QuinStreet, Inc. (Nasdaq: QNST), a leader in performance marketing
products and technologies, today announced financial results for
the fourth quarter and fiscal year ended June 30, 2018.
For the fourth quarter, the Company reported
revenue of $111.5 million, an increase of 37% year-over-year, and
GAAP net income of $5.4 million, or $0.10 per share. Adjusted net
income for the fourth quarter was $6.9 million, or $0.13 per share,
and adjusted EBITDA was $10.3 million, or 9% of revenue, an
increase of 70% year-over-year.
For the fiscal year, the Company reported
revenue of $404.4 million, an increase of 35% year-over-year, and
GAAP net income of $15.9 million, or $0.32 per share. Adjusted net
income for the fiscal year was $22.3 million, or $0.45 per share,
and adjusted EBITDA was $34.7 million, or 9% of revenue, an
increase of 189% year-over-year.
During the fiscal year, the Company generated
$27.0 million in operating cash flow and $30.5 million in
normalized free cash flow and closed the year with $64.7 million in
cash and no debt.
“Our business momentum and fundamentals remained
strong in fiscal Q4”, commented Doug Valenti, QuinStreet CEO. “Our
strategies and products are meeting increased demand for
performance marketing with clients and media. Fiscal Q4 capped a
year of strong growth, record revenue, and expanded margins and
cash flow. Our business success continues to be driven by
measurable results for our clients and media partners, and by our
competitive advantages, superior products and technologies.
“Business momentum continues. We expect fiscal
2019 revenue to be up at least 10% year-over-year and full-year
fiscal 2019 adjusted EBITDA margin to be approximately 10%,”
concluded Valenti.
Reconciliations of adjusted net income to GAAP
net income, adjusted EBITDA to GAAP net income and normalized free
cash flow to net cash provided by operating activities are included
in the accompanying tables.
Conference Call Today at 5:30 a.m.
PTThe Company will host a conference call and
corresponding live webcast at 5:30 a.m. PT. To access the
conference call in the US dial +1 (877) 260.1479 (domestic) or +1
(334) 323.0522 (international). The webcast will be available live
on the investor relations section of the Company's website
at http://investor.quinstreet.com and via replay
beginning approximately two hours after the completion of the call
by dialing +1 (888) 203.1112 (domestic) or +1 (719)
457.0820 (international) and using passcode 1533184.
Non-GAAP Financial MeasuresThis
release and the accompanying tables include a discussion of
adjusted EBITDA, adjusted net income, adjusted diluted net income
per share, free cash flow and normalized free cash flow, all of
which are non-GAAP financial measures that are provided as a
complement to results provided in accordance with accounting
principles generally accepted in the United States of America
("GAAP"). The term "adjusted EBITDA" refers to a financial measure
that we define as net income (loss) less provision for (benefit
from) taxes, depreciation expense, amortization expense,
stock-based compensation expense, interest and other income, net,
restructuring expense, external expenses related to the material
weakness disclosed in our Annual Report on Form 10-K, and
acquisition related expense. The term "adjusted net income" refers
to a financial measure that we define as net income (loss) adjusted
for amortization expense, stock-based compensation expense,
restructuring expense, external expenses related to the material
weakness disclosed in our Annual Report on Form 10-K, and
acquisition related expense, net of estimated taxes calculated
based on the estimated annual statutory tax rate. Due to the
effects of our deferred tax asset valuation allowance and our
historical net operating losses, our annual effective tax rate is
not meaningful as our income tax amounts for each period are not
directly correlated to the amount of income or losses before income
taxes for such period. The term "adjusted diluted net income per
share" refers to a financial measure that we define as adjusted net
income (loss) divided by weighted average diluted shares
outstanding. The term “free cash flow” refers to a financial
measure that we define as net cash provided by operating
activities, less capital expenditures and internal software
development costs. The term “normalized free cash flow” refers to
free cash flow less changes in operating assets and
liabilities. These non-GAAP measures should be considered in
addition to results prepared in accordance with GAAP, but should
not be considered a substitute for, or superior to, GAAP results.
In addition, our definition of adjusted EBITDA, adjusted net
income, adjusted diluted net income per share, free cash flow and
normalized free cash flow may not be comparable to the definitions
as reported by other companies.
We believe adjusted EBITDA, adjusted net income
and adjusted diluted net income per share are relevant and useful
information because they provide us and investors with additional
measurements to analyze the Company's operating performance.
Adjusted EBITDA is useful to us and investors
because (i) we seek to manage our business to a level of
adjusted EBITDA as a percentage of net revenue, (ii) it is
used internally by us for planning purposes, including preparation
of internal budgets; to allocate resources; to evaluate the
effectiveness of operational strategies and capital expenditures as
well as the capacity to service debt, (iii) it is a key basis upon
which we assess our operating performance, (iv) it is one of
the primary metrics investors use in evaluating Internet marketing
companies, (v) it is a factor in determining compensation, and
(vi) it is an element of certain financial covenants under our
historical borrowing arrangements. In addition, we believe adjusted
EBITDA and similar measures are widely used by investors,
securities analysts, ratings agencies and other interested parties
in our industry as a measure of financial performance, debt-service
capabilities and as a metric for analyzing company valuations.
We use adjusted EBITDA as a key performance
measure because we believe it facilitates operating performance
comparisons from period to period by excluding potential
differences caused by variations in capital structures (affecting
interest expense), tax positions (such as the impact on periods or
companies of changes in effective tax rates or fluctuations in
permanent differences or discrete quarterly items), non-recurring
charges, certain other items that we do not believe are indicative
of core operating activities (such as restructuring expense,
external expenses related to the material weakness disclosed in our
Annual Report on Form 10-K, acquisition related expense, and other
income and expense) and the non-cash impact of depreciation
expense, amortization expense and stock-based compensation
expense.
Adjusted net income and adjusted diluted net
income per share are useful to us and investors because they
present an additional measurement of our financial performance,
taking into account depreciation, which we believe is an ongoing
cost of doing business, but excluding the impact of certain
non-cash expenses (stock-based compensation and amortization of
intangible assets), non-recurring charges and certain other items
that we do not believe are indicative of core operating activities.
We believe that analysts and investors use adjusted net income and
adjusted diluted net income per share as supplemental measures to
evaluate the overall operating performance of companies in our
industry.
Free cash flow is useful to investors and us
because it represents the cash that our business generates from
operations, before taking into account cash movements that are
non-operational, and is a metric commonly used in our industry to
understand the underlying cash generating capacity of a company’s
financial model. Normalized free cash flow is useful as it removes
the fluctuations in operating assets and liabilities that occur in
any given quarter due to the timing of payments and cash receipts
and therefore helps investors understand the underlying cash flow
of the business as a quarterly metric and the cash flow generation
potential of the business model. We believe that analysts and
investors use free cash flow multiples as a metric for analyzing
company valuations in our industry.
We intend to provide these non-GAAP financial
measures as part of our future earnings discussions and, therefore,
the inclusion of these non-GAAP financial measures will provide
consistency in our financial reporting. A reconciliation of these
non-GAAP measures to GAAP is provided in the accompanying
tables.
Legal Notice Regarding Forward Looking
Statements
This press release and its attachments contain
forward-looking statements within the meaning of Section 21E of the
Securities Exchange Act of 1934 that involve risks and
uncertainties. Words such as "estimate", "will”, "believe",
"intend", "potential" and similar expressions are intended to
identify forward-looking statements. These forward-looking
statements include the statements in quotations from management in
this press release, as well as any statements regarding the
Company's anticipated financial results, growth, strategic and
operational plans and results of analyses on impairment charges.
The Company's actual results may differ materially from those
anticipated in these forward-looking statements. Factors that may
contribute to such differences include, but are not limited to: the
impact of changes in industry standards and government regulation
including, but not limited to investigation or enforcement
activities of the Department of Education, the Federal Trade
Commission and other regulatory agencies; the Company’s ability to
maintain and increase client marketing spend; the Company's ability
to maintain and increase the number of visitors to its websites and
to convert those visitors and those to its third-party publishers'
websites into client prospects in a cost-effective manner; the
impact of the current economic climate on the Company's business;
the Company's ability to access and monetize Internet users on
mobile devices; the Company's ability to attract and retain
qualified executives and employees; the Company's ability to
compete effectively against others in the online marketing and
media industry both for client budget and access to third-party
media; the Company's ability to identify and manage acquisitions;
and the impact and costs of any alleged failure by the Company to
comply with government regulations and industry standards. More
information about potential factors that could affect the Company's
business and financial results are contained in the Company's
annual report on Form 10-K and quarterly reports on Form 10-Q as
filed with the Securities and Exchange Commission ("SEC").
Additional information will also be set forth in the Company's
anual report on Form 10-K for the year ended June 30, 2018, which
will be filed with the SEC. The Company does not intend and
undertakes no duty to release publicly any updates or revisions to
any forward-looking statements contained herein.
About QuinStreet
QuinStreet, Inc. (Nasdaq: QNST) is one of the
largest Internet performance marketing and media companies in the
world. QuinStreet is committed to providing consumers and
businesses with the information they need to research, find and
select the products, services and brands that meet their needs. For
more information, please visit www.QuinStreet.com.
Investor Contact:
Erica Abrams (415) 297-5864
eabrams@quinstreet.com
QUINSTREET, INC. |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
(In
thousands) |
(Unaudited) |
|
|
|
|
|
|
|
June 30, |
|
June 30, |
|
|
|
2018 |
|
|
|
2017 |
|
Assets |
|
|
|
|
Current
assets: |
|
|
|
|
Cash and
cash equivalents |
|
$ |
64,700 |
|
|
$ |
49,571 |
|
Accounts
receivable, net |
|
|
68,492 |
|
|
|
44,059 |
|
Prepaid
expenses and other assets |
|
|
4,432 |
|
|
|
6,225 |
|
Total current assets |
|
|
137,624 |
|
|
|
99,855 |
|
Property and equipment,
net |
|
|
4,211 |
|
|
|
5,613 |
|
Goodwill |
|
|
62,283 |
|
|
|
56,118 |
|
Other intangible
assets, net |
|
|
8,573 |
|
|
|
4,105 |
|
Other assets,
noncurrent |
|
|
7,605 |
|
|
|
8,617 |
|
Total assets |
|
$ |
220,296 |
|
|
$ |
174,308 |
|
Liabilities and
Stockholders' Equity |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts
payable |
|
$ |
32,506 |
|
|
$ |
25,205 |
|
Accrued
liabilities |
|
|
34,811 |
|
|
|
26,223 |
|
Deferred
revenue |
|
|
715 |
|
|
|
1,126 |
|
Total current liabilities |
|
|
68,032 |
|
|
|
52,554 |
|
Other liabilities,
noncurrent |
|
|
3,938 |
|
|
|
3,672 |
|
Total liabilities |
|
|
71,970 |
|
|
|
56,226 |
|
Stockholders'
equity: |
|
|
|
|
Common
stock |
|
|
48 |
|
|
|
45 |
|
Additional paid-in capital |
|
|
277,761 |
|
|
|
263,533 |
|
Accumulated other comprehensive loss |
|
|
(380 |
) |
|
|
(463 |
) |
Accumulated deficit |
|
|
(129,103 |
) |
|
|
(145,033 |
) |
Total stockholders' equity |
|
|
148,326 |
|
|
|
118,082 |
|
Total liabilities and stockholders' equity |
|
$ |
220,296 |
|
|
$ |
174,308 |
|
QUINSTREET, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(In thousands, except
per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
June 30, |
|
June 30, |
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
Net revenue |
$ |
111,521 |
|
|
$ |
81,532 |
|
|
$ |
404,358 |
|
|
$ |
299,785 |
|
Cost of revenue
(1) |
|
94,786 |
|
|
|
70,606 |
|
|
|
345,947 |
|
|
|
269,409 |
|
Gross profit |
|
16,735 |
|
|
|
10,926 |
|
|
|
58,411 |
|
|
|
30,376 |
|
Operating expenses:
(1) |
|
|
|
|
|
|
|
Product
development |
|
3,430 |
|
|
|
3,061 |
|
|
|
13,805 |
|
|
|
13,476 |
|
Sales and
marketing |
|
2,581 |
|
|
|
2,188 |
|
|
|
10,414 |
|
|
|
9,189 |
|
General
and administrative |
|
4,696 |
|
|
|
4,086 |
|
|
|
18,556 |
|
|
|
15,934 |
|
Restructuring charges |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,441 |
|
Operating income
(loss) |
|
6,028 |
|
|
|
1,591 |
|
|
|
15,636 |
|
|
|
(10,664 |
) |
Interest income |
|
63 |
|
|
|
39 |
|
|
|
181 |
|
|
|
138 |
|
Interest expense |
|
— |
|
|
|
(24 |
) |
|
|
— |
|
|
|
(346 |
) |
Other (expense) income,
net |
|
(182 |
) |
|
|
(2,668 |
) |
|
|
687 |
|
|
|
(2,416 |
) |
Income (loss) before
income taxes |
|
5,909 |
|
|
|
(1,062 |
) |
|
|
16,504 |
|
|
|
(13,288 |
) |
(Provision for) benefit
from income taxes |
|
(488 |
) |
|
|
(306 |
) |
|
|
(574 |
) |
|
|
1,080 |
|
Net income (loss) |
$ |
5,421 |
|
|
$ |
(1,368 |
) |
|
$ |
15,930 |
|
|
$ |
(12,208 |
) |
|
|
|
|
|
|
|
|
Net income (loss) per
share: |
|
|
|
|
|
|
|
Basic |
$ |
0.11 |
|
|
$ |
(0.03 |
) |
|
$ |
0.34 |
|
|
$ |
(0.27 |
) |
Diluted |
$ |
0.10 |
|
|
$ |
(0.03 |
) |
|
$ |
0.32 |
|
|
$ |
(0.27 |
) |
|
|
|
|
|
|
|
|
Weighted average shares
used in computing net income (loss) per share: |
|
|
|
|
|
|
|
Basic |
|
47,528 |
|
|
|
45,468 |
|
|
|
46,417 |
|
|
|
45,594 |
|
Diluted |
|
51,886 |
|
|
|
45,468 |
|
|
|
49,872 |
|
|
|
45,594 |
|
|
|
|
|
|
|
|
|
(1) Cost of revenue and operating expenses include stock-based
compensation expense as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue |
$ |
1,029 |
|
|
$ |
719 |
|
|
$ |
3,982 |
|
|
$ |
3,109 |
|
Product
development |
$ |
494 |
|
|
|
403 |
|
|
|
1,949 |
|
|
|
1,834 |
|
Sales and
marketing |
$ |
301 |
|
|
|
286 |
|
|
|
1,222 |
|
|
|
1,154 |
|
General
and administrative |
$ |
741 |
|
|
|
664 |
|
|
|
3,029 |
|
|
|
2,759 |
|
Restructuring charges |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
42 |
|
QUINSTREET, INC. |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
|
(In
thousands) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
|
June 30, |
|
June 30, |
|
|
|
2018 |
|
|
|
2017 |
|
|
2018 |
|
|
|
2017 |
|
|
Cash Flows from Operating Activities |
|
|
|
|
|
|
|
|
Net income
(loss) |
5,421 |
|
|
$ |
(1,368 |
) |
|
15,930 |
|
|
$ |
(12,208 |
) |
|
Adjustments to reconcile net income (loss) to net cash
provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
1,790 |
|
|
|
2,394 |
|
|
7,767 |
|
|
|
11,377 |
|
|
Impairment of investment |
— |
|
|
|
2,500 |
|
|
— |
|
|
|
2,500 |
|
|
Provision for sales returns and doubtful accounts
receivable |
144 |
|
|
|
182 |
|
|
525 |
|
|
|
291 |
|
|
Stock-based compensation |
2,565 |
|
|
|
2,072 |
|
|
10,182 |
|
|
|
8,898 |
|
|
Other adjustments, net |
(192 |
) |
|
|
45 |
|
|
(1,108 |
) |
|
|
(116 |
) |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
430 |
|
|
|
(1,134 |
) |
|
(24,958 |
) |
|
|
2,868 |
|
|
Prepaid expenses and other assets |
2,733 |
|
|
|
905 |
|
|
1,910 |
|
|
|
830 |
|
|
Deferred tax assets |
(51 |
) |
|
|
80 |
|
|
(51 |
) |
|
|
(430 |
) |
|
Other assets, noncurrent |
302 |
|
|
|
233 |
|
|
1,096 |
|
|
|
891 |
|
|
Accounts payable |
2,109 |
|
|
|
4,285 |
|
|
7,350 |
|
|
|
5,394 |
|
|
Accrued liabilities |
(4,157 |
) |
|
|
122 |
|
|
8,489 |
|
|
|
(1,155 |
) |
|
Deferred revenue |
160 |
|
|
|
86 |
|
|
(411 |
) |
|
|
(74 |
) |
|
Other liabilities, noncurrent |
412 |
|
|
|
(142 |
) |
|
258 |
|
|
|
(530 |
) |
|
Net cash provided by
operating activities |
11,666 |
|
|
|
10,260 |
|
|
26,979 |
|
|
|
18,536 |
|
|
Cash Flows from Investing Activities |
|
|
|
|
|
|
|
|
Capital
expenditures |
(214 |
) |
|
|
(182 |
) |
|
(610 |
) |
|
|
(1,160 |
) |
|
Business
acquisitions |
— |
|
|
|
— |
|
|
(14,154 |
) |
|
|
— |
|
|
Internal
software development costs |
(613 |
) |
|
|
(451 |
) |
|
(2,146 |
) |
|
|
(2,185 |
) |
|
Restricted
cash |
— |
|
|
|
(866 |
) |
|
— |
|
|
|
(766 |
) |
|
Other
investing activities |
193 |
|
|
|
53 |
|
|
1,061 |
|
|
|
(26 |
) |
|
Net cash used in investing
activities |
(634 |
) |
|
|
(1,446 |
) |
|
(15,849 |
) |
|
|
(4,137 |
) |
|
Cash Flows from Financing Activities |
|
|
|
|
|
|
|
|
Proceeds
from exercise of common stock options |
7,863 |
|
|
|
— |
|
|
11,028 |
|
|
|
— |
|
|
Payment of withholding taxes related to release of restricted
stock, net of share settlement |
(1,372 |
) |
|
|
(253 |
) |
|
(6,487 |
) |
|
|
(1,018 |
) |
|
Repurchases
of common stock |
— |
|
|
|
(721 |
) |
|
(647 |
) |
|
|
(2,487 |
) |
|
Repayment
of revolving loan facility |
— |
|
|
|
— |
|
|
— |
|
|
|
(15,000 |
) |
|
Net cash provided by (used
in) financing activities |
6,491 |
|
|
|
(974 |
) |
|
3,894 |
|
|
|
(18,505 |
) |
|
Effect of
exchange rate changes on cash and cash equivalents |
88 |
|
|
|
(13 |
) |
|
105 |
|
|
|
(33 |
) |
|
Net
increase (decrease) in cash and cash equivalents |
17,611 |
|
|
|
7,827 |
|
|
15,129 |
|
|
|
(4,139 |
) |
|
Cash and
cash equivalents at beginning of period |
47,089 |
|
|
|
41,744 |
|
|
49,571 |
|
|
|
53,710 |
|
|
Cash and
cash equivalents at end of period |
64,700 |
|
|
|
49,571 |
|
|
64,700 |
|
|
|
49,571 |
|
|
QUINSTREET, INC. |
RECONCILIATION OF NET INCOME (LOSS)
TO |
ADJUSTED NET INCOME |
(In thousands, except
per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
June 30, |
|
June 30, |
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
Net income (loss) |
$ |
5,421 |
|
|
$ |
(1,368 |
) |
|
$ |
15,930 |
|
|
$ |
(12,208 |
) |
Amortization of intangible assets |
|
803 |
|
|
|
1,196 |
|
|
|
3,515 |
|
|
|
6,215 |
|
Stock-based compensation |
|
2,565 |
|
|
|
2,072 |
|
|
|
10,182 |
|
|
|
8,856 |
|
Restructuring |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,441 |
|
Acquisition costs |
|
31 |
|
|
|
— |
|
|
|
667 |
|
|
|
— |
|
Material
weakness related expense |
|
35 |
|
|
|
— |
|
|
|
563 |
|
|
|
— |
|
Shareholder litigation expense |
|
16 |
|
|
|
— |
|
|
|
16 |
|
|
|
— |
|
Contingent consideration adjustment |
|
(152 |
) |
|
|
— |
|
|
|
(152 |
) |
|
|
— |
|
Impairment of investment |
|
— |
|
|
|
2,500 |
|
|
|
— |
|
|
|
2,500 |
|
Tax
impact after non-GAAP items |
|
(1,831 |
) |
|
|
(1,584 |
) |
|
|
(8,464 |
) |
|
|
(2,809 |
) |
Adjusted net
income |
$ |
6,888 |
|
|
$ |
2,816 |
|
|
$ |
22,257 |
|
|
$ |
4,995 |
|
|
|
|
|
|
|
|
|
Adjusted diluted net
income per share |
$ |
0.13 |
|
|
$ |
0.06 |
|
|
$ |
0.45 |
|
|
$ |
0.11 |
|
|
|
|
|
|
|
|
|
Weighted
average shares used in computing adjusted diluted net income
per share |
|
51,886 |
|
|
|
45,946 |
|
|
|
49,872 |
|
|
|
45,594 |
|
QUINSTREET, INC. |
RECONCILIATION OF NET INCOME (LOSS)
TO |
ADJUSTED EBITDA |
(In
thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
June 30, |
|
June 30, |
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
Net income (loss) |
$ |
5,421 |
|
|
$ |
(1,368 |
) |
|
$ |
15,930 |
|
|
$ |
(12,208 |
) |
Interest
and other (income) expense, net |
|
119 |
|
|
|
2,653 |
|
|
|
(868 |
) |
|
|
2,624 |
|
Provision
for (benefit from) taxes |
|
488 |
|
|
|
306 |
|
|
|
574 |
|
|
|
(1,080 |
) |
Depreciation and amortization |
|
1,790 |
|
|
|
2,394 |
|
|
|
7,767 |
|
|
|
11,377 |
|
Stock-based compensation |
|
2,565 |
|
|
|
2,072 |
|
|
|
10,182 |
|
|
|
8,856 |
|
Restructuring |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,441 |
|
Acquisition costs |
|
31 |
|
|
|
— |
|
|
|
667 |
|
|
|
— |
|
Material
weakness related expense |
|
35 |
|
|
|
— |
|
|
|
563 |
|
|
|
— |
|
Shareholder litigation expense |
|
16 |
|
|
|
— |
|
|
|
16 |
|
|
|
— |
|
Contingent consideration adjustment |
|
(152 |
) |
|
|
— |
|
|
|
(152 |
) |
|
|
— |
|
Adjusted EBITDA |
$ |
10,313 |
|
|
$ |
6,057 |
|
|
$ |
34,679 |
|
|
$ |
12,010 |
|
QUINSTREET, INC. |
RECONCILIATION OF NET CASH PROVIDED
BY |
OPERATING ACTIVITIES TO FREE CASH
FLOW |
AND NORMALIZED FREE CASH FLOW |
(In
thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
June 30, |
|
June 30, |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
Net cash provided by
operating activities |
|
$ |
11,666 |
|
|
$ |
10,260 |
|
|
$ |
26,979 |
|
|
$ |
18,536 |
|
Capital
expenditures |
|
|
(214 |
) |
|
|
(182 |
) |
|
|
(610 |
) |
|
|
(1,160 |
) |
Internal
software development costs |
|
|
(613 |
) |
|
|
(451 |
) |
|
|
(2,146 |
) |
|
|
(2,185 |
) |
Free cash flow |
|
$ |
10,839 |
|
|
$ |
9,627 |
|
|
$ |
24,223 |
|
|
$ |
15,191 |
|
Changes in operating assets and liabilities |
|
(1,938 |
) |
|
|
(4,435 |
) |
|
|
6,317 |
|
|
|
(7,794 |
) |
Normalized free cash
flow |
|
$ |
8,901 |
|
|
$ |
5,192 |
|
|
$ |
30,540 |
|
|
$ |
7,397 |
|
QuinStreet (NASDAQ:QNST)
Historical Stock Chart
From Jun 2024 to Jul 2024
QuinStreet (NASDAQ:QNST)
Historical Stock Chart
From Jul 2023 to Jul 2024