$QNST
QUINSTREET, INC

2017 Q1 Form 10-Q Financial Statement

#000156459017001281 Filed on February 09, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q4 2016 Q2
Revenue $79.21M $65.61M $79.10M
YoY Change -2.46% 1.0% 11.57%
Cost Of Revenue $69.34M $61.66M $72.20M
YoY Change -5.02% 2.17% 14.6%
Gross Profit $9.867M $3.953M $6.900M
YoY Change 18.88% -14.34% -12.66%
Gross Profit Margin 12.46% 6.02% 8.72%
Selling, General & Admin $6.300M $6.000M $7.300M
YoY Change -11.58% -15.49% -2.67%
% of Gross Profit 63.85% 151.78% 105.8%
Research & Development $3.147M $3.300M $4.100M
YoY Change -25.07% -13.16% 0.0%
% of Gross Profit 31.89% 83.48% 59.42%
Depreciation & Amortization $2.660M $2.950M $3.650M
YoY Change -28.49% -21.96% -10.76%
% of Gross Profit 26.96% 74.63% 52.9%
Operating Expenses $3.147M $9.200M $11.50M
YoY Change -55.83% -16.36% -0.86%
Operating Profit $6.720M -$5.247M -$4.600M
YoY Change -340.95% -17.34% 24.32%
Interest Expense $31.00K $135.0K -$100.0K
YoY Change -80.0% -6.9% -90.91%
% of Operating Profit 0.46%
Other Income/Expense, Net $142.0K -$25.00K $0.00
YoY Change 26.79% -138.46% -100.0%
Pretax Income $569.0K -$7.850M -$4.800M
YoY Change -120.26% 22.31% -5.88%
Income Tax -$10.00K $0.00 -$300.0K
% Of Pretax Income -1.76%
Net Earnings $600.0K -$7.850M -$4.400M
YoY Change -120.83% 21.55% -12.0%
Net Earnings / Revenue 0.76% -11.96% -5.56%
Basic Earnings Per Share -$0.17
Diluted Earnings Per Share $13.13K -$0.17 -$96.70K
COMMON SHARES
Basic Shares Outstanding 45.42M 45.73M 45.42M
Diluted Shares Outstanding 45.73M

Balance Sheet

Concept 2017 Q1 2016 Q4 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $41.70M $37.50M $53.71M
YoY Change -23.91% -26.11% -11.18%
Cash & Equivalents $41.70M $37.50M $53.71M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $7.100M $6.800M $324.0K
YoY Change -1.39% -1.45% -14.51%
Inventory
Prepaid Expenses $3.399M
Receivables $43.10M $41.10M $47.22M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $91.98M $85.44M $108.0M
YoY Change -17.47% -12.91% -8.78%
LONG-TERM ASSETS
Property, Plant & Equipment $6.277M $6.930M $7.678M
YoY Change -24.21% -20.34% -10.36%
Goodwill $56.12M $56.12M $56.12M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.47M $10.81M $11.24M
YoY Change -9.37% -8.36% 267.03%
Total Long-Term Assets $78.17M $80.54M $85.12M
YoY Change -11.3% -11.5% -1.91%
TOTAL ASSETS
Total Short-Term Assets $91.98M $85.44M $108.0M
Total Long-Term Assets $78.17M $80.54M $85.12M
Total Assets $170.2M $166.0M $193.1M
YoY Change -14.75% -12.23% -5.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.87M $20.42M $19.81M
YoY Change -7.18% 16.7% -2.99%
Accrued Expenses $26.19M $23.31M $27.71M
YoY Change -12.59% 0.46% 2.06%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $15.00M
YoY Change -100.0% 30512.24%
Total Short-Term Liabilities $48.10M $44.98M $63.72M
YoY Change -9.93% 7.09% 30.5%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Other Long-Term Liabilities $3.733M $4.381M $4.631M
YoY Change -30.87% -20.35% -19.32%
Total Long-Term Liabilities $3.733M $4.381M $4.631M
YoY Change -75.11% -78.63% -77.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $48.10M $44.98M $63.72M
Total Long-Term Liabilities $3.733M $4.381M $4.631M
Total Liabilities $51.83M $49.36M $68.35M
YoY Change -24.22% -21.03% -1.75%
SHAREHOLDERS EQUITY
Retained Earnings -$143.7M -$144.2M -$132.8M
YoY Change 17.12%
Common Stock $262.4M $261.3M $258.0M
YoY Change 3.45%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $118.3M $116.6M $124.8M
YoY Change
Total Liabilities & Shareholders Equity $170.2M $166.0M $193.1M
YoY Change -14.75% -12.23% -5.87%

Cashflow Statement

Concept 2017 Q1 2016 Q4 2016 Q2
OPERATING ACTIVITIES
Net Income $600.0K -$7.850M -$4.400M
YoY Change -120.83% 21.55% -12.0%
Depreciation, Depletion And Amortization $2.660M $2.950M $3.650M
YoY Change -28.49% -21.96% -10.76%
Cash From Operating Activities $6.190M $880.0K $230.0K
YoY Change 7.65% -110.73% -83.21%
INVESTING ACTIVITIES
Capital Expenditures -$920.0K -$690.0K -$960.0K
YoY Change -29.77% -46.92% -41.1%
Acquisitions
YoY Change
Other Investing Activities -$30.00K -$40.00K $10.00K
YoY Change -175.0% -180.0% -100.33%
Cash From Investing Activities -$950.0K -$730.0K -$950.0K
YoY Change -25.2% -41.6% -79.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -950.0K -16.23M -390.0K
YoY Change 143.59% 3957.5% -99.22%
NET CHANGE
Cash From Operating Activities 6.190M 880.0K 230.0K
Cash From Investing Activities -950.0K -730.0K -950.0K
Cash From Financing Activities -950.0K -16.23M -390.0K
Net Change In Cash 4.290M -16.08M -1.110M
YoY Change 4.89% 63.25% -97.93%
FREE CASH FLOW
Cash From Operating Activities $6.190M $880.0K $230.0K
Capital Expenditures -$920.0K -$690.0K -$960.0K
Free Cash Flow $7.110M $1.570M $1.190M
YoY Change 0.71% -122.75% -60.33%

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 specializes in customer acquisition for clients in high value, information-intensive markets or &#8220;verticals,&#8221; including financial services, education, home services and business-to-business technology. The corporate headquarters are located in Foster City, California, with additional offices throughout the United States, Brazil and India. While the majority of the Company&#8217;s operations and revenue are in North America, the Company has emerging businesses in Brazil and India.</p></div>
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<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, 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>
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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 10% and 11% of net revenue for the three and six months ended December 31, 2016. No other client accounted for 10% or more of net revenue for the three and six months ended December 31, 2016 and no client accounted for 10% or more of net revenue for the three and six months ended December 31, 2015. No client accounted for 10% or more of net accounts receivable as of December 31, 2016 or June 30, 2016.</p></div>
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.25
CY2016Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
166394000
CY2016Q4 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
qnst Number Of Customers Representing Greater Than Ten Percent Of Accounts Receivable
NumberOfCustomersRepresentingGreaterThanTenPercentOfAccountsReceivable
0
CY2016 qnst Number Of Customers Representing Greater Than Ten Percent Of Accounts Receivable
NumberOfCustomersRepresentingGreaterThanTenPercentOfAccountsReceivable
0
CY2016Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
45731000
CY2015Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
45127000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
45700000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
44982000
CY2016Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
159720000
CY2016Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
166589000
CY2016Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
156508000
CY2016Q4 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1700000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3600000
CY2015Q4 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2300000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4700000
CY2016Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
2551000
CY2016Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
2330000
CY2016Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
862000
CY2016Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
761000
CY2016Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
170000
CY2016Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
qnst Maximum Adjusted Earning Before Interest Tax Depreciation And Amortization Extraordinary Or Nonrecurring Cash Expenses
MaximumAdjustedEarningBeforeInterestTaxDepreciationAndAmortizationExtraordinaryOrNonrecurringCashExpenses
5000000
CY2016Q4 qnst Letters Of Credit For Fidelity Bonds
LettersOfCreditForFidelityBonds
400000
CY2016Q4 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
800000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1700000
CY2015Q4 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
900000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1700000
qnst Operating Lease Expiration Year End
OperatingLeaseExpirationYearEnd
2021
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
1871000
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
3638000
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
1666000
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
376000
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
46000
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
7597000
CY2016Q4 qnst Liabilities Related To Indemnification Agreement
LiabilitiesRelatedToIndemnificationAgreement
0
CY2016Q2 qnst Liabilities Related To Indemnification Agreement
LiabilitiesRelatedToIndemnificationAgreement
0
CY2016Q4 qnst Accrual For Indemnification Provisions
AccrualForIndemnificationProvisions
0
CY2016Q2 qnst Accrual For Indemnification Provisions
AccrualForIndemnificationProvisions
0
CY2016Q3 us-gaap Restructuring Reserve
RestructuringReserve
0
CY2016Q4 qnst Restructuring Charges Excluding Non Cash Expenses
RestructuringChargesExcludingNonCashExpenses
2361000
CY2016Q4 us-gaap Payments For Restructuring
PaymentsForRestructuring
1106000
CY2016Q4 us-gaap Restructuring Reserve
RestructuringReserve
1255000
qnst Restructuring Reserve Balance Paid Date
RestructuringReserveBalancePaidDate
2017-01

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