Press release
LENDINGTREE REPORTS SECOND QUARTER 2024 RESULTS
Insurance Segment Continues Strong Rebound Driving 15% Revenue Growth Consolidated revenue of $210.1 millionGAAP net income of $7.8 million or $0.58 per
About this update from Lendingtree, Inc.
[{"type":"text","content":"Insurance Segment Continues Strong Rebound Driving 15% Revenue Growth\nConsolidated revenue of $210.1 millionGAAP net income of $7.8 million or $0.58 per diluted shareVariable marketing margin of $70.9 millionAdjusted EBITDA of $23.5 millionAdjusted net income per share of $0.54CHARLOTTE, N.C., July 25, 2024 /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, 2024.\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\"Our Insurance segment generated exceptional growth in the second quarter with revenue more than doubling from the prior year period. We expect our leading market position will result in meaningfully larger revenue generation through the remainder of this year,\" said Doug Lebda, Chairman and CEO. \"Our company continues to benefit from the diversity of our business model. As Insurance continues to grow both revenue and VMD, we are leaning into our highest margin Consumer segment to acquire more high-intent customers for our lender partners.\"\nScott Peyree, President and COO, commented, \"The growth in our Insurance business during the quarter well surpassed our expectations, and led us to beat the high end of our quarterly revenue guidance. For most of the last two years, our team focused on matching the highest quality consumers searching for insurance policies with limited carrier demand. We are now seeing the benefit of that focus. We have been employing that same strategy in our Consumer business, improving our relationship with our network lenders by helping them close more loans with our consumers to position ourselves ahead of any future improvement in lending conditions.\"\nJason Bengel, CFO, added, \"I am very excited to assume CFO responsibilities at LendingTree. Having previously served as the leader of our Finance department, as well as driving our efficiency and internal strategy initiatives, I know our team is well positioned to continue improving our balance sheet and harvesting operating leverage by operating with focus and discipline. During the quarter we were able to repurchase $161 million of our 2025 convertible notes for $152 million, capturing a $9 million discount. The combi...