$QNST
QUINSTREET, INC

2017 Q4 Form 10-Q Financial Statement

#000156459018001315 Filed on February 05, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2016 Q4
Revenue $87.49M $65.61M
YoY Change 33.35% 1.0%
Cost Of Revenue $75.20M $61.66M
YoY Change 21.97% 2.17%
Gross Profit $12.26M $3.953M
YoY Change 210.02% -14.34%
Gross Profit Margin 14.01% 6.02%
Selling, General & Admin $7.100M $6.000M
YoY Change 18.33% -15.49%
% of Gross Profit 57.94% 151.78%
Research & Development $3.475M $3.300M
YoY Change 5.3% -13.16%
% of Gross Profit 28.36% 83.48%
Depreciation & Amortization $1.810M $2.950M
YoY Change -38.64% -21.96%
% of Gross Profit 14.77% 74.63%
Operating Expenses $3.475M $9.200M
YoY Change -62.23% -16.36%
Operating Profit $8.780M -$5.247M
YoY Change -267.33% -17.34%
Interest Expense $0.00 $135.0K
YoY Change -100.0% -6.9%
% of Operating Profit 0.0%
Other Income/Expense, Net $200.0K -$25.00K
YoY Change -900.0% -138.46%
Pretax Income $2.000M -$7.850M
YoY Change -125.48% 22.31%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings $1.900M -$7.850M
YoY Change -124.2% 21.55%
Net Earnings / Revenue 2.17% -11.96%
Basic Earnings Per Share -$0.17
Diluted Earnings Per Share $38.31K -$0.17
COMMON SHARES
Basic Shares Outstanding 45.73M
Diluted Shares Outstanding 45.73M

Balance Sheet

Concept 2017 Q4 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $42.40M $37.50M
YoY Change 13.07% -26.11%
Cash & Equivalents $42.41M $37.50M
Short-Term Investments
Other Short-Term Assets $6.800M $6.800M
YoY Change 0.0% -1.45%
Inventory
Prepaid Expenses
Receivables $48.70M $41.10M
Other Receivables $0.00 $0.00
Total Short-Term Assets $97.90M $85.44M
YoY Change 14.59% -12.91%
LONG-TERM ASSETS
Property, Plant & Equipment $4.700M $6.930M
YoY Change -32.18% -20.34%
Goodwill $56.12M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $8.100M $10.81M
YoY Change -25.09% -8.36%
Total Long-Term Assets $85.40M $80.54M
YoY Change 6.04% -11.5%
TOTAL ASSETS
Total Short-Term Assets $97.90M $85.44M
Total Long-Term Assets $85.40M $80.54M
Total Assets $183.3M $166.0M
YoY Change 10.44% -12.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.40M $20.42M
YoY Change 24.38% 16.7%
Accrued Expenses $29.80M $23.31M
YoY Change 27.86% 0.46%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $55.88M $44.98M
YoY Change 24.24% 7.09%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $2.486M $4.381M
YoY Change -43.25% -20.35%
Total Long-Term Liabilities $2.486M $4.381M
YoY Change -43.25% -78.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $55.88M $44.98M
Total Long-Term Liabilities $2.486M $4.381M
Total Liabilities $58.37M $49.36M
YoY Change 18.25% -21.03%
SHAREHOLDERS EQUITY
Retained Earnings -$141.6M -$144.2M
YoY Change -1.8%
Common Stock $267.0M $261.3M
YoY Change 2.2%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $124.9M $116.6M
YoY Change
Total Liabilities & Shareholders Equity $183.3M $166.0M
YoY Change 10.42% -12.23%

Cashflow Statement

Concept 2017 Q4 2016 Q4
OPERATING ACTIVITIES
Net Income $1.900M -$7.850M
YoY Change -124.2% 21.55%
Depreciation, Depletion And Amortization $1.810M $2.950M
YoY Change -38.64% -21.96%
Cash From Operating Activities $7.300M $880.0K
YoY Change 729.55% -110.73%
INVESTING ACTIVITIES
Capital Expenditures -$590.0K -$690.0K
YoY Change -14.49% -46.92%
Acquisitions
YoY Change
Other Investing Activities -$13.93M -$40.00K
YoY Change 34725.0% -180.0%
Cash From Investing Activities -$14.52M -$730.0K
YoY Change 1889.04% -41.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -730.0K -16.23M
YoY Change -95.5% 3957.5%
NET CHANGE
Cash From Operating Activities 7.300M 880.0K
Cash From Investing Activities -14.52M -730.0K
Cash From Financing Activities -730.0K -16.23M
Net Change In Cash -7.950M -16.08M
YoY Change -50.56% 63.25%
FREE CASH FLOW
Cash From Operating Activities $7.300M $880.0K
Capital Expenditures -$590.0K -$690.0K
Free Cash Flow $7.890M $1.570M
YoY Change 402.55% -122.75%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2017Q4 us-gaap Gross Profit
GrossProfit
12255000
CY2017Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3475000
CY2017Q4 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2597000
CY2017Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-480000
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
1061000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-16579000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-10000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
15000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-7165000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-16214000
CY2016Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
53710000
CY2016Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
37496000
us-gaap Interest Paid
InterestPaid
0
us-gaap Interest Paid
InterestPaid
272000
CY2017Q4 us-gaap Restructuring Charges
RestructuringCharges
0
CY2017Q4 us-gaap Liabilities Current
LiabilitiesCurrent
55879000
CY2017Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2486000
CY2017Q4 us-gaap Liabilities
Liabilities
58365000
CY2017Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2017Q4 us-gaap Common Stock Value
CommonStockValue
46000
CY2017Q4 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
266982000
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-141641000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
124907000
CY2017Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
183272000
CY2017Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2017Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000
CY2017Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
46220880
CY2017Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
46220880
CY2017Q4 us-gaap Sales Revenue Net
SalesRevenueNet
87494000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
627000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-4502000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
49000
us-gaap Share Based Compensation
ShareBasedCompensation
5000000
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
-272000
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
-147000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
4899000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-5889000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
44000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-560000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-250000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
2090000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
604000
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
14154000
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
0
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1835000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
1182000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-46000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-1740000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
898000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
536000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
647000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1043000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
0
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
15000000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-1584000
us-gaap Income Taxes Paid
IncomeTaxesPaid
68000
us-gaap Nature Of Operations
NatureOfOperations
<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>
CY2016Q4 qnst Number Of Other Clients That Accounted For Ten Percent Or More Of Net Revenue
NumberOfOtherClientsThatAccountedForTenPercentOrMoreOfNetRevenue
0
qnst Number Of Other Clients That Accounted For Ten Percent Or More Of Net Revenue
NumberOfOtherClientsThatAccountedForTenPercentOrMoreOfNetRevenue
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2088000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7075000
CY2016Q4 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1700000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3600000
CY2016Q4 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
800000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1700000
CY2017Q3 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
905000
CY2017 qnst Number Of Other Clients That Accounted For Ten Percent Or More Of Net Accounts Receivable
NumberOfOtherClientsThatAccountedForTenPercentOrMoreOfNetAccountsReceivable
0
us-gaap Income Taxes Paid
IncomeTaxesPaid
118000
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, 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 23% of net revenue for both the three and six months ended December 31, 2017 and 10% and 11% of net revenue for the three and six months ended December 31, 2016. That same client accounted for 14% of net accounts receivable as of both December 31, 2017 and June 30, 2017. No other client accounted for 10% or more of net revenue for the three and six months ended December 31, 2017 and 2016 or 10% or more of net accounts receivable as of December 31, 2017 and June 30, 2017.</p></div>
qnst Number Of Other Clients That Accounted For Ten Percent Or More Of Net Revenue
NumberOfOtherClientsThatAccountedForTenPercentOrMoreOfNetRevenue
0
qnst Number Of Other Clients That Accounted For Ten Percent Or More Of Net Accounts Receivable
NumberOfOtherClientsThatAccountedForTenPercentOrMoreOfNetAccountsReceivable
0
CY2017Q4 qnst Number Of Other Clients That Accounted For Ten Percent Or More Of Net Revenue
NumberOfOtherClientsThatAccountedForTenPercentOrMoreOfNetRevenue
0
CY2017Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1398000
CY2016Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7040000
CY2017Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
173698000
CY2017Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
163455000
CY2017Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
166449000
CY2017Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
162344000
CY2017Q4 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
700000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1800000
CY2017Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
1659000
CY2017Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
2918000
CY2017Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
2814000
CY2017Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
1491000
CY2017Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
533000
CY2017Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
828000
CY2017Q4 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
800000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1600000
qnst Operating Lease Expiration Year End
OperatingLeaseExpirationYearEnd
2022
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
1958000
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
2143000
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
814000
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
424000
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
311000
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
0
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
5650000
CY2017Q4 qnst Liabilities Related To Indemnification Agreement
LiabilitiesRelatedToIndemnificationAgreement
0
CY2017Q2 qnst Liabilities Related To Indemnification Agreement
LiabilitiesRelatedToIndemnificationAgreement
0
CY2017Q4 qnst Accrual For Indemnification Provisions
AccrualForIndemnificationProvisions
0
CY2017Q2 qnst Accrual For Indemnification Provisions
AccrualForIndemnificationProvisions
0
CY2017Q4 qnst Letters Of Credit For Fidelity Bonds
LettersOfCreditForFidelityBonds
400000
CY2017Q4 qnst Letters Of Credit For Operating Lease
LettersOfCreditForOperatingLease
500000
qnst Period Of Cancellation Of Letter Of Credit From Annual Expiration Date
PeriodOfCancellationOfLetterOfCreditFromAnnualExpirationDate
P30D
CY2016Q4 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
750000
CY2017Q4 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
966000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1

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