Press release
LENDINGTREE REPORTS SECOND QUARTER 2023 RESULTS
Strong Segment Margins and Expense Discipline Drive Upside, Revenue Growth Remains Challenged Consolidated revenue of $182.5 millionGAAP net income of $(0.1)
About this update from Lendingtree, Inc.
[{"type":"text","content":"Strong Segment Margins and Expense Discipline Drive Upside, Revenue Growth Remains Challenged\nConsolidated revenue of $182.5 millionGAAP net income of $(0.1) million or $(0.01) per diluted shareVariable marketing margin of $76.5 millionAdjusted EBITDA of $26.7 millionAdjusted net income per share of $1.14CHARLOTTE, N.C., July 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 June 30, 2023.\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\"The positive impact from our expense actions combined with very strong margins in the Insurance and the Consumer segments generated Adjusted EBITDA of $27M, better than expected, and improved our Adjusted EBITDA margin to 15%. Customer demand for new loans and insurance continues to outpace the appetite for new customers at our partners. We believe this imbalance will prove temporary, and are encouraged by signals the Fed is nearing the end of its tightening campaign as the pace of inflation has slowed considerably,\" said Doug Lebda, Chairman and CEO. \"Consolidating operations completely under Scott Peyree, our team is currently focused on generating incremental revenue despite multiple headwinds and identifying additional expense savings. As we begin our planning for next year we are focused on driving improved financial results, which will allow us to address our future liabilities in an efficient manner.\"\nScott Peyree, our COO and President of Marketplace Businesses, commented, \"I am excited about the opportunities we have in front of us across the company. I have spent the last week getting up to speed with the Consumer and Home teams, as well as our marketing and sales organization. We are focusing on improving revenue and conversion across the segments, and I am confident we are well positioned to benefit from a positive inflection in demand from our lending partners as macroeconomic challenges subside.\"\nTrent Ziegler, CFO, added, \"Despite the decrease in revenue we have experienced due to the current economic cycle, we were able to earn attractive margins due to our ongoing focus on running the business as efficiently as possible. Our solid financial positi...