$QTWO
Q2 Holdings, Inc.

2021 Q1 Form 10-Q Financial Statement

#000141038421000071 Filed on May 06, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $116.5M $92.38M
YoY Change 26.13% 29.57%
Cost Of Revenue $63.32M $53.11M
YoY Change 19.23% 42.82%
Gross Profit $53.20M $39.27M
YoY Change 35.46% 15.13%
Gross Profit Margin 45.66% 42.51%
Selling, General & Admin $38.65M $38.99M
YoY Change -0.88% 31.45%
% of Gross Profit 72.65% 99.29%
Research & Development $26.80M $24.96M
YoY Change 7.36% 41.35%
% of Gross Profit 50.37% 63.55%
Depreciation & Amortization $12.91M $13.02M
YoY Change -0.81% 123.62%
% of Gross Profit 24.27% 33.14%
Operating Expenses $70.71M $66.48M
YoY Change 6.38% 29.7%
Operating Profit -$17.51M -$27.20M
YoY Change -35.62% 58.68%
Interest Expense -$8.000M -$6.500M
YoY Change 23.08% 195.45%
% of Operating Profit
Other Income/Expense, Net -$8.007M -$6.465M
YoY Change 23.85% 192.93%
Pretax Income -$25.52M -$33.67M
YoY Change -24.2% 73.99%
Income Tax $135.0K $440.0K
% Of Pretax Income
Net Earnings -$25.66M -$34.11M
YoY Change -24.78% 76.62%
Net Earnings / Revenue -22.02% -36.92%
Basic Earnings Per Share -$0.46
Diluted Earnings Per Share -$0.46 -$701.6K
COMMON SHARES
Basic Shares Outstanding 55.80M shares 48.42M shares
Diluted Shares Outstanding 55.80M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $528.6M $112.8M
YoY Change 368.62% -31.43%
Cash & Equivalents $370.7M $83.08M
Short-Term Investments $157.9M $29.80M
Other Short-Term Assets $51.40M $38.40M
YoY Change 33.85% 56.73%
Inventory
Prepaid Expenses
Receivables $36.06M $26.58M
Other Receivables $0.00 $0.00
Total Short-Term Assets $616.9M $178.8M
YoY Change 245.02% -14.51%
LONG-TERM ASSETS
Property, Plant & Equipment $61.58M $48.68M
YoY Change 26.5% 19.57%
Goodwill $462.3M $462.3M
YoY Change 0.0% 328.45%
Intangibles $175.9M $214.0M
YoY Change -17.79% 255.16%
Long-Term Investments
YoY Change
Other Assets $2.379M $1.325M
YoY Change 79.55% -51.09%
Total Long-Term Assets $803.6M $823.7M
YoY Change -2.44% 192.88%
TOTAL ASSETS
Total Short-Term Assets $616.9M $178.8M
Total Long-Term Assets $803.6M $823.7M
Total Assets $1.421B $1.002B
YoY Change 41.7% 104.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.26M $12.82M
YoY Change 11.26% 25.01%
Accrued Expenses $26.95M $19.13M
YoY Change 40.87% 67.46%
Deferred Revenue $88.90M $64.19M
YoY Change 38.49% 41.87%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $153.4M $140.5M
YoY Change 9.16% 39.93%
LONG-TERM LIABILITIES
Long-Term Debt $564.5M $430.3M
YoY Change 31.19% 132.22%
Other Long-Term Liabilities $3.883M $3.665M
YoY Change 5.95% 668.34%
Total Long-Term Liabilities $3.883M $3.665M
YoY Change 5.95% 668.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $153.4M $140.5M
Total Long-Term Liabilities $3.883M $3.665M
Total Liabilities $787.5M $641.6M
YoY Change 22.75% 89.81%
SHAREHOLDERS EQUITY
Retained Earnings -$406.8M -$277.7M
YoY Change 46.52% 44.82%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $633.0M $360.9M
YoY Change
Total Liabilities & Shareholders Equity $1.421B $1.002B
YoY Change 41.7% 104.42%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$25.66M -$34.11M
YoY Change -24.78% 76.62%
Depreciation, Depletion And Amortization $12.91M $13.02M
YoY Change -0.81% 123.62%
Cash From Operating Activities -$5.478M -$15.80M
YoY Change -65.33% 45.13%
INVESTING ACTIVITIES
Capital Expenditures $6.111M $4.642M
YoY Change 31.65% -16.28%
Acquisitions
YoY Change
Other Investing Activities -$26.57M $2.500M
YoY Change -1162.8% -83.55%
Cash From Investing Activities -$33.50M -$2.429M
YoY Change 1279.09% -125.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $1.971M $1.194M
YoY Change 65.08% -65.17%
NET CHANGE
Cash From Operating Activities -$5.478M -$15.80M
Cash From Investing Activities -$33.50M -$2.429M
Cash From Financing Activities $1.971M $1.194M
Net Change In Cash -$37.01M -$17.03M
YoY Change 117.24% -873.92%
FREE CASH FLOW
Cash From Operating Activities -$5.478M -$15.80M
Capital Expenditures $6.111M $4.642M
Free Cash Flow -$11.59M -$20.44M
YoY Change -43.31% 24.41%

Facts In Submission

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CY2021Q1 us-gaap Amortization Of Debt Discount Premium
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6501000 USD
CY2020Q1 us-gaap Amortization Of Debt Discount Premium
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CY2021Q1 us-gaap Share Based Compensation
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CY2020Q1 us-gaap Share Based Compensation
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96000 USD
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CY2021Q1 qtwo Allowancefor Doubtful Accounts Allowancefor Sales Credits
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0 USD
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1194000 USD
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1971000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
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1194000 USD
CY2021Q1 us-gaap Increase Decrease In Accounts Receivable
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CY2020Q1 us-gaap Increase Decrease In Accounts Receivable
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CY2021Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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8305000 USD
CY2020Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2970000 USD
CY2021Q1 qtwo Increase Decreasein Deferred Solutionand Other Costs
IncreaseDecreaseinDeferredSolutionandOtherCosts
6742000 USD
CY2020Q1 qtwo Increase Decreasein Deferred Solutionand Other Costs
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6852000 USD
CY2021Q1 qtwo Increase Decreasein Deferred Implementation Costs
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3473000 USD
CY2020Q1 qtwo Increase Decreasein Deferred Implementation Costs
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CY2020Q1 us-gaap Increase Decrease In Contract With Customer Asset
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1919000 USD
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CY2020Q1 us-gaap Increase Decrease In Other Noncurrent Assets
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3106000 USD
CY2020Q1 us-gaap Increase Decrease In Accounts Payable
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CY2020Q1 us-gaap Increase Decrease In Accrued Liabilities
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2021Q1 us-gaap Income Taxes Paid Net
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164000 USD
CY2020Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
134000 USD
CY2021Q1 us-gaap Interest Paid Net
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180000 USD
CY2020Q1 us-gaap Interest Paid Net
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-121000 USD
CY2020Q1 qtwo Share Based Payment Arrangement Shares Acquired To Settle Award
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CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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449000 USD
CY2020Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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CY2021Q1 us-gaap Use Of Estimates
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The preparation of the accompanying interim unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the interim unaudited condensed consolidated financial statements, and the reported amounts of revenues and expenses. Significant items subject to such estimates include: revenue recognition including determining the nature and timing of satisfaction of performance obligations, variable consideration, standalone selling price, and other revenue items requiring significant judgment; estimate of credit losses; stock-based compensation; the carrying value of goodwill; the fair value of acquired intangibles; the capitalization of software development costs; the useful lives of property and equipment and long-lived intangible assets; fair value of contingent consideration; fair value of the conversion features of convertible notes; and, income taxes. In accordance with GAAP, management bases its estimates on historical experience and on various other assumptions that management believes are reasonable under the circumstances. Management regularly evaluates its estimates and assumptions using historical experience and other factors; however, actual results could differ significantly from those estimates.
CY2021Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, restricted cash, investments, accounts receivable and contract assets. The Company's cash and cash equivalents, restricted cash and investments are placed with high credit quality financial institutions and issuers, and at times may exceed federally-insured limits. The Company has not experienced any loss relating to cash and cash equivalents or restricted cash in these accounts. The Company provides credit, in the normal course of business, to a number of its customers. The Company performs periodic credit evaluations of its customers' financial condition and generally does not require collateral.
CY2021Q1 us-gaap Provision For Loan Losses Expensed
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0 USD
CY2020Q1 us-gaap Provision For Loan Losses Expensed
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CY2020 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
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300000 USD
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300000 USD
CY2021Q1 us-gaap Unbilled Receivables Current
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6500000 USD
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2100000 USD
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100000 USD
CY2020Q1 us-gaap Provision For Doubtful Accounts
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300000 USD
CY2021Q1 us-gaap Capitalized Computer Software Additions
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0 USD
CY2021Q1 qtwo Accounts Receivable Allowance For Credit Loss Sales Credits
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600000 USD
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500000 USD
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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100000 USD
CY2020 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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600000 USD
CY2021Q1 qtwo Contract With Customer Liability Increase From Cash Receipts
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124000000.0 USD
CY2021Q1 qtwo Increase Decreasein Contractwith Customer Liability Net Contract Assetsand Contract Liabilities
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900000 USD
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CY2021Q1 us-gaap Contract With Customer Liability Revenue Recognized
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CY2021Q1 us-gaap Revenue Remaining Performance Obligation
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CY2021Q1 us-gaap Revenue Remaining Performance Obligation Percentage
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P24M
CY2021Q1 us-gaap Revenue Remaining Performance Obligation Percentage
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0.39
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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116520000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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92380000 USD
CY2020Q1 us-gaap Capitalized Computer Software Additions
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CY2020Q1 us-gaap Advertising Expense
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200000 USD
CY2021Q1 us-gaap Advertising Expense
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CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2020Q1 us-gaap Earnings Per Share Basic And Diluted
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17000 USD
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8000 USD
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23000 USD
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0 USD
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0 USD
CY2021Q1 qtwo Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Amortized Cost
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CY2021Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
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8000 USD
CY2021Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
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CY2021Q1 us-gaap Goodwill
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462300000 USD
CY2020Q4 us-gaap Goodwill
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CY2021Q1 us-gaap Number Of Operating Segments
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1 operatingSegment
CY2021Q1 us-gaap Number Of Reporting Units
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1 reportingUnit
CY2020 us-gaap Goodwill Impairment Loss
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0 USD
CY2021Q1 us-gaap Goodwill Impairment Loss
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244245000 USD
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68320000 USD
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CY2021Q1 qtwo Numberof Buildings Occupied
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2 building
CY2021Q1 us-gaap Operating Lease Expense
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1500000 USD
CY2020Q1 us-gaap Operating Lease Expense
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1600000 USD
CY2021Q1 us-gaap Operating Lease Cost
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2286000 USD
CY2020Q1 us-gaap Operating Lease Cost
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2323000 USD
CY2021Q1 us-gaap Sublease Income
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189000 USD
CY2020Q1 us-gaap Sublease Income
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142000 USD
CY2021Q1 us-gaap Lease Cost
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2097000 USD
CY2020Q1 us-gaap Lease Cost
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2181000 USD
CY2021Q1 us-gaap Operating Lease Payments
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CY2020Q1 us-gaap Operating Lease Payments
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CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P6Y1M6D
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P6Y6M
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.055
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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6518000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
8747000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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8394000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
7335000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
6319000 USD
CY2021Q1 qtwo Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
10569000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
47882000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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6207000 USD
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
41675000 USD
CY2021Q1 qtwo Lessee Operating Lease Lease Not Yet Commenced Undiscounted Amount
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31600000 USD
CY2020Q2 us-gaap Other Nonrecurring Income Expense
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5600000 USD
CY2020Q2 us-gaap Other Nonrecurring Income Expense
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13200000 USD
CY2021Q1 us-gaap Contractual Obligation Future Minimum Payments Due Remainder Of Fiscal Year
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24810000 USD
CY2021Q1 us-gaap Contractual Obligation Due In Next Twelve Months
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25441000 USD
CY2021Q1 us-gaap Contractual Obligation Due In Second Year
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65896000 USD
CY2021Q1 us-gaap Contractual Obligation Due In Third Year
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CY2021Q1 us-gaap Contractual Obligation Due In Fourth Year
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CY2021Q1 qtwo Contractual Obligation Duein Fifth Yearand Thereafter
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327936000 USD
CY2021Q1 us-gaap Contractual Obligation
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807030000 USD
CY2018Q1 us-gaap Payments For Hedge Financing Activities
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41700000 USD
CY2018Q1 us-gaap Class Of Warrant Or Right Outstanding
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4000000.0 shares
CY2021Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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78.75
CY2021Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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78.75
CY2018Q1 us-gaap Proceeds From Issuance Of Warrants
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22400000 USD
CY2020Q2 us-gaap Proceeds From Issuance Of Common Stock
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311300000 USD
CY2020Q2 us-gaap Payments Of Stock Issuance Costs
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12700000 USD
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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670000 shares
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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27.43
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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0 shares
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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0
CY2021Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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115000 shares
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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16.48
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
0 shares
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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0
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
555000 shares
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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29.69
CY2021Q1 qtwo Share Based Compensation Arrangement By Share0bsaed Payment Award Equity Instruments Other Than Options Change Due To Performance Achievement In Period
ShareBasedCompensationArrangementByShare0bsaedPaymentAwardEquityInstrumentsOtherThanOptionsChangeDueToPerformanceAchievementInPeriod
195000 shares
CY2021Q1 qtwo Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Change Due To Performance Achievement In Period Weighted Average Grant Date
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsChangeDueToPerformanceAchievementInPeriodWeightedAverageGrantDate
39.67
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
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-0.005
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.013
CY2021Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
300000 USD

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a210331q1exhibit311.htm Edgar Link pending
a210331q1exhibit312.htm Edgar Link pending
a210331q1exhibit321.htm Edgar Link pending
a210331q1exhibit322.htm Edgar Link pending
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