Business
LendingTree Reports Second Quarter 2020 Results
Results demonstrate benefits of diversification & flexible cost structure - Consolidated revenue of $184.3 million - GAAP net loss from continuing operations
About this update from Lendingtree, Inc.
[{"type":"text","content":"Results demonstrate benefits of diversification & flexible cost structure\n - Consolidated revenue of $184.3 million\n - GAAP net loss from continuing operations of $(8.6) million or $(0.66) per diluted share\n - Variable marketing margin of $82.5 million\n - Adjusted EBITDA of $30.8 million\n - Adjusted net income per share of $0.46\n\n\nCHARLOTTE, N.C., Aug. 4, 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 June 30, 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\"Despite the challenging backdrop, our team executed incredibly well in the second quarter,\" said Doug Lebda, Chairman & CEO. \"While our business has not been immune to effects of the current environment, it has certainly proven resilient. We believe times like these tend to separate the leaders from the pack, and we're confident that our market-leading position should enable to us to reap the benefits of an accelerating digital transformation in consumer finance.\"\nJ.D. Moriarty, CFO, added, \"Our second quarter results are a testament to the durability of our business. While some of our businesses are being tested, others are thriving and we continue to generate significant cash flows. In addition, our balance sheet is incredibly healthy, and we remain focused on leveraging our market-leading position to propel the company forward.\"\nSecond Quarter 2020 Business Highlights \nHome segment revenue of $74.1 million and segment profit of $38.7 million grew 3% and 60%, respectively, over second quarter 2019. Within Home, mortgage products revenue grew 22% over the prior year period.Insurance revenue of $72.9 million grew 1% over second quarter 2019 and translated into Insurance segment profit of $30.1 million, up 5% over the same period. Consumer segment revenue of $37.1 million decreased 71% over second quarter 2019, driven by the impact of COVID-19, the ensuing economic recession, and the corresponding tightening of credit among our lender partners. Within Consumer, credit card revenue of $7.2 million decreased 87% year-over-year. Personal loans revenue of $8.8 million decreased 79% year-over-year. Small business revenue declined 82% yea...