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, 2021.
GAAP Results for the Second Quarter 2021
- Revenue for the second quarter of $123.6 million, up 27 percent
year-over-year and up 6 percent from the first quarter of
2021.
- GAAP gross margin for the second quarter of 44.8 percent, down
from 45.5 percent for the prior-year quarter and 45.7 percent for
the first quarter of 2021.
- GAAP net loss for the second quarter of $30.1 million, compared
to GAAP net losses of $39.0 million for the prior-year quarter and
$25.7 million for the first quarter of 2021.
Non- GAAP Results for the Second Quarter 2021
- Non-GAAP revenue for the second quarter of $124.2 million, up
26 percent year-over-year and up 6 percent from the first quarter
of 2021.
- Non-GAAP gross margin for the second quarter of 51.9 percent,
down from 53.9 percent for the prior-year quarter and 52.6 percent
for the first quarter of 2021.
- Adjusted EBITDA for the second quarter of $9.9 million, up from
$8.1 million for the prior-year quarter and consistent with $9.9
million for the first quarter of 2021.
For a reconciliation of our GAAP to non-GAAP results, please see
the tables below.
“There were a number of key highlights across the business
during the quarter,” said Matt Flake, Q2 CEO. “We had key wins in
digital banking, lending, and banking-as-a-service, and we
announced the launch of Q2 Innovation Studio, which gives our
digital banking customers a powerful set of tools to bring
innovation to their customers faster and differentiate their
offerings. Given the state of our pipeline across the business,
we're optimistic that deal activity will begin to return to
pre-pandemic levels in the back half of the year.”
Second Quarter Highlights
- Signed an Enterprise, Top-30 US bank to loan origination and
ClickSWITCH contracts.
- Signed a Tier 2 credit union to a large digital transformation
contract for a broad set of solutions led by retail and small
business digital banking.
- Signed a Tier 1, $24 billion financial institution to both loan
pricing and data platform as well as Centrix risk management
contracts.
- Signed a loan pricing and data platform contract with an
existing Tier 1 digital banking customer, a $23 billion financial
institution.
- Exited the second quarter with over 18.8 million registered
users on the Q2 Platform, representing 16 percent year-over-year
growth and 3 percent sequential growth from the first quarter of
2021.
“We had a solid financial performance in the second quarter,
delivering results which exceeded the high end of our revenue and
adjusted EBTIDA guidance,” said David Mehok, Q2 CFO. “Our revenue
overachievement combined with operational efficiencies afford us
the ability to continue making strategic investments in
opportunities that we believe will deliver long-term value
creation. The visibility into the second half of the year is
resulting in increased full-year guidance of both revenue and
adjusted EBITDA.”
Financial outlook
As of August 4, 2021, Q2 Holdings is providing guidance for its
third quarter of 2021 and revised guidance for its full-year 2021.
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, income taxes, unoccupied lease charges, partnership
termination 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 third quarter of 2021
as follows:
- Total non-GAAP revenue of $125.0 million to $126.5 million,
which would represent year-over-year growth of 19 percent to 21
percent.
- Adjusted EBITDA of $6.2 million to $6.8 million.
Q2 Holdings is providing updated guidance for the full-year 2021
as follows:
- Total non-GAAP revenue of $497.5 million to $499.5 million,
which would represent year-over-year growth of 22 to 23
percent.
- Adjusted EBITDA of $33.2 million to $34.7 million, representing
7 percent of non-GAAP revenue for the year.
Conference Call Details
Date:
Thursday, August 5, 2021
Time:
8:30 a.m. EDT
Hosts:
Matt Flake, CEO / David Mehok,
CFO
Conference ID:
9212557
Registration:
http://www.directeventreg.com/registration/event/9212557
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 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, taxes, depreciation and amortization,
stock-based compensation, acquisition-related costs, unoccupied
lease charges, partnership termination 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, 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 and loss on
extinguishment of debt. In the case of non-GAAP diluted
weighted-average number of common shares outstanding, Q2 adjusts
GAAP 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 the Company’s 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: the ability of Q2 Innovation Studio to
allow our digital banking customers to bring innovation to their
customers faster and differentiate their offerings; the state of
our pipeline and resulting optimism in deal activity in the back
half of the year; our positive financial results and the ability
they afford us to continue making strategic investments in
opportunities that we believe will deliver long-term value
creation; 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 COVID-19, government actions or other factors
continue to 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, 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 impact 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 or any future period, including that any
declines in bookings growth may not impact Q2’s revenue and
financial performance until future periods; (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 cyberattacks, data 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 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 2021 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) (unaudited)
June 30,
December 31,
2021
2020
Assets Current assets: Cash and cash equivalents
$
317,949
$
407,703
Restricted cash
2,978
3,482
Investments
93,342
131,352
Accounts receivable, net
38,692
36,430
Contract assets, current portion, net
1,234
1,088
Prepaid expenses and other current assets
9,435
8,861
Deferred solution and other costs, current portion
24,499
19,042
Deferred implementation costs, current portion
7,230
8,258
Total current assets
495,359
616,216
Property and equipment, net
65,448
49,558
Right of use assets
57,323
34,709
Deferred solution and other costs, net of current portion
31,504
32,782
Deferred implementation costs, net of current portion
17,865
15,184
Intangible assets, net
179,797
184,859
Goodwill
512,869
462,274
Contract assets, net of current portion and allowance
21,189
18,694
Other long-term assets
2,245
2,426
Total assets
$
1,383,599
$
1,416,702
Liabilities and stockholders' equity Current liabilities:
Accounts payable and accrued liabilities
$
56,034
$
57,047
Deferred revenues, current portion
89,159
81,935
Lease liabilities, current portion
7,842
6,844
Total current liabilities
153,035
145,826
Convertible notes, net of current portion
537,895
557,468
Deferred revenues, net of current portion
24,740
29,203
Lease liabilities, net of current portion
66,280
36,739
Other long-term liabilities
4,154
4,102
Total liabilities
786,104
773,338
Stockholders' equity: Common stock
6
6
Additional paid-in capital
1,034,520
1,024,577
Accumulated other comprehensive loss
(62
)
(32
)
Accumulated deficit
(436,969
)
(381,187
)
Total stockholders' equity
597,495
643,364
Total liabilities and stockholders' equity
$
1,383,599
$
1,416,702
Q2 Holdings, Inc. Condensed Consolidated Statements of
Comprehensive Loss (in thousands, except per share data)
(unaudited)
Three Months Ended June 30, Six Months Ended June
30,
2021
2020
2021
2020
Revenues (1)
$
123,573
$
97,581
$
240,093
$
189,961
Cost of revenues (2) (3)
68,233
53,203
131,552
106,310
Gross profit
55,340
44,378
108,541
83,651
Operating expenses: Sales and marketing (2)
20,587
16,310
40,403
36,194
Research and development (2)
29,429
23,642
56,224
48,600
General and administrative (2)
18,704
17,203
37,538
36,313
Acquisition related costs (4)
1,188
1,127
2,038
(840
)
Amortization of acquired intangibles
4,563
4,491
8,982
8,982
Partnership termination charges
-
13,244
-
13,244
Unoccupied lease charges (5)
812
668
812
668
Total operating expenses
75,283
76,685
145,997
143,161
Loss from operations
(19,943
)
(32,307
)
(37,456
)
(59,510
)
Other income (expense), net
(10,006
)
(6,599
)
(18,013
)
(13,064
)
Loss before income taxes
(29,949
)
(38,906
)
(55,469
)
(72,574
)
Provision for income taxes
(178
)
(65
)
(313
)
(505
)
Net loss
$
(30,127
)
$
(38,971
)
$
(55,782
)
$
(73,079
)
Other comprehensive loss: Unrealized gain (loss) on
available-for-sale investments
(14
)
108
5
(14
)
Foreign currency translation adjustment
(37
)
3
(35
)
(52
)
Comprehensive loss
$
(30,178
)
$
(38,860
)
$
(55,812
)
$
(73,145
)
Net loss per common share: Net loss per common share, basic and
diluted
$
(0.53
)
$
(0.76
)
$
(0.99
)
$
(1.46
)
Weighted average common shares outstanding, basic and diluted
56,360
51,241
56,081
49,911
(1)
Includes deferred revenue reduction from purchase accounting of
$0.6 million and $1.3 million for the three months ended June 30,
2021 and 2020, respectively, and $1.1 million and $2.8 million for
the six months ended June 30, 2021 and 2020, respectively.
(2)
Includes stock-based compensation expense as follows:
Three
Months Ended June 30, Six Months Ended June 30,
2021
2020
2021
2020
Cost of revenues
$
2,763
$
1,904
$
5,298
$
5,312
Sales and marketing
2,930
1,390
5,467
4,144
Research and development
3,506
3,109
6,651
6,879
General and administrative
4,428
4,380
9,306
8,984
Total stock-based compensation expense
$
13,627
$
10,783
$
26,722
$
25,319
(3)
Includes amortization of acquired technology of $5.6 million and
$5.5 million for the three months ended June 30, 2021 and 2020,
respectively, and $10.8 million and $10.9 million for the six
months ended June 30, 2021 and 2020, 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 vacating of various facilities,
partially offset by anticipated sublease income from these
facilities. For the three and six months ended June 30, 2021, the
charges related to an updated assessment of facilities in Georgia
and Texas, and for the three and six months ended June 30, 2020,
the charges related to the vacating of facilities in California.
Q2 Holdings, Inc. Condensed Consolidated Statements of
Cash Flows (in thousands) (unaudited)
Six Months Ended June
30,
2021
2020
Cash flows from operating activities: Net loss
$
(55,782
)
$
(73,079
)
Adjustments to reconcile net loss to net cash from operating
activities: Amortization of deferred implementation, solution and
other costs
11,614
8,608
Depreciation and amortization
26,498
26,046
Amortization of debt issuance costs
1,045
945
Amortization of debt discount
13,054
10,177
Amortization of premiums on investments
458
83
Stock-based compensation expense
27,392
26,065
Deferred income taxes
72
311
Loss on extinguishment of debt
1,513
-
Other non-cash charges
1,221
940
Changes in operating assets and liabilities
(21,076
)
(27,310
)
Net cash provided by (used in) operating activities
6,009
(27,214
)
Cash flows from investing activities: Net maturities of
investments
37,558
19,556
Purchases of property and equipment
(14,379
)
(14,775
)
Business combinations, net of cash acquired
(64,652
)
-
Capitalization of software development costs
(2,307
)
(398
)
Net cash provided by (used in) investing activities
(43,780
)
4,383
Cash flows from financing activities: Proceeds from issuance
of common stock, net of issuance costs
-
311,636
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 to purchase common stock
4,565
4,216
Payment of contingent consideration
-
(16,862
)
Net cash provided by (used in) financing activities
(52,487
)
298,990
Net increase (decrease) in cash, cash equivalents, and restricted
cash
(90,258
)
276,159
Cash, cash equivalents, and restricted cash, beginning of period
411,185
103,562
Cash, cash equivalents, and restricted cash, end of period
$
320,927
$
379,721
Q2 Holdings, Inc. Reconciliation of GAAP to Non-GAAP
Measures (in thousands, except per share data) (unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2021
2020
2021
2020
GAAP revenue
$
123,573
$
97,581
$
240,093
$
189,961
Deferred revenue reduction from
purchase accounting
595
1,321
1,123
2,763
Non-GAAP revenue
$
124,168
$
98,902
$
241,216
$
192,724
GAAP gross profit
$
55,340
$
44,378
$
108,541
$
83,651
Stock-based compensation
2,763
1,904
5,298
5,312
Amortization of acquired technology
5,604
5,452
10,761
10,929
Acquisition related costs
106
233
222
491
Deferred revenue reduction from purchase accounting
595
1,321
1,123
2,763
Non-GAAP gross profit
$
64,408
$
53,288
$
125,945
$
103,146
Non-GAAP gross margin: Non-GAAP gross profit
$
64,408
$
53,288
$
125,945
$
103,146
Non-GAAP revenue
124,168
98,902
241,216
192,724
Non-GAAP gross margin
51.9
%
53.9
%
52.2
%
53.5
%
GAAP sales and marketing expense
$
20,587
$
16,310
$
40,403
$
36,194
Stock-based compensation
(2,930
)
(1,390
)
(5,467
)
(4,144
)
Non-GAAP sales and marketing expense
$
17,657
$
14,920
$
34,936
$
32,050
GAAP research and development expense
$
29,429
$
23,642
$
56,224
$
48,600
Stock-based compensation
(3,506
)
(3,109
)
(6,651
)
(6,879
)
Non-GAAP research and development expense
$
25,923
$
20,533
$
49,573
$
41,721
GAAP general and administrative expense
$
18,704
$
17,203
$
37,538
$
36,313
Stock-based compensation
(4,428
)
(4,380
)
(9,306
)
(8,984
)
Non-GAAP general and administrative expense
$
14,276
$
12,823
$
28,232
$
27,329
GAAP operating loss
$
(19,943
)
$
(32,307
)
$
(37,456
)
$
(59,510
)
Deferred revenue reduction from purchase accounting
595
1,321
1,123
2,763
Partnership termination charges
-
13,244
-
13,244
Stock-based compensation
13,627
10,783
26,722
25,319
Acquisition related costs
1,294
1,361
2,260
(348
)
Amortization of acquired technology
5,604
5,452
10,761
10,929
Amortization of acquired intangibles
4,563
4,491
8,982
8,982
Unoccupied lease charges
812
668
812
668
Non-GAAP operating income
$
6,552
$
5,013
$
13,204
$
2,047
GAAP net loss
$
(30,127
)
$
(38,971
)
$
(55,782
)
$
(73,079
)
Deferred revenue reduction from purchase accounting
595
1,321
1,123
2,763
Partnership termination charges
-
13,244
-
13,244
Loss on extinguishment of debt
1,513
-
1,513
-
Stock-based compensation
13,627
10,783
26,722
25,319
Acquisition related costs
1,294
1,361
2,260
(348
)
Amortization of acquired technology
5,604
5,452
10,761
10,929
Amortization of acquired intangibles
4,563
4,491
8,982
8,982
Unoccupied lease charges
812
668
812
668
Amortization of debt discount and issuance costs
7,093
5,632
14,099
11,122
Non-GAAP net income (loss)
$
4,974
$
3,981
$
10,490
$
(400
)
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
56,360
51,241
56,081
49,911
Non-GAAP weighted-average effect of potentially dilutive shares
1,025
1,870
1,365
-
Non-GAAP diluted weighted-average number of common shares
57,385
53,111
57,446
49,911
Calculation of non-GAAP income (loss) per share: Non-GAAP
net income (loss)
$
4,974
$
3,981
$
10,490
$
(400
)
Non-GAAP diluted weighted-average number of common shares
57,385
53,111
57,446
49,911
Non-GAAP net income (loss) per share
$
0.09
$
0.07
$
0.18
$
(0.01
)
Reconciliation of GAAP net loss to adjusted EBITDA: GAAP net
loss
$
(30,127
)
$
(38,971
)
$
(55,782
)
$
(73,079
)
Depreciation and amortization
13,586
13,029
26,498
26,046
Stock-based compensation
13,627
10,783
26,722
25,319
Provision for income taxes
178
65
313
505
Interest (income) expense, net
8,388
6,584
16,295
12,859
Acquisition related costs
1,294
1,361
2,260
(348
)
Unoccupied lease charges
812
668
812
668
Loss on extinguishment of debt
1,513
-
1,513
-
Deferred revenue reduction from purchase accounting
595
1,321
1,123
2,763
Partnership termination charges
-
13,244
-
13,244
Adjusted EBITDA
$
9,866
$
8,084
$
19,754
$
7,977
Q2 Holdings, Inc. Reconciliation of GAAP to Non-GAAP
Revenue Guidance (in thousands)
Q3 2021 Guidance
Full Year 2021 Guidance Low High Low High GAAP
revenue
$
124,448
$
125,948
$
495,377
$
497,377
Deferred revenue reduction from purchase accounting
552
552
2,123
2,123
Non-GAAP revenue
$
125,000
$
126,500
$
497,500
$
499,500
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210804006044/en/
MEDIA CONTACT: Maria
Abbe Q2 Holdings,
Inc. M: 315-657-0041 maria.abbe@Q2.com
INVESTOR CONTACT: Josh
Yankovich Q2 Holdings,
Inc. O: 512-682-4463 josh.yankovich@Q2.com
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