• NerdWallet for insurance, higher education, and home services.
• Zillow for financial, education, and home service leads.
• Specialized Google Ads for high-value verticals like insurance and higher education.

• Financial Services Marketing: Connects consumers seeking financial products like insurance, loans, and credit cards with relevant financial institutions through targeted online advertising.
• Home Services Marketing: Provides lead generation and customer acquisition services for businesses in the home services sector, including home improvement, solar, and moving.
• Education Marketing: Matches prospective students with educational institutions offering various degree and certificate programs through performance marketing campaigns.
• B2B Technology Marketing: Delivers performance marketing solutions to B2B technology companies to help them acquire new business customers and leads for software and services.

QuinStreet (QNST) Major Customers

• Large **financial services companies**, such as major auto insurance carriers, home insurance providers, life insurance companies, banking institutions, and credit card issuers.
• Leading **home services providers**, including major internet, cable, satellite television, and other home improvement service companies.
• Prominent **education institutions**, particularly those offering online degree programs and vocational training.
• Significant **health sector businesses**, including Medicare and other health insurance providers.

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Doug Valenti, Chief Executive Officer & Chairman

Doug Valenti founded QuinStreet in 1999 and has served as Chief Executive Officer since July 1999 and as Chairman since March 2004. Prior to founding QuinStreet, Mr. Valenti was a Partner at Rosewood Capital, a venture capital firm, for five years. He also worked as a Strategy Consultant at McKinsey & Company for three years, held various management roles at Procter & Gamble for three years, and served as a decorated Nuclear Submarine Officer for the U.S. Navy for five years.

Gregory Wong, Chief Financial Officer

Gregory Wong has served as Chief Financial Officer since September 2013, having joined QuinStreet in February 2008. Before joining QuinStreet, Mr. Wong was Director of Finance at Lexar Media, a flash memory manufacturer and a subsidiary of Micron Technology, Inc., from August 2006 to February 2008. He previously held various finance positions with both public and privately-held technology companies.

Nina Bhanap, President, Product & Technology & Chief Technology Officer

Nina Bhanap has served as Chief Technology Officer since July 2009 and as President of Product and Technology since July 2015. Before her tenure at QuinStreet, Ms. Bhanap was the Head of Fixed Income Sales Technology for Europe at Morgan Stanley for five years and a Senior Associate at Booz Allen Hamilton for one year.

Martin J. Collins, Chief Legal and Privacy Officer

Martin J. Collins joined QuinStreet in April 2014. Prior to QuinStreet, Mr. Collins served as Vice President of Corporate Development at Bloom Energy, a distributed energy provider, where he was responsible for all corporate development and legal matters. He was also previously the General Counsel and Head of Internal Audit at Novellus Systems and oversaw M&A and corporate and securities matters for Oracle Corporation's legal department.

Ashley Heller, Chief People Officer

Ashley Heller has been Chief People Officer since July 2022. She has a long history with QuinStreet, having served in various roles including Senior Vice President of Operations from July 2015 to June 2022, Vice President of Operations from June 2012 to June 2015, and other product development and marketing management positions since August 2000.

The key risks to QuinStreet's (QNST) business operations include its reliance on an evolving industry and external media sources, potential negative shifts in the regulatory and economic landscape, and the challenges associated with client concentration and contract terms.

The most significant risk stems from QuinStreet's operation within a continually developing industry, coupled with an evolving business model that makes it challenging to evaluate its future prospects. This is compounded by the company's dependence on the availability and affordability of quality media from third-party publishers and strategic partners. Furthermore, changes in search engine algorithms have historically, and may in the future, negatively impact website placements in search results, thereby reducing visitor traffic and subsequently leading to a decline in revenue.

Another prominent risk involves the potential for negative changes in the economic conditions and the regulatory environment. These factors have previously had, and could continue to have, a material and adverse impact on QuinStreet's revenue, overall business, and growth. This includes potential shifts in regulations, such as the FCC's Telephone Consumer Protection Act (TCPA) rules.

Finally, client concentration and the nature of its client contracts pose a significant risk. In fiscal year 2024, one client alone accounted for 12% of net revenue, with the top 20 clients contributing 46%. Many of these internet marketing contracts are cancelable with little to no prior notice and often lack penalty provisions for early termination, creating vulnerability in revenue streams.

The clear emerging threat to QuinStreet (QNST) stems from the rapid advancement and adoption of generative Artificial Intelligence (AI) and AI assistants. These technologies, exemplified by Google's Search Generative Experience (SGE) and large language models like ChatGPT, are increasingly capable of directly answering complex consumer queries, providing comprehensive product comparisons, and even facilitating initial steps of applications (e.g., for financial services or insurance). This directly challenges QuinStreet's core business model, which relies on attracting consumers to its owned and partner websites for information, comparison, and lead generation. As AI assistants become more ubiquitous and sophisticated, consumers may increasingly bypass traditional content and lead generation sites, instead relying on AI to provide direct recommendations or connections to service providers, thereby disintermediating platforms like QuinStreet.

QuinStreet (QNST) operates primarily in the financial services and home services industries, offering performance marketing and technology solutions to connect consumers with brands. The addressable markets for their main products and services are substantial across these sectors.

Home Services

• The total addressable market for home services in the U.S. was estimated at approximately $657.4 billion as of September 2023. This market includes home improvement, home maintenance, and home emergency repair categories.
• More specifically, the United States online on-demand home services market was valued at USD 90.63 billion in 2024 and is projected to reach USD 181.64 billion by 2034, growing at a compound annual growth rate (CAGR) of 7.20% from 2025-2034. North America held the largest share of the global online on-demand home services market in 2021.

Financial Services

• Within the U.S. digital marketing software market, which was estimated at USD 22.78 billion in 2022, the Banking, Financial Services, and Insurance (BFSI) segment accounted for over 19% of the revenue. This segment is expected to grow as financial institutions increasingly use digital marketing platforms to reach consumers.
• The broader global digital marketing market was valued at USD 410.66 billion in 2024 and is projected to reach USD 1,189.5 billion by 2033. North America dominated this market, holding over 38.7% market share in 2024.
• The global performance marketing software market, which aligns with QuinStreet's technology offerings, was valued at USD 15.2 billion in 2023 and is anticipated to grow to USD 30.9 billion by 2032. North America currently holds the largest share of this market, at 37.23% of total revenue.

QuinStreet (QNST) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

• Strong Demand in Auto Insurance: QuinStreet anticipates significant and continued growth in its auto insurance revenue and margins in the coming quarters and years. This is attributed to robust product and market fundamentals, even as uncertainties regarding tariffs clear. The auto insurance sector has shown strong momentum, with a 16% sequential growth and 4% year-over-year growth against a tough comparison in a recent fiscal quarter.
• Continued Expansion in Home Services: The home services client vertical has consistently demonstrated strong double-digit growth rates and is expected to maintain this trajectory.
• Investments in Artificial Intelligence (AI) and New Media: QuinStreet is making significant investments in artificial intelligence and new media, with management expressing confidence that AI will accelerate growth in its fast-growing markets by improving consumer access, interface, and engagement in digital media. The company aims to be an "AI winner."
• Expanding Product, Market, and Media Footprint: The company emphasizes that it is less than 10% penetrated in its addressable market and is actively expanding its product, market, and media footprint. This expansion is a key factor in the expectation of double-digit revenue growth for many years.
• Margin Expansion Initiatives: While primarily impacting profitability, QuinStreet's focus on margin expansion, driven by optimizing media and growing higher-margin products, is expected to enable further investments and operational leverage, indirectly supporting sustainable revenue growth. The company has a near-term goal of reaching a 10% quarterly adjusted EBITDA margin.

Share Repurchases

• QuinStreet announced in August 2025 its plan to resume repurchasing shares under its previously authorized share repurchase program.
• A new $40 million share repurchase program was authorized by the Board of Directors in November 2025, following the full utilization of a previous authorization.
• In the September 2025 quarter, the company repurchased $7 million in shares, and an additional $10 million worth of shares were repurchased after quarter-end, fully utilizing the prior share repurchase program.

Share Issuance

• QuinStreet had 57.45 million shares outstanding as of November 2025, reflecting a 6.84% increase in one year.
• The company reported $2.554 million in proceeds from the exercise of stock options and issuance of common stock under an employee stock purchase plan for the nine months ended March 31, 2025.

Inbound Investments

• Versor Investments LP acquired 68,400 shares of QuinStreet, valued at approximately $1.101 million, during the second quarter as per their latest 13F filing in November 2025.
• Allspring Global Investments Holdings LLC increased its position in QuinStreet shares by 51.2% in the first quarter, now owning 31,872 shares worth $574,000.
• Institutional ownership of QuinStreet changed from 88.4% in June 2025 to 2.0% in September 2025, with the aggregate institutional position standing at 1.16 million shares.

Outbound Investments

• In July 2020, QuinStreet acquired Modernize, a leader in home improvement performance marketing services, for $67.5 million in cash and notes payable over five years.

Capital Expenditures

• For the last 12 months as of November 2025, capital expenditures were reported as -$2.81 million.
• Capital expenditures for the three months ended March 31, 2025, were $0.639 million, and for the nine months ended March 31, 2025, they totaled $1.211 million.
• The company's capital allocation strategy prioritizes investing in new products and initiatives for future growth and margin expansion, which includes capital expenditures.