$QNST
QUINSTREET, INC

2019 Q3 Form 10-Q Financial Statement

#000156459019042209 Filed on November 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q3
Revenue $126.6M $112.9M
YoY Change 12.18% 29.11%
Cost Of Revenue $113.2M $96.81M
YoY Change 16.92% 27.49%
Gross Profit $13.43M $16.06M
YoY Change -16.39% 39.88%
Gross Profit Margin 10.6% 14.23%
Selling, General & Admin $8.188M $7.438M
YoY Change 10.08% 7.69%
% of Gross Profit 60.99% 46.33%
Research & Development $3.556M $3.305M
YoY Change 7.59% 2.83%
% of Gross Profit 26.49% 20.58%
Depreciation & Amortization $2.810M $1.650M
YoY Change 70.3% -26.99%
% of Gross Profit 20.93% 10.28%
Operating Expenses $11.74M $10.74M
YoY Change 9.32% 6.15%
Operating Profit $1.681M $5.313M
YoY Change -68.36% 291.53%
Interest Expense $212.0K $0.00
YoY Change
% of Operating Profit 12.61% 0.0%
Other Income/Expense, Net -$300.0K -$67.00K
YoY Change 347.76% -255.81%
Pretax Income $1.300M $5.312M
YoY Change -75.53% 269.66%
Income Tax $200.0K $15.00K
% Of Pretax Income 15.38% 0.28%
Net Earnings $1.132M $5.297M
YoY Change -78.63% 266.57%
Net Earnings / Revenue 0.89% 4.69%
Basic Earnings Per Share $0.02 $0.11
Diluted Earnings Per Share $0.02 $0.10
COMMON SHARES
Basic Shares Outstanding 50.85M 48.66M
Diluted Shares Outstanding 53.33M 52.44M

Balance Sheet

Concept 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $70.50M $70.50M
YoY Change 0.0% 39.88%
Cash & Equivalents $70.52M $70.52M
Short-Term Investments
Other Short-Term Assets $6.200M $5.300M
YoY Change 16.98% -26.39%
Inventory
Prepaid Expenses
Receivables $74.60M $65.70M
Other Receivables $0.00 $0.00
Total Short-Term Assets $151.3M $141.5M
YoY Change 6.93% 32.86%
LONG-TERM ASSETS
Property, Plant & Equipment $5.400M $4.100M
YoY Change 31.71% -21.15%
Goodwill $82.50M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $57.70M $7.300M
YoY Change 690.41% -12.05%
Total Long-Term Assets $191.0M $81.60M
YoY Change 134.07% 12.4%
TOTAL ASSETS
Total Short-Term Assets $151.3M $141.5M
Total Long-Term Assets $191.0M $81.60M
Total Assets $342.3M $223.1M
YoY Change 53.43% 24.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $40.00M $34.10M
YoY Change 17.3% 24.45%
Accrued Expenses $41.30M $31.00M
YoY Change 33.23% 18.32%
Deferred Revenue $839.0K $881.0K
YoY Change -4.77%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $87.60M $66.00M
YoY Change 32.73% 21.32%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $26.60M $4.000M
YoY Change 565.0% 14.29%
Total Long-Term Liabilities $26.60M $4.000M
YoY Change 565.0% 14.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $87.60M $66.00M
Total Long-Term Liabilities $26.60M $4.000M
Total Liabilities $114.2M $70.00M
YoY Change 63.14% 20.9%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $228.1M $153.0M
YoY Change
Total Liabilities & Shareholders Equity $342.3M $223.1M
YoY Change 53.43% 24.57%

Cashflow Statement

Concept 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income $1.132M $5.297M
YoY Change -78.63% 266.57%
Depreciation, Depletion And Amortization $2.810M $1.650M
YoY Change 70.3% -26.99%
Cash From Operating Activities $9.541M $10.23M
YoY Change -6.71% 340.06%
INVESTING ACTIVITIES
Capital Expenditures $544.0K $334.0K
YoY Change 62.87% 169.35%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$145.0K
YoY Change -100.0%
Cash From Investing Activities -$1.051M -$785.0K
YoY Change 33.89% 17.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -531.0K -3.713M
YoY Change -85.7% 336.31%
NET CHANGE
Cash From Operating Activities 9.541M 10.23M
Cash From Investing Activities -1.051M -785.0K
Cash From Financing Activities -531.0K -3.713M
Net Change In Cash 7.995M 5.819M
YoY Change 37.39% 631.03%
FREE CASH FLOW
Cash From Operating Activities $9.541M $10.23M
Capital Expenditures $544.0K $334.0K
Free Cash Flow $8.997M $9.893M
YoY Change -9.06% 349.68%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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<p style="margin-top:12pt;margin-bottom: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;text-indent:2.27%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">QuinStreet, Inc. (the “Company”) is a leader in performance marketplace 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 “verticals,” 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’s operations and revenue are in North America, the Company also has emerging businesses in Brazil and India.</p>
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CY2019Q3 us-gaap Use Of Estimates
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<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;text-indent:2.27%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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. Actual results could differ from those estimates, and such differences could affect the results of operations reported in future periods.</p>
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<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:2.27%;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;text-indent:2.27%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company had one client that accounted for 18% and 25% of net revenue for the three months ended September 30, 2019 and 2018. That same client accounted for 10% and 11% of net accounts receivable as of September 30, 2019 and June 30, 2019. No other clients accounted for 10% or more of net revenue for the three months ended September 30, 2019 or 2018 or 10% or more of net accounts receivable as of September 30, 2019 or June 30, 2019.</p>
CY2019Q3 us-gaap Concentration Risk Credit Risk
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<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:2.27%;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;text-indent:2.27%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company had one client that accounted for 18% and 25% of net revenue for the three months ended September 30, 2019 and 2018. That same client accounted for 10% and 11% of net accounts receivable as of September 30, 2019 and June 30, 2019. No other clients accounted for 10% or more of net revenue for the three months ended September 30, 2019 or 2018 or 10% or more of net accounts receivable as of September 30, 2019 or June 30, 2019.</p>
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5058000
CY2019Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
0
CY2019Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
-50000
CY2019Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
5008000
CY2019Q3 us-gaap Goodwill
Goodwill
82500000
CY2019Q2 us-gaap Goodwill
Goodwill
82500000
CY2019Q3 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0
CY2019Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
204187000
CY2019Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
171009000
CY2019Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
33178000
CY2019Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
204210000
CY2019Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
169092000
CY2019Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
35118000
CY2019Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1900000
CY2018Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
700000
CY2019Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
5787000
CY2019Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
6414000
CY2019Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
5297000
CY2019Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
4698000
CY2019Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
3855000
CY2019Q3 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
7127000
CY2019Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
33178000
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
1004000
CY2019Q3 us-gaap Variable Lease Cost
VariableLeaseCost
144000
CY2019Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
288000
CY2019Q3 us-gaap Lease Cost
LeaseCost
1436000
CY2018Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1000000.0
CY2019Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
1172000
CY2019Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y7M6D
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.045
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2569000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4543000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4264000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3834000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1810000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
183000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
17203000
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1733000
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
15470000
CY2019Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3620000
CY2019Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
11850000
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
15470000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
3529000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
4263000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
4234000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
3801000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
1312000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
176000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
17315000
CY2019Q3 qnst Liabilities Related To Indemnification Agreement
LiabilitiesRelatedToIndemnificationAgreement
0
CY2019Q2 qnst Liabilities Related To Indemnification Agreement
LiabilitiesRelatedToIndemnificationAgreement
0
CY2019Q3 qnst Accrual For Indemnification Provisions
AccrualForIndemnificationProvisions
0
CY2019Q2 qnst Accrual For Indemnification Provisions
AccrualForIndemnificationProvisions
0
CY2019Q3 qnst Letters Of Credit For Fidelity Bonds
LettersOfCreditForFidelityBonds
400000
CY2019Q3 qnst Letters Of Credit For Operating Lease
LettersOfCreditForOperatingLease
500000
CY2019Q3 qnst Period Of Cancellation Of Letter Of Credit From Annual Expiration Date
PeriodOfCancellationOfLetterOfCreditFromAnnualExpirationDate
P30D
CY2019Q3 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
126614000
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
112869000
CY2019Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5400000
CY2019Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5410000
CY2019Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
33178000
CY2019Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
35118000

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