Lending Tree, Inc. (TREE) partnered with Coverdash, the fastest-growing startup and small to medium-sized businesses (“SMB”) focused on insurtech broker. This partnership should enable Lending Tree to offer business insurance to its clients for the first time. This collaborative partnership broadens Lending Tree's range of financial products for SMBs, giving it a more effective and convenient way to meet the financial needs and obtain business insurance. With this collaboration, LendingTree has taken a sign ...

CHARLOTTE, N.C., Nov. 15, 2024 /PRNewswire/ -- LendingTree, Inc. (NASDAQ: TREE), operator of LendingTree.com, the nation's leading online financial services marketplace, today announced that it will participate in the Stephens Annual Investment Conference taking place at the Grand Hyatt Nashville on November 19-21, 2024.Jason Bengel, Chief Financial Officer at LendingTree, and Andrew Wessel, SVP of Investor Relations and Corporate Development, are scheduled to participate in a fireside chat on Wednesday, No ...

User Growth and Engagement - In Q3 2024, LendingTree added 1.2 million net new users, bringing cumulative active users to 30.7 million[132]. - Revenue attributed to registered Spring users was approximately $5.8 million, representing 2% of total revenue in Q3 2024[132]. Mortgage Market Trends - Mortgage interest rates decreased from an average of 6.82% in December 2023 to 6.18% in September 2024, with Q3 2024 averaging 6.51%[124]. - Total refinance origination dollars increased to 25% of total mortgage origination dollars in Q3 2024, up from 15% in Q4 2023[126]. - Industry-wide mortgage origination dollars in Q3 2024 increased by 35% from Q4 2023 and 21% from Q3 2023[126]. - The company expects the refinance share of mortgage origination dollars to be approximately 28% for 2024, compared to 15% in 2023[127]. - Existing home sales increased approximately 1% in Q3 2024 compared to Q4 2023, but decreased approximately 2% compared to Q3 2023[129]. Financial Performance - Revenue increased by $105.6 million, or 68%, to $260.8 million in Q3 2024 compared to Q3 2023, driven by the Insurance segment[141]. - Total revenue for Q3 2024 was $260.8 million, a 68% increase from $155.2 million in Q3 2023[167]. - Consumer segment revenue decreased by $7.8 million, or 12%, in Q3 2024, primarily due to a decline in credit card revenue[142]. - Home segment revenue fell by $1.1 million, or 3%, in Q3 2024, mainly due to a decrease in mortgage products[146]. - Total costs and expenses rose by $61.7 million, or 33%, to $250.9 million in Q3 2024 compared to Q3 2023[155]. - Operating income improved by $43.9 million, reaching $9.9 million in Q3 2024, compared to an operating loss of $34.0 million in Q3 2023[155]. - Net loss narrowed by $90.5 million, or 61%, to $58.0 million in Q3 2024 compared to a net loss of $148.5 million in Q3 2023[155]. Segment Performance - Insurance segment revenue surged by $114.5 million, or 210%, to $169.1 million in Q3 2024, attributed to a 107% increase in revenue per consumer[151]. - Insurance segment revenue surged 210% to $169.1 million in Q3 2024, with segment profit increasing by 77% to $41.4 million[176]. - Home equity revenue rose by $0.9 million to $21.0 million in Q3 2024, with a 25% increase in the volume of consumers completing request forms[169]. - Consumer segment revenue decreased 12% to $59.5 million in Q3 2024 from Q3 2023, with segment profit down 19% to $28.0 million[173]. - Home segment revenue decreased by 3% to $32.2 million in Q3 2024, with segment profit declining by 18% to $9.3 million[168]. Marketing and Advertising - Selling and marketing expenses increased by $96.3 million in Q3 2024, primarily due to higher advertising and promotional expenditures[156]. - Online revenue increased by 111% to $182.7 million in Q3 2024 from $86.5 million in Q3 2023, and total advertising expense rose by 110% to $183.6 million[157]. - Segment marketing expenses increased by 112% to $182.2 million in Q3 2024 compared to $86.1 million in Q3 2023[167]. - Variable marketing expense for Q3 2024 was $183.6 million, up from $87.4 million in Q3 2023, reflecting increased marketing efforts[180]. Cash Flow and Financing - As of September 30, 2024, the company had $96.8 million in cash and cash equivalents, down from $112.1 million as of December 31, 2023[189]. - The company expects cash and cash equivalents, cash flows from operations, and available borrowings to be sufficient to fund operating needs for the next twelve months[189]. - Net cash provided by operating activities for the first nine months of 2024 was $46.0 million, compared to $46.7 million for the same period in 2023[196]. - Net cash used in investing activities for the first nine months of 2024 was $8.4 million, primarily for capital expenditures related to internally developed software[196]. - The company entered into a $175.0 million first lien term loan facility on March 27, 2024, with $125.0 million drawn at closing[194]. Impairment and Charges - The company incurred impairment charges of $58.4 million related to equity securities in Q3 2024, compared to $113.1 million in Q3 2023[164]. - The closure of the Ovation credit services business accounted for approximately 3% of total revenue and costs, with an immaterial impact on net income for 2022[135]. Future Outlook - The company anticipates that new FCC regulations could adversely impact the market for financial product and insurance quote requests starting January 27, 2025[137]. - The company plans to leverage favorable market conditions to enhance its personal loans product in future quarters[174].

Core Viewpoint - LendingTree, Inc. reported strong third-quarter 2024 results, with adjusted net income per share of 80 cents, exceeding the Zacks Consensus Estimate of 67 cents and up from 61 cents in the prior-year quarter [1][2] Financial Performance - Total revenues increased by 68% year over year to $260.8 million, driven primarily by significant growth in the Insurance segment's revenues, surpassing the Zacks Consensus Estimate by 6.9% [3] - Adjusted EBITDA rose 23% year over year to $26.9 million, while the variable marketing margin increased by 14% year over year to $77.2 million [3] - The total cost of revenues was $9.4 million, reflecting a 23.8% increase from the prior-year quarter [3] Balance Sheet - As of September 30, 2024, cash and cash equivalents stood at $96.8 million, a decrease from $66.8 billion as of June 30, 2024, while long-term debt decreased to $346.2 million from $467.7 million [4] Future Outlook - For the fourth quarter of 2024, total revenues are estimated to be between $231 million and $241 million, with adjusted EBITDA and variable marketing margin anticipated between $20-$23 million and $69-$74 million, respectively [5] - For the full year 2024, total revenues are projected to be between $870 million and $880 million, with adjusted EBITDA expected to be between $92 million and $95 million, and variable marketing margin projected at $287 million to $292 million [6] Strategic Insights - The company's inorganic growth strategies have strengthened its online lending platform, with third-quarter results benefiting from robust growth in the Insurance segment [7] - Efforts to diversify non-mortgage product offerings are expected to support future top-line growth [7]

Financial Data and Key Metrics Changes - The company generated $27 million of adjusted EBITDA in Q3 2024, representing a 23% increase from the previous year [5] - Insurance segment revenue increased by 210% year-over-year, with a record $41 million of VMD during the period [6] Business Line Data and Key Metrics Changes - The consumer business grew revenue by 6% and VMD by 4% sequentially, marking the third consecutive period of sequential improvement [8] - Home equity now accounts for two-thirds of the home segment revenue, generating a 5% revenue growth from the prior year [12] Market Data and Key Metrics Changes - The insurance industry is expected to see strong results over the next 18 months, with ongoing demand for new consumers [14] - The company noted that a small number of carriers are driving the bulk of spending on its network, indicating potential for growth as more carriers return to historical spending patterns [7] Company Strategy and Development Direction - The company is focusing on improving customer satisfaction and loan close rates through the expansion of its concierge sales group [9] - There is an emphasis on leveraging high-quality traffic and expanding marketing efforts to capture additional high-intent customers [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the outlook for next year, anticipating strong results as credit conditions may loosen [11] - The company is currently at trough levels and is starting to build back, focusing on controllable factors to improve the business [39] Other Important Information - The company is not planning significant increases in brand spending until revenue per lead improves substantially [39] - A $4 million litigation charge was mentioned, which is related to prospective settlements and should not be viewed as a significant concern [58] Q&A Session Summary Question: Outlook for the insurance industry over the next 18 months - Management expects strong results across the insurance industry, with ongoing demand for new consumers and potential for growth as more carriers expand their offerings [14][15] Question: Impact of SEO changes on LendingTree - Management aims to be independent of traffic sources and is working on improving SEO while also leveraging paid search strategies [20][21] Question: Variable marketing margins outlook for insurance - Management indicated that Q3 margins are viewed as a trough, with expectations for gradual improvement in the future [29] Question: Seasonal trends for Q4 - Management expects home equity strength to offset typical seasonal declines, while insurance and consumer segments may see normal seasonal declines [32][34] Question: Mortgage refinancing outlook - Management noted that refinancing will depend on consumer benefits as rates decline, with a healthy demand for home equity products [47][50] Question: Expansion of loan offerings - Management reported positive discussions with lenders about opening up credit boxes, which could lead to increased loan offerings in the future [60][62]

Tree.com (TREE) reported $260.8 million in revenue for the quarter ended September 2024, representing a year-over-year increase of 68%. EPS of $0.80 for the same period compares to $0.61 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $243.96 million, representing a surprise of +6.90%. The company delivered an EPS surprise of +19.40%, with the consensus EPS estimate being $0.67.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall S ...

Company Performance - Tree.com reported quarterly earnings of $0.80 per share, exceeding the Zacks Consensus Estimate of $0.67 per share, and up from $0.61 per share a year ago, representing an earnings surprise of 19.40% [1] - The company posted revenues of $260.8 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 6.90%, compared to year-ago revenues of $155.2 million [2] - Over the last four quarters, Tree.com has surpassed consensus EPS estimates three times and topped consensus revenue estimates three times [2] Stock Performance - Tree.com shares have increased approximately 91.4% since the beginning of the year, significantly outperforming the S&P 500's gain of 21.9% [3] - The current consensus EPS estimate for the upcoming quarter is $0.48 on revenues of $229.16 million, and for the current fiscal year, it is $2.05 on revenues of $851.15 million [7] Industry Outlook - The Financial - Mortgage & Related Services industry, to which Tree.com belongs, is currently ranked in the top 6% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that industry performance can materially impact individual stock performance [5][8]

Financial Performance - The company reported Q3 2024 consolidated revenue of $260.8 million, a 68% increase year-over-year, driven by a 210% increase in Insurance revenue[9]. - Adjusted EBITDA for Q3 2024 was $26.9 million, reflecting a 23% increase compared to the previous year[1]. - The Insurance segment achieved revenue of $169.1 million, with a segment profit of $41.4 million, marking a 77% increase year-over-year[16]. - The Consumer segment revenue decreased by 12% year-over-year to $59.5 million, with a segment profit decline of 19%[13]. - The Home segment revenue was $32.2 million, down 4% year-over-year, with a segment profit of $9.3 million, down 18%[12]. - Small business lending revenue increased by 32% year-over-year, indicating stable lending appetite from partners[14]. - Personal loans revenue grew by 5% year-over-year to $27.8 million, with expectations for improved performance if interest rates continue to decrease[15]. - The company recorded a GAAP net loss of $58.0 million, translating to $(4.34) per diluted share, impacted by a $58.4 million non-cash impairment of equity investments[9]. - The company reported a net loss of $57.978 million for Q3 2024, compared to a net loss of $148.465 million in Q3 2023[27]. - Total revenue for Q3 2024 was $260.789 million, up from $155.188 million in Q3 2023, indicating significant year-over-year growth[27]. - The company reported a net loss of $57,978 thousand for the quarter ended September 30, 2024, compared to a net income of $7,752 thousand for the previous quarter[41]. - Adjusted net income for the quarter was $10,882 thousand, an increase from $7,178 thousand in the prior quarter[41]. - The adjusted net income per share was $0.80, up from $0.54 in the previous quarter[41]. Cash Flow and Financial Position - The cash balance at the end of the quarter was $97 million, an increase from $67 million in the previous quarter, with a convertible note principal balance of $115 million due in July 2025[20]. - The company experienced a net cash outflow from operating activities of $49.210 million for the nine months ended September 30, 2024, compared to a net cash outflow of $135.123 million for the same period in 2023[29]. - Net cash provided by operating activities for the period was $46,022, a decrease from $46,692 in the previous period[30]. - Cash, cash equivalents, restricted cash, and restricted cash equivalents at the end of the period totaled $96,788, down from $175,583 at the beginning of the period[30]. - The net cash used in financing activities was $(52,894), a significant decrease from $(160,150) in the previous period, indicating improved cash management[30]. Future Outlook - The company is optimistic about returning to annual growth across all reportable segments in the upcoming year[1]. - The company expects incremental revenue and segment profit growth in the Insurance sector through 2025, driven by increased carrier spending and targeting consumers in lower demand areas[19]. - The updated financial outlook for full-year 2024 includes revenue projections of $870 - $880 million, an increase from the prior range of $830 - $870 million[22]. - For Q4 2024, the company projects revenue between $231 - $241 million and adjusted EBITDA of $20 - $23 million[22]. Marketing and Operational Metrics - Variable marketing margin increased by 14% year-over-year to $77.2 million, with a margin percentage of 30%[9]. - The company reported a variable marketing margin of $77,223, which is 30% of revenue, down from 34% in the previous quarter[35]. - Variable marketing expense increased to $183,566 from $139,247 in the previous quarter, reflecting a significant rise in marketing efforts[32]. - The company emphasized the importance of variable marketing margin as a measure of marketing effectiveness, which is critical for its operating model[43]. Expenses and Liabilities - Interest expense for the period was $10,060, compared to $1,201 in the previous quarter, reflecting increased borrowing costs[38]. - The company incurred restructuring and severance costs of $273 during the period, compared to $202 in the previous quarter[38]. - The company reported total assets of $787.164 million and total liabilities of $692.908 million as of September 30, 2024[28]. - Total capital expenditures were $(8,398), a decrease from $(9,928) in the previous period, indicating a reduction in investment spending[30]. - The company incurred a loss on impairment of equity investments amounting to $58,376 thousand for the quarter[41].

Core Points - Big Tree Cloud Holdings Limited announced changes in its board of directors effective October 31, 2024, including the resignation of three independent directors and the appointment of three new independent directors [1] - The new directors have been appointed to various committees, with specific roles assigned, including Jiahe LIAO as chairman of the audit committee and Guo REN as chairman of the compensation committee [1] - The resignations of the departing directors were not due to any disagreements with the board [1] Company Overview - Big Tree Cloud is focused on the development, production, and sales of personal care products and consumer goods in China, founded in 2020 [3] - The company aims to deliver high-quality products that meet the needs of health-conscious consumers, distinguishing itself through innovation and community engagement [3] Independence of Directors - The board has confirmed that the new directors meet the independence criteria set forth by the Securities Act and Nasdaq regulations [2]

CHARLOTTE, N.C., Oct. 14, 2024 /PRNewswire/ -- LendingTree, Inc. (NASDAQ: TREE), operator of LendingTree.com, the nation's leading online financial services marketplace, today announced that it will release fiscal third quarter 2024 results after market close on Thursday, October 31, 2024. The company will also post a letter to shareholders on the Company's website at investors.lendingtree.com. The Company will hold a conference call at 4:30 p.m. ET to discuss the earnings release, which will be simultaneou ...