Tree.com (TREE) appears an attractive pick given a noticeable improvement in the company's earnings outlook. The stock has been a strong performer lately, and the momentum might continue with analysts still raising their earnings estimates for the company. The five-grade Zacks Rank system, which ranges from a Zacks Rank #1 (Strong Buy) to a Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record of outperformance, with Zacks #1 Ranked stocks generating an average annual return of +25% ...

TREE uses Snowflake's cloud data analytics services for its business operations. Per Google's Mandiant security business, a hacker's group had used stolen login credentials to infiltrate Snowflake accounts of nearly 165 customers, this proposes a broader hacking operation against Snowflake clients. Data Breach by Banks Over the past six months, shares of TREE have gained 30.9% against the industry's decline of 6.8%. SESC mentioned that MUFG Bank Ltd., Morgan Stanley MUFG Securities Co. and Mitsubishi UFJ Mo ...

CHARLOTTE, N.C., June 18, 2024 /PRNewswire/ -- LendingTree, Inc. (NASDAQ: TREE), is the parent of LendingTree, LLC and several companies owned by LendingTree, LLC (collectively, "LendingTree" or the "Company") and the operator of LendingTree.com, the nation's leading online financial services marketplace, announces the promotion of Jason Bengel to Chief Financial Officer following the departure of Trent Ziegler on August 9, 2024. Along with this change, LendingTree is also announcing several leadership chan ...

Core Viewpoint - LendingTree, Inc. (TREE) is experiencing revenue growth driven by diversification of non-mortgage product offerings and a focus on the Consumer segment, although the Insurance segment faces challenges due to a tough operating environment [1][6]. Group 1: Revenue Growth and Product Diversification - The company has three reportable segments: Home, Consumer, and Insurance, with a notable emphasis on diversifying non-mortgage products, particularly in the Consumer segment [2]. - In February 2023, LendingTree launched WinCard, its first branded consumer credit offering, and has expanded its loan offerings to include personal, auto, small business, and student loans, enhancing cross-selling opportunities [2]. - The Home segment's revenues, which include Home Equity and mortgage revenues, have shown an upward trend due to improved purchase conversion rates and a strong market position [3]. Group 2: Strategic Acquisitions and Inorganic Growth - LendingTree has focused on inorganic growth through strategic acquisitions since 2016, successfully integrating buyouts that support bottom-line growth [4]. - The acquisition of EarnUp, a consumer-facing payments platform, in the first quarter of 2022, is an example of how the company has enhanced its credit services and online lending platform [4]. Group 3: Financial Position and Challenges - As of March 31, 2024, LendingTree's cash and cash equivalents stood at $230.7 million, while long-term debt was significantly higher at $631.3 million, indicating a limited cash position and a higher debt/equity ratio than the industry average [8]. - The Insurance segment has seen declining revenues due to weaknesses in personal auto loans and reduced marketing spending by partners, which is expected to keep demand subdued [6]. - Although the company's cost base has declined due to cost-containment efforts, normalization of business activities may lead to increased technology and advertisement expenses, potentially affecting long-term bottom-line growth [7].

LendingTree, Inc.’s (TREE) initiatives to strengthen SPRING and TreeQual platforms will improve cross-selling opportunities. Moreover, its focus on non-mortgage product offerings will aid revenue growth. Yet, rising costs will impede the bottom line. Any decline in the Insurance segment’s revenues will affect the total revenues. With a weak liquidity position, its capital distribution activities seem unsustainable.LendingTree is committed to boosting revenues by diversifying its non-mortgage product offerin ...

PART I—FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The unaudited Q1 2024 consolidated financial statements show increased cash, decreased revenue, and a return to operating income [Consolidated Balance Sheets](index=4&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) Consolidated Balance Sheets | Metric | March 31, 2024 (in thousands) | December 31, 2023 (in thousands) | Change (in thousands) | % Change | | :--------------------------------- | :----------------------------- | :----------------------------- | :-------------------- | :------- | | Cash and cash equivalents | $230,745 | $112,051 | $118,694 | 105.9% | | Total current assets | $325,683 | $196,482 | $129,201 | 65.8% | | Total assets | $926,695 | $802,759 | $123,936 | 15.4% | | Total current liabilities | $87,713 | $75,629 | $12,084 | 16.0% | | Long-term debt | $631,333 | $525,617 | $105,716 | 20.1% | | Total liabilities | $795,180 | $678,627 | $116,553 | 17.2% | | Total shareholders' equity | $131,515 | $124,132 | $7,383 | 6.0% | [Consolidated Statements of Operations and Comprehensive Income](index=5&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS%20AND%20COMPREHENSIVE%20INCOME) Consolidated Statements of Operations and Comprehensive Income | Metric | Three Months Ended March 31, 2024 (in thousands) | Three Months Ended March 31, 2023 (in thousands) | Change (in thousands) | % Change | | :------------------------------------------------- | :--------------------------------------------- | :--------------------------------------------- | :-------------------- | :------- | | Revenue | $167,768 | $200,508 | $(32,740) | (16.3)% | | Total costs and expenses | $160,589 | $213,519 | $(52,930) | (24.8)% | | Operating income (loss) | $7,179 | $(13,011) | $20,190 | 155.2% | | Interest (expense) income, net | $(6,638) | $25,029 | $(31,667) | (126.5)% | | Income before income taxes | $1,575 | $13,852 | $(12,277) | (88.6)% | | Net income and comprehensive income | $1,016 | $13,457 | $(12,441) | (92.5)% | | Basic net income per share | $0.08 | $1.05 | $(0.97) | (92.4)% | | Diluted net income per share | $0.08 | $1.04 | $(0.96) | (92.3)% | [Consolidated Statements of Shareholders' Equity](index=6&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20SHAREHOLDERS'%20EQUITY) Consolidated Statements of Shareholders' Equity | Metric | Balance as of Dec 31, 2023 (in thousands) | Net income and comprehensive income (in thousands) | Non-cash compensation (in thousands) | Issuance of common stock, net of withholding taxes (in thousands) | Balance as of Mar 31, 2024 (in thousands) | | :--------------------------------------- | :---------------------------------------- | :----------------------------------------- | :----------------------------------- | :---------------------------------------------------------------- | :---------------------------------------- | | Total Shareholders' Equity | $124,132 | $1,016 | $7,789 | $(1,422) | $131,515 | [Consolidated Statements of Cash Flows](index=7&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Consolidated Statements of Cash Flows | Metric | Three Months Ended March 31, 2024 (in thousands) | Three Months Ended March 31, 2023 (in thousands) | Change (in thousands) | | :------------------------------------------ | :--------------------------------------------- | :--------------------------------------------- | :-------------------- | | Net cash provided by operating activities | $5,708 | $13,156 | $(7,448) | | Net cash used in investing activities | $(2,746) | $(2,452) | $(294) | | Net cash provided by (used in) financing activities | $115,743 | $(159,565) | $275,308 | | Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | $118,705 | $(148,861) | $267,566 | | Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period | $230,761 | $150,108 | $80,653 | [Notes to Consolidated Financial Statements](index=8&type=section&id=NOTES%20TO%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) The notes provide detailed disclosures for the consolidated financial statements, covering accounting policies, segment information, and debt [NOTE 1—ORGANIZATION](index=8&type=section&id=NOTE%201—ORGANIZATION) - LendingTree, Inc operates as a leading online consumer platform connecting consumers with financial product choices, including mortgage, home equity, auto, credit cards, personal loans, student loans, small business loans, and insurance quotes[21](index=21&type=chunk) - The interim consolidated financial statements are prepared in accordance with GAAP and SEC rules, and should be read in conjunction with the 2023 Annual Report on Form 10-K[23](index=23&type=chunk) [NOTE 2—SIGNIFICANT ACCOUNTING POLICIES](index=8&type=section&id=NOTE%202—SIGNIFICANT%20ACCOUNTING%20POLICIES) - Management's preparation of financial statements involves **significant estimates and assumptions**, including recoverability of long-lived assets, goodwill, intangible assets, income taxes, litigation accruals, and stock-based compensation[24](index=24&type=chunk)[25](index=25&type=chunk) - The Company monitors the impact of current economic conditions (interest rates, inflation) on its estimates, noting that **worsening conditions could adversely affect results**[26](index=26&type=chunk) - Business risks include dependence on third-party technology, online commerce security/fraud, and the **impact of interest rate fluctuations on mortgage revenue**[28](index=28&type=chunk)[30](index=30&type=chunk) - New accounting pronouncements (ASU 2023-07 and ASU 2023-09) will expand disclosure requirements for reportable segments and income taxes, with the Company evaluating their impact and early adoption[34](index=34&type=chunk)[35](index=35&type=chunk) [NOTE 3—REVENUE](index=10&type=section&id=NOTE%203—REVENUE) Revenue by Segment | Revenue Segment | Three Months Ended March 31, 2024 (in thousands) | Three Months Ended March 31, 2023 (in thousands) | Change (in thousands) | % Change | | :-------------- | :--------------------------------------------- | :--------------------------------------------- | :-------------------- | :------- | | Home | $30,443 | $43,675 | $(13,232) | (30.3)% | | Personal loans | $20,127 | $23,599 | $(3,472) | (14.7)% | | Other Consumer | $31,324 | $56,110 | $(24,786) | (44.2)% | | Total Consumer | $51,451 | $79,709 | $(28,258) | (35.4)% | | Insurance | $85,872 | $77,082 | $8,790 | 11.4% | | Total revenue | $167,768 | $200,508 | $(32,740) | (16.3)% | - Revenue is primarily derived from match fees and closing fees, recognized when performance obligations are satisfied[38](index=38&type=chunk) - The Company **discontinued its credit services product** (Ovation business) in Q2 2023, which previously generated upfront and subscription fees[40](index=40&type=chunk)[45](index=45&type=chunk) - Contract assets related to estimated variable consideration for closing and approval fees **increased from $13.7 million** at December 31, 2023, **to $15.1 million** at March 31, 2024[43](index=43&type=chunk) [NOTE 4—CASH AND RESTRICTED CASH](index=11&type=section&id=NOTE%204—CASH%20AND%20RESTRICTED%20CASH) Cash and Restricted Cash | Metric | March 31, 2024 (in thousands) | December 31, 2023 (in thousands) | Change (in thousands) | % Change | | :------------------------------------------------------ | :----------------------------- | :----------------------------- | :-------------------- | :------- | | Cash and cash equivalents | $230,745 | $112,051 | $118,694 | 105.9% | | Restricted cash and cash equivalents | $16 | $5 | $11 | 220.0% | | Total cash, cash equivalents, restricted cash and restricted cash equivalents | $230,761 | $112,056 | $118,705 | 105.9% | [NOTE 5—ALLOWANCE FOR DOUBTFUL ACCOUNTS](index=11&type=section&id=NOTE%205—ALLOWANCE%20FOR%20DOUBTFUL%20ACCOUNTS) - The allowance for doubtful accounts is determined by factors such as past due status, loss history, economic conditions, and customer payment ability[49](index=49&type=chunk) Allowance for Doubtful Accounts Rollforward | Metric | Three Months Ended March 31, 2024 (in thousands) | Three Months Ended March 31, 2023 (in thousands) | Change (in thousands) | | :---------------------------------- | :--------------------------------------------- | :--------------------------------------------- | :-------------------- | | Balance, beginning of the period | $2,222 | $2,317 | $(95) | | Charges to earnings | $(129) | $963 | $(1,092) | | Write-off of uncollectible accounts receivable | $(67) | $(963) | $896 | | Balance, end of the period | $2,026 | $2,688 | $(662) | [NOTE 6—GOODWILL AND INTANGIBLE ASSETS](index=11&type=section&id=NOTE%206—GOODWILL%20AND%20INTANGIBLE%20ASSETS) Goodwill and Intangible Assets Summary | Metric | March 31, 2024 (in thousands) | December 31, 2023 (in thousands) | | :-------------------------------- | :----------------------------- | :----------------------------- | | Net goodwill | $381,539 | $381,539 | | Intangible assets with indefinite lives | $10,142 | $10,142 | | Intangible assets with definite lives, net | $38,990 | $40,478 | | Total intangible assets, net | $49,132 | $50,620 | - Goodwill is allocated across **Home ($59.3M)**, **Consumer ($166.1M)**, and **Insurance ($156.1M)** segments[53](index=53&type=chunk) - A **goodwill impairment charge of $38.6 million** was recorded in Q3 2023 for the Insurance reporting unit due to market capitalization falling below book value and pressure from consumer price inflation impacting carrier underwriting[54](index=54&type=chunk) Estimated Amortization Expense | Year | Estimated Amortization Expense (in thousands) | | :------------------------ | :------------------------------------ | | Remainder of current year | $4,401 | | Year ending December 31, 2025 | $5,830 | | Year ending December 31, 2026 | $5,504 | | Year ending December 31, 2027 | $5,198 | | Year ending December 31, 2028 | $4,685 | | Thereafter | $13,372 | | Total | $38,990 | [NOTE 7—EQUITY INVESTMENTS](index=13&type=section&id=NOTE%207—EQUITY%20INVESTMENTS) - Equity investments are carried at cost less impairment, with fair value measured upon observable price changes or impairment indicators[58](index=58&type=chunk) - An **impairment charge of $113.1 million** was recorded in Q3 2023 for the Stash investment due to its estimated fair value falling below carrying value[59](index=59&type=chunk) [NOTE 8—ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES](index=13&type=section&id=NOTE%208—ACCRUED%20EXPENSES%20AND%20OTHER%20CURRENT%20LIABILITIES) Accrued Expenses and Other Current Liabilities | Metric | March 31, 2024 (in thousands) | December 31, 2023 (in thousands) | Change (in thousands) | % Change | | :---------------------------------- | :----------------------------- | :----------------------------- | :-------------------- | :------- | | Accrued advertising expense | $37,334 | $27,859 | $9,475 | 34.0% | | Accrued compensation and benefits | $8,072 | $15,091 | $(7,019) | (46.5)% | | Total accrued expenses and other current liabilities | $69,717 | $70,544 | $(827) | (1.2)% | [NOTE 9—SHAREHOLDERS' EQUITY](index=13&type=section&id=NOTE%209—SHAREHOLDERS'%20EQUITY) Weighted Average Common Shares | Metric | Three Months Ended March 31, 2024 (in thousands) | Three Months Ended March 31, 2023 (in thousands) | | :-------------------------- | :--------------------------------------------- | :--------------------------------------------- | | Weighted average basic common shares | 13,100 | 12,846 | | Weighted average diluted common shares | 13,276 | 12,935 | - Approximately **1.0 million stock options and 0.3 million restricted stock units were anti-dilutive** and excluded from diluted EPS calculation in Q1 2024[61](index=61&type=chunk) - The Company did not repurchase any common stock in Q1 2024 or Q1 2023, with **$96.7 million remaining authorized for repurchases** as of March 31, 2024[66](index=66&type=chunk) [NOTE 10—STOCK-BASED COMPENSATION](index=14&type=section&id=NOTE%2010—STOCK-BASED%20COMPENSATION) Stock-Based Compensation Expense | Expense Category | Three Months Ended March 31, 2024 (in thousands) | Three Months Ended March 31, 2023 (in thousands) | Change (in thousands) | % Change | | :------------------------------------------ | :--------------------------------------------- | :--------------------------------------------- | :-------------------- | :------- | | Cost of revenue | $95 | $214 | $(119) | (55.6)% | | Selling and marketing expense | $1,024 | $1,744 | $(720) | (41.3)% | | General and administrative expense | $5,333 | $7,343 | $(2,010) | (27.4)% | | Product development | $1,337 | $1,902 | $(565) | (29.7)% | | Total non-cash compensation | $7,789 | $11,274 | $(3,485) | (30.9)% | - As of March 31, 2024, **680,672 stock options were outstanding** with a weighted average exercise price of $160.83 and an aggregate intrinsic value of $3.2 million[68](index=68&type=chunk) - **622,435 nonvested Restricted Stock Units (RSUs) were outstanding** at March 31, 2024, with a weighted average grant date fair value of $48.02 per unit[72](index=72&type=chunk) - In Q1 2024, **69,000 RSUs with market conditions were granted**, vesting based on stock price hurdles ($41.17, $52.94, $64.70) over a performance period ending March 1, 2028[73](index=73&type=chunk)[74](index=74&type=chunk) - No shares were issued under the Employee Stock Purchase Plan (ESPP) in Q1 2024, with 162,264 shares available for issuance[76](index=76&type=chunk) [NOTE 11—INCOME TAXES](index=17&type=section&id=NOTE%2011—INCOME%20TAXES) Income Tax Expense | Metric | Three Months Ended March 31, 2024 (in thousands) | Three Months Ended March 31, 2023 (in thousands) | | :---------------- | :--------------------------------------------- | :--------------------------------------------- | | Income tax expense | $(559) | $(395) | | Effective tax rate | 35.5% | 2.9% | - The **effective tax rate varied from the federal statutory rate of 21%** primarily due to changes in the valuation allowance, net of current period changes in tax-effected net indefinite-lived intangibles[81](index=81&type=chunk) [NOTE 12—DEBT](index=17&type=section&id=NOTE%2012—DEBT) - The Company has **$284.2 million aggregate principal amount of 0.50% Convertible Senior Notes due July 15, 2025** ("2025 Notes") outstanding as of March 31, 2024[82](index=82&type=chunk)[88](index=88&type=chunk) - In Q1 2023, the Company **repurchased $190.6 million of 2025 Notes for $156.3 million cash**, recognizing a **$34.3 million gain** on extinguishment[83](index=83&type=chunk)[176](index=176&type=chunk) - The 2020 Hedge and 2020 Warrants transactions, initially covering 1.2 million shares, were partially terminated in connection with 2025 Notes repurchases, with **0.6 million shares remaining outstanding** for both[89](index=89&type=chunk)[90](index=90&type=chunk)[92](index=92&type=chunk) - As of March 31, 2024, **$246.3 million was outstanding under the 2021 Term Loan** (bearing 9.2% SOFR interest), and no borrowings under the $200.0 million Revolving Facility[93](index=93&type=chunk)[94](index=94&type=chunk) - On March 27, 2024, the Company entered into a **new $175.0 million 2024 Term Loan**, drawing $125.0 million at closing (bearing 11.08% SOFR interest), with proceeds for working capital and potential 2025 Notes repayment[99](index=99&type=chunk)[109](index=109&type=chunk) - The 2024 Term Loan includes financial covenants (**minimum cash balance of $40.0 million**, minimum Consolidated EBITDA) and mandatory prepayment events[101](index=101&type=chunk)[103](index=103&type=chunk) [NOTE 13—CONTINGENCIES](index=20&type=section&id=NOTE%2013—CONTINGENCIES) - The Company is involved in ongoing legal proceedings, evaluating monetary damages and potential non-monetary remedies[110](index=110&type=chunk) - Litigation settlement accruals were **$0.7 million at March 31, 2024**, up from $0.6 million at December 31, 2023, for settled or firmly offered settlements[111](index=111&type=chunk) [NOTE 14—FAIR VALUE MEASUREMENTS](index=20&type=section&id=NOTE%2014—FAIR%20VALUE%20MEASUREMENTS) - The carrying amounts of most financial instruments equal their fair value, with exceptions for convertible notes, warrants, and equity interests[112](index=112&type=chunk) [NOTE 15—SEGMENT INFORMATION](index=20&type=section&id=NOTE%2015—SEGMENT%20INFORMATION) - LendingTree manages its business through three operating segments: **Home** (mortgage, home equity), **Consumer** (credit cards, personal loans, small business loans, student loans, auto loans, deposit accounts), and **Insurance** (insurance quotes and sales)[113](index=113&type=chunk)[114](index=114&type=chunk) Segment Operating Results | Segment | Revenue Q1 2024 (in thousands) | Segment Marketing Expense Q1 2024 (in thousands) | Segment Profit Q1 2024 (in thousands) | Revenue Q1 2023 (in thousands) | Segment Marketing Expense Q1 2023 (in thousands) | Segment Profit Q1 2023 (in thousands) | | :-------- | :----------------------------- | :----------------------------------------------- | :------------------------------------ | :----------------------------- | :----------------------------------------------- | :------------------------------------ | | Home | $30,443 | $20,833 | $9,610 | $43,675 | $28,567 | $15,108 | | Consumer | $51,451 | $24,011 | $27,440 | $79,709 | $44,833 | $34,876 | | Insurance | $85,872 | $52,423 | $33,449 | $77,082 | $46,930 | $30,152 | | Total | $167,768 | $97,246 | $70,522 | $200,508 | $120,551 | $79,957 | [NOTE 16—RESTRUCTURING ACTIVITIES](index=21&type=section&id=NOTE%2016—RESTRUCTURING%20ACTIVITIES) - In September 2023, the Company initiated workforce reductions of 14 employees, incurring **$0.9 million in severance charges**[118](index=118&type=chunk) - The **Ovation credit services business was closed** by mid-2023, resulting in the elimination of approximately 197 employees and $2.1 million in restructuring expense, plus **$4.2 million in asset impairment charges** in Q1 2023[119](index=119&type=chunk)[121](index=121&type=chunk) - A workforce reduction plan in March 2023 eliminated 162 employees (13% of workforce), incurring **$5.3 million in severance charges**, including $4.3 million in Q1 2023 restructuring expense[122](index=122&type=chunk) Restructuring Accrual Activity | Action | Accrued Balance at Dec 31, 2023 (in thousands) | Income Statement Impact (in thousands) | Payments (in thousands) | Accrued Balance at Mar 31, 2024 (in thousands) | | :------------- | :--------------------------------------------- | :------------------------------------- | :---------------------- | :--------------------------------------------- | | Q3 2023 action | $254 | $(7) | $(82) | $165 | | Q2 2023 action | $34 | $4 | $(38) | $0 | | Q1 2023 action | $421 | $15 | $(181) | $255 | | Total | $709 | $12 | $(301) | $420 | [NOTE 17—SUBSEQUENT EVENTS](index=22&type=section&id=NOTE%2017—SUBSEQUENT%20EVENTS) - In April 2024, the Company **repurchased approximately $37.7 million** in principal amount of its 2025 Notes for $35.3 million in cash plus accrued interest[124](index=124&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2024 financial performance, highlighting segment results, cost reductions, and strategic debt management [Cautionary Statement Regarding Forward-Looking Information](index=23&type=section&id=Cautionary%20Statement%20Regarding%20Forward-Looking%20Information) - The report contains forward-looking statements about anticipated financial performance, business prospects, and strategy, which are subject to inherent uncertainties and risks[126](index=126&type=chunk) - Actual results may differ materially due to factors discussed in the "Risk Factors" section of this report and the 2023 Annual Report on Form 10-K[127](index=127&type=chunk) [Company Overview](index=23&type=section&id=Company%20Overview) - LendingTree operates a leading online consumer platform connecting users with comparison-shopping tools for various financial products (mortgage, auto, credit cards, insurance, etc)[130](index=130&type=chunk) - The Spring platform offers personalized comparison-shopping, financial health advice, and credit simulations, aiming to improve consumer engagement and financial results[131](index=131&type=chunk) - The Company is focused on expanding its portfolio of financial services and leveraging its expertise and brand recognition to capitalize on the shift to online financial services[132](index=132&type=chunk)[133](index=133&type=chunk) [Economic Conditions](index=24&type=section&id=Economic%20Conditions) - **Challenging interest rate environment** and inflationary pressures continued to impact mortgage lending partners in Q1 2024[135](index=135&type=chunk) - Increased mortgage rates have **reduced refinance volumes** and pressured purchase activity in the Home segment[135](index=135&type=chunk) - Demand from carrier partners in the Insurance segment has increased, leading to optimism for 2024[135](index=135&type=chunk) [Segment Reporting](index=24&type=section&id=Segment%20Reporting) - The Company operates with three reportable segments: **Home, Consumer, and Insurance**[136](index=136&type=chunk) [Recent Mortgage Interest Rate Trends](index=24&type=section&id=Recent%20Mortgage%20Interest%20Rate%20Trends) - Mortgage interest rate fluctuations significantly impact consumer demand for refinancings and new mortgages, affecting lender demand for leads and the Company's revenue and marketing efforts[137](index=137&type=chunk)[214](index=214&type=chunk) - When interest rates decline, consumer refinance demand increases, leading to higher website traffic and lower marketing costs, but potentially lower revenue per consumer due to decreased lender demand[138](index=138&type=chunk)[214](index=214&type=chunk) - When interest rates increase, consumer refinance demand decreases, leading to lower website traffic and higher marketing costs, but potentially higher revenue per matched lead due to increased lender demand, though limited by lender cost models[139](index=139&type=chunk)[214](index=214&type=chunk) - The monthly average 30-year mortgage interest rate remained consistent at 6.82% from December 2023 to March 2024, but the quarterly average **increased slightly to 6.75% in Q1 2024** from 6.36% in Q1 2023[141](index=141&type=chunk) [The U.S. Real Estate Market](index=25&type=section&id=The%20U.S.%20Real%20Estate%20Market) - The U.S. real estate market health and interest rates are primary drivers of consumer demand for new mortgages, influencing lender demand for purchase mortgage leads[146](index=146&type=chunk) - Total refinance origination dollars **increased to 23% of total mortgage origination dollars** in Q1 2024, up from 19% in Q4 2023 and 20% in Q1 2023[144](index=144&type=chunk) - Existing home sales **increased 8% in Q1 2024** compared to Q4 2023, but decreased 3% compared to Q1 2023, with Fannie Mae predicting a 4.3% increase for 2024[147](index=147&type=chunk) [Spring™](index=26&type=section&id=Spring™) - The Spring platform **added 0.6 million new users** in Q1 2024, bringing cumulative sign-ups to **28.8 million** by March 31, 2024[148](index=148&type=chunk) - The Company prioritizes improving the Spring experience to become an integrated digital advisor, expecting higher engagement, membership growth, and stronger financial results[149](index=149&type=chunk) [Cost Reductions and Simplification of Business](index=26&type=section&id=Cost%20Reductions%20and%20Simplification%20of%20Business) - A workforce reduction plan in March 2023 **eliminated 13% of the Company's workforce**, resulting in $5.3 million in severance charges ($4.3 million in Q1 2023) and an estimated **$14 million reduction in annual compensation expense**[150](index=150&type=chunk) - The **Ovation credit services business was closed** by mid-2023 due to challenges post-COVID-19, increased regulatory pressure, and its capital-intensive nature, leading to a **$4.2 million asset impairment charge** in Q1 2023[151](index=151&type=chunk) - The Ovation business previously accounted for approximately 3% of total revenue and costs, with an immaterial impact on net income[152](index=152&type=chunk) [Recent Developments](index=26&type=section&id=Recent%20Developments) - In April 2024, the Company **repurchased approximately $37.7 million** in principal amount of its 0.50% Convertible Senior Notes due July 15, 2025, for $35.3 million in cash plus accrued interest[153](index=153&type=chunk) [Results of Operations for the Three Months ended March 31, 2024 and 2023](index=27&type=section&id=Results%20of%20Operations%20for%20the%20Three%20Months%20ended%20March%2031,%202024%20and%202023) Q1 2024 results show a 16% revenue decrease, a 25% cost reduction, and a shift to operating income from a prior-year loss [Revenue](index=27&type=section&id=Revenue) Revenue by Segment | Segment | Q1 2024 Revenue (in thousands) | Q1 2023 Revenue (in thousands) | Change (in thousands) | % Change | | :-------- | :----------------------------- | :----------------------------- | :-------------------- | :------- | | Home | $30,443 | $43,675 | $(13,232) | (30)% | | Consumer | $51,451 | $79,709 | $(28,258) | (35)% | | Insurance | $85,872 | $77,082 | $8,790 | 11% | | Total | $167,768 | $200,508 | $(32,740) | (16)% | - **Consumer segment revenue decreased 35%** primarily due to declines in credit cards (down 57% or $10.5M) and other credit products (down 65% or $7.4M) following the closure of the Ovation business; Personal loans revenue decreased 15% ($3.5M)[157](index=157&type=chunk)[158](index=158&type=chunk)[159](index=159&type=chunk) - **Home segment revenue decreased 30%** due to declines in refinance and purchase mortgage products (mortgage products down 52% or $10.3M), driven by increased mortgage rates; Home equity loans also decreased 12% ($2.9M)[160](index=160&type=chunk)[161](index=161&type=chunk) - **Insurance segment revenue increased 11%** due to an increase in consumers seeking insurance, partially offset by a decrease in revenue earned per consumer[162](index=162&type=chunk) [Cost of revenue](index=28&type=section&id=Cost%20of%20revenue) Cost of Revenue | Metric | Q1 2024 (in thousands) | Q1 2023 (in thousands) | Change (in thousands) | % Change | | :------------- | :--------------------- | :--------------------- | :-------------------- | :------- | | Cost of revenue | $8,545 | $13,760 | $(5,215) | (38)% | - **Cost of revenue decreased by $5.2 million (38%)** primarily due to a $4.3 million decrease in compensation and benefits, resulting from the Q1 2023 Reduction Plan and the closure of the Ovation credit services business[164](index=164&type=chunk) - Cost of revenue as a percentage of total revenue **decreased from 7% in Q1 2023 to 5% in Q1 2024**[165](index=165&type=chunk) [Selling and marketing expense](index=28&type=section&id=Selling%20and%20marketing%20expense) Selling and Marketing Expense | Metric | Q1 2024 (in thousands) | Q1 2023 (in thousands) | Change (in thousands) | % Change | | :-------------------------- | :--------------------- | :--------------------- | :-------------------- | :------- | | Selling and marketing expense | $108,176 | $137,111 | $(28,935) | (21)% | | Online advertising | $97,515 | $120,720 | $(23,205) | (19)% | | Total advertising expense | $98,321 | $124,399 | $(26,078) | (21)% | - The **decrease of $28.9 million (21%)** was primarily driven by a $26.1 million reduction in advertising and promotional expenses and a $2.9 million decrease in compensation and benefits[167](index=167&type=chunk) - Advertising expenditures are dynamically adjusted based on Network Partner demand and anticipated revenue opportunities to optimize results[168](index=168&type=chunk)[169](index=169&type=chunk) [General and administrative expense](index=29&type=section&id=General%20and%20administrative%20expense) General and Administrative Expense | Metric | Q1 2024 (in thousands) | Q1 2023 (in thousands) | Change (in thousands) | % Change | | :-------------------------------- | :--------------------- | :--------------------- | :-------------------- | :------- | | General and administrative expense | $25,796 | $36,683 | $(10,887) | (30)% | - The **$10.9 million (30%) decrease** was due to a $3.8 million reduction in compensation and benefits, a $1.1 million decrease in bad debt expense, and a $4.2 million loss on asset impairment for the Ovation business in Q1 2023 that did not recur[171](index=171&type=chunk) - General and administrative expense as a percentage of revenue **decreased from 18% in Q1 2023 to 15% in Q1 2024**[172](index=172&type=chunk) [Product development](index=29&type=section&id=Product%20development) Product Development Expense | Metric | Q1 2024 (in thousands) | Q1 2023 (in thousands) | Change (in thousands) | % Change | | :------------------ | :--------------------- | :--------------------- | :-------------------- | :------- | | Product development | $11,857 | $14,655 | $(2,798) | (19)% | - Product development expense **decreased by $2.8 million (19%)** primarily due to the Reduction Plan implemented at the end of Q1 2023, while the Company continued to invest in new features and functionality[174](index=174&type=chunk) [Restructuring and severance](index=29&type=section&id=Restructuring%20and%20severance) Restructuring and Severance Expense | Metric | Q1 2024 (in thousands) | Q1 2023 (in thousands) | Change (in thousands) | % Change | | :-------------------------- | :--------------------- | :--------------------- | :-------------------- | :------- | | Restructuring and severance | $23 | $4,454 | $(4,431) | (99)% | - Restructuring expense **significantly decreased in Q1 2024** as the majority of severance charges related to the March 2023 Reduction Plan ($4.3 million) were incurred in Q1 2023[175](index=175&type=chunk) [Interest income/expense](index=29&type=section&id=Interest%20income/expense) Net Interest (Expense) Income | Metric | Q1 2024 (in thousands) | Q1 2023 (in thousands) | Change (in thousands) | % Change | | :-------------------------- | :--------------------- | :--------------------- | :-------------------- | :------- | | Interest (expense) income, net | $(6,638) | $25,029 | $(31,667) | (127)% | - The significant shift from net interest income to net interest expense was primarily due to a **$34.3 million gain on extinguishment of debt** recognized in Q1 2023 from the repurchase of 2025 Convertible Senior Notes, which did not recur in Q1 2024[176](index=176&type=chunk) [Other income](index=29&type=section&id=Other%20income) Other Income | Metric | Q1 2024 (in thousands) | Q1 2023 (in thousands) | Change (in thousands) | % Change | | :--------- | :--------------------- | :--------------------- | :-------------------- | :------- | | Other income | $1,034 | $1,834 | $(800) | (44)% | - Other income primarily consists of dividend income[177](index=177&type=chunk) [Income tax expense](index=29&type=section&id=Income%20tax%20expense) Income Tax Expense | Metric | Q1 2024 (in thousands) | Q1 2023 (in thousands) | Change (in thousands) | % Change | | :---------------- | :--------------------- | :--------------------- | :-------------------- | :------- | | Income tax expense | $(559) | $(395) | $164 | 42% | - The **effective tax rate varied from the federal statutory rate of 21%** due to changes in the valuation allowance, net of current period changes in tax-effected net indefinite-lived intangibles[178](index=178&type=chunk) [Segment Profit](index=30&type=section&id=Segment%20Profit) Segment profit decreased 12% year-over-year, driven by declines in the Home and Consumer segments despite Insurance growth [Home](index=30&type=section&id=Home) Home Segment Results | Metric | Q1 2024 (in thousands) | Q1 2023 (in thousands) | Change (in thousands) | % Change | | :----------- | :--------------------- | :--------------------- | :-------------------- | :------- | | Revenue | $30,443 | $43,675 | $(13,232) | (30)% | | Segment profit | $9,610 | $15,108 | $(5,498) | (36)% | | Segment margin | 32% | 35% | (3)% | | - Home segment revenue and profit decreased due to challenging mortgage rates, though the **home equity business continued to be the majority revenue driver**, with volume increasing 14% in Q1 2024[180](index=180&type=chunk)[181](index=181&type=chunk) - Inventory of existing homes for sale **increased 14% in Q1 2024** compared to Q1 2023, potentially indicating seller adjustment to higher rates[180](index=180&type=chunk) [Consumer](index=30&type=section&id=Consumer) Consumer Segment Results | Metric | Q1 2024 (in thousands) | Q1 2023 (in thousands) | Change (in thousands) | % Change | | :----------- | :--------------------- | :--------------------- | :-------------------- | :------- | | Revenue | $51,451 | $79,709 | $(28,258) | (35)% | | Segment profit | $27,440 | $34,876 | $(7,436) | (21)% | | Segment margin | 53% | 44% | 9% | | - Consumer segment revenue decreased 35%, but **segment margin increased to 53% from 44%** due to a mix-shift towards higher-earning products and reduced usage of high-cost marketing channels[182](index=182&type=chunk) - Personal loan revenue decreased 15% and small business revenue declined 18% due to restrictive and tighter lending standards impacting conversion rates[183](index=183&type=chunk) [Insurance](index=30&type=section&id=Insurance) Insurance Segment Results | Metric | Q1 2024 (in thousands) | Q1 2023 (in thousands) | Change (in thousands) | % Change | | :----------- | :--------------------- | :--------------------- | :-------------------- | :------- | | Revenue | $85,872 | $77,082 | $8,790 | 11% | | Segment profit | $33,449 | $30,152 | $3,297 | 11% | | Segment margin | 39% | 39% | 0% | | - **Insurance revenue and segment profit increased 11%** as carrier partners began prioritizing new customer acquisition after two years of increasing premium rates[184](index=184&type=chunk) - The cost of consumer auto insurance **increased 22% in March 2024 YoY**, driving record consumer demand for new quotes and expected increased advertising by carriers[185](index=185&type=chunk)[186](index=186&type=chunk) [Variable Marketing Expense and Variable Marketing Margin](index=31&type=section&id=Variable%20Marketing%20Expense%20and%20Variable%20Marketing%20Margin) Variable marketing expense decreased 21% in Q1 2024, resulting in a 9% decline in the variable marketing margin Variable Marketing Margin Reconciliation | Metric | Q1 2024 (in thousands) | Q1 2023 (in thousands) | Change (in thousands) | % Change | | :-------------------------- | :--------------------- | :--------------------- | :-------------------- | :------- | | Revenue | $167,768 | $200,508 | $(32,740) | (16)% | | Variable marketing expense | $98,321 | $124,399 | $(26,078) | (21)% | | Variable marketing margin | $69,447 | $76,109 | $(6,662) | (9)% | Reconciliation of Selling and Marketing Expense | Metric | Q1 2024 (in thousands) | Q1 2023 (in thousands) | Change (in thousands) | % Change | | :-------------------------------- | :--------------------- | :--------------------- | :-------------------- | :------- | | Selling and marketing expense | $108,176 | $137,111 | $(28,935) | (21)% | | Non-variable selling and marketing expense | $(9,855) | $(12,712) | $2,857 | (22)% | | Variable marketing expense | $98,321 | $124,399 | $(26,078) | (21)% | [Adjusted EBITDA](index=32&type=section&id=Adjusted%20EBITDA) Adjusted EBITDA, a non-GAAP measure, increased 48% to $21.6 million, reflecting improved operating efficiency Reconciliation of Net Income to Adjusted EBITDA | Metric | Q1 2024 (in thousands) | Q1 2023 (in thousands) | Change (in thousands) | % Change | | :-------------------------------- | :--------------------- | :--------------------- | :-------------------- | :------- | | Net income | $1,016 | $13,457 | $(12,441) | (92)% | | Amortization of intangibles | $1,489 | $2,049 | $(560) | (27)% | | Depreciation | $4,667 | $4,795 | $(128) | (3)% | | Restructuring and severance | $23 | $4,454 | $(4,431) | (99)% | | Loss on impairments and disposal of assets | $368 | $5,027 | $(4,659) | (93)% | | Non-cash compensation expense | $7,789 | $11,203 | $(3,414) | (30)% | | Interest expense (income), net | $6,638 | $(25,029) | $31,667 | (127)% | | Income tax expense | $559 | $395 | $164 | 42% | | Adjusted EBITDA | $21,551 | $14,520 | $7,031 | 48% | [Financial Position, Liquidity and Capital Resources](index=33&type=section&id=Financial%20Position,%20Liquidity%20and%20Capital%20Resources) LendingTree's liquidity significantly improved in Q1 2024, with cash and cash equivalents more than doubling, driven by financing activities [General](index=33&type=section&id=General) Cash and Cash Equivalents | Metric | March 31, 2024 (in thousands) | December 31, 2023 (in thousands) | Change (in thousands) | % Change | | :-------------------------- | :----------------------------- | :----------------------------- | :-------------------- | :------- | | Cash and cash equivalents | $230,745 | $112,100 | $118,645 | 105.8% | - The Company expects current cash, cash equivalents, and cash flows from operations to be **sufficient for operating needs** for the next twelve months and beyond[201](index=201&type=chunk) [Credit Facilities](index=33&type=section&id=Credit%20Facilities) - As of May 1, 2024, the Company had **$245.6 million outstanding under the 2021 Term Loan** and $199.8 million remaining borrowing capacity under the Revolving Facility[202](index=202&type=chunk)[203](index=203&type=chunk) - A **new $175.0 million 2024 Term Loan** was entered into on March 27, 2024, with $125.0 million drawn at closing and $50.0 million available as a delayed draw[204](index=204&type=chunk) - Proceeds from the 2024 Term Loan are for working capital, general corporate purposes, and potential repayment of the 2025 Convertible Senior Notes[204](index=204&type=chunk) [Cash Flows](index=34&type=section&id=Cash%20Flows) Summary of Cash Flows | Cash Flow Activity | Q1 2024 (in thousands) | Q1 2023 (in thousands) | Change (in thousands) | | :------------------------------------------ | :--------------------- | :--------------------- | :-------------------- | | Net cash provided by operating activities | $5,708 | $13,156 | $(7,448) | | Net cash used in investing activities | $(2,746) | $(2,452) | $(294) | | Net cash provided by (used in) financing activities | $115,743 | $(159,565) | $275,308 | [Cash Flows from Operating Activities](index=34&type=section&id=Cash%20Flows%20from%20Operating%20Activities) - **Net cash provided by operating activities decreased** in Q1 2024 from Q1 2023, primarily due to unfavorable changes in accounts receivable and accounts payable, accrued expenses, and other current liabilities[208](index=208&type=chunk) - Primary sources of operating cash are revenues, while primary uses include advertising, compensation, and general corporate expenditures[207](index=207&type=chunk) [Cash Flows from Investing Activities](index=34&type=section&id=Cash%20Flows%20from%20Investing%20Activities) - Net cash used in investing activities was **$2.7 million in Q1 2024** and $2.5 million in Q1 2023, primarily for capital expenditures related to internally developed software[209](index=209&type=chunk) [Cash Flows from Financing Activities](index=34&type=section&id=Cash%20Flows%20from%20Financing%20Activities) - **Net cash provided by financing activities was $115.7 million** in Q1 2024, mainly from $117.8 million net proceeds from the 2024 Term Loan, partially offset by $1.4 million in withholding taxes for equity awards[210](index=210&type=chunk) - **Net cash used in financing activities was $159.6 million** in Q1 2023, primarily due to the repurchase of $156.3 million of 2025 Convertible Senior Notes[211](index=211&type=chunk) [New Accounting Pronouncements](index=34&type=section&id=New%20Accounting%20Pronouncements) - Refer to Note 2—Significant Accounting Policies for information on new accounting pronouncements[212](index=212&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=35&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks from interest rate fluctuations affecting its debt and mortgage lead generation business - A hypothetical **100-basis point change in market interest rates** would have a **$2.5 million annual effect** on interest paid on the Credit Facility and a **$1.3 million annual effect** on the 2024 Term Loan[213](index=213&type=chunk) - Interest rate fluctuations significantly affect consumer demand for mortgages and refinancings, which in turn impacts lender demand for leads, revenue per consumer, and marketing costs[214](index=214&type=chunk) [Item 4. Controls and Procedures](index=35&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal controls - Management, with CEO and CFO participation, concluded that **disclosure controls and procedures were effective** as of March 31, 2024[215](index=215&type=chunk) - **No material changes** in internal control over financial reporting occurred during the quarter ended March 31, 2024[216](index=216&type=chunk) PART II—OTHER INFORMATION [Item 1. Legal Proceedings](index=36&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various routine legal proceedings, with details available in Note 13 and the Annual Report - The Company is party to ongoing legal proceedings involving various claims, with potential monetary damages and non-monetary remedies[218](index=218&type=chunk) - Information on legal proceedings is updated in Note 13—Contingencies of this report[218](index=218&type=chunk) [Item 1A. Risk Factors](index=36&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the Company's 2023 Annual Report on Form 10-K - **No material changes** to the risk factors included in the 2023 Annual Report have occurred[219](index=219&type=chunk) - Investors should carefully consider the described risks, as well as unknown or unpredictable factors, which could adversely affect the business[220](index=220&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=36&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No common stock was repurchased under the public program in Q1 2024, though shares were bought to satisfy employee tax obligations - **No shares were repurchased** under the publicly announced stock repurchase program during Q1 2024, with **$96.7 million remaining authorized** as of May 1, 2024[221](index=221&type=chunk) - **68,950 shares were purchased** in Q1 2024 to satisfy federal and state withholding obligations for employee equity awards[222](index=222&type=chunk)[224](index=224&type=chunk)[228](index=228&type=chunk) [Item 5. Other Information](index=37&type=section&id=Item%205.%20Other%20Information) No directors, executive officers, or the Company itself adopted or terminated Rule 10b5-1 trading arrangements during Q1 2024 - No directors or executive officers adopted or terminated Rule 10b5-1 trading arrangements during Q1 2024, nor did the Company itself[226](index=226&type=chunk) [Item 6. Exhibits](index=38&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including corporate governance documents and officer certifications - This section lists all exhibits filed with the Form 10-Q, including the Amended and Restated Certificate of Incorporation, By-laws, Credit Agreement, and certifications from the CEO and CFO[229](index=229&type=chunk) [SIGNATURE](index=39&type=section&id=SIGNATURE) The report was signed on May 1, 2024, by Trent Ziegler, Chief Financial Officer of LendingTree, Inc - The report was signed on May 1, 2024, by Trent Ziegler, Chief Financial Officer of LendingTree, Inc[234](index=234&type=chunk)[235](index=235&type=chunk)

LendingTree, Inc.’s (TREE) shares rallied 29.2% following the release of its higher-than-expected first-quarter 2024 results. Adjusted net income per share of 70 cents beat the Zacks Consensus Estimate of 46 cents. The reported figure compares favorably with 25 cents reported in the prior-year quarter.The company’s results were aided by lower costs, while a decline in revenues was a spoilsport.LendingTree reported net income of $1 million, down 92.6% from the year-ago quarter's level.Revenues & Variable Mar ...

Financial Data and Key Metrics Changes - The company reported a 48% increase in adjusted EBITDA year-over-year for Q1 2024, driven by strong performance in the Insurance segment, with both revenue and VMD up double digits from the previous year [6][16] - The company forecasts stable underwriting conditions and significant demand growth, indicating a return to revenue and adjusted EBITDA growth for the full year [6][16] Business Segment Performance - The Insurance segment achieved 11% growth in both revenue and VMD, with increased spending from carrier partners [7][16] - The Consumer segment saw a 24% sequential growth in small business revenue, with a strategic decision made in 2023 to optimize operating margins [16] - The Home segment continues to perform at low levels due to high mortgage rates and low housing supply, with home equity offerings providing the most opportunity [16] Market Data and Key Metrics Changes - The company noted a record volume of consumers seeking auto insurance policies due to significant premium increases over the past year, forecasting record revenue in this segment [16] - Consumer demand for insurance quotes increased by 19% year-over-year in Q1, indicating strong market interest [20] Company Strategy and Industry Competition - The company is leaning into increased marketing investments to drive higher revenue and VMD across multiple product categories, particularly in the Insurance segment [16][20] - Management expressed confidence in the stability of the lending environment, allowing for more aggressive marketing strategies [10][20] Management's Comments on Operating Environment and Future Outlook - Management indicated that the worst part of the cycle is over, with expectations for improved revenue outlook into Q2 [6][12] - The company is optimistic about the insurance market, anticipating a "super cycle" in the coming years as carriers return to profitability [20] Other Important Information - The company secured a new $175 million loan commitment from Apollo Funds, enhancing liquidity to meet upcoming convertible note maturities [16][17] - The company expects leverage of 4x or less after retiring the 2025 convertible notes, focusing on optimizing its capital structure [17] Q&A Session Summary Question: What is the company's outlook on the rates environment and its impact on revenue growth? - Management clarified that the guidance does not factor in macro rate cuts, and the increased revenue outlook is primarily driven by confidence in the insurance business [10][12] Question: Can you elaborate on the stable lending environment and the outlook for the Insurance segment? - Management expressed excitement about recent developments and expected broad-based growth in the insurance sector over the next 12-18 months [20] Question: How is the revenue growth guide distributed across segments? - The majority of the revenue guide increase is driven by the Insurance segment, with expectations for continued growth in home equity and consumer loans [26][51] Question: What is the significance of TreeQual onboarding with Bank of America? - Management highlighted that this integration enhances consumer experience and aims to provide multiple offers to consumers, which is crucial for scaling the credit card business [55] Question: What are the home equity revenues for Q1? - Home equity revenues were disclosed at $20.8 million for the quarter, while credit card revenues were not disclosed as they did not meet the 10% threshold of total revenue [57]

Tree.com (TREE) reported $167.8 million in revenue for the quarter ended March 2024, representing a year-over-year decline of 16.3%. EPS of $0.70 for the same period compares to $0.25 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $164.03 million, representing a surprise of +2.30%. The company delivered an EPS surprise of +52.17%, with the consensus EPS estimate being $0.46.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Stre ...

Tree.com (TREE) came out with quarterly earnings of $0.70 per share, beating the Zacks Consensus Estimate of $0.46 per share. This compares to earnings of $0.25 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 52.17%. A quarter ago, it was expected that this mortgage lending service provider would post earnings of $0.14 per share when it actually produced earnings of $0.28, delivering a surprise of 100%.Over the last four quart ...