Business
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 -
About this update from Quinstreet, Inc.
[{"type":"text","content":"- FYQ2 Revenue of $125MM, down 7% YoY on lower insurance client spending\n - Insurance spending bounced back strongly in January, but remains volatile\n - Non-Insurance revenue grew 36% YoY in FYQ2, strength expected to continue\n - QRP revenue is now expected to exceed $1MM per month by June\n\n\nFOSTER CITY, Calif., Feb. 8, 2022 /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 second quarter ended December 31, 2021.\nFor the fiscal second quarter, the Company reported revenue of $125.3 million. Revenue declined 7% year-over-year.\nGAAP 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. \nAdjusted EBITDA for the fiscal second quarter was $5.6 million.\nThe 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. \n\"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.\"\n\"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.\"\nConference Call Today at 2:00 p.m. PT\nThe Company will host a conference call and corresponding live webcast at 2:00 p.m. PT. To access the conference call dial +1 877-61...