2022 Q4 Form 10-Q Financial Statement

#000156459022036737 Filed on November 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $134.0M $143.6M $159.6M
YoY Change 6.96% -10.03% 14.6%
Cost Of Revenue $125.5M $131.2M $141.5M
YoY Change 8.62% -7.25% 15.8%
Gross Profit $8.538M $12.35M $18.10M
YoY Change -12.67% -31.79% 6.25%
Gross Profit Margin 6.37% 8.6% 11.34%
Selling, General & Admin $10.54M $10.42M $9.540M
YoY Change -15.5% 9.21% 3.43%
% of Gross Profit 123.4% 84.38% 52.7%
Research & Development $7.174M $6.826M $4.625M
YoY Change 47.58% 47.59% -5.44%
% of Gross Profit 84.02% 55.28% 25.55%
Depreciation & Amortization $4.670M $4.362M $4.200M
YoY Change 10.85% 3.86% 1.69%
% of Gross Profit 54.7% 35.33% 23.2%
Operating Expenses $17.71M $17.25M $14.17M
YoY Change 2.19% 21.74% 0.35%
Operating Profit -$9.172M -$4.897M $3.938M
YoY Change 21.44% -224.35% 34.72%
Interest Expense $213.0K $226.0K $273.0K
YoY Change -179.78% -17.22% -191.0%
% of Operating Profit 6.93%
Other Income/Expense, Net -$9.000K -$23.00K $4.000K
YoY Change -550.0% -675.0% -99.98%
Pretax Income -$9.382M -$5.139M $3.669M
YoY Change 20.01% -240.07% -80.98%
Income Tax -$1.400M -$600.0K $600.0K
% Of Pretax Income 16.35%
Net Earnings -$7.979M -$4.517M $3.093M
YoY Change 41.77% -246.04% -78.93%
Net Earnings / Revenue -5.95% -3.15% 1.94%
Basic Earnings Per Share -$0.15 -$0.08 $0.06
Diluted Earnings Per Share -$0.15 -$0.08 $0.06
COMMON SHARES
Basic Shares Outstanding 53.64M 53.38M 53.99M
Diluted Shares Outstanding 53.71M 53.35M 55.79M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $79.10M $88.38M $105.9M
YoY Change -31.23% -16.56% 3.65%
Cash & Equivalents $79.10M $88.38M $105.9M
Short-Term Investments
Other Short-Term Assets $5.214M $5.212M $8.466M
YoY Change -10.1% -38.44% -37.29%
Inventory
Prepaid Expenses
Receivables $71.41M $75.49M $88.42M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $155.7M $169.1M $202.8M
YoY Change -15.83% -16.63% 9.75%
LONG-TERM ASSETS
Property, Plant & Equipment $13.07M $11.23M $7.333M
YoY Change 54.32% 53.13% 19.88%
Goodwill $121.1M $121.1M $117.8M
YoY Change 1.26% 2.8% 1.63%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.251M $6.087M $47.99M
YoY Change -87.77% -87.32% 27.29%
Total Long-Term Assets $236.2M $236.4M $239.1M
YoY Change -2.65% -1.12% 2.93%
TOTAL ASSETS
Total Short-Term Assets $155.7M $169.1M $202.8M
Total Long-Term Assets $236.2M $236.4M $239.1M
Total Assets $391.9M $405.5M $441.9M
YoY Change -8.35% -8.24% 5.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $37.84M $40.92M $48.35M
YoY Change -3.32% -15.38% 1.58%
Accrued Expenses $46.85M $51.05M $48.90M
YoY Change 11.08% 4.41% -2.01%
Deferred Revenue $10.00K $48.00K
YoY Change -72.22%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $96.17M $104.4M $110.5M
YoY Change -0.5% -5.5% 5.6%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $14.18M $15.00M $31.78M
YoY Change -56.08% -52.79% -18.92%
Total Long-Term Liabilities $14.18M $15.00M $31.78M
YoY Change -56.08% -52.79% -18.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $96.17M $104.4M $110.5M
Total Long-Term Liabilities $14.18M $15.00M $31.78M
Total Liabilities $112.1M $122.3M $142.2M
YoY Change -13.07% -14.04% -1.09%
SHAREHOLDERS EQUITY
Retained Earnings -$42.71M -$34.73M
YoY Change
Common Stock $322.8M $318.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $279.8M $283.3M $299.7M
YoY Change
Total Liabilities & Shareholders Equity $391.9M $405.5M $441.9M
YoY Change -8.35% -8.24% 5.95%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$7.979M -$4.517M $3.093M
YoY Change 41.77% -246.04% -78.93%
Depreciation, Depletion And Amortization $4.670M $4.362M $4.200M
YoY Change 10.85% 3.86% 1.69%
Cash From Operating Activities -$2.465M $5.665M $5.753M
YoY Change -117.69% -1.53% -67.23%
INVESTING ACTIVITIES
Capital Expenditures $3.981M $476.0K $409.0K
YoY Change -348.04% 16.38% -6.41%
Acquisitions
YoY Change
Other Investing Activities -$120.0K $0.00
YoY Change -88.0% -100.0%
Cash From Investing Activities -$4.101M -$3.037M -$1.374M
YoY Change 57.43% 121.03% -93.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.703M -10.68M -8.764M
YoY Change 22.14% 21.87% 326.47%
NET CHANGE
Cash From Operating Activities -2.465M 5.665M 5.753M
Cash From Investing Activities -4.101M -3.037M -1.374M
Cash From Financing Activities -2.703M -10.68M -8.764M
Net Change In Cash -9.269M -8.057M -4.390M
YoY Change -201.68% 83.53% -16.62%
FREE CASH FLOW
Cash From Operating Activities -$2.465M $5.665M $5.753M
Capital Expenditures $3.981M $476.0K $409.0K
Free Cash Flow -$6.446M $5.189M $5.344M
YoY Change -141.48% -2.9% -68.79%

Facts In Submission

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CY2022Q3 us-gaap Nature Of Operations
NatureOfOperations
<p style="margin-top:18pt;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 marketplaces and technologies for the financial services and home services industries. 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 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>
CY2022Q3 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-top:12pt;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, credit losses of accounts receivable, 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. In addition, the Company may engage third-party valuation specialists to assist with the preparation of certain of its valuations. 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>
CY2022Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
100000
CY2022Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
100000
CY2022Q3 qnst Revenue Reserve
RevenueReserve
1500000
CY2022Q2 qnst Revenue Reserve
RevenueReserve
1400000
CY2022Q3 qnst Financing Receivable Allowance For Credit Losses And Revenue Reserve
FinancingReceivableAllowanceForCreditLossesAndRevenueReserve
1600000
CY2022Q3 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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 25% and 15% of net revenue for the three months ended September 30, 2022 and 2021. That same client accounted for 17% and 16% of net accounts receivable as of September 30, 2022 and June 30, 2022. No other clients accounted for 10% or more of net revenue for the three months ended September 30, 2022 or 2021 or 10% or more of net accounts receivable as of September 30, 2022 or June 30, 2022.</p>
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
143593000
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
159608000
CY2022Q3 qnst Accrual For Indemnification Provisions
AccrualForIndemnificationProvisions
0
CY2022Q2 qnst Accrual For Indemnification Provisions
AccrualForIndemnificationProvisions
0
CY2022Q3 qnst Letters Of Credit For Fidelity Bonds
LettersOfCreditForFidelityBonds
500000
CY2022Q3 qnst Period Of Cancellation Of Letter Of Credit From Annual Expiration Date
PeriodOfCancellationOfLetterOfCreditFromAnnualExpirationDate
P30D
CY2022Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
48000
CY2022Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
341000
CY2022Q3 qnst Contract With Customer Prepaid Liability Current
ContractWithCustomerPrepaidLiabilityCurrent
1093000
CY2022Q2 qnst Contract With Customer Prepaid Liability Current
ContractWithCustomerPrepaidLiabilityCurrent
1163000
CY2022Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1141000
CY2022Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1504000
CY2022Q3 us-gaap Contract With Customer Refund Liability
ContractWithCustomerRefundLiability
1100000
CY2022Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1500000
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-4517000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
3093000
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53350000
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53993000
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53350000
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53993000
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53350000
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55789000
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.08
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.06
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.08
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.06
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4236000
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
202000
CY2022Q3 qnst Fair Value Of Assets Level1 To Level2 Transfers Amount
FairValueOfAssetsLevel1ToLevel2TransfersAmount
0
CY2022Q2 qnst Fair Value Of Assets Level1 To Level2 Transfers Amount
FairValueOfAssetsLevel1ToLevel2TransfersAmount
0
CY2022Q3 qnst Fair Value Of Assets Level2 To Level1 Transfers Amount
FairValueOfAssetsLevel2ToLevel1TransfersAmount
0
CY2022Q2 qnst Fair Value Of Assets Level2 To Level1 Transfers Amount
FairValueOfAssetsLevel2ToLevel1TransfersAmount
0
CY2022Q3 qnst Fair Value Of Liabilities Level1 To Level2 Transfers Amount
FairValueOfLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2022Q2 qnst Fair Value Of Liabilities Level1 To Level2 Transfers Amount
FairValueOfLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2022Q3 qnst Fair Value Of Liabilities Level2 To Level1 Transfers Amount
FairValueOfLiabilitiesLevel2ToLevel1TransfersAmount
0
CY2022Q2 qnst Fair Value Of Liabilities Level2 To Level1 Transfers Amount
FairValueOfLiabilitiesLevel2ToLevel1TransfersAmount
0
CY2022Q3 qnst Fair Value Liabilities Level3 To Level1 Transfers Amount
FairValueLiabilitiesLevel3ToLevel1TransfersAmount
0
CY2022Q2 qnst Fair Value Liabilities Level3 To Level1 Transfers Amount
FairValueLiabilitiesLevel3ToLevel1TransfersAmount
0
CY2022Q3 qnst Fair Value Assets Level3 To Level1 Transfers Amount
FairValueAssetsLevel3ToLevel1TransfersAmount
0
CY2022Q2 qnst Fair Value Assets Level3 To Level1 Transfers Amount
FairValueAssetsLevel3ToLevel1TransfersAmount
0
CY2022Q3 us-gaap Goodwill
Goodwill
121100000
CY2022Q2 us-gaap Goodwill
Goodwill
121100000
CY2022Q3 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2022Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
194921000
CY2022Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
148047000
CY2022Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
46874000
CY2022Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
194921000
CY2022Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
145225000
CY2022Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
49696000
CY2022Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2800000
CY2021Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3000000.0
CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
8300000
CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
10185000
CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
8046000
CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
5421000
CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
4470000
CY2022Q3 qnst Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
10452000
CY2022Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
46874000
CY2022Q3 qnst Chips And Science Act And Inflation Reduction Act Minimum Tax Percentage On Corporation S Book Income
CHIPSAndScienceActAndInflationReductionActMinimumTaxPercentageOnCorporationSBookIncome
0.15
CY2022Q3 qnst Chips And Science Act And Inflation Reduction Act Excise Tax Percentage On Stock Buybacks
CHIPSAndScienceActAndInflationReductionActExciseTaxPercentageOnStockBuybacks
0.01
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-600000
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
600000
CY2022Q3 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P5Y
CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
1226000
CY2021Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
1301000
CY2022Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
169000
CY2021Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
169000
CY2022Q3 us-gaap Variable Lease Cost
VariableLeaseCost
143000
CY2021Q3 us-gaap Variable Lease Cost
VariableLeaseCost
120000
CY2022Q3 us-gaap Lease Cost
LeaseCost
1538000
CY2021Q3 us-gaap Lease Cost
LeaseCost
1590000
CY2022Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
1470000
CY2021Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
1531000
CY2022Q3 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
143593000
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
159608000
CY2022Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
11229000
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9311000
CY2022Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
46874000
CY2022Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
49696000

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