QuinStreet (QNST) 10-Q 10 May 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Mar. 31, 2018	Apr. 30, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Trading Symbol	QNST
Entity Registrant Name	QUINSTREET, INC
Entity Central Index Key	1,117,297
Current Fiscal Year End Date	--06-30
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		47,134,002

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2018	Jun. 30, 2017
Current assets:
Cash and cash equivalents	$ 47,089	$ 49,571
Accounts receivable, net	69,066	44,059
Prepaid expenses and other assets	7,074	6,225
Total current assets	123,229	99,855
Property and equipment, net	4,259	5,613
Goodwill	62,283	56,118
Other intangible assets, net	9,380	4,105
Other assets, noncurrent	7,848	8,617
Total assets	206,999	174,308
Current liabilities:
Accounts payable	30,343	25,205
Accrued liabilities	38,917	26,223
Deferred revenue	555	1,126
Total current liabilities	69,815	52,554
Other liabilities, noncurrent	3,518	3,672
Total liabilities	73,333	56,226
Commitments and contingencies (See Note 9)
Stockholders' equity:
Common stock: $0.001 par value; 100,000,000 shares authorized; 46,982,300 and 45,435,836 shares issued and outstanding at March 31, 2018 and June 30, 2017	47	45
Additional paid-in capital	268,601	263,533
Accumulated other comprehensive loss	(458)	(463)
Accumulated deficit	(134,524)	(145,033)
Total stockholders' equity	133,666	118,082
Total liabilities and stockholders' equity	$ 206,999	$ 174,308

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2018	Jun. 30, 2017
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	46,982,300	45,435,836
Common stock, shares outstanding	46,982,300	45,435,836

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Income Statement [Abstract]
Net revenue		$ 117,925	$ 79,205	$ 292,837	$ 218,253
Cost of revenue	[1]	99,982	69,338	251,161	198,803
Gross profit		17,943	9,867	41,676	19,450
Operating expenses:
Product development	[1]	3,686	3,147	10,375	10,415
Sales and marketing	[1]	2,789	2,243	7,833	7,001
General and administrative	[1]	4,889	4,023	13,860	11,848
Restructuring charges	[1]	0	38	0	2,441
Operating income (loss)		6,579	416	9,608	(12,255)
Interest income		45	42	118	99
Interest expense		0	(31)	0	(322)
Other income, net		583	142	869	252
Income (loss) before taxes		7,207	569	10,595	(12,226)
(Provision for) benefit from taxes		(90)	10	(86)	1,386
Net income (loss)		$ 7,117	$ 579	$ 10,509	$ (10,840)
Net income (loss) per share:
Basic		$ 0.15	$ 0.01	$ 0.23	$ (0.24)
Diluted	[2]	$ 0.14	$ 0.01	$ 0.21	$ (0.24)
Weighted-average shares used in computing net income (loss) per share:
Basic		46,602	45,507	46,047	45,636
Diluted		51,275	45,722	49,201	45,636
[1]	Cost of revenue and operating expenses include stock-based compensation expense as follows: Cost of revenue $1,027 $691 $2,953 $2,390 Product development 495 424 1,455 1,431 Sales and marketing 316 291 921 868 General and administrative 779 671 2,288 2,095 Restructuring charges — — — 42
[2]	Diluted net loss per share for the nine months ended March 31, 2017 does not reflect any potential common stock relating to stock options or restricted stock units due to net losses incurred. The assumed issuance of any additional shares would be anti-dilutive.

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Operations (Parenthetical) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Cost of revenue [Member]
Stock-based compensation	$ 1,027	$ 691	$ 2,953	$ 2,390
Product development [Member]
Stock-based compensation	495	424	1,455	1,431
Sales and marketing [Member]
Stock-based compensation	316	291	921	868
General and administrative [Member]
Stock-based compensation	779	671	2,288	2,095
Restructuring charges [Member]
Stock-based compensation	$ 0	$ 0	$ 0	$ 42

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 7,117	$ 579	$ 10,509	$ (10,840)
Other comprehensive income (loss):
Foreign currency translation adjustment	22	(41)	5	(35)
Total other comprehensive income (loss)	22	(41)	5	(35)
Comprehensive income (loss)	$ 7,139	$ 538	$ 10,514	$ (10,875)

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash Flows from Operating Activities
Net income (loss)	$ 10,509	$ (10,840)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	5,977	8,983
Provision for sales returns and doubtful accounts receivable	381	109
Stock-based compensation	7,617	6,826
Other adjustments, net	(916)	(161)
Changes in assets and liabilities:
Accounts receivable	(25,388)	4,002
Prepaid expenses and other assets	(29)	73
Accounts payable	5,241	1,109
Accrued liabilities	12,646	(1,277)
Deferred revenue	(571)	(160)
Other liabilities, noncurrent	(154)	(388)
Net cash provided by operating activities	15,313	8,276
Cash Flows from Investing Activities
Capital expenditures	(396)	(978)
Business acquisitions	(14,154)	0
Internal software development costs	(1,533)	(1,734)
Other investing activities	868	21
Net cash used in investing activities	(15,215)	(2,691)
Cash Flows from Financing Activities
Proceeds from exercise of common stock options	3,165	0
Withholding taxes related to release of restricted stock, net of share settlement	(5,115)	(765)
Repurchases of common stock	(647)	(1,766)
Repayment of revolving loan facility	0	(15,000)
Net cash used in financing activities	(2,597)	(17,531)
Effect of exchange rate changes on cash and cash equivalents	17	(20)
Net decrease in cash and cash equivalents	(2,482)	(11,966)
Cash and cash equivalents at beginning of period	49,571	53,710
Cash and cash equivalents at end of period	47,089	41,744
Supplemental Disclosure of Cash Flow Information
Cash paid for interest	0	295
Cash paid for income taxes	$ 234	$ 368

The Company

The Company	9 Months Ended
	Mar. 31, 2018
Organization [Abstract]
The Company	1. The Company QuinStreet, Inc. (the “Company”) is a leader in performance marketing products and technologies. 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, education, home services and business-to-business technology. The corporate headquarters are located in Foster City, California, with additional offices throughout the United States, Brazil and India. While the majority of the Company’s operations and revenue are in North America, the Company has emerging businesses in Brazil and India.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. Unaudited Interim Financial Information The accompanying condensed consolidated financial statements and the notes to the condensed consolidated financial statements as of March 31, 2018 and for the three and nine months ended March 31, 2018 and 2017 are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2017, as filed with the SEC on September 8, 2017. The condensed consolidated balance sheet at June 30, 2017 included herein was derived from the audited financial statements as of that date, but does not include all disclosures, including notes, required by GAAP. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for the fair presentation of the Company’s condensed consolidated balance sheet at March 31, 2018, its condensed consolidated statements of operations for the three and nine months ended March 31, 2018 and 2017, its condensed consolidated statements of comprehensive income (loss) for the three and nine months ended March 31, 2018 and 2017, and its condensed consolidated statements of cash flows for the nine months ended March 31, 2018 and 2017. The results of operations for the three and nine months ended March 31, 2018 are not necessarily indicative of the results to be expected for the fiscal year ending June 30, 2018, or any other future period. Use of Estimates 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, 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. 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. Accounting Policies The significant accounting policies are described in Note 2, Summary of Significant Accounting Policies, to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2017. There have been no significant changes in the accounting policies subsequent to June 30, 2017. Concentrations of Credit Risk The Company had one client that accounted for 22% and 23% of net revenue for the three and nine months ended March 31, 2018 and 20% and 14% of net revenue for the three and nine months ended March 31, 2017. That same client accounted for 14% of net accounts receivable as of both March 31, 2018 and June 30, 2017. One additional client accounted for 10% of net accounts receivable as of March 31, 2018. No other clients accounted for 10% or more of net revenue for the three and nine months ended March 31, 2018 and 2017 or 10% or more of net accounts receivable as of March 31, 2018 and June 30, 2017. Fair Value of Financial Instruments The Company’s financial instruments consist principally of cash equivalents, accounts receivable and accounts payable. The fair value of the Company’s cash equivalents is determined based on quoted prices in active markets for identical assets for its money market funds. The recorded values of the Company’s accounts receivable and accounts payable approximate their current fair values due to the relatively short-term nature of these accounts. Recent Accounting Pronouncements In May 2014, the FASB issued a new accounting standard update on revenue from contracts with clients. The new guidance provides that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In March and April 2016, the FASB amended this standard to clarify implementation guidance on principal versus agent considerations and the identification of performance obligations and licensing. In May 2016, the FASB amended this standard to address improvements to the guidance on collectability, noncash consideration, and completed contracts at transition as well as provide a practical expedient for contract modifications at transition and an accounting policy election related to the presentation of sales taxes and other similar taxes collected from customers. The new standard becomes effective for fiscal years beginning after December 15, 2017, and interim periods within those years with early adoption permitted. The Company does not plan to early adopt, and accordingly, will adopt the new standard effective July 1, 2018. Entities have the option of using either a full retrospective or a modified retrospective approach to adopt the new standard. The Company is continuing to evaluate the overall impact of the new standard on its condensed consolidated financial statements, related disclosures and internal control over financial reporting and has not selected the method of transition. At this time, the Company has not identified any provisions that are expected to have a significant impact on how the Company recognizes revenue and related expenses. In February 2016, the FASB issued a new accounting standard update which replaces ASC 840, “Leases.” The new guidance requires a lessee to recognize on its balance sheet a right-of-use asset representing its right to use the underlying asset for the lease term and a lease liability representing its lease payment obligations. The guidance also requires a lessee to recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term, on a generally straight-line basis. The guidance becomes effective for fiscal years beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. The Company is currently assessing the impact of this new guidance and has not made any decision with respect to the timing of adoption. In March 2016, the FASB issued a new accounting standard update on the accounting for share-based payments. The new guidance simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. The guidance became effective in the current fiscal year and did not have an impact on the Company’s condensed consolidated financial statements. In November 2016, the FASB issued a new accounting standard update on the disclosure of restricted cash on the statement of cash flows. The new guidance requires the statement of cash flows explain the changes during a reporting period of the totals for cash, cash equivalents, restricted cash, and restricted cash equivalents. Additionally, amounts for restricted cash and restricted cash equivalents are to be included with cash and cash equivalents if the cash flow statement includes a reconciliation of the total cash balances for a reporting period. The guidance becomes effective for fiscal years beginning after December 15, 2017, and interim periods within those years, with early application permitted. The adoption of this standard is not expected to have a material impact on the Company’s condensed consolidated financial statements. In January 2017, the FASB issued a new accounting standard update to simplify the measurement of goodwill by eliminating the Step 2 impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. The new guidance requires an entity to compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The new guidance becomes effective for goodwill impairment tests in fiscal years beginning after December 15, 2019, with early adoption permitted. The adoption of this standard is not expected to have an impact on the Company’s condensed consolidated financial statements. In May 2017, the FASB issued a new accounting standard update to amend the scope of modification accounting for share-based payment arrangements. The amendments in the update provide guidance on the types of changes to the terms or conditions of share-based payment awards that would be required to apply modification accounting under ASC 718, Compensation-Stock Compensation. The new guidance becomes effective for fiscal years beginning after December 15, 2017, with early adoption permitted. The adoption of this standard is not expected to have a material impact on the Company’s condensed consolidated financial statements.

Net Income (Loss) per Share

Net Income (Loss) per Share	9 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Net Income (Loss) per Share	3. Net Income (Loss) per Share Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is computed by using the weighted-average number of shares of common stock outstanding, including potential dilutive shares of common stock assuming the dilutive effect of outstanding stock options and restricted stock units using the treasury stock method. The following table presents the calculation of basic and diluted net income (loss) per share: Three Months Ended Nine Months Ended March 31, March 31, 2018 2017 2018 2017 (In (In thousands, except per share data) Numerator: Basic and Diluted: Net income (loss) $ 7,117 $ 579 $ 10,509 $ (10,840 ) Denominator: Basic: Weighted-average shares of common stock used in computing basic net income (loss) per share 46,602 45,507 46,047 45,636 Diluted: Weighted-average shares of common stock used in computing basic net income (loss) per share 46,602 45,507 46,047 45,636 Weighted-average effect of dilutive securities: Stock options 1,967 11 1,138 — Restricted stock units 2,706 204 2,016 — Weighted-average shares of common stock used in computing diluted net income (loss) per share 51,275 45,722 49,201 45,636 Net income (loss) per share: Basic $ 0.15 $ 0.01 $ 0.23 $ (0.24 ) Diluted (1) $ 0.14 $ 0.01 $ 0.21 $ (0.24 ) Securities excluded from weighted-average shares used in computing diluted net income (loss) per share because the effect would have been anti-dilutive: (2) 155 5,237 1,444 6,472 (1) Diluted net loss per share for the nine months ended March 31, 2017 does not reflect any potential common stock relating to stock options or restricted stock units due to net losses incurred. The assumed issuance of any additional shares would be anti-dilutive. (2)

Fair Value Measurements and Cas

Fair Value Measurements and Cash Equivalents	9 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements and Cash Equivalents	4. Fair Value Measurements and Cash Equivalents Fair value is defined as the price that would be received on sale of an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date. The FASB has established a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under the guidance for fair value measurement are described below: Level 1 — Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Pricing inputs are based upon quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. The valuations are based on quoted prices of the underlying security that are readily and regularly available in an active market, and accordingly, a significant degree of judgment is not required. As of March 31, 2018 and June 30, 2017, the Company used Level 1 assumptions for its money market funds. Level 2 — Pricing inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. As of March 31, 2018 and June 30, 2017, the Company did not have any Level 2 financial assets or liabilities. Level 3 — Pricing inputs are generally unobservable for the assets or liabilities and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require management’s judgment or estimation of assumptions that market participants would use in pricing the assets or liabilities. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. As of March 31, 2018 and June 30, 2017, the Company did not have any Level 3 financial assets or liabilities. Cash Equivalents All liquid investments with maturities of three months or less at the date of purchase are classified as cash equivalents on the Company’s condensed consolidated balance sheets. The Company held money market funds of $10.9 million as of March 31, 2018 and $10.3 million as of June 30, 2017 which are classified as cash equivalents.

Prepaid Expenses and Other Asse

Prepaid Expenses and Other Assets	9 Months Ended
	Mar. 31, 2018
Prepaid Expense And Other Assets [Abstract]
Prepaid Expenses and Other Assets	5. Prepaid Expenses and Other Assets During the three months ended December 31, 2015, the Company entered into a 10-year partnership agreement with a large online customer acquisition marketing company focused on the U.S. insurance industry to be their exclusive click monetization partner for the majority of their insurance categories. The agreement included a one-time upfront cash payment of $10.0 million. The payment is being amortized on a straight-line basis over the life of the contract. As of March 31, 2018, the Company has recorded $1.0 million within prepaid expenses and other assets and $6.5 million within other assets, noncurrent on the Company’s condensed consolidated balance sheet. As of June 30, 2017, the Company had recorded $1.0 million within prepaid expenses and other assets and $7.3 million within other assets, noncurrent on the Company’s condensed consolidated balance sheet. Amortization expense was $0.2 million and $0.8 million for both the three and nine months ended March 31, 2018 and 2017.

Acquisitions

Acquisitions	9 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
Acquisitions	6. Acquisitions In November 2017, the Company acquired certain assets relating to the auto insurance, home insurance and mortgage verticals of Katch, LLC, an online performance marketing company, for $14.0 million in cash to broaden its customer and publisher relationships. The asset acquisition was accounted for as a business combination. The results of the acquired assets of Katch, LLC have been included in the Company’s condensed consolidated financial statements since the acquisition date. The Company allocated the purchase price to identifiable intangible assets acquired based on their estimated fair values. The excess of the purchase price over the aggregate fair value of the identifiable intangible assets acquired was recorded as goodwill and is primarily attributable to synergies the Company expects to achieve related to the acquisition . The goodwill is deductible for tax purposes. The following table summarizes the preliminary allocation of the purchase price and the estimated useful lives of the identifiable intangible assets acquired as of the date of the acquisition (in thousands): Estimated Fair Value Estimated Useful Life Customer/publisher/advertiser relationships $ 4,200 4-7 years Acquired technology and others 3,700 3 years Goodwill 6,100 Indefinite Total $ 14,000 Pro forma financial information has not been presented as the acquisition is not expected to have a material effect on any of the periods presented in the Company’s condensed consolidated statements of operations.

Intangible Assets

Intangible Assets	9 Months Ended
	Mar. 31, 2018
Finite Lived Intangible Assets Net [Abstract]
Intangible Assets	7. Intangible Assets Intangible assets, net, consisted of the following (in thousands): March 31, 2018 June 30, 2017 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying Amount Amortization Amount Amount Amortization Amount Customer/publisher/advertiser relationships $ 41,109 $ (37,069 ) $ 4,040 $ 36,908 $ (36,689 ) $ 219 Content 61,006 (60,975 ) 31 61,521 (60,629 ) 892 Website/trade/domain names 31,112 (29,179 ) 1,933 31,287 (28,723 ) 2,564 Acquired technology and others 40,430 (37,054 ) 3,376 36,733 (36,303 ) 430 Total $ 173,657 $ (164,277 ) $ 9,380 $ 166,449 $ (162,344 ) $ 4,105 Amortization of intangible assets was $0.9 million and $2.7 million for the three and nine months ended March 31, 2018 and $1.4 million and $5.0 million for the three and nine months ended March 31, 2017. Future amortization expense for the Company’s intangible assets as of March 31, 2018 was as follows (in thousands): Fiscal Year Ending June 30, Amortization 2018 (remaining three months) $ 796 2019 2,918 2020 2,814 2021 1,491 2022 533 Thereafter 828 Total $ 9,380

Income Taxes

Income Taxes	9 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	8. Income Taxes The Tax Cuts and Jobs Act (the “Tax Reform Act”) was enacted on December 22, 2017. The Tax Reform Act reduced certain federal corporate income tax rates effective January 1, 2018 and changed certain other provisions. Effective tax rates for the three and nine months ended March 31, 2018 were considered, however due to the Company’s valuation allowance on domestic deferred tax assets and liabilities, there is no material impact to the Company’s condensed consolidated financial statements as a result of the federal tax rate reductions for fiscal year 2018. As a result of the Tax Reform Act, the Company has also considered the impact of the foreign transitions tax and has estimated that no additional provision is necessary. This is a provisional calculation and will be finalized when additional foreign documents are made available. The Company plans to account for any changes in the estimate as a part of the measurement period adjustments in the reporting period such adjustment is made. The Company recorded a valuation allowance against the majority of the Company’s deferred tax assets at the end of fiscal year 2014 and continues to maintain that full valuation allowance as of March 31, 2018 as the Company believes it is not more likely than not that the net deferred tax assets will be fully realizable. No material provision for taxes was recorded for the three and nine months ended March 31, 2018 as the Company has sufficient deferred tax assets to offset taxable income. The Company recorded an immaterial benefit from taxes for the three months ended March 31, 2017. The Company recorded a benefit from taxes of $1.4 million for the nine months ended March 31, 2017 as a result of a tax refund from an amended state tax return filing.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Mar. 31, 2018
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies Leases The Company leases office space under non-cancelable operating leases with various expiration dates through fiscal year 2024. Rent expense was $0.8 million and $2.4 million for the three and nine months ended March 31, 2018 and $0.8 million and $2.5 million for the three and nine months ended March 31, 2017. The Company recognizes rent expense on a straight-line basis over the lease period and accrues for rent expense incurred but not paid. Future annual minimum lease payments under noncancelable operating leases as of March 31, 2018 were as follows (in thousands): Operating Fiscal Year Ending June 30, Leases 2018 (remaining three months) $ 1,000 2019 2,257 2020 2,681 2021 3,513 2022 3,493 Thereafter 4,381 Total $ 17,325 Guarantor Arrangements The Company has agreements whereby it indemnifies its officers and directors for certain events or occurrences while the officer or director is, or was, serving at the Company’s request in such capacity. The term of the indemnification period is for the officer or director’s lifetime. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company has a director and officer insurance policy that limits its exposure and enables the Company to recover a portion of any future amounts under certain circumstances and subject to deductibles and exclusions. As a result of its insurance policy coverage, the Company believes the estimated fair value of these indemnification agreements is not material. Accordingly, the Company had no liabilities recorded for these agreements as of March 31, 2018 and June 30, 2017. In the ordinary course of its business, the Company from time to time enters into standard indemnification provisions in its agreements with its clients. Pursuant to these provisions, the Company may be obligated to indemnify its clients for certain losses suffered or incurred, including losses arising from violations of applicable law by the Company or by its third-party publishers, losses arising from actions or omissions of the Company or its third-party publishers, and for third-party claims that a Company product infringed upon any United States patent, copyright or other intellectual property rights. Where practicable, the Company limits its liabilities under such indemnities. Subject to these limitations, the term of such indemnification provisions is generally coterminous with the corresponding agreements but may extend for the duration of the applicable statute of limitations after termination of the agreement. The potential amount of future payments to defend lawsuits or settle indemnified claims under these indemnification provisions is generally limited and the Company believes the estimated fair value of these indemnity provisions is not material. Accordingly, the Company had no liabilities recorded for these agreements as of March 31, 2018 and June 30, 2017. Lending Commitments In the third quarter of 2018, the Company entered into an unsecured revolving promissory note as a lender, as part of a strategic partnership intended to increase the Company’s presence in the emerging technology career education market. The principal balance at any time cannot exceed $2.5 million and any outstanding principal balance bears interest at 6.00% payable monthly. Repayment of the principal balance can occur without premium or penalty in whole or in part at any time. In the event of an equity offering by the borrower, any outstanding principal balance may be converted to equity securities at the mutual agreement of the Company and borrower. The principal balance and any accrued interest is due on January 1, 2019. No amounts were outstanding as of March 31, 2018. Letters of Credit The Company has a $0.4 million letter of credit agreement with a financial institution that is used as collateral for fidelity bonds placed with an insurance company and a $0.5 million letter of credit agreement with a financial institution that is used as collateral for the Company’s corporate headquarters’ operating lease. The letters of credit automatically renew annually without amendment unless cancelled by the financial institutions within 30 days of the annual expiration date.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Stockholders' Equity	10. Stockholders’ Equity Stock Repurchases In November 2016, the Board of Directors authorized a stock repurchase program to repurchase up to 750,000 outstanding shares of its common stock. Under this program, during the nine months ended March 31, 2018, the Company repurchased and retired 30,977 shares of its common stock at a weighted-average price of $3.99 per share, excluding a broker c total cost of $0.1 million In July 2017, the Board of Directors authorized a stock repurchase program to repurchase up to 905,000 outstanding shares of its common stock. In October 2017, the Board of Directors increased the number of outstanding shares that may be repurchased to 966,000 shares. Under this program, no shares were repurchased during the three months ended March 31, 2018. During the nine months ended March 31, 2018, the Company repurchased and retired 62,364 shares of its common stock at a weighted-average price of $8.36 per share, excluding a broker c total cost of $0.5 million The Company’s

Stock Benefit Plans

Stock Benefit Plans	9 Months Ended
	Mar. 31, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock Benefit Plans	11. Stock Benefit Plans Stock Incentive Plans The Company may grant incentive stock options (“ISOs”), nonstatutory stock options (“NQSOs”), restricted stock, restricted stock units, stock appreciation rights, performance-based stock awards, and other forms of equity compensation, as well as performance cash awards, under its 2010 Equity Incentive Plan (the “2010 Incentive Plan”). The Company may grant NQSOs and restricted stock units to non-employee directors under the 2010 Non-Employee Directors’ Stock Award Plan (the “Directors’ Plan”). To date, the Company has issued only ISOs, NQSOs, restricted stock units, restricted stock units with a market condition that requires that the Company’s stock price achieve a specified price above the grant date stock price before it can be eligible for service vesting conditions and performance-based stock awards under its stock incentive plans. As of March 31, 2018, 18,192,370 shares were reserved and 13,915,013 shares were available for issuance under the 2010 Incentive Plan; 3,989,463 shares were reserved and 1,997,599 shares were available for issuance under the Directors’ Plan. Stock-Based Compensation The Company estimates the fair value of stock options at the date of grant using the Black-Scholes option-pricing model. Options are granted with an exercise price equal to the closing price of the Company’s common stock on the date of grant. The weighted-average Black-Scholes model assumptions for the three and nine months ended March 31, 2018 and 2017 were as follows: Three Months Ended Nine Months Ended March 31, March 31, 2018 2017 2018 2017 Expected term (in years) 4.6 4.5 4.6 4.6 Expected volatility 50 % 46 % 48 % 45 % Expected dividend yield — — — — Risk-free interest rate 2.4 % 1.9 % 1.9 % 1.3 % Grant date fair value $ 4.11 $ 1.44 $ 2.04 $ 1.40 The Company estimates the fair value of restricted stock units with a market condition at the date of the grant using the Monte Carlo simulation model. The weighted-average Monte Carlo simulation model assumptions for the three and nine months ended March 31, 2018 and 2017 were as follows: Three Months Ended Nine Months Ended March 31, March 31, 2018 2017 2018 2017 Expected term (in years) 4.0 4.0 4.0 4.0 Expected volatility 50 % 46 % 49 % 45 % Expected dividend yield — — — — Risk-free interest rate 2.4 % 2.0 % 2.2 % 1.1 % Grant date fair value $ 8.03 $ 3.02 $ 6.69 $ 2.99 The fair value of restricted stock units is determined based on the closing price of the Company’s common stock on the grant date. Compensation expense is amortized net of estimated forfeitures on a straight-line basis over the requisite service period of the stock-based compensation awards.

Segment Information

Segment Information	9 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Segment Information	12. Segment Information Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker, its chief executive officer, reviews financial information presented on a consolidated basis and no expense or operating income is evaluated at a segment level. Given the consolidated level of review by the Company’s chief executive officer, the Company operates as one reportable segment. The following tables set forth net revenue and long-lived assets by geographic area (in thousands): Three Months Ended Nine Months Ended March 31, March 31, 2018 2017 2018 2017 Net revenue: United States $ 115,655 $ 76,863 $ 286,523 $ 213,220 International 2,270 2,342 6,314 5,033 Total net revenue $ 117,925 $ 79,205 $ 292,837 $ 218,253 March 31, June 30, 2018 2017 Property and equipment, net: United States $ 3,884 $ 5,116 International 375 497 Total property and equipment, net $ 4,259 $ 5,613

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany balances and transactions have been eliminated in consolidation.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The accompanying condensed consolidated financial statements and the notes to the condensed consolidated financial statements as of March 31, 2018 and for the three and nine months ended March 31, 2018 and 2017 are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2017, as filed with the SEC on September 8, 2017. The condensed consolidated balance sheet at June 30, 2017 included herein was derived from the audited financial statements as of that date, but does not include all disclosures, including notes, required by GAAP. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for the fair presentation of the Company’s condensed consolidated balance sheet at March 31, 2018, its condensed consolidated statements of operations for the three and nine months ended March 31, 2018 and 2017, its condensed consolidated statements of comprehensive income (loss) for the three and nine months ended March 31, 2018 and 2017, and its condensed consolidated statements of cash flows for the nine months ended March 31, 2018 and 2017. The results of operations for the three and nine months ended March 31, 2018 are not necessarily indicative of the results to be expected for the fiscal year ending June 30, 2018, or any other future period.
Use of Estimates	Use of Estimates 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, 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. 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.
Accounting Policies	Accounting Policies The significant accounting policies are described in Note 2, Summary of Significant Accounting Policies, to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2017. There have been no significant changes in the accounting policies subsequent to June 30, 2017.
Concentrations of Credit Risk	Concentrations of Credit Risk The Company had one client that accounted for 22% and 23% of net revenue for the three and nine months ended March 31, 2018 and 20% and 14% of net revenue for the three and nine months ended March 31, 2017. That same client accounted for 14% of net accounts receivable as of both March 31, 2018 and June 30, 2017. One additional client accounted for 10% of net accounts receivable as of March 31, 2018. No other clients accounted for 10% or more of net revenue for the three and nine months ended March 31, 2018 and 2017 or 10% or more of net accounts receivable as of March 31, 2018 and June 30, 2017.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial instruments consist principally of cash equivalents, accounts receivable and accounts payable. The fair value of the Company’s cash equivalents is determined based on quoted prices in active markets for identical assets for its money market funds. The recorded values of the Company’s accounts receivable and accounts payable approximate their current fair values due to the relatively short-term nature of these accounts.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the FASB issued a new accounting standard update on revenue from contracts with clients. The new guidance provides that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In March and April 2016, the FASB amended this standard to clarify implementation guidance on principal versus agent considerations and the identification of performance obligations and licensing. In May 2016, the FASB amended this standard to address improvements to the guidance on collectability, noncash consideration, and completed contracts at transition as well as provide a practical expedient for contract modifications at transition and an accounting policy election related to the presentation of sales taxes and other similar taxes collected from customers. The new standard becomes effective for fiscal years beginning after December 15, 2017, and interim periods within those years with early adoption permitted. The Company does not plan to early adopt, and accordingly, will adopt the new standard effective July 1, 2018. Entities have the option of using either a full retrospective or a modified retrospective approach to adopt the new standard. The Company is continuing to evaluate the overall impact of the new standard on its condensed consolidated financial statements, related disclosures and internal control over financial reporting and has not selected the method of transition. At this time, the Company has not identified any provisions that are expected to have a significant impact on how the Company recognizes revenue and related expenses. In February 2016, the FASB issued a new accounting standard update which replaces ASC 840, “Leases.” The new guidance requires a lessee to recognize on its balance sheet a right-of-use asset representing its right to use the underlying asset for the lease term and a lease liability representing its lease payment obligations. The guidance also requires a lessee to recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term, on a generally straight-line basis. The guidance becomes effective for fiscal years beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. The Company is currently assessing the impact of this new guidance and has not made any decision with respect to the timing of adoption. In March 2016, the FASB issued a new accounting standard update on the accounting for share-based payments. The new guidance simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. The guidance became effective in the current fiscal year and did not have an impact on the Company’s condensed consolidated financial statements. In November 2016, the FASB issued a new accounting standard update on the disclosure of restricted cash on the statement of cash flows. The new guidance requires the statement of cash flows explain the changes during a reporting period of the totals for cash, cash equivalents, restricted cash, and restricted cash equivalents. Additionally, amounts for restricted cash and restricted cash equivalents are to be included with cash and cash equivalents if the cash flow statement includes a reconciliation of the total cash balances for a reporting period. The guidance becomes effective for fiscal years beginning after December 15, 2017, and interim periods within those years, with early application permitted. The adoption of this standard is not expected to have a material impact on the Company’s condensed consolidated financial statements. In January 2017, the FASB issued a new accounting standard update to simplify the measurement of goodwill by eliminating the Step 2 impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. The new guidance requires an entity to compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The new guidance becomes effective for goodwill impairment tests in fiscal years beginning after December 15, 2019, with early adoption permitted. The adoption of this standard is not expected to have an impact on the Company’s condensed consolidated financial statements. In May 2017, the FASB issued a new accounting standard update to amend the scope of modification accounting for share-based payment arrangements. The amendments in the update provide guidance on the types of changes to the terms or conditions of share-based payment awards that would be required to apply modification accounting under ASC 718, Compensation-Stock Compensation. The new guidance becomes effective for fiscal years beginning after December 15, 2017, with early adoption permitted. The adoption of this standard is not expected to have a material impact on the Company’s condensed consolidated financial statements.
Net Income (Loss) per Share	Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is computed by using the weighted-average number of shares of common stock outstanding, including potential dilutive shares of common stock assuming the dilutive effect of outstanding stock options and restricted stock units using the treasury stock method.
Fair Value Measurements	Fair value is defined as the price that would be received on sale of an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date. The FASB has established a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under the guidance for fair value measurement are described below: Level 1 — Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Pricing inputs are based upon quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. The valuations are based on quoted prices of the underlying security that are readily and regularly available in an active market, and accordingly, a significant degree of judgment is not required. As of March 31, 2018 and June 30, 2017, the Company used Level 1 assumptions for its money market funds. Level 2 — Pricing inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. As of March 31, 2018 and June 30, 2017, the Company did not have any Level 2 financial assets or liabilities. Level 3 — Pricing inputs are generally unobservable for the assets or liabilities and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require management’s judgment or estimation of assumptions that market participants would use in pricing the assets or liabilities. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. As of March 31, 2018 and June 30, 2017, the Company did not have any Level 3 financial assets or liabilities.
Cash Equivalents	Cash Equivalents All liquid investments with maturities of three months or less at the date of purchase are classified as cash equivalents on the Company’s condensed consolidated balance sheets. The Company held money market funds of $10.9 million as of March 31, 2018 and $10.3 million as of June 30, 2017 which are classified as cash equivalents.
Stock Repurchases	The Company’s
Segment Information	Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker, its chief executive officer, reviews financial information presented on a consolidated basis and no expense or operating income is evaluated at a segment level. Given the consolidated level of review by the Company’s chief executive officer, the Company operates as one reportable segment.

Net Income (Loss) per Share (Ta

Net Income (Loss) per Share (Tables)	9 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Calculation of Basic and Diluted Net Income (Loss) per Share	The following table presents the calculation of basic and diluted net income (loss) per share: Three Months Ended Nine Months Ended March 31, March 31, 2018 2017 2018 2017 (In (In thousands, except per share data) Numerator: Basic and Diluted: Net income (loss) $ 7,117 $ 579 $ 10,509 $ (10,840 ) Denominator: Basic: Weighted-average shares of common stock used in computing basic net income (loss) per share 46,602 45,507 46,047 45,636 Diluted: Weighted-average shares of common stock used in computing basic net income (loss) per share 46,602 45,507 46,047 45,636 Weighted-average effect of dilutive securities: Stock options 1,967 11 1,138 — Restricted stock units 2,706 204 2,016 — Weighted-average shares of common stock used in computing diluted net income (loss) per share 51,275 45,722 49,201 45,636 Net income (loss) per share: Basic $ 0.15 $ 0.01 $ 0.23 $ (0.24 ) Diluted (1) $ 0.14 $ 0.01 $ 0.21 $ (0.24 ) Securities excluded from weighted-average shares used in computing diluted net income (loss) per share because the effect would have been anti-dilutive: (2) 155 5,237 1,444 6,472 (1) Diluted net loss per share for the nine months ended March 31, 2017 does not reflect any potential common stock relating to stock options or restricted stock units due to net losses incurred. The assumed issuance of any additional shares would be anti-dilutive. (2)

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
Summary of Preliminary Allocation of Purchase Price and Estimated Useful Lives of the Identifiable Intangible Assets Acquired	The following table summarizes the preliminary allocation of the purchase price and the estimated useful lives of the identifiable intangible assets acquired as of the date of the acquisition (in thousands): Estimated Fair Value Estimated Useful Life Customer/publisher/advertiser relationships $ 4,200 4-7 years Acquired technology and others 3,700 3 years Goodwill 6,100 Indefinite Total $ 14,000

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Mar. 31, 2018
Finite Lived Intangible Assets Net [Abstract]
Intangible Assets	Intangible assets, net, consisted of the following (in thousands): March 31, 2018 June 30, 2017 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying Amount Amortization Amount Amount Amortization Amount Customer/publisher/advertiser relationships $ 41,109 $ (37,069 ) $ 4,040 $ 36,908 $ (36,689 ) $ 219 Content 61,006 (60,975 ) 31 61,521 (60,629 ) 892 Website/trade/domain names 31,112 (29,179 ) 1,933 31,287 (28,723 ) 2,564 Acquired technology and others 40,430 (37,054 ) 3,376 36,733 (36,303 ) 430 Total $ 173,657 $ (164,277 ) $ 9,380 $ 166,449 $ (162,344 ) $ 4,105
Amortization Expense	Future amortization expense for the Company’s intangible assets as of March 31, 2018 was as follows (in thousands): Fiscal Year Ending June 30, Amortization 2018 (remaining three months) $ 796 2019 2,918 2020 2,814 2021 1,491 2022 533 Thereafter 828 Total $ 9,380

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Mar. 31, 2018
Commitments And Contingencies Disclosure [Abstract]
Future Annual Minimum Lease Payments under Noncancelable Operating Leases	Future annual minimum lease payments under noncancelable operating leases as of March 31, 2018 were as follows (in thousands): Operating Fiscal Year Ending June 30, Leases 2018 (remaining three months) $ 1,000 2019 2,257 2020 2,681 2021 3,513 2022 3,493 Thereafter 4,381 Total $ 17,325

Stock Benefit Plans (Tables)

Stock Benefit Plans (Tables)	9 Months Ended
	Mar. 31, 2018
Stock options [Member]
Schedule of Weighted Average Assumptions	The weighted-average Black-Scholes model assumptions for the three and nine months ended March 31, 2018 and 2017 were as follows: Three Months Ended Nine Months Ended March 31, March 31, 2018 2017 2018 2017 Expected term (in years) 4.6 4.5 4.6 4.6 Expected volatility 50 % 46 % 48 % 45 % Expected dividend yield — — — — Risk-free interest rate 2.4 % 1.9 % 1.9 % 1.3 % Grant date fair value $ 4.11 $ 1.44 $ 2.04 $ 1.40
Market-based restricted stock units [Member]
Schedule of Weighted Average Assumptions	The weighted-average Monte Carlo simulation model assumptions for the three and nine months ended March 31, 2018 and 2017 were as follows: Three Months Ended Nine Months Ended March 31, March 31, 2018 2017 2018 2017 Expected term (in years) 4.0 4.0 4.0 4.0 Expected volatility 50 % 46 % 49 % 45 % Expected dividend yield — — — — Risk-free interest rate 2.4 % 2.0 % 2.2 % 1.1 % Grant date fair value $ 8.03 $ 3.02 $ 6.69 $ 2.99

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Net Revenue and Long-Lived Assets by Geographic Area	The following tables set forth net revenue and long-lived assets by geographic area (in thousands): Three Months Ended Nine Months Ended March 31, March 31, 2018 2017 2018 2017 Net revenue: United States $ 115,655 $ 76,863 $ 286,523 $ 213,220 International 2,270 2,342 6,314 5,033 Total net revenue $ 117,925 $ 79,205 $ 292,837 $ 218,253 March 31, June 30, 2018 2017 Property and equipment, net: United States $ 3,884 $ 5,116 International 375 497 Total property and equipment, net $ 4,259 $ 5,613

Summary of Significant Accoun27

Summary of Significant Accounting Policies - Additional Information (Detail) - Client	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Jun. 30, 2017
Summary Of Significant Accounting Policies [Line Items]
Number of other clients that accounted for 10% or more of net revenue	0	0	0	0
Number of other clients that accounted for 10% or more of net accounts receivable			0		0
Customer Concentration Risk [Member] | Net revenue [Member]
Summary Of Significant Accounting Policies [Line Items]
Number of clients that accounted for 10% or more of net revenue	1	1	1	1
Concentration risk percentage accounted by major clients	22.00%	20.00%	23.00%	14.00%
Customer Concentration Risk [Member] | Net accounts receivable [Member] | Customer Two [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage accounted by major clients			14.00%		14.00%
Number of clients that accounted for 10% or more of net accounts receivable			1		1
Customer Concentration Risk [Member] | Net accounts receivable [Member] | Customer One [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage accounted by major clients			10.00%
Number of clients that accounted for 10% or more of net accounts receivable			1

Net Income (Loss) per Share - C

Net Income (Loss) per Share - Calculation of Basic and Diluted Net Income (Loss) per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Basic and Diluted:
Net income (loss)		$ 7,117	$ 579	$ 10,509	$ (10,840)
Basic:
Weighted-average shares of common stock used in computing basic net income (loss) per share		46,602	45,507	46,047	45,636
Diluted:
Weighted-average shares of common stock used in computing basic net income (loss) per share		46,602	45,507	46,047	45,636
Weighted-average effect of dilutive securities:
Weighted-average shares of common stock used in computing diluted net income (loss) per share		51,275	45,722	49,201	45,636
Net income (loss) per share:
Basic		$ 0.15	$ 0.01	$ 0.23	$ (0.24)
Diluted	[1]	$ 0.14	$ 0.01	$ 0.21	$ (0.24)
Securities excluded from weighted-average shares used in computing diluted net income (loss) per share because the effect would have been anti-dilutive:	[2]	155	5,237	1,444	6,472
Stock options [Member]
Weighted-average effect of dilutive securities:
Weighted-average effect of dilutive securities		1,967	11	1,138	0
Restricted stock units [Member]
Weighted-average effect of dilutive securities:
Weighted-average effect of dilutive securities		2,706	204	2,016	0
[1]	Diluted net loss per share for the nine months ended March 31, 2017 does not reflect any potential common stock relating to stock options or restricted stock units due to net losses incurred. The assumed issuance of any additional shares would be anti-dilutive.
[2]	These weighted-shares relate to anti-dilutive stock options and restricted stock units as calculated using the treasury stock method and could be dilutive in the future.

Fair Value Measurements and C29

Fair Value Measurements and Cash Equivalents - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2018	Jun. 30, 2017
Money market funds [Member]
Schedule of Money Market Funds [Line Items]
Cash and cash equivalents	$ 10.9	$ 10.3

Prepaid Expenses and Other As30

Prepaid Expenses and Other Assets - Additional Information (Detail) - Partnership Agreement [Member] - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2015	Mar. 31, 2018	Mar. 31, 2017	Jun. 30, 2017
Prepaid expenses and other assets [Line Items]
Partnership agreement			10 years
Upfront cash payment			$ 10
Prepaid expenses and other assets	$ 1			$ 1		$ 1
Other assets, noncurrent	6.5			6.5		$ 7.3
Amortization expense	$ 0.2	$ 0.2		$ 0.8	$ 0.8

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) $ in Millions	1 Months Ended
	Nov. 30, 2017USD ($)
Katch, LLC [Member]
Business Acquisition [Line Items]
Payments for assets acquired	$ 14

Acquisitions - Summary of Preli

Acquisitions - Summary of Preliminary Allocation of Purchase Price and Estimated Useful Lives of the Identifiable Intangible Assets Acquired (Detail) - USD ($) $ in Thousands	1 Months Ended
	Nov. 30, 2017	Mar. 31, 2018	Jun. 30, 2017
Business Acquisition [Line Items]
Goodwill		$ 62,283	$ 56,118
Katch, LLC [Member]
Business Acquisition [Line Items]
Goodwill	$ 6,100
Total purchase price	14,000
Katch, LLC [Member] | Customer/publisher/advertiser relationships [Member]
Business Acquisition [Line Items]
Estimated Fair Value	$ 4,200
Katch, LLC [Member] | Customer/publisher/advertiser relationships [Member] | Minimum [Member]
Business Acquisition [Line Items]
Estimated Useful Life	4 years
Katch, LLC [Member] | Customer/publisher/advertiser relationships [Member] | Maximum [Member]
Business Acquisition [Line Items]
Estimated Useful Life	7 years
Katch, LLC [Member] | Acquired technology and others [Member]
Business Acquisition [Line Items]
Estimated Fair Value	$ 3,700
Estimated Useful Life	3 years

Intangible Assets - Intangible

Intangible Assets - Intangible Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Jun. 30, 2017
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 173,657	$ 166,449
Accumulated Amortization	(164,277)	(162,344)
Net Carrying Amount	9,380	4,105
Customer/publisher/advertiser relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	41,109	36,908
Accumulated Amortization	(37,069)	(36,689)
Net Carrying Amount	4,040	219
Content [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	61,006	61,521
Accumulated Amortization	(60,975)	(60,629)
Net Carrying Amount	31	892
Website/trade/domain names [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	31,112	31,287
Accumulated Amortization	(29,179)	(28,723)
Net Carrying Amount	1,933	2,564
Acquired technology and others [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	40,430	36,733
Accumulated Amortization	(37,054)	(36,303)
Net Carrying Amount	$ 3,376	$ 430

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Finite Lived Intangible Assets Net [Abstract]
Amortization of intangible assets	$ 0.9	$ 1.4	$ 2.7	$ 5

Intangible Assets - Amortizatio

Intangible Assets - Amortization Expense (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Jun. 30, 2017
Finite Lived Intangible Assets Net [Abstract]
2018 (remaining three months)	$ 796
2,019	2,918
2,020	2,814
2,021	1,491
2,022	533
Thereafter	828
Net Carrying Amount	$ 9,380	$ 4,105

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Income Tax Disclosure [Abstract]
(Provision for) benefit from taxes	$ (90)	$ 10	$ (86)	$ 1,386

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Jun. 30, 2017USD ($)
Commitments And Contingencies [Line Items]
Rent expense for office space	$ 800,000	$ 800,000	$ 2,400,000	$ 2,500,000
Leases expiration year			2,024
Estimated fair value of indemnification agreements	0		$ 0		$ 0
Estimated fair value of indemnity provisions	0		0		$ 0
Letter of credit agreement with a financial institution that is used as collateral for fidelity bonds placed with an insurance company	400,000		400,000
Letter of credit agreement with a financial institution that is used as collateral for the Company's corporate headquarters' operating lease	500,000		$ 500,000
Letters of credit automatically renew annually without amendment on the annual expiration date			30 days
Unsecured Revolving Promissory Note [Member]
Commitments And Contingencies [Line Items]
Promissory note, principal amount	$ 2,500,000		$ 2,500,000
Promissory note, interest rate percentage	0.0600
Investment, frequency of periodic interest receipts	Monthly
Promissory note, outstanding amount	$ 0		$ 0

Commitments and Contingencies38

Commitments and Contingencies - Future Annual Minimum Lease Payments under Noncancelable Operating Leases (Detail) $ in Thousands	Mar. 31, 2018USD ($)
Commitments And Contingencies Disclosure [Abstract]
2018 (remaining three months)	$ 1,000
2,019	2,257
2,020	2,681
2,021	3,513
2,022	3,493
Thereafter	4,381
Total	$ 17,325

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Nov. 30, 2016	Mar. 31, 2018	Mar. 31, 2018	Oct. 31, 2017	Jul. 31, 2017
Equity Class Of Treasury Stock [Line Items]
Stock repurchase program, number of outstanding shares authorized to repurchase	750,000			966,000	905,000
November 2016 Stock Repurchase Program [Member]
Equity Class Of Treasury Stock [Line Items]
Stock repurchase program, number of shares repurchased and retired			30,977
Stock repurchase program, value of shares repurchased			$ 0.1
Stock repurchase program, weighted average price			$ 3.99
Broker commission, per share			$ 0.03
Stock repurchase program, completion date	2017-07
July 2017 Stock Repurchase Program [Member]
Equity Class Of Treasury Stock [Line Items]
Stock repurchase program, number of shares repurchased and retired			62,364
Stock repurchase program, value of shares repurchased		$ 0.5	$ 0.5
Stock repurchase program, weighted average price		$ 8.36	$ 8.36
Broker commission, per share		$ 0.03	$ 0.03
Stock repurchase program, number of shares repurchased		0

Stock Benefit Plans - Additiona

Stock Benefit Plans - Additional Information (Detail)	Mar. 31, 2018shares
2010 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance	18,192,370
Shares available for issuance	13,915,013
Directors' Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance	3,989,463
Shares available for issuance	1,997,599

Stock Benefit Plans - Schedule

Stock Benefit Plans - Schedule of Weighted Average Assumptions (Detail) - $ / shares	3 Months Ended		9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Stock options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	4 years 4 months 24 days	4 years 6 months	4 years 7 months 6 days	4 years 7 months 6 days
Expected volatility	50.00%	46.00%	48.00%	45.00%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Risk-free interest rate	2.40%	1.90%	1.90%	1.30%
Grant date fair value	$ 4.11	$ 1.44	$ 2.04	$ 1.40
Market-based restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	4 years	4 years	4 years	4 years
Expected volatility	50.00%	46.00%	49.00%	45.00%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Risk-free interest rate	2.40%	2.00%	2.20%	1.10%
Grant date fair value	$ 8.03	$ 3.02	$ 6.69	$ 2.99

Segment Information - Additiona

Segment Information - Additional Information (Detail)	9 Months Ended
	Mar. 31, 2018Segment
Segment Reporting [Abstract]
Number of reportable segments	1

Segment Information - Net Reven

Segment Information - Net Revenue and Long-Lived Assets by Geographic Area (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Jun. 30, 2017
Net revenue:
Total net revenue	$ 117,925	$ 79,205	$ 292,837	$ 218,253
Property and equipment, net:
Total property and equipment, net	4,259		4,259		$ 5,613
United States [Member]
Net revenue:
Total net revenue	115,655	76,863	286,523	213,220
Property and equipment, net:
Total property and equipment, net	3,884		3,884		5,116
International [Member]
Net revenue:
Total net revenue	2,270	$ 2,342	6,314	$ 5,033
Property and equipment, net:
Total property and equipment, net	$ 375		$ 375		$ 497