$QNST
QUINSTREET, INC

2015 Q2 Form 10-Q Financial Statement

#000119312515177129 Filed on May 07, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2015 Q1 2014 Q1
Revenue $70.90M $75.35M $71.89M
YoY Change 4.88% 4.81% -9.02%
Cost Of Revenue $63.00M $65.19M $61.65M
YoY Change 3.96% 5.75% -3.47%
Gross Profit $7.900M $10.15M $10.24M
YoY Change 12.86% -0.87% -32.41%
Gross Profit Margin 11.14% 13.48% 14.25%
Selling, General & Admin $7.500M $8.181M $8.165M
YoY Change -15.73% 0.2% 1.09%
% of Gross Profit 94.94% 80.58% 79.72%
Research & Development $4.100M $4.653M $4.859M
YoY Change -14.58% -4.24% -0.65%
% of Gross Profit 51.9% 45.83% 47.44%
Depreciation & Amortization $4.090M $4.370M $6.611M
YoY Change -33.39% -33.9% -8.28%
% of Gross Profit 51.77% 43.04% 64.55%
Operating Expenses $11.60M $12.83M $13.02M
YoY Change -15.33% -1.46% 0.43%
Operating Profit -$3.700M -$2.681M -$2.782M
YoY Change -44.78% -3.63% -227.26%
Interest Expense -$1.100M $760.0K $911.0K
YoY Change 22.22% -16.58% -49.67%
% of Operating Profit
Other Income/Expense, Net -$300.0K $40.00K -$3.000K
YoY Change -120.0% -1433.33% -92.31%
Pretax Income -$5.100M -$3.394M -$3.666M
YoY Change -94.98% -7.42% -1104.38%
Income Tax $0.00 -$178.0K -$993.0K
% Of Pretax Income
Net Earnings -$5.000M -$3.216M -$2.673M
YoY Change -94.94% 20.31% 23.64%
Net Earnings / Revenue -7.05% -4.27% -3.72%
Basic Earnings Per Share -$0.07 -$0.06
Diluted Earnings Per Share -$112.1K -$0.07 -$0.06
COMMON SHARES
Basic Shares Outstanding 44.56M shares 44.52M 43.57M shares
Diluted Shares Outstanding 44.52M 43.57M shares

Balance Sheet

Concept 2015 Q2 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $60.47M $114.1M $120.1M
YoY Change -50.76% -5.0% 5.54%
Cash & Equivalents $60.47M $114.1M $81.74M
Short-Term Investments $0.00 $0.00 $38.30M
Other Short-Term Assets $379.0K $12.20M $8.800M
YoY Change -43.01% 38.64% -49.71%
Inventory
Prepaid Expenses $1.571M
Receivables $46.24M $44.96M $42.01M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $118.4M $171.3M $170.8M
YoY Change -32.99% 0.28% -3.04%
LONG-TERM ASSETS
Property, Plant & Equipment $8.565M $8.811M $11.00M
YoY Change -23.02% -19.88% 44.87%
Goodwill $56.12M $55.45M $151.1M
YoY Change 1.2% -63.3% 0.42%
Intangibles $19.03M $21.44M $35.92M
YoY Change -39.47% -40.3% -35.68%
Long-Term Investments
YoY Change
Other Assets $3.063M $523.0K $928.0K
YoY Change 570.24% -43.64% 3.57%
Total Long-Term Assets $86.78M $87.94M $203.4M
YoY Change -13.39% -56.78% -19.31%
TOTAL ASSETS
Total Short-Term Assets $118.4M $171.3M $170.8M
Total Long-Term Assets $86.78M $87.94M $203.4M
Total Assets $205.2M $259.2M $374.2M
YoY Change -25.9% -30.74% -12.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.43M $20.82M $19.45M
YoY Change 4.65% 7.06% 15.87%
Accrued Expenses $27.15M $28.95M $26.17M
YoY Change -2.54% 10.61% -9.71%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $49.00K $19.70M $16.80M
YoY Change -99.72% 17.26% 4.35%
Total Short-Term Liabilities $48.83M $70.84M $63.65M
YoY Change -26.29% 11.3% 0.16%
LONG-TERM LIABILITIES
Long-Term Debt $15.00M $44.85M $64.52M
YoY Change -74.82% -30.49% -20.63%
Other Long-Term Liabilities $5.740M $5.567M $6.109M
YoY Change -2.43% -8.87% -10.67%
Total Long-Term Liabilities $20.74M $50.42M $70.63M
YoY Change -68.31% -28.62% -19.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $48.83M $70.84M $63.65M
Total Long-Term Liabilities $20.74M $50.42M $70.63M
Total Liabilities $69.57M $121.3M $134.3M
YoY Change -47.17% -9.7% -11.47%
SHAREHOLDERS EQUITY
Retained Earnings -$113.4M -$108.4M $5.366M
YoY Change 21.42% -2119.7% -90.17%
Common Stock $249.4M $247.1M $235.6M
YoY Change 4.09% 4.9% 5.45%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $135.6M $138.0M $240.0M
YoY Change
Total Liabilities & Shareholders Equity $205.2M $259.2M $374.2M
YoY Change -25.9% -30.74% -12.62%

Cashflow Statement

Concept 2015 Q2 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$5.000M -$3.216M -$2.673M
YoY Change -94.94% 20.31% 23.64%
Depreciation, Depletion And Amortization $4.090M $4.370M $6.611M
YoY Change -33.39% -33.9% -8.28%
Cash From Operating Activities $1.370M $4.160M $2.620M
YoY Change -74.72% 58.78% -71.4%
INVESTING ACTIVITIES
Capital Expenditures -$1.630M -$840.0K -$1.320M
YoY Change 18.98% -36.36% 53.49%
Acquisitions
YoY Change
Other Investing Activities -$3.070M $28.17M $1.320M
YoY Change -307.43% 2034.09% -38.6%
Cash From Investing Activities -$4.710M $27.34M $0.00
YoY Change -4381.82% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -50.29M -5.340M -4.130M
YoY Change 1532.79% 29.3% 34.97%
NET CHANGE
Cash From Operating Activities 1.370M 4.160M 2.620M
Cash From Investing Activities -4.710M 27.34M 0.000
Cash From Financing Activities -50.29M -5.340M -4.130M
Net Change In Cash -53.63M 26.16M -1.510M
YoY Change -2288.98% -1832.45% -120.43%
FREE CASH FLOW
Cash From Operating Activities $1.370M $4.160M $2.620M
Capital Expenditures -$1.630M -$840.0K -$1.320M
Free Cash Flow $3.000M $5.000M $3.940M
YoY Change -55.82% 26.9% -60.68%

Facts In Submission

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dei Document Type
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10-Q
dei Entity Registrant Name
EntityRegistrantName
QUINSTREET, INC
dei Trading Symbol
TradingSymbol
QNST
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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>
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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dei Document Period End Date
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2015-03-31
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dei Entity Central Index Key
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us-gaap Derivatives Methods Of Accounting Hedging Derivatives
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<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 $85.0 million in January 2014 and amortizing to $35.0 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, 2015, the Company had approximately $65.0 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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