$QNST
QUINSTREET, INC

2024 Q1 Form 10-Q Financial Statement

#000095017024012727 Filed on February 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4
Revenue $168.6M $122.7M
YoY Change -2.37% -8.48%
Cost Of Revenue $154.3M $115.8M
YoY Change -0.87% -7.71%
Gross Profit $14.31M $6.853M
YoY Change -16.01% -19.74%
Gross Profit Margin 8.49% 5.59%
Selling, General & Admin $12.09M $10.98M
YoY Change 13.93% 4.18%
% of Gross Profit 84.51% 160.16%
Research & Development $7.549M $7.272M
YoY Change -3.61% 1.37%
% of Gross Profit 52.75% 106.11%
Depreciation & Amortization $6.225M $5.713M
YoY Change 25.2% 22.33%
% of Gross Profit 43.5% 83.36%
Operating Expenses $19.64M $18.25M
YoY Change 6.48% 3.04%
Operating Profit -$5.332M -$11.40M
YoY Change 278.42% 24.24%
Interest Expense $293.0K $111.0K
YoY Change 56.68% -47.89%
% of Operating Profit
Other Income/Expense, Net -$2.028M $38.00K
YoY Change 16800.0% -522.22%
Pretax Income -$7.604M -$11.30M
YoY Change 386.81% 20.46%
Income Tax -$600.0K $300.0K
% Of Pretax Income
Net Earnings -$7.048M -$11.55M
YoY Change 1371.4% 44.81%
Net Earnings / Revenue -4.18% -9.42%
Basic Earnings Per Share -$0.13 -$0.21
Diluted Earnings Per Share -$0.13 -$0.21
COMMON SHARES
Basic Shares Outstanding 54.89M 54.58M
Diluted Shares Outstanding 55.07M 54.76M

Balance Sheet

Concept 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $39.60M $45.52M
YoY Change -37.1% -42.46%
Cash & Equivalents $39.60M $45.52M
Short-Term Investments
Other Short-Term Assets $7.525M $7.832M
YoY Change -13.79% 50.21%
Inventory
Prepaid Expenses
Receivables $99.64M $74.73M
Other Receivables $0.00 $0.00
Total Short-Term Assets $146.8M $128.1M
YoY Change -17.22% -17.76%
LONG-TERM ASSETS
Property, Plant & Equipment $20.63M $20.60M
YoY Change 36.25% 57.66%
Goodwill $125.1M $121.1M
YoY Change 3.27% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.992M $5.640M
YoY Change -16.37% -9.77%
Total Long-Term Assets $202.5M $192.8M
YoY Change -13.9% -18.35%
TOTAL ASSETS
Total Short-Term Assets $146.8M $128.1M
Total Long-Term Assets $202.5M $192.8M
Total Assets $349.3M $320.9M
YoY Change -15.33% -18.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $40.62M $33.78M
YoY Change -1.59% -10.72%
Accrued Expenses $58.43M $44.54M
YoY Change -7.1% -4.93%
Deferred Revenue $185.0K $0.00
YoY Change -100.0%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $109.1M $85.04M
YoY Change -3.26% -11.58%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $16.91M $11.57M
YoY Change 21.96% -18.4%
Total Long-Term Liabilities $16.91M $11.57M
YoY Change 21.96% -18.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $109.1M $85.04M
Total Long-Term Liabilities $16.91M $11.57M
Total Liabilities $134.3M $105.7M
YoY Change 4.95% -5.74%
SHAREHOLDERS EQUITY
Retained Earnings -$128.2M -$121.2M
YoY Change 196.94% 183.77%
Common Stock $343.5M $336.7M
YoY Change 4.72% 4.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $215.0M $215.3M
YoY Change
Total Liabilities & Shareholders Equity $349.3M $320.9M
YoY Change -15.33% -18.11%

Cashflow Statement

Concept 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income -$7.048M -$11.55M
YoY Change 1371.4% 44.81%
Depreciation, Depletion And Amortization $6.225M $5.713M
YoY Change 25.2% 22.33%
Cash From Operating Activities $4.110M -$3.654M
YoY Change -144.05% 48.24%
INVESTING ACTIVITIES
Capital Expenditures $3.699M $4.283M
YoY Change 5.2% 7.59%
Acquisitions
YoY Change
Other Investing Activities -$6.010M $0.00
YoY Change -100.0%
Cash From Investing Activities -$9.709M -$4.283M
YoY Change 176.14% 4.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -320.0K -2.854M
YoY Change -90.28% 5.59%
NET CHANGE
Cash From Operating Activities 4.110M -3.654M
Cash From Investing Activities -9.709M -4.283M
Cash From Financing Activities -320.0K -2.854M
Net Change In Cash -5.919M -10.79M
YoY Change -63.33% 16.42%
FREE CASH FLOW
Cash From Operating Activities $4.110M -$3.654M
Capital Expenditures $3.699M $4.283M
Free Cash Flow $411.0K -$7.937M
YoY Change -103.2% 23.13%

Facts In Submission

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CashAndCashEquivalentsAtCarryingValue
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CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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us-gaap Nature Of Operations
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<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">1. The Company</span></p><p style="text-indent:2.267%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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, India and Mexico. The majority of the Company’s operations and revenue are in North America.</span></p>
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:2.267%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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>
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable
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RevenueReserve
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CY2023Q2 qnst Revenue Reserve
RevenueReserve
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CY2023Q4 qnst Financing Receivable Allowance For Credit Losses And Revenue Reserve
FinancingReceivableAllowanceForCreditLossesAndRevenueReserve
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CY2023Q2 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:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentrations of Credit Risk</span></p><p style="text-indent:2.267%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company did not have any clients with </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">net revenue over 10% for the three and six months ended December 31, 2023. The Company had </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">one</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> client that accounted for </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">19</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">22</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of net revenue for the three and six months ended December 31, 2022. </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">No</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> other clients accounted for </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">10</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% or more of net revenue or net accounts receivables as of June 30, 2023.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
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RevenueFromContractWithCustomerExcludingAssessedTax
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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
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ContractWithCustomerLiabilityCurrent
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ContractWithCustomerLiabilityCurrent
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ContractWithCustomerPrepaidLiabilityCurrent
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ContractWithCustomerPrepaidLiabilityCurrent
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ContractWithCustomerLiability
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ContractWithCustomerLiability
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us-gaap Contract With Customer Liability Revenue Recognized
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us-gaap Net Income Loss
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CY2022Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54612000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2023Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2022Q4 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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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53529000
CY2023Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2022Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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54612000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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EarningsPerShareBasic
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EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q4 qnst Fair Value Liabilities Level3 To Level1 Transfers Amount
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CY2023Q2 qnst Fair Value Liabilities Level3 To Level1 Transfers Amount
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CY2023Q4 qnst Fair Value Assets Level3 To Level1 Transfers Amount
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us-gaap Goodwill Impairment Loss
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FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
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CY2023Q4 qnst Finite Lived Intangible Assets Amortization Expense After Year Four
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us-gaap Operating Lease Cost
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CY2022Q4 us-gaap Variable Lease Cost
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us-gaap Lease Cost
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qnst Increase In Operating Lease Liability In Exchange For Right Of Use Asset Obtained
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CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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3286000
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
9056000
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
12342000
CY2023Q4 qnst Liabilities Related To Indemnification Agreement
LiabilitiesRelatedToIndemnificationAgreement
0
CY2023Q2 qnst Liabilities Related To Indemnification Agreement
LiabilitiesRelatedToIndemnificationAgreement
0
CY2023Q4 qnst Accrual For Indemnification Provisions
AccrualForIndemnificationProvisions
0
CY2023Q2 qnst Accrual For Indemnification Provisions
AccrualForIndemnificationProvisions
0
CY2023Q4 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
CY2023Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
122683000
CY2022Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
134048000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
246606000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
277641000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
20604000
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
16749000
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
33544000
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
38700000
CY2023Q4 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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