QuinStreet, Inc.

expansion in fiscal Q1 and in full fiscal year 2025, which began on July 1st. Turning to our outlook for fiscal Q1, revenue is expected to be between $220 and $230 million, growth of 82% year-over-year at the midpoint of the range, Adjusted EBITDA is expected to be $14 to $16 million, growth of over 1,400% at the midpoint of the range. As an initial early full fiscal year 2025 outlook, we expect revenue of between $800 and $850 million, growth of 34%

year-over-year at the midpoint of the range, and adjusted EBITDA of $50 to $60 million, growth of 170% year-over-year at the midpoint of the range.

We believe that there are opportunities to scale revenue and expand margins even further than that, and we will refine our outlook as the year progresses. With that, I will turn the call over to Greg. Thank you, Doug. Hello, and thanks to everyone for joining us today. Q4 was a record revenue quarter for Quinn Street. All of our client verticals delivered year-over-year growth in the quarter. For the June quarter, total revenue grew 52 percent year-over-year and was $198.3 million. Adjusted net income was $6.5 million, or 11 cents per share. And adjusted EBITDA was $11 million. As Doug noted, the strong re-ramp of auto insurance continued in the June quarter. Auto insurance revenue ramped throughout the quarter, and the demand from carriers is broad-based. Additionally, our outlook for the vertical remains bullish as carriers continue to expand footprints and as the shift to digital performance marketing returns as the dominant long-term theme in driving channel and market growth. Looking at revenue by client vertical, our financial services client vertical represented 69% of Q4 revenue and grew 82% year-over-year to $136.9 million, a record revenue quarter for that business. Our home services client vertical represented 30 percent of Q4 revenue and grew 12 percent year-over-year to $59.3 million, also a record revenue quarter for the business. The other revenue was the remaining $2 million of Q4 revenue. Turning to our full fiscal year 2024 performance, we reported revenue of $613.5 million, up 6 percent year-over-year. Our financial services client vertical represented 64% of full fiscal year revenue and grew 3% year-over-year to $392.6 million. Our home services client vertical represented 35% of full fiscal year revenue and grew 10% year-over-year to $211.9 million. Other revenue represented the remaining $9 million of full fiscal year revenue. Adjusted EBITDA for full fiscal year 2024 was $20.4 million. Turning to the balance sheet, we closed the year with $50.5 million of cash and equivalents and no bank debt. In closing, our outlook on the business has never been brighter. We expect another record revenue quarter in fiscal Q1 with further margin expansion. We remain well-positioned to benefit from the re-ramp of auto insurance client spending and are seeing continued momentum in our non-insurance client verticals. We expect strong total company revenue growth and adjusted EBITDA expansion driven by our diversified portfolio of client verticals. With that, I'll turn it over to the operator for Q&A.