QTWOQ2 Holdings, Inc.
Services-Prepackaged Software
- Revenue
- $795M
- 14% YoY
- Operating margin
- 5.0%
- 183% YoY
- EBITDA
- $93M
- 252% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- -1.2×
- −$116M net debt
- AI in 10-K
- —
Red flags 2 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear387% of net incomeCash flow under 80% of net income
- Dilutive SBCFired11% of revenueOver 10% of revenue
- Payouts exceed cash flowClear2% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyFired51% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $499M | $566M | $625M | $696M | $795M | 14% |
| Operating income | −$78M | −$105M | −$86M | −$42M | $40M | 194% |
| Net income | −$113M | −$109M | −$65M | −$39M | $52M | 235% |
| Operating cash flow | $31M | $37M | $70M | $136M | $201M | 48% |
| Capex | $20M | $11M | $6M | $7M | $7M | 1.8% |
| Stock-based comp | $56M | $65M | $79M | $89M | $87M | 2.5% |
| Buybacks | — | — | $0 | $0 | $5M |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $108K · 2
- Net
- −$108K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $11M | −$10M | 57 | 123 |
| FY2024 | $12M | $66M | 80 | 124 |
| FY2023 | $11M | $18M | 34 | 99 |
| FY2022 | $8M | −$2M | 21 | 71 |
| FY2021 | $8M | −$6M | 63 | 108 |