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QuinStreet Reports Strong Second Quarter Fiscal 2019 Financial Results
Reports revenue growth of 19%
Grows adjusted EBITDA 42%
Grows adjusted net income 76%
Delivers record fiscal Q2 revenue
FOSTER CITY, CA February 7, 2019 QuinStreet, Inc. (Nasdaq: QNST), a leader in performance marketplace products and technologies, today announced financial results for the fiscal second quarter ended December 31, 2018.
For the second quarter, the Company reported revenue of $104.1 million, an increase of 19% year-over-year, and GAAP net income of $52.8 million, or $1.07 per share. Second quarter 2019 results include a one-time non-cash benefit from income taxes of $49.4 million due to the release of the valuation allowance previously recorded against a significant portion of the Companys deferred tax assets.
Adjusted net income for the second quarter increased 76% year-over-year to $6.5 million, or $0.12 per share. Adjusted EBITDA increased 42% year-over-year to $9.3 million, or 9% of revenue.
During the second quarter, the Company generated $9.4 million in normalized free cash flow and closed the quarter with $62.4 million in cash and equivalents.
We saw strong demand for our performance marketplace solutions in Fiscal Q2, commented Doug Valenti, QuinStreet CEO. We continued to make good progress on the product, media and diversification initiatives that have been driving our business momentum. QuinStreet serves large client markets where we are delivering increasingly measurable and attractive marketing results due to our superior technologies and strong networks. This is a big long-term opportunity, and we believe that we are still early in our penetration of it.
We continue to expect full fiscal year 2019 revenue to grow in the 15-20% range cited last quarter, and full fiscal year 2019 adjusted EBITDA to expand to about 10% of revenue, concluded Valenti.
Reconciliations of adjusted net income to GAAP income before taxes, adjusted EBITDA to GAAP net income and normalized free cash flow to net cash provided by operating activities are included in the accompanying tables.
Conference Call Today at 2:00 p.m. PT
The Company will host a conference call and corresponding live webcast at 2:00 p.m. PT.
To access the conference call in the US dial +1(877) 260-1479 or +1(334) 323-0522 for international callers. A replay of the conference call will be available beginning approximately two hours after the completion of the call by entering https://event.mymeetingroom.com/Public/WebRegistration/Y29uZmVyZW5jZUlkPTI5OTMzNjImdHlwZT1yZXBsYXkmbGFuZ3VhZ2U9ZW5nbGlzaA, registering your name and using passcode #2993362 to join. The webcast of the conference will be available live and via replay on the investor relations section of the Companys website at http://investor.quinstreet.com.
The following information was filed by Quinstreet, Inc (QNST) on Thursday, February 7, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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