Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-34063 LendingTree, Inc. (Exact name of Registrant as specified in its charter) Delaware 26-2414818 (State or other jurisdicti ...

PART I—FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) LendingTree reported Q1 2021 revenue of $272.8 million, a 4% decrease, with net income of $19.0 million, boosted by a $40.1 million equity gain [Consolidated Statements of Operations and Comprehensive Income](index=4&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income) Q1 2021 revenue decreased to $272.8 million, resulting in an operating loss of $1.9 million, but net income reached $19.0 million due to a $40.1 million other income gain Q1 2021 vs Q1 2020 Statement of Operations (in thousands, except per share amounts) | Metric | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | **Revenue** | $272,750 | $283,084 | | **Total costs and expenses** | $274,657 | $262,335 | | **Operating (loss) income** | $(1,907) | $20,749 | | **Other income** | $40,072 | $— | | **Net income from continuing operations** | $19,312 | $18,976 | | **Net income** | $19,049 | $14,401 | | **Diluted Net income per share** | $1.35 | $1.02 | [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2021, total assets increased to $1.24 billion, driven by higher accounts receivable and equity investment valuation, while total liabilities rose to $847.7 million Balance Sheet Summary (in thousands) | Account | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Total current assets** | $322,431 | $296,409 | | **Goodwill** | $420,139 | $420,139 | | **Equity investment** | $121,253 | $80,000 | | **Total assets** | $1,243,177 | $1,188,990 | | **Total current liabilities** | $130,521 | $111,843 | | **Long-term debt** | $619,502 | $611,412 | | **Total liabilities** | $847,734 | $824,229 | | **Total shareholders' equity** | $395,443 | $364,761 | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities significantly decreased to $8.9 million in Q1 2021, leading to a net cash decrease of $7.9 million for the quarter Cash Flow Summary from Continuing Operations (in thousands) | Cash Flow Category | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $8,925 | $29,302 | | **Net cash used in investing activities** | $(11,733) | $(84,189) | | **Net cash (used in) provided by financing activities** | $(5,000) | $46,601 | | **Net decrease in cash** | $(7,879) | $(9,038) | [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, segment performance with strong Home growth, debt structure, a $40.1 million gain on equity investment, and discontinued operations - The company operates an online consumer platform connecting consumers with providers for various financial products, including mortgages, credit cards, and insurance[21](index=21&type=chunk) Revenue by Segment (in thousands) | Segment | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Home | $128,125 | $79,174 | | Consumer (Total) | $57,907 | $119,924 | | - Credit cards | $17,637 | $51,586 | | - Personal loans | $14,868 | $31,509 | | - Other Consumer | $25,402 | $36,829 | | Insurance | $86,614 | $82,737 | | **Total revenue** | **$272,750** | **$283,084** | - The company recorded a **$40.1 million gain** on its equity investment in Stash Financial, Inc. during Q1 2021 due to an adjustment to fair value based on observable market events[58](index=58&type=chunk) - The LendingTree Loans Business (HLC) is presented as discontinued operations, with related litigation settlements and legal fees included in discontinued operations following its 2019 bankruptcy filing[23](index=23&type=chunk)[156](index=156&type=chunk)[173](index=173&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the 4% revenue decline to COVID-19's impact on the Consumer segment, offset by strong Home segment growth, while a $40.1 million gain on the Stash investment boosted pre-tax income - The COVID-19 pandemic significantly impacted the Consumer segment, while the Home and Insurance segments were less affected and recovered by the end of 2020[185](index=185&type=chunk) Segment Profit (in thousands) | Segment | Q1 2021 | Q1 2020 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Home | $38,990 | $35,911 | $3,079 | 9% | | Consumer | $24,607 | $43,099 | $(18,492) | (43)% | | Insurance | $32,842 | $30,533 | $2,309 | 8% | | **Total Segment Profit** | **$96,347** | **$109,215** | **$(12,868)** | **(12)%** | - Adjusted EBITDA for Q1 2021 was **$30.7 million**, down from **$44.9 million** in Q1 2020, adjusted for items including a **$40.1 million unrealized gain** on investments and **$16.4 million** in non-cash compensation[239](index=239&type=chunk) [Results of Operations](index=32&type=section&id=Results%20of%20Operations) Total revenue decreased 4% to $272.8 million in Q1 2021, with Home segment revenue up 62% and Consumer segment revenue down 52%, leading to an operating loss - Home segment revenue increased by **$49.0 million (62%)**, primarily due to a **$52.0 million increase** in the refinance mortgage product[206](index=206&type=chunk) - Consumer segment revenue decreased by **$62.0 million (52%)**, led by a **$34.0 million (66%) drop** in credit cards revenue and a **$16.6 million (53%) drop** in personal loans revenue, attributed to the economic impact of COVID-19[201](index=201&type=chunk)[202](index=202&type=chunk)[203](index=203&type=chunk) - Selling and marketing expense remained relatively flat, increasing by **1% to $197.5 million**, while General and administrative expense rose **9% to $35.0 million** due to higher compensation and facilities costs[199](index=199&type=chunk)[211](index=211&type=chunk)[215](index=215&type=chunk) - A change in the fair value of contingent consideration resulted in a **$0.8 million expense** in Q1 2021, compared to an **$8.1 million gain** in Q1 2020[220](index=220&type=chunk) [Financial Position, Liquidity and Capital Resources](index=38&type=section&id=Financial%20Position%2C%20Liquidity%20and%20Capital%20Resources) The company maintains sufficient liquidity with $162.1 million in cash and an undrawn $500 million revolving credit facility, despite a decrease in operating cash flow - The company held **$162.1 million** in cash and cash equivalents as of March 31, 2021[240](index=240&type=chunk) - The company has a **$500.0 million** five-year senior secured revolving credit facility, which was undrawn as of March 31, 2021, providing significant liquidity[125](index=125&type=chunk)[243](index=243&type=chunk) - Net cash provided by operating activities decreased from **$29.3 million** in Q1 2020 to **$8.9 million** in Q1 2021, primarily due to unfavorable changes in accounts receivable[245](index=245&type=chunk)[247](index=247&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's business is highly sensitive to interest rate fluctuations, which impact consumer demand for mortgages and refinancing, affecting both traffic and revenue per consumer - The company's business is sensitive to interest rate fluctuations, which impact consumer demand for mortgages, particularly refinancing[255](index=255&type=chunk) - Falling interest rates tend to increase consumer traffic but decrease revenue per consumer, while rising rates have the opposite effect[255](index=255&type=chunk) [Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2021, with no material changes to internal control over financial reporting during the quarter - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of March 31, 2021[256](index=256&type=chunk) - No material changes to the company's internal control over financial reporting occurred during the first quarter of 2021[257](index=257&type=chunk) PART II—OTHER INFORMATION [Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings in the ordinary course of business, with further details available in the financial statement notes - The company is party to litigation in the ordinary course of business, with further details available in Notes 14 and 17 of the financial statements[260](index=260&type=chunk) [Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) No material changes were reported to the risk factors previously disclosed in the company's 2020 Annual Report on Form 10-K - No material changes were reported to the risk factors from the company's 2020 Annual Report[261](index=261&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=41&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) LendingTree did not repurchase any shares under its stock repurchase program in Q1 2021, but acquired shares from employees for tax withholding obligations - No shares were repurchased under the stock repurchase program during Q1 2021, with approximately **$179.7 million** remaining available for repurchase as of April 23, 2021[262](index=262&type=chunk) - A total of **16,981 shares** were purchased from employees to satisfy tax withholding obligations upon the settlement of equity awards[263](index=263&type=chunk)[265](index=265&type=chunk) [Other Information](index=42&type=section&id=Item%205.%20Other%20Information) There is no other information to report for this item - None[267](index=267&type=chunk) [Exhibits](index=43&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and XBRL data files - Lists exhibits filed with the report, including CEO/CFO certifications and XBRL data[269](index=269&type=chunk)

LendingTree, Inc. (NASDAQ:TREE) Q1 2021 Results Conference Call April 29, 2021 9:00 AM ET Company Participants Trent Ziegler - VP, IR Doug Lebda - Chairman and CEO J.D. Moriarty - CFO Conference Call Participants James Friedman - Susquehanna Jed Kelly - Oppenheimer Youssef Squali - Truist Securities Rob Wildhack - Autonomous John Campbell - Stephens, Inc. Kyle Peterson - Needham Kunal Madhukar - Deutsche Bank Melissa Wedel - JP Morgan Operator Good day, ladies and gentlemen, and welcome to the LendingTree, ...

[Cautionary Statement Regarding Forward-Looking Information](index=4&type=section&id=CAUTIONARY%20STATEMENT%20REGARDING%20FORWARD-LOOKING%20INFORMATION) - This report contains forward-looking statements about anticipated financial performance, business prospects, strategy, industry trends, and new products/services[13](index=13&type=chunk) - Actual results may differ materially due to inherent uncertainties, risks, and changes in circumstances, including those discussed in Item 1A. Risk Factors[14](index=14&type=chunk) - Readers should not place undue reliance on these statements, and the company undertakes no obligation to update or revise them except as required by law[15](index=15&type=chunk) PART I [Item 1. Business](index=4&type=section&id=Item%201.%20Business) LendingTree is a leading online platform connecting consumers with financial service providers, generating revenue from match fees - LendingTree operates a leading online consumer platform connecting consumers with over **800 Network Partners** for financial services, including mortgage loans, auto loans, credit cards, personal loans, student loans, small business loans, and insurance quotes[17](index=17&type=chunk) - Revenue is primarily generated from match fees paid by Network Partners for transmitting consumer requests, clicks, or call transfers[18](index=18&type=chunk) - The company has diversified its offerings through acquisitions, including Stash Financial (Feb **2020**), ValuePenguin (Jan **2019**), QuoteWizard (Oct **2018**), Student Loan Hero (Jul **2018**), and Ovation Credit Services (Jun **2018**)[25](index=25&type=chunk)[26](index=26&type=chunk)[27](index=27&type=chunk) - The **COVID-19 pandemic** significantly impacted the Consumer segment due to unsecured credit contraction, while Home and Insurance segments recovered by the end of **2020**[31](index=31&type=chunk)[32](index=32&type=chunk) Segment Revenue | Segment | 2020 (in thousands) | 2019 (in thousands) | 2018 (in thousands) | | :-------- | :------------------ | :------------------ | :------------------ | | Home | $320,992 | $277,935 | $319,176 | | Consumer | $253,198 | $515,037 | $395,615 | | Insurance | $333,765 | $284,792 | $31,369 | | Other | $2,035 | $28,839 | $18,705 | | **Total revenue** | **$909,990** | **$1,106,603** | **$764,865** | - One Network Partner, **Progressive Casualty Insurance**, accounted for **15%** of total consolidated revenue in **2020** and **12%** in **2019**, all within the Insurance segment[36](index=36&type=chunk) - The company is subject to extensive federal and state laws and regulations, including those related to consumer lending, data privacy (GLBA, CCPA), and marketing (TSR, TCPA, CAN-SPAM)[53](index=53&type=chunk)[55](index=55&type=chunk) - As of December 31, **2020**, LendingTree had **1,303 employees** (**1,289 full-time**, **14 temporary/part-time**) and considers relations with employees to be good[59](index=59&type=chunk) [Item 1A. Risk Factors](index=11&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks across market conditions, operational dependencies, regulatory compliance, and investment factors - The **COVID-19 pandemic** has negatively impacted the global economy and significantly affected the Consumer segment's demand for products, with the ultimate impact remaining uncertain[68](index=68&type=chunk) - Adverse conditions in the primary and secondary mortgage markets, such as interest rate increases, can materially affect the business by reducing consumer demand and lender ability to close loans[69](index=69&type=chunk) - The company's success depends significantly on relationships with Network Partners; financial difficulties or disputes with these partners could have a material adverse effect[70](index=70&type=chunk) - Failure to maintain brand recognition and attract/retain consumers cost-effectively, or adverse publicity from litigation/investigations, could materially harm the business[72](index=72&type=chunk)[74](index=74&type=chunk) - Revenue growth from credit card and insurance leads (via QuoteWizard acquisition) and personal loan offerings is subject to specific risks, including economic conditions, competition, and regulatory changes[78](index=78&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk) - Acquisitions may not realize intended benefits, could disrupt business, divert management attention, and harm financial condition due to integration challenges or undisclosed liabilities[89](index=89&type=chunk)[90](index=90&type=chunk)[92](index=92&type=chunk) - Breaches or failures of systems or website security, theft of personal information, or fraudulent activity could lead to significant costs, liabilities, regulatory actions, and reputational damage[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk) - The company is subject to risks related to the bankruptcy of its Home Loan Center, Inc. subsidiary, including potential claims against LendingTree and its operating subsidiaries[115](index=115&type=chunk)[116](index=116&type=chunk) - Failure to comply with various federal and state laws and regulations (e.g., data privacy, lending, marketing, licensing) could result in fines, proceedings, litigation, and adverse effects on business[133](index=133&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk) - The market price of common stock is volatile and can fluctuate significantly due to operating results, market conditions, analyst reports, and other factors[159](index=159&type=chunk)[160](index=160&type=chunk) - **Douglas Lebda**, Chairman and CEO, beneficially owns a substantial portion of outstanding common stock, concentrating voting control and potentially limiting other stockholders' influence[163](index=163&type=chunk)[164](index=164&type=chunk) - The conditional conversion feature of outstanding convertible senior notes, if triggered, may adversely affect financial condition and operating results by requiring cash settlement or reclassification as a current liability[172](index=172&type=chunk)[173](index=173&type=chunk) [Item 1B. Unresolved Staff Comments](index=34&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) This item is not applicable to LendingTree, Inc. for the reported period - Not applicable[185](index=185&type=chunk) [Item 2. Properties](index=34&type=section&id=Item%202.%20Properties) LendingTree's new Charlotte corporate office is nearing completion, with additional offices supporting its Home, Consumer, and Insurance segments - New corporate office in Charlotte, North Carolina, is in final stages of construction, comprising approximately **176,000 square feet** under an approximate **15-year lease** expected to commence in **Q1 2021**[186](index=186&type=chunk) - The company operates additional offices in Charleston, Chicago, Denver, Jacksonville, New York City, Rancho Cordova, San Mateo, Seattle, and Makarba, India[187](index=187&type=chunk) - Charlotte operations support all three segments (Home, Consumer, Insurance), while other offices support specific segments (e.g., San Mateo for Home, Makarba for Consumer, Denver for Insurance)[188](index=188&type=chunk) [Item 3. Legal Proceedings](index=35&type=section&id=Item%203.%20Legal%20Proceedings) LendingTree is routinely involved in various legal proceedings and claims, with financial impacts potentially covered by insurance - The company is a party to litigation involving property, contract, intellectual property, and a variety of other claims in the ordinary course of business[189](index=189&type=chunk) - Amounts that may be recovered in such matters may be subject to insurance coverage[189](index=189&type=chunk) - Further discussion of current and recently settled litigation is available in Note **17** (Contingencies) and Note **21** (Discontinued Operations) of the consolidated financial statements[189](index=189&type=chunk) [Item 4. Mine Safety Disclosures](index=35&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to LendingTree, Inc. for the reported period - Not applicable[190](index=190&type=chunk) PART II [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=36&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) LendingTree's common stock trades on Nasdaq, has no current dividend plans, and has an authorized stock repurchase program - LendingTree's common stock is quoted on the Nasdaq Global Select Market under the ticker symbol "**TREE**"[193](index=193&type=chunk) - As of February **19, 2021**, there were approximately **575 holders** of record of the company's common stock[193](index=193&type=chunk) - The company has no current intention to declare or pay cash dividends on its common stock in the foreseeable future[194](index=194&type=chunk) - As of February **19, 2021**, approximately **$179.7 million** is authorized for future share repurchases under a stock repurchase program[198](index=198&type=chunk) - During the quarter ended December **31, 2020**, no shares were repurchased under the publicly announced stock repurchase program[198](index=198&type=chunk) Issuer Purchases of Equity Securities (Q4 2020 for Tax Obligations) | Period | Total Number of Shares Purchased | Average Price Paid per Share | | :----------------- | :----------------------------- | :--------------------------- | | 10/1/20 - 10/31/20 | 4,899 | $332.98 | | 11/1/20 - 11/30/20 | 339 | $317.02 | | 12/1/20 - 12/31/20 | 2,792 | $274.04 | | **Total** | **8,030** | **$311.81** | [Item 6. Selected Financial Data](index=37&type=section&id=Item%206.%20Selected%20Financial%20Data) This item is intentionally omitted from the report - This item is intentionally omitted[203](index=203&type=chunk) [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=38&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section analyzes LendingTree's financial condition and results, detailing **COVID-19's** impact, acquisitions, and key performance drivers - LendingTree operates a leading online consumer platform, My LendingTree, offering personalized comparison shopping for financial services and leveraging its brand and technology for diversification[207](index=207&type=chunk)[208](index=208&type=chunk)[209](index=209&type=chunk) - The **COVID-19 pandemic** significantly impacted the Consumer segment due to unsecured credit contraction, while Home and Insurance segments recovered by the end of **2020**[212](index=212&type=chunk)[213](index=213&type=chunk) - Recent acquisitions include an equity interest in Stash (Feb **2020**), ValuePenguin (Jan **2019**), QuoteWizard (Oct **2018**), Student Loan Hero (Jul **2018**), and Ovation (Jun **2018**), all contributing to diversification[215](index=215&type=chunk)[216](index=216&type=chunk)[217](index=217&type=chunk) - **30-year mortgage interest rates decreased** to an average of **3.11%** in **2020** (from **3.94%** in **2019**), leading to a **109% increase** in refinance origination dollars in **2020** over **2019**[226](index=226&type=chunk)[227](index=227&type=chunk) - Issued **$575.0 million** of **0.50% Convertible Senior Notes due 2025** in July **2020** and repurchased **$130.3 million** of **0.625% Convertible Senior Notes due 2022**[231](index=231&type=chunk)[232](index=232&type=chunk) Consolidated Financial Performance (2020 vs. 2019) | Metric | 2020 (in thousands) | 2019 (in thousands) | Change ($) | Change (%) | | :-------------------------------------------------------------------------------- | :------------------ | :------------------ | :--------- | :--------- | | Revenue | $909,990 | $1,106,603 | $(196,613) | (18)% | | Total costs and expenses | $916,593 | $1,055,875 | $(139,282) | (13)% | | Operating (loss) income | $(6,603) | $50,728 | $(57,331) | (113)% | | (Loss) income before income taxes | $(42,527) | $30,981 | $(73,508) | (237)% | | Net (loss) income from continuing operations | $(22,566) | $39,460 | $(62,026) | (157)% | | Net (loss) income and comprehensive (loss) income | $(48,255) | $17,828 | $(66,083) | (371)% | - Revenue **decreased 18%** in **2020**, primarily due to a **51% decrease** in the Consumer segment (credit cards down **63%**, personal loans down **56%**), partially offset by increases in the Insurance (**17%**) and Home (**15%**) segments[240](index=240&type=chunk)[241](index=241&type=chunk)[242](index=242&type=chunk)[243](index=243&type=chunk)[246](index=246&type=chunk)[247](index=247&type=chunk) - Selling and marketing expense **decreased 16%** in **2020**, largely due to a **$120.4 million reduction** in advertising expenditures in response to changes in Network Partner demand during the pandemic[253](index=253&type=chunk)[255](index=255&type=chunk)[256](index=256&type=chunk) Segment Profit (2020 vs. 2019) | Segment | 2020 (in thousands) | 2019 (in thousands) | Change ($) | Change (%) | | :-------- | :------------------ | :------------------ | :--------- | :--------- | | Home | $132,123 | $103,121 | $29,002 | 28% | | Consumer | $106,890 | $213,185 | $(106,295) | (50)% | | Insurance | $131,142 | $114,639 | $16,503 | 14% | | Other | $(682) | $1,373 | $(2,055) | (150)% | | **Total Segment Profit** | **$369,473** | **$432,318** | **$(62,845)** | **(15)%** | - Adjusted EBITDA **decreased** to **$123.7 million** in **2020** from **$198.2 million** in **2019**[284](index=284&type=chunk) - Cash and cash equivalents **increased** to **$169.9 million** at December **31, 2020**, from **$60.2 million** at December **31, 2019**[286](index=286&type=chunk) Summary of Contractual Obligations (as of Dec 31, 2020) | Contractual Obligations | Total (in thousands) | Less Than 1 Year (in thousands) | 1-3 Years (in thousands) | 3-5 Years (in thousands) | More Than 5 Years (in thousands) | | :-------------------------- | :------------------- | :------------------------------ | :----------------------- | :----------------------- | :----------------------------- | | Operating lease obligations | $150,958 | $9,147 | $25,440 | $20,309 | $96,062 | | Long-term contractual obligations | $23,146 | $13,858 | $8,512 | $776 | — | | Convertible debt | $744,690 | — | $169,690 | $575,000 | — | | **Total contractual obligations** | **$918,794** | **$23,005** | **$203,642** | **$596,085** | **$96,062** | [Item 7A. Quantitative and Qualitative Disclosures about Market Risk](index=52&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) LendingTree's primary market risk is **interest rate fluctuations**, impacting mortgage and refinancing demand, and affecting revenue per consumer - The company's financial instruments, other than the Amended Revolving Credit Facility, are not exposed to significant market risk[321](index=321&type=chunk) - Fluctuations in interest rates directly affect consumer demand for new mortgages and refinancing, which in turn impacts lender demand for mortgage leads[322](index=322&type=chunk) - **Declining interest rates** typically increase consumer demand for mortgage refinancing, leading to increased website traffic and decreased marketing efforts, but often result in **lower revenue earned per consumer**[322](index=322&type=chunk) - Conversely, **increasing interest rates** typically decrease consumer demand for mortgage refinancing, leading to decreased website traffic and higher marketing efforts, but can increase revenue per matched lead, though overall reduced demand can still adversely affect revenue per consumer[322](index=322&type=chunk) [Item 8. Financial Statements and Supplementary Data](index=53&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents LendingTree's consolidated financial statements, including the auditor's **unqualified opinion** and critical audit matters [Report of Independent Registered Public Accounting Firm](index=54&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) - PricewaterhouseCoopers LLP issued an **unqualified opinion** on the consolidated financial statements and the effectiveness of internal control over financial reporting as of December **31, 2020**[328](index=328&type=chunk)[329](index=329&type=chunk) - Critical audit matters included the significant judgment in determining the fair value of contingent consideration for the QuoteWizard acquisition and the valuation of the **2025 Convertible Senior Notes**[337](index=337&type=chunk)[338](index=338&type=chunk)[340](index=340&type=chunk) [Consolidated Financial Statements](index=57&type=section&id=CONSOLIDATED%20FINANCIAL%20STATEMENTS) Consolidated Statements of Operations and Comprehensive Income (Loss) | Metric | 2020 (in thousands) | 2019 (in thousands) | 2018 (in thousands) | | :------------------------------------------ | :------------------ | :------------------ | :------------------ | | Revenue | $909,990 | $1,106,603 | $764,865 | | Operating (loss) income | $(6,603) | $50,728 | $56,191 | | Net (loss) income from continuing operations | $(22,566) | $39,460 | $109,319 | | Loss from discontinued operations, net of tax | $(25,689) | $(21,632) | $(12,820) | | **Net (loss) income and comprehensive (loss) income** | **$(48,255)** | **$17,828** | **$96,499** | | Diluted Net (loss) income per share | $(3.71) | $1.22 | $6.85 | Consolidated Balance Sheets | Asset/Liability | Dec 31, 2020 (in thousands) | Dec 31, 2019 (in thousands) | | :------------------------------------------ | :-------------------------- | :-------------------------- | | Cash and cash equivalents | $169,932 | $60,243 | | Total current assets | $296,409 | $189,426 | | Goodwill | $420,139 | $420,139 | | Intangible assets, net | $128,502 | $181,580 | | Equity investment | $80,000 | — | | **Total assets** | **$1,188,990** | **$947,969** | | Total current liabilities | $111,843 | $230,706 | | Long-term debt | $611,412 | $264,391 | | **Total liabilities** | **$824,229** | **$545,643** | | Total shareholders' equity | $364,761 | $402,326 | Consolidated Statements of Cash Flows | Cash Flow Activity | 2020 (in thousands) | 2019 (in thousands) | 2018 (in thousands) | | :------------------------------------------ | :------------------ | :------------------ | :------------------ | | Net cash provided by operating activities attributable to continuing operations | $111,299 | $157,174 | $123,948 | | Net cash used in investing activities attributable to continuing operations | $(122,149) | $(101,060) | $(383,038) | | Net cash provided by (used in) financing activities attributable to continuing operations | $193,290 | $(87,678) | $4,843 | | **Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents** | **$109,710** | **$(44,819)** | **$(267,483)** | | Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | $170,049 | $60,339 | $105,158 | [Notes to Consolidated Financial Statements](index=63&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) - LendingTree's business is subject to risks including dependence on third-party technology, online commerce security, credit card fraud, and interest rate fluctuations[418](index=418&type=chunk)[420](index=420&type=chunk) - One Network Partner accounted for **15%** and **12%** of total consolidated revenue in **2020** and **2019**, respectively, all within the Insurance segment[420](index=420&type=chunk) Revenue by Segment | Segment | 2020 (in thousands) | 2019 (in thousands) | 2018 (in thousands) | | :------------ | :------------------ | :------------------ | :------------------ | | Home | $320,992 | $277,935 | $319,176 | | Credit cards | $77,361 | $211,294 | $165,776 | | Personal loans | $66,513 | $152,729 | $134,199 | | Other Consumer | $109,324 | $151,014 | $95,640 | | **Consumer** | **$253,198** | **$515,037** | **$395,615** | | Insurance | $333,765 | $284,792 | $31,369 | | Other | $2,035 | $28,839 | $18,705 | | **Total revenue** | **$909,990** | **$1,106,603** | **$764,865** | Property and Equipment, Net | Asset Category | Dec 31, 2020 (in thousands) | Dec 31, 2019 (in thousands) | | :---------------------------------------- | :-------------------------- | :-------------------------- | | Computer equipment and capitalized software | $34,777 | $28,425 | | Leasehold improvements | $5,012 | $7,751 | | Furniture and other equipment | $3,290 | $3,993 | | Aircraft and automobile | $2,621 | $2,621 | | Projects in progress | $36,919 | $6,552 | | Total gross property and equipment | $82,619 | $49,342 | | Accumulated depreciation | $(20,238) | $(17,979) | | **Total property and equipment, net** | **$62,381** | **$31,363** | Goodwill and Intangible Assets, Net | Category | Dec 31, 2020 (in thousands) | Dec 31, 2019 (in thousands) | | :-------------------------------- | :-------------------------- | :-------------------------- | | Intangible assets with indefinite lives | $10,142 | $10,142 | | Intangible assets with definite lives, net | $118,360 | $171,438 | | **Total intangible assets, net** | **$128,502** | **$181,580** | - Goodwill at December **31, 2020** and **2019** was **$420.1 million**, allocated across Home (**$59.3M**), Consumer (**$166.1M**), and Insurance (**$194.7M**) segments, with no impairment found in annual tests[450](index=450&type=chunk)[453](index=453&type=chunk) Estimated Future Amortization of Intangible Assets with Definite Lives | Amortization | Expense (in thousands) | | :------------------------ | :--------------------- | | Year ending December 31, 2021 | $42,738 | | Year ending December 31, 2022 | $25,256 | | Year ending December 31, 2023 | $8,602 | | Year ending December 31, 2024 | $6,747 | | Year ending December 31, 2025 | $6,259 | | Thereafter | $28,758 | | **Total intangible assets with definite lives, net** | **$118,360** | - Acquired an **$80.0 million equity interest** in Stash Financial, Inc. in February **2020**, carried at cost with no observable market events or impairments as of December **31, 2020**[458](index=458&type=chunk)[459](index=459&type=chunk) Changes in Fair Value of Contingent Consideration | Acquisition | 2020 (in thousands) | 2019 (in thousands) | 2018 (in thousands) | | :-------------------------- | :------------------ | :------------------ | :------------------ | | QuoteWizard | $3,980 | $27,103 | $6,833 | | Ovation | $1,270 | $26 | $1,654 | | SnapCap | $77 | $2,220 | $(330) | | DepositAccounts | — | $(947) | $1,979 | | CompareCards | — | — | $652 | | **Total changes in fair value of contingent consideration** | **$5,327** | **$28,402** | **$10,788** | - The company issued **$575.0 million** of **0.50% Convertible Senior Notes due 2025** in July **2020** and repurchased **$130.3 million** of **0.625% Convertible Senior Notes due 2022**[558](index=558&type=chunk)[573](index=573&type=chunk)[583](index=583&type=chunk) - Litigation settlement accruals were **$0.1 million** for continuing operations and **$0.5 million** for discontinued operations as of December **31, 2020**[614](index=614&type=chunk) - The LendingTree Loans Business (HLC) was deconsolidated in July **2019** due to bankruptcy, resulting in a **$5.5 million loss** to LendingTree[629](index=629&type=chunk)[630](index=630&type=chunk) Segment Profit | Segment | 2020 (in thousands) | 2019 (in thousands) | 2018 (in thousands) | | :-------------------------- | :------------------ | :------------------ | :------------------ | | Home | $132,123 | $103,121 | $104,701 | | Consumer | $106,890 | $213,185 | $187,724 | | Insurance | $131,142 | $114,639 | $11,358 | | Other | $(682) | $1,373 | $1,354 | | **Segment profit (loss)** | **$369,473** | **$432,318** | **$305,137** | [Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=106&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) This item is not applicable to LendingTree, Inc. for the reported period - Not applicable[654](index=654&type=chunk) [Item 9A. Controls and Procedures](index=106&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were **effective** as of December **31, 2020** - Management, with CEO and CFO participation, concluded that disclosure controls and procedures were **effective** as of December **31, 2020**, providing reasonable assurance for timely and accurate reporting[655](index=655&type=chunk)[656](index=656&type=chunk) - Management assessed and concluded that internal control over financial reporting was **effective** as of December **31, 2020**, based on the COSO framework[657](index=657&type=chunk)[658](index=658&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter ended December **31, 2020**[659](index=659&type=chunk) [Item 9B. Other Information](index=106&type=section&id=Item%209B.%20Other%20Information) This item reports that there is no other information required to be disclosed - None[660](index=660&type=chunk) PART III [Item 10. Directors, Executive Officers and Corporate Governance](index=107&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information for this item is incorporated by reference from the Company's **2021 Proxy Statement** - Information for this item is incorporated by reference from the **2021 Proxy Statement**[663](index=663&type=chunk) [Item 11. Executive Compensation](index=107&type=section&id=Item%2011.%20Executive%20Compensation) Information for this item is incorporated by reference from the Company's **2021 Proxy Statement** - Information for this item is incorporated by reference from the **2021 Proxy Statement**[664](index=664&type=chunk) [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=107&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information for this item is incorporated by reference from the Company's **2021 Proxy Statement** - Information for this item is incorporated by reference from the **2021 Proxy Statement**[665](index=665&type=chunk) [Item 13. Certain Relationships and Related Transactions, and Director Independence](index=107&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information for this item is incorporated by reference from the Company's **2021 Proxy Statement** - Information for this item is incorporated by reference from the **2021 Proxy Statement**[666](index=666&type=chunk) [Item 14. Principal Accounting Fees and Services](index=107&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information for this item is incorporated by reference from the Company's **2021 Proxy Statement** - Information for this item is incorporated by reference from the **2021 Proxy Statement**[667](index=667&type=chunk) PART IV [Item 15. Exhibits, Financial Statement Schedules](index=108&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This item lists the consolidated financial statements and a comprehensive list of exhibits filed or incorporated by reference - The report includes consolidated financial statements of LendingTree, Inc., such as Statements of Operations, Balance Sheets, Shareholders' Equity, and Cash Flows, along with accompanying notes[670](index=670&type=chunk)[671](index=671&type=chunk) - All financial statements and schedules not explicitly listed are omitted because the required information is included in the consolidated financial statements or their notes, or is not applicable[672](index=672&type=chunk) - A comprehensive list of exhibits, numbered in accordance with Item **601** of Regulation S-K, is filed or incorporated by reference, including various agreements, plans, and certifications[673](index=673&type=chunk)[674](index=674&type=chunk)[675](index=675&type=chunk) [Item 16. Form 10-K Summary](index=112&type=section&id=Item%2016.%20Form%2010-K%20Summary) This item reports that there is no Form 10-K Summary - None[682](index=682&type=chunk)

LendingTree, Inc. (NASDAQ:TREE) Q4 2020 Earnings Conference Call February 24, 2020 5:00 PM ET Company Participants Trent Ziegler - IR Doug Lebda - CEO J.D. Moriarty - CRO Conference Call Participants Youssef Squali - Truist Securities Jed Kelly - Oppenheimer Stephen Sheldon - William Blair John Campbell - Stephens Melissa Wedel - JP Morgan Rob Wildhack - Autonomous Research Jamie Friedman - Susquehanna Kunal Madhukar - Deutsche Bank Operator Good afternoon, ladies and gentlemen, and welcome to the LendingTr ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to (Address of principal executive offices)(Zip Code) (704) 541-5351 (Registrant's telephone number, including area code) Securities registered pur ...

LendingTree, Inc. (NASDAQ:TREE) Q3 2020 Earnings Call November 5, 2020 9:00 AM ET Executives Trent Ziegler - LendingTree, Inc. Douglas Robert Lebda - LendingTree, Inc. J.D. Moriarty - LendingTree, Inc. Analysts Jed Kelly - Oppenheimer & Co., Inc. John Campbell - Stephens, Inc. Mark S. F. Mahaney - RBC Capital Markets LLC Stephen Sheldon - William Blair & Co. LLC Youssef Squali - Truist Securities, Inc. James E. Friedman - Susquehanna Financial Group LLLP Melissa Wedel - JPMorgan Securities LLC Robert Wildha ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-34063 LendingTree, Inc. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation ...

LendingTree, Inc. (NASDAQ:TREE) Q2 2020 Earnings Conference Call August 4, 2020 9:00 AM ET Company Participants Trent Ziegler – Head-Investor Relations Doug Lebda – Chairman and Chief Executive Officer J. D. Moriarty – Chief Financial Officer Conference Call Participants Youssef Squali – Truist Kunal Madhukar – Deutsche Bank Nat Schindler – Bank of America Merrill Lynch Jed Kelly – Oppenheimer Mark Mahaney – RBC John Campbell – Stephens, Inc. Eric Wasserstrom – UBS Rob Wildhack – Autonomous Research Josh La ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-34063 LendingTree, Inc. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation ...