Press release
LendingTree Provides Favorable Preliminary Fourth Quarter 2020 Results
Preliminary results exceed prior guidance on strength in Home and continuing recovery in Consumer CHARLOTTE, N.C., Jan. 12, 2021 /PRNewswire/ -- LendingTree,
About this update from Lendingtree, Inc.
[{"type":"text","content":"Preliminary results exceed prior guidance on strength in Home and continuing recovery in Consumer\n\n\n CHARLOTTE, N.C., Jan. 12, 2021 /PRNewswire/ -- LendingTree, Inc. (NASDAQ: TREE), the nation's leading online financial services marketplace, today provided a business update regarding better-than-expected fourth quarter 2020 financial results.\n\n \n \n \n \n \n \n\n \nQ4 2020 Preliminary Results \nRevenue is now anticipated in the range of $220 - $222 million vs prior range of $200 - $215 million. Variable marketing margin is now anticipated to be $80 - $82 million vs prior range of $72 - $78 million. Adjusted EBITDA is now anticipated to be $24 - $26 million vs prior range of $13 - $18 million.\"Due to substantial outperformance relative to our prior outlook, and in our ongoing effort to provide increased transparency for investors in these uncertain times, we are updating our expectations for LendingTree's fourth quarter 2020 results as we continue to work through our year-end close process,\" said Doug Lebda, Chairman and CEO. \"I am incredibly proud of how our company has navigated this challenging environment and continued to execute and innovate to propel our business forward.\"\nJ.D. Moriarty, CFO, added, \"While we're pleased to report fourth quarter results better than expected, what's more encouraging is the ramping momentum as we enter 2021. Across our three reported segments, much of the quarter's outperformance was driven by strength in our Home segment which grew revenue more than 30% over the prior year period. As mortgage lenders build capacity to capitalize on these extraordinary market conditions, they're increasingly turning to LendingTree to efficiently acquire new borrowers. Our Insurance segment continued its strong performance in the fourth quarter, once again growing revenue by approximately 20%, thanks to ongoing product enhancements and diversification with notable contribution from the health and Medicare categories. Finally, our Consumer segment, which was most adversely impacted by coronavirus fallout, is showing sustained signs of recovery. In our Credit Card business, for example, revenue has improved sequentially every month since the low in May, and revenue in the month of December grew more than 90% relative to September. And other Consumer businesses such as personal loans and small business...