Quinstreet (QNST) FY2023 results: revenue $581 million, down 0.3% on the year

Quinstreet, Inc. (QNST) reported revenue of $581 million for fiscal 2023, the year ended 30 June 2023, down 0.3% on the year before. Net income was -$69 million, and diluted earnings per share $-1.28. The figures are the company's own, from the 10-K it filed with the SEC on 21 August 2023.

Revenue

$581 million

-0.3% on the year

FY2016FY2023

Operating margin

-3.6%

-0.8% a year earlier

FY2016FY2023

Net income

-$69 million

FY2016FY2023

Diluted EPS

-$1.28

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	581	582	578	-0.3%
Cost of revenue	532	528	508	+0.7%
Gross profit	48.5	53.7	70.5	-9.7%
Gross margin	8.4%	9.2%	12.2%
Research and development	28.9	21.9	19.3	+31.9%
Operating income	-20.8	-4.7	13.9
Operating margin	-3.6%	-0.8%	2.4%
Interest expense	0.8	1.1	1.3	-26.5%
Pre-tax income	-21.4	-5.8	29.3
Income tax	47.5	-0.5	5.8
Effective tax rate	n/a	n/a	19.7%
Net income	-68.9	-5.2	23.6
Net margin	-11.9%	-0.9%	4.1%
Diluted EPS	-$1.28	-$0.10	$0.43

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	11.8	28.7	50.6	-58.7%
Capital expenditure	3.1	2.8	2.0	+7.7%
Free cash flow	8.8	25.8	48.6	-66.0%
Free cash flow margin	1.5%	4.4%	8.4%
Cash from investing	-15.1	-9.2	-36.5
Cash from financing	-19.5	-33.3	-11.3
Depreciation and amortisation	19.2	17.0	16.2	+12.9%
Share-based compensation	18.8	18.5	19.6	+1.5%
Buybacks	5.6	15.3	0.0	-63.0%
Diluted shares, weighted	54m	54m	55m	-1.0%
Shares outstanding at period end	54m	53m	54m	+1.6%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	230	286	295	-19.7%
Debt	0.0	0.0	0.0
Operating lease liabilities	1.3	3.9	8.5	-67.3%
Other liabilities	106	130	146	-18.4%
Total liabilities and equity	337	420	450	-19.7%
Fixed assets	16.7	9.3	6.8	+79.9%
Goodwill	121	121	118	0.0%
Intangible assets	38.7	49.7	59.2	-22.1%
Cash and equivalents	73.7	96.4	110	-23.6%
Receivables	67.7	81.4	87.9	-16.8%
Other assets	19.1	61.9	67.4	-69.1%
Total assets	337	420	450	-19.7%

10-K for the year ended 30 June 2023, filed 21 August 2023: the filing.