Q2 Holdings, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Q2 Holdings, Inc. filed its Q1 2024 10-Q report, detailing financial performance and operational status.</b>

AI Summary

Q2 Holdings, Inc. (QTWO) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Q2 Holdings, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 31st. Q2 Holdings, Inc. is headquartered in Austin, TX. The company's SIC code is 7372 (SERVICES-PREPACKAGED SOFTWARE).

Why It Matters

For investors and stakeholders tracking Q2 Holdings, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data, enabling them to assess the company's performance and make informed investment decisions. Understanding the details within this report is crucial for tracking Q2 Holdings, Inc.'s progress against its strategic goals and market position in the software services sector.

Risk Assessment

Risk Level: — Q2 Holdings, Inc. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant deviations from typical disclosures.

Analyst Insight

Monitor future filings for revenue growth trends and profitability metrics to assess the company's ongoing financial health.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-01 — Filing Date (Date the report was filed)
• 7372 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• Q2 Holdings, Inc. (company) — Filer and subject of the report
• Austin, TX (location) — Company's business and mailing address
• 2024-03-31 (date) — Conformed period of report
• 2024-05-01 (date) — Filed as of date

FAQ

Industry Context

Q2 Holdings, Inc. operates in the software services sector, specifically focusing on prepackaged software solutions.

Regulatory Implications

The filing is a standard 10-Q, which is a quarterly report required by the SEC for public companies to provide updates on their financial condition.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements and management's discussion and analysis.
2. Compare Q1 2024 results with previous quarters and the same quarter in the prior year.
3. Analyze any disclosed risk factors or legal proceedings for potential impacts on the company.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-01: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report for Q2 Holdings, Inc. in the fiscal year 2024, providing updated financial information compared to previous filings.

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 par value QTWO New York Stock Exchange

Filing Documents

• qtwo-20240331.htm (10-Q) — 1072KB
• a240331q1exhibit311.htm (EX-31.1) — 9KB
• a240331q1exhibit312.htm (EX-31.2) — 9KB
• a240331q1exhibit321.htm (EX-32.1) — 5KB
• a240331q1exhibit322.htm (EX-32.2) — 5KB
• 0001410384-24-000099.txt (&nbsp;) — 5889KB
• qtwo-20240331.xsd (EX-101.SCH) — 42KB
• qtwo-20240331_cal.xml (EX-101.CAL) — 78KB
• qtwo-20240331_def.xml (EX-101.DEF) — 178KB
• qtwo-20240331_lab.xml (EX-101.LAB) — 534KB
• qtwo-20240331_pre.xml (EX-101.PRE) — 364KB
• qtwo-20240331_htm.xml (XML) — 778KB

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. 5

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 22

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk. 39

Controls and Procedures

Item 4. Controls and Procedures. 40

: OTHER INFORMATION

PART II: OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings. 41

Risk Factors

Item 1A. Risk Factors. 41

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 41

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities. 41

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 41

Other Information

Item 5. Other Information. 41

Exhibits

Item 6. Exhibits. 42

SIGNATURES

SIGNATURES 43 2 Table of Contents Special Note Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q contains forward-looking statements that are based on our management's beliefs and assumptions and on information currently available to our management. The statements and information contained in this Quarterly Report on Form 10-Q that are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. You can identify these statements by words such as "anticipates," "believes," "can," "continue," "could," "estimates," "expects," "intends," "may," "plans," "seeks," "potential," "predicts," "projects," "should," "will," "strategy," "future," "likely," or "would" or the negative of these terms or similar expressions. These statements are not guarantees of future performance or development and involve known and unknown risks, uncertainties and other factors that are in some cases beyond our control. All of our forward-looking statements are subject to risks and uncertainties that may cause our actual results to differ materially from our expectations. Factors that could cause or contribute to such differences include, but are not limited to, the following: global macroeconomic uncertainties and challenges in the financial services industry and credit markets, including as a result of recent bank failures, inflation, higher interest rates and any potential additional monetary policy measures and their potential impacts on our prospects' and customers' operations, the timing of prospect and customer implementations and purchasing decisions, our business sales cycles and on account holder or end user, or End User, usage of our solutions; the risk of increased or new competition in our existing markets and as we enter

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. Q2 HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) March 31, 2024 December 31, 2023 (unaudited) Assets Current assets: Cash and cash equivalents $ 274,522 $ 229,655 Restricted cash 4,257 3,977 Investments 63,939 94,353 Accounts receivable, net 54,292 42,899 Contract assets, current portion, net 8,579 9,193 Prepaid expenses and other current assets 15,542 11,625 Deferred solution and other costs, current portion 28,355 27,521 Deferred implementation costs, current portion 9,012 8,741 Total current assets 458,498 427,964 Property and equipment, net 37,871 41,178 Right of use assets 34,957 35,453 Deferred solution and other costs, net of current portion 31,861 26,090 Deferred implementation costs, net of current portion 22,172 21,480 Intangible assets, net 115,249 121,572 Goodwill 512,869 512,869 Contract assets, net of current portion and allowance 11,702 12,210 Other long-term assets 3,208 2,609 Total assets $ 1,228,387 $ 1,201,425 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 12,599 $ 19,353 Accrued liabilities 23,226 16,471 Accrued compensation 13,810 26,580 Deferred revenues, current portion 132,387 118,723 Lease liabilities, current portion 10,630 10,436 Total current liabilities 192,652 191,563 Convertible notes, net of current portion 490,960 490,464 Deferred revenues, net of current portion 26,851 17,350 Lease liabilities, net of current portion 44,429 45,588 Other long-term liabilities 8,524 7,981 Total liabilities 763,416 752,946 Commitments and contingencies (Note 8) Stockholders' equity: Preferred stock: $ 0.0001 par value; 5,000 shares authorized, no shares issued or outstanding as of March 31, 2024 and December 31, 2023 — — Common stock: $ 0.0001 par value; 150,000 shares authorized, 60,099 issued and outstanding as of March 31, 2024 and 59,031 shares issued and outstanding as of December 31, 2023 6 6 Ad

View Full Filing

View this 10-Q filing on SEC EDGAR