Business
QuinStreet Reports Fourth Quarter and Fiscal Year 2020 Financial Results
FOSTER CITY, Calif., Aug. 5, 2020 /PRNewswire/ -- QuinStreet, Inc. (Nasdaq: QNST), a leader in performance marketplace products and technologies, today
About this update from Quinstreet, Inc.
[{"type":"text","content":"FOSTER CITY, Calif., Aug. 5, 2020 /PRNewswire/ -- QuinStreet, Inc. (Nasdaq: QNST), a leader in performance marketplace products and technologies, today announced financial results for the fourth quarter and fiscal year ended June 30, 2020. \nFor the fourth quarter, the Company reported revenue of $117.0 million. Revenue excluding divested businesses increased 3% year-over-year. \nGAAP net income for the fourth quarter was $1.5 million, or $0.03 per diluted share, and adjusted net income was $7.4 million, or $0.14 per diluted share. \nAdjusted EBITDA for the fourth quarter was $8.4 million, or 7% of revenue.\nFor fiscal year 2020, the Company reported record total revenue of $490.3 million. Revenue excluding divested businesses increased 15% year-over-year. \nGAAP net income for the fiscal year was $18.1 million, or $0.34 per diluted share, and adjusted net income was $26.9 million, or $0.50 per diluted share. \nAdjusted EBITDA in fiscal year 2020 was $36.2 million, or 7% of revenue.\nFor the fiscal year, the Company generated $47.6 million in operating cash flow and closed the year with $107.5 million in cash and equivalents. \n\"Fiscal Q4 was a successful quarter for the Company despite the complexities of dealing with Covid-19's impact on our clients, media and operations,\" commented Doug Valenti, CEO of QuinStreet. \"We delivered better-than-expected results and made excellent progress on strategic and operating initiatives. We are narrowing our focus to our biggest and most attractive opportunities, and have returned functional excellence to our critical Product, Media and Client organizations. Overall, we believe that we are better positioned for long-term growth and performance than we have been in a decade.\"\n\"Revenue excluding divested businesses grew 3% year-over-year, and we delivered adjusted EBITDA of 7%. We also generated strong cash flow, ending the quarter with over $107 million in cash.\"\n\"Results in Auto Insurance and Home Services, our two largest businesses, were particularly strong. Auto Insurance revenue grew 47% year-over-year, and Home Services grew 29%. The strong results in Auto Insurance and Home Services offset weakness in our credit-driven client verticals, Personal Loans and Credit Cards, which continued to be negatively impacted by weak economic and employment conditions. As expected, those bus...