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Quinstreet, Inc (QNST) SEC Filing 10-Q Quarterly Report for the period ending Friday, December 31, 2021

SEC Filings

Quinstreet, Inc

CIK: 1117297 Ticker: QNST

 

Exhibit 99.1

 

QuinStreet Reports Second Quarter Fiscal Year 2022 Results

 

FYQ2 Revenue of $125MM, down 7% YoY on lower insurance client spending

 

Insurance spending bounced back strongly in January, but remains volatile

 

Non-Insurance revenue grew 36% YoY in FYQ2, strength expected to continue

 

QRP revenue is now expected to exceed $1MM per month by June

 

FOSTER CITY, CA – February 08, 2022

– QuinStreet, Inc. (Nasdaq: QNST), a leader in performance marketplaces and technologies for the financial services and home services industries, today announced financial results for the fiscal second quarter ended December 31, 2021.

 

For the fiscal second quarter, the Company reported revenue of $125.3 million. Revenue declined 7% year-over-year.

 

GAAP net loss for the fiscal second quarter was $5.6 million, or ($0.10) per diluted share. Adjusted net income was $3.2 million, or $0.06 per diluted share.

 

Adjusted EBITDA for the fiscal second quarter was $5.6 million.

 

The Company generated $13.9 million in operating cash flow in the fiscal second quarter and closed the quarter with $115.0 million in cash and equivalents.

 

“Insurance client spending was further impacted in the December quarter by the widely reported effects of increased claim costs,” commented Doug Valenti, QuinStreet CEO. “Insurance spending bounced back strongly in January, but has been more volatile than projected as carriers adapt to a rapidly changing environment for claims and costs. We expect current insurance market volatility to last for approximately three to six more months, and then return to more normal market conditions and increased momentum thereafter. Momentum in non-insurance verticals continues to be strong. We are also seeing good progress with growth initiatives, including QRP. QRP revenue is now expected to exceed $1 million per month by June.”

“We are reducing our outlook for full fiscal year 2022 due to insurance market volatility. We now expect revenue to be between $600 million and $620 million, and adjusted EBITDA to be between $40 million and $45 million. For the March quarter, our fiscal Q3, we expect revenue to be between $155 million and $160 million, and adjusted EBITDA to be between $8 million and $10 million.”

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 dial +1 877-614-0009 (domestic) or +1 313-209-7315 (international callers) using passcode #4351235. A replay of the conference call will be available beginning approximately two hours after the completion of the call by dialing  +1 888-203-1112 (domestic) or +1 719-457-0820 (international callers) and using passcode #4351235. The webcast of the conference call will be available live and via replay on the investor relations section of the Company's website at http://investor.quinstreet.com. 

About QuinStreet

QuinStreet, Inc. (Nasdaq: QNST) is a leader in performance marketplaces and technologies for the financial services and home services industries. QuinStreet is a pioneer in delivering online marketplace solutions to match searchers with brands in digital media, and is committed to providing consumers with the information and tools they need to research, find and select the products and brands that meet their needs.  

 

Non-GAAP Financial Measures and Definitions of Client Verticals

This release and the accompanying tables include a discussion of adjusted EBITDA, adjusted net income, adjusted diluted net income per share and free cash flow and normalized free cash flow, all of which are non-GAAP financial measures that are provided as a complement to results provided in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The term "adjusted EBITDA" refers to a financial measure that we define as net (loss) income less (benefit from) provision for income taxes, depreciation expense, amortization expense, stock-based compensation expense, interest and other expense, net, acquisition and divestiture costs, gain on divestitures of businesses, net, strategic review costs, contingent consideration adjustment, litigation settlement expense, tax settlement expense, and restructuring costs. The term "adjusted net income" refers to a financial measure that we define as net (loss) income adjusted for amortization expense, stock-based compensation expense, acquisition and divestiture costs, gain on divestitures of businesses, net, strategic review costs, contingent consideration adjustment, litigation settlement expense, tax settlement expense, and restructuring costs, net of estimated taxes. The term "adjusted diluted net income per share" refers to a financial measure that we define as adjusted net income divided by weighted average diluted shares outstanding. The term “free cash flow” refers to a financial measure that we define as net cash provided by operating activities, less

 


The following information was filed by Quinstreet, Inc (QNST) on Tuesday, February 8, 2022 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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Inside Quinstreet, Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Loss) (Unaudited)
Condensed Consolidated Statements Of Operations (Parenthetical) (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Condensed Consolidated Statements Of Stockholders' Equity (Unaudited)
Acquisitions
Acquisitions (Tables)
Acquisitions - Additional Information (Detail)
Acquisitions - Schedule Of Consideration (Detail)
Acquisitions - Schedule Of Consideration (Parenthetical) (Detail)
Acquisitions - Summary Of Fair Values Of Identifiable Intangible Assets Acquired And Estimated Useful Lives (Detail)
Acquisitions - Summary Of Final Allocation Of Purchase Price To The Fair Values Of Identifiable Assets Acquired And Liabilities Assumed (Detail)
Acquisitions - Summary Of Final Allocation Of Purchase Price To The Fair Values Of Identifiable Assets Acquired And Liabilities Assumed (Parenthetical) (Detail)
Acquisitions - Summary Of Unaudited Pro Forma Financial Information Combined Results Of Operations (Detail)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Detail)
Divestitures
Divestitures - Additional Information (Detail)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Detail)
Fair Value Measurements - Schedule Of Change In Contingent Consideration (Detail)
Fair Value Measurements - Schedule Of Fair Value Of Financial Instruments Measured At Fair Value On Recurring Basis (Detail)
Goodwill And Intangible Assets, Net
Goodwill And Intangible Assets, Net (Tables)
Goodwill And Intangible Assets, Net - Additional Information (Detail)
Goodwill And Intangible Assets, Net - Amortization Expense (Detail)
Goodwill And Intangible Assets, Net - Changes In Carrying Amount Of Goodwill (Detail)
Goodwill And Intangible Assets, Net - Intangible Assets (Detail)
Income Taxes
Income Taxes - Additional Information (Detail)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Leases - Components Of Lease Expense (Detail)
Leases - Maturities Of Operating Lease Liabilities (Detail)
Leases - Supplemental Information Related To Operating Leases (Detail)
Net (Loss) Income Per Share
Net (Loss) Income Per Share - Calculation Of Basic And Diluted Net (Loss) Income Per Share (Detail)
Net Income Per Share (Tables)
Revenue
Revenue (Tables)
Revenue - Additional Information (Detail)
Revenue - Schedule Of Contract Liabilities From Contracts With Clients (Detail)
Revenue - Schedule Of Disaggregation Of Net Revenue (Detail)
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Detail)
Segment Information - Net Revenue And Long-Lived Assets By Geographic Area (Detail)
Stock Benefit Plans
Stock Benefit Plans (Tables)
Stock Benefit Plans - Additional Information (Detail)
Stock Benefit Plans - Schedule Of Weighted Average Assumptions (Detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Additional Information (Detail)
The Company

Material Contracts, Statements, Certifications & more

Quinstreet, Inc provided additional information to their SEC Filing as exhibits

Ticker: QNST
CIK: 1117297
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-22-004359
Submitted to the SEC: Wed Feb 09 2022 1:24:51 PM EST
Accepted by the SEC: Wed Feb 09 2022
Period: Friday, December 31, 2021
Industry: Business Services

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