Business
QuinStreet Reports Results for Second Quarter Fiscal 2023
Revenue and adjusted EBITDA exceeded outlook in FYQ2 Continued strong performance in Home Services & Credit-driven verticals Insurance revenue up sharply in
About this update from Quinstreet, Inc.
[{"type":"text","content":"\n\nRevenue and adjusted EBITDA exceeded outlook in FYQ2\n\n\nContinued strong performance in Home Services & Credit-driven verticals\n\n\nInsurance revenue up sharply in January, as predicted\n\n\nSolidly adjusted EBITDA positive, strong balance sheet, no bank debt\n\n\nExpect accelerating revenue growth and expanding margins\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 second quarter ended December 31, 2022.\n\nFor the fiscal second quarter, the Company reported revenue of $134 million.\n\nGAAP net loss for the fiscal second quarter was $8.0 million, or ($0.15) per diluted share. Adjusted net loss was $855,000, or ($0.02) per diluted share.\n\nAdjusted EBITDA for the fiscal second quarter was $1.0 million.\n\nFor the fiscal second quarter of 2023, the Company closed the quarter with $79.1 million in cash and equivalents and no bank debt.\n\n“The sharp ‘re-ramp’ of Auto Insurance client spending began in January, as predicted,” commented Doug Valenti, CEO of QuinStreet. “Consumer shopping traffic for auto insurance is also up. QuinStreet revenue and margins are expected to inflect as the renewed strength in Insurance combines with continued momentum in our Home Services and Credit-driven client verticals. We expect record total Company revenue in the current, March quarter, and a significant jump in adjusted EBITDA. We expect record revenue again and a further jump in adjusted EBITDA in the June quarter, defying typical seasonality.\n\n“Looking back at the December quarter, our FYQ2, results were good. Our business model once again demonstrated its resilience. We grew revenue year-over-year and generated positive adjusted EBITDA in our softest seasonal quarter, and despite facing the bottom of the Auto Insurance market and a shifting macroeconomic environment. We also continued our disciplined investment in long-term growth and capabilities during the quarter, as promised. Our commitment to continue to invest in long-term initiatives through the transitory challenges in the Insurance market is paying off. Revenue and margins are rebounding quickly. We expect them to continue to ramp and that our long-term prospects have never been better...