Business
LendingTree Provides Favorable Preliminary Second Quarter 2020 Results
Preliminary results substantially exceed prior guidance on strength in Home and Insurance segments CHARLOTTE, N.C., July 16, 2020 /PRNewswire/ -- LendingTree,
About this update from Lendingtree, Inc.
[{"type":"text","content":"Preliminary results substantially exceed prior guidance on strength in Home and Insurance segments\n\n\nCHARLOTTE, N.C., July 16, 2020 /PRNewswire/ -- LendingTree, Inc. (NASDAQ: TREE), the nation's leading online financial services marketplace, today provided a business update regarding better-than-expected second quarter 2020 financial results.\n\n \n \n \n \n \n \n\n \nQ2 2020 Preliminary Results\nRevenue is now anticipated in the range of $182 - $186 million vs prior range of $160 - $175 million. GAAP net loss from continuing operations is anticipated to be ($10) - ($8) million. Variable marketing margin is now anticipated to be $79 - $83 million vs prior range of $65 - $75 million. Adjusted EBITDA is now anticipated to be $28 - $32 million vs prior range of $12 - $18 million.\"Due to the magnitude of outperformance relative to our prior outlook for the second quarter, we are providing a preliminary update for investors,\" said Doug Lebda, Chairman and CEO. \"I continue to be incredibly proud of how our company has navigated this challenging environment and our financial performance is a testament to the team's hard work and the strategic moves we've made over the last several years. While some of our businesses remain challenged as a result of the economic environment, others are performing exceedingly well and enabling us to remain strategically focused on investing in both sides of our marketplace to drive market share gains.\"\nJ.D. Moriarty, CFO, added, \"We're thrilled to announce such a positive outcome on the quarter in light of the many challenges we're all facing. Across our three reportable segments, much of the strength was driven by our Home segment where low interest rates have driven robust consumer interest in refinancing and product innovation has enabled us to retain greater capacity with our lenders than we've historically seen. The Insurance segment performed largely as anticipated, recovering from traffic challenges early in the quarter and gaining momentum as we head into the second half. And our Consumer segment remains challenged as unsecured credit remains tight with limited visibility into the true health of consumer balance sheets and small businesses continuing to struggle. We intend to discuss the quarter's performance in greater detail and issue guidance for the third quarter when we formally rel...