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QuinStreet, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net revenue to $279,219,000 from $123,923,000 in the same quarter the previous year. This increase is attributed to higher demand in the insurance business and increased media and client budgets in the credit card and banking sectors.
Cost of revenue for the quarter was $250,814,000, representing 89.8% of sales, compared to 93.8% in the same quarter of the previous year. This decrease in cost ratio is due to a higher mix of financial services revenue.
The company reported a gross profit of $28,405,000 for the quarter, compared to $7,649,000 in the previous year, with the increase attributed to improved media and marketing costs.
Operating expenses increased to $29,612,000 from $17,548,000, primarily due to increased personnel costs and an adjustment to the fair value of contingent consideration.
Net loss for the quarter was $1,366,000, down from $10,565,000 in the previous year. The decrease is attributed to increased net revenue and improved gross profit margins.
Cash used in operating activities was $13,706,000, while cash used in investing and financing activities was $2,606,000 and $9,206,000, respectively.
QuinStreet had a working capital of $206,456,000 as of September 30, 2024. The company acknowledges its dependence on positive operating results and potential financing to meet future obligations.
The filing also details various acquisitions, including the acquisition of BestCompany and AquaVida, which are expected to enhance the company's customer and media relationships.
QuinStreet does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on expanding its performance marketplaces and technologies for the financial services and home services industries.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the QuinStreet Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.