Press release
LENDINGTREE REPORTS FOURTH QUARTER 2022 RESULTS
Strong Insurance Segment Margin Recovery Tempered by Declines in Home Revenue Consolidated revenue of $202.1 millionGAAP net loss from continuing operations
About this update from Lendingtree, Inc.
[{"type":"text","content":"Strong Insurance Segment Margin Recovery Tempered by Declines in Home Revenue\nConsolidated revenue of $202.1 millionGAAP net loss from continuing operations of $(10.4) million or $(0.81) per diluted shareVariable marketing margin of $78.1 millionAdjusted EBITDA of $16.7 millionAdjusted net income per share of $0.38CHARLOTTE, N.C., Feb. 27, 2023 /PRNewswire/ -- LendingTree, Inc. (NASDAQ: TREE), operator of LendingTree.com, the nation's leading online financial services marketplace, today announced results for the quarter ended December 31, 2022.\n\n \n \n \n \n \n \n\n \nThe Company has posted a letter to shareholders on its investor relations website at investors.lendingtree.com.\n\"We are pleased to announce fourth quarter earnings in conjunction with the launch of the LendingTree Win Card, our first product designed to reward consumers for their healthy financial habits available exclusively to MyLendingTree members,\" said Doug Lebda, Chairman and CEO. \"This is the first of many product and feature launches we have planned in our mission to transform MyLendingTree into the leading digital ally, at a time when consumers and members need it most.\"\nTrent Ziegler, CFO, added, \"Our Home segment has continued to face headwinds as higher rates have limited refinance transactions, while persistently low for-sale housing inventory and historically high prices have combined to limit purchase activity. Encouragingly, continued strong growth in our Home Equity offering and substantial growth in our Insurance segment margin have helped to offset some of the decline in Home performance. We remain very well capitalized with $299 million of cash on our balance sheet, which provides ample flexibility to continue funding our growth initiatives this year. We remain acutely focused on our operating expense levels given the length of this current market cycle, and will continue to actively manage them as a key lever of financial performance that is fully within our control.\"\nFourth Quarter 2022 Business Highlights\nHome segment revenue of $48.6 million decreased 50% over fourth quarter 2021 and produced segment profit of $16.3 million, down 52% over the same period.Within Home, mortgage revenue of $22.6 million declined 72% over the prior year period.Partially offsetting this decline, revenue from Home Equity was $25.3 million, an increase...