$QTWO
Q2 Holdings, Inc.

2014 Q2 Form 10-Q Financial Statement

#000141038414000020 Filed on May 14, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2013 Q1
Revenue $19.16M $16.83M $12.83M
YoY Change 36.41% 31.17% 41.03%
Cost Of Revenue $10.83M $10.21M $7.807M
YoY Change 28.81% 30.81% 56.14%
Gross Profit $8.328M $6.622M $5.027M
YoY Change 47.76% 31.73% 22.61%
Gross Profit Margin 43.47% 39.34% 39.17%
Selling, General & Admin $10.09M $9.227M $5.395M
YoY Change 45.94% 71.03% 38.33%
% of Gross Profit 121.16% 139.34% 107.32%
Research & Development $2.787M $2.736M $1.866M
YoY Change 29.51% 46.62% 69.64%
% of Gross Profit 33.47% 41.32% 37.12%
Depreciation & Amortization $1.031M $999.0K $638.0K
YoY Change 65.22% 56.58%
% of Gross Profit 12.38% 15.09% 12.69%
Operating Expenses $12.88M $11.96M $7.261M
YoY Change 39.75% 64.76% 45.22%
Operating Profit -$4.549M -$5.341M -$2.234M
YoY Change 27.14% 139.08% 148.22%
Interest Expense -$100.0K -$200.0K -$100.0K
YoY Change 0.0% 100.0%
% of Operating Profit
Other Income/Expense, Net -$119.0K -$207.0K -$51.00K
YoY Change 2.59% 305.88%
Pretax Income -$4.668M -$5.548M -$2.285M
YoY Change 26.37% 142.8% 128.5%
Income Tax $15.00K $18.00K $5.000K
% Of Pretax Income
Net Earnings -$4.683M -$5.566M -$2.489M
YoY Change 26.29% 123.62% 91.46%
Net Earnings / Revenue -24.44% -33.06% -19.39%
Basic Earnings Per Share
Diluted Earnings Per Share -$137.8K -$397.2K -$78.37K
COMMON SHARES
Basic Shares Outstanding 34.08M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $94.90M $86.70M
YoY Change
Cash & Equivalents $94.91M $86.67M $23.71M
Short-Term Investments
Other Short-Term Assets $7.200M $7.000M
YoY Change
Inventory
Prepaid Expenses
Receivables $5.468M $5.735M
Other Receivables $0.00 $0.00
Total Short-Term Assets $107.5M $99.34M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $14.03M $14.30M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $740.0K $751.0K
YoY Change
Total Long-Term Assets $25.99M $26.20M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $107.5M $99.34M
Total Long-Term Assets $25.99M $26.20M
Total Assets $133.5M $125.5M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.939M $4.501M
YoY Change
Accrued Expenses $6.703M $5.855M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $500.0K $600.0K
YoY Change
Total Short-Term Liabilities $23.51M $24.22M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $2.054M $6.323M
YoY Change
Other Long-Term Liabilities $7.000K $69.00K
YoY Change
Total Long-Term Liabilities $2.061M $6.392M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $23.51M $24.22M
Total Long-Term Liabilities $2.061M $6.392M
Total Liabilities $48.76M $50.96M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$54.98M -$50.30M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $84.77M $74.58M
YoY Change
Total Liabilities & Shareholders Equity $133.5M $125.5M
YoY Change

Cashflow Statement

Concept 2014 Q2 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$4.683M -$5.566M -$2.489M
YoY Change 26.29% 123.62% 91.46%
Depreciation, Depletion And Amortization $1.031M $999.0K $638.0K
YoY Change 65.22% 56.58%
Cash From Operating Activities $390.0K -$4.498M -$1.633M
YoY Change -86.17% 175.44%
INVESTING ACTIVITIES
Capital Expenditures -$640.0K $1.830M $2.541M
YoY Change -86.99% -27.98%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$50.00K
YoY Change -100.0%
Cash From Investing Activities -$640.0K -$1.830M -$2.712M
YoY Change -87.02% -32.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.480M $74.33M $18.95M
YoY Change 115.78% 292.28%
NET CHANGE
Cash From Operating Activities 390.0K -$4.498M -$1.633M
Cash From Investing Activities -640.0K -$1.830M -$2.712M
Cash From Financing Activities 8.480M $74.33M $18.95M
Net Change In Cash 8.230M $68.00M $14.60M
YoY Change 352.2% 365.68%
FREE CASH FLOW
Cash From Operating Activities $390.0K -$4.498M -$1.633M
Capital Expenditures -$640.0K $1.830M $2.541M
Free Cash Flow $1.030M -$6.328M -$4.174M
YoY Change -86.69% 51.61%

Facts In Submission

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CY2014Q1 us-gaap Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Deferred Revenues</font></div><div style="line-height:120%;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Deferred revenues primarily consist of amounts that have been billed to or received from customers in advance of revenue recognition and prepayments received from customers in advance for implementation, maintenance and other services, as well as initial subscription fees. The Company recognizes deferred revenues as revenues when the services are performed and the corresponding revenue recognition criteria are met. Customer prepayments are generally applied against invoices issued to customers when services are performed and billed. Deferred revenues that are expected to be recognized as revenues during the succeeding twelve month period are recorded in current liabilities as deferred revenues, current portion and the remaining portion is recorded in long-term liabilities as deferred revenues, net of current portion.</font></div></div>
CY2013Q1 us-gaap Revenue Recognition Sales Returns Reserve For Sales Returns
RevenueRecognitionSalesReturnsReserveForSalesReturns
-56000 USD
CY2014Q1 us-gaap Revenue Recognition Sales Returns Reserve For Sales Returns
RevenueRecognitionSalesReturnsReserveForSalesReturns
-15000 USD
CY2013Q1 us-gaap Revenues
Revenues
12834000 USD
CY2014Q1 us-gaap Revenues
Revenues
16834000 USD
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.008
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.494
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.452
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.451
CY2014Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
5509000 USD
CY2013Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
3060000 USD
CY2013Q1 us-gaap Share Based Compensation
ShareBasedCompensation
334000 USD
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
918000 USD
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2014Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P6Y2M12D
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.021
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.012
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
7500000 USD
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
800000 USD
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
10000 shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1824000 shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.39
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.94
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5422000 shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6278000 shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.71
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.76
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.98
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
6.19
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
8.53
CY2014Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
2884000 shares
CY2014Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
6278000 shares
CY2013Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y9M18D
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
400000 USD
CY2013Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
300000 USD
CY2014Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
1.66
CY2014Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
P5Y6M
CY2014Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
4.71
CY2014Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
958000 shares
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
-36316000 USD
CY2014Q1 us-gaap Stockholders Equity
StockholdersEquity
74581000 USD
CY2014Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses. Significant items subject to such estimates include stock-based compensation, the useful lives of property and equipment and income taxes. In accordance with GAAP, management bases its estimates on historical experience and on various other assumptions that management believes are reasonable under the circumstances. Management regularly evaluates its estimates and assumptions using historical experience and other factors; however, actual results could differ significantly from those estimates.</font></div></div>
CY2013Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
11429000 shares
CY2014Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
14107000 shares
CY2014Q1 qtwo Allowancefor Sales Credits
AllowanceforSalesCredits
100000 USD
CY2013Q4 qtwo Allowancefor Sales Credits
AllowanceforSalesCredits
100000 USD
CY2014Q1 qtwo Convertible Stock Shares Issued Upon Conversion
ConvertibleStockSharesIssuedUponConversion
1 shares
CY2014Q1 qtwo Deferred Implementation Costs Current
DeferredImplementationCostsCurrent
1767000 USD
CY2013Q4 qtwo Deferred Implementation Costs Current
DeferredImplementationCostsCurrent
1814000 USD
CY2014Q1 qtwo Deferred Implementation Costs Noncurrent
DeferredImplementationCostsNoncurrent
4791000 USD
CY2013Q4 qtwo Deferred Implementation Costs Noncurrent
DeferredImplementationCostsNoncurrent
4560000 USD
CY2014Q1 qtwo Deferred Sales Commissions Currentand Noncurrent
DeferredSalesCommissionsCurrentandNoncurrent
5400000 USD
CY2013Q4 qtwo Deferred Sales Commissions Currentand Noncurrent
DeferredSalesCommissionsCurrentandNoncurrent
4600000 USD
CY2014Q1 qtwo Deferred Solution Costs Current
DeferredSolutionCostsCurrent
3277000 USD
CY2013Q4 qtwo Deferred Solution Costs Current
DeferredSolutionCostsCurrent
3124000 USD
CY2014Q1 qtwo Deferred Solution Costs Noncurrent
DeferredSolutionCostsNoncurrent
6358000 USD
CY2013Q4 qtwo Deferred Solution Costs Noncurrent
DeferredSolutionCostsNoncurrent
5358000 USD
CY2014Q1 qtwo Implementation Costs Capitalized
ImplementationCostsCapitalized
800000 USD
CY2013Q1 qtwo Implementation Costs Capitalized
ImplementationCostsCapitalized
800000 USD
CY2014Q1 qtwo Increase Decreasein Deferred Implementation Costs
IncreaseDecreaseinDeferredImplementationCosts
837000 USD
CY2013Q1 qtwo Increase Decreasein Deferred Implementation Costs
IncreaseDecreaseinDeferredImplementationCosts
826000 USD
CY2013Q1 qtwo Increase Decreasein Deferred Solutionand Other Costs
IncreaseDecreaseinDeferredSolutionandOtherCosts
275000 USD
CY2014Q1 qtwo Increase Decreasein Deferred Solutionand Other Costs
IncreaseDecreaseinDeferredSolutionandOtherCosts
1467000 USD
CY2014Q1 qtwo Interestand Other Expense Nonoperating
InterestandOtherExpenseNonoperating
207000 USD
CY2013Q1 qtwo Interestand Other Expense Nonoperating
InterestandOtherExpenseNonoperating
54000 USD
CY2014Q1 dei Amendment Flag
AmendmentFlag
false
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001410384
CY2014Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
34078293 shares
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
Q2 HOLDINGS, INC.
CY2014Q1 dei Trading Symbol
TradingSymbol
qtwo

Files In Submission

Name View Source Status
0001410384-14-000020-index-headers.html Edgar Link pending
0001410384-14-000020-index.html Edgar Link pending
0001410384-14-000020.txt Edgar Link pending
0001410384-14-000020-xbrl.zip Edgar Link pending
a33114exhibit311.htm Edgar Link pending
a33114exhibit312.htm Edgar Link pending
a33114exhibit321.htm Edgar Link pending
a33114exhibit322.htm Edgar Link pending
a33114qtwo10q.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
qtwo-20140331.xml Edgar Link completed
qtwo-20140331.xsd Edgar Link pending
qtwo-20140331_cal.xml Edgar Link unprocessable
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qtwo-20140331_pre.xml Edgar Link unprocessable
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