Business
QuinStreet Reports Fiscal Fourth Quarter and FY2023 Results
Quarterly revenue of $130 million, exceeding outlook Continued strong performance in non-insurance client verticals Continued disciplined margin and expense
About this update from Quinstreet, Inc.
[{"type":"text","content":"\n\nQuarterly revenue of $130 million, exceeding outlook\n\n\n\nContinued strong performance in non-insurance client verticals\n\n\n\nContinued disciplined margin and expense management\n\n\n\nSolidly cash flow positive, strong balance sheet, no bank debt\n\n\n\n FOSTER CITY, Calif.--(BUSINESS WIRE)--\nQuinStreet, 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 fourth quarter and fiscal year ended June 30, 2023.\n\n\nFor the fiscal fourth quarter, the Company reported revenue of $130.3 million, down 11% year-over-year.\n\n\nGAAP net loss for the fiscal fourth quarter was $(55.9) million, or $(1.03) per diluted share. Adjusted net loss for the fiscal fourth quarter was $(0.5) million, or $(0.01) per diluted share.\n\n\nAdjusted EBITDA for the fiscal fourth quarter was $1.8 million.\n\n\nFor full fiscal year 2023, the Company reported revenue of $580.6 million, approximately flat year-over-year.\n\n\nGAAP net loss for fiscal year 2023 was $(68.9) million, or $(1.28) per share. Adjusted net income for fiscal year 2023 was $7.3 million or $0.13 per diluted share.\n\n\nAdjusted EBITDA for fiscal year 2023 was $16.7 million.\n\n\nFor the fiscal fourth quarter, the Company generated $18.0 million in operating cash flow and closed the year with $73.7 million in cash and cash equivalents and no bank debt.\n\n\n“We said last quarter that we would continue to make great progress broadening our footprint and delivering good results in non-insurance client verticals. We did that in fiscal Q4,” commented Doug Valenti, CEO of QuinStreet. “Non-insurance client vertical revenue grew at a strong double-digit rate, and we expect those businesses to grow at strong double-digit rates for the foreseeable future. These are enormous market opportunities. We also said last quarter that we would stay prepared to take full advantage of the return of auto insurance client spending when it comes. Our technology, products, and competitive position in auto insurance have never been better. We expect excellent operating leverage and financial inflection when auto insurance client budgets return. Finally, we said last quarter that we would maintain a strong financial foundation. And we did. Through continued margin and expense dis...