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Mar 31, 2021
Q2 Q1 2021 Earnings Report
Q2 Holdings announced strong first quarter results, exceeding revenue and adjusted EBITDA guidance, driven by new customer go-lives and organic user growth.
Key Takeaways
Q2 Holdings, Inc. reported a strong start to 2021 with revenue of $116.5 million, up 26% year-over-year. The company's adjusted EBITDA was $9.9 million, a significant increase from the prior-year quarter. They are raising their full year revenue guidance and revising their adjusted EBITDA guidance to reflect their current views on their business outlook for the remainder of 2021 and the impact of the ClickSWITCH acquisition.
Revenue for the first quarter was $116.5 million, up 26 percent year-over-year.
GAAP gross margin for the first quarter was 45.7 percent, up from 42.5 percent for the prior-year quarter.
Adjusted EBITDA for the first quarter was $9.9 million, up from negative $0.1 million for the prior-year quarter.
Exited the first quarter with over 18.3 million registered users on the Q2 Platform, representing 19 percent year-over-year growth.
Forward Guidance
Q2 Holdings is providing guidance for its second quarter of 2021 and revised guidance for its full-year 2021.
Positive Outlook
- Total non-GAAP revenue of $122.0 million to $123.5 million for Q2 2021, which would represent year-over-year growth of 23 percent to 25 percent.
- Adjusted EBITDA of $8.5 million to $9.1 million for Q2 2021.
- Total non-GAAP revenue of $495.0 million to $498.0 million for full year 2021, which would represent year-over-year growth of 22 percent.
- Adjusted EBITDA of $32.0 million to $34.0 million for full year 2021, representing 6 percent to 7 percent of non-GAAP revenue for the year.
- Expect estimated revenue contribution from ClickSWITCH of low-to-mid- single-digit millions for full year 2021.
Challenges Ahead
- Adjusted EBITDA loss of low-to-mid- single-digit millions from ClickSWITCH for full year 2021.
- The company is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort.
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