Business
LendingTree Reports First Quarter 2020 Results
Results showcase Home and Insurance strength despite late quarter COVID-19 challenges - Consolidated revenue of $283.1 million; up 8% over 1Q 2019 - GAAP net
About this update from Lendingtree, Inc.
[{"type":"text","content":"Results showcase Home and Insurance strength despite late quarter COVID-19 challenges\n - Consolidated revenue of $283.1 million; up 8% over 1Q 2019\n - GAAP net income from continuing operations of $19.0 million or $1.34 per diluted share\n - Variable marketing margin of $98.2 million; up 6% over 1Q 2019\n - Adjusted EBITDA of $44.9 million; up 4% over 1Q 2019\n - Adjusted net income per share of $1.20\n\n\nCHARLOTTE, N.C., May 5, 2020 /PRNewswire/ -- LendingTree, Inc. (NASDAQ: TREE), operator of LendingTree.com, the nation's leading online financial services marketplace, today announced results for the quarter ended March 31, 2020.\n\n \n \n \n \n \n \n\n \nThe company has posted a letter to shareholders on the company's website at investors.lendingtree.com.\n\"I am incredibly proud of our team's response in these challenging times,\" said Doug Lebda, Chairman and CEO. \"Our solid first quarter results are a testament to our team's hard work and resiliency and is further proof that our business model is resilient to financial market changes. Although our company is not immune to the challenges created by the COVID-19 outbreak, we remain focused on continued market share and wallet share gains in our core business, product innovation, and providing support for our consumers, partners, employees, and communities.\"\nJ.D. Moriarty, CFO added, \"We're pleased to be able to report first quarter adjusted EBITDA in line with our original guidance despite the adverse conditions that began to develop in early March. While we're uncertain as to the depth and length of economic recession, our balance sheet, liquidity position, and cash flow generation remain strong, and we're well-positioned to continue driving the business forward.\"\nFirst Quarter 2020 Business Highlights \nHome segment revenue of $79.2 million and segment profit of $35.9 million grew 25% and 50%, respectively, over first quarter 2019. Within Home, mortgage products revenue grew 46% over the prior year period.Insurance revenue of $82.7 million grew 23% over first quarter 2019 and translated into Insurance segment profit of $30.5 million. Consumer segment revenue of $119.9 million decreased 1% over first quarter 2019, driven by the impact of COVID-19 as unsecured credit and the flow of capital in certain corners of the market have tightened. Within Consumer, credit card...