QUINSTREET, INC Revenue Disclosure
3. Revenue
Disaggregation of Revenue
The following table presents the Company’s net revenue disaggregated by vertical (in thousands):
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Fiscal Year Ended June 30, |
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2025 |
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2024 |
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2023 |
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Net revenue: |
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Financial Services |
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$ |
817,157 |
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$ |
392,579 |
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$ |
379,723 |
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Home Services |
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261,794 |
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211,944 |
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193,133 |
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Other Revenue |
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14,760 |
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8,991 |
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7,768 |
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Total net revenue |
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$ |
1,093,711 |
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$ |
613,514 |
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$ |
580,624 |
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Contract Balances
The contract liabilities representing client deposits from the Company’s contracts with its clients were $1.3 million and $1.3 million as of June 30, 2025 and June 30, 2024.
The Company’s contract liabilities result from payments received in advance of revenue recognition and advance consideration received from clients, which precede the Company’s satisfaction of the associated performance obligation. The changes in the liability balances during the fiscal year ended June 30, 2025 was related to advance consideration received from clients of $6.9 million, offset by revenue recognized of $6.9 million.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Aug 21, 2025 | Showing above |
| 2024 | Aug 21, 2024 | |
| 2023 | Aug 21, 2023 | |
| 2022 | Aug 22, 2022 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.