QUINSTREET, INC

Previous wording

Our financial services client vertical represented 75% and 74% of net revenue for the three and six months ended December 31, 2025, and 78% and 77% of net revenue for the three and six months ended December 31, 2024. Our home services client vertical represented 25% and 26% of net revenue for the three and six months ended December 31, 2025, and 22% and 23% for the three and six months ended December 31, 2024. We generated the majority of our revenue from sales to clients in the United States.

Current wording

Our financial services client vertical represented 67% and 71% of net revenue for the three and nine months ended March 31, 2026, and 74% and 76% of net revenue for the three and nine months ended March 31, 2025. Our home services client vertical represented 33% and 29% of net revenue for the three and nine months ended March 31, 2026, and 26% and 24% for the three and nine months ended March 31, 2025. We generated the majority of our revenue from sales to clients in the United States.

Previous wording

One client in our financial services client vertical accounted for 22% of net revenue for the three months ended December 31, 2025, and 21% of net revenue for the six months ended December 31, 2025. Two clients in our financial services client vertical accounted for 23% and 18% of our net revenue for the three months ended December 31, 2024, and 21% and 16% of our net revenue for the six months ended December 31, 2024.

Current wording

One client in our financial services client vertical accounted for 24% of net revenue for the three months ended March 31, 2026, and 22% of net revenue for the nine months ended March 31, 2026. One client in our financial services client vertical accounted for 27% of our net revenue for the three months ended March 31, 2025, and two clients accounted for 23% and 13% of our net revenue for the nine months ended March 31, 2025.

Previous wording

Interest and other (expense) income, net, consists primarily of interest expense, interest income, and other income and expense. Interest expense is related to imputed interest on post-closing payments related to our acquisitions. We have no borrowing agreements outstanding as of December 31, 2025. Borrowings under our new credit facility and related interest expense could increase (or decrease) as we continue to implement our acquisition strategy and draw down, or repay on the facility, or if our interest rates increase or decrease due to market factors or our operating performance. Interest income represents interest earned on our cash and cash equivalents, which may increase or decrease depending on market interest rates and the amounts invested. Other (expense) income, net includes gains and losses on foreign currency exchange, and other non-operating items.

Current wording

Interest and other (expense) income, net, consists primarily of interest expense, interest income, and other income and expense. Interest expense is related to imputed interest on post-closing payments related to our acquisitions, and interest and fees related to our credit facility. Borrowings under our credit facility and related interest expense could increase (or decrease) as we continue to implement our acquisition strategy and draw down, or repay on the facility, or if our interest rates increase or decrease due to market factors or our operating performance. Interest income represents interest earned on our cash and cash equivalents, which may increase or decrease depending on market interest rates and the amounts invested. Other (expense) income, net includes gains and losses on foreign currency exchange, and other non-operating items.

Previous wording

We are subject to tax in the United States as well as other tax jurisdictions or countries in which we conduct business. Earnings from our limited non-U.S. activities are subject to local country income tax and may be subject to U.S. income tax.

Current wording

We are subject to tax in the United States as well as other tax jurisdictions or countries in which we conduct business. Earnings from our non-U.S. activities are subject to local country income tax and may be subject to U.S. income tax.

Previous wording

Net revenue increased by $11.9 million, or 2%, for the six months ended December 31, 2025 compared to the six months ended December 31, 2024. Revenue from our home services client vertical increased by $18.4 million, or 14%, primarily as a result of increased client budgets and successful execution of growth initiatives. Revenue from our financial services client vertical decreased by $6.6 million, or 2%, primarily due to a decrease in revenue in our insurance business of $5.5 million and credit-driven businesses including credit cards and personal loans of $4.8 million, offset by our banking business of $3.8 million.

Current wording

Net revenue increased by $76.3 million, or 28%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. Revenue from our home services client vertical increased by $44.2 million, or 63%, primarily as a result of the acquisition of HomeBuddy which contributed $39.1 million in net revenue for the three months ended March 31, 2026, in addition to increased client budgets, and successful execution of growth initiatives. Revenue from our financial services client vertical increased by $32.1 million, or 16%, primarily due to an increase in revenue in our insurance business of $38.2 million, attributable to higher demand from a broad base of carrier clients, offset by a decrease in our other financial services client verticals of $6.1 million.

Previous wording

Net revenue increased by $5.2 million, or 2%, for the three months ended December 31, 2025 compared to the three months ended December 31, 2024. Revenue from our home services client vertical increased by $8.4 million, or 13%, primarily as a result of increased client budgets and successful execution of growth initiatives. Revenue from our financial services client vertical decreased by $3.1 million, or 1%, primarily due to a decrease in revenue in our insurance business of $7.3 million, offset by an increase in revenue in our credit-driven businesses including credit cards and personal loans of $4.0 million.

Current wording

Net revenue increased by $88.2 million, or 11%, for the nine months ended March 31, 2026 compared to the nine months ended March 31, 2025. Revenue from our home services client vertical increased by $62.6 million, or 31%, primarily as a result of the acquisition of HomeBuddy which contributed $39.1 million in net revenue for the nine months ended March 31, 2026, in addition to increased client budgets, and successful execution of growth initiatives. Revenue from our financial services client vertical increased by $25.5 million, or 4%, primarily due to an increase in revenue in our insurance business of $32.8 million, attributable to higher demand from a broad base of carrier clients, offset by a decrease in our credit-driven businesses including credit cards and personal loans of $5.1 million.

Previous wording

Cost of revenue increased by $4.3 million, or 2%, for the three months ended December 31, 2025 compared to the three months ended December 31, 2024, primarily driven by increased media and marketing costs of $6.1 million due to higher revenue volumes and investments into new owned and operated media sources, offset by decreased amortization expense of $1.3 million. Gross profit margin, which is the difference between net revenue and cost of revenue as percentage of net revenue, was 10% and 9% for the three months ended December 31, 2025 and 2024.

Current wording

Cost of revenue increased by $62.8 million, or 26%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily driven by increased media and marketing costs of $62.0 million due to higher revenue volumes, and increased personnel cost of $1.3 million, offset by decreased amortization expense of $1.2 million. Gross profit margin, which is the difference between net revenue and cost of revenue as percentage of net revenue, was 12% and 10% for the three months ended March 31, 2026 and 2025. The increase in gross profit margin was attributable to a decrease in personnel cost and depreciation cost as a percentage of net revenue, offset by an increase in media and marketing costs as a percentage of net revenue.

Previous wording

Cost of revenue increased by $12.4 million, or 2%, for the six months ended December 31, 2025 compared to the six months ended December 31, 2024, primarily driven by increased media and marketing costs of $14.7 million due to higher revenue volumes and investments into new owned and operated media sources, offset by decreased amortization expense of $1.9 million. Gross profit margin, which is the difference between net revenue and cost of revenue as a percentage of net revenue, was 10% for both the six months ended December 31, 2025 and 2024.

Current wording

Cost of revenue increased by $75.2 million, or 10%, for the nine months ended March 31, 2026 compared to the nine months ended March 31, 2025, primarily driven by increased media and marketing costs of $76.7 million due to higher revenue volumes and investments into new owned and operated media sources, and increased personnel cost of $1.7 million, offset by decreased amortization expense of $3.1 million. Gross profit margin, which is the difference between net revenue and cost of revenue as a percentage of net revenue, was 10% for both the nine months ended March 31, 2026 and 2025.

Previous wording

General and administrative expenses decreased by $1.1 million, or 8%, for the three months ended December 31, 2025 compared to the three months ended December 31, 2024, primarily due to the difference in the increase in the fair value of contingent consideration of $2.2 million, offset by an increase in professional fees of $1.9 million primarily related to our acquisition of Homebuddy.

Current wording

General and administrative expenses decreased by $4.8 million, or 12%, for the nine months ended March 31, 2026 compared to the nine months ended March 31, 2025. The decrease was primarily driven by a lower increase in the fair value of contingent consideration compared to the prior year period of $7.5 million and decreased personnel costs of $1.3 million, offset by higher professional fees of $5.1 million primarily related to the HomeBuddy acquisition.

Previous wording

We recorded a benefit from income taxes of $48.9 million and $48.7 million for the three and six months ended December 31, 2025, and a benefit from income taxes of $45 thousand and $94 thousand for the three and six months ended December 31, 2024.

Current wording

We recorded a provision for income taxes of $0.8 million and benefit from income taxes of $47.9 million for the three and nine months ended March 31, 2026, and a provision for income taxes of $0.5 million and $0.4 million for the three and nine months ended March 31, 2025.

Previous wording

As of December 31, 2025, we determined that sufficient positive evidence existed to conclude that substantially all of our valuation allowance was no longer needed and that it is more likely than not that we would be able to utilize the majority of the deferred tax assets. Accordingly, we recorded a net benefit from income taxes of $48.9 million and $48.7 million for the three and six months ended December 31, 2025 primarily related to the release of the valuation allowance for the majority of our federal and state deferred tax assets of $61.8 million.

Current wording

As of the second quarter of fiscal year 2026, we determined that sufficient positive evidence existed to conclude that substantially all of our valuation allowance was no longer needed and that it is more likely than not that we would be able to utilize the majority of the deferred tax assets. Accordingly, we recorded a net benefit from income taxes of $47.9 million for the nine months ended March 31, 2026 primarily related to the release of the valuation allowance for the majority of our federal and state deferred tax assets of $61.2 million.

Previous wording

As of December 31, 2025, our principal sources of liquidity consisted of cash and cash equivalents of $107.0 million and cash we expect to generate from future operations. In January 2026, we also entered into a new Financing Agreement that provides for a $150 million revolving credit facility, from which we had drawn $70.0 million as of January 31, 2026. Our cash and cash equivalents are maintained in highly liquid investments with remaining maturities of 90 days or less at the time of purchase. We believe our cash equivalents are liquid and accessible.

Current wording

As of March 31, 2026, our principal sources of liquidity consisted of cash and cash equivalents of $102.0 million, cash we expect to generate from future operations, and our $150.0 million Revolving Credit Facility, from which we have drawn $70.0 million. Our cash and cash equivalents are maintained in highly liquid investments with remaining maturities of 90 days or less at the time of purchase. We believe our cash equivalents are liquid and accessible.

Previous wording

Our short-term and long-term liquidity requirements primarily arise from our working capital requirements, capital expenditures, internal software development costs, repurchases of our common stock, debt service and commitment fees on our $150 million revolving credit facility, and acquisitions from time to time. Our acquisitions also may have deferred purchase price components and contingent consideration which requires us to make a series of payments following the acquisition closing date. For example, on January 2, 2026, the Company completed the acquisition of HomeBuddy, pursuant to which the Company paid $115.0 million in cash (subject to customary adjustments, including adjustments for cash, debt, transaction expenses and net working capital) at closing and is obligated to pay $75.0 million in additional post-closing payments, payable in equal annual installments over a four-year period. Our primary operating cash requirements include the payment of media costs, personnel costs, costs of information technology systems and office facilities. Our ability to fund these requirements will depend on our future cash flows, which are determined, in part, by future operating performance and are, therefore, subject to prevailing global macroeconomic conditions and financial, business and other factors, some of which are beyond our control, and also our ability to access our revolving credit facility. Even though we may not need additional funds to fund anticipated liquidity requirements, we may still elect to obtain additional debt financing, issue additional equity securities or draw down on or increase our borrowing capacity under our current revolving credit facility for other reasons.

Current wording

Our short-term and long-term liquidity requirements primarily arise from our working capital requirements, capital expenditures, internal software development costs, repurchases of our common stock, debt service and commitment fees on our $150.0 million revolving credit facility, and acquisitions from time to time. Our acquisitions also may have deferred purchase price components and contingent consideration which requires us to make a series of payments following the acquisition closing date. For example, on January 2, 2026, we completed the acquisition of HomeBuddy, pursuant to which we paid $114.8 million in cash at closing and is obligated to pay $75.0 million in additional post-closing payments, payable in equal annual installments over a four-year period. Our primary operating cash requirements include the payment of media costs, personnel costs, costs of information technology systems and office facilities. Our ability to fund these requirements will depend on our future cash flows, which are determined, in part, by future operating performance and are, therefore, subject to prevailing global macroeconomic conditions and financial, business and other factors, some of which are beyond our control, and also our ability to access our revolving credit facility. Even though we may not need additional funds to fund anticipated liquidity requirements, we may still elect to obtain additional debt financing, issue additional equity securities or draw down on or increase our borrowing capacity under our current revolving credit facility for other reasons.

Previous wording

In April 2022, our Board of Directors authorized the 2022 Stock Repurchase Program allowing the repurchase of up to $40.0 million worth of common stock. During the six months ended December 31, 2025, the Company repurchased and retired 1,121,745 shares of its common stock at an average price of $14.94 per share, at a total cost of $16.8 million (including a broker commission of $0.03 per share). Repurchases under this program took place in the open market and were made under a Rule 10b5-1 plan. The repurchased shares of common stock were recorded as treasury stock and were accounted for under the cost method. There were no repurchases made during the fiscal year 2025. As of December 31, 2025, the $40.0 million authorized for repurchase under the 2022 Stock Repurchase Program was fully utilized.

Current wording

In April 2022, our Board of Directors authorized the 2022 Stock Repurchase Program allowing the repurchase of up to $40.0 million worth of common stock. During the nine months ended March 31, 2026, we repurchased and retired 1,121,745 shares of our common stock at an average price of $14.94 per share, at a total cost of $16.8 million (including a broker commission of $0.03 per share). Repurchases under this program took place in the open market and were made under a Rule 10b5-1 plan. The repurchased shares of common stock were recorded as treasury stock and were accounted for under the cost method. There were no repurchases made during the fiscal year 2025. As of October 22, 2025, we had fully utilized the $40.0 million authorized for repurchase under the 2022 Stock Repurchase Program.

Previous wording

In October 2025, the Board of Directors authorized the 2025 Stock Repurchase Program allowing the Company to repurchase up to $40.0 million of its outstanding shares of common stock. Repurchases under this program may take place in the open market or in privately negotiated transactions and may be made under a Rule 10b5-1 plan. As of December 31, 2025, no repurchases have been made under this program.

Current wording

In October 2025, the Board of Directors authorized the 2025 Stock Repurchase Program allowing us to repurchase up to $40.0 million of our outstanding shares of common stock. Repurchases under this program may take place in the open market or in privately negotiated transactions and may be made under a Rule 10b5-1 plan. As of March 31, 2026, no repurchases have been made under this program.

Previous wording

Cash flows from operating activities are primarily the result of our net income (loss) adjusted for depreciation and amortization, change in the fair value of contingent consideration, provision for sales returns and doubtful accounts receivable, stock-based compensation expense, non-cash lease expense, deferred income taxes, and changes in working capital components. Cash provided by operating activities was $41.2 million for the six months ended December 31, 2025, compared to cash provided by operating activities of $25.0 million for the six months ended December 31, 2024.

Current wording

Cash flows from operating activities are primarily the result of our net income adjusted for depreciation and amortization, change in the fair value of contingent consideration, provision for sales returns and doubtful accounts receivable, stock-based compensation expense, non-cash lease expense, deferred income taxes, and changes in working capital components. Cash provided by operating activities was $78.2 million for the nine months ended March 31, 2026, compared to $55.1 million for the nine months ended March 31, 2025.

Previous wording

Cash provided by operating activities for the six months ended December 31, 2025 consisted of a net income of $54.8 million and a net increase in cash from changes in working capital of $1.9 million, offset by non-cash adjustments of $15.4 million. The changes in working capital accounts were primarily attributable to an increase in accrued liabilities and accounts payable of $19.7 million, offset by an increase in accounts receivable of $18.3 million. The increases in accrued liabilities, accounts payable, and accounts receivable were primarily due to higher revenue for the six months ended December 31, 2025 as compared to the six months ended December 31, 2024, and timing of receipts and payments. The non-cash adjustments primarily consisted of a one-time non-cash benefit of $48.3 million related to our release of the valuation allowance for the majority of our federal and certain state deferred tax assets, offset by stock-based compensation expense of $18.8 million, and depreciation and amortization expense of $10.7 million.

Current wording

Cash provided by operating activities for the nine months ended March 31, 2026 consisted of a net income of $62.1 million, a net increase in cash from changes in working capital of $13.7 million, and non-cash adjustments of $2.3 million. The changes in working capital accounts were primarily attributable to an increase in accrued liabilities and accounts payable of $56.2 million, offset by an increase in accounts receivable of $44.9 million. These increases were primarily due to higher revenue for the nine months ended March 31, 2026 as compared to the nine months ended March 31, 2025, and timing of receipts and payments. The non-cash adjustments primarily consisted of stock-based compensation expense of $27.2 million, and depreciation and amortization expense of $16.6 million, offset by a one-time non-cash benefit of $47.9 million related to our release of the valuation allowance for the majority of our federal and certain state deferred tax assets.

Previous wording

Cash provided by operating activities for the six months ended December 31, 2024 consisted of a net loss of $2.9 million and a net decrease in cash from changes in working capital of $14.9 million, offset by non-cash adjustments of $42.8 million. The non-cash adjustments primarily consisted of stock-based compensation expense of $17.5 million, depreciation and amortization expense of $12.7 million, change in the fair value of contingent consideration of $11.2 million, and provision for sales return and doubtful accounts receivable of $1.8 million. The changes in working capital accounts were primarily attributable to an increase in accounts receivable of $40.4 million and an increase in prepaid expenses and other assets of $4.3 million, offset by an increase in accrued liabilities of $22.5 million and an increase in accounts payable of $7.2 million. The increases in accounts receivable, and accrued liabilities and accounts payable were primarily due to higher revenue levels for the six months ended December 31, 2024 as compared to the six months ended December 31, 2023, and timing of receipts and payments.

Current wording

Cash provided by operating activities for the nine months ended March 31, 2025 consisted of a net income of $1.5 million and non-cash adjustments of $57.4 million offset by a net decrease in cash from changes in working capital of $3.8 million. The non-cash adjustments primarily consisted of stock-based compensation expense of $24.5 million, depreciation and amortization expense of $18.6 million, change in the fair value of contingent consideration of $12.4 million, and provision for sales return and doubtful accounts receivable of $1.7 million. The changes in working capital accounts were primarily attributable to an increase in accounts receivable of $27.1 million and an increase in prepaid expenses and other assets of $2.5 million, offset by an increase in accrued liabilities of $18.1 million and an increase in accounts payable of $7.7 million. The increases in accounts receivable, and accrued liabilities and accounts payable were primarily due to higher revenue levels for the nine months ended March 31, 2025 as compared to the nine months ended March 31, 2024, and timing of receipts and payments.

Previous wording

Cash flows from investing activities generally include capital expenditures, capitalized internal software development costs, and acquisitions from time to time. Cash used in investing activities was $7.6 million for the six months ended December 31, 2025, compared to $5.4 million for the six months ended December 31, 2024.

Current wording

Cash flows from investing activities generally include capital expenditures, capitalized internal software development costs, and acquisitions from time to time. Cash used in investing activities was $115.0 million for the nine months ended March 31, 2026, compared to $8.4 million for the nine months ended March 31, 2025.

Previous wording

Cash used in investing activities in the six months ended December 31, 2025 was primarily due to internal software development costs of $5.5 million and capital expenditures of $2.1 million.

Current wording

Cash used in investing activities in the nine months ended March 31, 2026 was primarily due to $105.3 million cash paid at the closing of the HomeBuddy acquisition, net of cash acquired, internal software development costs of $8.1 million, and capital expenditures of $2.6 million.

Previous wording

Cash used in investing activities in the six months ended December 31, 2024 was primarily due to internal software development costs and capital expenditures of $5.4 million.

Current wording

Cash used in investing activities in the nine months ended March 31, 2025 was primarily due to internal software development costs and capital expenditures of $6.9 million.

Previous wording

Cash flows from financing activities generally include post-closing payments related to business acquisitions, payment of withholding taxes related to the release of restricted stock, net of share settlement, repurchases of common stock, proceeds from issuance of common stock under employee stock purchase plan and exercise of stock options. Cash used in financing activities was $27.7 million for the six months ended December 31, 2025, compared to $12.3 million for the six months ended December 31, 2024.

Current wording

Cash flows from financing activities generally include post-closing payments related to business acquisitions, payment of withholding taxes related to the release of restricted stock, net of share settlement, repurchases of common stock, proceeds from issuance of common stock under employee stock purchase plan and exercise of stock options. Cash provided by financing activities was $37.8 million for the nine months ended March 31, 2026, compared to cash used in financing activities of $15.4 million for the nine months ended March 31, 2025.

Previous wording

Cash used in financing activities in the six months ended December 31, 2025 was due to repurchase of common stock of $16.8 million, payment of withholding taxes related to the release of restricted stock, net of share settlement of $7.7 million and payment of post-closing payments and contingent consideration related to acquisitions of $4.6 million, offset by proceeds from the issuance of common stock under the employee stock purchase plan of $1.3 million.

Current wording

Cash provided by financing activities in the nine months ended March 31, 2026 was primarily due to the borrowings of $70.0 million under the Revolving Credit Facility and proceeds from the issuance of common stock under the employee stock purchase plan of $3.2 million, offset by repurchase of common stock of $16.8 million, payment of withholding taxes related to the release of restricted stock, net of share settlement of $9.4 million, and post-closing payments and contingent consideration related to acquisitions of $7.3 million.

Previous wording

Cash used in financing activities in the six months ended December 31, 2024 was due to payment of withholding taxes related to the release of restricted stock, net of share settlement of $8.5 million and payment of post-closing payments and contingent consideration related to acquisitions of $5.1 million, offset by proceeds from the issuance of common stock under the employee stock purchase plan of $1.2 million.

Current wording

Cash used in financing activities in the nine months ended March 31, 2025 was due to payment of withholding taxes related to the release of restricted stock, net of share settlement of $11.3 million and payment of post-closing payments and contingent consideration related to acquisitions of $8.0 million, offset by proceeds from the exercise of stock options and issuance of common stock under the employee stock purchase plan of $3.9 million.

Previous wording

As of December 31, 2025, there were no material changes in our contractual obligations as presented in Part II, Item 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for our fiscal year ended June 30, 2025. In January 2026, the Company completed its acquisition of HomeBuddy,which was financed in part with borrowings under our revolving credit facility. No obligations under our revolving credit facility were outstanding as of December 31, 2025.

Current wording

In January 2026, we completed our acquisition of HomeBuddy, which was financed in part with borrowings under our revolving credit facility. As of March 31, 2026, $70.0 million was outstanding and classified as noncurrent debt, as the principal is contractually due on January 2, 2031. As of March 31, 2026, there were no other material changes in our contractual obligations as presented in Part II, Item 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for our fiscal year ended June 30, 2025.

Previous wording

In January 2026, we entered into the Financing Agreement with MUFG Bank, LTD., as administrative agent for the lenders and certain other parties signatory thereto. The Financing Agreement provides for a new $150 million revolving credit facility.

Current wording

In January 2026, we entered into the Financing Agreement with MUFG Bank, LTD., as administrative agent for the lenders and certain other parties signatory thereto. The Financing Agreement provides for a new $150.0 million revolving credit facility.

Previous wording

Interest on the borrowings under the Revolving Credit Facility are payable at interest rates equal to, at our option, either: (a) a SOFR-based rate (subject to a 0.00% per annum floor), plus an applicable margin of up to 2.75% per annum depending on the Consolidated Total Net Leverage Ratio (as defined in the Financing Agreement), or (b) a base rate (subject to a 0.00% per annum floor), plus an applicable margin up to 1.75% per annum depending on the Consolidated Total Net Leverage Ratio (as defined in the Financing Agreement). The Financing Agreement requires us to pay the lenders with commitments under the Revolving Credit Facility an unused commitment fee of up to 0.40% per annum depending on the Consolidated Total Net Leverage Ratio (as defined in the Financing Agreement) on the unused portion of the Revolving Credit Facility.

Current wording

Interest on the borrowings under the Revolving Credit Facility are payable at interest rates equal to, at our option, either: (a) a SOFR-based rate (subject to a 0.00% per annum floor), plus an applicable margin of 2.00% to 2.75% per annum depending on the Consolidated Total Net Leverage Ratio (as defined in the Financing Agreement), or (b) a base rate (subject to a 0.00% per annum floor), plus an applicable margin of 1.00% to 1.75% per annum depending on the Consolidated Total Net Leverage Ratio (as defined in the Financing Agreement). The Financing Agreement requires us to pay the lenders with commitments under the Revolving Credit Facility an unused commitment fee of 0.25% to 0.40% per annum depending on the Consolidated Total Net Leverage Ratio (as defined in the Financing Agreement) on the unused portion of the Revolving Credit Facility.