Q2 Holdings, Inc. (QTWO) 10-K Annual Report February 2015

- Q2 Holdings, Inc. (NYSE:QTWO), a leading provider of secure virtual banking solutions to regional and community financial institutions, today announced results for its fourth quarter and full year ended Dec. 31, 2014.

Fourth Quarter and Full-Year 2014 Results


•	Revenue for the fourth quarter of $22.1 million, up 41 percent year-over-year and full-year revenue of $79.1 million, up 39 percent year-over-year.


•	Non-GAAP gross margin for the fourth quarter of 42.8 percent, up from 31 percent one year ago. GAAP gross margin for the fourth quarter of 41.9 percent, up from 30.6 percent one year ago. Full-year non-GAAP gross margin of 42.6 percent, up from 36.7 percent in 2013. GAAP gross margin for the full year of 41.8 percent, up from 36.2 percent in 2013.

•

Adjusted EBITDA for the fourth quarter of negative $2.2 million, an improvement from negative $4.9 million one year ago and negative $2.3 million in the third quarter. Full-year adjusted EBITDA of negative $10.4 million compared to negative $12.3 million in 2013. GAAP net loss for the comparable periods, respectively, was as follows: $4.8 million for the fourth quarter 2014; $6.5 million for the fourth quarter of 2013; $4.6 million for the third quarter 2014; $19.6 million for the full year 2014; and $17.9 million for the full year 2013.

“The fourth quarter was a strong finish to a fantastic year as the company continued to execute across sales, product development and implementations,” said Matt Flake, president and CEO of Q2 Holdings, Inc. “We signed five Tier 1 customers, rolled out the next generation of our platform and added more than 1.2 million users in 2014 while growing revenue 39 percent and boosting gross margin. I’m optimistic about 2015 and look forward to another strong year.”

Fourth Quarter and Full-Year 2014 Highlights


•	Signed two additional Tier 1 financial institutions in the fourth quarter for a total of five for the full year. Added a Top 20 Credit Union in the Southwest and a leading bank in the Western United States in the fourth quarter.


•	Exited the fourth quarter with more than 4.3 million registered users on the Q2 platform, representing 39 percent year-over-year growth and 5 percent quarter-over-quarter growth.


•	Rolled out our initial Treasury banking product, which is experiencing strong demand in the marketplace and will support our customers as they look to move up-market and acquire more lucrative commercial accounts.

Financial Outlook

Q2 Holdings is providing guidance for its first quarter 2015 as follows:


•	Total revenue of $23.2 million to $23.8 million, which would represent year-over-year growth of 38 percent to 41 percent.


•	Adjusted EBITDA of negative $3.0 million to negative $3.5 million.

The following information was filed by Q2 Holdings, Inc. (QTWO) on Thursday, February 5, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Q2 Holdings, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 10.7: Material Contract

Exhibit 10.8: Material Contract

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: QTWO
CIK: 1410384
Form Type: 10-K Annual Report
Accession Number: 0001410384-15-000021
Submitted to the SEC: Thu Feb 12 2015 5:22:48 PM EST
Accepted by the SEC: Thu Feb 12 2015
Period: Wednesday, December 31, 2014
Industry: Prepackaged Software