QuinStreet, Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>QuinStreet, Inc. filed its Q2 2024 10-Q report, detailing financial data as of December 31, 2023.</b>

AI Summary

QUINSTREET, INC (QNST) filed a Quarterly Report (10-Q) with the SEC on February 8, 2024. QuinStreet, Inc. filed a 10-Q report for the period ending December 31, 2023. The filing includes data related to various financial statement line items and fair value measurements. Specific dates referenced include 2023-12-31, 2022-06-30, and 2023-06-30. The company's fiscal year end is June 30. The filing is for the second quarter of 2024.

Why It Matters

For investors and stakeholders tracking QUINSTREET, INC, this filing contains several important signals. This 10-Q filing provides an update on QuinStreet's financial position and performance for the second quarter of fiscal year 2024, which is crucial for investors to assess the company's ongoing operations and financial health. The detailed financial data, including fair value measurements and segment information, allows stakeholders to understand the company's asset and liability structure, as well as its revenue streams and expenses.

Risk Assessment

Risk Level: low — QUINSTREET, INC shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not contain significant new information or unexpected events that would elevate the risk level.

Analyst Insight

Review the detailed financial statements and segment data within the 10-Q to understand QuinStreet's performance and financial health for Q2 2024.

Key Numbers

• 20231231 — Period End Date (Conformed period of report)
• 20240208 — Filing Date (Filed as of date)
• 0630 — Fiscal Year End (Company fiscal year end)
• Q2 — Reporting Quarter (Filing values)

Key Players & Entities

• QUINSTREET, INC (company) — Filer name
• 0000950170-24-012727 (other) — Accession number
• 20231231 (date) — Conformed period of report
• 20240208 (date) — Filed as of date
• QNST (company) — Ticker symbol
• 950 TOWER LANE, 6TH FLOOR (other) — Business address street 1
• FOSTER CITY (other) — Business address city
• CA (other) — Business address state

Forward-Looking Statements

• QuinStreet will continue to reduce its net loss in the next fiscal quarter. (QuinStreet, Inc.) — medium confidence, target: 2024-03-31
• Selling and marketing expenses will remain a key focus for cost management. (QuinStreet, Inc.) — high confidence, target: 2024-06-30

FAQ

Industry Context

QuinStreet operates in the business services sector, specifically focusing on online lead generation and marketing services for various industries.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial reports to the SEC.

What Investors Should Do

1. Analyze the balance sheet data as of December 31, 2023.
2. Review any disclosures related to contingent consideration or post-closing payments.
3. Examine fair value measurements for recurring fair value measurements.

Key Dates

• 2023-12-31: Period End Date — End of the reporting period for the 10-Q filing.
• 2024-02-08: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is a standard 10-Q filing, providing routine quarterly financial updates. No specific comparative data from a prior filing was immediately apparent in the provided text.

Key Financial Figures

• $0.001 — ch Registered Common Stock, par value $0.001 per share QNST The Nasdaq Stock Mar

Filing Documents

• qnst-20231231.htm (10-Q) — 2360KB
• qnst-ex31_1.htm (EX-31.1) — 10KB
• qnst-ex31_2.htm (EX-31.2) — 10KB
• qnst-ex32_1.htm (EX-32.1) — 10KB
• 0000950170-24-012727.txt (&nbsp;) — 8147KB
• qnst-20231231.xsd (EX-101.SCH) — 877KB
• qnst-20231231_htm.xml (XML) — 1566KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 3 Condensed Consolidated Balance Sheets at December 31, 2023 and June 30, 2023 3 Condensed Consolidated Statements of Operations for the Three and Six Months Ended December 31, 2023 and 2022 4 Condensed Consolidated Statements of Comprehensive Loss for the Three and Six Months Ended December 31, 2023 and 2022 5 Condensed Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended December 31, 2023 and 2022 6 Condensed Consolidated Statements of Cash Flows for the Six Months Ended December 31, 2023 and 2022 8 Notes to Condensed Consolidated Financial Statements 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 19

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 28

Controls and Procedures

Item 4. Controls and Procedures 28

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 29

Risk Factors

Item 1A. Risk Factors 29

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 52

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 52

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 52

Other Information

Item 5. Other Information 52

Exhibits

Item 6. Exhibits 53

FINANCI AL INFORMATION

PART I. FINANCI AL INFORMATION

FINANC IAL STATEMENTS

ITEM 1. FINANC IAL STATEMENTS QUINSTREET, INC. CONDENSED CONSOLIDA TED BALANCE SHEETS (In thousands, except share and per share data) (Unaudited) December 31, June 30, 2023 2023 Assets Current assets: Cash and cash equivalents $ 45,520 $ 73,677 Accounts receivable, net of allowances and reserves of $ 3,578 and $ 3,722 as of December 31, 2023 and June 30, 2023, respectively 74,727 67,748 Prepaid expenses and other assets 7,832 9,779 Total current assets 128,079 151,204 Property and equipment, net 20,604 16,749 Operating lease right-of-use assets 11,909 3,536 Goodwill 121,141 121,141 Other intangible assets, net 33,544 38,700 Other assets, noncurrent 5,640 5,825 Total assets $ 320,917 $ 337,155 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 33,783 $ 37,926 Accrued liabilities 44,538 44,010 Deferred revenue — 9 Other liabilities 6,714 7,875 Total current liabilities 85,035 89,820 Operating lease liabilities, noncurrent 9,056 1,261 Other liabilities, noncurrent 11,573 16,273 Total liabilities 105,664 107,354 Commitments and contingencies (See Note 10 ) Stockholders' equity: Common stock: $ 0.001 par value; 100,000,000 shares authorized; 54,887,538 and 54,192,928 shares issued and outstanding as of December 31, 2023 and June 30, 2023 55 54 Additional paid-in capital 336,665 329,093 Accumulated other comprehensive loss ( 268 ) ( 266 ) Accumulated deficit ( 121,199 ) ( 99,080 ) Total stockholders' equity 215,253 229,801 Total liabilities and stockholders' equity $ 320,917 $ 337,155 See notes to condensed consolidated financial statements 3 QUINSTREET, INC. CONDENSED CONSOL IDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) Three Months Ended Six Months Ended December 31, December 31, 2023 2022 2

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View this 10-Q filing on SEC EDGAR