QuinStreet Inc (QNST) Reports Q1 Fiscal 2024 Earnings: Revenue Down 14% YoY
QuinStreet Inc (NASDAQ:QNST) reported Q1 fiscal 2024 revenue of $123.9 million, a decrease of 14% year-over-year.
The company posted a GAAP net loss of $10.6 million, or $0.19 per diluted share.
Adjusted EBITDA for the fiscal first quarter was $1.0 million.
The company ended the quarter with $56.3 million in cash and cash equivalents, with no bank debt.
QuinStreet Inc (NASDAQ:QNST), a leader in performance marketplaces and technologies for the financial services and home services industries, announced its financial results for the fiscal first quarter ended September 30, 2023, on November 1, 2023. The company reported a decrease in revenue compared to the same period last year, but showed strong performance in its non-insurance client verticals.
Financial Highlights
For the fiscal first quarter, QuinStreet Inc (NASDAQ:QNST) reported revenue of $123.9 million, down 14% year-over-year. The GAAP net loss for the fiscal first quarter was $10.6 million, or $0.19 per diluted share. Adjusted net loss for the fiscal first quarter was $1.4 million, or $0.03 per diluted share. Adjusted EBITDA for the fiscal first quarter was $1.0 million. The company closed the fiscal first quarter with $56.3 million in cash and cash equivalents and no bank debt.
Fiscal Q1, or the September quarter, was another successful quarter for the Company, commented Doug Valenti, CEO of QuinStreet. We delivered on our strategy to continue to invest in important long-term growth initiatives and to be positioned to take full advantage of the return of auto insurance spending, all while maintaining our strong financial position.
Performance Analysis
Despite the decrease in revenue, QuinStreet Inc (NASDAQ:QNST) showed strong performance in its non-insurance client verticals, which grew 18% year-over-year in the quarter and represented 79% of total company revenue. The company expects a significant positive inflection in auto insurance client spending beginning in January. For fiscal Q2, the company expects revenue to be between $113 and $118 million, and adjusted EBITDA in fiscal Q2 to be between $(0.5) and $0.5 million.
Financial Tables Summary
The company's balance sheet shows a total of $320.965 million in assets as of September 30, 2023, with $56.305 million in cash and cash equivalents. The total liabilities stand at $98.629 million, leaving a total stockholders' equity of $222.336 million. The company's statement of operations shows a net loss of $10.565 million for the three months ended September 30, 2023. The company's cash flow statement shows a net decrease in cash, cash equivalents, and restricted cash of $17.372 million for the three months ended September 30, 2023.
QuinStreet Inc (NASDAQ:QNST) remains committed to its long-term growth initiatives and is well-positioned to take advantage of the expected return of auto insurance spending. The company's strong financial position, with no bank debt and significant cash reserves, provides a solid foundation for future growth.
Explore the complete 8-K earnings release (here) from QuinStreet Inc for further details.
This article first appeared on GuruFocus.
