Market Newsdesk

Ecolab to Host 2023 Investor Day on September 14

ST. PAUL, Minn.–(BUSINESS WIRE)–
Ecolab Inc. will host its 2023 Investor Day on Thursday, September 14, starting at 8:00 a.m. (CT) at its Nalco Water headquarters in Naperville, Illinois. The day will include presentations by members of Ecolab’s senior management team and interactive sessions showcasing the company’s latest innovations.

To register to attend the event in person, please contact Ecolab’s investor relations department. As space will be limited, a live webcast of the presentation will be available via the investor section of our website at www.ecolab.com/investor. A replay of the webcast will be available following the event.

About Ecolab

A trusted partner for millions of customers, Ecolab (NYSE:ECL) is a global sustainability leader offering water, hygiene and infection prevention solutions and services that protect people and the resources vital to life. Building on a century of innovation, Ecolab has annual sales of $14 billion, employs more than 47,000 associates and operates in more than 170 countries around the world. The company delivers comprehensive science-based solutions, data-driven insights and world-class service to advance food safety, maintain clean and safe environments, and optimize water and energy use. Ecolab’s innovative solutions improve operational efficiencies and sustainability for customers in the food, healthcare, life sciences, hospitality and industrial markets. www.ecolab.com

Follow us on LinkedIn @Ecolab, Twitter @Ecolab, Instagram @Ecolab_Inc and Facebook @Ecolab.

(ECL-C)

View source version on businesswire.com: https://www.businesswire.com/news/home/20230802943254/en/

Andrew Hedberg

+1 651 250 2185

Cairn Clark

+1 651 250 2291

KEYWORDS: Illinois Minnesota United States North America

INDUSTRY KEYWORDS: Restaurant/Bar Other Retail Office Products Sustainability Other Construction & Property Food/Beverage Environment Construction & Property Other Manufacturing Retail Chemicals/Plastics Manufacturing

MEDIA:

Posted on August 3, 2023 2:10 am

Q2 Holdings, Inc. Announces Second Quarter 2023 Financial Results

Q2 Holdings, Inc. Announces Second Quarter 2023 Financial Results

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 second quarter ending June 30, 2023.

GAAP Results for the Second Quarter 2023

• Revenue for the second quarter of $154.5 million, up 10 percent year-over-year and up 1 percent from the first quarter of 2023.

• GAAP gross margin for the second quarter of 47.8 percent, up from 44.8 percent in the prior-year quarter and down from 47.9 percent in the first quarter of 2023.

• GAAP net loss for the second quarter of $23.6 million compared to GAAP net losses of $25.2 million for the prior-year quarter and $0.5 million for the first quarter of 2023 which included a one-time gain of $19.9 million from partial repurchase of convertible senior notes.

Non-GAAP Results for the Second Quarter 2023

• Non-GAAP revenue for the second quarter of $154.6 million, up 10 percent year-over-year and up 1 percent from the first quarter of 2023.

• Non-GAAP gross margin for the second quarter of 54.2 percent, up from 51.3 percent for the prior-year quarter and 54.0 percent for the first quarter of 2023.

• Adjusted EBITDA for the second quarter of $17.6 million, up from $9.7 million for the prior-year quarter and $16.5 million for the first quarter of 2023.

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

“We continued our solid bookings performance in the second quarter, closing out our best first half of bookings in company history,” said Q2 CEO Matt Flake. “We also hosted our annual client conference with more than 1,000 customers, partners and prospects in attendance, and the feedback was overwhelmingly positive—they’re excited about our roadmap and continue to believe in the importance of technology in retaining and growing deposits. Lastly, we delivered strong subscription revenue and adjusted EBITDA results for another quarter as we continue to focus on profitable growth.”

Second Quarter Highlights

• Signed two Tier 1 digital banking contracts including a:
  • Tier 1 bank to utilize a broad set of solutions led by retail banking; and

  • Tier 1 U.S. bank to utilize our retail, small business and commercial banking solutions.
    
• Signed two Tier 1 digital lending contracts including a(n):
  • Expansion with a Top 100 U.S. bank utilizing our loan and relationship pricing solutions; and

  • Tier 1 U.S. bank to utilize our loan and relationship pricing solutions.
    
• Signed a contract with one of the largest insurance companies in the nation to utilize our Helix platform.

• Exited the second quarter with approximately 21.7 million registered users on the Q2 digital banking platform, representing 8 percent year-over-year growth and 1 percent sequential growth.

“We were pleased with our results in the quarter, with adjusted EBITDA exceeding the high end of our guidance,” said David Mehok, Q2 CFO. “Our revenue and ARR growth were driven by the ongoing demand for our higher margin subscription businesses. Our continued bookings strength coupled with successful cost initiatives have given us confidence in raising our adjusted EBITDA guidance for the remainder of the year.”

Financial Outlook

As of August 2, 2023, Q2 Holdings is providing guidance for its third quarter of 2023 and updated guidance for its full-year 2023, which represents Q2 Holdings’ current estimates on Q2 Holdings’ operations and financial results. 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, transaction-related costs, interest and other (income) expense, income taxes, lease and other restructuring charges, (gain) 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 third quarter of 2023 as follows:

• Total non-GAAP revenue of $153.5 million to $156.5 million, which would represent year-over-year growth of 6 percent to 8 percent.

• Adjusted EBITDA of $17.0 million to $19.0 million, representing 11 to 12 percent of non-GAAP revenue for the quarter.

Q2 Holdings is providing updated guidance for the full-year 2023 as follows:

• Total non-GAAP revenue of $620.0 million to $628.0 million, which would represent year-over-year growth of 9 percent to 11 percent.

• Adjusted EBITDA of $71.0 million to $75.0 million, representing 11 to 12 percent of non-GAAP revenue for the year.

Conference Call Details

Date:	Wednesday, August 2, 2023
Time:	5:00 p.m. EDT
Hosts:	Matt Flake, CEO / David Mehok, CFO / Kirk Coleman, President / Jonathan Price, EVP Strategy and Emerging Businesses
Conference Call Registration:	https://conferencingportals.com/event/ZwJrtqJb
Webcast Registration:	https://events.q4inc.com/attendee/728204995

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. Q2 has used, and intends to continue to use, its investor relations website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

About Q2 Holdings, Inc.

Q2 is a leading provider of digital banking and lending solutions to banks, credit unions, alternative finance companies, and fintechs in the U.S. and internationally. Q2’s comprehensive solution set allows its customers to better onboard, grow and serve their consumer, small business and corporate clients. 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. Follow us on LinkedIn and X to stay up-to-date.

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; and non-GAAP operating income (loss). 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, transaction-related costs, lease and other restructuring charges, (gain) 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, transaction-related costs, lease and other restructuring charges 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), Q2 adjusts operating income (loss), for stock-based compensation, transaction-related costs, amortization of acquired technology, amortization of acquired intangibles, lease and other restructuring charges, and the impact to deferred revenue from purchase accounting.

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: customer enthusiasm regarding our roadmap and the importance of technology in retaining and growing deposits; our ability to execute on our focus to grow with improved profitability; our continued bookings strength; the success of our cost initiatives; 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 risks related to: (a) uncertainties in the financial services industries, including as a result of recent bank failures, and the potential impacts on Q2’s customers’ prospects and Q2’s business sales cycles, Q2’s prospects’ and customers’ spending decisions, including professional services which are more discretionary in nature, and the timing of customer implementation and purchasing decisions; (b) the risk of increased or new competition in Q2’s existing markets and as Q2 enter new markets or new sections of existing markets, or as Q2 offer new solutions; (c) the risks associated with the development of Q2’s solutions and changes to the market for Q2’s solutions compared to Q2’s expectations; (d) quarterly fluctuations in Q2’s operating results relative to Q2’s expectations and guidance and the accuracy of Q2’s forecasts; (e) the risks associated with anticipated higher operating expenses in 2023 and beyond; (f) the impact that rising interest rates, inflation, an economic slowdown, or challenges in the financial services industry, financial markets and credit markets have had to date or in the future could have on account holder or end user, or End User, usage of Q2’s solutions, including the promotion and adoption of Q2’s Helix and payment solutions, and on Q2’s customers’ prospects and Q2’s business sales cycles, Q2’s prospects’ and customers’ spending decisions, including professional services which are more discretionary in nature, and the timing of customer implementation and purchasing decisions; (g) 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 novel coronavirus disease, or COVID-19, including increased employee turnover, labor shortages, wage inflation and extreme competition for talent; (h) the risk that the residual impacts of the COVID-19 pandemic continue to or that any renewed efforts to limit its spread could 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; (i) the risks associated with Q2’s transactional business which are typically driven by end-user behavior which can be influenced by external drivers outside of Q2’s control; (j) the risks associated with effectively managing Q2’s cost structure in light of the challenging macroeconomic environment, challenges in the financial services industry and from the effects of seasonal or other unexpected trends; (k) the risks associated with the general economic and geopolitical uncertainties, including the heightened risk of state-sponsored cyberattacks on financial services and other critical infrastructure, and continued or increased inflation partially driven by increased energy costs or other unpredictable economic impacts that have and may continue to negatively affect demand for Q2’s solutions; (l) the risks associated with managing Q2’s business in response to continued challenging macroeconomic conditions, challenges in the financial services industry and any anticipated or resulting recession; (m) the risks associated with accurately forecasting and managing the impacts of any macroeconomic downturn or challenges in the financial services industry on Q2’s customers and their end users, including in particular the impacts of any downturn on financial technology companies, or FinTechs, or alternative finance companies, or Alt-FIs, and Q2’s arrangements with them, which represent a newer market opportunity for us, a more complex revenue model for us and which may be more vulnerable to an economic downturn than Q2’s financial institution customers; (n) 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; (o) the risk that errors, interruptions or delays in Q2’s solutions or Web hosting negatively impacts Q2’s business and sales; (p) the 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 Q2’s ability to sell Q2’s solutions; (q) the difficulties and risks associated with developing and selling complex new solutions and enhancements with the technical and regulatory specifications and functionality required by Q2’s customers and relevant governmental authorities; (r) regulatory risks, including risks related to evolving regulation of artificial intelligence, or AI, machine learning and the receipt, collection, storage, processing and transfer of data; (s) the risks associated with Q2’s sales and marketing capabilities, including partner relationships and the length, cost and unpredictability of Q2’s sales cycle; (t) the risks inherent in third-party technology and implementation partnerships that could cause harm to Q2’s business; (u) the risk that Q2 will not be able to maintain historical contract terms such as pricing and duration; (v) the general risks associated with the complexity of Q2’s customer arrangements and Q2’s solutions; (w) the risks associated with integrating acquired companies and successfully selling and maintaining their solutions; (x) litigation related to intellectual property and other matters and any related claims, negotiations and settlements; (y) the risks associated with further consolidation in the financial services industry; (z) the risks associated with selling Q2’s solutions internationally and with the recent expansion of Q2’s international operations; and (aa) the risk that Q2’s debt repayment obligations may adversely affect Q2’s 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)
		June 30, 2023				December 31, 2022
Assets
Current assets:
Cash and cash equivalents		$	118,229			$	199,600
Restricted cash			2,298				2,302
Investments			161,777				233,753
Accounts receivable, net			38,671				46,735
Contract assets, current portion, net			11,359				8,909
Prepaid expenses and other current assets			11,949				10,832
Deferred solution and other costs, current portion			26,783				21,117
Deferred implementation costs, current portion			8,136				7,828
Total current assets			379,202				531,076
Property and equipment, net			48,460				56,695
Right of use assets			35,579				39,837
Deferred solution and other costs, net of current portion			27,303				26,410
Deferred implementation costs, net of current portion			21,025				18,713
Intangible assets, net			134,691				145,681
Goodwill			512,869				512,869
Contract assets, net of current portion and allowance			11,571				16,186
Other long-term assets			1,987				2,259
Total assets		$	1,172,687			$	1,349,726
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable and accrued liabilities		$	48,223			$	54,263
Convertible notes, current portion			—				10,903
Deferred revenues, current portion			111,466				117,468
Lease liabilities, current portion			9,210				9,408
Total current liabilities			168,899				192,042
Convertible notes, net of current portion			489,473				657,789
Deferred revenues, net of current portion			19,682				21,691
Lease liabilities, net of current portion			48,696				52,991
Other long-term liabilities			4,530				6,189
Total liabilities			731,280				930,702
Stockholders’ equity:
Common stock			6				6
Additional paid-in capital			1,027,796				982,300
Accumulated other comprehensive loss			(1,947	)			(2,972	)
Accumulated deficit			(584,448	)			(560,310	)
Total stockholders’ equity			441,407				419,024
Total liabilities and stockholders’ equity		$	1,172,687			$	1,349,726

Q2 Holdings, Inc.
Condensed Consolidated Statements of Comprehensive Loss
(in thousands, except per share data)
(unaudited)
		Three Months Ended June 30,								Six Months Ended June 30,
		2023				2022				2023				2022
Revenues (1)		$	154,531			$	140,309			$	307,539			$	274,380
Cost of revenues (2)			80,703				77,421				160,414				151,093
Gross profit			73,828				62,888				147,125				123,287
Operating expenses:
Sales and marketing			28,701				26,477				56,845				51,743
Research and development			34,096				31,832				68,521				62,963
General and administrative			27,127				23,285				51,819				43,853
Transaction-related costs			9				527				21				530
Amortization of acquired intangibles			5,252				4,422				10,514				8,844
Lease and other restructuring charges			2,312				129				4,273				537
Total operating expenses			97,497				86,672				191,993				168,470
Loss from operations			(23,669	)			(23,784	)			(44,868	)			(45,183	)
Total other income (expense), net (3)			526				(1,098	)			21,227				(1,894	)
Loss before income taxes			(23,143	)			(24,882	)			(23,641	)			(47,077	)
Provision for income taxes			(479	)			(340	)			(497	)			(1,704	)
Net loss		$	(23,622	)		$	(25,222	)		$	(24,138	)		$	(48,781	)
Other comprehensive income (loss):
Unrealized gain (loss) on available-for-sale investments			(174	)			(544	)			862				(1,617	)
Foreign currency translation adjustment			180				(724	)			163				(814	)
Comprehensive loss		$	(23,616	)		$	(26,490	)		$	(23,113	)		$	(51,212	)
Net loss per common share:
Net loss per common share, basic and diluted		$	(0.41	)		$	(0.44	)		$	(0.42	)		$	(0.85	)
Weighted average common shares outstanding, basic and diluted			58,286				57,234				58,087				57,125

	(1)	Includes deferred revenue reduction from purchase accounting of $0.1 million and $0.2 million for the three months ended June 30, 2023 and 2022, respectively, and $0.2 million and $0.4 million for the six months ended June 30, 2023 and 2022, respectively.
	(2)	Includes amortization of acquired technology of $5.9 million and $5.6 million for the three months ended June 30, 2023 and 2022, respectively, and $11.8 million and $11.2 million for the six months ended June 30, 2023 and 2022, respectively.
	(3)	Includes a gain of $19.9 million related to the early extinguishment of a portion of our 2026 Notes and 2025 Notes for the six months ended June 30, 2023.

Q2 Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
		Six Months Ended June 30,
		2023				2022
Cash flows from operating activities:
Net loss		$	(24,138	)		$	(48,781	)
Adjustments to reconcile net loss to net cash from operating activities:
Amortization of deferred implementation, solution and other costs			12,447				11,091
Depreciation and amortization			35,478				29,946
Amortization of debt issuance costs			1,113				1,367
Amortization of premiums on investments			(1,781	)			577
Stock-based compensation expense			38,710				33,425
Deferred income taxes			(556	)			857
(Gain) loss on extinguishment of debt			(19,312	)			—
Other non-cash charges			2,043				883
Changes in operating assets and liabilities			(27,042	)			(43,185	)
Net cash provided by (used in) operating activities			16,962				(13,820	)
Cash flows from investing activities:
Net maturities (purchases) of investments			74,284				(85,555	)
Purchases of property and equipment			(3,294	)			(5,097	)
Capitalized software development costs			(13,127	)			(9,485	)
Net cash provided by (used in) investing activities			57,863				(100,137	)
Cash flows from financing activities:
Payment for maturity of 2023 convertible notes			(10,908	)			—
Payments for repurchases of convertible notes			(149,640	)			—
Proceeds from capped calls related to convertible notes			139				—
Proceeds from exercise of stock options and ESPP			3,933				2,803
Net cash provided by (used in) financing activities			(156,476	)			2,803
Effect of exchange rate changes on cash, cash equivalents and restricted cash			276				(575	)
Net decrease in cash, cash equivalents, and restricted cash			(81,375	)			(111,729	)
Cash, cash equivalents, and restricted cash, beginning of period			201,902				325,821
Cash, cash equivalents, and restricted cash, end of period		$	120,527			$	214,092

Q2 Holdings, Inc.
Reconciliation of GAAP to Non-GAAP Measures
(in thousands)
(unaudited)
		Three Months Ended June 30,								Six Months Ended June 30,
		2023				2022				2023				2022
GAAP revenue		$	154,531			$	140,309			$	307,539			$	274,380
Deferred revenue reduction from purchase accounting			83				169				199				411
Non-GAAP revenue		$	154,614			$	140,478			$	307,738			$	274,791
GAAP gross profit		$	73,828			$	62,888			$	147,125			$	123,287
Stock-based compensation			3,577				3,335				6,950				6,074
Amortization of acquired technology			5,883				5,603				11,763				11,207
Transaction-related costs			—				—				—				—
Lease and other restructuring charges			429				—				429				—
Deferred revenue reduction from purchase accounting			83				169				199				411
Non-GAAP gross profit		$	83,800			$	71,995			$	166,466			$	140,979
Non-GAAP gross margin:
Non-GAAP gross profit		$	83,800			$	71,995			$	166,466			$	140,979
Non-GAAP revenue			154,614				140,478				307,738				274,791
Non-GAAP gross margin			54.2	%			51.3	%			54.1	%			51.3	%
GAAP sales and marketing expense		$	28,701			$	26,477			$	56,845			$	51,743
Stock-based compensation			(4,823	)			(4,012	)			(9,083	)			(7,338	)
Non-GAAP sales and marketing expense		$	23,878			$	22,465			$	47,762			$	44,405
GAAP research and development expense		$	34,096			$	31,832			$	68,521			$	62,963
Stock-based compensation			(4,007	)			(3,850	)			(7,783	)			(6,702	)
Non-GAAP research and development expense		$	30,089			$	27,982			$	60,738			$	56,261
GAAP general and administrative expense		$	27,127			$	23,285			$	51,819			$	43,853
Stock-based compensation			(8,217	)			(6,320	)			(14,894	)			(11,422	)
Non-GAAP general and administrative expense		$	18,910			$	16,965			$	36,925			$	32,431
GAAP operating loss		$	(23,669	)		$	(23,784	)		$	(44,868	)		$	(45,183	)
Deferred revenue reduction from purchase accounting			83				169				199				411
Stock-based compensation			20,624				17,517				38,710				31,536
Transaction-related costs			9				527				21				530
Amortization of acquired technology			5,883				5,603				11,763				11,207
Amortization of acquired intangibles			5,252				4,422				10,514				8,844
Lease and other restructuring charges			2,741				129				4,702				537
Non-GAAP operating income		$	10,923			$	4,583			$	21,041			$	7,882
Reconciliation of GAAP net loss to adjusted EBITDA:
GAAP net loss		$	(23,622	)		$	(25,222	)		$	(24,138	)		$	(48,781	)
Depreciation and amortization			17,935				15,027				35,478				29,946
Stock-based compensation			20,624				17,517				38,710				31,536
Provision for income taxes			479				340				497				1,704
Interest and other (income) expense, net			(623	)			1,176				(1,502	)			1,838
Transaction-related costs			9				527				21				530
Lease and other restructuring charges			2,741				129				4,702				537
(Gain) loss on extinguishment of debt			—				—				(19,869	)			—
Deferred revenue reduction from purchase accounting			83				169				199				411
Adjusted EBITDA		$	17,626			$	9,663			$	34,098			$	17,721

Q2 Holdings, Inc.
Reconciliation of GAAP to Non-GAAP Revenue Outlook
(in thousands)
		Q3 2023 Outlook						Full Year 2023 Outlook
		Low			High			Low			High
GAAP revenue		$	153,424		$	156,424		$	619,655		$	627,655
Deferred revenue reduction from purchase accounting			76			76			345			345
Non-GAAP revenue		$	153,500		$	156,500		$	620,000		$	628,000

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230802392954/en/

MEDIA CONTACT:

Jean Kondo

Q2 Holdings, Inc.

M: +1-510-823-4728

[email protected]

INVESTOR CONTACT:

Josh Yankovich

Q2 Holdings, Inc.

O: +1-512-682-4463

[email protected]

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Data Management Banking Technology Professional Services Payments Security Software Internet Fintech Mobile/Wireless Finance

MEDIA:

Logo

Advance Auto Parts Announces Dates for Its Second Quarter 2023 Earnings Release and Conference Call

RALEIGH, N.C.–(BUSINESS WIRE)–
Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive aftermarket parts provider in North America that serves both professional installer and do-it-yourself customers, will report its second quarter 2023 results before the market opens on Wednesday, August 23, 2023. Interested parties can listen to the event via a webcast scheduled to begin at 8:00 a.m. Eastern Time on Wednesday, August 23, 2023. The webcast will be accessible via the company’s Investor Relations website (ir.AdvanceAutoParts.com).

To join by phone, please pre-register online for dial-in and passcode information. Upon registering, participants will receive a confirmation with call details and a registrant ID. While registration is open through the live call, the company suggests registering a day in advance or at minimum 10 minutes before the start of the call. A replay of the conference call will be available on the company’s Investor Relations website for one year.

About Advance Auto Parts

Advance Auto Parts, Inc. is a leading automotive aftermarket parts provider that serves both professional installer and do-it-yourself customers. As of April 22, 2023, Advance operated 4,778 stores and 318 Worldpac branches primarily within the United States, with additional locations in Canada, Puerto Rico and the U.S. Virgin Islands. The company also served 1,315 independently owned Carquest branded stores across these locations in addition to Mexico and various Caribbean islands. Additional information about Advance, including employment opportunities, customer services, and online shopping for parts, accessories and other offerings can be found at www.AdvanceAutoParts.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230802650840/en/

Investor Relations:

Elisabeth Eisleben

T: (919) 227-5466

E: [email protected]

Media:

Darryl Carr

T: (984) 389-7207

E: [email protected]

KEYWORDS: West Virginia Virginia North Carolina New York Florida District of Columbia United States North America

INDUSTRY KEYWORDS: Aftermarket Automotive General Automotive Other Retail Automotive Manufacturing Specialty Manufacturing Other Automotive Retail

MEDIA:

Logo

Butterfield Cautions Shareholders Regarding New York Stock and Bond LLC Mini-tender Offer for Shares

HAMILTON, Bermuda–(BUSINESS WIRE)–
The Bank of N.T. Butterfield & Son Limited (“Butterfield”) (NYSE: NTB | BSX: NTB.BH) has been notified of an unsolicited offer made by New York Stock and Bond LLC to purchase up to 50,000 of Butterfield’s ordinary shares, or approximately 0.1% of shares outstanding, at a price of £15 per share.

Butterfield cautions shareholders that the mini-tender offer has been made at a price below the current market price for Butterfield shares. The offer represents a discount of approximately 38% below the closing price on the NYSE on July 21, 2023 (the date referenced in the offer circular). Butterfield does not recommend or endorse acceptance of this unsolicited mini-tender offer and is not associated in any way with New York Stock and Bond LLC, its mini-tender offer or the offer documentation.

Mini-tender offers are designed to seek not more than 5% of a company’s outstanding shares, thereby avoiding disclosure and procedural requirements applicable to most bids under U.S. securities regulations. The U.S. Securities and Exchange Commission (the “SEC”) has expressed concerns about mini-tender offers, including the possibility that investors might tender to such offers without understanding the offer price relative to the actual market price of their securities.

The SEC has cautioned investors about these offers, noting that “some bidders make mini-tender offers at below-market prices, hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price.” The SEC’s guidance to investors on mini-tenders is available at https://www.sec.gov/rules/interp/34-43069.htm.

Shareholders should carefully review the offer documentation, obtain current market quotations for their shares, consult with their broker or financial advisor, and exercise caution with respect to New York Stock and Bond LLC’s mini-tender offer. Butterfield requests that a copy of this news release be included with all distributions of materials related to New York Stock and Bond LLC’s mini-tender offer for Butterfield’s ordinary shares.

About Butterfield:

Butterfield is a full-service bank and wealth manager headquartered in Hamilton, Bermuda, providing services to clients from Bermuda, the Cayman Islands, Guernsey and Jersey, where our principal banking operations are located, and The Bahamas, Switzerland, Singapore and the United Kingdom, where we offer specialized financial services. Banking services comprise deposit, cash management and lending solutions for individual, business and institutional clients. Wealth management services are composed of trust, private banking, asset management and custody. In Bermuda, the Cayman Islands and Guernsey, we offer both banking and wealth management. In The Bahamas, Singapore and Switzerland, we offer select wealth management services. In the UK, we offer residential property lending. In Jersey, we offer select banking and wealth management services. Butterfield is publicly traded on the New York Stock Exchange (symbol: NTB) and the Bermuda Stock Exchange (symbol: NTB.BH). Further details on the Butterfield Group can be obtained from our website at: www.butterfieldgroup.com.

BF-All

View source version on businesswire.com: https://www.businesswire.com/news/home/20230802865337/en/

Investor Relations Contact:

Noah Fields

Investor Relations

The Bank of N.T. Butterfield & Son Limited

Phone : (441) 299 3816

E-mail : [email protected]

Media Relations Contact:

Nicky Stevens

Group Strategic Marketing & Communications

The Bank of N.T. Butterfield & Son Limited

Phone: (441) 299 1624

Cellular: (441) 524 4106

E-mail: [email protected]

KEYWORDS: Caribbean United States Bahamas North America

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

Logo

BWXT Awarded an Engineering Contract from TerraPower for the Natrium™ Demonstration Project

CAMBRIDGE, Ontario–(BUSINESS WIRE)–
BWX Technologies, Inc. (NYSE: BWXT) today announced a contract with TerraPower to design the Intermediate Heat Exchanger for the Natrium Demonstration Project.

The Natrium technology is a 345-megawatt sodium fast reactor coupled with a molten salt-based integrated energy storage system. The Intermediate Heat Exchanger is a critical component of the Natrium advanced reactor. It transfers heat from the primary sodium in the primary heat transport system to the intermediate heat transport system. This work will start from conceptual design, preliminary design and final detailed design activities of the Intermediate Heat Exchanger, and be performed by BWXT Canada Ltd. in Cambridge, Ontario.

“BWXT has the required experience and expertise in commercial nuclear innovation to serve the fast-growing global advanced reactor market,” said John MacQuarrie, president of BWXT Commercial Operations. “We are pleased to work with TerraPower to execute this contract and look forward to meeting our commitments while expanding our role in accelerating the supply of clean energy in North America.”

In November 2021, TerraPower announced Kemmerer, Wyoming as the preferred site for the Natrium Demonstration Project, one of two competitively-selected advanced reactor demonstration projects (ARDP) supported by the U.S. Department of Energy (DOE). Successful design of the Intermediate Heat Exchanger by BWXT Canada Ltd. is key to the planned achievements of the Natrium Demonstration Project’s power generation.

BWXT is a global leader in the design, manufacture and service of commercial nuclear components. As a result of its investments in people and facilities, BWXT has become an essential partner in the delivery of nuclear projects, supporting customers’ commitment to generating clean, reliable, low-cost electricity for communities and businesses.

Forward Looking Statements

BWXT cautions that this release contains forward-looking statements, including statements relating to the performance, design, suitability and impact of the Intermediate Heat Exchanger to be designed by BWXT under the contract with TerraPower. These forward-looking statements involve a number of risks and uncertainties, including, among other things, modification or termination of the project, execution of future contracts and delays. If one or more of these or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, please see BWXT’s annual report on Form 10-K for the year ended December 31, 2022 and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. BWXT cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

About BWXT

At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong, Innovation Driven. Headquartered in Lynchburg, Virginia, BWXT is a Defense News Top 100 manufacturing and engineering innovator that provides safe and effective nuclear solutions for global security, clean energy, environmental restoration, nuclear medicine and space exploration. With approximately 7,000 employees, BWXT has 14 major operating sites in the U.S., Canada and the U.K. In addition, BWXT joint ventures provide management and operations at a dozen U.S. Department of Energy and NASA facilities. BWXT’s Commercial Operations has over 60 years of expertise and experience in the design, manufacturing, commissioning and service of nuclear power generation equipment. This includes steam generators, nuclear fuel and fuel components, critical plant components, parts and related plant services. Follow us on Twitter at @BWXT and learn more at www.bwxt.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230801771721/en/

Media Contact

Monifa Miller

Senior Director, Corporate Affairs

Commercial Operations

519.242.8071 [email protected]

Investor Contact

Chase Jacobson

Vice President, Investor Relations

980.365.4300 [email protected]

KEYWORDS: Virginia United States North America Canada

INDUSTRY KEYWORDS: Other Defense Contracts Utilities Nuclear Energy Technology Defense Government Technology Engineering Aerospace Other Technology Manufacturing

MEDIA:

Logo

Superior Drilling Products, Inc. Enters Into New Loan and Line of Credit Agreement

New facilities extend maturity dates and include more favorable financing terms

VERNAL, Utah–(BUSINESS WIRE)–Superior Drilling Products, Inc. (NYSE American: SDPI) (“SDP” or the “Company”), a designer and manufacturer of drilling tool technologies, announced that on July 28, 2023, it executed a new credit agreement with Vast Bank, National Association, which included a 5-year, $1.7 million term loan, a 2-year, $750,000 revolving credit line, and a program whereby the lender can purchase certain accounts receivable. The proceeds from the receivables program were used to repay the full amount outstanding under the Company’s existing credit agreement. The funds available through the term loan and the revolving line can be used for working capital and growth capital purposes.

“This new credit agreement extends our maturity dates and includes more favorable financing terms than our previous debt arrangements, which we believe is a reflection of our growing financial strength,” commented Chis Cashion, Chief Financial Officer. “While we expect to continue to generate strong operating cash flow to support our growth strategy, the new credit agreement also provides additional financial flexibility and liquidity.”

The amount available under the revolving line will be the lesser of $750,000 or the borrowing base, which is as of a date 50% of eligible inventory as calculated under the loan agreement. The interest rate on the revolving line will be the greater of prime plus 1.00% or 7.50%. The interest rate on the term loan is fixed at 8.18%.

In addition, in connection with entering into the new loan agreement, the Company entered into business manager agreements for the purchase by the lender of certain domestic and international accounts receivable of the Company. The face amount of the accounts that may be purchased cannot exceed $2.5 million under the domestic agreement and $2.0 million under the international agreement.

About Superior Drilling Products, Inc.

Superior Drilling Products, Inc. is an innovative, cutting-edge drilling tool technology company providing cost saving solutions that drive production efficiencies for the oil and natural gas drilling industry. The Company designs, manufactures, repairs and sells drilling tools. SDP drilling solutions include the patented Drill-N-Ream® well bore conditioning tool and the patented Strider™ oscillation system technology. In addition, SDP is a manufacturer and refurbisher of PDC (polycrystalline diamond compact) drill bits for a leading oil field service company. SDP operates a state-of-the-art drill tool fabrication facility, where it manufactures its solutions for the drilling industry, as well as customers’ custom products. The Company’s strategy for growth is to leverage its expertise in drill tool technology and innovative, precision machining in order to broaden its product offerings and solutions for the oil and gas industry.

Additional information about the Company can be found at: sdpi.com.

Safe Harbor Regarding Forward Looking Statements

This news release contains forward-looking statements and information that are subject to a number of risks and uncertainties, many of which are beyond our control. All statements, other than statements of historical fact included in this release, including, without limitations, the Company’s strategic review process, the continued impact of COVID-19 on the business, the Company’s strategy, future operations, success at developing future tools, the Company’s effectiveness at executing its business strategy and plans, financial position, estimated revenue and losses, projected costs, prospects, plans and objectives of management, and ability to outperform are forward-looking statements. The use of words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project”, “forecast,” “should” or “plan, and similar expressions are intended to identify forward-looking statements, although not all forward -looking statements contain such identifying words. These statements reflect the beliefs and expectations of the Company and are subject to risks and uncertainties that may cause actual results to differ materially. These risks and uncertainties include, among other factors, the duration of the COVID-19 pandemic and related impact on the oil and natural gas industry, the effectiveness of success at expansion in the Middle East, options available for market channels in North America, the deferral of the commercialization of the Strider technology, the success of the Company’s business strategy and prospects for growth; the market success of the Company’s specialized tools, effectiveness of its sales efforts, its cash flow and liquidity; financial projections and actual operating results; the amount, nature and timing of capital expenditures; the availability and terms of capital; competition and government regulations; and general economic conditions. These and other factors could adversely affect the outcome and financial effects of the Company’s plans and described herein. The Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230802194455/en/

For more information, contact investor relations:

Deborah K. Pawlowski / Craig P. Mychajluk

Kei Advisors LLC

716-843-3908 / 716-843-3832

[email protected] / [email protected]

KEYWORDS: United States North America Utah

INDUSTRY KEYWORDS: Mining/Minerals Oil/Gas Manufacturing Energy Natural Resources Other Manufacturing

MEDIA:

Logo