$QNST
QUINSTREET, INC

2024 Q2 Form 10-Q Financial Statement

#000095017024056704 Filed on May 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $198.3M $168.6M
YoY Change 52.19% -2.37%
Cost Of Revenue $180.9M $154.3M
YoY Change 51.1% -0.87%
Gross Profit $17.43M $14.31M
YoY Change 64.48% -16.01%
Gross Profit Margin 8.79% 8.49%
Selling, General & Admin $11.28M $12.09M
YoY Change 27.13% 13.93%
% of Gross Profit 64.73% 84.51%
Research & Development $7.588M $7.549M
YoY Change 7.46% -3.61%
% of Gross Profit 43.53% 52.75%
Depreciation & Amortization $6.681M $6.225M
YoY Change 29.7% 25.2%
% of Gross Profit 38.32% 43.5%
Operating Expenses $18.87M $19.64M
YoY Change 18.42% 6.48%
Operating Profit -$1.439M -$5.332M
YoY Change -73.04% 278.42%
Interest Expense -$138.0K $293.0K
YoY Change -305.97% 56.68%
% of Operating Profit
Other Income/Expense, Net -$98.00K -$2.028M
YoY Change 1125.0% 16800.0%
Pretax Income -$1.675M -$7.604M
YoY Change -68.27% 386.81%
Income Tax $489.0K -$600.0K
% Of Pretax Income
Net Earnings -$2.164M -$7.048M
YoY Change -96.13% 1371.4%
Net Earnings / Revenue -1.09% -4.18%
Basic Earnings Per Share -$0.13
Diluted Earnings Per Share -$0.04 -$0.13
COMMON SHARES
Basic Shares Outstanding 55.28M 54.89M
Diluted Shares Outstanding 55.07M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $50.49M $39.60M
YoY Change -31.47% -37.1%
Cash & Equivalents $50.49M $39.60M
Short-Term Investments
Other Short-Term Assets $533.0K $7.525M
YoY Change -94.55% -13.79%
Inventory
Prepaid Expenses $6.217M
Receivables $111.8M $99.64M
Other Receivables $0.00 $0.00
Total Short-Term Assets $169.1M $146.8M
YoY Change 11.83% -17.22%
LONG-TERM ASSETS
Property, Plant & Equipment $19.86M $20.63M
YoY Change -2.11% 36.25%
Goodwill $125.1M $125.1M
YoY Change 3.23% 3.27%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.097M $4.992M
YoY Change 4.67% -16.37%
Total Long-Term Assets $199.5M $202.5M
YoY Change 7.26% -13.9%
TOTAL ASSETS
Total Short-Term Assets $169.1M $146.8M
Total Long-Term Assets $199.5M $202.5M
Total Assets $368.5M $349.3M
YoY Change 9.31% -15.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $48.20M $40.62M
YoY Change 27.1% -1.59%
Accrued Expenses $68.82M $58.43M
YoY Change 56.38% -7.1%
Deferred Revenue $0.00 $185.0K
YoY Change -100.0%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $126.4M $109.1M
YoY Change 40.72% -3.26%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $17.44M $16.91M
YoY Change -0.51% 21.96%
Total Long-Term Liabilities $17.44M $16.91M
YoY Change -0.51% 21.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $126.4M $109.1M
Total Long-Term Liabilities $17.44M $16.91M
Total Liabilities $151.7M $134.3M
YoY Change 41.33% 4.95%
SHAREHOLDERS EQUITY
Retained Earnings -$130.4M -$128.2M
YoY Change 31.62% 196.94%
Common Stock $347.5M $343.5M
YoY Change 5.58% 4.72%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $216.8M $215.0M
YoY Change
Total Liabilities & Shareholders Equity $368.5M $349.3M
YoY Change 9.31% -15.33%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$2.164M -$7.048M
YoY Change -96.13% 1371.4%
Depreciation, Depletion And Amortization $6.681M $6.225M
YoY Change 29.7% 25.2%
Cash From Operating Activities $16.56M $4.110M
YoY Change -7.86% -144.05%
INVESTING ACTIVITIES
Capital Expenditures $3.649M $3.699M
YoY Change -18.37% 5.2%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$6.010M
YoY Change -100.0%
Cash From Investing Activities -$3.649M -$9.709M
YoY Change -18.39% 176.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.026M -320.0K
YoY Change -27.17% -90.28%
NET CHANGE
Cash From Operating Activities 16.56M 4.110M
Cash From Investing Activities -3.649M -9.709M
Cash From Financing Activities -2.026M -320.0K
Net Change In Cash 10.88M -5.919M
YoY Change 1.54% -63.33%
FREE CASH FLOW
Cash From Operating Activities $16.56M $4.110M
Capital Expenditures $3.649M $3.699M
Free Cash Flow $12.91M $411.0K
YoY Change -4.39% -103.2%

Facts In Submission

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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>
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us-gaap Operating Lease Payments
OperatingLeasePayments
4403000
qnst Increase In Operating Lease Liability In Exchange For Right Of Use Asset Obtained
IncreaseInOperatingLeaseLiabilityInExchangeForRightOfUseAssetObtained
10563000
qnst Increase In Operating Lease Liability In Exchange For Right Of Use Asset Obtained
IncreaseInOperatingLeaseLiabilityInExchangeForRightOfUseAssetObtained
0
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y3M18D
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y6M
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.069
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.052
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
997000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3356000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2708000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2572000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2714000
CY2024Q1 qnst Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
1666000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
14013000
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2606000
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
11407000
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3147000
CY2024Q1 qnst Liabilities Related To Indemnification Agreement
LiabilitiesRelatedToIndemnificationAgreement
0
CY2023Q2 qnst Liabilities Related To Indemnification Agreement
LiabilitiesRelatedToIndemnificationAgreement
0
CY2024Q1 qnst Accrual For Indemnification Provisions
AccrualForIndemnificationProvisions
0
CY2023Q2 qnst Accrual For Indemnification Provisions
AccrualForIndemnificationProvisions
0
CY2024Q1 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
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
168587000
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
172671000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
415193000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
450312000
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
20633000
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
16749000
CY2024Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
40881000
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
38700000
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false

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0000950170-24-056704.txt Edgar Link pending
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