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Total revenue of $70.9 million
QuinStreet, Inc. (Nasdaq:QNST), a leader in performance marketing online, today announced financial results for the fourth quarter and fiscal year ended June 30, 2015.
For the fourth quarter, the Company reported total revenue of $70.9 million, an increase of 5% compared to the same quarter last year. Adjusted EBITDA for the quarter was $2.9 million, or 4% of revenue. Adjusted net income for the fourth quarter was $0.5 million, or $0.01 per share, and GAAP net loss was $5.0 million, or ($0.11) per share.
For the fiscal year, the Company reported total revenue of $282.1 million, approximately flat year-over-year. Adjusted EBITDA for the year was $10.0 million, or 4% of revenue. Adjusted net income for fiscal year 2015 was $2.5 million, or $0.06 per share, and GAAP net loss was $20.0 million, or ($0.45) per share. Adjusted net income excludes stock-based compensation expense, amortization of intangible assets, restructuring costs, impairment of goodwill, tax valuation allowance, and debt restructuring costs, net of estimated tax.
The Company closed the fiscal year with $60 million in cash and $45 million in net cash. The Company restructured its debt in the fourth quarter, reducing borrowings from $65 million to $15 million. The new facility better aligns with existing capital needs, and reduces cash interest expense.
“Fiscal year 2015 was a pivotal year for QuinStreet,” commented Doug Valenti, QuinStreet CEO. “Our initiatives to revitalize the business returned the Company to top line growth in the last three quarters of the year. In Q4, year-over-year growth was driven primarily by more stable revenue from our Education Client Vertical and strong growth in Auto Insurance. Education revenue grew year-over-year in the quarter for the first time in fourteen quarters, due to new products, not-for-profit clients and international markets.”
“We expect revenue growth to accelerate in fiscal 2016, which began July 1. We also expect to see EBITDA margin expand in the second half of the year, driven primarily by top line leverage. For the September quarter, we expect revenue to grow approximately 8% year-over-year. EBITDA margin is expected to be in the low single digits, as we invest in new media partnerships and other strategic initiatives to drive continued growth,” concluded Valenti.
Reconciliations of adjusted net income to net loss, adjusted EBITDA to net loss and normalized free cash flow to net cash provided by operating activities are included in the accompanying tables.
