$QNST
QUINSTREET, INC

2013 Q3 Form 10-Q Financial Statement

#000119312513430442 Filed on November 06, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2012 Q3
Revenue $76.96M $78.63M
YoY Change -2.12% -22.32%
Cost Of Revenue $63.59M $65.19M
YoY Change -2.45% -13.94%
Gross Profit $13.37M $13.44M
YoY Change -0.5% -47.26%
Gross Profit Margin 17.37% 17.09%
Selling, General & Admin $8.290M $7.617M
YoY Change 8.84% -17.66%
% of Gross Profit 62.01% 56.69%
Research & Development $5.159M $4.893M
YoY Change 5.44% -19.44%
% of Gross Profit 38.59% 36.42%
Depreciation & Amortization $6.676M $8.279M
YoY Change -19.36% 16.47%
% of Gross Profit 49.94% 61.62%
Operating Expenses $13.45M $12.51M
YoY Change 7.51% -18.37%
Operating Profit -$80.00K $926.0K
YoY Change -108.64% -90.88%
Interest Expense $1.026M $1.012M
YoY Change 1.38% -6.56%
% of Operating Profit 109.29%
Other Income/Expense, Net -$19.00K $46.00K
YoY Change -141.3% -248.39%
Pretax Income -$1.098M -$12.00K
YoY Change 9050.0% -100.13%
Income Tax -$159.0K $125.0K
% Of Pretax Income
Net Earnings -$939.0K -$137.0K
YoY Change 585.4% -102.49%
Net Earnings / Revenue -1.22% -0.17%
Basic Earnings Per Share -$0.02 $0.00
Diluted Earnings Per Share -$0.02 $0.00
COMMON SHARES
Basic Shares Outstanding 43.12M shares 42.81M shares
Diluted Shares Outstanding 43.12M shares 42.81M shares

Balance Sheet

Concept 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $126.7M $103.6M
YoY Change 22.3% -28.7%
Cash & Equivalents $88.30M $64.45M
Short-Term Investments $38.40M $39.10M
Other Short-Term Assets $10.80M $15.50M
YoY Change -30.32% 18.32%
Inventory
Prepaid Expenses
Receivables $40.32M $44.91M
Other Receivables $0.00 $0.00
Total Short-Term Assets $177.7M $164.0M
YoY Change 8.39% -23.85%
LONG-TERM ASSETS
Property, Plant & Equipment $10.95M $8.430M
YoY Change 29.85% -13.09%
Goodwill $150.5M $243.0M
YoY Change -38.07%
Intangibles $45.44M $65.65M
YoY Change -30.78%
Long-Term Investments
YoY Change
Other Assets $963.0K $878.0K
YoY Change 9.68% -87.09%
Total Long-Term Assets $248.1M $326.4M
YoY Change -23.99% 2.82%
TOTAL ASSETS
Total Short-Term Assets $177.7M $164.0M
Total Long-Term Assets $248.1M $326.4M
Total Assets $425.8M $490.3M
YoY Change -13.16% -7.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.59M $20.07M
YoY Change 2.59% -28.56%
Accrued Expenses $26.98M $22.32M
YoY Change 20.84% -19.7%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $16.60M $13.60M
YoY Change 22.06% -5.56%
Total Short-Term Liabilities $65.55M $58.26M
YoY Change 12.5% -19.64%
LONG-TERM LIABILITIES
Long-Term Debt $73.10M $89.18M
YoY Change -18.03% -0.25%
Other Long-Term Liabilities $6.311M $7.001M
YoY Change -9.86% 42.88%
Total Long-Term Liabilities $79.42M $96.18M
YoY Change -17.43% 1.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $65.55M $58.26M
Total Long-Term Liabilities $79.42M $96.18M
Total Liabilities $145.0M $154.4M
YoY Change -6.12% -7.41%
SHAREHOLDERS EQUITY
Retained Earnings $52.07M $120.2M
YoY Change -56.7%
Common Stock $229.9M $217.3M
YoY Change 5.79%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 0.000 shares
Shareholders Equity $280.8M $335.9M
YoY Change
Total Liabilities & Shareholders Equity $425.8M $490.3M
YoY Change -13.16% -7.96%

Cashflow Statement

Concept 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income -$939.0K -$137.0K
YoY Change 585.4% -102.49%
Depreciation, Depletion And Amortization $6.676M $8.279M
YoY Change -19.36% 16.47%
Cash From Operating Activities $3.882M $10.37M
YoY Change -62.57% -2.87%
INVESTING ACTIVITIES
Capital Expenditures $1.190M $291.0K
YoY Change 308.93% -61.35%
Acquisitions
YoY Change
Other Investing Activities -$760.0K -$4.000K
YoY Change 18900.0% -85.71%
Cash From Investing Activities -$2.702M -$3.655M
YoY Change -26.07% -89.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $6.157M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.973M -10.82M
YoY Change -72.51% 1160.61%
NET CHANGE
Cash From Operating Activities 3.882M 10.37M
Cash From Investing Activities -2.702M -3.655M
Cash From Financing Activities -2.973M -10.82M
Net Change In Cash -1.793M -4.100M
YoY Change -56.27% -84.14%
FREE CASH FLOW
Cash From Operating Activities $3.882M $10.37M
Capital Expenditures $1.190M $291.0K
Free Cash Flow $2.692M $10.08M
YoY Change -73.29% 1.57%

Facts In Submission

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CY2013Q3 dei Trading Symbol
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CY2013Q3 dei Entity Registrant Name
EntityRegistrantName
QUINSTREET, INC
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AmendmentFlag
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Accelerated Filer
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2014
CY2013Q3 dei Document Type
DocumentType
10-Q
CY2013Q3 dei Document Period End Date
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2013-09-30
CY2013Q3 dei Entity Central Index Key
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0001117297
CY2013Q3 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-30
CY2013Q3 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.014 pure
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.02
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43117000 shares
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.48 pure
CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.02
CY2013Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y7M6D
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.93
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000 pure
CY2013Q3 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
3882000
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
43117000 shares
CY2013Q3 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b><i>Concentrations of Credit Risk</i></b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> No client accounted for 10% or more of net revenue for the three months ended September&#xA0;30, 2013 or for the same period in fiscal year 2013. No client accounted for 10% or more of net accounts receivable as of September&#xA0;30, 2013 or June&#xA0;30, 2013.</p> </div>
CY2013Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7463000 shares
CY2013Q3 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b><i>Use of Estimates</i></b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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, intangible assets, long-lived assets, contingencies, 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. 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.&#xA0;Actual results could differ from those estimates, and such differences could affect the results of operations reported in future periods.</p> </div>
CY2013Q3 us-gaap Revenues
Revenues
76961000
CY2013Q3 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-659000
CY2013Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-1145000
CY2013Q3 us-gaap Gross Profit
GrossProfit
13369000
CY2013Q3 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
12978000
CY2013Q3 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
523000
CY2013Q3 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-22000
CY2013Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-19000
CY2013Q3 us-gaap Income Taxes Paid
IncomeTaxesPaid
130000
CY2013Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
27000
CY2013Q3 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
86000
CY2013Q3 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
96000
CY2013Q3 us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
2500000
CY2013Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-137000
CY2013Q3 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-289000
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-80000
CY2013Q3 us-gaap Interest Paid
InterestPaid
968000
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-1098000
CY2013Q3 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1654000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
-939000
CY2013Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-75000
CY2013Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-206000
CY2013Q3 us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
95000
CY2013Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1190000
CY2013Q3 us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
657000
CY2013Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
6000
CY2013Q3 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
CY2013Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4134000
CY2013Q3 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2973000
CY2013Q3 us-gaap Operating Leases Rent Expense Minimum Rentals
OperatingLeasesRentExpenseMinimumRentals
1100000
CY2013Q3 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-439000
CY2013Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
137000
CY2013Q3 us-gaap Share Based Compensation
ShareBasedCompensation
3035000
CY2013Q3 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-1822000
CY2013Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
4156000
CY2013Q3 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-5304000
CY2013Q3 us-gaap Interest Expense
InterestExpense
1026000
CY2013Q3 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
2156000
CY2013Q3 us-gaap Cost Of Revenue
CostOfRevenue
63592000
CY2013Q3 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2702000
CY2013Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5159000
CY2013Q3 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-162000
CY2013Q3 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
993000
CY2013Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
6676000
CY2013Q3 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
96000
CY2013Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
5100000
CY2013Q3 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
12218000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-159000
CY2013Q3 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-29000
CY2013Q3 qnst Maximum Percentage Of Net Accounts Receivable Accounted By Client
MaximumPercentageOfNetAccountsReceivableAccountedByClient
0.10 pure
CY2013Q3 qnst Provision For Doubtful Accounts And Sales Returns
ProvisionForDoubtfulAccountsAndSalesReturns
-275000
CY2013Q3 qnst Number Of Customers Accounted For More Than Ten Percent Of Accounts Receivable
NumberOfCustomersAccountedForMoreThanTenPercentOfAccountsReceivable
0 Clients
CY2013Q3 qnst Maximum Percentage Of Revenue Represented By Any Customer
MaximumPercentageOfRevenueRepresentedByAnyCustomer
0.10 pure
CY2013Q3 qnst Maximum Funded Debt To Adjusted Ebitda Ratio
MaximumFundedDebtToAdjustedEbitdaRatio
3 pure
CY2013Q3 qnst Withholding Taxes On Net Settlement Of Rsu
WithholdingTaxesOnNetSettlementOfRsu
1039000
CY2013Q3 qnst Period Of Cancellation Of Letter Of Credit From Annual Expiration Date
PeriodOfCancellationOfLetterOfCreditFromAnnualExpirationDate
P30D
CY2013Q3 qnst Number Of Customers Representing Greater Than Ten Percent Of Net Sales Or Accounts Receivable
NumberOfCustomersRepresentingGreaterThanTenPercentOfNetSalesOrAccountsReceivable
0 Clients
CY2013Q3 qnst Amendment Date
AmendmentDate
2013-02-15
CY2013Q3 qnst Adjusted Earnings Before Interest Taxes Depreciation And Amortization And Other Non Cash Items
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortizationAndOtherNonCashItems
5000000
CY2013Q3 qnst Segment Operating Income Before Depreciation Amortization And Stock Based Compensation Expense
SegmentOperatingIncomeBeforeDepreciationAmortizationAndStockBasedCompensationExpense
9631000
CY2013Q3 qnst Money Market Instruments Maturity Period
MoneyMarketInstrumentsMaturityPeriod
P90D

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