QuinStreet, Inc.
S-1 Registration Statement
Revenue Analysis provided by Garros Group LLC
Three Months Ended
($ in thousands) FYE June 30 September 30th
2007 2008 2009 2008 2009
DMS Revenue
Education Vertical $ 131,000 $ 142,200 $ 151,400 NA $ 40,062
Financial Services Vertical 12,200 21,900 79,700 15,200 31,000
Other Verticals (a) 16,544 24,329 26,320 NA 7,095
Total DMS Revenue 159,744 188,429 257,420 62,994 78,157
DSS Revenue 7,626 3,601 3,107 684 395
Total Revenue $ 167,370 $ 192,030 $ 260,527 $ 63,678 $ 78,552
Revenue Composition
DMS Revenue
Education Vertical 78.3% 74.1% 58.1% NA 51.0%
Financial Services Vertical 7.3% 11.4% 30.6% 23.9% 39.5%
Other Verticals 9.9% 12.7% 10.1% NA 9.0%
Total DMS Revenue 95.4% 98.1% 98.8% 98.9% 99.5%
DSS Revenue 4.6% 1.9% 1.2% 1.1% 0.5%
Total Revenue 100.0% 100.0% 100.0% 100.0% 100.0%
Revenue Growth
DMS Revenue
Education Vertical NA 8.5% 6.5% NA NA
Financial Services Vertical NA 79.5% 263.9% NA 103.9%
Other Verticals NA 47.1% 8.2% NA NA
Total DMS Revenue NA 18.0% 36.6% NA 24.1%
DSS Revenue NA -52.8% -13.7% NA -42.3%
Total Revenue NA 14.7% 35.7% NA 23.4%
Key Client Information
Revenue
Devry $ 36,821 $ 44,167 $ 49,500 NA $ 10,212
Next Top Two Clients NA NA 33,869 NA 11,783
Top 20 Clients 127,201 134,421 177,158 NA 54,986
Revenue Concentration
Devry 22.0% 23.0% 19.0% NA 13.0%
Next Top Two Clients NA NA 13.0% NA 15.0%
Top 20 Clients 76.0% 70.0% 68.0% NA 70.0%
Revenue Growth
Devry NA 19.9% 12.1% NA NA
Next Top Two Clients NA NA NA NA NA
Top 20 Clients NA 5.7% 31.8% NA NA
Adjusted EBITDA 36,112 36,279 56,872 12,157 18,150
Margin % 21.6% 18.9% 21.8% 19.1% 23.1%
Growth % NA 0.5% 56.8% NA 49.3%
(a) These figures are calculated by substracting Education and Financial Vertical revenue from
Total DMS revenue.
(b) Per S-1, "Our growth over the past several years is in significant part due to the large number of acquisitions
we have completed. Since the beginning of fiscal year 2007, we have completed over 100 acquisitions of third-
party website publishing businesses and other businesses that are complementary to our own for an aggregate
purchase price of approximately $189.5 million."