$QTWO
Q2 Holdings, Inc.

2023 Q3 Form 10-Q Financial Statement

#000141038423000111 Filed on August 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $155.0M $154.5M
YoY Change 7.06% 10.14%
Cost Of Revenue $80.83M $80.70M
YoY Change 3.77% 4.24%
Gross Profit $74.13M $73.83M
YoY Change 10.88% 17.4%
Gross Profit Margin 47.84% 47.78%
Selling, General & Admin $54.21M $55.83M
YoY Change 7.17% 12.19%
% of Gross Profit 73.12% 75.62%
Research & Development $34.54M $34.10M
YoY Change 4.36% 7.11%
% of Gross Profit 46.59% 46.18%
Depreciation & Amortization $18.28M $17.94M
YoY Change 19.55% 19.35%
% of Gross Profit 24.66% 24.29%
Operating Expenses $97.31M $95.18M
YoY Change 3.57% 9.81%
Operating Profit -$23.17M -$21.35M
YoY Change -14.47% -10.24%
Interest Expense $1.000M $526.0K
YoY Change -532.9% -147.91%
% of Operating Profit
Other Income/Expense, Net $1.011M $526.0K
YoY Change -537.66% -147.91%
Pretax Income -$22.16M -$23.14M
YoY Change -18.89% -6.99%
Income Tax $1.006M $479.0K
% Of Pretax Income
Net Earnings -$23.17M -$23.62M
YoY Change -16.64% -6.34%
Net Earnings / Revenue -14.95% -15.29%
Basic Earnings Per Share -$0.40 -$0.41
Diluted Earnings Per Share -$0.40 -$0.41
COMMON SHARES
Basic Shares Outstanding 58.45M shares 58.20M shares
Diluted Shares Outstanding 58.49M shares 58.29M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $290.8M $280.0M
YoY Change -26.51% -29.88%
Cash & Equivalents $156.0M $118.2M
Short-Term Investments $134.8M $161.8M
Other Short-Term Assets $50.60M $49.17M
YoY Change 6.06% 3.34%
Inventory
Prepaid Expenses
Receivables $44.45M $50.03M
Other Receivables $0.00 $0.00
Total Short-Term Assets $396.7M $379.2M
YoY Change -20.55% -23.58%
LONG-TERM ASSETS
Property, Plant & Equipment $44.81M $84.04M
YoY Change -24.21% 34.31%
Goodwill $512.9M $512.9M
YoY Change 0.0% 0.0%
Intangibles $128.4M $134.7M
YoY Change -12.2% -10.74%
Long-Term Investments $100.0K $200.0K
YoY Change -50.0% 0.0%
Other Assets $3.435M $50.32M
YoY Change 78.16% 2459.26%
Total Long-Term Assets $782.6M $793.5M
YoY Change -6.18% -6.37%
TOTAL ASSETS
Total Short-Term Assets $396.7M $379.2M
Total Long-Term Assets $782.6M $793.5M
Total Assets $1.179B $1.173B
YoY Change -11.56% -12.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.11M $14.14M
YoY Change 29.61% 10.03%
Accrued Expenses $17.61M $43.29M
YoY Change 16.26% 194.5%
Deferred Revenue $115.8M $111.5M
YoY Change 14.57% 16.33%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $176.1M $168.9M
YoY Change 5.93% 5.37%
LONG-TERM LIABILITIES
Long-Term Debt $490.0M $489.5M
YoY Change -25.43% -25.44%
Other Long-Term Liabilities $7.339M $72.91M
YoY Change 105.4% 1351.19%
Total Long-Term Liabilities $7.339M $562.4M
YoY Change 105.4% 11093.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $176.1M $168.9M
Total Long-Term Liabilities $7.339M $562.4M
Total Liabilities $738.2M $731.3M
YoY Change -18.25% -18.99%
SHAREHOLDERS EQUITY
Retained Earnings -$607.6M -$584.4M
YoY Change 15.1% 16.86%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $441.0M $441.4M
YoY Change
Total Liabilities & Shareholders Equity $1.179B $1.173B
YoY Change -11.56% -12.73%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$23.17M -$23.62M
YoY Change -16.64% -6.34%
Depreciation, Depletion And Amortization $18.28M $17.94M
YoY Change 19.55% 19.35%
Cash From Operating Activities $16.76M $13.07M
YoY Change 172.56% -233.7%
INVESTING ACTIVITIES
Capital Expenditures $7.470M $9.340M
YoY Change -174.6% -245.37%
Acquisitions
YoY Change
Other Investing Activities $28.28M -$10.79M
YoY Change -283.96% 1094.8%
Cash From Investing Activities $20.81M -$20.13M
YoY Change -181.97% 174.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 390.0K 3.843M
YoY Change -13.53% 43.82%
NET CHANGE
Cash From Operating Activities 16.76M 13.07M
Cash From Investing Activities 20.81M -20.13M
Cash From Financing Activities 390.0K 3.843M
Net Change In Cash 37.96M -3.218M
YoY Change -302.07% -77.7%
FREE CASH FLOW
Cash From Operating Activities $16.76M $13.07M
Capital Expenditures $7.470M $9.340M
Free Cash Flow $9.290M $3.728M
YoY Change -42.52% -211.32%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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The preparation of the 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; estimate of credit losses; fair value of certain stock awards issued; 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; the impairment assessment of long-lived assets; 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.
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CY2022Q4 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date
AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDate
233527000 usd
CY2023Q2 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
0 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
0 usd
CY2023Q2 qtwo Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Amortized Cost
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAmortizedCost
120111000 usd
CY2023Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
825000 usd
CY2023Q2 qtwo Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Amortized Cost
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAmortizedCost
36264000 usd
CY2023Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
410000 usd
CY2022Q4 qtwo Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Amortized Cost
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAmortizedCost
166651000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
1392000 usd
CY2022Q4 qtwo Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Amortized Cost
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAmortizedCost
37126000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
721000 usd
CY2022Q4 us-gaap Goodwill
Goodwill
512900000 usd
CY2023Q2 us-gaap Goodwill
Goodwill
512900000 usd
CY2022 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
296395000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
161704000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
134691000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
282087000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
136406000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
145681000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
26070000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
47511000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
29668000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
23099000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
7157000 usd
CY2023Q2 qtwo Finite Lived Intangible Asset Expected Amortization After Year Four
FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
1186000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
134691000 usd
qtwo Numberof Buildings Occupied
NumberofBuildingsOccupied
2 building
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
6122000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
11505000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
10478000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
9456000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
8283000 usd
CY2023Q2 qtwo Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
23408000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
69252000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
11346000 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
57906000 usd
CY2023Q2 qtwo Lessee Operating Lease Lease Renewal Reasonably Certain Liability
LesseeOperatingLeaseLeaseRenewalReasonablyCertainLiability
14000000 usd
CY2023Q2 us-gaap Contractual Obligation Future Minimum Payments Due Remainder Of Fiscal Year
ContractualObligationFutureMinimumPaymentsDueRemainderOfFiscalYear
21613000 usd
CY2023Q2 us-gaap Contractual Obligation Due In Next Twelve Months
ContractualObligationDueInNextTwelveMonths
48423000 usd
CY2023Q2 us-gaap Contractual Obligation Due In Second Year
ContractualObligationDueInSecondYear
234026000 usd
CY2023Q2 us-gaap Contractual Obligation Due In Third Year
ContractualObligationDueInThirdYear
321497000 usd
CY2023Q2 us-gaap Contractual Obligation Due In Fourth Year
ContractualObligationDueInFourthYear
4819000 usd
CY2023Q2 qtwo Contractual Obligation Duein Fifth Yearand Thereafter
ContractualObligationDueinFifthYearandThereafter
3500000 usd
CY2023Q2 us-gaap Contractual Obligation
ContractualObligation
633878000 usd
CY2023Q2 qtwo Number Of Capped Call Transactions
NumberOfCappedCallTransactions
2 cappedcalltransaction
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
20624000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
17517000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
38710000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
31536000 usd
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.021
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.014
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.021
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.036
CY2023Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
500000 usd
us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
500000 usd
CY2023Q2 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
-500000 usd
CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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