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Divestitures | 9 Months Ended
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Mar. 31, 2021
Discontinued Operations And Disposal Groups [Abstract] |
Divestitures | 7. Divestitures As a result of the Company’s decision to narrow its focus to the best performing businesses and market opportunities, the Company completed a series of business divestitures in fiscal year 2020 and in the first quarter of fiscal year 2021. Fiscal year 2021 Education Client Vertical On August 31, 2020, the Company entered into an agreement with a third party to sell its education client vertical for total cash consideration of $20.0 million. Upon the divestiture of this business, the Company recognized a gain of $16.6 million within other (expense) income, net on the Company’s condensed consolidated statements of operations in the first quarter of fiscal year 2021. Fiscal year 2020 Business-to-Business Technology (“B2B”) Client Vertical On February 14, 2020, the Company entered into an agreement with a third party to sell its B2B client vertical for a purchase price of $12.9 million. The purchase price consisted of $10.0 million in cash consideration and $2.9 million in a secured promissory note, receivable in equal monthly installments over a 12 month period. The Company recognized a gain of $12.0 million within other (expense) income, net on the Company’s condensed consolidated statements of operations upon the divestiture of this business in the third quarter of fiscal year 2020. Mortgage Business On April 30, 2020, the Company entered into an agreement with a third party to sell its mortgage business for total cash consideration of $3.3 million. The Company recognized a gain of $2.8 million within other (expense) income, net on the Company’s consolidated statements of operations upon the divestiture of this business in the fourth quarter of fiscal year 2020. Other In the third quarter of fiscal year 2020, the Company completed the divestitures of its wholly owned subsidiaries, QuinStreet Brasil Online Marketing e Midia Ltda (“QSB”), and VEMM, LLC (“VEMM”) along with its interests in Euro-Demand Do Brasil Serviços de Geração de Leads Ltda (“EDB”), for combined cash proceeds of $1.1 million; provided, however, the Company retained a minority equity interest in VEMM. The aggregate impact from these divestitures was not considered material to the Company.

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