Press release
LendingTree Reports Third Quarter 2020 Results
Insurance and mortgage show strength and product evolution continues - Consolidated revenue of $220.3 million - GAAP net loss from continuing operations of
About this update from Lendingtree, Inc.
[{"type":"text","content":"Insurance and mortgage show strength and product evolution continues\n - Consolidated revenue of $220.3 million\n - GAAP net loss from continuing operations of $(24.8) million or $(1.90) per diluted share\n - Variable marketing margin of $78.1 million\n - Adjusted EBITDA of $21.7 million\n - Adjusted net loss per share of $(0.26)\n\n\nCHARLOTTE, N.C., Nov. 5, 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 September 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\"We're pleased to report another strong quarter at LendingTree,\" said Doug Lebda, Chairman & CEO. \"I'm incredibly proud of the resiliency our Company has shown during this difficult period. While some of our businesses have been challenged as a result of the pandemic, other businesses are thriving and we continue make great strides in enhancing our My LendingTree offering. While 2020 has certainly not played out the way we expected, this period of time has given us an opportunity to renew our focus on strategy, innovation, and execution, and I'm increasingly confident in our market-leading position.\"\nJ.D. Moriarty, CFO, added, \"While demand from our partners remains muted in some of our key Consumer verticals, we're encouraged by the momentum we've seen over the last few months. Our Home segment is solid, and Insurance performed particularly well in the third quarter. The merits of the diversification we've put in place have never been more apparent, and we're using that strength to position the company to excel in 2021 and beyond.\"\nThird Quarter 2020 Business Highlights \nInsurance revenue of $92.5 million grew 24% over third quarter 2019 and translated into Insurance segment profit of $37.0 million, up 23% over the same period. Home segment revenue of $78.9 million grew 2% over third quarter 2019 and produced segment profit of $25.2 million. Within Home, mortgage products revenue grew 14% over the prior year period.Consumer segment revenue of $48.4 million improved 30% sequentially over second quarter 2020 as personal loans revenue improved and student loans contributed seasonal strength. Within Consumer, personal loans revenue of...