QUINSTREET, INC Segments Disclosure
14. Segment Information
The Company manages its operations as a operating segment for the purpose of assessing performance and making operating decisions. The Company’s CODM is the , who manages operations based on financial information provided on a consolidated basis to assess performance and decide how to allocate resources.
As a reportable operating segment entity, the Company's segment performance measure is net income (loss), which is used to monitor budget versus actual results. Segment income from operations includes all geographic revenues, related cost of net revenues and operating expenses directly attributable to the reportable segment.
The significant components of segment costs and expenses, along with a reconciliation to net income (loss) are presented below (in thousands):
|
|
Fiscal Year Ended June 30, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Net revenue |
|
$ |
1,093,711 |
|
|
$ |
613,514 |
|
|
$ |
580,624 |
|
Less: |
|
|
|
|
|
|
|
|
|
|||
DMS expense (1) |
|
$ |
989,570 |
|
|
$ |
572,650 |
|
|
$ |
541,462 |
|
General and administrative expense (2) |
|
|
20,683 |
|
|
|
19,194 |
|
|
|
19,747 |
|
Corporate systems expense (2) |
|
|
2,197 |
|
|
|
2,078 |
|
|
|
2,290 |
|
Other segment cost and expense (3) |
|
|
76,554 |
|
|
|
50,925 |
|
|
|
85,991 |
|
Net income (loss) |
|
$ |
4,707 |
|
|
$ |
(31,331 |
) |
|
$ |
(68,866 |
) |
(1) Digital marketing services (“DMS”) expense primarily includes media and marketing expense, personnel-related costs, general facilities, and professional fees.
(2) General and administrative expense and Corporate systems expense are primarily comprised of personnel-related costs, professional fees, general facilities, office-related costs and technology service costs.
(3) Other segment cost and expense primarily includes non-cash depreciation, amortization, stock-based compensation and other non-recurring expenses, as well as interest income and income taxes, which are included in net income (loss).
The following tables summarize the net revenue and long-lived assets by geographic area (in thousands):
|
|
Fiscal Year Ended June 30, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Net revenue: |
|
|
|
|
|
|
|
|
|
|||
United States |
|
$ |
1,080,730 |
|
|
$ |
607,373 |
|
|
$ |
570,703 |
|
International |
|
|
12,981 |
|
|
|
6,141 |
|
|
|
9,921 |
|
Total net revenue |
|
$ |
1,093,711 |
|
|
$ |
613,514 |
|
|
$ |
580,624 |
|
|
|
|
|
June 30, |
|
|||||
|
|
|
|
2025 |
|
|
2024 |
|
||
Property and equipment, net: |
|
|
|
|
|
|
|
|
||
United States |
|
|
|
$ |
16,590 |
|
|
$ |
19,643 |
|
International |
|
|
|
|
228 |
|
|
|
215 |
|
Total property and equipment, net |
|
|
|
$ |
16,818 |
|
|
$ |
19,858 |
|
|
|
|
|
June 30, |
|
|||||
|
|
|
|
2025 |
|
|
2024 |
|
||
Intangible assets, net: |
|
|
|
|
|
|
|
|
||
United States |
|
|
|
$ |
28,475 |
|
|
$ |
38,008 |
|
International |
|
|
|
|
— |
|
|
|
— |
|
Total intangible assets, net |
|
|
|
$ |
28,475 |
|
|
$ |
38,008 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Aug 21, 2025 | Showing above |
| 2024 | Aug 21, 2024 | |
| 2023 | Aug 21, 2023 | |
| 2022 | Aug 22, 2022 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.