Company Quick10K Filing
Quinstreet
Price12.70 EPS1
Shares53 P/E12
MCap677 P/FCF27
Net Debt-71 EBIT9
TEV607 TEV/EBIT65
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-12-31 Filed 2021-02-05
10-Q 2020-09-30 Filed 2020-11-06
10-K 2020-06-30 Filed 2020-08-28
10-Q 2020-03-31 Filed 2020-05-08
10-Q 2019-12-31 Filed 2020-02-07
10-Q 2019-09-30 Filed 2019-11-08
10-K 2019-06-30 Filed 2019-08-29
10-Q 2019-03-31 Filed 2019-05-10
10-Q 2018-12-31 Filed 2019-02-11
10-Q 2018-09-30 Filed 2018-11-09
10-K 2018-06-30 Filed 2018-09-12
10-Q 2018-03-31 Filed 2018-05-10
10-Q 2017-12-31 Filed 2018-02-05
10-Q 2017-09-30 Filed 2017-11-07
10-K 2017-06-30 Filed 2017-09-08
10-Q 2017-03-31 Filed 2017-05-10
10-Q 2016-12-31 Filed 2017-02-09
10-Q 2016-09-30 Filed 2016-11-09
10-K 2016-06-30 Filed 2016-08-19
10-Q 2016-03-31 Filed 2016-05-10
10-Q 2015-12-31 Filed 2016-02-09
10-Q 2015-09-30 Filed 2015-11-09
10-K 2015-06-30 Filed 2015-08-19
10-Q 2015-03-31 Filed 2015-05-07
10-Q 2014-12-31 Filed 2015-02-06
10-Q 2014-09-30 Filed 2014-11-06
10-K 2014-06-30 Filed 2014-09-12
10-Q 2014-03-31 Filed 2014-05-09
10-Q 2013-12-31 Filed 2014-02-07
10-Q 2013-09-30 Filed 2013-11-06
10-K 2013-06-30 Filed 2013-08-20
10-Q 2013-03-31 Filed 2013-05-09
10-Q 2012-12-31 Filed 2013-02-15
10-K 2012-06-30 Filed 2012-08-23
10-Q 2012-03-31 Filed 2012-05-08
10-Q 2011-12-31 Filed 2012-02-07
10-Q 2011-09-30 Filed 2011-11-08
10-K 2011-06-30 Filed 2011-08-30
10-Q 2011-03-31 Filed 2011-05-06
10-Q 2010-12-31 Filed 2011-02-11
10-Q 2010-09-30 Filed 2010-11-10
10-K 2010-06-30 Filed 2010-09-13
10-Q 2010-03-31 Filed 2010-05-12
8-K 2020-10-29
8-K 2020-10-28
8-K 2020-10-19
8-K 2020-08-05
8-K 2020-07-29
8-K 2020-05-06
8-K 2020-02-05
8-K 2019-11-15
8-K 2019-11-07
8-K 2019-08-08
8-K 2019-05-09
8-K 2019-02-07
8-K 2018-10-24
8-K 2018-10-01
8-K 2018-08-07
8-K 2018-04-25
8-K 2018-04-11
8-K 2018-01-31

QNST 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 qnst-ex311_8.htm
EX-31.2 qnst-ex312_7.htm
EX-32.1 qnst-ex321_6.htm

Quinstreet Earnings 2020-12-31

Balance SheetIncome StatementCash Flow
4303442581728602012201420172020
Assets, Equity
1308438-8-54-1002012201420172020
Rev, G Profit, Net Income
3013-4-21-38-552012201420172020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended December 31, 2020

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                 to               

Commission File No. 001-34628

 

QuinStreet, Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Delaware

 

77-0512121

(State or Other Jurisdiction of

 

(I.R.S. Employer

Incorporation or Organization)

 

Identification No.)

 

950 Tower Lane, 6th Floor

 

Foster City, California

94404

(Address of principal executive offices)

(Zip Code)

650-578-7700

Registrant’s telephone number, including area code

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class

Trading Symbol

Name of Each Exchange on Which Registered

Common Stock, par value $0.001 per share

 

QNST

 

The Nasdaq Stock Market LLC

(Nasdaq Global Select Market)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

 

 

Accelerated filer

 

 

 

 

 

 

 

 

 

 

 

Non-accelerated filer

 

 

 

 

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

Number of shares of common stock outstanding as of February 3, 2021: 53,296,501

 

 


 

 

QUINSTREET, INC.

INDEX

 

PART I. FINANCIAL INFORMATION

 

 

 

 

 

Item 1. Financial Statements

 

3

 

 

 

Condensed Consolidated Balance Sheets at December 31, 2020 and June 30, 2020

 

3

 

 

 

Condensed Consolidated Statements of Operations for the Three and Six Months Ended December 31, 2020 and 2019

 

4

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended December 31, 2020 and 2019

 

5

 

 

 

Condensed Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended December 31, 2020 and 2019

 

6

 

 

 

Condensed Consolidated Statements of Cash Flows for the Six Months Ended December 31, 2020 and 2019

 

8

 

 

 

Notes to Condensed Consolidated Financial Statements

 

9

 

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

25

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

35

 

 

 

Item 4. Controls and Procedures

 

35

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

Item 1. Legal Proceedings

 

36

 

 

 

Item 1A. Risk Factors

 

36

 

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

59

 

 

 

Item 3. Defaults Upon Senior Securities

 

59

 

 

 

Item 4. Mine Safety Disclosures

 

59

 

 

 

Item 5. Other Information

 

59

 

 

 

Item 6. Exhibits

 

60

 

 

 

SIGNATURES

 

61

2


 

PART I. FINANCIAL INFORMATION

 

 

ITEM 1. FINANCIAL STATEMENTS

QUINSTREET, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

(Unaudited)

 

 

 

December 31,

 

 

June 30,

 

 

 

2020

 

 

2020

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

102,647

 

 

$

107,509

 

Accounts receivable, net of allowances and reserves of $1,613 and $10,177 as of December 31, 2020 and June 30, 2020, respectively

 

 

71,277

 

 

 

64,472

 

Prepaid expenses and other assets

 

 

7,455

 

 

 

13,591

 

Total current assets

 

 

181,379

 

 

 

185,572

 

Property and equipment, net

 

 

6,650

 

 

 

5,657

 

Operating lease right-of-use assets

 

 

12,672

 

 

 

9,118

 

Goodwill

 

 

110,109

 

 

 

80,677

 

Other intangible assets, net

 

 

55,690

 

 

 

28,174

 

Deferred tax assets, noncurrent

 

 

45,209

 

 

 

48,673

 

Other assets, noncurrent

 

 

3,348

 

 

 

536

 

Total assets

 

$

415,057

 

 

$

358,407

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

37,748

 

 

$

36,759

 

Accrued liabilities

 

 

47,802

 

 

 

42,271

 

Deferred revenue

 

 

394

 

 

 

73

 

Other liabilities

 

 

11,841

 

 

 

6,734

 

Total current liabilities

 

 

97,785

 

 

 

85,837

 

Operating lease liabilities, noncurrent

 

 

10,782

 

 

 

8,692

 

Other liabilities, noncurrent

 

 

27,084

 

 

 

7,934

 

Total liabilities

 

 

135,651

 

 

 

102,463

 

Commitments and contingencies (See Note 12)

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Common stock: $0.001 par value; 100,000,000 shares authorized; 53,259,519 and 52,209,813 shares issued and outstanding at December 31, 2020 and June 30, 2020

 

 

53

 

 

 

52

 

Additional paid-in capital

 

 

313,017

 

 

 

304,650

 

Accumulated other comprehensive loss

 

 

(290

)

 

 

(237

)

Accumulated deficit

 

 

(33,374

)

 

 

(48,521

)

Total stockholders' equity

 

 

279,406

 

 

 

255,944

 

Total liabilities and stockholders' equity

 

$

415,057

 

 

$

358,407

 

 

See notes to condensed consolidated financial statements

 

 

 

3


QUINSTREET, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net revenue

 

$

134,968

 

 

$

118,101

 

 

$

274,237

 

 

$

244,715

 

Cost of revenue (1)

 

 

120,437

 

 

 

105,318

 

 

 

242,668

 

 

 

218,507

 

Gross profit

 

 

14,531

 

 

 

12,783

 

 

 

31,569

 

 

 

26,208

 

Operating expenses: (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product development

 

 

4,980

 

 

 

3,399

 

 

 

9,871

 

 

 

6,955

 

Sales and marketing

 

 

2,892

 

 

 

2,592

 

 

 

5,535

 

 

 

4,955

 

General and administrative

 

 

6,890

 

 

 

5,498

 

 

 

13,471

 

 

 

11,323

 

Operating (loss) income

 

 

(231

)

 

 

1,294

 

 

 

2,692

 

 

 

2,975

 

Interest income

 

 

12

 

 

 

54

 

 

 

34

 

 

 

126

 

Interest expense

 

 

(307

)

 

 

(177

)

 

 

(646

)

 

 

(389

)

Other income (expense), net

 

 

34

 

 

 

(9

)

 

 

16,723

 

 

 

(266

)

(Loss) income before income taxes

 

 

(492

)

 

 

1,162

 

 

 

18,803

 

 

 

2,446

 

Benefit from (provision for) income taxes

 

 

958

 

 

 

387

 

 

 

(3,656

)

 

 

235

 

Net income

 

$

466

 

 

$

1,549

 

 

$

15,147

 

 

$

2,681

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.01

 

 

$

0.03

 

 

$

0.29

 

 

$

0.05

 

Diluted

 

$

0.01

 

 

$

0.03

 

 

$

0.28

 

 

$

0.05

 

Weighted-average shares used in computing net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

53,055

 

 

 

51,414

 

 

 

52,774

 

 

 

51,129

 

Diluted

 

 

55,163

 

 

 

53,489

 

 

 

54,716

 

 

 

53,407

 

 

(1)

Cost of revenue and operating expenses include stock-based compensation expense as follows:

 

Cost of revenue

 

$

2,544

 

 

$

2,347

 

 

$

4,745

 

 

$

4,837

 

Product development

 

 

643

 

 

 

518

 

 

 

1,192

 

 

 

1,002

 

Sales and marketing

 

 

765

 

 

 

558

 

 

 

1,312

 

 

 

979

 

General and administrative

 

 

1,603

 

 

 

1,277

 

 

 

3,086

 

 

 

2,530

 

 

See notes to condensed consolidated financial statements

 

4


QUINSTREET, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income

 

$

466

 

 

$

1,549

 

 

$

15,147

 

 

$

2,681

 

Other comprehensive (loss) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

(15

)

 

 

16

 

 

 

(53

)

 

 

47

 

Total other comprehensive (loss) income

 

 

(15

)

 

 

16

 

 

 

(53

)

 

 

47

 

Comprehensive income

 

$

451

 

 

$

1,565

 

 

$

15,094

 

 

$

2,728

 

 

See notes to condensed consolidated financial statements

5


QUINSTREET, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands, except share data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-in

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Equity

 

Balances at September 30, 2020

 

 

52,773,842

 

 

$

53

 

 

$

307,350

 

 

$

(275

)

 

$

(33,840

)

 

$

273,288

 

Issuance of common stock upon exercise of stock options

 

 

299,168

 

 

 

 

 

 

1,802

 

 

 

 

 

 

 

 

 

1,802

 

Release of restricted stock, net of share settlement

 

 

186,509

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

5,571

 

 

 

 

 

 

 

 

 

5,571

 

Withholding taxes related to release of restricted stock, net of share settlement

 

 

 

 

 

 

 

 

(1,706

)

 

 

 

 

 

 

 

 

(1,706

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

466

 

 

 

466

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

(15

)

 

 

 

 

 

(15

)

Balances at December 31, 2020

 

 

53,259,519

 

 

$

53

 

 

$

313,017

 

 

$

(290

)

 

$

(33,374

)

 

$

279,406

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-in

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Equity

 

Balances at September 30, 2019

 

 

51,102,339

 

 

$

51

 

 

$

293,866

 

 

$

(335

)

 

$

(65,491

)

 

$

228,091

 

Issuance of common stock upon exercise of stock options

 

 

255,965

 

 

 

 

 

 

1,325

 

 

 

 

 

 

 

 

 

1,325

 

Release of restricted stock, net of share settlement

 

 

278,453

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

4,718

 

 

 

 

 

 

 

 

 

4,718

 

Withholding taxes related to release of restricted stock, net of share settlement

 

 

 

 

 

 

 

 

(1,828

)

 

 

 

 

 

 

 

 

(1,828

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,549

 

 

 

1,549

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

16

 

 

 

 

 

 

16

 

Balances at December 31, 2019

 

 

51,636,757

 

 

$

52

 

 

$

298,080

 

 

$

(319

)

 

$

(63,942

)

 

$

233,871

 

 

See notes to condensed consolidated financial statements

6


QUINSTREET, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands, except share data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-in

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Equity

 

Balances at June 30, 2020

 

 

52,209,813

 

 

$

52

 

 

$

304,650

 

 

$

(237

)

 

$

(48,521

)

 

$

255,944

 

Issuance of common stock upon exercise of stock options

 

 

485,025

 

 

 

 

 

 

2,580

 

 

 

 

 

 

 

 

 

2,580

 

Release of restricted stock, net of share settlement

 

 

564,681

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

10,368