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, 2019.
For the fourth quarter, the Company reported
record quarterly revenue of $122.0 million, an increase of 9%
year-over-year, and GAAP net income of $3.4 million, or $0.06 per
diluted share.
Adjusted net income for the fourth quarter
increased 19% to $8.2 million, or $0.15 per diluted share
year-over-year. Adjusted EBITDA for the fourth quarter was $10.4
million, or 9% of revenue.
For fiscal year 2019, the Company reported
record annual revenue of $455.2 million, an increase of 13%
year-over-year, and GAAP net income of $62.5 million, or $1.18 per
diluted share. Fiscal year 2019 results include a one-time non-cash
income tax benefit of $49.4 million related to the
release of the tax valuation allowance previously recorded against
a significant portion of the Company’s deferred tax assets.
Adjusted net income for fiscal year 2019
increased 11% to $24.7 million, or $0.47 per diluted share
year–over-year. Adjusted EBITDA for fiscal year 2019 was $34.5
million, or 8% of revenue. Excluding the net one-time charge
of $5.8 million related to the write-off of an outstanding
receivable related to Dream Center Education Holdings (“DCEH”),
adjusted EBITDA for fiscal year 2019 would have been $40.3 million,
or 9% of revenue, an increase of 16% year-over-year.
QuinStreet closed the year with $62.5 million in
cash and equivalents.
"Fiscal Q4 was a record revenue quarter for the
Company, closing out a record revenue year. Momentum and
opportunity remain strong across our bigger-than-ever footprint of
client verticals, media and products," commented Doug Valenti,
QuinStreet CEO. "That said, fiscal Q4 results were disappointing
versus our expectations. While the business continued to
ramp, the rate of acceleration of growth was slower than
forecast.
"The miss was mainly execution related. Our
opportunity remains attractive, and our underlying business
momentum is strong. We have made a number of organizational and
reporting changes to improve execution and accelerate growth. The
changes include elevating one of our most experienced operating
executives, Tim Stevens, to oversee media operations. We are
already seeing indications of the positive effects of these
changes, and we fully expect to deliver a new record revenue
quarter in fiscal Q1.
"The secular shifts to digital media and to
performance marketing continue to scale and accelerate.
QuinStreet's distributed marketplace model sits at the center of
these trends. We are pursuing the broadest footprint and largest
number of growth initiatives in the Company’s history.
"Our outlook for fiscal year 2020 and beyond
remains strong. We expect to grow fiscal year 2020 revenue 10-15%
and to deliver adjusted EBITDA margin of 10% or more," concluded
Valenti.
Reconciliations of adjusted net income to GAAP
net income, adjusted EBITDA to GAAP net income, and adjusted EBITDA
excluding the net DCEH receivable write-off to GAAP net income are
included in the accompanying tables.
Conference Call Today at 2:00 p.m.
PTThe Company will host a conference call and
corresponding live webcast at 2:00 p.m. PT. To access the
conference call in the US dial +1 800-353-6461 or +1 334-323-0501
for international callers. A replay of the conference call will be
available beginning approximately two hours after the completion of
the call by entering:
https://event.mymeetingroom.com/Public/WebRegistration/ZW5jPXNhQWNoekF6VklmaEhVMFVzajhMWUd3QkwyZlY3WjhFNFIzcUF2RFcrcSt3WU5HZTN0M3lzQ1dnd1lMOXlFSlRCNkpaYmxDaVUxL3k5aUhKaHJpTHRRPT0=
registering your name and using passcode # 9296142 to join.
The webcast of the conference will be available live and via replay
on the investor relations section of the Company's website at
http://investor.quinstreet.com.
About QuinStreetQuinStreet,
Inc. (Nasdaq: QNST) is a pioneer in delivering online
marketplace solutions to match searchers with brands in digital
media. QuinStreet is committed to providing consumers and
businesses with the information and tools they need to research,
find and select the products and brands that meet their
needs.
Non-GAAP Financial MeasuresThis
release and the accompanying tables include a discussion of
adjusted EBITDA, adjusted net income and adjusted diluted net
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 income less provision for (benefit
from) taxes, depreciation expense, amortization expense,
stock-based compensation expense, interest and other expense
(income), net, acquisition costs, contingent consideration
adjustment, shareholder litigation expense and external expenses
related to the material weakness disclosed in our Annual Report on
Form 10-K. The term "adjusted net income" refers to a financial
measure that we define as net income adjusted for amortization
expense, stock-based compensation expense, acquisition costs,
contingent consideration adjustment, shareholder litigation
expense, external expenses related to the material weakness
disclosed in our Annual Report on Form 10-K, and release of
deferred tax valuation allowance, net of estimated taxes. The term
"adjusted diluted net income per share" refers to a financial
measure that we define as adjusted net 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 income and adjusted diluted net income per
share may not be comparable to the definitions as reported by other
companies.
We believe adjusted EBITDA, adjusted net income
and adjusted diluted net 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 useful to us and investors
because (i) we seek to manage our business to a level of
adjusted EBITDA as a percentage of net revenue, (ii) it is
used internally by us for planning purposes, including preparation
of internal budgets; to allocate resources; to evaluate the
effectiveness of operational strategies and capital expenditures as
well as the capacity to service debt, (iii) it is a key basis upon
which we assess our operating performance, (iv) it is one of
the primary metrics investors use in evaluating Internet marketing
companies, (v) it is a factor in determining compensation, and
(vi) it is an element of certain financial covenants under our
historical borrowing arrangements. In addition, we believe adjusted
EBITDA and similar measures are widely used by investors,
securities analysts, ratings agencies and other interested parties
in our industry as a measure of financial performance, debt-service
capabilities and as a metric for analyzing company valuations.
We use adjusted EBITDA as a key performance
measure because we believe it facilitates operating performance
comparisons from period to period by excluding potential
differences caused by variations in capital structures (affecting
interest expense), tax positions (such as the impact of changes in
effective tax rates or fluctuations in permanent differences or
discrete quarterly items), non-recurring charges, certain other
items that we do not believe are indicative of core operating
activities (such as shareholder litigation expense, external
expenses related to the material weakness disclosed in our Annual
Report on Form 10-K, acquisition costs, contingent consideration
adjustment and other income and expense) and the non-cash impact of
depreciation expense, amortization expense and stock-based
compensation expense. We have disclosed adjusted EBITDA excluding
the net DCEH receivable write-off to provide investors additional
insight into our operational performance and help clarify recent
events affecting our business.
Adjusted net income and adjusted diluted net
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, contingent consideration adjustment and release
of deferred tax valuation allowance), non-recurring charges and
certain other items that we do not believe are indicative of core
operating activities. We believe that analysts and investors use
adjusted net income and adjusted diluted net 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
StatementsThis 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",
“expect”, "intend", “outlook”, "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,
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 or enforcement activities of the Department of
Education, the Federal Trade Commission and other regulatory
agencies; 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 are contained in the Company's annual report 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 annual report on Form 10-K
for the fiscal year ended June 30, 2019, 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.
Investor Contact: Erica Abrams
(415) 297-5864 eabrams@quinstreet.com
QUINSTREET,
INC.CONDENSED CONSOLIDATED BALANCE
SHEETS(In
thousands)(Unaudited)
|
|
June 30, |
|
|
June 30, |
|
|
|
2019 |
|
|
2018 |
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
62,522 |
|
|
$ |
64,700 |
|
Accounts receivable, net |
|
|
75,628 |
|
|
|
68,492 |
|
Prepaid expenses and other assets |
|
|
5,228 |
|
|
|
4,432 |
|
Total current assets |
|
|
143,378 |
|
|
|
137,624 |
|
Property and equipment, net |
|
|
5,410 |
|
|
|
4,211 |
|
Goodwill |
|
|
82,544 |
|
|
|
62,283 |
|
Other intangible assets, net |
|
|
35,118 |
|
|
|
8,573 |
|
Deferred tax assets, noncurrent |
|
|
52,149 |
|
|
|
60 |
|
Other assets, noncurrent |
|
|
6,012 |
|
|
|
7,545 |
|
Total assets |
|
$ |
324,611 |
|
|
$ |
220,296 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
37,093 |
|
|
$ |
32,506 |
|
Accrued liabilities |
|
|
36,878 |
|
|
|
34,811 |
|
Deferred revenue |
|
|
761 |
|
|
|
715 |
|
Other liabilities |
|
|
8,967 |
|
|
|
— |
|
Total current liabilities |
|
|
83,699 |
|
|
|
68,032 |
|
Other liabilities, noncurrent |
|
|
18,083 |
|
|
|
3,938 |
|
Total liabilities |
|
|
101,782 |
|
|
|
71,970 |
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
Common stock |
|
|
50 |
|
|
|
48 |
|
Additional paid-in capital |
|
|
289,768 |
|
|
|
277,761 |
|
Accumulated other comprehensive loss |
|
|
(366 |
) |
|
|
(380 |
) |
Accumulated deficit |
|
|
(66,623 |
) |
|
|
(129,103 |
) |
Total stockholders' equity |
|
|
222,829 |
|
|
|
148,326 |
|
Total liabilities and stockholders' equity |
|
$ |
324,611 |
|
|
$ |
220,296 |
|
|
QUINSTREET,
INC.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(In thousands, except per share
data)(Unaudited)
|
|
Three Months Ended |
|
|
Fiscal Year Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Net revenue |
|
$ |
121,964 |
|
|
$ |
111,521 |
|
|
$ |
455,154 |
|
|
$ |
404,358 |
|
Cost of revenue (1) |
|
|
107,431 |
|
|
|
94,786 |
|
|
|
393,509 |
|
|
|
345,947 |
|
Gross profit |
|
|
14,533 |
|
|
|
16,735 |
|
|
|
61,645 |
|
|
|
58,411 |
|
Operating expenses: (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product development |
|
|
3,165 |
|
|
|
3,430 |
|
|
|
12,329 |
|
|
|
13,805 |
|
Sales and marketing |
|
|
2,409 |
|
|
|
2,581 |
|
|
|
8,755 |
|
|
|
10,414 |
|
General and administrative |
|
|
5,472 |
|
|
|
4,696 |
|
|
|
29,834 |
|
|
|
18,556 |
|
Operating income |
|
|
3,487 |
|
|
|
6,028 |
|
|
|
10,727 |
|
|
|
15,636 |
|
Interest income |
|
|
75 |
|
|
|
63 |
|
|
|
290 |
|
|
|
181 |
|
Interest expense |
|
|
(173 |
) |
|
|
— |
|
|
|
(367 |
) |
|
|
— |
|
Other income (expense), net |
|
|
29 |
|
|
|
(182 |
) |
|
|
69 |
|
|
|
687 |
|
Income before income taxes |
|
|
3,418 |
|
|
|
5,909 |
|
|
|
10,719 |
|
|
|
16,504 |
|
(Provision for) benefit from income taxes |
|
|
(2 |
) |
|
|
(488 |
) |
|
|
51,761 |
|
|
|
(574 |
) |
Net income |
|
$ |
3,416 |
|
|
$ |
5,421 |
|
|
$ |
62,480 |
|
|
$ |
15,930 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.07 |
|
|
$ |
0.11 |
|
|
$ |
1.26 |
|
|
$ |
0.34 |
|
Diluted |
|
$ |
0.06 |
|
|
$ |
0.10 |
|
|
$ |
1.18 |
|
|
$ |
0.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares used in computing net income per
share: |
|
Basic |
|
|
50,277 |
|
|
|
47,528 |
|
|
|
49,581 |
|
|
|
46,417 |
|
Diluted |
|
|
52,974 |
|
|
|
51,886 |
|
|
|
52,754 |
|
|
|
49,872 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Cost of revenue and operating expenses include stock-based
compensation expense as follows: |
|
Cost of revenue |
|
$ |
2,193 |
|
|
$ |
1,029 |
|
|
$ |
7,354 |
|
|
$ |
3,982 |
|
Product development |
|
|
459 |
|
|
|
494 |
|
|
|
1,606 |
|
|
|
1,949 |
|
Sales and marketing |
|
|
427 |
|
|
|
301 |
|
|
|
1,358 |
|
|
|
1,222 |
|
General and administrative |
|
|
1,109 |
|
|
|
741 |
|
|
|
3,810 |
|
|
|
3,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUINSTREET,
INC.CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS(In
thousands)(Unaudited)
|
Three Months Ended |
|
|
Fiscal Year Ended |
|
|
June 30, |
|
|
June 30, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Cash Flows from Operating Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
3,416 |
|
|
$ |
5,421 |
|
|
$ |
62,480 |
|
|
$ |
15,930 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
2,595 |
|
|
|
1,790 |
|
|
|
8,975 |
|
|
|
7,767 |
|
Provision for sales returns and doubtful accounts receivable |
|
76 |
|
|
|
144 |
|
|
|
9,343 |
|
|
|
525 |
|
Stock-based compensation |
|
4,188 |
|
|
|
2,565 |
|
|
|
14,128 |
|
|
|
10,182 |
|
Deferred income taxes |
|
2 |
|
|
|
(51 |
) |
|
|
(52,019 |
) |
|
|
(51 |
) |
Other adjustments, net |
|
180 |
|
|
|
(192 |
) |
|
|
610 |
|
|
|
(1,108 |
) |
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
(2,762 |
) |
|
|
430 |
|
|
|
(8,321 |
) |
|
|
(24,958 |
) |
Prepaid expenses and other assets |
|
577 |
|
|
|
2,733 |
|
|
|
(545 |
) |
|
|
1,910 |
|
Other assets, noncurrent |
|
239 |
|
|
|
302 |
|
|
|
634 |
|
|
|
1,096 |
|
Accounts payable |
|
2,014 |
|
|
|
2,109 |
|
|
|
4,534 |
|
|
|
7,350 |
|
Accrued liabilities |
|
(2,253 |
) |
|
|
(4,157 |
) |
|
|
(3,368 |
) |
|
|
8,489 |
|
Deferred revenue |
|
(87 |
) |
|
|
160 |
|
|
|
46 |
|
|
|
(411 |
) |
Other liabilities, noncurrent |
|
453 |
|
|
|
412 |
|
|
|
1,468 |
|
|
|
258 |
|
Net cash provided by operating activities |
|
8,638 |
|
|
|
11,666 |
|
|
|
37,965 |
|
|
|
26,979 |
|
Cash Flows from Investing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
(779 |
) |
|
|
(214 |
) |
|
|
(1,972 |
) |
|
|
(610 |
) |
Business acquisitions |
|
(10,581 |
) |
|
|
— |
|
|
|
(32,737 |
) |
|
|
(14,154 |
) |
Internal software development costs |
|
(609 |
) |
|
|
(613 |
) |
|
|
(2,336 |
) |
|
|
(2,146 |
) |
Other investing activities |
|
(150 |
) |
|
|
193 |
|
|
|
56 |
|
|
|
1,061 |
|
Net cash used in investing activities |
|
(12,119 |
) |
|
|
(634 |
) |
|
|
(36,989 |
) |
|
|
(15,849 |
) |
Cash Flows from Financing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from exercise of common stock options |
|
2,075 |
|
|
|
7,863 |
|
|
|
7,789 |
|
|
|
11,028 |
|
Payment of withholding taxes related to release of restricted
stock, net of share settlement |
|
(1,108 |
) |
|
|
(1,372 |
) |
|
|
(9,891 |
) |
|
|
(6,487 |
) |
Post-closing payments related to acquisitions |
|
(1,952 |
) |
|
|
— |
|
|
|
(1,952 |
) |
|
|
— |
|
Repurchases of common stock |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(647 |
) |
Net cash (used in) provided by financing activities |
|
(985 |
) |
|
|
6,491 |
|
|
|
(4,054 |
) |
|
|
3,894 |
|
Effect of exchange rate changes on cash, cash equivalents and
restricted cash |
|
(16 |
) |
|
|
88 |
|
|
|
26 |
|
|
|
105 |
|
Net (decrease) increase in cash, cash equivalents and restricted
cash |
|
(4,482 |
) |
|
|
17,611 |
|
|
|
(3,052 |
) |
|
|
15,129 |
|
Cash, cash equivalents and restricted cash at beginning of
period |
|
67,018 |
|
|
|
47,977 |
|
|
|
65,588 |
|
|
|
50,459 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
62,536 |
|
|
$ |
65,588 |
|
|
$ |
62,536 |
|
|
$ |
65,588 |
|
Reconciliation of cash, cash equivalents, and restricted
cash to the condensed consolidated balance sheets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
62,522 |
|
|
$ |
64,700 |
|
|
$ |
62,522 |
|
|
$ |
64,700 |
|
Restricted cash included in other assets, noncurrent |
|
14 |
|
|
|
888 |
|
|
|
14 |
|
|
|
888 |
|
Total cash, cash equivalents and restricted
cash |
$ |
62,536 |
|
|
$ |
65,588 |
|
|
$ |
62,536 |
|
|
$ |
65,588 |
|
|
QUINSTREET,
INC.RECONCILIATION OF NET INCOME
TOADJUSTED NET INCOME(In
thousands, except per share
data)(Unaudited)
|
|
Three Months Ended |
|
|
Fiscal Year Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Net income |
|
$ |
3,416 |
|
|
$ |
5,421 |
|
|
$ |
62,480 |
|
|
$ |
15,930 |
|
Amortization of intangible assets |
|
|
1,766 |
|
|
|
803 |
|
|
|
5,602 |
|
|
|
3,515 |
|
Stock-based compensation |
|
|
4,188 |
|
|
|
2,565 |
|
|
|
14,128 |
|
|
|
10,182 |
|
Acquisition costs |
|
|
201 |
|
|
|
31 |
|
|
|
736 |
|
|
|
667 |
|
Contingent consideration adjustment |
|
|
(100 |
) |
|
|
(152 |
) |
|
|
(100 |
) |
|
|
(152 |
) |
Shareholder litigation expense |
|
|
— |
|
|
|
16 |
|
|
|
23 |
|
|
|
16 |
|
Material weakness related expense |
|
|
— |
|
|
|
35 |
|
|
|
— |
|
|
|
563 |
|
Release of deferred tax valuation allowance |
|
|
— |
|
|
|
— |
|
|
|
(49,442 |
) |
|
|
— |
|
Tax impact after non-GAAP items |
|
|
(1,268 |
) |
|
|
(1,831 |
) |
|
|
(8,718 |
) |
|
|
(8,464 |
) |
Adjusted net income |
|
$ |
8,203 |
|
|
$ |
6,888 |
|
|
$ |
24,709 |
|
|
$ |
22,257 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted diluted net income per share |
|
$ |
0.15 |
|
|
$ |
0.13 |
|
|
$ |
0.47 |
|
|
$ |
0.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares used in computing adjusted diluted net
income per share |
|
|
52,974 |
|
|
|
51,886 |
|
|
|
52,754 |
|
|
|
49,872 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUINSTREET,
INC.RECONCILIATION OF NET INCOME
TOADJUSTED EBITDA AND ADJUSTED
EBITDAEXCLUDING THE NET DCEH RECEIVABLE
WRITE-OFF(In
thousands)(Unaudited)
|
|
Three Months Ended |
|
|
Fiscal Year Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Net income |
|
$ |
3,416 |
|
|
$ |
5,421 |
|
|
$ |
62,480 |
|
|
$ |
15,930 |
|
Interest and other expense (income), net |
|
|
69 |
|
|
|
119 |
|
|
|
8 |
|
|
|
(868 |
) |
Provision for (benefit from) taxes |
|
|
2 |
|
|
|
488 |
|
|
|
(51,761 |
) |
|
|
574 |
|
Depreciation and amortization |
|
|
2,595 |
|
|
|
1,790 |
|
|
|
8,975 |
|
|
|
7,767 |
|
Stock-based compensation |
|
|
4,188 |
|
|
|
2,565 |
|
|
|
14,128 |
|
|
|
10,182 |
|
Acquisition costs |
|
|
201 |
|
|
|
31 |
|
|
|
736 |
|
|
|
667 |
|
Contingent consideration adjustment |
|
|
(100 |
) |
|
|
(152 |
) |
|
|
(100 |
) |
|
|
(152 |
) |
Shareholder litigation expense |
|
|
— |
|
|
|
16 |
|
|
|
23 |
|
|
|
16 |
|
Material weakness related expense |
|
|
— |
|
|
|
35 |
|
|
|
— |
|
|
|
563 |
|
Adjusted EBITDA |
|
|
10,371 |
|
|
|
10,313 |
|
|
|
34,489 |
|
|
|
34,679 |
|
Net DCEH receivable write-off |
|
|
— |
|
|
|
— |
|
|
|
5,800 |
|
|
|
— |
|
Adjusted EBITDA excluding the net DCEH receivable write-off |
|
$ |
10,371 |
|
|
$ |
10,313 |
|
|
$ |
40,289 |
|
|
$ |
34,679 |
|
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