$QNST
QUINSTREET, INC

2023 Q2 Form 10-Q Financial Statement

#000095017023018244 Filed on May 05, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $130.3M $172.7M $150.7M
YoY Change -11.05% 14.61% -1.56%
Cost Of Revenue $119.7M $155.6M $136.6M
YoY Change -11.15% 13.96% 2.91%
Gross Profit $10.60M $17.04M $14.09M
YoY Change -9.87% 20.91% -30.93%
Gross Profit Margin 8.13% 9.87% 9.35%
Selling, General & Admin $8.876M $10.62M $7.522M
YoY Change 26.6% 41.12% -18.24%
% of Gross Profit 83.74% 62.3% 53.38%
Research & Development $7.061M $7.832M $5.509M
YoY Change 2.17% 42.17% 12.43%
% of Gross Profit 66.62% 45.97% 39.1%
Depreciation & Amortization $5.151M $4.972M $4.247M
YoY Change 19.76% 17.07% 9.74%
% of Gross Profit 48.6% 29.18% 30.14%
Operating Expenses $15.94M $18.45M $13.03M
YoY Change 14.47% 41.56% -7.58%
Operating Profit -$5.338M -$1.409M $1.060M
YoY Change 146.9% -232.92% -83.17%
Interest Expense $67.00K $187.0K -$270.0K
YoY Change -126.27% -169.26% -10.0%
% of Operating Profit -25.47%
Other Income/Expense, Net -$8.000K -$12.00K $45.00K
YoY Change -73.33% -126.67%
Pretax Income -$5.279M -$1.562M $835.0K
YoY Change 115.73% -287.07% -85.92%
Income Tax $50.61M -$1.100M -$1.400M
% Of Pretax Income -167.66%
Net Earnings -$55.89M -$479.0K $2.230M
YoY Change 1030.94% -121.48% -55.73%
Net Earnings / Revenue -42.89% -0.28% 1.48%
Basic Earnings Per Share -$0.01 $0.04
Diluted Earnings Per Share -$1.03 -$0.01 $0.04
COMMON SHARES
Basic Shares Outstanding 54.12M 53.81M 54.65M
Diluted Shares Outstanding 53.95M 55.54M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $73.68M $62.96M $109.5M
YoY Change -23.6% -42.48% 6.07%
Cash & Equivalents $73.68M $62.96M $109.5M
Short-Term Investments
Other Short-Term Assets $9.779M $8.729M $6.333M
YoY Change 1535.28% 37.83% -25.49%
Inventory
Prepaid Expenses $8.241M
Receivables $67.75M $105.6M $77.78M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $151.2M $177.3M $193.6M
YoY Change -17.28% -8.41% -0.27%
LONG-TERM ASSETS
Property, Plant & Equipment $20.29M $15.14M $8.875M
YoY Change 117.86% 70.63% 30.32%
Goodwill $121.1M $121.1M $119.6M
YoY Change 0.0% 1.26% 1.17%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.825M $5.969M $6.070M
YoY Change -2.07% -1.66% -87.81%
Total Long-Term Assets $186.0M $235.2M $240.2M
YoY Change -21.58% -2.09% -3.31%
TOTAL ASSETS
Total Short-Term Assets $151.2M $177.3M $193.6M
Total Long-Term Assets $186.0M $235.2M $240.2M
Total Assets $337.2M $412.5M $433.8M
YoY Change -19.71% -4.91% -1.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $37.93M $41.28M $39.67M
YoY Change -10.57% 4.06% -0.33%
Accrued Expenses $44.01M $62.89M $49.24M
YoY Change -19.19% 27.72% -20.58%
Deferred Revenue $9.000K $0.00 $84.00K
YoY Change -97.36% -100.0% -3.45%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $89.82M $112.8M $104.3M
YoY Change -18.03% 8.17% -6.65%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $17.53M $13.87M $22.92M
YoY Change -14.35% -39.48% -45.7%
Total Long-Term Liabilities $17.53M $13.87M $22.92M
YoY Change -14.35% -39.48% -45.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $89.82M $112.8M $104.3M
Total Long-Term Liabilities $17.53M $13.87M $22.92M
Total Liabilities $107.4M $128.0M $132.3M
YoY Change -19.83% -3.29% -14.04%
SHAREHOLDERS EQUITY
Retained Earnings -$99.08M -$43.19M -$25.27M
YoY Change 227.93% 70.9%
Common Stock $329.1M $328.0M $327.0M
YoY Change 4.0% 0.3%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $229.8M $284.5M $301.5M
YoY Change
Total Liabilities & Shareholders Equity $337.2M $412.5M $433.8M
YoY Change -19.71% -4.91% -1.97%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$55.89M -$479.0K $2.230M
YoY Change 1030.94% -121.48% -55.73%
Depreciation, Depletion And Amortization $5.151M $4.972M $4.247M
YoY Change 19.76% 17.07% 9.74%
Cash From Operating Activities $17.97M -$9.331M $1.294M
YoY Change 133.64% -821.1% -90.09%
INVESTING ACTIVITIES
Capital Expenditures $4.470M $3.516M -$2.881M
YoY Change -370.25% -222.04% 126.85%
Acquisitions
YoY Change
Other Investing Activities -$1.000K $0.00 $85.00K
YoY Change -99.87% -100.0% -100.81%
Cash From Investing Activities -$4.471M -$3.516M -$2.796M
YoY Change 82.49% 25.75% -76.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.782M -3.293M -4.075M
YoY Change -84.77% -19.19% 443.33%
NET CHANGE
Cash From Operating Activities 17.97M -9.331M 1.294M
Cash From Investing Activities -4.471M -3.516M -2.796M
Cash From Financing Activities -2.782M -3.293M -4.075M
Net Change In Cash 10.72M -16.14M -5.577M
YoY Change -182.29% 189.4% -1152.26%
FREE CASH FLOW
Cash From Operating Activities $17.97M -$9.331M $1.294M
Capital Expenditures $4.470M $3.516M -$2.881M
Free Cash Flow $13.50M -$12.85M $4.175M
YoY Change 44.45% -407.71% -70.87%

Facts In Submission

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CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2022Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
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CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
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us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
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us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
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us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
16096000
us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
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us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
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us-gaap Stock Issued During Period Value Stock Options Exercised
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us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
11917000
us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Depreciation And Amortization
DepreciationAndAmortization
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qnst Provision For Sales Returns And Doubtful Accounts Receivable
ProvisionForSalesReturnsAndDoubtfulAccountsReceivable
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qnst Provision For Sales Returns And Doubtful Accounts Receivable
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us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Share Based Compensation
ShareBasedCompensation
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BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
0
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
2698000
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NonCashLeaseExpense
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qnst Deferred Income Taxes
DeferredIncomeTaxes
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
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us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
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us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
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us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
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qnst Payments To Acquire Businesses Net Of Net Assets Acquired
PaymentsToAcquireBusinessesNetOfNetAssetsAcquired
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qnst Payments To Acquire Businesses Net Of Net Assets Acquired
PaymentsToAcquireBusinessesNetOfNetAssetsAcquired
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us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
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PaymentsForProceedsFromOtherInvestingActivities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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qnst Proceeds From Stock Options Exercised And Issuance Of Common Stock Under Employee Stock Purchase Plan
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qnst Proceeds From Stock Options Exercised And Issuance Of Common Stock Under Employee Stock Purchase Plan
ProceedsFromStockOptionsExercisedAndIssuanceOfCommonStockUnderEmployeeStockPurchasePlan
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us-gaap Payments Of Merger Related Costs Financing Activities
PaymentsOfMergerRelatedCostsFinancingActivities
10408000
us-gaap Payments Of Merger Related Costs Financing Activities
PaymentsOfMergerRelatedCostsFinancingActivities
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us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
96453000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
110333000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
109478000
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2023Q1 us-gaap Restricted Cash Noncurrent
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CY2022Q1 us-gaap Restricted Cash Noncurrent
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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us-gaap Income Taxes Paid
IncomeTaxesPaid
166000
us-gaap Income Taxes Paid
IncomeTaxesPaid
234000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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qnst Post Closing Payments For Acquisition Unpaid
PostClosingPaymentsForAcquisitionUnpaid
0
qnst Post Closing Payments For Acquisition Unpaid
PostClosingPaymentsForAcquisitionUnpaid
1856000
qnst Treasury Stock Retired Carrying Value
TreasuryStockRetiredCarryingValue
-3050000
qnst Treasury Stock Retired Carrying Value
TreasuryStockRetiredCarryingValue
0
us-gaap Nature Of Operations
NatureOfOperations
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">1. The Company</span></p><p style="text-indent:2.267%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">QuinStreet, Inc. (the “Company”) is a leader in performance marketplaces and technologies for the financial services and home services industries. The Company was incorporated in California in April 1999 and reincorporated in Delaware in December 2009. The Company specializes in customer acquisition for clients in high value, information-intensive markets or “verticals,” including financial services and home services. The corporate headquarters are located in Foster City, California, with additional offices throughout the United States and India. The majority of the Company’s operations and revenue are in North America.</span></p>
us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
-305000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:2.267%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of 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 financial statements and reported amounts of revenue and expenses during the period. On an ongoing basis, management evaluates these estimates, judgments and assumptions, including those related to revenue recognition, stock-based compensation, goodwill, long-lived assets, contingencies, credit losses of accounts receivable, and income taxes. The Company bases these estimates on historical and anticipated results and trends and on various other assumptions that the Company believes are reasonable under the circumstances, including assumptions as to future events. In addition, the Company may engage third-party valuation specialists to assist with the preparation of certain of its valuations. These estimates form the basis for making judgments about the carrying values of assets and liabilities and recorded revenue and expenses that are not readily apparent from other sources. Actual results could differ from those estimates, and such differences could affect the results of operations reported in future periods.</span></p>
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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CY2022Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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CY2023Q1 qnst Revenue Reserve
RevenueReserve
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CY2022Q2 qnst Revenue Reserve
RevenueReserve
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CY2022Q2 qnst Financing Receivable Allowance For Credit Losses And Revenue Reserve
FinancingReceivableAllowanceForCreditLossesAndRevenueReserve
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us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:2.267%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Concentrations of Credit Risk</span></p><p style="text-indent:2.267%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Company had </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">one</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> client that accounted for </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">25</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% and </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">23</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% of net revenue for the three and nine months ended March 31, 2023, and </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">19</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% and </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">16</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% of net revenue for the three and nine months ended March 31, 2022. That same client accounted for </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">25</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% and </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">16</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% of net accounts receivable as of March 31, 2023 and June 30, 2022. </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">No</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> other clients accounted for 10% or more of net revenue for the three and nine months ended March 31, 2023 or 2022 or 10% or more of net accounts receivable as of March 31, 2023 or June 30, 2022.</span></p>
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
435597000
CY2023Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
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CY2022Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
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CY2023Q1 qnst Contract With Customer Prepaid Liability Current
ContractWithCustomerPrepaidLiabilityCurrent
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CY2022Q2 qnst Contract With Customer Prepaid Liability Current
ContractWithCustomerPrepaidLiabilityCurrent
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CY2023Q1 us-gaap Contract With Customer Liability
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CY2022Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
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CY2023Q1 us-gaap Contract With Customer Refund Liability
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us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
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CY2023Q1 us-gaap Net Income Loss
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CY2022Q1 us-gaap Net Income Loss
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CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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53668000
us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53668000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
54339000
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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4302000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3580000
CY2023Q1 qnst Fair Value Of Assets Level1 To Level2 Transfers Amount
FairValueOfAssetsLevel1ToLevel2TransfersAmount
0
CY2022Q2 qnst Fair Value Of Assets Level1 To Level2 Transfers Amount
FairValueOfAssetsLevel1ToLevel2TransfersAmount
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CY2023Q1 qnst Fair Value Of Assets Level2 To Level1 Transfers Amount
FairValueOfAssetsLevel2ToLevel1TransfersAmount
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CY2022Q2 qnst Fair Value Of Assets Level2 To Level1 Transfers Amount
FairValueOfAssetsLevel2ToLevel1TransfersAmount
0
CY2023Q1 qnst Fair Value Of Liabilities Level1 To Level2 Transfers Amount
FairValueOfLiabilitiesLevel1ToLevel2TransfersAmount
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CY2022Q2 qnst Fair Value Of Liabilities Level1 To Level2 Transfers Amount
FairValueOfLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2023Q1 qnst Fair Value Of Liabilities Level2 To Level1 Transfers Amount
FairValueOfLiabilitiesLevel2ToLevel1TransfersAmount
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CY2022Q2 qnst Fair Value Of Liabilities Level2 To Level1 Transfers Amount
FairValueOfLiabilitiesLevel2ToLevel1TransfersAmount
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CY2023Q1 qnst Fair Value Liabilities Level3 To Level1 Transfers Amount
FairValueLiabilitiesLevel3ToLevel1TransfersAmount
0
CY2022Q2 qnst Fair Value Liabilities Level3 To Level1 Transfers Amount
FairValueLiabilitiesLevel3ToLevel1TransfersAmount
0
CY2023Q1 qnst Fair Value Assets Level3 To Level1 Transfers Amount
FairValueAssetsLevel3ToLevel1TransfersAmount
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CY2022Q2 qnst Fair Value Assets Level3 To Level1 Transfers Amount
FairValueAssetsLevel3ToLevel1TransfersAmount
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CY2023Q1 us-gaap Goodwill
Goodwill
121100000
CY2022Q2 us-gaap Goodwill
Goodwill
121100000
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2023Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
195042000
CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
153680000
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
41362000
CY2022Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
194921000
CY2022Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
145225000
CY2022Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
49696000
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2800000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
8500000
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2800000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
8800000
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
2661000
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
10209000
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
8069000
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
5461000
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
4500000
CY2023Q1 qnst Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
10462000
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
41362000
CY2022Q3 qnst Chips And Science Act And Inflation Reduction Act Minimum Tax Percentage On Corporation S Book Income
CHIPSAndScienceActAndInflationReductionActMinimumTaxPercentageOnCorporationSBookIncome
0.15
CY2022Q3 qnst Chips And Science Act And Inflation Reduction Act Excise Tax Percentage On Stock Buybacks
CHIPSAndScienceActAndInflationReductionActExciseTaxPercentageOnStockBuybacks
0.01
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1100000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-3100000
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1400000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-3000000.0
CY2023Q1 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P5Y
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1156000
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1296000
us-gaap Operating Lease Cost
OperatingLeaseCost
3595000
us-gaap Operating Lease Cost
OperatingLeaseCost
3875000
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
155000
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
143000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
484000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
469000
CY2023Q1 us-gaap Variable Lease Cost
VariableLeaseCost
159000
CY2022Q1 us-gaap Variable Lease Cost
VariableLeaseCost
148000
us-gaap Variable Lease Cost
VariableLeaseCost
465000
us-gaap Variable Lease Cost
VariableLeaseCost
443000
CY2023Q1 us-gaap Lease Cost
LeaseCost
1470000
CY2022Q1 us-gaap Lease Cost
LeaseCost
1587000
us-gaap Lease Cost
LeaseCost
4544000
us-gaap Lease Cost
LeaseCost
4787000
us-gaap Operating Lease Payments
OperatingLeasePayments
4403000
us-gaap Operating Lease Payments
OperatingLeasePayments
4664000
qnst Increase In Operating Lease Liability In Exchange For Right Of Use Asset Obtained
IncreaseInOperatingLeaseLiabilityInExchangeForRightOfUseAssetObtained
0
qnst Increase In Operating Lease Liability In Exchange For Right Of Use Asset Obtained
IncreaseInOperatingLeaseLiabilityInExchangeForRightOfUseAssetObtained
564000
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y6M
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y1M6D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.052
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.051
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1456000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3819000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
902000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
147000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
79000
CY2023Q1 qnst Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
34000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
6437000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1116000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
5321000
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
4030000
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1291000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
5321000
CY2023Q1 qnst Additional Operating Leases Undiscounted Future Minimum Payments Amount
AdditionalOperatingLeasesUndiscountedFutureMinimumPaymentsAmount
9500000
CY2023Q1 qnst Liabilities Related To Indemnification Agreement
LiabilitiesRelatedToIndemnificationAgreement
0
CY2022Q2 qnst Liabilities Related To Indemnification Agreement
LiabilitiesRelatedToIndemnificationAgreement
0
CY2023Q1 qnst Accrual For Indemnification Provisions
AccrualForIndemnificationProvisions
0
CY2022Q2 qnst Accrual For Indemnification Provisions
AccrualForIndemnificationProvisions
0
CY2023Q1 qnst Letters Of Credit For Fidelity Bonds
LettersOfCreditForFidelityBonds
500000
qnst Period Of Cancellation Of Letter Of Credit From Annual Expiration Date
PeriodOfCancellationOfLetterOfCreditFromAnnualExpirationDate
P30D
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
172671000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
150658000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
450312000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
435597000
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
15143000
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9311000
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
41362000
CY2022Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
49696000

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