Business
QuinStreet Reports First Quarter Fiscal Year 2022 Results
- Reports record quarterly revenue of $160 million - Grows revenue 15% year-over-year, 25% excluding divested businesses - Delivers at least double-digit
About this update from Quinstreet, Inc.
[{"type":"text","content":"- Reports record quarterly revenue of $160 million\n - Grows revenue 15% year-over-year, 25% excluding divested businesses\n - Delivers at least double-digit revenue growth rates in all client verticals\n - Reports excellent progress on product and growth initiatives\n - Raises full fiscal year outlook\n\n\nFOSTER CITY, Calif., Nov. 3, 2021 /PRNewswire/ -- 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 first quarter ended September 30, 2021.\nFor the fiscal first quarter, the Company reported revenue of $159.6 million. Revenue grew 15% year-over-year. Revenue excluding divested businesses grew 25% year-over-year. \nGAAP net income for the fiscal first quarter was $3.1 million, or $0.06 per diluted share. Adjusted net income was $9.4 million, or $0.17 per diluted share. \nAdjusted EBITDA for the fiscal first quarter was $13.4 million.\nThe Company generated $5.8 million in operating cash flow and $11.4 million in normalized free cash flow in the fiscal first quarter, and closed the quarter with $105.9 million in cash and equivalents. \n\"We delivered good results again in the September quarter due to strong momentum and execution in our client verticals. Revenue in all client verticals grew at double-digit rates or better year-over-year, including in auto insurance,\" commented Doug Valenti, QuinStreet CEO. \"We also continued to invest and made excellent progress on key technology, product and growth initiatives. Our outlook for the business remains strongly positive.\"\n\"We are raising our outlook for full fiscal year 2022. We now expect revenue to be between $650 million and $670 million, and adjusted EBITDA to be between $65 million and $67 million. The raise is driven by specific indications from auto insurance clients of budget increases in the January to June period, stronger than expected momentum in our credit-driven client verticals, and acceleration of growth initiatives across the business, including QRP. Our outlook fully reflects the expected impact on auto insurance client marketing budgets from increased claim costs. For the December quarter, our fiscal Q2, we expect revenue to be between $130 million and $135 million, and adjusted EBITDA to be between $7 million and $8...