10-Q
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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 March 31, 2024

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, 12th 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 May 5, 2024: 55,276,803

 


 

 

QUINSTREET, INC.

INDEX

PART I. FINANCIAL INFORMATION

 

 

 

 

 

Item 1. Financial Statements

 

3

 

 

 

Condensed Consolidated Balance Sheets at March 31, 2024 and June 30, 2023

 

3

 

 

 

Condensed Consolidated Statements of Operations for the Three and Nine Months Ended March 31, 2024 and 2023

 

4

 

 

 

Condensed Consolidated Statements of Comprehensive Loss for the Three and Nine Months Ended March 31, 2024 and 2023

 

5

 

 

 

Condensed Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended March 31, 2024 and 2023

 

6

 

 

 

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended March 31, 2024 and 2023

 

8

 

 

 

Notes to Condensed Consolidated Financial Statements

 

9

 

 

 

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

 

21

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

30

 

 

 

Item 4. Controls and Procedures

 

30

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

Item 1. Legal Proceedings

 

31

 

 

 

Item 1A. Risk Factors

 

31

 

 

 

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

 

55

 

 

 

Item 3. Defaults Upon Senior Securities

 

56

 

 

 

Item 4. Mine Safety Disclosures

 

56

 

 

 

Item 5. Other Information

 

56

 

 

 

Item 6. Exhibits

 

57

 

 

 

SIGNATURES

 

58

 

2


 

PART I. FINANCIAL INFORMATION

 

 

ITEM 1. FINANCIAL STATEMENTS

QUINSTREET, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

(Unaudited)

 

 

 

March 31,

 

 

June 30,

 

 

 

2024

 

 

2023

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

39,602

 

 

$

73,677

 

Accounts receivable, net of allowances and reserves of $3,289 and $3,722 as of March 31, 2024 and June 30, 2023, respectively

 

 

99,639

 

 

 

67,748

 

Prepaid expenses and other assets

 

 

7,525

 

 

 

9,779

 

Total current assets

 

 

146,766

 

 

 

151,204

 

Property and equipment, net

 

 

20,633

 

 

 

16,749

 

Operating lease right-of-use assets

 

 

10,923

 

 

 

3,536

 

Goodwill

 

 

125,056

 

 

 

121,141

 

Other intangible assets, net

 

 

40,881

 

 

 

38,700

 

Other assets, noncurrent

 

 

4,992

 

 

 

5,825

 

Total assets

 

$

349,251

 

 

$

337,155

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

40,621

 

 

$

37,926

 

Accrued liabilities

 

 

58,425

 

 

 

44,010

 

Deferred revenue

 

 

185

 

 

 

9

 

Other liabilities

 

 

9,883

 

 

 

7,875

 

Total current liabilities

 

 

109,114

 

 

 

89,820

 

Operating lease liabilities, noncurrent

 

 

8,260

 

 

 

1,261

 

Other liabilities, noncurrent

 

 

16,913

 

 

 

16,273

 

Total liabilities

 

 

134,287

 

 

 

107,354

 

Commitments and contingencies (See Note 10)

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Common stock: $0.001 par value; 100,000,000 shares authorized; 55,274,801 and 54,192,928 shares issued and outstanding as of March 31, 2024 and June 30, 2023

 

 

55

 

 

 

54

 

Additional paid-in capital

 

 

343,424

 

 

 

329,093

 

Accumulated other comprehensive loss

 

 

(268

)

 

 

(266

)

Accumulated deficit

 

 

(128,247

)

 

 

(99,080

)

Total stockholders' equity

 

 

214,964

 

 

 

229,801

 

Total liabilities and stockholders' equity

 

$

349,251

 

 

$

337,155

 

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

 

 

Nine Months Ended

 

 

 

March 31,

 

 

March 31,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net revenue

 

$

168,587

 

 

$

172,671

 

 

$

415,193

 

 

$

450,312

 

Cost of revenue (1)

 

 

154,276

 

 

 

155,633

 

 

 

386,380

 

 

 

412,388

 

Gross profit

 

 

14,311

 

 

 

17,038

 

 

 

28,813

 

 

 

37,924

 

Operating expenses: (1)

 

 

 

 

 

 

 

 

 

 

 

 

Product development

 

 

7,549

 

 

 

7,832

 

 

 

22,457

 

 

 

21,832

 

Sales and marketing

 

 

3,626

 

 

 

3,385

 

 

 

10,076

 

 

 

9,651

 

General and administrative

 

 

8,468

 

 

 

7,230

 

 

 

22,906

 

 

 

21,919

 

Operating loss

 

 

(5,332

)

 

 

(1,409

)

 

 

(26,626

)

 

 

(15,478

)

Interest income

 

 

49

 

 

 

46

 

 

 

381

 

 

 

65

 

Interest expense

 

 

(293

)

 

 

(187

)

 

 

(515

)

 

 

(626

)

Other expense

 

 

(2,028

)

 

 

(12

)

 

 

(1,961

)

 

 

(44

)

Loss before income taxes

 

 

(7,604

)

 

 

(1,562

)

 

 

(28,721

)

 

 

(16,083

)

Benefit from (provision for) income taxes

 

 

556

 

 

 

1,083

 

 

 

(446

)

 

 

3,108

 

Net loss

 

$

(7,048

)

 

$

(479

)

 

$

(29,167

)

 

$

(12,975

)

Net loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.13

)

 

$

(0.01

)

 

$

(0.53

)

 

$

(0.24

)

Diluted

 

$

(0.13

)

 

$

(0.01

)

 

$

(0.53

)

 

$

(0.24

)

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

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

55,065

 

 

 

53,950

 

 

 

54,764

 

 

 

53,668

 

Diluted

 

 

55,065

 

 

 

53,950

 

 

 

54,764

 

 

 

53,668

 

(1)
Cost of revenue and operating expenses include stock-based compensation expense as follows:

 

Cost of revenue

 

$

2,203

 

 

$

2,006

 

 

$

6,483

 

 

$

6,238

 

Product development

 

 

789

 

 

 

695

 

 

 

2,399

 

 

 

2,225

 

Sales and marketing

 

 

794

 

 

 

660

 

 

 

2,157

 

 

 

1,970

 

General and administrative

 

 

2,948

 

 

 

1,947

 

 

 

7,038

 

 

 

5,622

 

 

See notes to condensed consolidated financial statements

4


 

QUINSTREET, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

March 31,

 

 

March 31,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net loss

$

(7,048

)

 

$

(479

)

 

$

(29,167

)

 

$

(12,975

)

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

 

 

 

1

 

 

 

(2

)

 

 

(6

)

Total other comprehensive loss

 

 

 

 

 

1

 

 

 

(2

)

 

 

(6

)

Comprehensive loss

 

$

(7,048

)

 

$

(478

)

 

$

(29,169

)

 

$

(12,981

)

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

 

 

Treasury Stock

 

 

Paid-in

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Equity

 

Balances at December 31, 2023

 

 

54,887,538

 

 

$

55

 

 

 

 

 

$

 

 

$

336,665

 

 

$

(268

)

 

$

(121,199

)

 

$

215,253

 

Issuance of common stock upon exercise of stock options

 

 

28,750

 

 

 

 

 

 

 

 

 

 

 

 

186

 

 

 

 

 

 

 

 

 

186

 

Release of restricted stock, net of share settlement

 

 

181,880

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock under the employee stock purchase plan

 

 

176,633

 

 

 

 

 

 

 

 

 

 

 

 

1,409

 

 

 

 

 

 

 

 

 

1,409

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,734

 

 

 

 

 

 

 

 

 

6,734

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,570

)

 

 

 

 

 

 

 

 

(1,570

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,048

)

 

 

(7,048

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances at March 31, 2024

 

 

55,274,801

 

 

$

55

 

 

 

 

 

$

 

 

$

343,424

 

 

$

(268

)

 

$

(128,247

)

 

$

214,964

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Treasury Stock

 

 

Paid-in

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Equity

 

Balances at December 31, 2022

 

 

53,804,545

 

 

$

54

 

 

 

 

 

$

 

 

$

322,720

 

 

$

(268

)

 

$

(42,710

)

 

$

279,796

 

Issuance of common stock upon exercise of stock options

 

 

7,366

 

 

 

 

 

 

 

 

 

 

 

 

43

 

 

 

 

 

 

 

 

 

43

 

Release of restricted stock, net of share settlement

 

 

161,334

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock under the employee stock purchase plan

 

 

140,732

 

 

 

 

 

 

 

 

 

 

 

 

1,363

 

 

 

 

 

 

 

 

 

1,363

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,321

 

 

 

 

 

 

 

 

 

5,321

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,518

)

 

 

 

 

 

 

 

 

(1,518

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(479

)

 

 

(479

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

1

 

Balances at March 31, 2023

 

 

54,113,977

 

 

$

54

 

 

 

 

 

$

 

 

$

327,929

 

 

$

(267

)

 

$

(43,189

)

 

$

284,527

 

 

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

 

 

Treasury Stock

 

 

Paid-in

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Equity

 

Balances at June 30, 2023

 

 

54,192,928

 

 

$

54

 

 

 

 

$

 

 

$

329,093

 

 

$

(266

)

 

$

(99,080

)

 

$

229,801

 

Issuance of common stock upon exercise of stock options

 

 

193,886

 

 

 

 

 

 

 

 

 

 

 

 

775

 

 

 

 

 

 

 

 

 

775

 

Release of restricted stock, net of share settlement

 

 

818,211

 

 

 

1

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

Issuance of common stock under the employee stock purchase plan

 

 

317,394

 

 

 

 

 

 

 

 

 

 

 

 

2,573

 

 

 

 

 

 

 

 

 

2,573

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,103

 

 

 

 

 

 

 

 

 

18,103

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,919

)

 

 

 

 

 

 

 

 

(4,919

)

Repurchase of common stock

 

 

 

 

 

 

 

 

(247,618

)

 

 

(2,200

)

 

 

(2,200

)

 

 

 

 

 

 

 

 

(4,400

)

Retirement of treasury stock

 

 

(247,618

)

 

 

 

 

 

247,618

 

 

 

2,200

 

 

 

 

 

 

 

 

 

 

 

 

2,200

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(29,167

)

 

 

(29,167

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

 

 

 

(2

)

Balances at March 31, 2024

 

 

55,274,801

 

 

$

55

 

 

 

 

 

$

 

 

$

343,424

 

 

$

(268

)

 

$

(128,247

)

 

$

214,964

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Treasury Stock

 

 

Paid-in

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Equity

 

Balances at June 30, 2022

 

 

53,356,875

 

 

$

53

 

 

 

 

$

 

 

$

316,422

 

 

$

(261

)

 

$

(30,214

)

 

$

286,000

 

Issuance of common stock upon exercise of stock options

 

 

91,046

 

 

 

 

 

 

 

 

 

 

 

 

519

 

 

 

 

 

 

 

 

 

519

 

Release of restricted stock, net of share settlement

 

 

673,054

 

 

 

1

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

Issuance of common stock under the employee stock purchase plan

 

 

278,646

 

 

 

 

 

 

 

 

 

 

 

 

2,687

 

 

 

 

 

 

 

 

 

2,687

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,096

 

 

 

 

 

 

 

 

 

16,096

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,744

)

 

 

 

 

 

 

 

 

(4,744

)

Repurchase of common stock

 

 

 

 

 

 

 

 

(285,644

)

 

 

(3,050

)

 

 

 

 

 

 

 

 

 

 

 

(3,050

)

Retirement of treasury stock

 

 

(285,644

)

 

 

 

 

 

285,644

 

 

 

3,050

 

 

 

(3,050

)

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12,975

)

 

 

(12,975

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6

)

 

 

 

 

 

(6

)

Balances at March 31, 2023

 

 

54,113,977

 

 

$

54

 

 

 

 

 

$

 

 

$

327,929

 

 

$

(267

)

 

$

(43,189

)

 

$

284,527

 

See notes to condensed consolidated financial statements

7


 

QUINSTREET, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

Nine Months Ended

 

 

 

March 31,

 

 

 

2024

 

 

2023

 

Cash Flows from Operating Activities

 

 

 

 

 

 

Net loss

 

$

(29,167

)

 

$

(12,975

)

Adjustments to reconcile net loss to net cash (used in) provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

17,276

 

 

 

14,004

 

Impairment of investment

 

 

2,000

 

 

 

-

 

Provision for sales returns and doubtful accounts receivable

 

 

708

 

 

 

898

 

Stock-based compensation

 

 

18,063

 

 

 

16,055

 

Non-cash lease expense

 

 

(559

)

 

 

(822

)

Deferred income taxes

 

 

187

 

 

 

(3,260

)

Other adjustments, net

 

 

(266

)

 

 

(147

)

Changes in assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

(32,599

)

 

 

(25,075

)

Prepaid expenses and other assets

 

 

2,481

 

 

 

(3,826

)

Accounts payable

 

 

2,297

 

 

 

(1,562

)

Accrued liabilities

 

 

14,886

 

 

 

10,920

 

Deferred revenue

 

 

176

 

 

 

(341

)

Net cash (used in) provided by operating activities

 

 

(4,517

)

 

 

(6,131

)

Cash Flows from Investing Activities

 

 

 

 

 

 

Capital expenditures

 

 

(4,173

)

 

 

(2,038

)

Internal software development costs

 

 

(8,903

)

 

 

(8,496

)

Acquisitions, net of cash acquired

 

 

(4,510

)

 

 

-

 

Other investing activities

 

 

(1,500

)

 

 

(120

)

Net cash used in investing activities

 

 

(19,086

)

 

 

(10,654

)

Cash Flows from Financing Activities

 

 

 

 

 

 

Proceeds from exercise of stock options and issuance of common stock under employee stock purchase plan

 

 

3,296

 

 

 

3,206

 

Payment of withholding taxes related to release of restricted stock, net of share settlement

 

 

(4,920

)

 

 

(4,744

)

Post-closing payments and contingent consideration related to acquisitions

 

 

(6,573

)

 

 

(10,408

)

Repurchase of common stock

 

 

(2,288

)

 

 

(4,731

)

Net cash used in financing activities

 

 

(10,485

)

 

 

(16,677

)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

 

13

 

 

 

(14

)

Net decrease in cash, cash equivalents and restricted cash

 

 

(34,075

)

 

 

(33,476

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

73,692

 

 

 

96,453

 

Cash, cash equivalents and restricted cash at end of period

 

$

39,617

 

 

$

62,977

 

Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets

 

 

 

 

 

 

Cash and cash equivalents

 

$

39,602

 

 

$

62,962

 

Restricted cash included in other assets, noncurrent

 

 

15

 

 

 

15

 

Total cash, cash equivalents and restricted cash

 

$

39,617

 

 

$

62,977

 

Supplemental Disclosure of Cash Flow Information

 

 

 

 

 

 

Cash paid for income taxes

 

$

294

 

 

$

166

 

Supplemental Disclosure of Non-cash Investing and Financing Activities

 

 

 

 

 

 

Purchases of property and equipment included in accrued liabilities

 

 

1,455

 

 

 

1,606

 

Post-closing payments unpaid at acquisition date (See Note 6)

 

 

7,161

 

 

 

-

 

Contingent consideration unpaid at acquisition date (see Note 6)

 

 

2,100<