QNST - Earnings call transcript Q1 2021

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Operator

Good day, and welcome to the QuinStreet First Quarter Fiscal 2021 Financial Results Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Erica Abrams. Please go ahead, ma'am.

Erica Abrams

Thank you, Dan. gentlemen. and ladies afternoon, Good Thank you first we QuinStreet's today joining of Fiscal us quarter results. as Year report for XXXX financial

on on www.quinstreet.com. the are today Relations section Wong, This the website, CEO; Investor is me at our call webcast Greg QuinStreet. CFO, Doug simultaneously being of and of Joining Valenti, call

are to discussion filing of started, not recent forward-looking most These may results differ statements on statements. XXXX. made get to materially SEC risks we cause guarantees statements of forward-looking uncertainties results differ our would Before our could remind XX-K you that including projected statements a X-K future August XX, number filing recent performance. those from contains like I our filings, cause that and that the Factors by following and made from involve are actual today in discussed our to and such

of obligation we Please to press the CEO discussing reconciliation based statements and are that, will non-GAAP measures. earnings Investor to Company assumptions of Today, statements. today, over in these the today's Relations A GAAP is no as ahead. undertakes go will GAAP I which non-GAAP update financial and call on Forward-looking measures on both are be website. available QuinStreet. included With of release, turn to our Doug,

Doug Valenti

technologies of efficiencies. verticals, future a and products, strengthen range good Home Services was Thank and the you, wide continue Erica, our and and and and Company. advantage growth, progress operations thank competitive core we to joining initiatives us quarter in for a on Services made you Fiscal QX long-term all client for our today. Financial for We growth excellent short-

has marketing online of accelerated. market Our also the steepening, slope solutions core our curve The while tailwinds performance budgets marketplace are shifting of demand for is strong.

Home Insurance progress ever in and XX% and the We particularly year-over-year revenue due growth from good digital initiatives. continued Insurance demand reaching in strong with unprecedented as solutions businesses. to largest and productive results delivered Our our more QX, most two to at Services, consistent most Auto clients channels recognized and by growth clients their accelerate, advanced marketing scale. broadening to are

and continued client the and make to and QRP more QuinStreet, with promise Company. is with scale by margins a and history SaaS-like our is suited deeper carrier for the with testing. both integrations long-term the QuinStreet an one with in is QRP strong proposition capabilities. value platform in agency exciting We quarter, carriers continues agency of carriers. for pipeline to carriers our of QRP QRP the This Current progress clients agency uniquely to and clients be big and and business the most and to With deep a due opportunities sticky. deep for good for and activity integrations and opportunity defensible operating technology long-term, dominated with opportunity it core is industry-leading integrations.

grew really loans of to even remains improved Services execution the and receiving to the We Auto of I in there, Modernize. in integration expected, cards, successful We businesses, position to results synergies credit-driven from credit ahead-of-schedule now and of overall as feedback markets economy activity to faster like and improves. clients. specifically early usage due personal Fiscal than strong initiatives those and than but results And testing in there are enormous positive addition for results. company to revenue, continues too, immaterial our QX. on growth strong due delivered stronger capturing ramp launched Insurance Home Trends the and with Modernize. stabilized

Insurance Home growth future Services. highly For and with engines, now, I see them as stabilized, synergistic

margin and XX vertical expansion. to client our to strategy narrow growth our to Education the as divested we another opportunities our and footprint in announced, previously on best As August accelerate step revenue

as Fiscal quarter, to expect in strong We strong and company Fiscal and and ahead momentum performance at at growth line midpoint expect in we $XXX the seasonality QX continued the XX% or result. from beating Looking Home representing year-over-year typical to revenue overall or Services growth and million least nondivested and current the with Insurance a in continued $XXX revenue be currently QX, million, range. revenue between businesses of

We Greg. margin fluctuation. over mid-single only that, in be turn EBITDA I'll reflecting expect adjusted the to the to With seasonal call digits, typical

Greg Wong

was to Doug. revenue while 'XX, you, to joining Fiscal we everyone a environment. to Hello, Thank QX start where continuing operate for delivered us and record a COVID-XX-impacted thanks today. strong in

client $XX.X share. to Also to in we $X.X $X.XX August our Education on to our quarter, or XX. progress quarter, vertical narrow Adjusted the first businesses, year-over-year, non-divested $XXX.X and million, best-performing representing initiative go-forward grew first from revenue growth. of was year-over-year importantly, For with year-over-year fastest-growing or to footprint, per quarter, made client vertical strategic Revenue million, good total in our opportunities, $XXX.X the XX% million. footprint million XX% the income grew our revenue. Adjusted EBITDA net XX% the first was X% divesting

Financial represented by Insurance, $XX.X Looking XX% largest reflects strong delivered business, grew our vertical, QX at on and carrier revenue personal vertical Auto client improved our growth Services million. revenue in record and XX% at cards range growth in client Trends loans progress of broad This was QX. in of of year-over-year. credit revenue and spending and quarter. stabilized number businesses initiatives from major a clients the Fiscal credit-driven our a and excellent

the be these as good, expect growth improves. QuinStreet long-term We drivers for to businesses economy

record that client of QX Services million, for represented XX% Home vertical grew year-over-year, XXX% and revenue business. at a $XX.X Our to quarter

and to the on organic Sequential from organic add quarter. client in growth first Total Services in the growth of in reminder, Home vertical was XX% scale Services. and expectations capturing early on July success in synergies the our the of Modernize an demonstrating XX% was quarter basis, integration year-over-year the first Home acquisition. outpacing Modernize in Home to and acquired capabilities Services a our X As we

quarter to $XX.X of in year-over-year, XX% X% grew or represented QX X% million, Education client remaining of Our vertical revenue. Adjusted at the revenue. EBITDA the

client at at XX% nondivested staffed the of by quarter to or like remind cash business. the $XXX.X generation the with that and cash which million, seasonality with and operating balance in shopping our our Normalized the EBITDA of the quarter a budgets $XX.X consumer we $XXX.X Big normalized everyone the cash to quarter, midpoint is March our These with adjusted QX quarter at revenue. flow between annual context, $XX employee outflow due we low budgets of least to typically looking fiscal and in Most movements $XX.X our for year-over-year X% With characteristics beating of offset $XX levels. generally million typically was began and capital due clients outlook our in of cash marketing our revenue of acquisition business. for quarter, was expect in the is requirements of million The strongest by where $XXX the to our due factors Turning cash. reverse to the businesses representing see flow I sale would range. December we business to cash free drops to impacted free the the of our the holidays growth flow of We patterns. quarter, million new in fully model. year, staffing the second million quarter included seasonality of Education Modernize. the sheet, or of million from in as and the with and million quarter million, closed This line typical and from be cash $XXX equivalents.

first margin EBITDA adjusted to summary, start the expect We the to seasonal be typical digits, record mid-single reflecting marks 'XX. Fiscal Year quarter only a fluctuation. In in

We businesses. the This us recovery are Services and once has Home our beating expectations quarter. credit-driven outlook financial our and happy Insurance for all performance resulted with encouraged of again our are by the and early in in

especially XX%. footprint increasing and rate vertical a Services given forward, are million, fastest-growing our success Services the opportunities. client focus revenue X-year excited go-forward XX-month $XXX.X our compound our of about of from narrowing in Going our representing Home and growth footprint annual the and Financial we was best-performing to Trailing business,

on is the the a record We turn the With call Company. I'll to for for are margins growth our to expanding of Q&A. no to loss revenue faster, operator predictable likely with little to over revenue year that, scale. be 'XX Year way well more and Fiscal

Operator

Instructions] with Campbell [Operator John We'll Inc. Stephens from take comes our in question queue. This first

Your line is Please go open. ahead.

John Campbell

then to maybe could guys little you've guys. if a doing bit alliance And two like with guys NerdWallet. for a now Talk to up announcement seemed That us what about with you interesting a what years. over the of agreement? versus last kind multiyear been those that you're the to talk Is strategic you really

Doug Valenti

and optimization and consumer it. insurance an probably can great a help right just going and customer advocate, high-quality marketplace adding organization, deepening them We're run for excited we're technologies the It a work is on a super insurance a lines and the high-quality programs. multiyear more consumer other matching get well. They both and excited and aggressively following, as joint really We relationships. media, about We're are incredibly very agreement. joint to

John Campbell

Greg, you year. a months. year possibly the looking divestitures a the ton last revenue several there That's record Okay. helpful. for minute of I And Clearly, of guys this saw you then, over kind done have in last slip

this given for it those would record like be year really result divestitures, good just So a seems guys a you year.

about I maybe but growth sense don't here, for each impacting. just last ex-divestitures the get hand, could to maybe a just think to all-in if revenue with the just us quarter give quarter are by of we year. bit. to know or you in you've divestitures comp year-over-year got you right a kind on the for little math much the what us If from next guys did it And as help year trying then how

Greg Wong

year. right divested revenue the million for was John, year, go-forward footprint businesses, excluding about the that the now, from full so $XXX last

John Campbell

apples-to-apples you've on I'm trying have Okay. And to, get it growth by got if don't know hand. just an you going quarter? Do like, to forward. I rate, this

Greg Wong

was was December about And a QX over $XXX $XX QX about QX $XXX million. in million, million. was the little quarter.

John Campbell

Very one, me. Okay. one, Last for helpful. a quick

Services. Was leverage, like of there of quarter. less this that a total kind had there Home the the you On mix gross businesses more of items any Education a obviously growth? call less It margin just then revenue clearly product out? credit is solely revenue, looks and to that lot Or shift was

Greg Wong

John, piece, was top the line really leverage. biggest The

the cost media in top So margins growing quarter. fixed see also line the base. a in very did on But we're we expansion our similar

of did So more good the job a media. yielding we at

Operator

Our next Jason question Craig-Hallum. with Kreyer from comes

Your line ahead. is open. Please go

Jason Kreyer

Congrats but doing. you've not only been on the lifting heavy strong the quarter,

outperformed just to wanted in Obviously, surprises walk through saw you any your handily. original quarter? the First, pretty you like, you talk, can guidance

pockets you over last course outperformance the of So where saw days. emerge the the XX just wondering of

Doug Valenti

Sure.

the we've of out that just breadth shift us, the our momentum of clients us and pretty with well know. first, and and we are to enthusiasts the budget The more Insurance by number far at do business, more to momentum so Auto big surprised Insurance, and best the so clients them as and online, unprecedented with and and and their the away of performed for scale. keeps accelerating even you any Auto position them And them long I really there more it a for about indicated, biggest as pointed our wanting them better. we're performer market, and getting because worked have More more and with there was in optimists

always the pushing up quarters. On of clients as forward, surprise. it's growth media been quarter have there: -- big Insurance that And of we've new inflect to our look queue in continue that initiatives past And number that, slope And those working with a a began line on expansions, of expansions. couple pleasant top this that, the been, of made been inflect a of that's that's last we we've budget so inflected, and quarter. in product we lot accelerating. Insurance, has momentum to And over and just of increases a

them You don't know how accurately. to or forecast those always -- project you can't

our as well the the better momentum projects of capture timing on of some went in growth click than number in the progress business, Home progress terms our things the of Insurance. we acquisition Services, on slope the core in core Modernize both Auto business we Insurance, those integration marketplace a in the the the new and just curves synergies. as substantially beat to and initiatives the of thought, on on timing In pretty So

on -- the upside for better and of And not a all, significantly year targets pretty a so the over that business that only outlook as in lot backs already that business did quarter; surprise. was we've lifted that Home a of Services, But full our result good that.

and been thought. So thought, is than better a faster Modernize we has than Services the massive we Home market acquisition even

And so pipeline getting go The signed we've work to we've already clients, to complete this more launched, -- excited. gets stronger. year substantially, a would work where committed be say targets the full thought had incredibly we that quickly be continues And I quote-to-buy upside last pipeline expansions. and integrations. the both couple to well just continues lifted of to give well. work we we another as They've with that and pretty would to work on The on that, with carriers the more something as do integrations us keeps the some QRP. product outperformed look carriers others I with way The the our we as said, us already ahead as and continues be surprise quarter.

helping now carriers QRP, had the major which big about case expansion a thought on dramatically with thought real we asked working are not Some where beyond we but expands it us market The the and to even QRP carrier us use and with commitment was. these pretty really have to market they're how on is and they just how us product. product they're of develop are us how committed in pushing expansions hard the terms astonishing with and work to

of So the expected that stuff the quickly us, I last both began to went awful credit-driven thing better lot again we good grow than just businesses and stabilized was an for guess pretty the bottom. off and

the but well with wouldn't quite COVID number a we the most filters including in well. to, the which the are bounced business, the with tighter down are I hard, in credit due off their of and the personal quickly credit to consumers that those smaller helping were and And yet. through loan services bit and card still to and like back year-over-year feel issuers their are pretty very bottom But very on the economy. the economy, they is back in of and certainly other way coming able and are market, found products lenders it pretty there -- say they budgets uncertainty of So back; and albeit went big as a we pivoted execute issues credit that, that we repair now

and momentum we've board fiscal into the year. good think got I was the across rest So just a it lot of a the very very, going quarter, of

Jason Kreyer

new that's A in but not it growth couple Insurance or seems initiatives success targeting if could new the any other I I of the know times like you now call-outs know don't Auto more us, you're you've community. about having pursuing. details part these mentioned of new of you're some been talking initiatives initiatives you've maybe category. with products carriers, give only agent for new on there's these kind if

Doug Valenti

really that's have with, a -- had competes so And something into mix we agent most, our compete have with of the But a -- and product now we not It's most have technology, the market that that not is expansion broadening but and agents historically. not networks. course, the dominantly in folks we products we players. And a we the for there. serve other It's business, QRP, SaaS not that historic that can historically that really all, of brand-new of product opportunity a well. introduced very have going product we product

marketplace output. our and with serve to able being and shifting yes, So performance marketing

agent product as of teams as of networks, initiatives roll the Those our other is which we a of we're I partner, a working products, partner client on. extraordinarily the we initiatives, The going kind are began Insurance as number there to consolidated improvements that is growth part half and them market, well. But are refer those growth by media through the big products or of client. and folks our functionally by and to algorithms media focus marketplace team others

So and for adding improve marketplace apply really more the us with needle. potatoes things to of to It's that there performance client and it's up XX% staffed we move now we're QuinStreet, and those and is are kind for speed, by staff. meat team coming do carrier initiatives, when but unusual not that a the

So it's -- it's into Those of serving for our also networks. segments new market, the the whole various algorithm bread analytics media and and and for optimization the there's are bread getting of and butter the And including clients and longer stuff, butter products agent even some an partners. list.

resources just One businesses of that other was spread our into didn't to much have the opportunity reasons consolidated have we that kept sense we it so these we areas. that in make

We have markets that plenty kept. in opportunities of great, big the we

Operator

Research. from Barrington comes with question Goss next Our Please ahead. go Jim

Jim Goss

QRP, just both? them currently as like is maybe of continuing it talking with it outside them? help to group with some were also it dealing company but Doug, more Because sales agent you version about, is the a involved Maybe be same versus with Or the already within you have you're groups might it you you're little or the theme of they the overall areas extent seem regard currently opportunity would direct do an along involved in wise. of the SaaS broaden going business, your to within

Doug Valenti

Jim. or not side by agency agency course both. with agent talk right, the done the lot clients, You're networks insurance of of world. It way about is of we a much the have business historically We and

in independent have of agent part a the and QRP. an And with efficient productive so world, The to expansion for more quoting and working important much that's QRP agent managed biggest platform. is client which is core the opportunity us of industry, the

work on QRP it quoting to as and your have deepens doing good the the are major into top quoting reasons. which that the for and their And productivity a also, way for do is And serve is carriers new of as core want is carriers and opportunity. the internally that. agent there. the them efficiency That channel with we to and so only networks you there -- all have QRP we then is number of our we bind other as on we're with we platform QRP that what And serving us, services a of of segment point, reasons of to -- add with part big customers a carriers bring agencies have agents, integrate the said, the the integrations and who use and

with the to do agent add so of And does the which themselves, not carriers our can course networks. we so we're are -- base, client historic it core what

So it's both.

Jim Goss

and tend SaaS businesses And to be stable high-margin.

So add maybe your more impact would profit. on to the be business the but to to less revenue overall

it think seem you in would as So a for positive financials to up though you'd a account a category. muddy the try to Do way. little, it separate

clear? Just to be

Doug Valenti

just It's We on, to exactly question. do yet if your of an to intention. it gotten going we and it our in make terms -- far not that difficult to pretty that in, what's that's point, a appropriate to that great blend question, how to tell make it that's sure haven't just going

this of to And the of platform know a I going So operating the scale will is lots and will to it break it with the that product a We and but We make at sense for haven't will this know be pipeline doesn't is when of, ramp report it early over lot to In we make gets then it's to the an and clients to these going And until it to revenue doesn't probably the early-stage working. to decision enough a it terms work well. gets show we in. because in that it's length be it well. just going out of as fact is -- done the just -- years, exact difficult days, difficult that scale is blend picture. mixed keep true warrant it's don't reasons, course, of it business the We know think before. as including know That two just very said But uncertainty. we agencies. it. it gets, is the wait good in it I I've think for to it how to got core

going turn going They're months. it to going going So couple they're for a going out they're roll to few on. have They're going test to agents it they'll implement not a that. They're it. out. it. that's roll of to have to to going They're just to to feedback; work. it Then Then

to all early the not make thought fact sense leverage was business So business just and saw tracking overall QRP. the knew about have make be in margin results you separately everybody investors. mix business that core That's QRP despite core important for I doesn't rationalized all the stages we rationalized that would came business, from to we sense scale COVID and from given our and was the in that that sure way why about quarter. not have of efficiencies, last quarter continued immaterial it last make the the during got its for divestitures to the we we leverage doesn't and made. the business, The it all the the the normally of was

are showing demonstrate from that we so we Greg will now we as continue scale said. here, to can And and

happen revenue quick of the we is able hybrid quarter I think to likely you to bit it, quickly that much businesses easy what in at last do that this like that line about that will core the we though if expect case to a showed in effects do it economics the just a see some the more because was from were to bottom scale record have least having terms and little more the math. can same. quickly here, last quarter. be scale of you we'll just here make And drop year the fiscal it's we'll much Even can divested

Jim Goss

similar just regarding targeting. margin the along And more, EBITDA you're one profile lines, Okay.

category. now EBITDA You by And Education margin gone. an haven't has really broken major out

potential? profile changes we some it how also Home relative Can Services the the get bottom profit between and distinguish mental margin would so have impact modeling thought that basically as line and major about categories. Financial two we're we margin the So revenue the Services in can you of terms

Doug Valenti

many I there we're difficult technology most any core don't between businesses. the are resources do that, to technology client profit actual resources, margins bring platform so to know The because to media given the of for verticals shared. that those all core down their us are going our resources are shared resources, that of shared core very own It's costs.

operationally with it's scale more bit media burden Home a and has less higher burden we'd tell of but had well so line clicks I it's And how tends little a margin, functionality dominantly Services allocating contribution our investors would go exercise a to leads lower today. conversations these need the costs, they're The in Auto all which because And business have you which range. because know business to in a more there bring a can basically we've business, little headcount. get that big more right margin business report with to tight margin level through similar. from then the at media get a diverse business. But as we you Insurance back than, business, bit pretty a I various a we as of fact it very in margin standpoint, and a the to of it's are analysts, dominantly contribution We say, core there which businesses because let's leads-driven

core in of the given them are we terms misleading headcount ones. is as we intend run So way the to It media and and pretty the are the business, that. similar, periodically. costs majority difficult of big vast would do business the segments, in indicate breaking and are be with we tend costs out shared the which engineering, they're what on a wouldn't basis But no, contribution to those

not. probably So

Jim Goss

Okay.

with you just answer I differentiation gave. think you gave some the helpful

thank very you So Appreciate it. much.

Operator

Our Ryan from comes Lake Markets. with Meyers next question Capital Street

ahead. line open. is Your Please go

Ryan Meyers

First one me. for

I to Any this if last that wasn't expected you that revenue why the the case on you reason meaningful the QRP quarter? recall, guys see call from stated So platform.

Doug Valenti

think said define that QRP. you did out starting would were good see how I "meaningful" revenue We at, last depend I guess too, growth I quarter, zero. like, on it we from

and revenue kind good see a revenue of see good -- We year from ramp, in QRP. revenue. revenue we're we we revenue didn't million So running $XXX see at expected see did actually wasn't And in dollars quarter. to that did the single-digit that's almost we just

And so the so I to say probably will QRP relative "again," because at in forecasting of not a continue couple in how, now. as immaterial at know, revenue. be terms overall I next, a don't to revenue to I've again of company, actually QRP good least revenue because few is don't have We this the overall see going did to get quarters. point. I'm do its But It the for just that I company before. we scale. in business upward-moving significant know said QRP It's matters immaterial the to

Ryan Meyers

Okay. That's for helpful. And then just one more me.

And in the in that? the upside So and guidance what for sort in factored you conservatism second in of far personal cards? have trends loans are then you so credit guys seeing quarter or

Doug Valenti

with wave going particularly in question, that. second on what's Great with the

far and personal this -- pretty have improvement loans gradual and we We credit continued so see in stability cards quarter.

in we far credit we quarter last more a last than have We in so saw positive loans, continued good progress we quarter. quarter. And seen see personal see did of inflection much this cards which

to so And would a were they're trends generally say to year point the near get right, I that they the where be up where but back ago. to nowhere continue to going the and

So it's but all? all, XX%, stable percent the verticals probably XX-plus two down, gradually, Over and are over down. Greg, still, still improving

Greg Wong

down quarter they first the XX%. in Yes, were

Doug Valenti

significantly about very we right to us on have and this we from but down, comfortable your So, pretty as we provided what point, from way be with Ryan, the still reverse for QX. to for quarter, them And would were. still and been up our they we where outlook they way in the think quite here could and conservative

Operator

Sakai ahead. go from take comes in [Operator Instructions] Please Research. Chris our This We'll with queue. next Singular question

Joichi Sakai

to Insurance, wanted I view macro what's growth. such to Auto get, and guess, on Just on a going was great leading what

Doug Valenti

of less a there's it's a with driving. COVID factors. One is Chris, lot that combination

With be. auto much the carriers driving they fewer so are would less fewer more incidents, And insurance than there payouts. are profitable

a lot money just aggressively and But not they comfortably been generally, generally, So marketing, the on to on very have on marketing. Internet. spend more it's

insurance to healthy other led period. more in channels. and among that on marketing marketing is has aggressive themselves this COVID generally, auto spending an other a online folks increase the are more So but Because budget that's happening thing That streaming and online. other with the in time are less on carriers to, not quite time just to shift things, traditional

listening not me use case. an Let to radio. They're extreme drive-time

most coming fresh So as elsewhere, that of there sports online. pre-COVID. budget content is is "elsewhere" the something There's as much that and gets not was allocated

And marketing budgets to less inventory so there. there's spend

that So coming budget is of a online. lot

be long a for offline So that attention to done is And that, carriers fundamental making very we're shift This make shifts that that." to again. turn don't back shifts online. do faster carriers saying, to seeing are we time. budgets right to it's flop more with have and been We them these is permanent. what "We've a caused very they've And seen expect to wanting we marketing spur going their online natural to expect they're as

we've generally. offline. solutions going In seen I in the and never fact, from even seen back don't we've anything if budget even cases. phenomenon clients it never been shifting know specifically, we've off That's seen, our that of

seeing been we're has moves spurred kind permanent it. the that's COVID and of most of pretty shifts, So are just this something

now not budget and now, and make have an to the they to more the systems place permanent have put done. this action of so the seeking now it, reason off. digital you where shift productivity putting to because online getting use is that to to that's but But and as can we've where the opportunity got And that's in and a more also seeking and go a to motivation get only and the and factors may digitally oriented do integrations they been be other lot

So reasons carriers been it's our in least, I and it's that say we're successful add that of the channel our don't of would some the I carriers generally to point part -- have play to last digital, because aggressively performing finally speaking, that carriers than on about in guys, much much haven't. carriers our little add, most channel, then catch-up." the Because thing for "Now better, went big more do that said these the there's but particularly budget to the just would I lot of everything are of so and getting it opportunity it, of try last top I to more other a the the success bit are and in a saying, where is

seeing moment do being you're the spurred they're so you've where with anyway. that some in to And this got capitulation it time fact associated

as permanent to an inflection long-term shift we're the of but quarters think over different shift, are they appetite seeing. taste carriers a have they're seeing of a positive couple increases we standpoint. So their it's and confluence now and get starting to as in now as do from digital of lot up and past them that what From demand very set pretty we for a interesting dramatic do a we are things, begun better of can that performance

Joichi Sakai

not segment type of Auto growth well, sector your it's that any if type Great. -- other that in One Insurance, this of Is other I Home thing, guess, this do of has Services? growth? you the Okay. see

Doug Valenti

it of Insurance, areas other the also few home, generally, a channel. we now nearly Auto strong health competitors lines Insurance lines of Insurance and growth. much of and as bigger of life, for well areas is as that the number Insurance, been we're and it, that that been our a should our very our we right well participate Medicare majority have not represented part part folks other in as seeing as are historically couple have growth but or we're strongest, a strong Insurance: seeing of in business, vast of is quite the biggest of

are you growth, we as Insurance. good Home broadly, seeing very quickly. is going so and in And indicated, And Services growing great

expect Modernize lap the We even we to that continue after acquisition.

off has said, integration and I the of organic assets that the those and capture synergies two As growth accelerated.

Services December. quite to holidays continue. to not survey December, during they're or the gets because it be seasonal, are fact usually expect We the November, traveling homeowners to add that that most projects that November and latest services in expect continue The planning during Home despite homeowners home softer of we indicated

given anticipate again Home stronger that So and could and in December in. that survey there's we than we we're environment Services, also a the November see

growth personal had in COVID. and we of rates terms great cards -- In credit loans before

in and/or effect COVID either down we initial associated anything economy comes can not back, verticals, and credit-driven and and those those during we've to lot add uncertainties comes we love businesses weak of a improvements, the COVID high right lap it there, we as much and everybody now, by the think are to are is unemployment like contributing economy our our back. And will. those significantly were. preparations come getting because businesses, and just economy of businesses the to growth, as We back the growth. than I we impacted that I once where and better course those. And the back, they're with as made will scale positioning very the the do And

cards for loans businesses, they seeing you're growth and and everybody. leverage in their all terms of on again is as So credit are as personal with faces

expect growth again businesses future. to not-too-distant those the I be So great drivers in

So the footprint. we yes, like

and look As rate. in do, Services, inflection the COVID-impacted, compound doing rate businesses, pretty them stable. is as our quite right the and And And if up of dramatic Auto two the credit that loans businesses you Insurance aren't lap you'll the Greg see the we're that directly basis. expect on other well. are Home a and are footprint XX% and/or said, in very I to growth two three-year again, And rescale growth we'll cards, And at we it. personal north to

Operator

this X time. and that concludes (XXX) can today's you more code access for and number, the toll of is To no the presentation. at you, XXX-XXXX, Again, Thank pass dial the the for the enter (XXX) are toll-free this call, XXX-XXXX XXXXXXX This ladies gentlemen. number, XXXXXXX. replay X questions or code. There pass

now disconnect. may You

QuinStreet (QNST) 28 Oct 202021 Q1 Earnings call transcript