| 10-Q | 2020-03-31 | Filed 2020-05-07 |
| 10-K | 2019-12-31 | Filed 2020-02-21 |
| 10-Q | 2019-09-30 | Filed 2019-11-07 |
| 10-Q | 2019-06-30 | Filed 2019-08-08 |
| 10-Q | 2019-03-31 | Filed 2019-05-08 |
| 10-K | 2018-12-31 | Filed 2019-02-19 |
| 10-Q | 2018-09-30 | Filed 2018-11-07 |
| 10-Q | 2018-06-30 | Filed 2018-08-08 |
| 10-Q | 2018-03-31 | Filed 2018-05-03 |
| 10-K | 2017-12-31 | Filed 2018-02-16 |
| 10-Q | 2017-09-30 | Filed 2017-11-02 |
| 10-Q | 2017-06-30 | Filed 2017-08-03 |
| 10-Q | 2017-03-31 | Filed 2017-05-04 |
| 10-K | 2016-12-31 | Filed 2017-02-21 |
| 10-Q | 2016-09-30 | Filed 2016-11-03 |
| 10-Q | 2016-06-30 | Filed 2016-08-04 |
| 10-Q | 2016-03-31 | Filed 2016-05-10 |
| 10-K | 2015-12-31 | Filed 2016-02-12 |
| 10-Q | 2015-09-30 | Filed 2015-11-06 |
| 10-Q | 2015-06-30 | Filed 2015-08-07 |
| 10-Q | 2015-03-31 | Filed 2015-05-08 |
| 10-K | 2014-12-31 | Filed 2015-02-12 |
| 10-Q | 2014-09-30 | Filed 2014-11-10 |
| 10-Q | 2014-06-30 | Filed 2014-08-12 |
| 10-Q | 2014-03-31 | Filed 2014-05-14 |
| 8-K | 2020-05-06 | Earnings, Exhibits |
| 8-K | 2020-03-20 | Officers |
| 8-K | 2020-02-19 | Earnings, Exhibits |
| 8-K | 2019-12-18 | Enter Agreement, Off-BS Arrangement, Exhibits |
| 8-K | 2019-11-06 | Earnings, Exhibits |
| 8-K | 2019-10-31 | M&A, Regulation FD, Exhibits |
| 8-K | 2019-09-30 | Enter Agreement, Regulation FD, Exhibits |
| 8-K | 2019-08-07 | Earnings, Exhibits |
| 8-K | 2019-07-15 | Officers, Exhibits |
| 8-K | 2019-06-11 | Amend Bylaw, Shareholder Vote, Exhibits |
| 8-K | 2019-06-06 | Enter Agreement, Off-BS Arrangement, Sale of Shares, Other Events, Exhibits |
| 8-K | 2019-06-05 | Enter Agreement, Off-BS Arrangement, Sale of Shares, Other Events, Exhibits |
| 8-K | 2019-05-07 | Earnings, Exhibits |
| 8-K | 2019-03-06 | Officers |
| 8-K | 2019-02-13 | Earnings, Exhibits |
| 8-K | 2018-12-06 | Officers |
| 8-K | 2018-11-06 | Earnings, Exhibits |
| 8-K | 2018-10-15 | M&A, Regulation FD, Exhibits |
| 8-K | 2018-08-07 | Earnings, Exhibits |
| 8-K | 2018-08-06 | Enter Agreement, Regulation FD, Exhibits |
| 8-K | 2018-06-13 | Shareholder Vote |
| 8-K | 2018-05-02 | Earnings, Exhibits |
| 8-K | 2018-03-08 | Officers |
| 8-K | 2018-02-22 | Other Events, Exhibits |
| 8-K | 2018-02-21 | Enter Agreement, Off-BS Arrangement, Sale of Shares, Exhibits |
| 8-K | 2018-02-20 | Other Events, Exhibits |
| 8-K | 2018-02-14 | Earnings, Exhibits |
Q2 is a leading provider of secure, cloud-based digital solutions that transform the ways in which traditional and emerging financial services providers engage with account holders and end users, or End Users. We sell our solutions to regional and community financial institutions, or RCFIs, alternative finance and leasing companies, or Alt-FIs, and financial technology companies, or FinTechs. Our solutions enable our customers to deliver robust suites of digital banking, lending, leasing, and banking as a service, or BaaS, services that make it possible for End Users to transact and engage anytime, anywhere and on any device. Our solutions are often the most frequent point of engagement between our customers and their End Users. As such, we purpose-build our solutions to deliver compelling and consistent End User experiences across digital channels and to drive the success of our customers by optimizing their digital brands and enhancing End User acquisition, retention and engagement.
Our founding team has over 25 years of experience developing and delivering secure, advanced digital solutions designed to help our customers compete in the complex and heavily-regulated financial services industry. Q2 began by providing digital banking solutions to RCFIs with the mission of empowering them to leverage technology to compete more effectively and to strengthen the communities and End Users they serve. Through investment in innovation and acquisitions, our solutions have grown to include a broader range of services and experiences, including corporate banking, regulatory and compliance, digital lending and leasing, BaaS and digital account opening and sales and marketing solutions, further serving the needs of RCFIs as well as Alt-FIs and FinTechs.
The RCFI market includes approximately 11,000 banks and credit unions with less than $100 billion in assets according to data compiled by BauerFinancial as of September 30, 2018. To date, a substantial majority of our revenues continue to come from sales of our digital banking platform to RCFIs, and we continue to be focused on our founding mission of building stronger communities by strengthening their financial institutions.
| Comps ($MM TTM) | Market Cap | Gross Margin | EV/EBITDA | Ret on Assets | Assets | Liabilities | Revenue | G Profit | Net Income | EBITDA | EV |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nutanix (NTNX) | 4,920 | 76% | -7.3 | -41% | 1,866 | 1,803 | 1,238 | 935 | -756 | -640 | 4,683 |
| Nuance Communications (NUAN) | 4,785 | 57% | 13.3 | 4% | 5,366 | 3,193 | 1,823 | 1,043 | 214 | 480 | 6,368 |
| Smartsheet (SMAR) | 4,461 | 81% | -67.9 | -9% | 775 | 248 | 192 | 155 | -68 | -58 | 3,946 |
| Blackbaud (BLKB) | 4,435 | 54% | 46.0 | 1% | 1,710 | 1,329 | 884 | 479 | 20 | 101 | 4,668 |
| Pivotal Software (PVTL) | 4,133 | 68% | -42.0 | -5% | 1,939 | 575 | 577 | 395 | -93 | -79 | 3,311 |
| Sina (SINA) | 3,884 | 0% | 5,886 | 2,123 | 0 | 0 | 0 | 0 | 2,241 | ||
| ACI Worldwide (ACIW) | 3,810 | 53% | 16.7 | 3% | 3,341 | 2,282 | 1,178 | 630 | 99 | 307 | 5,119 |
| Q2 Holdings (QTWO) | 3,793 | 48% | -60.4 | -7% | 978 | 596 | 300 | 143 | -67 | -53 | 3,190 |
| New Relic (NEWR) | 3,762 | 83% | 633.9 | -5% | 1,150 | 776 | 543 | 452 | -61 | 6 | 3,514 |
| Teradata (TDC) | 3,644 | 50% | 23.7 | 1% | 1,979 | 1,651 | 1,993 | 996 | 14 | 152 | 3,600 |
| LogMeIn (LOGM) | 3,619 | 75% | 14.6 | 0% | 3,859 | 1,084 | 1,248 | 935 | 15 | 254 | 3,698 |
| Cornerstone OnDemand (CSOD) | 3,314 | 74% | 92.2 | -2% | 869 | 738 | 565 | 419 | -17 | 34 | 3,096 |
| Appian (APPN) | 3,306 | 64% | -63.3 | -17% | 319 | 166 | 256 | 163 | -53 | -50 | 3,140 |
| AppFolio (APPF) | 3,299 | 60% | 157.3 | 14% | 234 | 108 | 189 | 113 | 32 | 21 | 3,327 |
| Qualys (QLYS) | 3,094 | 59% | 31.2 | 10% | 626 | 265 | 311 | 185 | 63 | 97 | 3,017 |
| CyberArk Software (CYBR) | 2,742 | 0% | 674 | 207 | 0 | 0 | 0 | 0 | 2,480 | ||
| BlackLine (BL) | 2,630 | 79% | -208.4 | -3% | 976 | 575 | 271 | 213 | -30 | -10 | 2,102 |
| Box (BOX) | 2,595 | 69% | -35.2 | -14% | 844 | 823 | 513 | 354 | -114 | -69 | 2,434 |
| LivePerson (LPSN) | 2,538 | 73% | -43.7 | -14% | 492 | 329 | 213 | 156 | -69 | -53 | 2,333 |
| Altair Engineering (ALTR) | 2,468 | 71% | 109.0 | -1% | 717 | 371 | 335 | 239 | -6 | 22 | 2,452 |
| Balance Sheet ($MM) | 2014-03-31 | 2014-06-30 | 2014-09-30 | 2014-12-31 | 2015-03-31 | 2015-06-30 | 2015-09-30 | 2015-12-31 | 2016-03-31 | 2016-06-30 | 2016-09-30 | 2016-12-31 | 2017-03-31 | 2017-06-30 | 2017-09-30 | 2017-12-31 | 2018-03-31 | 2018-06-30 | 2018-09-30 | 2018-12-31 | 2019-03-31 | 2019-06-30 | 2019-09-30 |
| Cash | 87 | 95 | 72 | 68 | 94 | 69 | 75 | 67 | 55 | 53 | 52 | 55 | 43 | 34 | 40 | 58 | 258 | 179 | 214 | 110 | 112 | 585 | 603 |
| Accounts Receivable | 6 | 5 | 7 | 5 | 7 | 7 | 9 | 9 | 9 | 11 | 16 | 12 | 8 | 15 | 16 | 13 | 17 | 27 | 23 | 20 | 20 | 27 | 24 |
| Inventory | |||||||||||||||||||||||
| PP&E | 14 | 14 | 14 | 26 | 19 | 19 | 21 | 38 | 27 | 28 | 29 | 43 | 32 | 32 | 32 | 58 | 37 | 37 | 35 | 66 | 41 | 40 | 40 |
| Assets | 126 | 134 | 133 | 137 | 171 | 170 | 199 | 204 | 204 | 200 | 205 | 201 | 192 | 193 | 205 | 213 | 422 | 419 | 435 | 464 | 490 | 952 | 978 |
| Accounts Payable | 5 | 2 | 3 | 2 | 3 | 4 | 4 | 3 | 5 | 6 | 5 | 4 | 6 | 5 | 6 | 8 | 6 | 7 | 8 | 9 | 10 | 8 | 9 |
| Long-Term Debt | 6 | 2 | 0 | 0 | |||||||||||||||||||
| Liabilities | 51 | 49 | 52 | 58 | 62 | 63 | 75 | 86 | 92 | 93 | 103 | 101 | 91 | 93 | 103 | 106 | 267 | 260 | 275 | 305 | 338 | 566 | 596 |
| Stockholders' Equity | 75 | 85 | 81 | 79 | 109 | 106 | 123 | 118 | 112 | 107 | 102 | 100 | 100 | 100 | 103 | 107 | 155 | 158 | 160 | 159 | 152 | 386 | 382 |
| Income Statement ($MM) | 2014-03-31 | 2014-06-30 | 2014-09-30 | 2014-12-31 | 2015-03-31 | 2015-06-30 | 2015-09-30 | 2015-12-31 | 2016-03-31 | 2016-06-30 | 2016-09-30 | 2016-12-31 | 2017-03-31 | 2017-06-30 | 2017-09-30 | 2017-12-31 | 2018-03-31 | 2018-06-30 | 2018-09-30 | 2018-12-31 | 2019-03-31 | 2019-06-30 | 2019-09-30 |
| Revenue | 17 | 19 | 21 | 22 | 24 | 26 | 28 | 30 | 34 | 36 | 38 | 42 | 45 | 48 | 50 | 52 | 55 | 59 | 61 | 67 | 71 | 82 | 80 |
| Cost of Revenue | 10 | 11 | 12 | 13 | 13 | 14 | 15 | 17 | 18 | 19 | 20 | 21 | 23 | 24 | 26 | 27 | 27 | 29 | 30 | 35 | 37 | 40 | 40 |
| Gross Profit | 7 | 8 | 9 | 9 | 11 | 12 | 13 | 14 | 16 | 17 | 19 | 21 | 22 | 23 | 24 | 25 | 28 | 29 | 30 | 32 | 34 | 38 | 39 |
| R&D | 3 | 3 | 3 | 3 | 4 | 5 | 6 | 7 | 8 | 8 | 8 | 9 | 10 | 10 | 10 | 11 | 11 | 12 | 13 | 16 | 18 | 19 | 20 |
| SG&A | 9 | 10 | 10 | 11 | 11 | 12 | 13 | 14 | 16 | 17 | 18 | 18 | 18 | 20 | 20 | 20 | 21 | 23 | 23 | 26 | 30 | 30 | 29 |
| Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | -0 | 0 | -3 | -0 | -0 | -0 |
| Net Income | -6 | -5 | -5 | -5 | -5 | -5 | -7 | -8 | -10 | -10 | -9 | -8 | -7 | -8 | -6 | -6 | -6 | -9 | -9 | -12 | -19 | -17 | -19 |
| Cash Flow ($MM) | 2014-03-31 | 2014-06-30 | 2014-09-30 | 2014-12-31 | 2015-03-31 | 2015-06-30 | 2015-09-30 | 2015-12-31 | 2016-03-31 | 2016-06-30 | 2016-09-30 | 2016-12-31 | 2017-03-31 | 2017-06-30 | 2017-09-30 | 2017-12-31 | 2018-03-31 | 2018-06-30 | 2018-09-30 | 2018-12-31 | 2019-03-31 | 2019-06-30 | 2019-09-30 |
| Cash Operating | -4 | 0 | -0 | -1 | -3 | 3 | 0 | 5 | 0 | -3 | 1 | 5 | -11 | 0 | 12 | 8 | -7 | -14 | 17 | -11 | -8 | 17 | |
| Cash Investing | -2 | -1 | -20 | -4 | -5 | -25 | -16 | -11 | 1 | -3 | -3 | -4 | -11 | -9 | 7 | -3 | -69 | 15 | 10 | 13 | -2 | ||
| Cash Financing | 74 | 8 | -2 | 1 | 34 | -2 | 22 | -1 | -1 | -1 | 1 | 2 | 3 | 3 | 3 | 3 | 207 | 4 | 3 | 3 | 467 | 3 | |