$QNST
QUINSTREET, INC

2016 Q2 Form 10-Q Financial Statement

#000156459016018970 Filed on May 10, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2016 Q1 2015 Q1
Revenue $79.10M $81.20M $75.35M
YoY Change 11.57% 7.77% 4.81%
Cost Of Revenue $72.20M $73.00M $65.19M
YoY Change 14.6% 11.98% 5.75%
Gross Profit $6.900M $8.300M $10.15M
YoY Change -12.66% -18.25% -0.87%
Gross Profit Margin 8.72% 10.22% 13.48%
Selling, General & Admin $7.300M $7.125M $8.181M
YoY Change -2.67% -12.91% 0.2%
% of Gross Profit 105.8% 85.84% 80.58%
Research & Development $4.100M $4.200M $4.653M
YoY Change 0.0% -9.74% -4.24%
% of Gross Profit 59.42% 50.6% 45.83%
Depreciation & Amortization $3.650M $3.720M $4.370M
YoY Change -10.76% -14.87% -33.9%
% of Gross Profit 52.9% 44.82% 43.04%
Operating Expenses $11.50M $7.125M $12.83M
YoY Change -0.86% -44.48% -1.46%
Operating Profit -$4.600M -$2.789M -$2.681M
YoY Change 24.32% 4.03% -3.63%
Interest Expense -$100.0K $155.0K $760.0K
YoY Change -90.91% -79.61% -16.58%
% of Operating Profit
Other Income/Expense, Net $0.00 $112.0K $40.00K
YoY Change -100.0% 180.0% -1433.33%
Pretax Income -$4.800M -$2.809M -$3.394M
YoY Change -5.88% -17.24% -7.42%
Income Tax -$300.0K $72.00K -$178.0K
% Of Pretax Income
Net Earnings -$4.400M -$2.881M -$3.216M
YoY Change -12.0% -10.42% 20.31%
Net Earnings / Revenue -5.56% -3.55% -4.27%
Basic Earnings Per Share -$0.06 -$0.07
Diluted Earnings Per Share -$96.70K -$0.06 -$0.07
COMMON SHARES
Basic Shares Outstanding 45.42M 45.33M 44.52M
Diluted Shares Outstanding 45.33M 44.52M

Balance Sheet

Concept 2016 Q2 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $53.71M $54.80M $114.1M
YoY Change -11.18% -51.97% -5.0%
Cash & Equivalents $53.71M $54.80M $114.1M
Short-Term Investments $0.00 $0.00 $0.00
Other Short-Term Assets $324.0K $7.200M $12.20M
YoY Change -14.51% -40.98% 38.64%
Inventory
Prepaid Expenses $3.399M
Receivables $47.22M $49.50M $44.96M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $108.0M $111.5M $171.3M
YoY Change -8.78% -34.93% 0.28%
LONG-TERM ASSETS
Property, Plant & Equipment $7.678M $8.282M $8.811M
YoY Change -10.36% -6.0% -19.88%
Goodwill $56.12M $56.12M $55.45M
YoY Change 0.0% 1.2% -63.3%
Intangibles $21.44M
YoY Change -40.3%
Long-Term Investments
YoY Change
Other Assets $11.24M $11.56M $523.0K
YoY Change 267.03% 2109.75% -43.64%
Total Long-Term Assets $85.12M $88.13M $87.94M
YoY Change -1.91% 0.22% -56.78%
TOTAL ASSETS
Total Short-Term Assets $108.0M $111.5M $171.3M
Total Long-Term Assets $85.12M $88.13M $87.94M
Total Assets $193.1M $199.6M $259.2M
YoY Change -5.87% -23.0% -30.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.81M $22.49M $20.82M
YoY Change -2.99% 8.0% 7.06%
Accrued Expenses $27.71M $29.96M $28.95M
YoY Change 2.06% 3.49% 10.61%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $15.00M $50.00K $19.70M
YoY Change 30512.24% -99.75% 17.26%
Total Short-Term Liabilities $63.72M $53.40M $70.84M
YoY Change 30.5% -24.62% 11.3%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $15.00M $44.85M
YoY Change -100.0% -66.55% -30.49%
Other Long-Term Liabilities $4.631M $5.400M $5.567M
YoY Change -19.32% -3.0% -8.87%
Total Long-Term Liabilities $4.631M $15.00M $50.42M
YoY Change -77.67% -70.25% -28.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $63.72M $53.40M $70.84M
Total Long-Term Liabilities $4.631M $15.00M $50.42M
Total Liabilities $68.35M $68.40M $121.3M
YoY Change -1.75% -43.59% -9.7%
SHAREHOLDERS EQUITY
Retained Earnings -$132.8M -$108.4M
YoY Change 17.12% -2119.7%
Common Stock $258.0M $247.1M
YoY Change 3.45% 4.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $124.8M $125.8M $138.0M
YoY Change
Total Liabilities & Shareholders Equity $193.1M $199.6M $259.2M
YoY Change -5.87% -23.0% -30.74%

Cashflow Statement

Concept 2016 Q2 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income -$4.400M -$2.881M -$3.216M
YoY Change -12.0% -10.42% 20.31%
Depreciation, Depletion And Amortization $3.650M $3.720M $4.370M
YoY Change -10.76% -14.87% -33.9%
Cash From Operating Activities $230.0K $5.750M $4.160M
YoY Change -83.21% 38.22% 58.78%
INVESTING ACTIVITIES
Capital Expenditures -$960.0K -$1.310M -$840.0K
YoY Change -41.1% 55.95% -36.36%
Acquisitions
YoY Change
Other Investing Activities $10.00K $40.00K $28.17M
YoY Change -100.33% -99.86% 2034.09%
Cash From Investing Activities -$950.0K -$1.270M $27.34M
YoY Change -79.83% -104.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -390.0K -390.0K -5.340M
YoY Change -99.22% -92.7% 29.3%
NET CHANGE
Cash From Operating Activities 230.0K 5.750M 4.160M
Cash From Investing Activities -950.0K -1.270M 27.34M
Cash From Financing Activities -390.0K -390.0K -5.340M
Net Change In Cash -1.110M 4.090M 26.16M
YoY Change -97.93% -84.37% -1832.45%
FREE CASH FLOW
Cash From Operating Activities $230.0K $5.750M $4.160M
Capital Expenditures -$960.0K -$1.310M -$840.0K
Free Cash Flow $1.190M $7.060M $5.000M
YoY Change -60.33% 41.2% 26.9%

Facts In Submission

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<div> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1. The Company</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:2.27%;">QuinStreet, Inc. (the &#8220;Company&#8221;) is a leader in performance marketing products and technologies. The Company was incorporated in California in April 1999 and reincorporated in Delaware in December 2009. The Company provides customer acquisition programs for clients in various industry verticals such as financial services and education. The corporate headquarters are located in Foster City, California, with additional offices throughout the United States, Brazil and India.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:9pt;">&nbsp;</p></div>
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:2.27%;">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.&#160;Actual results could differ from those estimates, and such differences could affect the results of operations reported in future periods.</p></div>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Concentrations of Credit Risk</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:2.27%;">The Company had one client that accounted for 16% and 11%&#160;of net revenue for the three and nine months ended March 31, 2016. No other client accounted for more than 10% of net revenue for the three and nine months ended March 31, 2016 and no client accounted for more than 10% of net revenue for the three and nine months ended March 31, 2015. No client accounted for more than 10% of net accounts receivable as of March 31, 2016 or June 30, 2015.</p></div>
us-gaap Derivatives Methods Of Accounting Hedging Derivatives
DerivativesMethodsOfAccountingHedgingDerivatives
<div> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:2.27%;">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 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>
CY2016Q1 qnst Number Of Customers Representing Greater Than Ten Percent Of Net Sales
NumberOfCustomersRepresentingGreaterThanTenPercentOfNetSales
1
qnst Number Of Customers Representing Greater Than Ten Percent Of Net Sales
NumberOfCustomersRepresentingGreaterThanTenPercentOfNetSales
1
CY2015Q1 qnst Number Of Customers Representing Greater Than Ten Percent Of Net Sales
NumberOfCustomersRepresentingGreaterThanTenPercentOfNetSales
0
qnst Number Of Customers Representing Greater Than Ten Percent Of Net Sales
NumberOfCustomersRepresentingGreaterThanTenPercentOfNetSales
0
CY2016Q1 qnst Number Of Customers Representing Greater Than Ten Percent Of Accounts Receivable
NumberOfCustomersRepresentingGreaterThanTenPercentOfAccountsReceivable
0
CY2015Q2 qnst Number Of Customers Representing Greater Than Ten Percent Of Accounts Receivable
NumberOfCustomersRepresentingGreaterThanTenPercentOfAccountsReceivable
0
CY2016Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
45333000
CY2015Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
44522000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
45098000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
44409000
CY2016Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.06
CY2015Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.07
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.33
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.34
CY2015Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6524000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5287000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8879000
CY2016Q1 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
15050000
CY2015Q2 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
15049000
CY2016Q1 us-gaap Marketable Securities
MarketableSecurities
0
CY2015Q2 us-gaap Marketable Securities
MarketableSecurities
0
CY2016Q1 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2015Q1 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2016Q1 qnst Available For Sale Securities Number Of Securities Included More Than Twelve Months
AvailableForSaleSecuritiesNumberOfSecuritiesIncludedMoreThanTwelveMonths
0
CY2015Q2 qnst Available For Sale Securities Number Of Securities Included More Than Twelve Months
AvailableForSaleSecuritiesNumberOfSecuritiesIncludedMoreThanTwelveMonths
0
CY2016Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
166595000
CY2016Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
154423000
CY2015Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
167493000
CY2015Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
148463000
CY2016Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2100000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
6800000
CY2015Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2900000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
10000000
CY2016Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
2422000
CY2016Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
6124000
CY2016Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
1945000
CY2016Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
798000
CY2016Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
773000
CY2016Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
110000
us-gaap Number Of Reporting Units
NumberOfReportingUnits
1
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
qnst Maximum Adjusted Earning Before Interest Tax Depreciation And Amortization Extraordinary Or Nonrecurring Cash Expenses
MaximumAdjustedEarningBeforeInterestTaxDepreciationAndAmortizationExtraordinaryOrNonrecurringCashExpenses
5000000
CY2016Q1 qnst Letters Of Credit For Fidelity Bonds
LettersOfCreditForFidelityBonds
400000
CY2016Q1 qnst Letters Of Credit For Operating Lease
LettersOfCreditForOperatingLease
500000
qnst Period Of Cancellation Of Letter Of Credit From Annual Expiration Date
PeriodOfCancellationOfLetterOfCreditFromAnnualExpirationDate
P30D
CY2016Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
800000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
2500000
CY2015Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
900000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
2700000
qnst Operating Lease Expiration Year End
OperatingLeaseExpirationYearEnd
2021
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
949000
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
3502000
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
3379000
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
1406000
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
159000
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
26000
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
9421000
CY2016Q1 qnst Liabilities Related To Indemnification Agreement
LiabilitiesRelatedToIndemnificationAgreement
0
CY2015Q2 qnst Liabilities Related To Indemnification Agreement
LiabilitiesRelatedToIndemnificationAgreement
0
CY2016Q1 qnst Accrual For Indemnification Provisions
AccrualForIndemnificationProvisions
0
CY2015Q2 qnst Accrual For Indemnification Provisions
AccrualForIndemnificationProvisions
0
CY2016Q1 qnst Segment Operating Income Before Depreciation Amortization And Stock Based Compensation Expense
SegmentOperatingIncomeBeforeDepreciationAmortizationAndStockBasedCompensationExpense
3364000
CY2015Q1 qnst Segment Operating Income Before Depreciation Amortization And Stock Based Compensation Expense
SegmentOperatingIncomeBeforeDepreciationAmortizationAndStockBasedCompensationExpense
4270000
qnst Segment Operating Income Before Depreciation Amortization And Stock Based Compensation Expense
SegmentOperatingIncomeBeforeDepreciationAmortizationAndStockBasedCompensationExpense
4440000
qnst Segment Operating Income Before Depreciation Amortization And Stock Based Compensation Expense
SegmentOperatingIncomeBeforeDepreciationAmortizationAndStockBasedCompensationExpense
6640000
CY2016Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
3721000
CY2015Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
4370000
CY2016Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2432000
CY2015Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2581000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7265000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7382000

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