2023
2022
Cash flows from operating
activities:
Net loss
$
(65,384
)
$
(108,983
)
Adjustments to reconcile net loss to net
cash from operating activities:
Amortization of deferred implementation,
solution and other costs
25,848
23,270
Depreciation and amortization
71,707
61,659
Amortization of debt issuance costs
2,104
2,719
Amortization of premiums and discounts on
investments
(3,192
)
(302
)
Stock-based compensation expense
79,188
65,157
Deferred income taxes
636
1,611
(Gain) loss on extinguishment of debt
(19,312
)
—
Other non-cash charges
4,386
11,919
Changes in operating assets and
liabilities
(25,689
)
(20,494
)
Net cash provided by operating
activities
70,292
36,556
Cash flows from investing
activities:
Net maturities (purchases) of
investments
143,911
(130,463
)
Purchases of property and equipment
(5,673
)
(11,142
)
Capitalized software development costs
(24,970
)
(18,910
)
Business combinations, net of cash
acquired
—
(5,040
)
Net cash provided by (used in) investing
activities
113,268
(165,555
)
Cash flows from financing
activities:
Payment for maturity of 2023 convertible
notes
(10,908
)
—
Payments for repurchases of convertible
notes
(149,640
)
—
Proceeds from capped calls related to
convertible notes
139
—
Proceeds from exercise of stock options
and ESPP
8,397
5,882
Net cash provided by (used in) financing
activities
(152,012
)
5,882
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
182
(802
)
Net increase (decrease) in cash, cash
equivalents, and restricted cash
31,730
(123,919
)
Cash, cash equivalents, and restricted
cash, beginning of period
201,902
325,821
Cash, cash equivalents, and restricted
cash, end of period
$
233,632
$
201,902
Q2 Holdings, Inc.
Reconciliation of GAAP to
Non-GAAP Measures
(in thousands, except per share
data)
(Unaudited)
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
GAAP revenue
$
162,118
$
146,542
$
624,624
$
565,673
Deferred revenue reduction from purchase
accounting
69
129
344
644
Non-GAAP revenue
$
162,187
$
146,671
$
624,968
$
566,317
GAAP gross profit
$
81,393
$
66,202
$
302,651
$
256,345
Stock-based compensation
3,023
3,290
13,346
12,262
Amortization of acquired technology
5,754
5,880
23,402
22,690
Transaction-related costs
—
18
—
18
Lease and other restructuring charges
556
23
1,117
23
Deferred revenue reduction from purchase
accounting
69
129
344
644
Non-GAAP gross profit
$
90,795
$
75,542
$
340,860
$
291,982
Non-GAAP gross margin:
Non-GAAP gross profit
$
90,795
$
75,542
$
340,860
$
291,982
Non-GAAP revenue
162,187
146,671
624,968
566,317
Non-GAAP gross margin
56.0
%
51.5
%
54.5
%
51.6
%
GAAP sales and marketing expense
$
26,554
$
28,505
$
109,522
$
108,214
Stock-based compensation
(3,638
)
(3,755
)
(16,771
)
(15,379
)
Non-GAAP sales and marketing expense
$
22,916
$
24,750
$
92,751
$
92,835
GAAP research and development expense
$
34,271
$
34,041
$
137,334
$
130,103
Stock-based compensation
(3,466
)
(3,624
)
(15,157
)
(13,987
)
Non-GAAP research and development
expense
$
30,805
$
30,417
$
122,177
$
116,116
GAAP general and administrative
expense
$
30,283
$
23,696
$
110,186
$
90,163
Stock-based compensation
(9,242
)
(6,188
)
(33,914
)
(23,529
)
Non-GAAP general and administrative
expense
$
21,041
$
17,508
$
76,272
$
66,634
GAAP operating loss
$
(18,017
)
$
(32,487
)
$
(86,057
)
$
(104,761
)
Deferred revenue reduction from purchase
accounting
69
129
344
644
Stock-based compensation
19,369
16,857
79,188
65,157
Transaction-related costs
—
312
24
1,194
Amortization of acquired technology
5,754
5,880
23,402
22,690
Amortization of acquired intangibles
4,903
4,982
20,667
18,248
Lease and other restructuring charges
3,955
7,194
12,092
13,225
Non-GAAP operating income
$
16,033
$
2,867
$
49,660
$
16,397
Reconciliation of GAAP net loss to
adjusted EBITDA:
GAAP net loss
$
(18,079
)
$
(32,411
)
$
(65,384
)
$
(108,983
)
Depreciation and amortization
17,943
16,422
71,707
61,659
Stock-based compensation
19,369
16,857
79,188
65,157
Provision for income taxes
2,059
735
3,562
2,908
Interest and other (income) expense,
net
(2,131
)
(888
)
(4,724
)
1,087
Transaction-related costs
—
312
24
1,194
Lease and other restructuring charges
3,955
7,194
12,092
13,225
Gain (loss) on extinguishment of debt
—
—
(19,869
)
—
Deferred revenue reduction from purchase
accounting
69
129
344
644
Adjusted EBITDA
$
23,185
$
8,350
$
76,940
$
36,891
Adjusted EBITDA margin
14.3
%
5.7
%
12.3
%
6.5
%
Q2 Holdings, Inc.
Reconciliation of Free Cash
Flow
(in thousands)
(unaudited)
Twelve Months Ended December
31,
2023
2022
Net cash provided by operating
activities
$
70,292
$
36,556
Purchases of property and equipment
(5,673
)
(11,142
)
Capitalized software development costs
(24,970
)
(18,910
)
Free cash flow
$
39,649
$
6,504
Q2 Holdings, Inc.
Reconciliation of GAAP to
Non-GAAP Revenue Outlook
(in thousands)
Q1 2024 Outlook
Full Year 2024 Outlook
Low
High
Low
High
GAAP Revenue
$
161,700
$
164,700
$
683,000
$
689,000
Deferred revenue reduction from purchase
accounting
—
—
—
—
Non-GAAP revenue
$
161,700
$
164,700
$
683,000
$
689,000
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240221512714/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)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Q2 (NYSE:QTWO)
Storico
Da Lug 2023 a Lug 2024