Q2 Holdings, Inc. (QTWO) · 10+ Years of Financial Ratios

Profitability	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	-27.69	-38.53	-19.84	-14.69	-17.93	-12.65	-10.46	-9.62	-11.34	-8.05	-7.97	-5.13
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	45.17	38.76	36.24	41.8	45.69	48.46	48.71	49.46	48.5	43.35	45.12	45.32	48.45
EBITDA Margin (%)	-2.5	-13.21	-24.88	-18.94	-14.24	-11.46	-5.53	-4.52	-7.06	-8.51	-4.1	-7.41	-0.54
Operating Margin (%)	-6.25	-17.34	-30.11	-24.1	-20.53	-19.58	-13.24	-11.49	-16.08	-21.38	-15.1	-18.31	-12.02
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	-6.53	-17.9	-30.98	-24.72	-22.82	-23.92	-13.65	-16.26	-26.42	-33.82	-22.28	-18.75	-9.9
Profit Margin (%)	-11.22	-21.36	-31.43	-24.81	-23.02	-24.2	-13.49	-14.68	-22.47	-34.17	-22.61	-19.27	-10.47
Net Income to Common Margin (%)	-11.22	-21.36	-31.43	-24.81	-23.02	-24.2	-13.49	-14.68	-22.47	-34.17	-22.61	-19.27	-10.47
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	3	4	8	1	- -	- -	- -	183	470	601	622	731	549
ST Debt	- -	3	1	- -	- -	- -	- -	- -	9	7	9	20	13
LT Debt	3	- -	7	- -	- -	- -	- -	183	461	594	613	711	536
Total Debt/EBITDA	-4.46	-0.65	-0.54	-0.04	-0.01	- -	- -	-16.76	-21.11	-17.54	-30.38	-17.44	-163.81
Net Debt/EBITDA	19.08	1.22	0.88	4.54	4.33	3.19	5.4	-6.82	-14.58	-4.37	-11.17	-11.19	-77.83
Total Debt/EBIT	-1.78	-0.5	-0.44	-0.03	-0.01	- -	- -	-6.6	-9.27	-6.98	-8.26	-7.06	-7.31
Net Debt/EBIT	7.62	0.93	0.72	3.56	3	1.87	2.26	-2.68	-6.4	-1.74	-3.04	-4.53	-3.47
EBITDA to Interest Expense	-8.12	-23.41	-28.02	-26.91	-54.77	-30.36	-86.52	-1.07	-1.1	-1.2	-0.62	-6.28	-0.58
EBITDA-CapEx/Interest Expense	-24.66	-33.02	-50.32	-35.95	-81.06	-56.23	-185.84	-2.39	-1.79	-2.06	-1.22	-7.95	-1.57
EBIT to Interest Expense	-20.33	-30.72	-33.9	-34.24	-78.96	-51.87	-207.06	-2.73	-2.5	-3.01	-2.28	-15.52	-13.09
Interest Expense	- -	- -	1	1	- -	1	- -	10	20	29	33	7	6
Common Equity/Total Assets	-56.96	-84.78	-73.2	-47.05	-43.74	-62.58	-71.48	-37.18	-24.1	-26.91	-35.66	-41.51	-52.08
Long-Term Debt/Equity (%)	- -	- -	119.65	0.21	- -	- -	- -	114.99	121.47	92.36	107.48	169.63	119.53
Long-Term Debt/Capital (%)	-19.34	-2.2	-19.38	-0.26	- -	- -	- -	1,773.15	203.28	270.25	478.71	416.18	-698.24
Long-Term Debt/Total Assets (%)	8.13	1.5	11.23	0.12	- -	- -	- -	39.4	45.66	41.94	44.26	52.66	44.62
Total Debt/Equity (%)	-26.7	-18.62	132.1	0.73	0.14	- -	- -	114.99	123.88	93.42	109.06	174.47	122.4
Total Debt/Capital (%)	-22.53	-16.38	-21.4	-0.9	-0.18	- -	- -	1,773.15	207.32	273.37	485.74	428.07	-715
Total Debt/Total Assets (%)	9.47	11.16	12.4	0.42	0.08	- -	- -	39.4	46.56	42.43	44.91	54.17	45.69
Net Debt to Equity	114.34	34.83	-215.95	-86.11	-56.83	-54.74	-54.36	46.81	85.58	23.28	40.11	111.95	58.15
Net Debt/Capital (%)	44.83	21.54	22.9	51.59	42.89	30.37	27.59	-75.87	256.44	-79.73	-117.43	-1,628.06	-85.11
EBITDA	-1	-5	-14	-15	-16	-17	-11	-11	-22	-34	-20	-42	-3
EBITDA-CapEx	-2	-8	-25	-20	-23	-32	-23	-24	-36	-59	-40	-53	-9
Operating Income (Loss)	-2	-7	-17	-19	-22	-29	-26	-28	-51	-86	-75	-104	-75

Liquidity	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	1.22	0.48	0.64	2.7	2.42	1.64	1.46	2.41	1	3.7	2.54	2.26	1.69
Current Ratio	1.81	1	1.16	3.18	2.92	2.12	1.93	2.96	1.4	4.23	3.1	2.77	2.23
Quick Ratio	1.53	0.78	0.95	2.86	2.62	1.85	1.66	2.68	1.17	3.95	2.83	2.55	1.96
CFO/Avg Current Liab	- -	-0.19	-0.06	-0.17	0.14	0.06	0.15	0.06	0.01	-0.02	0.2	0.2	0.37
Common Equity/Total Assets	-56.96	-84.78	-73.2	-47.05	-43.74	-62.58	-71.48	-37.18	-24.1	-26.91	-35.66	-41.51	-52.08
Long-Term Debt/Equity (%)	- -	- -	119.65	0.21	- -	- -	- -	114.99	121.47	92.36	107.48	169.63	119.53
Long-Term Debt/Capital (%)	-19.34	-2.2	-19.38	-0.26	- -	- -	- -	1,773.15	203.28	270.25	478.71	416.18	-698.24
Long-Term Debt/Total Assets (%)	8.13	1.5	11.23	0.12	- -	- -	- -	39.4	45.66	41.94	44.26	52.66	44.62
Total Debt/Equity (%)	-26.7	-18.62	132.1	0.73	0.14	- -	- -	114.99	123.88	93.42	109.06	174.47	122.4
Total Debt/Capital (%)	-22.53	-16.38	-21.4	-0.9	-0.18	- -	- -	1,773.15	207.32	273.37	485.74	428.07	-715
Total Debt/Total Assets (%)	9.47	11.16	12.4	0.42	0.08	- -	- -	39.4	46.56	42.43	44.91	54.17	45.69
CFO/Total Liabilities	-2.61	-5.94	-2.72	-9.13	6.24	3.37	8.92	1.51	0.09	-0.37	3.8	3.93	9.34
CFO/CapEx	-0.82	-1.35	-0.13	-1.05	0.73	0.23	0.77	0.34	0.04	-0.12	1.57	3.28	12.39
Altman's Z-Score	0.26	-0.63	-0.93	6.97	7.23	6.74	8.59	4.44	3.32	5.72	3.33	0.74	1.69

Working Capital	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	- -	8.43	7.62	11.25	15.53	14.14	15.25	14.67	14.98	13.68	11.96	12.07	13.94
Days Sales Outstanding	- -	43.28	47.88	32.45	23.5	25.81	23.94	24.88	24.36	26.68	30.52	30.23	26.19
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	17.2	11.19	15.17	21.75	20.16	16.79	14.52	16.14	24.2	29.61	29.96	21.9
Accounts Payable Turnover Days	- -	21.22	32.62	24.06	16.78	18.1	21.74	25.15	22.62	15.08	12.33	12.18	16.67
Cash Conversion Cycle	- -	22.07	15.25	8.39	6.72	7.71	2.2	-0.26	1.74	11.6	18.2	18.05	9.52
Inventory to Cash Days	- -	43.28	47.88	32.45	23.5	25.81	23.94	24.88	24.36	26.68	30.52	30.23	26.19
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	- -	- -	- -	664	1,031	1,174	1,546	2,114	3,903	7,126	4,554	1,486	2,593
- Cash & Cash Equivalents	15	9	19	68	67	55	58	108	100	408	323	200	230
+ Preferred Equity and Hybrid Capital	2	2	2	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	3	4	8	1	- -	- -	- -	183	470	601	622	731	549
Enterprise Value	-11	-4	-9	576	920	1,077	1,447	2,119	4,240	7,188	4,748	1,783	2,818
Total Capital	-13	-22	-35	-64	-89	-126	-152	10	227	220	128	171	-77
Total Debt/Capital (%)	-22.53	-16.38	-21.4	-0.9	-0.18	- -	- -	1,773.15	207.32	273.37	485.74	428.07	-715
Total Debt / EV	-0.28	-0.92	-0.81	- -	- -	- -	- -	0.09	0.11	0.08	0.13	0.41	0.19
EV/Sales	- -	- -	- -	7.28	8.45	7.17	7.46	8.79	13.44	17.85	9.52	3.15	4.51
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	161.86	271.5	150.8	153.88	237.99	275.88	73.64	41.07	36.9
EV/Free Cash Flow to Firm	- -	- -	- -	1,863.05	70.1	57.79	66.04	78.19	132.65	141.71	56.37	32.69	34.35
Diluted Market Cap	- -	- -	- -	560	988	1,152	1,519	2,078	3,726	6,671	4,512	1,474	2,563
Diluted Enterprise Value	-11	-4	-9	493	921	1,097	1,461	2,152	4,096	6,865	4,811	2,006	2,882
EV per Share	- -	- -	- -	16.59	23.66	26.65	34.48	48.67	87.64	129.37	83.41	30.89	47.73
TTM Sales	27	41	57	79	109	150	194	241	315	403	499	566	625
TTM EBITDA	-1	-5	-14	-15	-16	-17	-11	-11	-22	-34	-20	-42	-3
TTM Operating Income	-2	-7	-17	-19	-22	-29	-26	-28	-51	-86	-75	-104	-75
TTM Cash Flow to Firm	-1	-3	-1	-5	6	4	10	14	18	26	64	43	76
TTM Free Cash Flow to Firm	- -	-1	10	- -	13	19	22	27	32	51	84	55	82

Multiples	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	-22.45	-36.13	-28.43	-59.57	-63.67	-47.98	-33.58	-49.58	-23.82	-27.79
Price/Earnings High	- -	- -	- -	-29.89	-43.74	-34.85	-67.19	-79.01	-59.57	-48.39	-72.93	-41.01	-39.1
Price/Earnings Low	- -	- -	- -	-14.95	-25.98	-18.37	-44.98	-44.98	-30.84	-19.14	-35.99	-12.81	-18.63
Price/Book Value	- -	- -	- -	-10.32	-11.52	-9.34	-10.17	-12.26	-16.04	-18.69	-9.22	-2.65	-4.14
Price/Book Value Average	- -	- -	- -	-8.12	-10.57	-8.38	-10.43	-13.3	-14.64	-12.95	-11.42	-4.67	-2.94
Price/Book Value High	- -	- -	- -	-10.81	-12.79	-10.27	-11.77	-16.5	-18.18	-18.66	-16.81	-8.04	-4.13
Price/Book Value Low	- -	- -	- -	-5.41	-7.6	-5.41	-7.88	-9.39	-9.41	-7.38	-8.29	-2.51	-1.97
Price/Tangible Book Value	- -	- -	- -	8.41	11.72	16.28	18.93	-171.8	-12.73	-1,890.64	-43.36	-6.2	-13.94
Price/Tangible Book Value Average	- -	- -	- -	6.62	10.75	14.6	19.42	-186.33	-11.62	-1,309.76	-53.72	-10.92	-9.88
Price/Tangible Book Value High	- -	- -	- -	8.82	13.01	17.9	21.9	-231.25	-14.43	-1,887.4	-79.03	-18.8	-13.91
Price/Tangible Book Value Low	- -	- -	- -	4.41	7.73	9.44	14.66	-131.63	-7.47	-746.38	-39	-5.87	-6.62
Price/Sales	- -	- -	- -	7.08	9.07	7.67	7.83	8.62	11.81	16.56	9.05	2.61	4.1
Price/Sales Average	- -	- -	- -	5.57	8.32	6.88	8.04	9.35	10.78	11.48	11.21	4.59	2.91
Price/Sales High	- -	- -	- -	7.42	10.07	8.43	9.06	11.6	13.38	16.54	16.49	7.9	4.09
Price/Sales Low	- -	- -	- -	3.71	5.98	4.44	6.07	6.6	6.93	6.54	8.14	2.47	1.95
Price/Cash Flow	- -	- -	- -	-105.94	182.96	339.36	160.36	452.19	6,572.01	-2,308.46	145.89	40.33	36.46
Price/Cash Flow Average	- -	- -	- -	-83.39	167.73	304.5	164.55	490.45	5,997.75	-1,599.21	180.75	71	25.85
Price/Cash Flow High	- -	- -	- -	-111.03	203.05	373.24	185.59	608.66	7,446.27	-2,304.5	265.9	122.26	36.37
Price/Cash Flow Low	- -	- -	- -	-55.51	120.61	196.73	124.24	346.47	3,854.72	-911.32	131.22	38.2	17.33
Price/Free Cash Flow	- -	- -	- -	-2,239.92	76.93	63.76	69.72	115.91	253.23	306.35	89.02	30.91	33.74
Price/Free Cash Flow Average	- -	- -	- -	-1,763.26	70.53	57.21	71.54	125.72	231.11	212.23	110.3	54.42	23.92
Price/Free Cash Flow High	- -	- -	- -	-2,347.58	85.38	70.12	80.69	156.02	286.92	305.83	162.25	93.7	33.65
Price/Free Cash Flow Low	- -	- -	- -	-1,173.79	50.72	36.96	54.01	88.81	148.53	120.94	80.07	29.28	16.03
EV/Sales	- -	- -	- -	7.28	8.45	7.17	7.46	8.79	13.44	17.85	9.52	3.15	4.51
EV/Sales Average	- -	- -	- -	5.75	8.06	6.65	7.88	9.82	12.46	12.74	11.91	5.56	3.45
EV/Sales High	- -	- -	- -	7.94	9.89	8.23	8.93	12.11	15.19	18.14	17.24	8.9	4.65
EV/Sales Low	- -	- -	- -	3.55	5.63	4.17	5.88	7.03	8.43	7.46	8.81	3.43	2.48
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Average	15.76	0.71	0.66	-30.38	-56.64	-58.03	-142.51	-217.08	-176.61	-149.68	-290.24	-75.05	-643.83
EV/EBITDA High	15.76	0.71	0.66	-41.94	-69.47	-71.85	-161.43	-267.76	-215.25	-213.21	-420.08	-120.09	-867.03
EV/EBITDA Low	15.76	0.71	0.66	-18.72	-39.52	-36.36	-106.27	-155.36	-119.44	-87.73	-214.72	-46.24	-462.92
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	6.29	0.54	0.55	-23.88	-39.29	-33.96	-59.55	-85.43	-77.52	-59.57	-78.9	-30.38	-28.74
EV/EBIT High	6.29	0.54	0.55	-32.96	-48.19	-42.05	-67.46	-105.37	-94.48	-84.86	-114.2	-48.61	-38.71
EV/EBIT Low	6.29	0.54	0.55	-14.71	-27.41	-21.28	-44.41	-61.14	-52.43	-34.91	-58.37	-18.71	-20.67
Last Price	- -	- -	- -	19.14	26.5	29.05	36.85	48.55	80.66	128.25	80	25.73	43.92
High Price	- -	- -	- -	20.06	29.41	31.95	42.65	65.35	91.39	128.03	145.81	78	43.81
Low Price	- -	- -	- -	10.03	17.47	16.84	28.55	37.2	47.31	50.63	71.96	24.37	20.87
Enterprise Value	-11	-4	-9	576	920	1,077	1,447	2,119	4,240	7,188	4,748	1,783	2,818
Enterprise Value Average	-11	-4	-9	455	878	999	1,529	2,367	3,932	5,130	5,942	3,147	2,157
Enterprise Value High	-11	-4	-9	629	1,077	1,237	1,732	2,919	4,792	7,307	8,600	5,035	2,905
Enterprise Value Low	-11	-4	-9	281	613	626	1,140	1,694	2,659	3,006	4,396	1,938	1,551

Per Share Data Items	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	12	12	32	35	39	40	42	44	48	56	57	58	59
Diluted Weighted Avg Shares	12	12	32	29	37	40	41	43	46	52	56	57	58
Basic Weighted Avg Shares	12	12	32	29	37	40	41	43	46	52	56	57	58
Revenue per Share	2.29	3.48	1.78	2.7	2.92	3.79	4.71	5.63	6.83	7.74	8.84	9.87	10.7
EBITDA per Share	-0.06	-0.46	-0.44	-0.51	-0.42	-0.43	-0.26	-0.25	-0.48	-0.66	-0.36	-0.73	-0.06
Operating Income per Share	-0.14	-0.6	-0.54	-0.65	-0.6	-0.74	-0.62	-0.65	-1.1	-1.66	-1.34	-1.81	-1.29
Basic EPS, GAAP	-0.26	-0.74	-0.56	-0.67	-0.67	-0.92	-0.63	-0.83	-1.53	-2.65	-2	-1.9	-1.12
Basic EPS from Cont Ops	-0.16	-0.64	-0.55	-0.67	-0.67	-0.92	-0.63	-0.83	-1.53	-2.65	-2	-1.9	-1.12
Diluted EPS, GAAP	-0.26	-0.74	-0.56	-0.67	-0.67	-0.92	-0.63	-0.83	-1.53	-2.65	-2	-1.9	-1.12
Diluted EPS from Cont Ops	-0.16	-0.64	-0.55	-0.67	-0.67	-0.92	-0.63	-0.83	-1.53	-2.65	-2	-1.9	-1.12
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	-0.09	-0.26	-0.05	-0.18	0.14	0.09	0.23	0.11	0.01	-0.06	0.55	0.64	1.2
Free Cash Flow per Basic Share	-0.21	-0.44	-0.4	-0.35	-0.05	-0.28	-0.07	-0.2	-0.29	-0.53	0.2	0.44	1.11
Cash & Equivalents per Share	1.3	0.77	0.58	2.56	2.84	2.4	2.37	4.07	2.74	9.7	7.51	7.51	5.49
Book Value per Share	-1.53	-2.28	-1.4	-1.86	-2.3	-3.11	-3.62	-3.96	-5.03	-6.86	-8.68	-9.7	-10.6
Tangible Book Value per Share	-1.1	-1.76	0.13	2.28	2.26	1.78	1.95	-0.28	-6.33	-0.07	-1.85	-4.15	-3.15

Q2 Holdings, Inc.

QTWO US

58.16