Q2 Holdings Inc

For the period ended Dec 31, 2024. Filed Feb 12, 2025.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 12, 2025

QTWO$75.33+1.5%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

	Year Ended December 31,
	2024	2023	2022
Cash flows from operating activities:
Net loss	$(38,536)	$(65,384)	$(108,983)
Adjustments to reconcile net loss to net cash from operating activities:
Amortization of deferred implementation, solution and other costs	27,038	25,848	23,270
Depreciation and amortization	68,809	71,707	61,659
Amortization of debt issuance costs	2,059	2,104	2,719
Amortization of premiums and discounts on investments	(1,273)	(3,192)	(302)
Stock-based compensation expense	89,215	79,188	65,157
Deferred income taxes	2,106	636	1,611
Gain on extinguishment of debt	—	(19,312)	—
Lease impairments	1,669	4,075	11,669
Other non-cash items	(490)	311	250
Changes in operating assets and liabilities:
Accounts receivable, net	906	4,090	286
Prepaid expenses and other current assets	(12,000)	(787)	494
Deferred solution and other costs	(14,202)	(17,412)	(7,599)
Deferred implementation costs	(17,663)	(14,954)	(12,243)
Contract assets, net	4,030	3,693	(1,101)
Other long-term assets	7,282	5,576	7,312
Accounts payable	(9,788)	9,353	(548)
Accrued liabilities	5,968	(492)	(9,845)
Deferred revenues	28,918	(3,092)	10,212
Deferred rent and other long-term liabilities	(8,297)	(11,664)	(7,462)
Net cash provided by operating activities	135,751	70,292	36,556
Cash flows from investing activities:
Purchases of investments	(95,788)	(76,865)	(292,984)
Maturities of investments	103,739	220,776	162,521
Purchases of property and equipment	(6,692)	(5,673)	(11,142)
Capitalized software development costs	(22,339)	(24,970)	(18,910)
Business combinations, net of cash acquired	—	—	(5,040)
Net cash provided by (used in) investing activities	(21,080)	113,268	(165,555)
Cash flows from financing activities:
Payment for maturity of 2023 convertible notes	—	(10,908)	—
Payment for repurchases of convertible notes	—	(149,640)	—
Proceeds from capped calls related to convertible notes	—	139	—
Debt issuance costs related to revolving credit agreement	(942)	—	—
Proceeds from exercise of stock options and ESPP	14,259	8,397	5,882
Net cash provided by (used in) financing activities	13,317	(152,012)	5,882
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(827)	182	(802)
Net increase (decrease) in cash, cash equivalents and restricted cash	127,161	31,730	(123,919)
Cash, cash equivalents and restricted cash, beginning of period	233,632	201,902	325,821
Cash, cash equivalents and restricted cash, end of period	$360,793	$233,632	$201,902
Supplemental disclosures of cash flow information:
Cash paid for taxes, net of refund	$5,880	$2,622	$875
Cash paid for interest	$2,680	$2,651	$2,891

Supplemental disclosure of non-cash investing and financing activities:
Stock-based compensation for capitalized software development	$2,882	$3,149	$2,396
Capitalized software development costs included in accounts payable and accrued liabilities	$—	$—	$492
Property and equipment acquired and included in accounts payable and accrued liabilities	$341	$478	$353
Property and equipment acquired through tenant improvement allowance	$615	$—	$—

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