Business
LendingTree Reports Record 1Q 2019 Results
CHARLOTTE, N.C., April 26, 2019 /PRNewswire/ -- LendingTree, Inc. (NASDAQ: TREE), operator of LendingTree.com, the nation's leading online loan marketplace,
About this update from Lendingtree, Inc.
[{"type":"text","content":"CHARLOTTE, N.C., April 26, 2019 /PRNewswire/ -- LendingTree, Inc. (NASDAQ: TREE), operator of LendingTree.com, the nation's leading online loan marketplace, today announced results for the quarter ended March 31, 2019.\n\n \n\"LendingTree's first quarter results provide an incredibly strong start to 2019,\" said Doug Lebda, Chairman and CEO. \"Our recent acquisitions in the insurance business and the team's seamless integrations have produced terrific results. Tremendous growth in insurance, along with a re-acceleration in credit card growth and a stabilizing mortgage business, are enabling us to execute on key strategic initiatives to drive long term benefit for the Company and for shareholders. We are re-igniting the strength of our portfolio of brands, continuing to differentiate our platform, and remain relentlessly focused on continuing to build a consumer experience we're proud of.\"\nJ.D. Moriarty, Chief Financial Officer, added \"We're obviously thrilled with the great start to the year. We're particularly happy with the early performance in insurance, but we're also making great progress in several other categories including credit card and some of our smaller businesses like student loans, small business and credit services. Given the extraordinary performance in Q1 and the trends we're seeing, we're raising our full-year outlook for revenue, variable marketing margin, and adjusted EBITDA.\" \nFirst Quarter 2019 Business Highlights \nInsurance revenue of $67.1 million, representing growth of 63% over first quarter 2018 on a pro forma basis. Credit card revenue of $54.5 million grew 18% over first quarter 2018 and 43% sequentially compared to fourth quarter 2018. Revenue from personal loans of $32.5 million grew 25% over first quarter 2018. Several other non-mortgage categories experienced year-over-year revenue growth of more than 100%, including student loans, credit services, and small business loans. Mortgage revenue of $46.0 million stabilized, showing a modest 1% decline compared to fourth quarter 2018. More than 11.4 million consumers have now signed up for My LendingTree. Revenue contribution from My LendingTree grew 66% in the first quarter compared to the prior year period. \n \nFirst Quarter 2019 Financial Highlights\nRecord consolidated revenue of $262.4 million represents an increase of 45% over revenue in ...