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Jun 30, 2020
Q2 Q2 2020 Earnings Report
Second quarter results announced, demonstrating revenue growth and strategic wins amidst market uncertainty.
Key Takeaways
Q2 Holdings reported a solid second quarter with revenue of $97.6 million, up 26% year-over-year. The company signed several Tier 1 customer contracts and saw strong user growth, while also raising full-year revenue and adjusted EBITDA guidance.
Revenue increased by 26% year-over-year to $97.6 million.
Signed Tier 1 digital banking contracts with banks on the West Coast and in the Midwest.
Exited the quarter with approximately 16.3 million registered users on the Q2 platform, a 20% year-over-year increase.
Completed a registered common stock offering in May, raising over $311 million in net proceeds.
Forward Guidance
Q2 Holdings provided guidance for its third quarter of 2020 and revised guidance for its full-year 2020.
Positive Outlook
- Total Non-GAAP revenue of $102.0 million to $104.0 million for Q3 2020, representing year-over-year growth of 28 percent to 30 percent.
- Adjusted EBITDA of $6.5 million to $7.5 million for Q3 2020.
- Total Non-GAAP revenue of $398.5 million to $402.5 million for full year 2020, representing year-over-year growth of 26 percent to 27 percent.
- Adjusted EBITDA of $21.0 million to $23.0 million for full year 2020, representing 5 percent to 6 percent of non-GAAP revenue for the year.
- Confidence to raise full-year revenue and adjusted EBITDA guidance.
Challenges Ahead
- Uncertainty surrounding the COVID-19 pandemic.
- A typical seasonally slower third quarter.
- Uncertainty around the ongoing challenges with the global pandemic.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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