$QNST
QUINSTREET, INC

2023 Q1 Form 10-Q Financial Statement

#000156459023001636 Filed on February 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2021 Q4
Revenue $172.7M $134.0M $125.3M
YoY Change 14.61% 6.96% -7.14%
Cost Of Revenue $155.6M $125.5M $115.6M
YoY Change 13.96% 8.62% -4.02%
Gross Profit $17.04M $8.538M $9.777M
YoY Change 20.91% -12.67% -32.57%
Gross Profit Margin 9.87% 6.37% 7.8%
Selling, General & Admin $10.62M $10.54M $12.47M
YoY Change 41.12% -15.5% 27.23%
% of Gross Profit 62.3% 123.4% 127.53%
Research & Development $7.832M $7.174M $4.861M
YoY Change 42.17% 47.58% -2.78%
% of Gross Profit 45.97% 84.02% 49.72%
Depreciation & Amortization $4.972M $4.670M $4.213M
YoY Change 17.07% 10.85% 5.06%
% of Gross Profit 29.18% 54.7% 43.09%
Operating Expenses $18.45M $17.71M $17.33M
YoY Change 41.56% 2.19% 17.09%
Operating Profit -$1.409M -$9.172M -$7.553M
YoY Change -232.92% 21.44% 2417.67%
Interest Expense $187.0K $213.0K -$267.0K
YoY Change -169.26% -179.78% -11.0%
% of Operating Profit
Other Income/Expense, Net -$12.00K -$9.000K $2.000K
YoY Change -126.67% -550.0%
Pretax Income -$1.562M -$9.382M -$7.818M
YoY Change -287.07% 20.01% 1463.6%
Income Tax -$1.100M -$1.400M -$2.200M
% Of Pretax Income
Net Earnings -$479.0K -$7.979M -$5.628M
YoY Change -121.48% 41.77% -1307.73%
Net Earnings / Revenue -0.28% -5.95% -4.49%
Basic Earnings Per Share -$0.01 -$0.15 -$0.10
Diluted Earnings Per Share -$0.01 -$0.15 -$0.10
COMMON SHARES
Basic Shares Outstanding 53.81M 53.64M 54.38M
Diluted Shares Outstanding 53.95M 53.71M 54.38M

Balance Sheet

Concept 2023 Q1 2022 Q4 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $62.96M $79.10M $115.0M
YoY Change -42.48% -31.23% 12.12%
Cash & Equivalents $62.96M $79.10M $115.0M
Short-Term Investments
Other Short-Term Assets $8.729M $5.214M $5.800M
YoY Change 37.83% -10.1% -22.67%
Inventory
Prepaid Expenses
Receivables $105.6M $71.41M $64.18M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $177.3M $155.7M $185.0M
YoY Change -8.41% -15.83% 1.99%
LONG-TERM ASSETS
Property, Plant & Equipment $15.14M $13.07M $8.469M
YoY Change 70.63% 54.32% -56.12%
Goodwill $121.1M $121.1M $119.6M
YoY Change 1.26% 1.26% 8.61%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.969M $6.251M $51.13M
YoY Change -1.66% -87.77% 5.2%
Total Long-Term Assets $235.2M $236.2M $242.6M
YoY Change -2.09% -2.65% 3.8%
TOTAL ASSETS
Total Short-Term Assets $177.3M $155.7M $185.0M
Total Long-Term Assets $235.2M $236.2M $242.6M
Total Assets $412.5M $391.9M $427.6M
YoY Change -4.91% -8.35% 3.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $41.28M $37.84M $39.14M
YoY Change 4.06% -3.32% 3.82%
Accrued Expenses $62.89M $46.85M $42.17M
YoY Change 27.72% 11.08% -19.97%
Deferred Revenue $0.00 $10.00K $36.00K
YoY Change -100.0% -72.22%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $112.8M $96.17M $96.66M
YoY Change 8.17% -0.5% -1.17%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $13.87M $14.18M $32.29M
YoY Change -39.48% -56.08% -14.8%
Total Long-Term Liabilities $13.87M $14.18M $32.29M
YoY Change -39.48% -56.08% -14.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $112.8M $96.17M $96.66M
Total Long-Term Liabilities $13.87M $14.18M $32.29M
Total Liabilities $128.0M $112.1M $128.9M
YoY Change -3.29% -13.07% -4.98%
SHAREHOLDERS EQUITY
Retained Earnings -$43.19M -$42.71M
YoY Change 70.9%
Common Stock $328.0M $322.8M
YoY Change 0.3%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $284.5M $279.8M $298.6M
YoY Change
Total Liabilities & Shareholders Equity $412.5M $391.9M $427.6M
YoY Change -4.91% -8.35% 3.01%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2021 Q4
OPERATING ACTIVITIES
Net Income -$479.0K -$7.979M -$5.628M
YoY Change -121.48% 41.77% -1307.73%
Depreciation, Depletion And Amortization $4.972M $4.670M $4.213M
YoY Change 17.07% 10.85% 5.06%
Cash From Operating Activities -$9.331M -$2.465M $13.93M
YoY Change -821.1% -117.69% 149.71%
INVESTING ACTIVITIES
Capital Expenditures $3.516M $3.981M -$1.605M
YoY Change -222.04% -348.04% 22.52%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$120.0K -$1.000M
YoY Change -100.0% -88.0% -21.26%
Cash From Investing Activities -$3.516M -$4.101M -$2.605M
YoY Change 25.75% 57.43% 1.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.293M -2.703M -2.213M
YoY Change -19.19% 22.14% -14.22%
NET CHANGE
Cash From Operating Activities -9.331M -2.465M 13.93M
Cash From Investing Activities -3.516M -4.101M -2.605M
Cash From Financing Activities -3.293M -2.703M -2.213M
Net Change In Cash -16.14M -9.269M 9.116M
YoY Change 189.4% -201.68% 2020.0%
FREE CASH FLOW
Cash From Operating Activities -$9.331M -$2.465M $13.93M
Capital Expenditures $3.516M $3.981M -$1.605M
Free Cash Flow -$12.85M -$6.446M $15.54M
YoY Change -407.71% -141.48% 125.53%

Facts In Submission

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us-gaap Nature Of Operations
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<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>
us-gaap Use Of Estimates
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<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>
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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 19% and 22% of net revenue for the three and six months ended December 31, 2022, and 13% and 14% of net revenue for the three and six months ended December 31, 2021. That same client accounted for 16% of net accounts receivable as of June 30, 2022. No other clients accounted for 10% or more of net revenue for the three and six months ended December 31, 2022 or 2021 or 10% or more of net accounts receivable as of December 31, 2022 or June 30, 2022.</p>
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
146000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
79000
CY2022Q4 qnst Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
34000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
7886000
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1317000
CY2022Q4 qnst Accrual For Indemnification Provisions
AccrualForIndemnificationProvisions
0
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
6569000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
4828000
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1741000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
6569000
CY2022Q4 qnst Future Principal Contractual Obligations For Operating Lease Commitments Undiscounted Lease Liability Excess Amount
FuturePrincipalContractualObligationsForOperatingLeaseCommitmentsUndiscountedLeaseLiabilityExcessAmount
800000
CY2022Q2 qnst Accrual For Indemnification Provisions
AccrualForIndemnificationProvisions
0
CY2022Q4 qnst Letters Of Credit For Fidelity Bonds
LettersOfCreditForFidelityBonds
500000
qnst Period Of Cancellation Of Letter Of Credit From Annual Expiration Date
PeriodOfCancellationOfLetterOfCreditFromAnnualExpirationDate
P30D
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2022Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
134048000
CY2021Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
125331000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
277641000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
284939000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
13069000
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9311000
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
44170000
CY2022Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
49696000

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