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Dec 31, 2022
Q2 Q4 2022 Earnings Report
Announced fourth quarter and full-year 2022 financial results.
Key Takeaways
Q2 Holdings reported an 11% year-over-year increase in revenue for the fourth quarter, reaching $146.5 million. The company's largest sales quarter in history was driven by several Tier 1 and Enterprise deals. Focus on cost management is expected to drive sustained growth and margin expansion for 2023 and beyond.
Annualized Recurring Revenue increased to $655.2 million, up 14% year-over-year.
Remaining Performance Obligation total, or Backlog, increased by $104 million sequentially, resulting in total committed Backlog of approximately $1.5 billion at quarter-end.
Exited the fourth quarter with approximately 21.1 million registered users on the Q2 digital banking platform, representing 10% year-over-year growth.
Generated record cash flow from operations for the quarter of $43.9 million and finished with cash, cash equivalents and investments of $433.4 million.
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Forward Guidance
Q2 Holdings is providing guidance for its first quarter of 2023 and full-year 2023.
Positive Outlook
- Total non-GAAP revenue of $149.0 million to $152.0 million for Q1 2023, which would represent year-over-year growth of 11 to 13 percent.
- Adjusted EBITDA of $10.0 million to $12.5 million for Q1 2023, representing 7 to 8 percent of non-GAAP revenue for the quarter.
- Total non-GAAP revenue of $632.0 million to $640.0 million for full-year 2023, which would represent year-over-year growth of 12 percent to 13 percent.
- Adjusted EBITDA of $62.0 million to $66.0 million for full-year 2023, representing approximately 10 percent of non-GAAP revenue for the year.