The following is a summary of the Q2 Holdings, Inc. (QTWO) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Q2 Holdings reported a total non-GAAP revenue of $165.5 million, beating their predictions for Q1 2024 and showing improved profitability with an adjusted EBITDA of $25.2 million.

• For the first time in a Q1, the company generated a positive free cash flow, amounting to $6 million.

• The Annual Recurring Revenue (ARR) grew to $761 million, a 13% year-over-year increase.

• There was a significant increase in the company's ending backlog, approximately $1.9 billion, the biggest year-over-year growth in the company's history.

• Q2 Holdings predicts a Q2 2024 non-GAAP revenue in the range of $169 million to $172 million, and the full year non-GAAP revenue between $686 million and $692 million.

Business Progress:

• There was a high demand in Q1 with a mix of net new deals, expansion ventures, and renewals including several Tier 2 and 3 deals and four Tier 1 digital banking deals.

• The company's Fintech partner ecosystem, Q2 Innovation Studio, contributed to new successful partnerships.

• Growth was observed in the Centrix expansion bookings year-over-year in Q1 and they anticipate deeper relationships with customers through the launch of Q2 Connect.

• The company was successful in reducing their not-live ARR from 18% to 15%.

• Increased demands are forecasted for the company's single-platform service and are considering the use of AI to drive solutions.

More details: Q2 Holdings IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.