$QNST
QUINSTREET, INC

2015 Q3 Form 10-Q Financial Statement

#000119312515372007 Filed on November 09, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2015 Q2 2014 Q3
Revenue $72.39M $70.90M $69.19M
YoY Change 4.63% 4.88% -10.1%
Cost Of Revenue $65.80M $63.00M $63.41M
YoY Change 3.76% 3.96% -0.29%
Gross Profit $6.594M $7.900M $5.780M
YoY Change 14.08% 12.86% -56.77%
Gross Profit Margin 9.11% 11.14% 8.35%
Selling, General & Admin $7.842M $7.500M $8.282M
YoY Change -5.31% -15.73% -0.1%
% of Gross Profit 118.93% 94.94% 143.29%
Research & Development $4.444M $4.100M $4.956M
YoY Change -10.33% -14.58% -3.93%
% of Gross Profit 67.39% 51.9% 85.74%
Depreciation & Amortization $3.940M $4.090M $5.422M
YoY Change -27.33% -33.39% -18.78%
% of Gross Profit 59.75% 51.77% 93.81%
Operating Expenses $12.29M $11.60M $13.24M
YoY Change -7.19% -15.33% -1.57%
Operating Profit -$5.815M -$3.700M -$7.458M
YoY Change -22.03% -44.78% 9222.5%
Interest Expense $133.0K -$1.100M $1.180M
YoY Change -88.73% 22.22% 15.01%
% of Operating Profit
Other Income/Expense, Net -$57.00K -$300.0K $2.325M
YoY Change -102.45% -120.0% -12336.84%
Pretax Income -$5.999M -$5.100M -$6.287M
YoY Change -4.58% -94.98% 472.59%
Income Tax $365.0K $0.00 $0.00
% Of Pretax Income
Net Earnings -$6.364M -$5.000M -$6.287M
YoY Change 1.22% -94.94% 569.54%
Net Earnings / Revenue -8.79% -7.05% -9.09%
Basic Earnings Per Share -$0.14 -$0.14
Diluted Earnings Per Share -$0.14 -$112.1K -$0.14
COMMON SHARES
Basic Shares Outstanding 44.84M 44.56M shares 44.27M shares
Diluted Shares Outstanding 44.84M 44.27M shares

Balance Sheet

Concept 2015 Q3 2015 Q2 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $60.66M $60.47M $115.9M
YoY Change -47.66% -50.76% -8.52%
Cash & Equivalents $60.66M $60.47M $76.42M
Short-Term Investments $0.00 $0.00 $39.50M
Other Short-Term Assets $6.300M $379.0K $12.70M
YoY Change -50.39% -43.01% 17.59%
Inventory
Prepaid Expenses $1.571M
Receivables $45.86M $46.24M $41.11M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $112.7M $118.4M $169.7M
YoY Change -33.58% -32.99% -4.48%
LONG-TERM ASSETS
Property, Plant & Equipment $8.733M $8.565M $10.09M
YoY Change -13.43% -23.02% -7.84%
Goodwill $56.12M $56.12M $55.45M
YoY Change 1.2% 1.2% -63.14%
Intangibles $16.60M $19.03M $27.66M
YoY Change -39.97% -39.47% -39.14%
Long-Term Investments
YoY Change
Other Assets $3.012M $3.063M $549.0K
YoY Change 448.63% 570.24% -42.99%
Total Long-Term Assets $84.47M $86.78M $95.46M
YoY Change -11.51% -13.39% -61.52%
TOTAL ASSETS
Total Short-Term Assets $112.7M $118.4M $169.7M
Total Long-Term Assets $84.47M $86.78M $95.46M
Total Assets $197.2M $205.2M $265.2M
YoY Change -25.63% -25.9% -37.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.41M $20.43M $19.14M
YoY Change 1.42% 4.65% -7.08%
Accrued Expenses $25.26M $27.15M $24.01M
YoY Change 5.21% -2.54% -10.99%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $49.00K $49.00K $18.50M
YoY Change -99.74% -99.72% 11.45%
Total Short-Term Liabilities $45.86M $48.83M $62.86M
YoY Change -27.04% -26.29% -4.09%
LONG-TERM LIABILITIES
Long-Term Debt $15.00M $15.00M $54.68M
YoY Change -72.57% -74.82% -25.2%
Other Long-Term Liabilities $5.641M $5.740M $5.722M
YoY Change -1.42% -2.43% -9.33%
Total Long-Term Liabilities $20.64M $20.74M $60.40M
YoY Change -65.83% -68.31% -23.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $45.86M $48.83M $62.86M
Total Long-Term Liabilities $20.64M $20.74M $60.40M
Total Liabilities $66.50M $69.57M $123.3M
YoY Change -46.05% -47.17% -14.99%
SHAREHOLDERS EQUITY
Retained Earnings -$119.5M -$113.4M -$99.68M
YoY Change 19.86% 21.42% -291.45%
Common Stock $250.6M $249.4M $242.4M
YoY Change 3.37% 4.09% 5.44%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $130.7M $135.6M $141.9M
YoY Change
Total Liabilities & Shareholders Equity $197.2M $205.2M $265.2M
YoY Change -25.63% -25.9% -37.71%

Cashflow Statement

Concept 2015 Q3 2015 Q2 2014 Q3
OPERATING ACTIVITIES
Net Income -$6.364M -$5.000M -$6.287M
YoY Change 1.22% -94.94% 569.54%
Depreciation, Depletion And Amortization $3.940M $4.090M $5.422M
YoY Change -27.33% -33.39% -18.78%
Cash From Operating Activities $3.240M $1.370M -$3.500M
YoY Change -192.57% -74.72% -190.16%
INVESTING ACTIVITIES
Capital Expenditures $489.0K -$1.630M $2.141M
YoY Change -77.16% 18.98% 79.92%
Acquisitions
YoY Change
Other Investing Activities $40.00K -$3.070M $1.860M
YoY Change -97.85% -307.43% -344.74%
Cash From Investing Activities -$1.730M -$4.710M -$710.0K
YoY Change 143.66% -4381.82% -73.72%
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 -1.320M -50.29M -3.560M
YoY Change -62.92% 1532.79% 19.74%
NET CHANGE
Cash From Operating Activities 3.240M 1.370M -3.500M
Cash From Investing Activities -1.730M -4.710M -710.0K
Cash From Financing Activities -1.320M -50.29M -3.560M
Net Change In Cash 190.0K -53.63M -7.770M
YoY Change -102.45% -2288.98% 333.35%
FREE CASH FLOW
Cash From Operating Activities $3.240M $1.370M -$3.500M
Capital Expenditures $489.0K -$1.630M $2.141M
Free Cash Flow $2.751M $3.000M -$5.641M
YoY Change -148.77% -55.82% -309.55%

Facts In Submission

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10-Q
CY2015Q3 dei Entity Central Index Key
EntityCentralIndexKey
0001117297
CY2015Q3 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2015Q3 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-30
CY2015Q3 dei Entity Registrant Name
EntityRegistrantName
QUINSTREET, INC
CY2015Q3 dei Document Period End Date
DocumentPeriodEndDate
2015-09-30
CY2015Q3 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%"> During fiscal year 2015, the Company held an interest rate swap to reduce its exposure to the financial impact of changing interest rates under its term loan facility. The swap encompassed 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 swap agreement exchanged 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 was 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 was included as a component of accumulated other comprehensive loss with any hedge ineffectiveness immediately recognized in earnings in the current period.</p> </div>
CY2015Q3 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, 2015 or for the same period in fiscal year 2015. No client accounted for 10% or more of net accounts receivable as of September&#xA0;30, 2015 or June&#xA0;30, 2015.</p> </div>
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
44836000 shares
CY2015Q3 us-gaap Interest Expense
InterestExpense
133000
CY2015Q3 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-1725000
CY2015Q3 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-1323000
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4386000
CY2015Q3 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-1673000
CY2015Q3 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-98000
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44836000 shares
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-57000
CY2015Q3 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>
CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2504000
CY2015Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4163000
CY2015Q3 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-3000
CY2015Q3 us-gaap Proceeds From Sale Of Intangible Assets
ProceedsFromSaleOfIntangibleAssets
40000
CY2015Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2400000
CY2015Q3 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-1100000
CY2015Q3 dei Trading Symbol
TradingSymbol
QNST
CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
44836000 shares
CY2015Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.14
CY2015Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
489000
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
-6079000
CY2015Q3 us-gaap Gain Loss On Disposition Of Intangible Assets
GainLossOnDispositionOfIntangibleAssets
65000
CY2015Q3 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1323000
CY2015Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-7000
CY2015Q3 us-gaap Sales Revenue Net
SalesRevenueNet
72389000
CY2015Q3 us-gaap Interest Paid
InterestPaid
156000
CY2015Q3 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-5500000
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-5530000
CY2015Q3 us-gaap Income Taxes Paid
IncomeTaxesPaid
74000
CY2015Q3 us-gaap Gross Profit
GrossProfit
6594000
CY2015Q3 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-453000
CY2015Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-7000
CY2015Q3 us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
1276000
CY2015Q3 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
8000
CY2015Q3 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2015Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-6086000
CY2015Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
6000
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-5714000
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
365000
CY2015Q3 us-gaap Share Based Compensation
ShareBasedCompensation
2504000
CY2015Q3 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-62000
CY2015Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
3575000
CY2015Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
800000
CY2015Q3 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
192000
CY2015Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
3944000
CY2015Q3 us-gaap Cost Of Revenue
CostOfRevenue
65795000
CY2015Q3 qnst Segment Operating Income Before Depreciation Amortization And Stock Based Compensation Expense
SegmentOperatingIncomeBeforeDepreciationAmortizationAndStockBasedCompensationExpense
918000
CY2015Q3 qnst Period Of Cancellation Of Letter Of Credit From Annual Expiration Date
PeriodOfCancellationOfLetterOfCreditFromAnnualExpirationDate
P30D
CY2015Q3 qnst Operating Lease Expiration Year End
OperatingLeaseExpirationYearEnd
2021
CY2015Q3 qnst Number Of Customers Representing Greater Than Ten Percent Of Net Sales
NumberOfCustomersRepresentingGreaterThanTenPercentOfNetSales
0 Clients
CY2015Q3 qnst Provision For Recoveries Doubtful Accounts And Sales Returns
ProvisionForRecoveriesDoubtfulAccountsAndSalesReturns
-73000
CY2015Q3 qnst Maximum Adjusted Earning Before Interest Tax Depreciation And Amortization Extraordinary Or Nonrecurring Cash Expenses
MaximumAdjustedEarningBeforeInterestTaxDepreciationAndAmortizationExtraordinaryOrNonrecurringCashExpenses
5000000

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