$QNST
QUINSTREET, INC

2020 Q1 Form 10-Q Financial Statement

#000156459020023427 Filed on May 08, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $128.7M $116.2M
YoY Change 10.7% -1.42%
Cost Of Revenue $114.2M $98.40M
YoY Change 16.06% -1.6%
Gross Profit $14.50M $17.90M
YoY Change -18.99% 0.0%
Gross Profit Margin 11.27% 15.4%
Selling, General & Admin $7.200M $15.90M
YoY Change -54.72% 106.49%
% of Gross Profit 49.66% 88.83%
Research & Development $3.300M $2.900M
YoY Change 13.79% -21.62%
% of Gross Profit 22.76% 16.2%
Depreciation & Amortization $2.850M $2.360M
YoY Change 20.76% 23.56%
% of Gross Profit 19.66% 13.18%
Operating Expenses $10.50M $18.80M
YoY Change -44.15% 66.37%
Operating Profit $4.000M -$900.0K
YoY Change -544.44% -113.64%
Interest Expense -$100.0K $0.00
YoY Change
% of Operating Profit -2.5%
Other Income/Expense, Net $10.50M $0.00
YoY Change -100.0%
Pretax Income $14.40M -$1.000M
YoY Change -1540.0% -113.89%
Income Tax $400.0K -$1.900M
% Of Pretax Income 2.78%
Net Earnings $13.92M $900.0K
YoY Change 1446.56% -87.32%
Net Earnings / Revenue 10.82% 0.77%
Basic Earnings Per Share $0.27 $0.02
Diluted Earnings Per Share $0.26 $0.02
COMMON SHARES
Basic Shares Outstanding 51.81M 49.91M
Diluted Shares Outstanding 53.44M 52.93M

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $97.10M $67.00M
YoY Change 44.93% 42.25%
Cash & Equivalents $97.14M $67.00M
Short-Term Investments
Other Short-Term Assets $8.800M $5.800M
YoY Change 51.72% -18.31%
Inventory
Prepaid Expenses
Receivables $73.40M $67.50M
Other Receivables $0.00 $0.00
Total Short-Term Assets $179.3M $140.3M
YoY Change 27.8% 13.88%
LONG-TERM ASSETS
Property, Plant & Equipment $5.748M $4.800M
YoY Change 19.75% 11.63%
Goodwill $81.18M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $54.00M $58.40M
YoY Change -7.53% 648.72%
Total Long-Term Assets $181.2M $158.0M
YoY Change 14.68% 88.54%
TOTAL ASSETS
Total Short-Term Assets $179.3M $140.3M
Total Long-Term Assets $181.2M $158.0M
Total Assets $360.5M $298.3M
YoY Change 20.85% 44.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $40.10M $35.20M
YoY Change 13.92% 16.17%
Accrued Expenses $46.30M $35.10M
YoY Change 31.91% -9.77%
Deferred Revenue $100.0K $848.0K
YoY Change -88.21%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $90.90M $75.00M
YoY Change 21.2% 7.45%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $20.40M $9.000M
YoY Change 126.67% 157.14%
Total Long-Term Liabilities $20.40M $9.000M
YoY Change 126.67% 157.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $90.90M $75.00M
Total Long-Term Liabilities $20.40M $9.000M
Total Liabilities $111.3M $84.10M
YoY Change 32.34% 14.73%
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 $249.2M $214.3M
YoY Change
Total Liabilities & Shareholders Equity $360.5M $298.3M
YoY Change 20.85% 44.11%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $13.92M $900.0K
YoY Change 1446.56% -87.32%
Depreciation, Depletion And Amortization $2.850M $2.360M
YoY Change 20.76% 23.56%
Cash From Operating Activities $15.16M $6.450M
YoY Change 135.04% 13.36%
INVESTING ACTIVITIES
Capital Expenditures -$940.0K -$1.070M
YoY Change -12.15% 59.7%
Acquisitions
YoY Change
Other Investing Activities $9.100M $40.00K
YoY Change 22650.0% -93.75%
Cash From Investing Activities $8.170M -$1.040M
YoY Change -885.58% 3366.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.390M -860.0K
YoY Change 177.91% -15.69%
NET CHANGE
Cash From Operating Activities 15.16M 6.450M
Cash From Investing Activities 8.170M -1.040M
Cash From Financing Activities -2.390M -860.0K
Net Change In Cash 20.94M 4.550M
YoY Change 360.22% -1.94%
FREE CASH FLOW
Cash From Operating Activities $15.16M $6.450M
Capital Expenditures -$940.0K -$1.070M
Free Cash Flow $16.10M $7.520M
YoY Change 114.1% 18.24%

Facts In Submission

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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 and home services. The corporate headquarters are located in Foster City, California, with additional offices throughout the United States and India. The majority of the Company’s operations and revenue are in North America.</p>
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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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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 22% and 19% of net revenue for the three and nine months ended March 31, 2020, and <span>23%</span> of net revenue for both the three and nine months ended March 31, 2019. That same client accounted for 14% and 11% of net accounts receivable as of March 31, 2020 and June 30, 2019. No other clients accounted for 10% or more of net revenue for the three and nine months ended March 31, 2020 or 2019 or 10% or more of net accounts receivable as of March 31, 2020 or June 30, 2019.</p>
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 22% and 19% of net revenue for the three and nine months ended March 31, 2020, and <span>23%</span> of net revenue for both the three and nine months ended March 31, 2019. That same client accounted for 14% and 11% of net accounts receivable as of March 31, 2020 and June 30, 2019. No other clients accounted for 10% or more of net revenue for the three and nine months ended March 31, 2020 or 2019 or 10% or more of net accounts receivable as of March 31, 2020 or June 30, 2019.</p>
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1382000
us-gaap Lease Cost
LeaseCost
4231000
CY2019Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
900000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
2900000
us-gaap Operating Lease Payments
OperatingLeasePayments
2513000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
476000
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y4M24D
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.045
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4342000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3905000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1813000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
31000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
15766000
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1662000
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
14104000
CY2020Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
4346000
CY2020Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
9758000
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
14104000
CY2020Q1 qnst Future Principal Contractual Obligations For Operating Lease Commitments Undiscounted Lease Liability Excess Amount
FuturePrincipalContractualObligationsForOperatingLeaseCommitmentsUndiscountedLeaseLiabilityExcessAmount
500000
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
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
333190000
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5748000
CY2019Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5410000
CY2020Q1 qnst Liabilities Related To Indemnification Agreement
LiabilitiesRelatedToIndemnificationAgreement
0
CY2020Q1 qnst Accrual For Indemnification Provisions
AccrualForIndemnificationProvisions
0
CY2020Q1 qnst Letters Of Credit For Fidelity Bonds
LettersOfCreditForFidelityBonds
400000
CY2020Q1 qnst Letters Of Credit For Operating Lease
LettersOfCreditForOperatingLease
500000
qnst Period Of Cancellation Of Letter Of Credit From Annual Expiration Date
PeriodOfCancellationOfLetterOfCreditFromAnnualExpirationDate
P30D
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
128663000
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
116225000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
373378000
CY2020Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
30185000
CY2019Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
35118000

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