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, 2023.
GAAP Results for the Third Quarter 2023
- Revenue for the third quarter of $155.0 million, up 7 percent
year-over-year and flat from the second quarter of 2023.
- GAAP gross margin for the third quarter of 47.8 percent, up
from 46.2 percent in the prior-year quarter and flat with 47.8
percent in the second quarter of 2023.
- GAAP net loss for the third quarter of $23.2 million compared
to GAAP net losses of $27.8 million for the prior-year quarter and
$23.6 million for the second quarter of 2023.
Non-GAAP Results for the Third Quarter 2023
- Non-GAAP revenue for the third quarter of $155.0 million, up 7
percent year-over-year and flat from the second quarter of
2023.
- Non-GAAP gross margin for the third quarter of 53.9 percent, up
from 52.1 percent for the prior-year quarter and down from 54.2
percent for the second quarter of 2023.
- Adjusted EBITDA for the third quarter of $19.7 million, up from
$10.8 million for the prior-year quarter and $17.6 million for the
second quarter of 2023.
For a reconciliation of our GAAP to non-GAAP results, please see
the tables below.
“In the third quarter, we saw financial institutions' focus on
deposit growth drive strong demand for our solutions,” said Q2 CEO
Matt Flake. “Our track record of innovation and our focus on
customer experience helped us capitalize on that demand in the
quarter—we signed a number of net new and expansion deals,
including two of the top 10 largest digital banking deals in
company history. When you consider our recent execution and the
strength of our pipeline, we're confident in our ability to deliver
on our profitable growth strategy for the remainder of the year and
into 2024.”
Third Quarter Highlights
- Signed one Enterprise and one Tier 1 digital banking contract
including a:
- Top 20 U.S. bank to utilize our commercial and small business
banking solutions; and
- Tier 1 U.S. bank to utilize our retail, small business and
commercial banking solutions.
- Signed two Enterprise and one Tier 1 digital lending contract
including:
- Expansions with two Top 10 U.S. banks utilizing our loan and
relationship pricing solutions; and
- An expansion with a Tier 1 U.S. bank to utilize our loan and
relationship pricing solutions.
- Signed one of our largest fintech customers to a Helix contract
to expand the use of our embedded finance solutions.
- Supported a digital-only brand launch for a U.S. bank,
utilizing our Helix platform.
- Continued investment in innovation, highlighted by the recent
announcements of Q2 Fabric and Andi Copilot.
- Exited the third quarter with over 22.0 million registered
users on the Q2 digital banking platform, representing 5 percent
year-over-year growth and 2 percent sequential growth.
"We delivered solid results in the quarter, with adjusted EBITDA
that once again exceeded the high end of our guidance,” said David
Mehok, Q2 CFO. “We continue to drive meaningful profitability
expansion, with an increase of over 500 basis points of adjusted
EBITDA margin for the quarter compared to the prior year period.
Based on the expected acceleration of subscription revenue and
increased cost efficiencies in the fourth quarter, we are raising
our adjusted EBITDA outlook for the remainder of the year.”
As of November 1, 2023, Q2 Holdings is providing guidance for
its fourth quarter of 2023 and updated guidance for its full-year
2023, 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 fourth quarter of 2023
as follows:
- Total non-GAAP revenue of $160.3 million to $163.3 million,
which would represent year-over-year growth of 9 percent to 11
percent.
- Adjusted EBITDA of $21.2 million to $23.2 million, representing
13 to 14 percent of non-GAAP revenue for the quarter.
Q2 Holdings is providing updated guidance for the full-year 2023
as follows:
- Total non-GAAP revenue of $622.5 million to $625.5 million,
which would represent year-over-year growth of 10 percent.
- Adjusted EBITDA of $75.0 million to $77.0 million, representing
12 percent of non-GAAP revenue for the year.
Conference Call Details
Date:
Wednesday, November 1, 2023
Time:
5:00 p.m. EDT
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/336425414
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 banking and lending
solutions to banks, credit unions, alternative finance companies,
and fintechs in the U.S. and internationally. Q2’s comprehensive
solution set allows its customers to better onboard, grow and serve
their consumer, small business and corporate clients. 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. 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; 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 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: our continued execution and the
strength of our pipeline; our ability to deliver on our profitable
growth strategy for the remainder of the year and into 2024;
expected acceleration of subscription revenue; increased cost
efficiencies in the fourth quarter; 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) uncertainties in the financial services industry, including as
a result of recent bank failures, and the potential impacts on Q2’s
customers' prospects and Q2’s business sales cycles, Q2’s
prospects' and customers' spending decisions, including
professional services which are more discretionary in nature, and
the timing of customer implementation and purchasing decisions; (b)
the risk of increased or new competition in Q2’s existing markets
and as Q2 enter new markets or new sections of existing markets, or
as Q2 offer 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
associated with anticipated higher operating expenses for the
remainder of 2023 and beyond; (f) the impact that rising interest
rates, inflation, an economic slowdown, or challenges in the
financial services industry, financial markets and credit markets
have had to date or in the future could have on account holder or
end user, or End User, usage of Q2’s solutions, including the
promotion and adoption of Q2’s Helix and payment solutions, and on
Q2’s customers' prospects and Q2’s business sales cycles, Q2’s
prospects' and customers' spending decisions, including for
professional services which are more discretionary in nature, and
the timing of customer implementation and purchasing decisions; (g)
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 macroeconomic factors, including increased
employee turnover, labor shortages, wage inflation and extreme
competition for talent; (h) the risk that the residual impacts of
the COVID-19 pandemic continue to or that any renewed efforts to
limit its spread could negatively impact or disrupt the markets for
Q2's solutions and that the markets for Q2's solutions do not
return to normal or grow as anticipated; (i) 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 Q2’s control; (j) the risks associated with effectively
managing Q2’s cost structure in light of the challenging
macroeconomic environment, challenges in the financial services
industry and from the effects of seasonal or other unexpected
trends; (k) the risks associated with the general economic and
geopolitical uncertainties, including the heightened risk of
state-sponsored cyberattacks on financial services and other
critical infrastructure, and continued or increased inflation
driven by unpredictable economic impacts that have and may continue
to negatively affect demand for Q2's solutions; (l) the risks
associated with managing Q2’s business in response to continued
challenging macroeconomic conditions, challenges in the financial
services industry and any anticipated or resulting recession; (m)
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 financial
technology companies, or FinTechs, or alternative finance
companies, or Alt-FIs, 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; (n) 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; (o) the
risk that errors, interruptions or delays in Q2’s solutions or Web
hosting negatively impacts Q2’s business and sales; (p) 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; (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 Q2’s customers and relevant governmental
authorities; (r) regulatory risks, including risks related to
evolving regulation of artificial intelligence, or AI, machine
learning and the receipt, collection, storage, processing and
transfer of data; (s) the risks associated with Q2’s sales and
marketing capabilities, including partner relationships and the
length, cost and unpredictability of Q2’s sales cycle; (t) the
risks inherent in third-party technology and implementation
partnerships that could cause harm to Q2’s business; (u) the risk
that Q2 will not be able to maintain historical contract terms such
as pricing and duration; (v) the general risks associated with the
complexity of Q2’s customer arrangements and Q2’s solutions; (w)
the risks associated with integrating acquired companies and
successfully selling and maintaining their solutions; (x)
litigation related to intellectual property and other matters and
any related claims, negotiations and settlements; (y) the risks
associated with further consolidation in the financial services
industry; (z) the risks associated with selling Q2’s solutions
internationally and with the recent expansion of Q2’s international
operations; and (aa) the risk that Q2’s debt repayment obligations
may adversely affect Q2’s 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)
(unaudited)
September 30, 2023
December 31, 2022
Assets
Current assets:
Cash and cash equivalents
$
155,993
$
199,600
Restricted cash
2,069
2,302
Investments
134,789
233,753
Accounts receivable, net
44,451
46,735
Contract assets, current portion, net
10,845
8,909
Prepaid expenses and other current
assets
14,633
10,832
Deferred solution and other costs, current
portion
25,162
21,117
Deferred implementation costs, current
portion
8,753
7,828
Total current assets
396,695
531,076
Property and equipment, net
44,813
56,695
Right of use assets
34,105
39,837
Deferred solution and other costs, net of
current portion
27,093
26,410
Deferred implementation costs, net of
current portion
21,062
18,713
Intangible assets, net
128,354
145,681
Goodwill
512,869
512,869
Contract assets, net of current portion
and allowance
10,823
16,186
Other long-term assets
3,435
2,259
Total assets
$
1,179,249
$
1,349,726
Liabilities and stockholders'
equity
Current liabilities:
Accounts payable and accrued
liabilities
$
51,244
$
54,263
Convertible notes, current portion
—
10,903
Deferred revenues, current portion
115,777
117,468
Lease liabilities, current portion
9,071
9,408
Total current liabilities
176,092
192,042
Convertible notes, net of current
portion
489,969
657,789
Deferred revenues, net of current
portion
17,932
21,691
Lease liabilities, net of current
portion
46,890
52,991
Other long-term liabilities
7,339
6,189
Total liabilities
738,222
930,702
Stockholders' equity:
Common stock
6
6
Additional paid-in capital
1,050,630
982,300
Accumulated other comprehensive loss
(1,994
)
(2,972
)
Accumulated deficit
(607,615
)
(560,310
)
Total stockholders' equity
441,027
419,024
Total liabilities and stockholders'
equity
$
1,179,249
$
1,349,726
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,
2023
2022
2023
2022
Revenues (1)
$
154,967
$
144,751
$
462,506
$
419,131
Cost of revenues (2)
80,834
77,895
241,248
228,988
Gross profit
74,133
66,856
221,258
190,143
Operating expenses:
Sales and marketing
26,123
27,966
82,968
79,709
Research and development
34,542
33,099
103,063
96,062
General and administrative
28,084
22,614
79,903
66,467
Transaction-related costs
3
352
24
882
Amortization of acquired intangibles
5,250
4,422
15,764
13,266
Lease and other restructuring charges
3,303
5,494
7,576
6,031
Total operating expenses
97,305
93,947
289,298
262,417
Loss from operations
(23,172
)
(27,091
)
(68,040
)
(72,274
)
Total other income (expense), net (3)
1,011
(231
)
22,238
(2,125
)
Loss before income taxes
(22,161
)
(27,322
)
(45,802
)
(74,399
)
Provision for income taxes
(1,006
)
(469
)
(1,503
)
(2,173
)
Net loss
$
(23,167
)
$
(27,791
)
$
(47,305
)
$
(76,572
)
Other comprehensive income (loss):
Unrealized gain (loss) on
available-for-sale investments
423
(746
)
1,285
(2,363
)
Foreign currency translation
adjustment
(470
)
(291
)
(307
)
(1,105
)
Comprehensive loss
$
(23,214
)
$
(28,828
)
$
(46,327
)
$
(80,040
)
Net loss per common share:
Net loss per common share, basic and
diluted
$
(0.40
)
$
(0.48
)
$
(0.81
)
$
(1.34
)
Weighted average common shares
outstanding, basic and diluted
58,492
57,362
58,223
57,205
(1)
Includes deferred revenue reduction from
purchase accounting of $0.1 million for each of the three months
ended September 30, 2023 and 2022, and $0.3 million and $0.5
million for the nine months ended September 30, 2023 and 2022,
respectively.
(2)
Includes amortization of acquired
technology of $5.9 million and $5.6 million for the three months
ended September 30, 2023 and 2022, respectively, and $17.6 million
and $16.8 million for the nine months ended September 30, 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 nine months ended September 30, 2023.
Q2 Holdings, Inc.
Condensed Consolidated
Statements of Cash Flows
(in thousands)
(unaudited)
Nine Months Ended September
30,
2023
2022
Cash flows from operating
activities:
Net loss
$
(47,305
)
$
(76,572
)
Adjustments to reconcile net loss to net
cash from operating activities:
Amortization of deferred implementation,
solution and other costs
19,184
17,227
Depreciation and amortization
53,764
45,237
Amortization of debt issuance costs
1,608
2,043
Amortization of premiums and discounts on
investments
(2,791
)
311
Stock-based compensation expense
59,819
51,208
Deferred income taxes
(120
)
943
(Gain) loss on extinguishment of debt
(19,312
)
—
Other non-cash charges
4,186
6,178
Changes in operating assets and
liabilities
(35,318
)
(53,882
)
Net cash provided by (used in) operating
activities
33,715
(7,307
)
Cash flows from investing
activities:
Net maturities (purchases) of
investments
102,559
(100,928
)
Purchases of property and equipment
(4,568
)
(8,933
)
Capitalized software development costs
(19,322
)
(15,662
)
Net cash provided by (used in) investing
activities
78,669
(125,523
)
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
4,322
3,254
Net cash provided by (used in) financing
activities
(156,087
)
3,254
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
(137
)
(939
)
Net decrease in cash, cash equivalents and
restricted cash
(43,840
)
(130,515
)
Cash, cash equivalents and restricted
cash, beginning of period
201,902
325,821
Cash, cash equivalents and restricted
cash, end of period
$
158,062
$
195,306
Q2 Holdings, Inc.
Reconciliation of GAAP to
Non-GAAP Measures
(in thousands)
(unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
GAAP revenue
$
154,967
$
144,751
$
462,506
$
419,131
Deferred revenue reduction from purchase
accounting
76
104
275
515
Non-GAAP revenue
$
155,043
$
144,855
$
462,781
$
419,646
GAAP gross profit
$
74,133
$
66,856
$
221,258
$
190,143
Stock-based compensation
3,373
2,898
10,323
8,972
Amortization of acquired technology
5,885
5,603
17,648
16,810
Transaction-related costs
—
—
—
—
Lease and other restructuring charges
132
—
561
—
Deferred revenue reduction from purchase
accounting
76
104
275
515
Non-GAAP gross profit
$
83,599
$
75,461
$
250,065
$
216,440
Non-GAAP gross margin:
Non-GAAP gross profit
$
83,599
$
75,461
$
250,065
$
216,440
Non-GAAP revenue
155,043
144,855
462,781
419,646
Non-GAAP gross margin
53.9
%
52.1
%
54.0
%
51.6
%
GAAP sales and marketing expense
$
26,123
$
27,966
$
82,968
$
79,709
Stock-based compensation
(4,050
)
(4,286
)
(13,133
)
(11,624
)
Non-GAAP sales and marketing expense
$
22,073
$
23,680
$
69,835
$
68,085
GAAP research and development expense
$
34,542
$
33,099
$
103,063
$
96,062
Stock-based compensation
(3,908
)
(3,661
)
(11,691
)
(10,363
)
Non-GAAP research and development
expense
$
30,634
$
29,438
$
91,372
$
85,699
GAAP general and administrative
expense
$
28,084
$
22,614
$
79,903
$
66,467
Stock-based compensation
(9,778
)
(5,919
)
(24,672
)
(17,341
)
Non-GAAP general and administrative
expense
$
18,306
$
16,695
$
55,231
$
49,126
GAAP operating loss
$
(23,172
)
$
(27,091
)
$
(68,040
)
$
(72,274
)
Deferred revenue reduction from purchase
accounting
76
104
275
515
Stock-based compensation
21,109
16,764
59,819
48,300
Transaction-related costs
3
352
24
882
Amortization of acquired technology
5,885
5,603
17,648
16,810
Amortization of acquired intangibles
5,250
4,422
15,764
13,266
Lease and other restructuring charges
3,435
5,494
8,137
6,031
Non-GAAP operating income
$
12,586
$
5,648
$
33,627
$
13,530
Reconciliation of GAAP net loss to
adjusted EBITDA:
GAAP net loss
$
(23,167
)
$
(27,791
)
$
(47,305
)
$
(76,572
)
Depreciation and amortization
18,286
15,291
53,764
45,237
Stock-based compensation
21,109
16,764
59,819
48,300
Provision for income taxes
1,006
469
1,503
2,173
Interest and other (income) expense,
net
(1,091
)
137
(2,593
)
1,975
Transaction-related costs
3
352
24
882
Lease and other restructuring charges
3,435
5,494
8,137
6,031
(Gain) loss on extinguishment of debt
—
—
(19,869
)
—
Deferred revenue reduction from purchase
accounting
76
104
275
515
Adjusted EBITDA
$
19,657
$
10,820
$
53,755
$
28,541
Q2 Holdings, Inc.
Reconciliation of Free Cash
Flow
(in thousands)
(unaudited)
Nine Months Ended September
30,
2023
2022
Net cash provided by (used in) operating
activities
$
33,715
$
(7,307
)
Purchases of property and equipment
(4,568
)
(8,933
)
Capitalized software development costs
(19,322
)
(15,662
)
Free cash flow
$
9,825
$
(31,902
)
Q2 Holdings, Inc.
Reconciliation of GAAP to
Non-GAAP Revenue Outlook
(in thousands)
(unaudited)
Q4 2023 Outlook
Full Year 2023 Outlook
Low
High
Low
High
GAAP revenue
$
160,230
$
163,230
$
622,155
$
625,155
Deferred revenue reduction from purchase
accounting
70
70
345
345
Non-GAAP revenue
$
160,300
$
163,300
$
622,500
$
625,500
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231101509261/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
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