Top-News
Dienstag,
27.02.2024 07:00
von
PR Newswire
| Aufrufe: 41
LENDINGTREE REPORTS FOURTH QUARTER 2023 RESULTS
Zeitungsständer (Symbolbild).
© Global_Pics / iStock Unreleased / Getty Images
PR Newswire
CHARLOTTE, N.C., Feb. 27, 2024
Trough AEBITDA Levels Set to Inflect as Insurance Recovery Gathers Pace
- Consolidated revenue of $134.4 million
- GAAP net income of $12.7 million or $0.98 per diluted share
- Variable marketing margin of $60.6 million
- Adjusted EBITDA of $15.5 million
- Adjusted net income per share of $0.28
CHARLOTTE, N.C., Feb. 27, 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 December 31, 2023. The Company has posted a shareholder letter on its investor relations website at investors.lendingtree.com.
"Our company continues to prove durable to adverse economic conditions, as we generated another quarter of solid results despite ongoing pressure from higher interest rates and persistent inflation," said Doug Lebda, Chairman and CEO. "We have taken decisive action to simplify our company, reduce operating costs, improve our technology and data infrastructure, and fortify our balance sheet. The business is well positioned to benefit from an improved economic environment going forward."
Scott Peyree, President and COO, commented, "The recovery that began in our Insurance segment during Q4 has continued into the new year. We are very excited to be returning to growth. Our lending businesses, including both Home and Consumer, have reached a level of stability over the past three months from a credit tightening perspective that we have not seen in over a year. With the changes we have undertaken to make our company more efficient and agile, we now have a solid foundation to begin leaning into sequential growth opportunities in multiple lending categories."
Trent Ziegler, CFO, added, "Despite the numerous external challenges we faced in 2023, the business generated $78.5 million of AEBITDA and $55 million of free cashflow for the year. During the quarter we repurchased $100 million of our 2025 convertible notes at a discount to par, and maintain $112 million of cash on balance sheet. We are committed to addressing the remainder of this maturity in the most efficient manner possible for our shareholders."
Fourth Quarter 2023 Business Highlights
- Home segment revenue of $25.1 million decreased 48% over fourth quarter 2022 and produced segment profit of $8.1 million, down 50% over the same period.
- Within Home, mortgage revenue of $9.2 million declined 59% over the prior year period.
- Consumer segment revenue of $49.5 million decreased 43% over fourth quarter 2022.
- Within Consumer, credit card revenue of $8.1 million decreased 57% year-over-year.
- Personal loans revenue of $21.9 million decreased 24% over prior year.
- Insurance segment revenue of $59.6 million decreased 11% from fourth quarter 2022 and translated into segment profit of $25.2 million, a decrease of 2% over the same period.
| LendingTree Summary Financial Metrics | |||||||||||
| (In millions, except per share amounts) | |||||||||||
| | | | | | | | | | | | |
| | Three Months Ended | | Y/Y | | | Three Months Ended | | Q/Q | | ||
| | 2023 | | 2022 | | % Change | | | 2023 | | % Change | |
| | | | | | | | | | | | |
| Total revenue | $ 134.4 | | $ 202.1 | | (33) % | | | $ 155.2 | | (13) % | |
| | | | | | | | | | | | |
| Income (loss) before income taxes | $ 13.1 | | $ (11.3) | | 216 % | | | (152.0) | | 109 % | |
| Income tax (expense) benefit | (0.4) | | 0.9 | | (144) % | | | 3.5 | | (111) % | |
| Net income (loss) | $ 12.7 | | $ (10.4) | | 222 % | | | $ (148.5) | | 109 % | |
| Net income (loss) % of revenue | 9 % | | (5) % | | | | | (96) % | | | |
| | | | | | | | | | | | |
| Income (loss) per share | | | | | | | | | | | |
| Basic | $ 0.98 | | $ (0.81) | | | | | $ (11.43) | | | |
| Diluted | $ 0.98 | | $ (0.81) | | | | | $ (11.43) | | | |
| | | | | | | | | | | | |
| Variable marketing margin | | | | | | | | | | | |
| Total revenue | $ 134.4 | | $ 202.1 | | (33) % | | | $ 155.2 | | (13) % | |
| Variable marketing expense (1) (2) | $ (73.8) | | $ (124.0) | | (40) % | | | $ (87.5) | | (16) % | |
| Variable marketing margin (2) | $ 60.6 | | $ 78.1 | | (22) % | | | $ 67.7 | | (10) % | |
| Variable marketing margin % of revenue (2) | 45 % | | 39 % | | | | | 44 % | | | |
| | | | | | | | | | | | |
| Adjusted EBITDA (2) | $ 15.5 | | $ 16.7 | | (7) % | | | $ 21.8 | | (29) % | |
| Adjusted EBITDA % of revenue (2) | 12 % | | 8 % | | | | | 14 % | | | |
| | | | | | | | | | | | |
| Adjusted net income (2) | $ 3.6 | | $ 4.9 | | (27) % | | | $ 7.9 | | (54) % | |
| | | | | | | | | | | | |
| Adjusted net income per share (2) | $ 0.28 | | $ 0.38 Werbung Mehr Nachrichten zur LendingTree Inc Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1  Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News | ||||||||
