QuinStreet Inc (QNST) 2026 Q3 法說會逐字稿

Good day, and welcome to QuinStreet's fiscal third-quarter 2026 financial results conference call. Today's conference is being recorded. (Operator Instructions)

各位好，歡迎參加 QuinStreet 2026 會計年度第三季財務業績電話會議。今天的會議將被錄音。（接線員指示）

At this time, I would like to turn the conference over to Vice President of Investor Relations and Finance, Robert Amparo. Mr. Amparo, you may begin.

此刻，我想將電話會議交給投資人關係與財務副總裁 Robert Amparo。Amparo 先生，您可以開始。

Thank you, operator, and thank you, everyone, for joining us as we report QuinStreet's fiscal third quarter 2026 financial results. Joining me on the call today are Chief Executive Officer, Doug Valenti; and Chief Financial Officer, Greg Wong. Before we begin, I would like to remind you that the following discussion will contain forward-looking statements.

謝謝您，接線員，也謝謝各位加入我們，一同聆聽 QuinStreet 2026 會計年度第三季財務業績報告。今天與我一同參與電話會議的有執行長 Doug Valenti，以及財務長 Greg Wong。在開始之前，我想提醒各位，以下討論將包含前瞻性陳述。

Forward-looking statements involve a number of risks and uncertainties that may cause actual results to differ materially from those projected by such statements and are not guarantees of future performance. Factors that may cause results to differ from our forward-looking statements are discussed in our recent SEC filings, including our most recent 8-K filing made today and our most recent 10-Q filing.

前瞻性陳述涉及多項風險與不確定性，可能導致實際結果與該等陳述所預測者出現重大差異，且不保證未來績效。可能導致結果與我們前瞻性陳述不同的因素，已在我們近期向 SEC 提交的文件中討論，包括我們今天提交的最新 8-K，以及我們最新的 10-Q。

Forward-looking statements are based on assumptions as of today, and the company undertakes no obligation to update these statements. Today, we will be discussing both GAAP and non-GAAP measures. A reconciliation of GAAP to non-GAAP financial measures is included in today's earnings press release, which is available on our Investor Relations website at investor.quinstreet.com.

前瞻性陳述係基於截至今日的假設，公司不承擔更新該等陳述之義務。今天我們將同時討論 GAAP 與非 GAAP 指標。GAAP 與非 GAAP 財務指標之調節表已包含於今日的財報新聞稿中，該新聞稿可於我們的投資人關係網站 investor.quinstreet.com 取得。

With that, I will turn the call over to Doug Valenti. Please go ahead, sir.

接下來，我將把電話交給 Doug Valenti。先生，請開始。

Thank you, Rob. Welcome, everyone. Fiscal Q2 was another quarter of strong performance and progress. We grew revenue 28% year-over-year to a new company record, and we grew adjusted EBITDA 53% year-over-year, also to a new company record. Our core business is strong, and we continue to make good progress on initiatives that we expect to continue to deliver impressive revenue growth and margin expansion in fiscal Q4 and beyond.

謝謝你，Rob。各位好。會計年度第二季是另一個表現強勁且持續推進的一季。我們營收年增 28%，創下公司新紀錄；調整後 EBITDA 年增 53%，同樣創下公司新紀錄，且利潤率擴張。我們的核心業務穩健，我們也持續在多項計畫上取得良好進展；我們預期這些計畫將在會計年度第四季及之後持續帶來亮眼的營收成長與利潤率擴張。

Those initiatives include dozens of active projects applying AI across our business system to our proprietary data, tech stack, integrations and workflows and to our media campaigns and interactions with consumers. AI is strengthening our already formidable competitive advantages and is driving even better results for clients, media partners and QuinStreet.

這些計畫包括數十個正在進行的專案，將 AI 應用於我們的業務系統、專有資料、技術堆疊、整合與工作流程，以及我們的媒體投放活動與與消費者的互動。AI 正在強化我們本已相當強大的競爭優勢，並為客戶、媒體合作夥伴與 QuinStreet 帶來更佳成果。

As a technology-driven company with hundreds of engineers and technical product employees, we are a fast and effective developer and adopter of leading-edge AI technologies and tools. And of course, we have a proven history with AI. We have been developing and applying AI algorithms since 2008.

作為一家以技術驅動、擁有數百名工程師與技術產品人員的公司，我們能快速且有效地開發並採用最前沿的 AI 技術與工具。當然，我們在 AI 方面也有經過驗證的歷史。我們自 2008 年起便開始開發並應用 AI 演算法。

Getting back to fiscal Q3, let me review some of last quarter's accomplishments in more detail. We set a company record for quarterly revenue, $346 million, up 28% year-over-year. We also set a company record for quarterly adjusted EBITDA, $29.6 million, up 53% year-over-year with expanding margins.

回到會計年度第三季，讓我更詳細回顧上一季的一些成果。我們創下單季營收公司紀錄，達 3.46 億美元，年增 28%。我們也創下單季調整後 EBITDA 公司紀錄，達 2,960 萬美元，年增 53%，且利潤率擴張。

We continue to be in a strong financial position with a strong balance sheet and strong cash flows. We ended the quarter with over $100 million in cash and with net debt of around $50 million, including all bank debt and seller notes. Our net debt is well less than 0.5x our annualized adjusted EBITDA, even after accounting for the full cost of the $190 million acquisition of HomeBuddy.

我們持續維持強勁的財務狀況，資產負債表穩健、現金流強勁。本季結束時，我們持有超過 1 億美元現金，淨負債約 5,000 萬美元（包含所有銀行借款與賣方票據）。即使計入 1.90 億美元收購 HomeBuddy 的全部成本，我們的淨負債仍遠低於年化調整後 EBITDA 的 0.5 倍。

And we expect to deliver well over $100 million more free cash flow over the next 12 months. So fiscal Q3 was an exceptionally strong quarter, and we are in an exceptionally strong market and financial position. Looking at the current June quarter or our fiscal Q4, we expect growth to accelerate even more and margins to expand even further, and we expect to set new records for quarterly revenue and adjusted EBITDA in Q4.

我們預期在未來 12 個月還將額外創造遠超過 1 億美元的自由現金流。因此，會計年度第三季是極為強勁的一季，我們也處於極為有利的市場與財務位置。展望目前的 6 月季度（亦即我們的會計年度第四季），我們預期成長將進一步加速、利潤率將進一步擴張，並預期在第四季創下單季營收與調整後 EBITDA 的新紀錄。

Our early view of next fiscal year, which begins on July 1, is that we expect to again grow revenue and adjusted EBITDA at strong double-digit rates year-over-year. Looking at our major client verticals. We delivered record auto insurance revenue in fiscal Q3 due to strong carrier demand and high levels of consumer shopping activity.

對於下一個會計年度（自 7 月 1 日開始）的初步看法是，我們預期營收與調整後 EBITDA 將再次以強勁的兩位數年增率成長。就我們主要客戶垂直領域而言，由於保險公司需求強勁以及消費者比價購物活動維持高檔，我們在會計年度第三季的汽車保險營收創下紀錄。

Carriers continue to report good results. We are confident that our full market opportunity in auto insurance is still in its early innings, and we are successfully expanding our media, client and product footprints in that important client vertical. We also delivered record quarterly revenue in home services in Q3, with revenue run rates now approaching $0.5 billion annually.

保險公司持續回報良好成果。我們有信心，汽車保險的整體市場機會仍處於早期階段，而我們也正成功擴大在此重要客戶垂直領域的媒體、客戶與產品版圖。我們在第三季的居家服務也創下單季營收紀錄，目前營收年化運行率已接近每年 5 億美元。

The work to integrate HomeBuddy and to capture synergies is going well as we continue to successfully expand our media, client and product footprints for growth in the enormous home services market opportunity. As I indicated earlier, our success continues to be driven by our industry-leading technologies and business systems, including, at their core, our AI optimization algorithms.

我們在整合 HomeBuddy 並取得綜效方面的工作進展順利，同時持續成功擴大媒體、客戶與產品版圖，以把握龐大的居家服務市場機會並推動成長。如我先前所述，我們的成功持續由業界領先的技術與業務系統所驅動，而其核心包括我們的 AI 最佳化演算法。

And we are expanding the application of AI to dozens of other areas of the business, to our massive store of proprietary data generated from billions of dollars of media spend, to our millions of permutations of campaign and marketplace variables, to our proprietary integrations with clients and media, to our thousands of proprietary workflows and to our interactions with millions of in-market consumers every month.

此外，我們正將 AI 的應用擴展至業務的數十個其他領域：包括我們由數十億美元媒體支出所產生的大量專有資料庫、數百萬種投放活動與市場變數的排列組合、我們與客戶及媒體之間的專有整合、數千個專有工作流程，以及每月與數百萬名處於購買決策中的消費者互動。

Those efforts are already delivering big improvements in performance and productivity, and we see much, much more. Let me give you a few examples of where we are successfully applying AI to our broader business system. First example. We are applying AI to integrate new and updated carrier rates faster and at greater scale into QRP, our insurance rating platform, increasing productivity there by an estimated 50%.

這些努力已帶來顯著的績效與生產力提升，而我們也看到更多、更多的潛力。讓我舉幾個我們成功將 AI 應用於更廣泛業務系統的例子。第一個例子：我們運用 AI 更快速、以更大規模將新的與更新的保險公司費率整合進 QRP（我們的保險報價平台），使該處的生產力估計提升 50%。

Another example. We are using AI to generate more and better ads for creative, improving productivity in that core essential function by an estimated 400% and resulting in faster campaign launches. A third example. Our frontline employees are using AI-enabled natural language analytics to access even more of our deep trove of proprietary data and to drive deeper analytic insights and improvements in client, media and margin results with less need for analyst support or long cycle times.

另一個例子：我們使用 AI 產出更多且更好的創意廣告，使這項核心關鍵職能的生產力估計提升 400%，並讓投放活動能更快上線。第三個例子：我們第一線員工使用 AI 強化的自然語言分析，得以存取更多我們深厚的專有資料寶庫，並在較少分析師支援或較長週期時間的情況下，推動更深入的分析洞見，以及客戶、媒體與利潤率成果的改善。

And one final example here. We are, of course, applying AI to dramatically improve software coding productivity across the business and tech stack. We are also seeing exciting growth in revenue from AI media and as AI grows in media. Some examples of that.

最後再舉一個例子：我們當然也在全公司與技術堆疊中運用 AI，大幅提升軟體程式撰寫的生產力。我們也看到來自 AI 媒體以及媒體中 AI 成長所帶動的營收出現令人振奮的成長。以下是一些例子。

First, as AI overviews have expanded rapidly over the past year to now trigger on an estimated 50% plus of Google searches, revenue from our proprietary campaigns on Google has grown by over 100% over the same period. A second example. We are an early participant in OpenAI's advertising platform, where we are already live in both insurance and home services.

第一，過去一年 AI 摘要（AI overviews）快速擴張，目前估計已在 50% 以上的 Google 搜尋中觸發；在同一期間，我們在 Google 上的專有投放活動營收成長超過 100%。第二個例子：我們是 OpenAI 廣告平台的早期參與者，目前已在保險與居家服務兩個領域上線。

And one last AI media example. We are improving consumer conversions for our media campaigns and for clients due to the use of conversational AI in our web flows, chatbots and inbound calls and in SMS and e-mail communications with end market consumers. Overall, we are and have been and expect to continue to be an AI winner.

最後一個 AI 媒體例子：我們在網站流程、聊天機器人與來電（inbound calls），以及與終端市場消費者的簡訊與電子郵件溝通中使用對話式 AI，從而提升我們媒體投放活動與客戶的消費者轉換率。整體而言，我們是、一直是，並且預期將持續成為 AI 的贏家。

Turning to our outlook. We expect revenue in fiscal Q4 to be between $350 million and $370 million, up sequentially to yet another new quarterly record and implying at least 34% growth year-over-year. We expect adjusted EBITDA to be between $37 million and $43 million, also up sequentially to yet another new quarterly record, reflecting continued margin expansion and implying at least 67% growth year-over-year.

接著談我們的展望。我們預期會計年度第四季營收將介於 3.50 億至 3.70 億美元，較前一季成長並再創單季新高，且意味著至少 34% 的年增率。我們預期調整後 EBITDA 將介於 3,700 萬至 4,300 萬美元，同樣較前一季成長並再創單季新高，反映利潤率持續擴張，且意味著至少 67% 的年增率。

With that, I'll turn the call over to Greg.

那麼，我把電話會議交給 Greg。

Thank you, Doug. Hello, and thanks to everyone for joining us today. Fiscal Q3 was another successful quarter, as Doug noted. It was the third consecutive quarter of record revenue for QuinStreet and also a record for adjusted EBITDA. This strong performance was driven by continued momentum and execution across our verticals.

謝謝你，Doug。各位好，也感謝大家今天加入我們。如 Doug 所提到的，會計年度第三季又是成功的一季。這是 QuinStreet 連續第三季創下營收新高，同時調整後 EBITDA 也創下新高。這項強勁表現來自我們各垂直領域持續的動能與執行力。

For the March quarter, total revenue was $346.1 million, up 28% year-over-year. Adjusted EBITDA was $29.6 million, up 53% year-over-year, and adjusted net income was $17.8 million or $0.31 per share. Looking at our revenue by client vertical. Our financial services client vertical represented 67% of Q3 revenue and grew 16% year-over-year to $231.8 million.

就 3 月季度而言，總營收為 3.461 億美元，年增 28%。調整後 EBITDA 為 2,960 萬美元，年增 53%；調整後淨利為 1,780 萬美元，或每股 0.31 美元。從客戶垂直領域來看，我們的金融服務客戶垂直領域占第三季營收的 67%，營收年增 16% 至 2.318 億美元。

Auto insurance momentum continued, delivering a record quarter and growing 27% year-over-year. Our home services client vertical represented 33% of Q3 revenue and grew 63% year-over-year to $114.3 million. Turning to the balance sheet. We ended the quarter with $102 million in cash and equivalents and net debt of $54 million. Overall, QuinStreet remains in a strong financial position, and we expect to generate strong cash flows in the coming quarters and years.

汽車保險的動能持續，交出創紀錄的一季，營收年增 27%。我們的居家服務客戶垂直領域占第三季營收的 33%，營收年增 63% 至 1.143 億美元。接著看資產負債表：本季末我們持有 1.02 億美元的現金及約當現金，淨負債為 5,400 萬美元。整體而言，QuinStreet 仍維持強健的財務狀況，我們預期在未來幾季與未來幾年將產生強勁的現金流。

We continue to have a rigorously disciplined approach to capital allocation, and we'll continue to prioritize: one, investing in new products and initiatives for future growth and margin expansion; two, accretive acquisitions; and three, share repurchases at attractive levels. We will continue to be measured in our approach and remain focused on maximizing shareholder value.

我們持續以嚴謹且高度自律的方式進行資本配置，並將持續優先聚焦於：第一，投資新產品與新計畫，以支持未來成長與毛利率/利潤率擴張；第二，具增益性的併購；第三，在具吸引力的水準進行庫藏股回購。我們將持續審慎行事，並專注於最大化股東價值。

Moving to our outlook. We expect revenue in fiscal Q4 to be between $350 million and $370 million, representing at least 34% growth year-over-year. We expect adjusted EBITDA to be between $37 million and $43 million, reflecting continued margin expansion and representing at least 67% growth year-over-year.

接著談展望。我們預期會計年度第四季營收將介於 3.50 億至 3.70 億美元之間，代表至少年增 34%。我們預期調整後 EBITDA 將介於 3,700 萬至 4,300 萬美元之間，反映利潤率持續擴張，並代表至少年增 67%。

With that, I'll turn it over to the operator for Q&A.

那麼，我把時間交給接線員進行問答。

(Operator Instructions)

（接線員指示）

Jason Kreyer, Craig-Hallum.

Jason Kreyer，Craig-Hallum。

Great. Thank you, guys, for taking my questions. Doug, can you talk more about the AI actions that you've taken in the quarter? You'd highlighted some relationships with Google and OpenAI. And perhaps you can elaborate on your role there and what you expect over the long term with these partnerships.

很好。謝謝各位回答我的問題。Doug，你能多談談你們本季採取的 AI 行動嗎？你提到與 Google 和 OpenAI 的一些合作關係。也許你可以進一步說明你們在其中扮演的角色，以及長期來看你對這些合作夥伴關係的期待。

I think Jason got disconnected. Our next question comes from the line --

我想 Jason 斷線了。我們的下一個問題來自這位來電者——

I'm sorry, operator. This is Doug. Let me get back in. I apologize, Jason, but yes, thank you for the question. We're applying AI across the business system, as I indicated, including in media. And one of the places in media that we are active is now in OpenAI's advertising platform. They are early, but we were -- we believe we were in the first few hundred folks to actually be engaged with them and to be active on the platform.

抱歉，接線員。我是 Doug。我再接回來。Jason，很抱歉，不過是的，謝謝你的問題。如我所提到的，我們正在整個業務系統中導入 AI，包括在媒體端。而在媒體端我們目前積極參與的一個領域，是 OpenAI 的廣告平台。他們還在早期階段，但我們——我們相信我們是最早實際與他們接觸並在該平台上運作的前幾百位參與者之一。

And as I said, we're active in both insurance and in home services, running advertising campaigns there to both generate revenue, of course, and we have generated our first revenues there, but also to continue to help them pilot that platform and evolve it into a much bigger part of their business and a much bigger part of everybody -- of our business as well. So super excited.

如我所說，我們在保險與居家服務兩個領域都很活躍，在那裡投放廣告活動，當然是為了創造營收，而且我們也已在那裡產生了第一筆營收；同時也持續協助他們試行該平台，並將其演進成為他們業務中更重要的一部分，也成為——也成為我們業務中更重要的一部分。所以我們非常興奮。

As we've indicated before, we believe the LLMs are going to be a new entry point for consumers just like AI overviews on Google have been a new component, a new entry point for consumers. And we believe that it's a new great opportunity for us to plug in and do what we do, which is to help those consumers get matched to the best service providers and generate maximum media yield and revenue for all parties, including the platform companies, whether they be Google or OpenAI or others. So that's what that's about. But again, a lot of AI opportunities and a lot of AI activity going on.

如我們先前所指出的，我們相信 LLM 將成為消費者新的入口，就像 Google 的 AI overviews 已成為消費者的一個新組成部分、另一個新入口一樣。我們也相信，這為我們提供了一個很好的新機會，讓我們能夠接入並做我們擅長的事：協助這些消費者媒合到最佳服務提供者，並為所有參與方（包括平台公司，不論是 Google、OpenAI 或其他）創造最大的媒體收益與營收。這就是其核心。但再次強調，AI 的機會很多，AI 的活動也非常多。

We look forward to hearing more about how that evolves. Just as a follow-up, I want to ask about the HomeBuddy performance in the first quarter. And I'm curious how you felt the HomeBuddy and Modernize assets interacted over the course of the quarter and kind of how that integration is modified as we go forward?

我們期待聽到更多關於這如何演進的消息。作為追問，我想問一下 HomeBuddy 在第一季的表現。我也很好奇，在這一季的過程中，你覺得 HomeBuddy 與 Modernize 的資產是如何互動的？以及隨著未來推進，這種整合會如何調整？

Yes. It's going extremely well, going certainly as we had predicted and, in some ways, better. We integrated very quickly and, in the quarter, actually generated revenue from the integrations in terms of, for example, taking media from the Modernize side, sending it over to HomeBuddy to be converted into their auction basics, which will be product for their clients and vice versa, getting revenue back.

是的。進展非常順利，確實如我們所預期，而且在某些方面甚至更好。我們整合得非常快，而且在本季中，實際上已透過整合產生營收；例如，將 Modernize 端的媒體流量導入 HomeBuddy，轉換成他們的拍賣基礎（auction basics），作為提供給其客戶的產品，反之亦然，並回收營收。

So we're -- it's going well. It's going as expected, and we continue to be very excited about the expansion of our footprint, both in product and media with HomeBuddy. So in terms of changes, I think we're a little bit ahead of schedule in terms of integrating the organizations. We are a little bit ahead of schedule in terms of doing what we -- in terms of having a -- kind of a one-platform approach to the media. And so I'd say that, again, every bit as well as we hoped and, in some places, better.

所以我們——進展良好，符合預期；而且我們對於透過 HomeBuddy 在產品與媒體兩端擴大我們的版圖仍感到非常興奮。至於變化，我認為在組織整合的進度上，我們略微超前；在我們所做的——在媒體採取某種「單一平台」策略方面，我們也略微超前。因此我會說，再次強調，一切都如我們所希望的那樣好，而在某些地方甚至更好。

Great to hear. Thank you, Doug. Appreciate it.

很高興聽到。謝謝你，Doug。感謝。

Thank you, Jason.

謝謝你，Jason。

Luke Horton, Northland Securities.

Luke Horton，Northland Securities。

Hey, thanks guys for taking the questions and congrats on the quarter. Just wanted to touch on the auto insurance side. It looks like spending remains strong. Could you provide a little color on size of carriers and any trends you're seeing with the major carriers versus smaller guys?

嗨，謝謝各位回答問題，也恭喜本季表現。我想先談談汽車保險這一塊。看起來支出仍然強勁。你能否提供一些補充說明，例如承保公司的規模，以及你們看到大型承保公司與較小業者之間有哪些趨勢？

Sure, Luke. We are continuing to see strength across the auto insurance client base. One of the trends that we are seeing is continued broadening. The broader base of clients grew significantly faster than the largest client, which also grew very rapidly.

當然可以，Luke。我們持續看到汽車保險客戶群整體維持強勁。其中一個趨勢是持續擴散（broadening）。較廣泛的客戶基礎，其成長速度明顯快於最大客戶，而最大客戶本身也成長得非常快。

So there's no issues there, just a continued increased activity and broadening of demand across the client base and across the major carriers, top 10 to 15, however you want to think about them. So I'd say if there was a trend, it was just continued strength generally and continued broadening, which we've indicated previously.

所以這方面沒有任何問題；只是客戶基礎的需求活動持續增加並且更為擴散，涵蓋主要承保公司——前 10 到 15 名，不論你怎麼界定。若要說有什麼趨勢，就是整體持續強勁，以及持續擴散，而這也是我們先前提過的。

Okay. Awesome. That's great to hear. And then on the kind of early fiscal year '27 color you provided with the strong double-digit revenue and EBITDA growth. I guess, could you expand on what the kind of two or three biggest drivers underpinning that outlook would be? Or what would be the biggest risk to achieving that?

好的。太棒了，很高興聽到。接著關於你們提供的會計年度 2027 年初步展望：營收與 EBITDA 都將有強勁的雙位數成長。我想問的是，你能否再延伸說明支撐該展望的兩到三個最大驅動因素是什麼？或者，達成該目標最大的風險會是什麼？

Sure. Right now, we've seen preliminary numbers for next year from pretty much all of the businesses. And we've got double-digit revenue growth across the board -- strong double-digit revenue growth across the board. And in most cases, margins growing faster than revenue. And the one place where I think that's not yet indicated, it's flat margin cash revenue, but really strong growth. So some investment going on there.

當然。就目前而言，我們已看到幾乎所有業務對明年的初步數字。我們在各項業務上都看到雙位數的營收成長——而且是強勁的雙位數營收成長。在多數情況下，利潤率的成長速度快於營收。只有一個地方目前尚未呈現這種趨勢：那裡的利潤率與現金營收持平，但成長非常強勁，因此我們正在進行一些投資。

So no issues with that. So again, as you would expect, home services, of course, will be particularly strong early because of the acquisition in the first couple of quarters, we expect it to be strong in the back half as well after we lap the comp on the HomeBuddy acquisition. Insurance, we see strong demand from clients and continued strong development of new media capacity, which has been a good driver of our growth and margin expansion in auto insurance over the past couple of quarters.

所以那方面沒有任何問題。所以再說一次，如你所預期的，居家服務當然會在前期特別強勁，因為前幾個季度有併購帶動；而在我們度過（比較基期）HomeBuddy 併購的同比比較之後，我們也預期下半年同樣會很強勁。保險方面，我們看到客戶需求強勁，且新的媒體量能持續強勁開發，這在過去幾個季度一直是推動我們汽車保險成長與毛利率擴張的良好動能。

And then we're seeing, in the credit-driven verticals, good legs of growth there as well, whether it be in credit cards where we're getting strong indications from the issuers or banking where we're seeing strong demand from the clients there, and we have strong media capabilities there.

接著我們也看到，在以信用為驅動的垂直領域，同樣有很好的成長動能，不論是信用卡（我們從發卡機構那裡得到很強的訊號），或是銀行業務（我們看到客戶端需求強勁），而我們在那裡也具備強大的媒體能力。

And in the -- in AmOne Financial, the personal loans and debt solutions company, we've been focused on quality of revenue there. So we have not been growing that business over the last year or so, but we've been pretty significantly expanding margins. We've had some decline.

至於——在 AmOne Financial（提供個人貸款與債務解決方案的公司）方面，我們一直把重點放在營收品質上。因此過去一年左右我們並沒有擴張那項業務，但我們已相當顯著地提升了利潤率。我們的確出現了一些下滑。

We've indicated before, some decline in revenue, but pretty flat margin dollars as we've improved the quality of the revenue, and we expect to be able to resume pretty aggressive growth next fiscal year at those higher margins. So right now, it's pretty much across the board strength as we go through the detailed planning for each of the client verticals.

我們之前也提過，營收有一些下滑，但隨著我們改善營收品質，毛利金額大致持平；而我們預期在下一個會計年度，能在較高的利潤率水準下恢復相當積極的成長。所以目前在我們針對各個客戶垂直領域進行更細部規劃的過程中，幾乎是全面性的強勁表現。

Great, awesome. Thank you for taking the questions. Congrats on the quarter.

很好，太棒了。謝謝你回答問題。恭喜本季表現。

Thank you, Luke.

謝謝你，Luke。

Elle Niebuhr, Lake Street Capital Markets.

Elle Niebuhr，Lake Street Capital Markets。

Hey, guys. Thanks for taking my question. So on the home services front, given the heavier implied Q4 weighting, what are you seeing in contractor demand, lead pricing, media availability? Any of that, that gives you the confidence that the seasonal ramp is playing out as expected?

嗨，各位。謝謝讓我提問。關於居家服務這一塊，考量到隱含的第四季權重較高，你們在承包商需求、名單（leads）定價、媒體供給/可用性方面看到了什麼？有哪些因素讓你們有信心季節性爬坡會如預期發生？

We're seeing pretty much all those things, Elle. I mean the client demand continues to be extraordinarily strong. The -- and that's been consistent for a while. We have significantly greater demand than we have capacity to fill it, which is always what you want in our business, given the way we serve clients.

Elle，我們幾乎在你提到的各方面都看到了。我是說，客戶需求持續異常強勁——而且這種情況已經維持一段時間了。我們的需求顯著高於我們能夠供應的量能，這在我們的業務模式下其實正是你想看到的，因為這與我們服務客戶的方式相符。

We are making great progress on the media side with our proprietary campaigns, with the shared media between HomeBuddy and Modernize, which are the 2 brands we have in home services. And that's an area of real opportunity as both clients -- both of us take media that we don't match as well or don't have as good a coverage for, and take advantage of the new coverage, either Homebuddy for Modernize or Modernize for Homebuddy.

在媒體端，我們透過自有投放活動（proprietary campaigns）取得很大進展，也透過 HomeBuddy 與 Modernize 之間的共享媒體——這兩個是我們在居家服務領域的品牌。這是一個很大的機會，因為雙方——我們兩邊——都可以把原本匹配不佳或覆蓋不足的媒體流量，利用新的覆蓋來補強：不論是用 HomeBuddy 來補 Modernize，或用 Modernize 來補 HomeBuddy。

We're seeing good growth in new product areas, continued growth in new product areas. Consumers are -- and homeowning consumers, who are the customers there, are quite strong still. The consumers has been exceptionally resilient, given the uncertainties and inflation and gas prices. I can't really say that about the low-end consumer where we -- but AmOne has solutions to help those consumers.

我們也看到新產品領域有不錯的成長，且新產品領域持續成長。消費者——尤其是擁有房屋的消費者（也就是那裡的客戶）——仍然相當強勁。即使面對不確定性、通膨與油價，消費者表現仍極具韌性。至於低端消費者，我就不能這麼說——但 AmOne 有解決方案可以幫助那些消費者。

But as far as the homeowning consumer, which are the folks that are the customers for our contractors in home services, those folks are quite healthy and quite active. So there's not really a dimension of weakness we're seeing in home services. If you look at the components that we worry about most, which, of course, media, capacity, client demand, pricing or consumer activity, consumer demand for projects. So continued strength and advantages of having HomeBuddy now to multiply that strength.

但就擁有房屋的消費者而言——也就是我們居家服務承包商的客戶——這些人相當健康、也相當活躍。所以我們在居家服務並沒有看到哪個面向出現疲弱。如果你看我們最在意的幾個構成要素，當然包括媒體、量能、客戶需求、定價或消費者活動度、以及消費者對專案的需求——目前都持續強勁；而現在有了 HomeBuddy，也能把這種強勁進一步放大。

Awesome. Thanks, guys. Congrats again on the quarter.

太棒了。謝謝各位。再次恭喜本季表現。

Thank you.

謝謝。

Patrick Sholl, Barrington Research.

Patrick Sholl，Barrington Research。

Hi. Thanks for taking the question. Maybe just a follow-up on the AI side. Can you maybe talk about like carrier adoption on that? Is that sort of -- I guess, just how carriers are spending within, I guess, maybe either in agentic format or through kind of the ChatGPT or other tools like that?

嗨，謝謝讓我提問。也許追問一下 AI 這一塊。你能談談保險公司（carrier）對此的採用情況嗎？也就是——我想問的是，保險公司在這方面的投放/支出是怎麼進行的？是以 agentic 形式，或是透過 ChatGPT 或其他類似工具？

Sure, Patrick. They -- if it works for them and it comes to our platform, they're buying it. In terms of buying direct there, not yet in terms of buying, say, directly off those platforms. From what we understand and have been told, OpenAI and others are focusing primarily on marketplace providers like us initially because of the consumer choice and the content.

當然可以，Patrick。他們——只要對他們有效、而且能進到我們的平台，他們就會買。至於直接在那邊購買，目前還沒有到那種程度，也就是說，還沒有看到他們例如直接在那些平台上購買。根據我們的理解以及我們被告知的情況，OpenAI 等公司一開始主要聚焦在像我們這樣的市集型（marketplace）業者，因為我們具備消費者選擇與內容。

I do expect that, over time, as their platforms and their ad platforms develop further that, of course, carriers will spend direct and there will be opportunities for them to do that. But again, as I indicated, we're early and one of the early folks working with them and one of the early folks they want to work with to help them develop their ad revenue platform and to be in a position to be able to scale that and continue to evolve it to be a big part of the channel.

我確實預期，隨著他們的平台以及廣告平台進一步發展，保險公司當然會直接投放，也會有他們可以這麼做的機會。但如我所說，我們仍在早期階段，而我們是與他們合作的早期夥伴之一，也是他們希望合作的早期夥伴之一，來協助他們打造廣告營收平台，並讓其具備可擴張能力，持續演進，成為這個渠道的重要組成。

And I think it will be a big part of the channel. We're excited about it, as I said, as another way for consumers to come into digital. and to shop and pursue products and service providers in our verticals. So early, not a lot of direct activity from what we've seen and what we've heard, but good active planning and activities and indications that OpenAI is going to be a big player here, and we're going to be a big part of that, just like we have been with Google since the early days of the company.

而我認為它會成為渠道的重要部分。我們對此很興奮，正如我所說，這是讓消費者進入數位端的另一種方式，並在我們的垂直領域中比較、選購產品與服務提供者。所以目前就我們看到與聽到的而言，直接投放的活動還不多，但我們看到良好的、積極的規劃與行動，也有跡象顯示 OpenAI 會成為這裡的重要玩家，而我們也會成為其中很重要的一部分，就像我們自公司早期以來與 Google 的合作一樣。

We launched our first campaign with Google, gosh, as soon as they -- we had SEO with them in the early days and as soon as they went into an ad-based platform, again, we were one of the first ones in that as well. So we expect this to be a pretty similar kind of opportunity and curve.

我們與 Google 的第一個投放活動，天啊，幾乎是在他們——我們在早期就做了 SEO；而他們一進入以廣告為基礎的平台時，我們同樣也是最早參與的其中之一。所以我們預期這會是一個非常類似的機會與成長曲線。

Okay. And maybe just a quick clarification on your outlook for 2027 on the solid double-digit growth. Should we be, I guess, understanding that to be excluding acquisitions as well? Or is that on a current operations basis?

了解。那再快速釐清一下你們對 2027 年「穩健的雙位數成長」展望。我們是否應該理解為也不包含併購？還是說這是以現有營運為基礎？

We are -- we don't have any new acquisitions in that assumption. So yes, we would expect that, that would be on the current base business.

我們——在那個假設中沒有任何新的併購。所以是的，我們預期那會是以目前的基礎業務來達成。

Yes, sorry, I misspoke. I meant like would that be pro forma for acquisitions or just --

是的，抱歉，我剛剛講錯了。我是想問，那會是把併購做成備考（pro forma）後的口徑，還是只是——

No acquisitions in that. No acquisitions in that plan.

那個計畫裡沒有併購。那個計畫裡沒有併購。

Okay. All right. And then lastly, just on the other financial services verticals. I think you kind of touched on this a little bit, but those don't seem -- are those like being impacted at all from the rate environment or the macro, I guess? I think like some appliance manufacturers have cautioned on the consumer spending side. And I'm just kind of curious on how that might be flowing through on from consumer demand.

了解。好。最後一個問題，關於其他金融服務垂直領域。我想你剛剛有稍微提到，但那些看起來——它們是否有受到利率環境或總體環境的影響？我想像有些家電製造商對消費支出端有所示警。我只是好奇，這可能會如何反映到消費者需求上。

Sure. No, we're seeing a mixed bag, mostly good for us. The AmOne Financial business is really positioned to help consumers on the lower end of the spectrum access capital in the form of personal loan or deal with debt problems in the form of debt settlement or credit repair. And so, unfortunately, in some ways, there's still a lot of consumer demand and appears to be growing consumer demand there.

當然。我們看到的情況好壞參半，但對我們而言多數是好的。AmOne Financial 的業務定位，是協助光譜較低端的消費者以個人貸款的形式取得資金，或以債務協商/債務和解（debt settlement）或信用修復的形式處理債務問題。所以不幸的是，從某些角度來看，那裡仍然有大量的消費者需求，而且看起來還在成長。

Credit cards, we only really serve prime and super prime consumers. We're not in the lower income spectrum of cards or credit development cards or anything like that. So those consumers continue to be very robust, and we have not seen issues there. On the deposit side, similarly, folks have money to put into savings accounts, high-yield savings accounts or CDs or other platforms, annuities and other.

信用卡方面，我們實際上只服務優質與超優質（prime 與 super prime）消費者。我們不做較低收入族群的信用卡、信用建立卡或類似產品。因此，這些消費者仍然非常穩健，我們也沒有在那裡看到問題。存款端同樣如此，大家仍有資金可投入儲蓄帳戶、高收益儲蓄帳戶或定存（CD）或其他平台、年金等。

They tend to be consumers that are in the middle to upper income spectrum. So continues to be strength there. We've seen some -- I guess if there was something to look out for, I'd say that there's probably a little bit less activity by source of funds clients than there would be if the interest rate path were clearer.

他們通常是處於中到高收入區間的消費者，所以那邊仍持續展現強勁。我們看到一些——我想如果要說有什麼需要留意的，我會說資金來源端客戶的活動可能比在利率路徑更明確時略少一些。

I wouldn't say that's something that's fundamentally going to change our outlook or is a big risk to the business going forward. But I'd say that that's something that -- it's probably not as robust as it would be if everybody knew that rates were either going up or down. And you can imagine why, right?

我不會說這會從根本上改變我們的展望，或是對未來業務構成重大風險。但我會說，這一塊——如果大家都清楚利率是要上升還是下降，可能會更為強勁一些。你可以想像原因，對吧？

They don't want to commit to a CD rate until they know where rates are going and they have to decide what their interest margin is going to be when they develop those products and when they recruit consumers for those products. But generally speaking, what you've heard from everybody, pretty stable, strong consumers, generally, particularly middle and upper income.

在他們知道利率走向之前，不想承諾某個定存（CD）利率；而且在設計這些產品、以及為這些產品招募消費者時，他們必須決定自己的利差會是多少。但總體而言，正如你從各方聽到的，消費者整體相當穩定且強勁，尤其是中高收入族群。

The consumers at the lower end of the income spectrum are getting squeezed because of inflation, because of gas prices, which disproportionately hurt them and because of relatively low wage growth. But relative to -- as you position that against our business, that's a pretty good profile for the products that we serve.

收入較低端的消費者正受到通膨與油價的擠壓，這些因素對他們的傷害不成比例，再加上薪資成長相對偏低。但相較之下——把這點放在我們的業務定位來看，這對我們所服務的產品而言，是相當不錯的客群輪廓。

Okay. Thank you.

好的，謝謝。

Thank you.

謝謝。

Naved Khan, B. Riley Securities.

Naved Khan，B. Riley Securities。

This is Ethan Widell calling in for Naved Khan. To start off with, can you maybe add a little bit of color on just what you're seeing on the macro side for auto? I imagine that elevated oil prices pressing on discretionary budgets might cause less driving, more -- it's better for carriers, maybe more shopping for rates, but just wondering kind of what you're seeing along those lines.

我是 Ethan Widell，代 Naved Khan 來電。首先，能否請你多補充一些關於汽車（auto）在總體環境（macro）面你們看到的情況？我想油價高企擠壓可支配預算，可能會導致開車變少、更多——這對保險公司（carriers）可能更有利，也可能會有更多人比價（shopping for rates）。想請教你們大致上看到哪些趨勢。

I think both of those things. What we're seeing at our level is continued real strong demand and carriers wanting us to do more and figure out how to get more. But I think, at a macro level, I think you hit on it there. The carrier loss ratios are very healthy. They -- the indications we've gotten from them and from the industry is that they feel like they're rate adequate.

我認為兩者都有。我們在自身層面看到的是需求仍然非常強勁，保險公司也希望我們做更多、並一起想辦法如何取得更多量。但在宏觀層面，我想你剛才點到重點了：保險公司的損失率（loss ratios）非常健康。他們——我們從他們以及產業得到的訊息是，他們覺得目前的費率是足夠的（rate adequate）。

And I think that the effect of higher gas prices is likely to be less driving, which means less -- the rate of incidents will be lower, which is going to be good for them because, as you said -- because there's likely to be fewer incidents and fewer claims. And the other thing that is absolutely a factor in auto insurance is that consumers shop more when they're under financial pressure for auto insurance because they want to see if they can save money because they have to have it, but they want to make sure they're not paying more than they have to pay for it.

我認為油價上升的影響很可能是開車變少，這意味著事故發生率會降低，這對他們是好事；因為如你所說——事故與理賠案件可能會更少。另一個在車險中絕對存在的因素是：當消費者面臨財務壓力時，會更常去比價車險，因為他們想看看能不能省錢；車險是必需品，但他們也想確保自己沒有付超過必要的保費。

So shopping activity tends to be at pretty high levels. And we have seen good strong shopping activity, certainly through the peak shopping season, which is always in the kind of February-March time frame. But generally speaking, we're seeing a good strong consumer activity.

因此，比價活動通常維持在相當高的水準。我們也確實看到良好且強勁的比價活動，尤其是在傳統的比價旺季期間——通常落在 2 月到 3 月左右。但總體而言，我們看到消費者活動表現良好且強勁。

Got it. And then kind of longer term, how do you view or maybe anticipate, like, your mix shift over time as you take into account kind of various growth rates in your verticals, but also layering in HomeBuddy to that? And how do you consider that in terms of maybe long-term margin possibility?

了解。那麼從較長期來看，當你們考量各垂直領域（verticals）的不同成長率，同時也把 HomeBuddy 納入之後，你們如何看待或預期你們的組合（mix）隨時間的變化？以及你們如何在長期毛利率／利潤率（margin）可能性上做這方面的評估？

Yes, it's a great question. I think the theme that we'll probably see over the next few periods, and I'd say that's probably certainly quarters and maybe years, is that a little bit more normalization of the mix. And what I mean by that was the spike in auto insurance really caused auto insurance to be super heavy in our mix there for a period of time. And one of the reasons our margins -- and we said before, auto insurance, at its scale and with its structure, tends to come in at a little bit lower media margin percentage than our average.

是的，這是個很好的問題。我認為接下來幾個期間——我會說可能是接下來幾季，甚至可能是幾年——我們大概會看到組合更趨正常化（normalization）。我的意思是，車險的激增曾在一段時間內讓車險在我們的組合中占比非常高。而我們之前也提過，車險在目前的規模與結構下，其媒體毛利率（media margin）百分比通常會比我們的平均值略低。

And so that shifted our margins down some. But as the greater growth in auto insurance has normalized after that -- the rapid expansion of 1.5 years, 2 years ago, and the other businesses continue to grow strongly, you're seeing the mix shift back to -- gradually shift back to a more normalized level where the auto insurance won't be as dominant, which means that there will be a natural lifting of our media margin profile, which will be -- should be a natural upward tug on EBITDA margins.

因此，那段時間確實把我們的利潤率往下拉了一些。但在車險於 1.5 年到 2 年前快速擴張之後，其成長已趨於正常化；同時其他業務仍持續強勁成長，你會看到組合逐步回到更正常的水準，車險不會再那麼主導。這意味著我們的媒體毛利率輪廓會自然抬升，而這——應該會對 EBITDA 利潤率形成自然的上拉力量。

And I've said before that there are kind of three things that are going to -- that are causing us to expand margins, have caused it over the last few quarters and are likely to continue to do it, including as we forecast next quarter. One is that mix shift. After kind of getting a heavy mix of auto insurance, that mix is going to more normalize and that will be a natural upward move in our media margin profile, which translates fairly directly to EBITDA margin since our fixed cost base is semi-fixed.

我之前也說過，大致有三個因素會——正在推動我們擴大利潤率，過去幾季已經如此，且很可能會持續，包括我們對下一季的預測。第一個就是組合轉變。在車險占比偏重之後，組合會更趨正常化，這會自然推升我們的媒體毛利率輪廓；由於我們的固定成本基礎是半固定（semi-fixed），因此這幾乎會相當直接地轉化為 EBITDA 利潤率的提升。

The second is going to be continued success in expanding our auto insurance margins, which have been -- are up 4 to 5 points this year over the beginning of the year, largely due to a lot of specific projects to do that as well as the development of proprietary media that we said we were going to develop, and we spent a lot of money and invested in developing and have very successfully developed. We're going to continue to do that. And that's been very, very beneficial to us and to our margins in auto insurance.

第二個是我們在提升車險利潤率方面的持續成功。今年以來，車險利潤率相較年初已提升約 4 到 5 個百分點，主要來自多個具體專案，以及我們所說要開發的自有媒體（proprietary media）。我們投入了大量資金與投資來開發，且已非常成功地建立起來。我們會持續推進。這對我們以及車險業務的利潤率都非常、非常有利。

And the third is just natural operating leverage. I mean, as we grow at these rates on the revenue and therefore, margin dollar lines, but of course, don't grow at these rates on the semi-fixed cost lines below the margin -- the media margin lines, then you have a natural expansion of margin, top line leverage or operating leverage, depending on how you want to talk about it. So those three factors, I think, are going to continue to play a role, certainly next quarter and probably for a considerable time going forward.

第三個就是自然的營運槓桿。也就是說，當我們在營收、因此在毛利金額（margin dollar）這些線上以這樣的速度成長，但在媒體毛利（media margin）以下的半固定成本線並不會以同樣速度成長時，就會出現自然的利潤率擴張——你可以稱之為營收槓桿或營運槓桿，取決於你想怎麼說。因此，我認為這三個因素會持續發揮作用，至少在下一季如此，而且很可能在未來相當長一段時間內都會如此。

Got it. I appreciate all the insight. Thank you.

了解。非常感謝這些見解。謝謝。

You're welcome.

不客氣。

There are no questions at this time. Thank you, everyone, for taking the time to join QuinStreet's earnings call. Replay information is available on the earnings press release issued this afternoon. This concludes today's call. Thank you.

目前沒有提問。感謝各位撥冗參加 QuinStreet 的財報電話會議。重播資訊已公布於今天下午發布的財報新聞稿中。今天的電話會議到此結束。謝謝。