QuinStreet, Inc. (Nasdaq:QNST), a leader in online performance
marketing services and technologies, today announced financial
results for the second quarter ended December 31, 2015.
For the second quarter, the Company reported total
revenue of $65.0 million, adjusted EBITDA of $0.2 million, and GAAP
net loss of $6.1 million, or ($0.13) per share. Adjusted net
loss for the second quarter was $1.5 million, or ($.03) per
share.
The Company closed the second quarter with $50.8
million in cash and $35.8 million in net cash.
“We continued to make good progress with new
products, markets and media during the quarter,” commented Doug
Valenti, QuinStreet CEO. “Education revenue was down in fiscal Q2
due to an exit from the channel by a large U.S. for-profit
education client. Without that change, Company revenue would have
been up 3% year-over-year.”
In a separate release, the Company announced a
partnership to be the exclusive provider of click product
technology and management for All Web Leads (“AWL”), the largest
online customer acquisition marketing company focused on the U.S.
insurance industry and recent acquirer of the Bankrate Insurance
customer acquisition business. QuinStreet made a one-time
exclusivity payment of $10 million to AWL during the second quarter
as a term of the 10-year agreement.
“Our partnership with AWL is expected to
significantly increase revenue in our already fast-growing
Insurance client vertical. Revenue from our Financial Services
client vertical overall is expected to approach 60% of Company
revenue in the second half of the fiscal year. Revenue from
for-profit Education clients is expected to decline to less than
20% of Company revenue in the same period.
“We expect revenue to grow in the March and June
quarters, our fiscal Q3 and Q4, at a double-digit annual rate, and
to result in expansion of adjusted EBITDA margin through top-line
leverage. We also expect revenue to grow by approximately 10% in
fiscal 2016 over 2015,” concluded Valenti.
Reconciliations of adjusted net loss and adjusted
EBITDA to GAAP net loss are included in the accompanying
tables.
Conference Call Today at 1:30 p.m.
PT
QuinStreet will host a conference call and
corresponding live webcast at 1:30 p.m. PT today. To access the
conference call, dial (888) 299.7209 for the U.S. and Canada or +1
(719) 325.2435 for international callers. The webcast will be
available live on the investor relations section of the Company's
website at http://investor.quinstreet.com and via replay beginning
approximately two hours after the completion of the call until the
Company's announcement of its financial results for the next
quarter. An audio replay of the call will also be available to
investors beginning at approximately 5:00 p.m. PT on February 9,
2016 by dialing (888) 203.1112 in the U.S. and Canada or +1 (719)
457.0820 for international callers, using passcode 918969#. This
press release and the financial tables are also available on the
investor relations section of the Company's website at
http://investor.quinstreet.com.
Non-GAAP Financial Measures
This release and the accompanying tables include a
discussion of adjusted EBITDA, adjusted net (loss) income and
adjusted diluted net (loss) income per share, all of which are
non-GAAP financial measures that are provided as a complement to
results provided in accordance with accounting principles generally
accepted in the United States of America ("GAAP"). The term
"adjusted EBITDA" refers to a financial measure that we define as
net loss less provision for taxes, depreciation expense,
amortization expense, stock-based compensation expense, interest
and other (expense) income, net, impairment of goodwill, and
restructuring. The term "adjusted net (loss) income" refers to a
financial measure that we define as net loss adjusted for
amortization expense, stock-based compensation expense,
restructuring expense, impairment of goodwill and tax valuation
allowance, and debt restructuring costs, net of estimated taxes.
The term "adjusted diluted net (loss) income per share" refers to a
financial measure that we define as adjusted net (loss) income
divided by weighted average diluted shares outstanding. These
non-GAAP measures should be considered in addition to results
prepared in accordance with GAAP, but should not be considered a
substitute for, or superior to, GAAP results. In addition, our
definition of adjusted EBITDA, adjusted net (loss) income and
adjusted diluted net (loss) income per share may not be comparable
to the definitions as reported by other companies.
We believe adjusted EBITDA, adjusted net (loss)
income and adjusted diluted net (loss) income per share are
relevant and useful information because they provide us and
investors with additional measurements to analyze the Company's
operating performance.
Adjusted EBITDA is part of our internal management
reporting and planning process and one of the primary measures used
by our management to evaluate the operating performance of our
business, as well as potential acquisitions. Adjusted EBITDA is
useful to us and investors because it provides information related
to the Company's ability to provide cash flow for acquisitions,
capital expenditures and working capital requirements. Internally,
adjusted EBITDA is used by management for planning purposes,
including preparation of internal budgets; to allocate resources;
to evaluate the effectiveness of operational strategies; and to
evaluate the Company's capacity to fund acquisitions and capital
expenditures as well as the capacity to service debt. Adjusted
EBITDA is used as a key financial metric in senior management's
annual incentive compensation program. The Company believes that
analysts and investors use adjusted EBITDA as a supplemental
measurement to evaluate the overall operating performance of
companies in its industry and use adjusted EBITDA multiples as a
metric for analyzing company valuations. It is also an element of
certain maintenance covenants under our debt agreements.
Adjusted net (loss) income and adjusted diluted net
(loss) income per share are useful to us and investors because they
present an additional measurement of our financial performance,
taking into account depreciation, which we believe is an ongoing
cost of doing business, but excluding the impact of certain
non-cash expenses (stock-based compensation, amortization of
intangible assets, impairment of goodwill and tax valuation
allowance) and other non-recurring charges. The Company believes
that analysts and investors use adjusted net (loss) income and
adjusted diluted net (loss) income per share as supplemental
measures to evaluate the overall operating performance of companies
in our industry.
We intend to provide these non-GAAP financial
measures as part of our future earnings discussions and, therefore,
the inclusion of these non-GAAP financial measures will provide
consistency in our financial reporting. A reconciliation of these
non-GAAP measures to GAAP is provided in the accompanying
tables.
Legal Notice Regarding Forward Looking
Statements
This press release and its attachments contain
forward-looking statements within the meaning of Section 21E of the
Securities Exchange Act of 1934 that involve risks and
uncertainties. Words such as "estimate", "will”, "believe",
"intend", "potential" and similar expressions are intended to
identify forward-looking statements. These forward-looking
statements include the statements in quotations from management in
this press release, as well as any statements regarding the
Company's anticipated financial results, growth and strategic and
operational plans and results of analyses on impairment charges.
The Company's actual results may differ materially from those
anticipated in these forward-looking statements. Factors that may
contribute to such differences include, but are not limited to: the
impact of changes in industry standards and government regulation
including but not limited to investigation and enforcement
activities of the Department of Education and the Federal Trade
Commission; the Company’s ability to maintain and increase client
marketing spend; the Company's ability to maintain and increase the
number of visitors to its websites and to convert those visitors
and those to its third-party publishers' websites into client
prospects in a cost-effective manner; the impact of the current
economic climate on the Company's business; the Company's ability
to access and monetize Internet users on mobile devices; the
Company's ability to attract and retain qualified executives and
employees; the Company's ability to compete effectively against
others in the online marketing and media industry both for client
budget and access to third-party media; the Company's ability to
identify and manage acquisitions; and the impact and costs of any
alleged failure by the Company to comply with government
regulations and industry standards. More information about
potential factors that could affect the Company's business and
financial results is contained in the Company's annual reports on
Form 10-K and quarterly reports on Form 10-Q as filed with the
Securities and Exchange Commission ("SEC"). Additional information
will also be set forth in the Company's quarterly report on Form
10-Q for the quarter ended December 31, 2015, which will be filed
with the SEC. The Company does not intend and undertakes no duty to
release publicly any updates or revisions to any forward-looking
statements contained herein.
About QuinStreet
QuinStreet, Inc. (Nasdaq:QNST) is one of the
largest Internet performance marketing and media companies in the
world. QuinStreet is committed to providing consumers and
businesses with the information they need to research, find and
select the products, services and brands that meet their needs. For
more information, please visit www.QuinStreet.com.
About All Web Leads
AWL, and its brands All Web Leads
(www.allwebleads.com) and insuranceQuotes
(www.insuranceQuotes.com), is the premier customer acquisition
marketing company focused on the U.S. insurance industry, serving
over 30,000 insurance carriers and local agents. The company
delivers real-time, targeted, high-quality consumers to top
insurance producers. AWL’s technology-driven approach to online
marketing helps bring together agents with qualified customers who
are actively searching online for insurance products. The company's
award-winning insurance leads, calls and clicks programs lead the
industry in conversion, qualification and volume according to
recent surveys. The company is headquartered in Austin, TX.
QUINSTREET, INC. |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
(In
thousands) |
(Unaudited) |
|
|
|
|
|
|
|
December 31, |
|
June 30, |
|
|
2015 |
|
2015 |
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
50,750 |
|
|
$ |
60,468 |
|
Accounts receivable, net |
|
|
40,544 |
|
|
|
46,240 |
|
Deferred tax assets |
|
|
173 |
|
|
|
166 |
|
Prepaid expenses and other
assets |
|
|
6,671 |
|
|
|
11,503 |
|
Total current assets |
|
|
98,138 |
|
|
|
118,377 |
|
|
|
|
|
|
Property and equipment,
net |
|
|
8,678 |
|
|
|
8,565 |
|
Goodwill |
|
|
56,118 |
|
|
|
56,118 |
|
Other intangible
assets, net |
|
|
14,357 |
|
|
|
19,030 |
|
Other assets,
noncurrent |
|
|
11,840 |
|
|
|
3,063 |
|
Total assets |
|
$ |
189,131 |
|
|
$ |
205,153 |
|
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts payable |
|
$ |
17,460 |
|
|
$ |
20,425 |
|
Accrued liabilities |
|
|
23,249 |
|
|
|
27,146 |
|
Deferred revenue |
|
|
1,239 |
|
|
|
1,208 |
|
Debt |
|
|
49 |
|
|
|
49 |
|
Total current liabilities |
|
|
41,997 |
|
|
|
48,828 |
|
|
|
|
|
|
Debt, noncurrent |
|
|
15,000 |
|
|
|
15,000 |
|
Other liabilities,
noncurrent |
|
|
5,529 |
|
|
|
5,740 |
|
Total liabilities |
|
|
62,526 |
|
|
|
69,568 |
|
|
|
|
|
|
Stockholders'
equity: |
|
|
|
|
Common stock |
|
|
45 |
|
|
|
45 |
|
Additional paid-in capital |
|
|
252,517 |
|
|
|
249,358 |
|
Accumulated other comprehensive
loss |
|
|
(420 |
) |
|
|
(413 |
) |
Accumulated deficit |
|
|
(125,537 |
) |
|
|
(113,405 |
) |
Total stockholders' equity |
|
|
126,605 |
|
|
|
135,585 |
|
Total liabilities and stockholders'
equity |
|
$ |
189,131 |
|
|
$ |
205,153 |
|
|
|
|
|
|
QUINSTREET, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(In thousands, except
per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
|
|
|
|
|
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
Net
revenue |
|
|
$ |
64,961 |
|
|
$ |
66,694 |
|
|
$ |
137,350 |
|
|
$ |
135,883 |
|
Cost of
revenue (1) |
|
|
|
60,169 |
|
|
|
60,395 |
|
|
|
125,964 |
|
|
|
123,804 |
|
Gross
profit |
|
|
|
|
4,792 |
|
|
|
6,299 |
|
|
|
11,386 |
|
|
|
12,079 |
|
Operating
expenses: (1) |
|
|
|
|
|
|
|
|
|
|
Product
development |
|
|
|
3,761 |
|
|
|
4,244 |
|
|
|
8,147 |
|
|
|
9,200 |
|
|
Sales and
marketing |
|
|
|
2,917 |
|
|
|
3,357 |
|
|
|
6,492 |
|
|
|
7,024 |
|
|
General and
administrative |
|
|
|
4,057 |
|
|
|
4,079 |
|
|
|
8,220 |
|
|
|
8,694 |
|
Operating
loss |
|
|
|
(5,943 |
) |
|
|
(5,381 |
) |
|
|
(11,473 |
) |
|
|
(12,839 |
) |
Interest
income |
|
|
|
10 |
|
|
|
28 |
|
|
|
16 |
|
|
|
54 |
|
Interest
expense |
|
|
|
(145 |
) |
|
|
(786 |
) |
|
|
(278 |
) |
|
|
(1,966 |
) |
Other
income, net |
|
|
|
65 |
|
|
|
636 |
|
|
|
8 |
|
|
|
2,961 |
|
Loss before
income taxes |
|
|
|
(6,013 |
) |
|
|
(5,503 |
) |
|
|
(11,727 |
) |
|
|
(11,790 |
) |
(Provision
for) benefit from taxes |
|
|
|
(40 |
) |
|
|
26 |
|
|
|
(405 |
) |
|
|
26 |
|
Net
loss |
|
|
|
|
$ |
(6,053 |
) |
|
$ |
(5,477 |
) |
|
$ |
(12,132 |
) |
|
$ |
(11,764 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
per share: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
$ |
(0.13 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.27 |
) |
|
$ |
(0.27 |
) |
|
Diluted |
|
|
|
|
$ |
(0.13 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.27 |
) |
|
$ |
(0.27 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares used in computing net loss per share: |
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
45,127 |
|
|
|
44,440 |
|
|
|
44,982 |
|
|
|
44,353 |
|
|
Diluted |
|
|
|
|
|
45,127 |
|
|
|
44,440 |
|
|
|
44,982 |
|
|
|
44,353 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Cost
of revenue and operating expenses include stock-based compensation
expense as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue |
|
|
$ |
753 |
|
|
$ |
785 |
|
|
$ |
1,557 |
|
|
$ |
1,429 |
|
|
Product
development |
|
|
|
445 |
|
|
|
594 |
|
|
|
1,045 |
|
|
|
1,189 |
|
|
Sales and
marketing |
|
|
|
444 |
|
|
|
562 |
|
|
|
869 |
|
|
|
1,026 |
|
|
General and
administrative |
|
|
|
687 |
|
|
|
585 |
|
|
|
1,362 |
|
|
|
1,157 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUINSTREET, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(In
thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
|
|
|
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Operating Activities |
|
|
|
|
|
|
|
Net
loss |
|
|
$ |
(6,053 |
) |
|
$ |
(5,477 |
) |
|
$ |
(12,132 |
) |
|
$ |
(11,764 |
) |
Adjustments
to reconcile net loss to net cash (used in) provided by
operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
3,772 |
|
|
|
4,986 |
|
|
|
7,716 |
|
|
|
10,408 |
|
|
Provision
for sales returns and doubtful accounts receivable |
|
707 |
|
|
|
288 |
|
|
|
634 |
|
|
|
470 |
|
|
Write-off
of bank loan upfront fees |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
328 |
|
|
Stock-based
compensation |
|
2,329 |
|
|
|
2,526 |
|
|
|
4,833 |
|
|
|
4,801 |
|
|
Excess tax
benefits from stock-based compensation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(51 |
) |
|
Gain on
sales of domain names |
|
(51 |
) |
|
|
(708 |
) |
|
|
(116 |
) |
|
|
(3,158 |
) |
|
Other
adjustments, net |
|
- |
|
|
|
58 |
|
|
|
- |
|
|
|
99 |
|
|
Changes in
assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts
receivable |
|
4,609 |
|
|
|
13 |
|
|
|
5,062 |
|
|
|
394 |
|
|
|
Prepaid
expenses and other assets |
|
(9,445 |
) |
|
|
943 |
|
|
|
(3,945 |
) |
|
|
(369 |
) |
|
|
Deferred
taxes |
|
- |
|
|
|
- |
|
|
|
(8 |
) |
|
|
2 |
|
|
|
Accounts
payable |
|
(1,845 |
) |
|
|
2,331 |
|
|
|
(2,945 |
) |
|
|
2,964 |
|
|
|
Accrued
liabilities |
|
(2,210 |
) |
|
|
(1,380 |
) |
|
|
(3,883 |
) |
|
|
(3,449 |
) |
|
|
Deferred
revenue |
|
93 |
|
|
|
614 |
|
|
|
31 |
|
|
|
178 |
|
|
|
Other
liabilities, noncurrent |
|
(112 |
) |
|
|
(92 |
) |
|
|
(210 |
) |
|
|
(253 |
) |
|
|
|
|
|
|
Net cash (used in)
provided by operating activities |
|
(8,206 |
) |
|
|
4,102 |
|
|
|
(4,963 |
) |
|
|
600 |
|
Cash Flows from Investing Activities |
|
|
|
|
|
|
|
Capital
expenditures |
|
(654 |
) |
|
|
(144 |
) |
|
|
(1,143 |
) |
|
|
(2,285 |
) |
Internal
software development costs |
|
(655 |
) |
|
|
(506 |
) |
|
|
(1,931 |
) |
|
|
(933 |
) |
Purchases
of marketable securities |
|
- |
|
|
|
(5,995 |
) |
|
|
- |
|
|
|
(16,600 |
) |
Proceeds
from sales and maturities of marketable securities |
|
- |
|
|
|
17,525 |
|
|
|
- |
|
|
|
27,287 |
|
Proceeds
from sales of domain names |
|
51 |
|
|
|
458 |
|
|
|
91 |
|
|
|
3,158 |
|
Proceeds
from sale of property and equipment |
|
- |
|
|
|
10 |
|
|
|
- |
|
|
|
10 |
|
|
|
|
|
|
|
Net cash (used in)
provided by investing activities |
|
(1,258 |
) |
|
|
11,348 |
|
|
|
(2,983 |
) |
|
|
10,637 |
|
Cash Flows from Financing Activities |
|
|
|
|
|
|
|
Proceeds
from exercise of common stock options |
|
26 |
|
|
|
- |
|
|
|
26 |
|
|
|
1,300 |
|
Principal
payments on bank debt |
|
- |
|
|
|
(3,750 |
) |
|
|
- |
|
|
|
(7,500 |
) |
Payment of
bank loan upfront fees |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(272 |
) |
Principal
payments on acquisition-related notes payable |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(444 |
) |
Excess tax
benefits from stock-based compensation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
51 |
|
Withholding
taxes related to restricted stock net share settlement |
|
(425 |
) |
|
|
(182 |
) |
|
|
(1,748 |
) |
|
|
(626 |
) |
|
|
|
|
|
|
Net cash used in
financing activities |
|
(399 |
) |
|
|
(3,932 |
) |
|
|
(1,722 |
) |
|
|
(7,491 |
) |
Effect of
exchange rate changes on cash and cash equivalents |
|
(47 |
) |
|
|
1 |
|
|
|
(50 |
) |
|
|
17 |
|
Net
(decrease) increase in cash and cash equivalents |
|
(9,910 |
) |
|
|
11,519 |
|
|
|
(9,718 |
) |
|
|
3,763 |
|
Cash and
cash equivalents at beginning of period |
|
60,660 |
|
|
|
76,421 |
|
|
|
60,468 |
|
|
|
84,177 |
|
Cash and
cash equivalents at end of period |
$ |
50,750 |
|
|
$ |
87,940 |
|
|
$ |
50,750 |
|
|
$ |
87,940 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUINSTREET, INC. |
|
RECONCILIATION OF NET LOSS TO |
|
ADJUSTED NET (LOSS) INCOME |
|
(In thousands, except
per share data) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
|
December 31, |
|
December 31, |
|
|
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
Net
loss |
|
$ |
(6,053 |
) |
|
$ |
(5,477 |
) |
|
$ |
(12,132 |
) |
|
$ |
(11,764 |
) |
|
|
Amortization of
intangible assets |
|
|
2,247 |
|
|
|
3,315 |
|
|
|
4,656 |
|
|
|
7,076 |
|
|
|
Stock-based
compensation |
|
|
2,329 |
|
|
|
2,526 |
|
|
|
4,833 |
|
|
|
4,801 |
|
|
|
Restructuring |
|
|
- |
|
|
|
- |
|
|
|
218 |
|
|
|
439 |
|
|
|
Tax impact after
non-GAAP items |
|
|
- |
|
|
|
(133 |
) |
|
|
- |
|
|
|
(201 |
) |
|
Adjusted
net (loss) income |
|
$ |
(1,477 |
) |
|
$ |
231 |
|
|
$ |
(2,425 |
) |
|
$ |
351 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
diluted net (loss) income per share |
|
$ |
(0.03 |
) |
|
$ |
0.01 |
|
|
$ |
(0.05 |
) |
|
$ |
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares used in computing adjusted diluted net (loss)
income per share |
|
45,127 |
|
|
|
44,460 |
|
|
|
44,982 |
|
|
|
44,371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUINSTREET, INC. |
|
RECONCILIATION OF NET LOSS TO |
|
ADJUSTED EBITDA |
|
(In
thousands) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
|
December 31, |
|
December 31, |
|
|
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
Net
loss |
|
$ |
(6,053 |
) |
|
$ |
(5,477 |
) |
|
$ |
(12,132 |
) |
|
$ |
(11,764 |
) |
|
|
Interest and other
expense (income), net |
|
|
70 |
|
|
|
122 |
|
|
|
254 |
|
|
|
(1,049 |
) |
|
|
Provision for (benefit
from) taxes |
|
|
40 |
|
|
|
(26 |
) |
|
|
405 |
|
|
|
(26 |
) |
|
|
Depreciation and
amortization |
|
|
3,772 |
|
|
|
4,986 |
|
|
|
7,716 |
|
|
|
10,408 |
|
|
|
Stock-based
compensation |
|
|
2,329 |
|
|
|
2,526 |
|
|
|
4,833 |
|
|
|
4,801 |
|
|
|
Restructuring |
|
|
- |
|
|
|
- |
|
|
|
218 |
|
|
|
439 |
|
|
Adjusted
EBITDA |
|
$ |
158 |
|
|
$ |
2,131 |
|
|
$ |
1,294 |
|
|
$ |
2,809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Contact:
Erica Abrams
(415) 297-5864
eabrams@quinstreet.com
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