Earnings call transcript Q3 2023

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day! And welcome to QuinStreet’s Third Quarter and Fiscal Year 2023 Financial Results Conference Call. Today’s conference is being recorded. [Operator Instructions].

At this time I would like to turn the conference over to Senior Director of Investor Relations and Finance, Robert Amparo. Mr. begin. may you Amparo,

Robert Amparo

And QuinStreet’s everyone XXXX third operator. as financial joining we report quarter thank you, for you, us results. Thank fiscal year

Officer, Financial on Valenti; me the today Chief Joining call and Greg Officer, Executive Chief Wong. are Doug

to Before you following statements. that forward-looking remind we contain would will the I begin, like discussion

performance. differ of are projected those by statements and a Forward-looking uncertainties may from statements number involve cause materially that guarantees of future not and risks actual results to such

from our most Factors statements cause made that to differ SEC XX-Q our may in discussed including today recent recent recent forward-looking our most results are filing filing. and filings, our X-K

Forward-looking of to today, statements no as obligation assumptions update undertakes based are and these the on company statements.

A in GAAP is our we financial measures earnings non-GAAP today’s Investor reconciliation investor.quinstreet.com. of is discussing will Relations non-GAAP Today, be available included to Release, both Press which GAAP at on website measures. and

call ahead, Doug will I to Valenti. over that, go Please turn With the sir.

Doug Valenti

Fiscal all-time results in strong, XX% once Adjusted-EBITDA $XXX Thank the quarter, you, Quarterly and and QX leverage demonstrating was to our operating $X were of jumped outlook strong record. Robert. again an exceeding setting for million, model. year-over-year revenue growing the adjusted-EBITDA. revenue company everyone. business million Welcome, our

the were driven results were of also and revenue auto grew driven over represented XX% QX. in the by XX% reramp results in good good revenue noninsurance surged by QX’s early year-over-year revenue. insurance. company XX% strength continued verticals of stages The QX where Auto of insurance strong total

all and with great financial of cost scaling and business, and of strong broadening our success debt. resilience our on no our a the discipline sound foundation the core fundamentals, business demonstrated and sheet QX the financial leverage balance bank and business model, continued footprint our

expect to same. As of continue the look ahead, you can more we

opportunities term better. As demonstrated our last. are have business again indefinitely we been to capabilities and long built And once never

forecast, had and for mixed with The reduced therefore, spend last of results and back early for clients in quarter their marketing as us. and or insurance unexpected late recurring we auto strongly ratios client spending to came and March them profitability. once significant combined While they again due course were reductions April

from normal road QX. and the events the to insurance back navigate reramp insurance to auto The complicated the in quarter for carriers will companies. outlook inflation the for and for of challenges is severe pandemic, of affect our the or even unexpected weather the best fiscal client spending break Clearly, current difficult

will longer budgets enthusiasm near marketing right. spending carrier insurance the Carriers from offline online. and to is up our that But expectations opportunity, arc long do market. will and and to adjust auto still The is diminish insurance stopping. big or term to and adapt pausing, auto not term important to of shift reramp spending reductions The continue not the insurance continue

marketing Most will consumers that insurance so most for for the and including efficient digital be QuinStreet will by still scale like to continue shop marketing and evermore enabled online pioneered spend marketers. everything, advanced performance at for

doing. QuinStreet doing been what meantime, we keep the In have will

on our progress and revenue to diversify in and footprint great market initiatives make to to grow in continue and will We verticals. client insurance broaden noninsurance opportunity our

the product business expansion biggest that focus the technology, and on returns best for We areas investments offer will new growth. and future opportunities

last as will loaded spring balance of maintain financial or we and course continue will stay to expansion returns margin for cost rapid including foundation, grows strong strong demonstrated note, sheet. Of as fundamental revenue leverage and strong particular quarter. we And discipline a a

to Turning our outlook. term now near

near reductions. expect to FY auto term spending to insurance due We versus unexpected decline in QX revenue FY QX the carrier

in ends to revenue $XXX million. $XXX fiscal XXXX, we of year expect which full For June, million

be will million adjusted-EBITDA that despite positive insurance FY year in for expect the auto and XXXX million. challenges, and $XX adjusted-EBITDA full between $XX QX We fiscal

begun which XXXX, begins We in July. detailed process have year also planning fiscal our for the

in and double revenue at to fiscal year grow positive. XXXX, We that adjusted-EBITDA strongly we and expect digits cash will flow be

will continues as reramp precise to be of the We auto insurance our more unfold. and update outlook

Our better. outlook been term never longer has

on double coming digit revenue expect years businesses noninsurance performance continued We annual strong growth to alone. average rates in in due

revenues We expect FY auto right, up eventually the peak insurance and to and be to levels. XXXX exceeding to returning

than a adjusted-EBITDA exceeding revenue, expect We to grow margin. eventually XX% faster

auto adjusted-EBITDA insurance up we in and just from years. the stages leverage the return to margin is X% the in expect future revenue, March Our quarters early of demonstrating of

I’ll turn that, over With call the Greg. to

Greg Wong

Thank for today. joining you, thanks us Hello, everyone to Doug. and

our of again and footprint a on strong growth. stronger vertical quarter, resilience all-time revenue results, return record growth, to delivered we were client year-over-year March digit The an quarter, continued even business adjusted-EBITDA and where model display revenue double in strength the in including

Total the auto million in as recovery stages revenue was grew and $XXX.X insurance year-over-year despite as XX% the began of a shifting environment. early macroeconomic well

QX total XX% and verticals year-over-year. revenue Our client noninsurance grew XX% of represented

vertical. by revenue at Looking client

and verticals XX% of represented insurance revenue services year-over-year and in as client strength credit-driven of Our to a grew verticals client in for the quarter. as XX% well was environment This banking improving million. our $XXX.X financial continued QX result an

QX. client credit-driven verticals services verticals year-over-year. business Combined, XX% these excellent banking cards Our as delivered personal as results of well credit grew noninsurance and loans our in financial

assess conditions carriers ramp quarter, have be unclear. great and up a though insurance, insurance did spending believe unexpectedly of right reramps it business in still the to a results. The adjust in that and to to we to for over is revenue and pace term time reduced growth significant QuinStreet. We exact long current is auto expect the carrier and Within March since see market

of grew $XX.X year-over-year Revenue total revenue. our XX% to vertical million client services or home in XX%

be largest at over discussed the past, digits. in strong market run and growing rating home may services is our we’ve double $XXX As addressable an million business to

two, solar bathroom being sales drive long currently is serve. to from And service none for growth where replacements, potential. close system of or new Our at see offerings, installation, are we One, sub-verticals offerings, simple. least our window business believe number expanding and full the dozen opportunity our their we the triple to these here service grow strategy term we to existing into which and of so examples anywhere remodeling,

growth multipronged our $X.X double was organic million digit foreseeable is This Other for to year-over-year fiscal QX the leverage strategy for operating demonstrating revenue from business. $X of to grew million, Adjusted-EBITDA revenue. $X significant the the and growth future. remaining sequentially drive expected QX XX% of million

of $XX quarter Those been Turning end. million have the end. before over and cash the shortly no to debt. and the $XX was timing quarter received million where sheet. would we quarter after Cash We typically with balance received the payments bank payments of impacted receivables, of by quarter equivalents in closed

So $XX earning a cash would more normalized be approximately view of our million.

Normalized fluctuations free to flow Normalized underlying the as free cash cash capital to is our it was the flow $X.X quarter flow working business flow primary cash the effects removes characteristics model. drive quarter cash of metric account million. our of in current

we are closing, In excited we model about move our financial forward. and as business

of enabled expansion adjusted-EBITDA revenue the drive the portfolio growth despite of in double-digit has diversified being to of and us recovery insurance. Our client-verticals in early only stages

into as both and total company renews drive adjusted-EBITDA path the expect up revenue right. cash further of expansion growth insurance stronger even to and its flow, revenue We

for With Q&A. that, call the the to operator I’ll turn over

Operator

Instructions]. you. Thank [Operator

Kreyer from question the first Craig-Hallum. Jason line of comes Your from

now line is Your open.

Jason Kreyer

year. on give wanted out my Hey we the Obviously forward. some to auto are auto just given as guide really on a start we just your what could expectations us ‘XX, double-digit QX, cadence thoughts on next gentlemen, if you’ve and but you have insurance how your I your into you on to move thank curious color just insurance, for you for get statement much for seeing visibility taking questions. as growth relative of

Doug Valenti

the earliest that period of right have to until before probably auto the that the progress; be of over expect typically indicated happy Yes, visibility We like in Carriers it to make January Jason. same re-increase lot to. of loss they they now. January significantly have that Hey ratios, meaningfully expect changing the channel before course. a with continue that at spending we don’t do resetting of just assume their time, July don’t they between at in to in in they least, could and spending, and be insurance

What made pull so out that digital the commitments can also as out runoff, of as spending. creates room quickly also in they can’t spend they that areas of to pull kind other they’ve happens is for

auto to outlook year, gave a growth fall cash we you, that flows as in far you, visibility and the So, of and of in any for not soon EBITDA insurance can revenue saying have course lot forward. relates – getting the to the term. gave Likely double-digit fall, January progress next the strong the with we better increase here. spending and we how from them outlook better not long achieve course are of we But and of as way near opportunity to into late

it kind will. of just don’t We’ve out taken enough We you the if of have visibility. forecast

I think it you But deliver under we we described. what that’s put can just to overly so you now pull conservative. a down are can and we it, fold where know,

Jason Kreyer

I personal loans cards. to thoughts on Helpful, and thank wanted you you. get maybe also credit from

you commentary more but into of hearing that like subprime on we’ve moved the in. in, seeing it you can area prime, or seem and you’re credit which a you think bit tightening talk Specifically, pressure detail categories. has moved trend any participate the I little those been an has is And baked two just out in credit gave, maybe been doesn’t tightening

Doug Valenti

heard, we’re and you quarter. this a as strong and have for fiscal very us those particularly this Yes, past for strong while, businesses year been

risky and into baked particularly is credit loans, are some more We that and as more seeing tightening, our for for risky forecast slight cards well.

expect the from the growth year of as about to focus credit last nearly not in still they’re year, expect coming but cards that there, clients to do want we where personal have. based because they good fiscal do did likely budgets to largely grow as and that fiscal We on indications have getting we’re and that, strong the they will loans fast

to of again, but we right really that gave little not tightening So strong levels now the results lately, with significantly outlook at deliver point been been the And course but of our think you. to yet. a we’ve this that bit point, performing to of really strong we levels perform the not affecting tightening, still there at we level can has

Jason Kreyer

Thanks all appreciate Doug. color. I the

Doug Valenti

you, Jason. Thank

Operator

Inc. Campbell Stephens, the Thank you. comes of next And John your from question from line

open. now is line Your

Jonathan Bass

a meaningful guys! John. from insurance insurance higher costs? several Bass the costs the you a address cycle. It’s more Probably the for more than headcount been spend you’ve Jonathan I on standpoint, the to holds awaiting as and employee look reduced side, in know on you’re would environment on Hey quarters, support turn carrying usual cost for If

Doug Valenti

re-ramp we what We’re Jonathan level expectation more than we’re would current carrying is expect and and just in be and but reasonable to what pretty to saw of tight resurgence We say we last a revenue quarter. I’d you take spend require. our of the part the headcount on the foolish to actually our advantage it’d no out require, probably expect capabilities, insurance than more think take that as

the was to up in it As less were we you we and XX% quarter-over-quarter, that. half represent what March I month quarter, the saw barely full think up of though to just re-ramp, or last with re-ramp is the when expect of X% were EBITDA even the and into company we

positioned. So I well were think we

we you’re either. see adding a But to don’t think we’re us think tight. lot I stayed think us a reducing I see don’t I going to going lot.

back, when if worst what lose that spend. an do that, take – case, just spending of we not of we we’re is we positioned it. advantage when comes In then think I ad to share spending do full we’re

then right to over So didn’t always I think get we’re We because want pretty mainly steps the we out few to now our a right when enough said, do balance in have got capacity back well it darn take and to comes share skis, I as about it to we or but cost lose as does. backward way discipline. and maintain not

Jonathan Bass

And thanks. we in recent quarters. much haven’t Okay, talked about QRP

and provide rise I’m QRP when more think things driver. a state the of you latest that with So can could meaningful you to hoping

Doug Valenti

the continued we’ve of reapplication product the and clients, QRP, insurance product, really integrations, make insurance the channel Yes, with with progress quite stage that’s with with represents next carrier a the the ecosystem, question. digital great to of good the frankly, channel. which to the

We’re excited ever about more it. than

market, accounts challenged been blunted by business right like and that and activities. their their fact is market agent a the therefore along have – QRP’s than reduce seven to where now. broader that. for part their spend The reduced have carriers We further had But is us have as spend, like the coverage their is figure would a lot agencies just progress their to overall the and reduced this

down. The pipelines bogged have really really,

conversations. lot activity, a have of lot of We a

feel back that the spend. we as market where ability in it agency sure and agents as the back, it a start spring coiled side for comes particularly activity down adding like the comes So into that’s trickles and they to

and and channel ever activity it. it. is pulling market better excited love been. and states where support yes, But about about in in that over further insurance been, hard out with the than super But current it’s a of carriers and I Love of better than the carriers the ever coverage of yes, of areas it’s The is from the product, product we long the it’s uniqueness to you where going and it’s industry the to just is than but love The excited ever better defensibility haul product been, and the the new its application lot are. get know spin.

Jonathan Bass

guys. you thank Okay,

Doug Valenti

Thank you, Jonathan.

Operator

Thank Lake Eric question comes from of Martinuzzi line Street. next your the you. And from

line open. Your now is

Eric Martinuzzi

Yes.

Just the what was percentage curious of the to progress, business progressive quarter? know this

Greg Wong

Hey Progressive Eric, this is about for was the quarter. of revenue XX% Greg.

Eric Martinuzzi

Okay. What as far It the pulling ramping as sounds both are and you was back. of know cadence? like then typically And a leader kind they up

Were was across April customer in they and April, h was rug. pullback they or then there it of driver of primary your the the pulled that kind base?

Doug Valenti

across been anybody the progressive base, was else begin to with. but out further It’s than customer way

are in – as the pull adjusted numbers product a I to much, further phenomenal forward. what so material they getting rates pullbacks much you’ll are do less it were mean more. matters So see of and do they their and they back doing else us and to they going other everybody just getting job they everybody and so adjusted than their matter. and out they When the

Eric Martinuzzi

I XXXX are of to was the Yes. there? length, January sense you of those talking insurers normalcy. What or get ratios? before surprised just hear some be just items needing of gating historic and we’d pause here loss between I a to guess the about kind normalized kind with return it Is to the comfortable auto

Doug Valenti

particular have is most take cautious come the to they it’s really we guessing of got told the Yes. back. And either. only us time when to think I don’t The I it’s again, haven’t information to about not just information going about from that carriers have any be we’ve imminent.

some budgets in July. they guess some up will best start So and that our loosening indications have been think

out themselves I and it, can and make think on to economic rates progress costs. cadence to But the sorting on going what’s have it continue to as do. happen and want of the best we read they need again, side, figuring are the the both to the out on what they carriers

they that taking that addressing on. Some are they trying costs are in that’s aren’t in costs some control, some of the of control, fix The working some them it’s their control, costs in of their are their not. probably have with rate, to and and more and

reduce costs they spend have least or that digital marketing marketing side can’t marketing can, also on they like the spend. at They

on so off, digital say run work costs and/or they’ll of some to so spend I will have like they off. may can that can’t some particularly When will those reduced commitments run costs those And I made mean off. marketing run that be and immediately of

items of So over number those next months. gating be the will

through in fact combined The continue item tune tune the just be year they which gating up always make rates, March, just get bigger probably of and for the this besides than item, and like January to longer item better from year again, better just ratios year And going next their costs. better then as go gating as industry. big the they’ll is keep we’ll will last the adapting. progress, there, yet, course big was their product, we’ll of big they then more gating and And January the the right into keep resetting tune a economics their

the from That’s team as our all that and what that’s would from heard. we’ve think assume want and happen. We that January industry I on goes. on based with from surge count the doesn’t it to we a conversations gave that told we mean not probably things believes does it from how know seen that the could other big experts again. don’t say us industry best you, but happen, just be carriers I So outlook that won’t data, they’ve and

Eric Martinuzzi

Yes. No, predictably unpredictable.

of side? the bathroom. know, in other XX%. talked parts home know non-insurance growing the XX% ‘hey, growth wind solar The about, Any business, up terrific and business, the of revs you services you and I and cracks there we’re that’s

think be rate into on that to expanding might ability projects. like interest there sound a for environment, I new…’ new all. take at some on rising you’re homeowners We’re doesn’t but It would in seeing pressure

Doug Valenti

No.

nothing we appears the home We’re question been a seeing We’ve but rates. we’re for the appear just a interest be constantly. driver – asking be question to year asking the And seeing strength and in opposite main our services. with What half. to

interest have on to a want As a and higher for new sell homeowners are don’t because rate on likely they up, to home. worse good home, mortgage a their they’re gone less in rates their or rate take rate a

and lot And so a folks in another than they’re buying the invest in we’re homes that home. seeing choosing in rather home to staying more

income their services, And homeowners, all pretty up, over folks and actually have their of a are in built last home sheets shape. really the number lot they frankly we good equity know, these up of gone balance rates in very is so actually much as and statements high and that board, years because are level other a seeing high and have of in though we’re across activity demand most home even factor the these the

slowdown, being end lower of be hurt if to most the the in or to not, are these and as or on greater to spectrum current most likely not the that environment, the income anyway. there’s and and tend a folks recession hurt spend be projects homeowners The are

Eric Martinuzzi

you consistent quarter. last that’s Well, gave answer the Okay. with

on you’re questions. that on top of like of Thanks for it. to staying just top my stay taking So I want

Doug Valenti

You bet. you Eric. Thank

Operator

Goss Barrington Instructions] from you. next Research. And line Jim question from your go Thank of comes [Operator the Please ahead.

Jim Goss

to carriers don’t off go more of might terms the in be like on even I are Historically advertise Doug, reluctant marketing around expenditure. in there there’s combined trigger might Hi! greater that this to ratio some no time want terms it but or the position, of customers a an negative that, into switch will range been their to beat magic has the though, to though to try that that XXX% inclined product? to for they or try make to right new be sell sounds

Doug Valenti

It differs great No, own Jim. they trajectory carrier really question. where and and it’s by strategy, in their a are long-term

when targets in for and for or that they are and firm strategy, number market times to are very on objectives they year And to considerations, in of negative the different have hell high where they there have longer, Some water. they have or and hit depending combined for share will longer where a the go order want the in they be market others capacity come achieve ratios, are other other for other negative fill willing terms to to and goals.

on it the does really So depend carriers.

really up with best, carriers to This and and a very considerations are of like This to deal keep objectives, and navigate companies is we what tough complicated but think with. has just been are all like continued on of doing to different these for predictably. right. all going bunch again finding or for I different it’s iterating them do. as us environment into predictable have and as we and to we’re So different less their we have smart progression way industries environment the it a all historically see solve for gradual they harder are their to good and trying to very things is saw, deal whole They’ll

I But – to serve They of lot to know and their working for grow and and I’d all public it. sure, big too to magic constituencies there are a to because and serve, they think of on you companies and have they’re say a bullet, want number want progress shareholders. no they get to hard want paid that all want mutuals continued they they

So I keep they’ll they’re working progress. hard on making think it and

depends it company. on But the again,

driven very very very, are specific by particular Some and number. a

the but trying Some can and can. getting in market are they the they they all when to they’ll overall, are best fixture mix not, as start in

have levels will lot I you they are very activity that number that some levels activity that even a and the a of them have again deploy. the channel of budget of can the tell at not in we all carriers, those spending of with much they high yet,

need them to they doing it. the the to spend to where or ready work where other ramping point they’re loss get start are ratios either They are waiting are So kind are they quickly. need costs of to they be just or really them where rates to need them where

until But said, with we couple a the navigate and the we’re spring shot ups the they from to – when I probably we’re in question to seeing it then type like a our lot downs began and environment, working progress see guide January, years things to But the reluctant we a and try of come. progress of look them, some of good over and we’ve but exactly seat not in what as good past all really to fall, that. then. this seen we just given to It’s of likelihood, It’s inflection just going loaded. have

year then what assume we So stays challenged we’d businesses with it the environment, just you. that’s fiscal all we and gave rather that what do let’s in other the for and can say,

Jim Goss

clarity, XXXX So you’re about you’re just for year, when or talking fiscal calendar the next is it year? saying

Doug Valenti

Yes.

see through always confusing. the when coming – of the guide you. progress now I I when that’s that’s year, terms year, to next year, likely a we meant talk myself. get likely assumed and from of the progress, where the say terms – the I the I ratios. me year, that January I the in When I terms see in when loss give they order clarify June, for But really and apologize, the are In year next July outlook inflection in have with let in this calendar we’re confused about in to know more insurance to you of we as fiscal change gave in

I do to growth. there the fiscal, to a in reset, auto if expect, months and fiscal and guide will gave double-digit to loss you in insurance but growth that But goes the no and to progress for get probably spend So or it new everything year, number according I January eight was we’ve with we the do revenue the real ratios progress. you be that the the EBITDA way I historically, number, making and calendar keep gave it’s done another assumed you for of inspection gives because revenue EBITDA not during indication and gave them an

when at are reported And the this indicated calendar. are would that and think same is to looking not ‘hey, recently all. is guess It’s going start I we given they to They be that reinflection.’ company know months a nine bad they that another probably at saying market, a in history we’re it eight seeing thought January

Jim Goss

one to what fewer I’m what they see consumers have times, interested and and/or options now, right, more options new for costly All seen last me. curious, just options? in other insurance in might were relative one

Doug Valenti

expensive seen they more when find exactly seeing. lot find is they Fewer more don’t more what shop, options seen but to we’ve of and be they shopping options. going fact And we’ve yes. in of costly because of they’re and a that, Both,

have and year So at rates before. higher last the renewed are we available are more of the rates. considerably more time behavior year as terms certainly now, would and for that But think that at shopping continue are consumers much this higher options more in say limited their or the get will they seen, those

Jim Goss

Alright, thank you.

Doug Valenti

Thank you.

Operator

Thank go of the your Singular you. Sakai from line comes Please ahead. Chris Research. next question And from

Chris Sakai

and Hi Doug Greg.

question it Just What quarter like expecting was a insurance. unexpected? you weren’t car fact this. drove so on had last that the It guys seemed the

sudden it unexpected Why more expecting You decline? a was were growth. just just

Doug Valenti

well we again, industry tell in in wish the everybody I that’s can was and heard I everybody because knew. them carriers from to business. and and But I what have their industry. that that mean, you unexpected as said, you’ve our it

But when cost re-ramp their of what expected than not because they have than higher they high increased enough being to had spend, those those repair rates, went rates both offset or were were in being their cases, loss many than they anticipated expected. because they higher the taken said, higher they the and to rates, is ratios while that and claims costs

of everybody else You both could that with. I everything and is, that and underlying the of new It’s there’s of the estimate those one-off an the operations terms – with the there’s some signing the to serve cases, was the they consumers inflation been consumers, dealing are in details initially. to also it’s that In indication it nature and some even things. do nature why is probably of

There’s that insurance got least I litigation forward, that it companies be, changed, lot will flow more the guess lucrative difficult because see a of and to less I’m I’ve wonkish March and once for I’m But I place guess in XX. industry. submitting told was log insurance been those not at pulled the industry a that long the told, the in into I’m a not expiration goes lawsuits or I the like that deadline. understand,

that got that’s So through a its snake. to work currently the way created rat

results and they folks indication, gist were results that taken started were It be and they’ve and more go looked a research summarize carriers so, they the The were again. started we lot But to in. the lots you that stuff, had three it indication add given every going ask months coming or themselves rigorous but to know they’ve markets and is every ramped to coming and like But given than the rates. hard. then industry that here metal The pedal it the started were they’ve and a lots way. worse expected, of and of good. every they they indication for us in. actual follow They things or I’d better They So insurance ramp. results

stuff. a will client. little whole through It’s that work isolated happens one particular seen a the one they this are They it. through other environment bunch behavior for a It’s to to one through is one of this client We’ve to a client. that just of work difficult – impact profit with institutions. been and complicated obviously. but product, just us, carriers a just isn’t and very complicated mandated more not and/or has challenging constituencies tends working when more us, type bit This on client across an serving they This of industry. is This has

Chris Sakai

Okay, light then Greg what that the that. of offerings there? thanks mentioned? are you some And shed service Can for some other

Doug Valenti

service we oh about Greg that mean services of want services of market But window examples are service dozens at But services, or installations, what probably and terms trades when and don’t about services. areas large. would what talk some or sub-verticals gave trades service those a there the be remodels. and replacement, offering in or bathroom and home we’re The because specific by in trades dozens trade service in or kitchen dozens or a question. mean a offerings, offerings like new we solar home that’s trades we targeting, talk you in home of I competitive to home

clients them We’re early of and in little even and But we think Most can time we’re more. we dozen in certainly in serve development Xx can a way. are maybe and we in in a of about in about over over think that. pretty their we a about be – that now right meaningful Xx them

big grow a services was growth. we he that mainly the One, really more budget for big of making vectors and clients, we’re that for them, a we’re early by today getting given So very and media leg we’ll we more home market those can in one have areas that service understood – as doing everybody – adding in in couple – we sure the more, more optimize from vector. clients that’s one performance

areas vector sub-verticals more other get is we’ll or add service. The if We’ll into will. more you

and of and baked in services. lot approach our strategy expansion to growth home So our a into potential and opportunity long-term

Chris Sakai

Okay, that. thanks for

Doug Valenti

Thank you, Chris.

Operator

to time time. for there call. press is And questions everyone QuinStreet’s this the no Thank further release Replay join earnings earnings you issued afternoon. this information you. Thank the available are in taking at

disconnect. may You

QuinStreet (QNST) 3 May 232023 Q3 Earnings call transcript