LendingTree Reports Record 1Q 2017 Results; Increasing Full-Year 2017 Guidance

CHARLOTTE, N.C., April 27, 2017

"LendingTree's record first quarter results were, once again, a testament to our company's ability to achieve our short-term goals, focus on our longer-term strategic priorities, and continue to diversify our business," said Doug Lebda, Chairman and Chief Executive Officer. "Our success in the first quarter provides a fantastic start to the year and gives us even more confidence in LendingTree's ability to grow despite changing and dynamic consumer credit markets."

Gabe Dalporto, Chief Financial Officer added, "Growth in our mortgage business was particularly impressive, increasing 14% year-over-year while the broader industry contracted 6% according to a survey of industry estimates.  As we've previously said it would, lender demand for our services accelerated as industry volumes have tightened up, and the quarter's results prove out this thesis.  Our performance in mortgage coupled with sustained growth in our non-mortgage offerings, particularly credit cards and home equity, gives us the confidence to increase our outlook for the year."   

First Quarter 2017 Business Highlights

• Total loan requests in the quarter of 4.8 million grew 49% compared to first quarter 2016
• Record revenue from mortgage products of $62.9 million represents an increase of 14% over first quarter 2016 primarily driven by growth in purchase revenue, although refinance revenue also increased.
• Record revenue from non-mortgage products of $69.6 million in the first quarter represents an increase of 75% over the first quarter 2016 and comprised 53% of total revenue.  Notably, this quarter marks the first period where non-mortgage revenue exceeded that of mortgage, evidencing the continued momentum of our diversification strategy.   
• Revenue from our credit card offerings grew to $33.8 million, an increase of 269% compared to first quarter 2016, or 37% on a proforma basis.
• Home equity revenue grew 118% over first quarter 2016 and marked its ninth consecutive quarter of sequential growth.
• Nearly 4.9 million consumers have now signed up for free credit scores and savings alerts through My LendingTree, and revenue contribution from MyLendingTree grew 28% in the first quarter compared to the prior year period.