$QNST
QUINSTREET, INC

2014 Q3 Form 10-Q Financial Statement

#000119312514400747 Filed on November 06, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2013 Q3
Revenue $69.19M $76.96M
YoY Change -10.1% -2.12%
Cost Of Revenue $63.41M $63.59M
YoY Change -0.29% -2.45%
Gross Profit $5.780M $13.37M
YoY Change -56.77% -0.5%
Gross Profit Margin 8.35% 17.37%
Selling, General & Admin $8.282M $8.290M
YoY Change -0.1% 8.84%
% of Gross Profit 143.29% 62.01%
Research & Development $4.956M $5.159M
YoY Change -3.93% 5.44%
% of Gross Profit 85.74% 38.59%
Depreciation & Amortization $5.422M $6.676M
YoY Change -18.78% -19.36%
% of Gross Profit 93.81% 49.94%
Operating Expenses $13.24M $13.45M
YoY Change -1.57% 7.51%
Operating Profit -$7.458M -$80.00K
YoY Change 9222.5% -108.64%
Interest Expense $1.180M $1.026M
YoY Change 15.01% 1.38%
% of Operating Profit
Other Income/Expense, Net $2.325M -$19.00K
YoY Change -12336.84% -141.3%
Pretax Income -$6.287M -$1.098M
YoY Change 472.59% 9050.0%
Income Tax $0.00 -$159.0K
% Of Pretax Income
Net Earnings -$6.287M -$939.0K
YoY Change 569.54% 585.4%
Net Earnings / Revenue -9.09% -1.22%
Basic Earnings Per Share -$0.14 -$0.02
Diluted Earnings Per Share -$0.14 -$0.02
COMMON SHARES
Basic Shares Outstanding 44.27M shares 43.12M shares
Diluted Shares Outstanding 44.27M shares 43.12M shares

Balance Sheet

Concept 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $115.9M $126.7M
YoY Change -8.52% 22.3%
Cash & Equivalents $76.42M $88.30M
Short-Term Investments $39.50M $38.40M
Other Short-Term Assets $12.70M $10.80M
YoY Change 17.59% -30.32%
Inventory
Prepaid Expenses
Receivables $41.11M $40.32M
Other Receivables $0.00 $0.00
Total Short-Term Assets $169.7M $177.7M
YoY Change -4.48% 8.39%
LONG-TERM ASSETS
Property, Plant & Equipment $10.09M $10.95M
YoY Change -7.84% 29.85%
Goodwill $55.45M $150.5M
YoY Change -63.14% -38.07%
Intangibles $27.66M $45.44M
YoY Change -39.14% -30.78%
Long-Term Investments
YoY Change
Other Assets $549.0K $963.0K
YoY Change -42.99% 9.68%
Total Long-Term Assets $95.46M $248.1M
YoY Change -61.52% -23.99%
TOTAL ASSETS
Total Short-Term Assets $169.7M $177.7M
Total Long-Term Assets $95.46M $248.1M
Total Assets $265.2M $425.8M
YoY Change -37.71% -13.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.14M $20.59M
YoY Change -7.08% 2.59%
Accrued Expenses $24.01M $26.98M
YoY Change -10.99% 20.84%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $18.50M $16.60M
YoY Change 11.45% 22.06%
Total Short-Term Liabilities $62.86M $65.55M
YoY Change -4.09% 12.5%
LONG-TERM LIABILITIES
Long-Term Debt $54.68M $73.10M
YoY Change -25.2% -18.03%
Other Long-Term Liabilities $5.722M $6.311M
YoY Change -9.33% -9.86%
Total Long-Term Liabilities $60.40M $79.42M
YoY Change -23.94% -17.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $62.86M $65.55M
Total Long-Term Liabilities $60.40M $79.42M
Total Liabilities $123.3M $145.0M
YoY Change -14.99% -6.12%
SHAREHOLDERS EQUITY
Retained Earnings -$99.68M $52.07M
YoY Change -291.45% -56.7%
Common Stock $242.4M $229.9M
YoY Change 5.44% 5.79%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $141.9M $280.8M
YoY Change
Total Liabilities & Shareholders Equity $265.2M $425.8M
YoY Change -37.71% -13.16%

Cashflow Statement

Concept 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income -$6.287M -$939.0K
YoY Change 569.54% 585.4%
Depreciation, Depletion And Amortization $5.422M $6.676M
YoY Change -18.78% -19.36%
Cash From Operating Activities -$3.500M $3.882M
YoY Change -190.16% -62.57%
INVESTING ACTIVITIES
Capital Expenditures $2.141M $1.190M
YoY Change 79.92% 308.93%
Acquisitions
YoY Change
Other Investing Activities $1.860M -$760.0K
YoY Change -344.74% 18900.0%
Cash From Investing Activities -$710.0K -$2.702M
YoY Change -73.72% -26.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $3.750M
YoY Change
Cash From Financing Activities -3.560M -2.973M
YoY Change 19.74% -72.51%
NET CHANGE
Cash From Operating Activities -3.500M 3.882M
Cash From Investing Activities -710.0K -2.702M
Cash From Financing Activities -3.560M -2.973M
Net Change In Cash -7.770M -1.793M
YoY Change 333.35% -56.27%
FREE CASH FLOW
Cash From Operating Activities -$3.500M $3.882M
Capital Expenditures $2.141M $1.190M
Free Cash Flow -$5.641M $2.692M
YoY Change -309.55% -73.29%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2014Q3 dei Document Type
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10-Q
CY2014Q3 dei Entity Registrant Name
EntityRegistrantName
QUINSTREET, INC
CY2014Q3 dei Trading Symbol
TradingSymbol
QNST
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EntityFilerCategory
Accelerated Filer
CY2014Q3 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-3501000
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000 pure
CY2014Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y7M6D
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.017 pure
CY2014Q3 us-gaap Use Of Estimates
UseOfEstimates
<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>
CY2014Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
44266000 shares
CY2014Q3 dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
CY2014Q3 dei Amendment Flag
AmendmentFlag
false
CY2014Q3 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-30
CY2014Q3 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
44266000 shares
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.14
CY2014Q3 dei Entity Central Index Key
EntityCentralIndexKey
0001117297
CY2014Q3 us-gaap Derivatives Methods Of Accounting Hedging Derivatives
DerivativesMethodsOfAccountingHedgingDerivatives
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> 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 outstanding as of January&#xA0;1, 2014 and scheduled to be outstanding 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 September&#xA0;30, 2014, the Company had approximately $73.8 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>
CY2014Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.14
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.46 pure
CY2014Q3 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9774000 shares
CY2014Q3 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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 months ended September&#xA0;30, 2014 or for the same period in fiscal year 2014. No client accounted for 10% or more of net accounts receivable as of September&#xA0;30, 2014 or June&#xA0;30, 2014.</p> </div>
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44266000 shares
CY2014Q3 us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
427000
CY2014Q3 us-gaap Gross Profit
GrossProfit
5780000
CY2014Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
227000
CY2014Q3 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
51000
CY2014Q3 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2014Q3 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1312000
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-7458000
CY2014Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-6060000
CY2014Q3 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-2000
CY2014Q3 us-gaap Income Taxes Paid
IncomeTaxesPaid
280000
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-6287000
CY2014Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2325000
CY2014Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
226000
CY2014Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-7000
CY2014Q3 us-gaap Revenues
Revenues
69189000
CY2014Q3 us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
3750000
CY2014Q3 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
444000
CY2014Q3 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
272000
CY2014Q3 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
10605000
CY2014Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2141000
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
-6287000
CY2014Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
26000
CY2014Q3 us-gaap Interest Paid
InterestPaid
1045000
CY2014Q3 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-690000
CY2014Q3 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
445000
CY2014Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
8000
CY2014Q3 us-gaap Gain Loss On Disposition Of Intangible Assets
GainLossOnDispositionOfIntangibleAssets
2450000
CY2014Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
5422000
CY2014Q3 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
16000
CY2014Q3 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
71000
CY2014Q3 us-gaap Interest Expense
InterestExpense
1180000
CY2014Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4956000
CY2014Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
3667000
CY2014Q3 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
51000
CY2014Q3 us-gaap Proceeds From Sale Of Intangible Assets
ProceedsFromSaleOfIntangibleAssets
2700000
CY2014Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3800000
CY2014Q3 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-7756000
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2014Q3 us-gaap Cost Of Revenue
CostOfRevenue
63409000
CY2014Q3 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
0
CY2014Q3 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-3560000
CY2014Q3 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-2886000
CY2014Q3 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-711000
CY2014Q3 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1300000
CY2014Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
900000
CY2014Q3 us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
43000
CY2014Q3 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
9762000
CY2014Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4615000
CY2014Q3 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
633000
CY2014Q3 us-gaap Share Based Compensation
ShareBasedCompensation
2275000
CY2014Q3 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-161000
CY2014Q3 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0
CY2014Q3 qnst Period Of Cancellation Of Letter Of Credit From Annual Expiration Date
PeriodOfCancellationOfLetterOfCreditFromAnnualExpirationDate
P30D
CY2014Q3 qnst Operating Lease Expiration Year End
OperatingLeaseExpirationYearEnd
2019
CY2014Q3 qnst Adjusted Earnings Before Interest Taxes Depreciation And Amortization And Other Non Cash Items
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortizationAndOtherNonCashItems
5000000
CY2014Q3 qnst Number Of Customers Representing Greater Than Ten Percent Of Net Sales
NumberOfCustomersRepresentingGreaterThanTenPercentOfNetSales
0 Clients
CY2014Q3 qnst Provision For Doubtful Accounts And Sales Returns
ProvisionForDoubtfulAccountsAndSalesReturns
182000
CY2014Q3 qnst Money Market Instruments Maturity Period
MoneyMarketInstrumentsMaturityPeriod
P90D
CY2014Q3 qnst Number Of Customers Representing Greater Than Ten Percent Of Accounts Receivable
NumberOfCustomersRepresentingGreaterThanTenPercentOfAccountsReceivable
0 Clients
CY2014Q3 qnst Upfront Arrangement Fees Incurred In Connection With Credit Facility
UpfrontArrangementFeesIncurredInConnectionWithCreditFacility
300000
CY2014Q3 qnst Segment Operating Income Before Depreciation Amortization And Stock Based Compensation Expense
SegmentOperatingIncomeBeforeDepreciationAmortizationAndStockBasedCompensationExpense
239000
CY2014Q3 qnst Write Off Of Deferred Debt Issuance Cost Modified
WriteOffOfDeferredDebtIssuanceCostModified
328000

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