Press Release Details

Q2 Holdings, Inc. Announces First Quarter 2022 Financial Results

May 2, 2022

AUSTIN, Texas--(BUSINESS WIRE)-- Q2 Holdings, Inc. (NYSE:QTWO), a leading provider of digital transformation solutions for banking and lending, today announced results for its first quarter ending March 31, 2022.

GAAP Results for the First Quarter 2022

  • Revenue for the first quarter of $134.1 million, up 15 percent year-over-year and up 2 percent from the fourth quarter of 2021.
  • GAAP gross margin for the first quarter of 45.1 percent, down from 45.7 percent for the prior-year quarter and flat with the fourth quarter of 2021.
  • GAAP net loss for the first quarter of $23.6 million, compared to GAAP net losses of $25.7 million for the prior-year quarter and $25.4 million for the fourth quarter of 2021.

Non-GAAP Results for the First Quarter 2022

  • Non-GAAP revenue for the first quarter of $134.3 million, up 15 percent year-over-year and up 1 percent from the fourth quarter of 2021.
  • Non-GAAP gross margin for the first quarter of 51.4 percent, down from 52.6 percent for the prior-year quarter and 51.5 percent for the fourth quarter of 2021.
  • Adjusted EBITDA for the first quarter of $8.1 million, down from $9.9 million for the prior-year quarter and $10.8 million for the fourth quarter of 2021.

For a reconciliation of our GAAP to non-GAAP results, please see the tables below.

“The first quarter represented a solid start to the year,” said Q2 CEO Matt Flake. “We signed a broad range of deals, both in digital lending and banking, highlighted by continued success in the Enterprise and Tier 1 segments. Our Emerging Businesses also delivered a strong performance; partners and customers alike continue to rapidly adopt Q2 Innovation Studio while Helix signed new deals and supported a major program launch. With our strong execution in the quarter, we continue to believe that we are well positioned to capitalize on our expanding market opportunity.”

First Quarter Highlights

Continued Sales Success, Leading the Industry in Delivering “The Digital Bank”

  • Signed two enterprise contracts and one Tier 1 digital lending contract including a(n):
    • Enterprise, Top 10 U.S bank to utilize our loan pricing solutions;
    • Enterprise, Top 50 U.S. bank to utilize our loan pricing solutions; and
    • Tier 1 U.S. credit union to utilize our loan origination solutions.
  • Signed three Tier 1 digital banking contracts including (a):
    • Two Tier 1 banks to utilize our retail and commercial digital banking solutions; and
    • Tier 1 bank to utilize our retail and commercial digital banking solutions.
  • Exited the first quarter with more than 19.7 million registered users on the Q2 digital banking platform, representing 8 percent year-over-year growth and 3 percent sequential growth.

Enabling New Ecosystems within Financial Services

  • Launched a strategic program with NYDIG, a leading bitcoin company who is leveraging our Helix platform to power their new payroll offering, called Bitcoin Savings Plan, a benefit program offered through US employers.
  • Strong adoption of Q2 Innovation Studio, growing total fintech partners by 25% and surpassing 50% of Q2 digital banking customers using Innovation Studio in at least one of our programs.

“We delivered solid financial results in the first quarter, with revenue exceeding the high end of our guidance,” said David Mehok, Q2 CFO. “Based on our recent performance and the favorable demand environment, we are raising our full-year guidance, which reflects confidence in a reacceleration of revenue growth and margin expansion exiting 2022 and into 2023.”

Financial outlook

As of May 2, 2022, Q2 Holdings is providing guidance for its second quarter of 2022 and full-year 2022, which represents Q2 Holdings’ current estimates on Q2 Holdings’ operations and financial results and the anticipated impacts of the COVID-19 pandemic. The financial information below represents forward-looking, non-GAAP financial information, including estimates of non-GAAP revenue and adjusted EBITDA. GAAP net loss is the most comparable GAAP measure to adjusted EBITDA. Adjusted EBITDA differs from GAAP net loss in that it excludes items such as depreciation and amortization, stock-based compensation, acquisition-related costs, interest and other (income) expense, income taxes, unoccupied lease charges, loss on extinguishment of debt and the impact to deferred revenue from purchase accounting. Q2 Holdings is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort. Therefore, Q2 Holdings has not provided guidance for GAAP net loss or a reconciliation of the foregoing forward-looking adjusted EBITDA guidance to GAAP net loss. However, it is important to note that these excluded items could be material to our results computed in accordance with GAAP in future periods.

Q2 Holdings is providing guidance for its second quarter of 2022 as follows:

  • Total non-GAAP revenue of $139.5 million to $141.0 million, which would represent year-over-year growth of 12 to 14 percent.
  • Adjusted EBITDA of $7.4 million to $8.9 million, representing 5 to 6 percent of non-GAAP revenue for the quarter.

Q2 Holdings is providing guidance for the full-year 2022 as follows:

  • Total non-GAAP revenue of $577.5 million to $581.5 million, which would represent year-over-year growth of 15 percent to 16 percent.
  • Adjusted EBITDA of $41.4 million to $44.4 million, representing 7 to 8 percent of non-GAAP revenue for the year.

Conference Call Details

Date:

 

Tuesday, May 3, 2022

Time:

 

8:30 a.m. EDT

Hosts:

 

Matt Flake, CEO / David Mehok, CFO / Jonathan Price, EVP Emerging Businesses, Corporate & Business Development

Conference Call Registration:

 

https://conferencingportals.com/event/ZwJrtqJb

Webcast Registration:

 

https://events.q4inc.com/attendee/683457951

All participants must register using the above links (either the webcast or conference call). A webcast of the conference call and financial results will be accessible from the investor relations section of the Q2 website at http://investors.Q2.com/. In addition, a live conference call dial-in will be available upon registration. Participants should dial in at least 10 minutes before the start of the conference call. An archived replay of the webcast will be available on this website for a limited time after the call.

About Q2 Holdings, Inc.

Q2 is a financial experience company dedicated to providing digital banking and lending solutions to banks, credit unions, alternative finance, and fintech companies in the U.S. and internationally. With comprehensive end-to-end solution sets, Q2 enables its partners to provide cohesive, secure, data-driven experiences to every account holder – from consumer to small business and corporate. Headquartered in Austin, Texas, Q2 has offices throughout the world and is publicly traded on the NYSE under the stock symbol QTWO. To learn more, please visit Q2.com.

Use of Non-GAAP Measures

Q2 uses the following non-GAAP financial measures: non-GAAP revenue; adjusted EBITDA; non-GAAP gross margin; non-GAAP gross profit; non-GAAP sales and marketing expense; non-GAAP research and development expense; non-GAAP general and administrative expense; non-GAAP operating expense; non-GAAP operating income (loss); non-GAAP net income; non-GAAP net income per share; and non-GAAP diluted weighted-average number of common shares outstanding. Management believes that these non-GAAP financial measures are useful measures of operating performance because they exclude items that Q2 does not consider indicative of its core performance.

In the case of non-GAAP revenue, Q2 adjusts revenue to exclude the impact to deferred revenue from purchase accounting adjustments. In the case of adjusted EBITDA, Q2 adjusts net loss for such items as interest and other (income) expense, taxes, depreciation and amortization, stock-based compensation, acquisition-related costs, unoccupied lease charges, loss on extinguishment of debt and the impact to deferred revenue from purchase accounting. In the case of non-GAAP gross margin and non-GAAP gross profit, Q2 adjusts gross profit and gross margin for stock-based compensation, amortization of acquired technology, acquisition-related costs, and the impact to deferred revenue from purchase accounting. In the case of non-GAAP sales and marketing expense, non-GAAP research and development expense, and non-GAAP general and administrative expense, Q2 adjusts the corresponding GAAP expense to exclude stock-based compensation. Non-GAAP Operating Expense is calculated by taking the sum of non-GAAP sales and marketing expenses, non-GAAP research and development expense, and non-GAAP general and administrative expense. In the case of non-GAAP operating income (loss), non-GAAP net income (loss), and non-GAAP net income (loss) per share, Q2 adjusts operating loss and net loss, respectively, for stock-based compensation, acquisition-related costs, amortization of acquired technology, amortization of acquired intangibles, unoccupied lease charges, loss on extinguishment of debt and the impact to deferred revenue from purchase accounting, and with respect to non-GAAP net income, amortization of debt discount and issuance costs and loss on extinguishment of debt. In the case of non-GAAP diluted weighted-average number of common shares outstanding, Q2 adjusts diluted weighted-average number of common shares outstanding by the weighted-average effect of potentially dilutive shares which include (i) employee equity incentive plans, excluding the impact of unrecognized stock-based compensation expense and (ii) convertible senior notes outstanding and related warrants including the anti-dilutive impact of note hedge and capped call agreements on convertible senior notes outstanding.

There are limitations associated with the use of these non-GAAP financial measures. These non-GAAP financial measures are not prepared in accordance with GAAP, do not reflect a comprehensive system of accounting and may not be completely comparable to similarly titled measures of other companies due to potential differences in the exact method of calculation between companies. Certain items that are excluded from these non-GAAP financial measures can have a material impact on operating and net income (loss). As a result, these non-GAAP financial measures have limitations and should be considered in addition to, not as a substitute for or superior to, the closest GAAP measures, or other financial measures prepared in accordance with GAAP. A reconciliation to the closest GAAP measures of these non-GAAP measures is contained in tabular form on the attached unaudited condensed consolidated financial statements.

Q2’s management uses these non-GAAP measures as measures of operating performance; to prepare Q2’s annual operating budget; to allocate resources to enhance the financial performance of Q2’s business; to evaluate the effectiveness of Q2’s business strategies; to provide consistency and comparability with past financial performance; to facilitate a comparison of Q2’s results with those of other companies, many of which use similar non-GAAP financial measures to supplement their GAAP results; and in communication with our board of directors concerning Q2’s financial performance.

Forward-looking Statements

This press release contains forward-looking statements, including statements about: Q2’s continued operational execution; Q2’s expectations regarding the demand environment for its solutions; Q2’s confidence in a reacceleration of revenue growth and margin expansion; Q2’s ability to capitalize on its expanding market opportunity; and, Q2’s quarterly and annual financial guidance. The forward-looking statements contained in this press release are based upon Q2’s historical performance and its current plans, estimates, and expectations and are not a representation that such plans, estimates or expectations will be achieved. Factors that could cause actual results to differ materially from those described herein include the adverse impacts of the COVID-19 pandemic on Q2’s business operations and on global economic and financial markets, including on Q2’s customers, partners and suppliers and employees and business, as well as risks related to: (a) the risk of increased competition in its existing markets and as it enters new sections of the market with Tier 1 customers, new markets with Alt-FIs and fintechs and new products and services; (b) the risk that COVID-19, government actions or other factors continue to negatively impact or disrupt the markets for Q2’s solutions and that the markets for Q2’s solutions do not return to normal or grow as anticipated, in particular with respect to Enterprise and Tier 1 customers and Alt-FI and fintech customers; (c) the risk that Q2’s increased focus on selling to larger Enterprise or Tier 1 customers may result in greater uncertainty and variability in Q2’s business and sales results; (d) the risk that changes in Q2’s market, business or sales organization negatively impact its ability to sell its products and services; (e) the challenges and costs associated with selling, implementing and supporting Q2’s solutions, particularly for larger customers with more complex requirements and longer implementation processes, including risks related to the timing and predictability of sales of Q2’s solutions and the impact that the timing of bookings may have on Q2’s revenue and financial performance in a period; (f) the risk that errors, interruptions or delays in Q2’s products or services or Web hosting negatively impacts Q2’s business and sales; (g) risks associated with cyberattacks, data and privacy breaches and breaches of security measures within Q2’s products, systems and infrastructure or the products, systems and infrastructure of third parties upon which Q2 relies and the resultant costs and liabilities and harm to Q2’s business and reputation and its ability to sell its products and services; (h) the impact that inflation or a slowdown in the economy, financial markets and credit markets may have on Q2’s customers and Q2’s business sales cycles, prospects and customers’ spending decisions and timing of implementation decisions, particularly in regions where a significant number of Q2’s customers are concentrated; (i) the difficulties and risks associated with developing and selling complex new solutions and enhancements with the technical and regulatory specifications and functionality required by customers and governmental authorities; (j) the risks inherent in technology and implementation partnerships that could cause harm to Q2’s business; (k) the difficulties and costs Q2 may encounter with complex implementations of its solutions and the resulting impact on reputation and the timing of its revenue from any delayed implementations; (l) the risk that Q2 will not be able to maintain historical contract terms such as pricing and duration; (m) the risks and increased costs associated with managing growth and the challenges associated with improving operations and hiring, retaining and motivating employees to support such growth, particularly in light of the macroeconomic impacts of the COVID-19 pandemic, including increased employee turnover, labor shortages, wage inflation and extreme competition for talent; (n) the risk that modifications or negotiations of contractual arrangements will be necessary during Q2’s implementations of its solutions or the general risks associated with the complexity of Q2’s customer arrangements; (o) the risks associated with integrating acquired companies and successfully selling and maintaining their solutions; (p) the risks associated with anticipated higher operating expenses in 2022 and beyond; (q) litigation related to intellectual property and other matters and any related claims, negotiations and settlements; (r) the risks associated with further consolidation in the financial services industry; (s) risks associated with selling Q2 solutions internationally and with our international operations, including risks related to impacts resulting from Russia’s recent invasion of Ukraine and the related international response; and (t) the risk that Q2 debt repayment obligations may adversely affect its financial condition and cash flows from operations in the future and that Q2 may not be able to obtain capital when desired or needed on favorable terms.

Additional information relating to the uncertainty affecting the Q2 business is contained in Q2’s filings with the Securities and Exchange Commission. These documents are available on the SEC Filings section of the Investor Relations section of Q2’s website at http://investors.Q2.com/. These forward-looking statements represent Q2’s expectations as of the date of this press release. Subsequent events may cause these expectations to change, and Q2 disclaims any obligations to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise.

Q2 Holdings, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
  
March 31, December 31,

2022

2021

Assets
Current assets:
Cash and cash equivalents

$

225,544

 

$

322,848

 

Restricted cash

 

2,978

 

 

2,973

 

Investments

 

188,144

 

 

104,878

 

Accounts receivable, net

 

36,601

 

 

46,979

 

Contract assets, current portion, net

 

2,994

 

 

1,845

 

Prepaid expenses and other current assets

 

22,927

 

 

10,531

 

Deferred solution and other costs, current portion

 

25,028

 

 

25,076

 

Deferred implementation costs, current portion

 

7,374

 

 

7,320

 

Total current assets

 

511,590

 

 

522,450

 

Property and equipment, net

 

63,343

 

 

66,608

 

Right of use assets

 

50,541

 

 

52,278

 

Deferred solution and other costs, net of current portion

 

27,171

 

 

26,930

 

Deferred implementation costs, net of current portion

 

17,487

 

 

17,039

 

Intangible assets, net

 

156,306

 

 

162,461

 

Goodwill

 

512,869

 

 

512,869

 

Contract assets, net of current portion and allowance

 

22,753

 

 

22,103

 

Other long-term assets

 

2,044

 

 

2,307

 

Total assets

$

1,364,104

 

$

1,385,045

 

    
Liabilities and stockholders' equity
Current liabilities:
Accounts payable and accrued liabilities

$

48,456

 

$

60,665

 

Convertible notes, current portion

 

10,855

 

 

-

 

Deferred revenues, current portion

 

103,322

 

 

98,692

 

Lease liabilities, current portion

 

9,214

 

 

9,001

 

Total current liabilities

 

171,847

 

 

168,358

 

Convertible notes, net of current portion

 

655,809

 

 

551,598

 

Deferred revenues, net of current portion

 

26,205

 

 

29,168

 

Lease liabilities, net of current portion

 

59,008

 

 

61,374

 

Other long-term liabilities

 

5,048

 

 

4,251

 

Total liabilities

 

917,917

 

 

814,749

 

    
Stockholders' equity:
Common stock

 

6

 

 

6

 

Additional paid-in capital

 

922,365

 

 

1,064,358

 

Accumulated other comprehensive loss

 

(1,298

)

 

(135

)

Accumulated deficit

 

(474,886

)

 

(493,933

)

Total stockholders' equity

 

446,187

 

 

570,296

 

Total liabilities and stockholders' equity

$

1,364,104

 

$

1,385,045

 

Q2 Holdings, Inc.
Condensed Consolidated Statements of Comprehensive Loss
(in thousands, except per share data)

(unaudited)

  
Three Months Ended March 31,

2022

2021

Revenues (1)

$

134,071

 

$

116,520

 

Cost of revenues (2)

 

73,672

 

 

63,319

 

Gross profit

 

60,399

 

 

53,201

 

 
Operating expenses:
Sales and marketing

 

25,266

 

 

19,816

 

Research and development

 

31,131

 

 

26,795

 

General and administrative

 

20,568

 

 

18,834

 

Acquisition related costs

 

3

 

 

850

 

Amortization of acquired intangibles

 

4,422

 

 

4,419

 

Unoccupied lease charges (3)

 

408

 

 

-

 

Total operating expenses

 

81,798

 

 

70,714

 

Loss from operations

 

(21,399

)

 

(17,513

)

Total other income (expense), net

 

(796

)

 

(8,007

)

Loss before income taxes

 

(22,195

)

 

(25,520

)

Provision for income taxes

 

(1,364

)

 

(135

)

Net loss

$

(23,559

)

$

(25,655

)

Other comprehensive gain (loss):
Unrealized gain (loss) on available-for-sale investments

 

(1,073

)

 

19

 

Foreign currency translation adjustment

 

(90

)

 

2

 

Comprehensive loss

$

(24,722

)

$

(25,634

)

Net loss per common share:
Net loss per common share, basic and diluted

$

(0.41

)

$

(0.46

)

Weighted average common shares outstanding, basic and diluted

 

57,015

 

 

55,798

 

 

(1)

Includes deferred revenue reduction from purchase accounting of $0.2 million and $0.5 million for the three months ended March 31, 2022 and 2021, respectively.
 

(2)

Includes amortization of acquired technology of $5.6 million and $5.2 million for the three months ended March 31, 2022 and 2021, respectively.
 

(3)

Unoccupied lease charges include costs related to the early vacating of various facilities, partially offset by anticipated sublease income from these facilities. For the three months ended March 31, 2022, the charges related to an updated assessment of facilities in Texas and North Carolina.
Q2 Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
 
Three Months Ended March 31,

2022

2021

Cash flows from operating activities:
Net loss

$

(23,559

)

$

(25,655

)

Adjustments to reconcile net loss to net cash from operating activities:
Amortization of deferred implementation, solution and other costs

 

5,722

 

 

6,088

 

Depreciation and amortization

 

14,919

 

 

12,912

 

Amortization of debt issuance costs

 

676

 

 

505

 

Amortization of debt discount

 

-

 

 

6,501

 

Amortization of premiums on investments

 

312

 

 

76

 

Stock-based compensation expense

 

14,855

 

 

13,463

 

Deferred income taxes

 

875

 

 

96

 

Other non-cash charges

 

310

 

 

11

 

Changes in operating assets and liabilities

 

(18,731

)

 

(19,475

)

Net cash used in operating activities

 

(4,621

)

 

(5,478

)

Cash flows from investing activities:
Net purchases of investments

 

(84,652

)

 

(26,565

)

Purchases of property and equipment

 

(3,866

)

 

(6,111

)

Capitalized software development costs

 

(4,291

)

 

(822

)

Net cash used in investing activities

 

(92,809

)

 

(33,498

)

Cash flows from financing activities:
Proceeds from exercise of common stock

 

131

 

 

1,971

 

Net cash provided by financing activities

 

131

 

 

1,971

 

Net decrease in cash, cash equivalents, and restricted cash

 

(97,299

)

 

(37,005

)

Cash, cash equivalents, and restricted cash, beginning of period

 

325,821

 

 

411,185

 

Cash, cash equivalents, and restricted cash, end of period

$

228,522

 

$

374,180

 

Q2 Holdings, Inc.
Reconciliation of GAAP to Non-GAAP Measures
(in thousands, except per share data)
(unaudited)

  

 
Three Months Ended March 31,

2022

2021

GAAP revenue

$

134,071

 

$

116,520

Deferred revenue reduction from purchase accounting

242

528

 
Non-GAAP revenue

$

134,313

 

$

117,048

 

  

GAAP gross profit

$

60,399

 

$

53,201

 

Stock-based compensation

 

2,739

 

 

2,535

 

Amortization of acquired technology

 

5,604

 

 

5,157

 

Acquisition related costs

 

-

 

 

116

 

Deferred revenue reduction from purchase accounting

 

242

 

 

528

 

Non-GAAP gross profit

$

68,984

 

$

61,537

 

   
Non-GAAP gross margin:
Non-GAAP gross profit

$

68,984

 

$

61,537

 

Non-GAAP revenue

 

134,313

 

 

117,048

 

Non-GAAP gross margin

 

51.4

%

 

52.6

%

   
GAAP sales and marketing expense

$

25,266

 

$

19,816

 

Stock-based compensation

 

(3,326

)

 

(2,537

)

Non-GAAP sales and marketing expense

$

21,940

 

$

17,279

 

   
GAAP research and development expense

$

31,131

 

$

26,795

 

Stock-based compensation

 

(2,852

)

 

(3,145

)

Non-GAAP research and development expense

$

28,279

 

$

23,650

 

   
GAAP general and administrative expense

$

20,568

 

$

18,834

 

Stock-based compensation

 

(5,102

)

 

(4,878

)

Non-GAAP general and administrative expense

$

15,466

 

$

13,956

 

   
GAAP operating loss

$

(21,399

)

$

(17,513

)

Deferred revenue reduction from purchase accounting

 

242

 

 

528

 

Stock-based compensation

 

14,019

 

 

13,095

 

Acquisition related costs

 

3

 

 

966

 

Amortization of acquired technology

 

5,604

 

 

5,157

 

Amortization of acquired intangibles

 

4,422

 

 

4,419

 

Unoccupied lease charges

 

408

 

 

-

 

Non-GAAP operating income

$

3,299

 

$

6,652

 

   
GAAP net loss

$

(23,559

)

$

(25,655

)

Deferred revenue reduction from purchase accounting

 

242

 

 

528

 

Loss on extinguishment of debt

 

-

 

 

-

 

Stock-based compensation

 

14,019

 

 

13,095

 

Acquisition related costs

 

3

 

 

966

 

Amortization of acquired technology

 

5,604

 

 

5,157

 

Amortization of acquired intangibles

 

4,422

 

 

4,419

 

Unoccupied lease charges

 

408

 

 

-

 

Amortization of debt discount and issuance costs

 

676

 

 

7,006

 

Non-GAAP net income

$

1,815

 

$

5,516

 

   
Reconciliation from diluted weighted-average number of common shares
as reported to Non-GAAP diluted weighted-average number of common shares
Diluted weighted-average number of common shares, as reported

 

57,015

 

 

55,798

 

Non-GAAP weighted-average effect of potentially dilutive shares

 

499

 

 

2,192

 

Non-GAAP diluted weighted-average number of common shares

 

57,514

 

 

57,990

 

   
Calculation of non-GAAP income per share:
Non-GAAP net income

$

1,815

 

$

5,516

 

Non-GAAP diluted weighted-average number of common shares

 

57,514

 

 

57,990

 

Non-GAAP net income per share

$

0.03

 

$

0.10

 

   
Reconciliation of GAAP net loss to adjusted EBITDA:
GAAP net loss

$

(23,559

)

$

(25,655

)

Depreciation and amortization

 

14,919

 

 

12,912

 

Stock-based compensation

 

14,019

 

 

13,095

 

Provision for income taxes

 

1,364

 

 

135

 

Interest and other (income) expense, net

 

662

 

 

7,907

 

Acquisition related costs

 

3

 

 

966

 

Unoccupied lease charges

 

408

 

 

-

 

Loss on extinguishment of debt

 

-

 

 

-

 

Deferred revenue reduction from purchase accounting

 

242

 

 

528

 

Adjusted EBITDA

$

8,058

 

$

9,888

 

Q2 Holdings, Inc.
Reconciliation of GAAP to Non-GAAP Revenue Outlook
(in thousands)
   
Q2 2022 Outlook Full Year 2022 Outlook
Low High Low High
GAAP revenue

$

139,333

 

$

140,833

 

$

576,819

 

$

580,819

 

Deferred revenue reduction from purchase accounting

 

167

 

 

167

 

 

681

 

 

681

 

Non-GAAP revenue

$

139,500

$

141,000

$

577,500

$

581,500

 

MEDIA CONTACT:
Jean Kondo
Q2 Holdings, Inc.
M: +1-510-823-4728
jean.kondo@Q2.com

INVESTOR CONTACT:
Josh Yankovich
Q2 Holdings, Inc.
O: +1-512-682-4463
josh.yankovich@Q2.com

Source: Q2 Holdings, Inc.