QuinStreet Inc (QNST)

Days of sales outstanding (DSO)

		Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020
Receivables turnover		8.05	7.50	6.18	4.42	5.49	5.47	7.35	8.29	8.57	5.65	8.05	7.50	7.15	7.54	9.18	6.77	6.58	6.61	7.29	7.28
DSO	days	45.32	48.63	59.09	82.56	66.54	66.67	49.63	44.04	42.59	64.59	45.35	48.67	51.06	48.38	39.76	53.89	55.48	55.22	50.04	50.17

June 30, 2025 calculation

DSO = 365 ÷ Receivables turnover
= 365 ÷ 8.05
= 45.32

The analysis of QuinStreet Inc.'s days of sales outstanding (DSO) over the period from September 2020 through June 2025 reveals notable fluctuations and trends.

Initially, the DSO remained relatively stable around 50 days, with values of 50.17 days in September 2020 and slightly decreasing to 50.04 days in December 2020. During this period, the company maintained a consistent accounts receivable collection cycle.

Starting from March 2021, a gradual increase in DSO is observed, reaching a peak of approximately 55.48 days by June 2021. This indicates a slight elongation in the period it takes to collect receivables. The DSO then fluctuated marginally around the mid-50-day range until September 2021, after which a significant reduction occurred in December 2021 when the DSO dropped to approximately 39.76 days, suggesting improved receivables collection.

In 2022, the DSO exhibited moderate variability, with values such as 48.38 days in March, roughly 51 days in June, and a slight decline to around 48.67 days by September. These figures imply a relatively stable collection cycle during this period.

However, starting from March 2023, an upward trend becomes apparent. The DSO increased sharply to 64.59 days in March 2023, further rising to 66.67 days by March 2024. This escalation indicates a slowdown in the collection process or potential deterioration in receivables management. Notably, the DSO reached its highest point at 82.56 days in September 2024.

Post-September 2024, there is a partial correction, with the DSO decreasing to about 59.09 days in December 2024 and further down to 48.63 days in March 2025, and 45.32 days by June 2025. These reductions may reflect efforts to improve collection efficiency or changes in customer payment behavior.

Overall, the data demonstrate periods of stability with occasional fluctuations, culminating in a significant increase from early 2023 through late 2024, followed by a partial recovery. The overall trend suggests that QuinStreet Inc.'s receivables collection cycle has experienced considerable volatility, with extended collection periods observed particularly in the most recent years, potentially indicating increased receivables risk or changes in customer payment terms and credit policies.