$QNST
QUINSTREET, INC

2014 Q2 Form 10-Q Financial Statement

#000119312514192704 Filed on May 09, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2013 Q1
Revenue $67.60M $71.89M $79.02M
YoY Change -10.7% -9.02% -15.06%
Cost Of Revenue $60.60M $61.65M $63.86M
YoY Change -0.33% -3.47% -11.64%
Gross Profit $7.000M $10.24M $15.15M
YoY Change -53.02% -32.41% -26.95%
Gross Profit Margin 10.36% 14.25% 19.18%
Selling, General & Admin $8.900M $8.165M $8.077M
YoY Change 15.58% 1.09% -16.15%
% of Gross Profit 127.14% 79.72% 53.3%
Research & Development $4.800M $4.859M $4.891M
YoY Change 0.0% -0.65% -3.51%
% of Gross Profit 68.57% 47.44% 32.28%
Depreciation & Amortization $6.140M $6.611M $7.208M
YoY Change -7.81% -8.28% -10.26%
% of Gross Profit 87.71% 64.55% 47.56%
Operating Expenses $13.70M $13.02M $12.97M
YoY Change 9.6% 0.43% -11.79%
Operating Profit -$6.700M -$2.782M $2.186M
YoY Change -379.17% -227.26% -63.83%
Interest Expense -$900.0K $911.0K $1.810M
YoY Change -10.0% -49.67% 62.92%
% of Operating Profit 82.8%
Other Income/Expense, Net $1.500M -$3.000K -$39.00K
YoY Change -1600.0% -92.31% -1400.0%
Pretax Income -$101.6M -$3.666M $365.0K
YoY Change -7915.38% -1104.38% -92.65%
Income Tax -$2.900M -$993.0K $2.527M
% Of Pretax Income 692.33%
Net Earnings -$98.80M -$2.673M -$2.162M
YoY Change 6075.0% 23.64% -175.25%
Net Earnings / Revenue -146.15% -3.72% -2.74%
Basic Earnings Per Share -$0.06 -$0.05
Diluted Earnings Per Share -$2.256M -$0.06 -$0.05
COMMON SHARES
Basic Shares Outstanding 43.81M shares 43.57M shares 42.80M shares
Diluted Shares Outstanding 43.57M shares 42.80M shares

Balance Sheet

Concept 2014 Q2 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $122.8M $120.1M $113.8M
YoY Change -4.06% 5.54% -1.39%
Cash & Equivalents $84.18M $81.74M $75.71M
Short-Term Investments $38.60M $38.30M $38.10M
Other Short-Term Assets $665.0K $8.800M $17.50M
YoY Change -94.17% -49.71% 8.02%
Inventory
Prepaid Expenses $1.649M
Receivables $41.98M $42.01M $44.88M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $176.7M $170.8M $176.2M
YoY Change -0.6% -3.04% -3.05%
LONG-TERM ASSETS
Property, Plant & Equipment $11.13M $11.00M $7.591M
YoY Change 14.62% 44.87% -17.49%
Goodwill $55.45M $151.1M $150.5M
YoY Change -63.14% 0.42%
Intangibles $31.44M $35.92M $55.84M
YoY Change -37.72% -35.68%
Long-Term Investments
YoY Change
Other Assets $457.0K $928.0K $896.0K
YoY Change -47.95% 3.57% -87.01%
Total Long-Term Assets $100.2M $203.4M $252.1M
YoY Change -60.21% -19.31% -24.03%
TOTAL ASSETS
Total Short-Term Assets $176.7M $170.8M $176.2M
Total Long-Term Assets $100.2M $203.4M $252.1M
Total Assets $276.8M $374.2M $428.3M
YoY Change -35.55% -12.62% -16.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.52M $19.45M $16.79M
YoY Change 4.25% 15.87% -30.64%
Accrued Expenses $27.85M $26.17M $28.99M
YoY Change -9.87% -9.71% 1.35%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $17.70M $16.80M $16.10M
YoY Change 14.94% 4.35% 21.97%
Total Short-Term Liabilities $66.24M $63.65M $63.55M
YoY Change -0.67% 0.16% -7.23%
LONG-TERM LIABILITIES
Long-Term Debt $59.57M $64.52M $81.29M
YoY Change -22.89% -20.63% -14.43%
Other Long-Term Liabilities $5.883M $6.109M $6.839M
YoY Change -9.11% -10.67% 26.65%
Total Long-Term Liabilities $65.45M $70.63M $88.13M
YoY Change -21.83% -19.86% -12.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $66.24M $63.65M $63.55M
Total Long-Term Liabilities $65.45M $70.63M $88.13M
Total Liabilities $131.7M $134.3M $151.7M
YoY Change -12.59% -11.47% -10.19%
SHAREHOLDERS EQUITY
Retained Earnings -$93.40M $5.366M $54.59M
YoY Change -276.2% -90.17%
Common Stock $239.6M $235.6M $223.4M
YoY Change 5.6% 5.45%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 0.000 shares
Shareholders Equity $145.2M $240.0M $276.6M
YoY Change
Total Liabilities & Shareholders Equity $276.8M $374.2M $428.3M
YoY Change -35.55% -12.62% -16.61%

Cashflow Statement

Concept 2014 Q2 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$98.80M -$2.673M -$2.162M
YoY Change 6075.0% 23.64% -175.25%
Depreciation, Depletion And Amortization $6.140M $6.611M $7.208M
YoY Change -7.81% -8.28% -10.26%
Cash From Operating Activities $5.420M $2.620M $9.160M
YoY Change -74.34% -71.4% -47.45%
INVESTING ACTIVITIES
Capital Expenditures -$1.370M -$1.320M -$860.0K
YoY Change 47.31% 53.49% -33.33%
Acquisitions
YoY Change
Other Investing Activities $1.480M $1.320M $2.150M
YoY Change -225.42% -38.6% -109.59%
Cash From Investing Activities $110.0K $0.00 $1.290M
YoY Change -105.21% -100.0% -105.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.080M -4.130M -3.060M
YoY Change -33.04% 34.97% -85.7%
NET CHANGE
Cash From Operating Activities 5.420M 2.620M 9.160M
Cash From Investing Activities 110.0K 0.000 1.290M
Cash From Financing Activities -3.080M -4.130M -3.060M
Net Change In Cash 2.450M -1.510M 7.390M
YoY Change -83.0% -120.43% -126.68%
FREE CASH FLOW
Cash From Operating Activities $5.420M $2.620M $9.160M
Capital Expenditures -$1.370M -$1.320M -$860.0K
Free Cash Flow $6.790M $3.940M $10.02M
YoY Change -69.21% -60.68% -46.47%

Facts In Submission

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dei Trading Symbol
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dei Entity Registrant Name
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QUINSTREET, INC
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dei Entity Filer Category
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dei Document Type
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10-Q
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2014-03-31
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Concentrations of Credit Risk</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> No client accounted for 10% or more of net revenue for the three or nine months ended March&#xA0;31, 2014 or for the same period in fiscal year 2013. No client accounted for 10% or more of net accounts receivable as of March&#xA0;31, 2014 or June&#xA0;30, 2013.</p> </div>
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> To reduce the Company&#x2019;s exposure to rising interest rates under the term loan, in February 2012, the Company entered into an interest rate swap to reduce its exposure to the financial impact of changing interest rates under its term loan. The Company does not speculate using derivative instruments. The Company entered into this derivative instrument arrangement solely for the purpose of risk management. The swap encompasses the principal balances scheduled to be outstanding as of January&#xA0;1, 2014 and thereafter, such principal and notional amount totaling $85 million in January 2014 and amortizing to $35 million in November 2016. The effective date of the swap was April&#xA0;9, 2012 with a maturity date of November&#xA0;4, 2016. At March&#xA0;31, 2014, the Company had approximately $81.3 million of notional amount outstanding in the swap agreement that exchanges a variable interest rate base (Eurodollar rate) for a fixed interest rate of 0.97% over the term of the agreement. This interest rate swap is designated as a cash flow hedge of the interest rate risk attributable to forecasted variable interest payments. The effective portion of the fair value gains or losses on this swap are included as a component of accumulated other comprehensive loss. Any hedge ineffectiveness will be immediately recognized in earnings in the current period.</p> </div>
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> 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>
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