Press release
LendingTree Reports Third Quarter 2021 Results
Momentum accelerating in Consumer segment as Home remains resilient - Consolidated revenue of $297.4 million - GAAP net loss from continuing operations of
About this update from Lendingtree, Inc.
[{"type":"text","content":"Momentum accelerating in Consumer segment as Home remains resilient\n - Consolidated revenue of $297.4 million\n - GAAP net loss from continuing operations of $4.4 million or $0.33 per diluted share\n - Variable marketing margin of $105.9 million\n - Adjusted EBITDA of $41.0 million\n - Adjusted net income per share of $0.75\n\n\n CHARLOTTE, N.C., Oct. 28, 2021 /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, 2021. The company has posted a letter to shareholders on the company's website at investors.lendingtree.com. \n\n \n \n \n \n \n \n\n \n\"We are pleased to report another strong quarter as our business continues to rebound toward pre-pandemic revenue levels,\" said Doug Lebda, Chairman and CEO. \"Our Home segment produced record results in the quarter, and we remain encouraged with the ongoing recovery in our Consumer segment. Despite industry headwinds impacting our insurance partners, we are operating that business from a position of strength, and are well positioned to grow market share as the industry rebounds.\"\nTrent Ziegler, CFO, added, \"The benefit of our diversification was apparent this quarter as strong results in our Home and Consumer segments helped offset headwinds in our Insurance business resulting from reduced partner spend. We view this insurance cycle as transitory and remain optimistic trends will normalize in the first half of next year. Our balance sheet is as strong as ever, providing us flexibility to execute on our capital allocation strategy over the coming quarters.\"\nThird Quarter 2021 Business Highlights \nHome segment revenue of $112.4 million grew 42% over third quarter 2020 and produced segment profit of $41.5 million, up 65% over the same period. Within Home, mortgage products revenue of $92.6 million grew 31% over the prior year period.Consumer segment revenue of $100.0 million grew 107% over third quarter 2020 as trends continued to improve in credit card, personal loans and small business. Segment profit improved to $44.7 million, up 107% year-over-year. Within Consumer, personal loans revenue of $33.8 million increased 34% over second quarter 2021. Credit card revenue of $26.9 million grew 20% over second quarter 2021. Small business rev...