LENDINGTREE REPORTS THIRD QUARTER 2023 RESULTS

CHARLOTTE, N.C., Oct. 31, 2023

• Consolidated revenue of $155.2 million
• GAAP net loss of $(148.5) million or $(11.43) per diluted share, inclusive of after-tax impairment charges of ($145.9) million
• Variable marketing margin of $67.7 million
• Adjusted EBITDA of $21.8 million
• Adjusted net income per share of $0.61

CHARLOTTE, N.C., Oct. 31, 2023 /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, 2023.

The company has posted a letter to shareholders on the company's website at investors.lendingtree.com.

"We generated $22 million of Adjusted EBITDA, the top end of our outlook, and an Adjusted EBITDA margin of 14% - strong results which benefited from operating efficiencies and ongoing expense discipline," said Doug Lebda, Chairman and CEO.  "Despite the difficult revenue environment, we have successfully increased margins in the Consumer and Insurance segments through targeted operational improvements.  Recent conversations with our insurance carrier partners indicate deflationary trends for autos, combined with multiple rounds of increases in premium rates across most states, are creating a backdrop for solid growth in that segment next year.  These partners have also expressed high levels of satisfaction with our products and by all indications we have taken market share from our competitors.  We will continue delivering exceptional results to them, matching our record volume of customers searching for new policies, in order to maintain those gains as their advertising budgets increase."

Trent Ziegler, CFO, added, "We have reduced headcount by over 30% from a year ago.  Our annualized operating expenses are now running below 2019 levels. We have strategically simplified our business while focusing resources on improving our core marketplace.  The investment in growth initiatives has been paired down to those with the greatest chances of success, such as our revamped TreeQual platform that is already in testing with six credit card issuers.  Our ability to generate attractive levels of AEBITDA and free cash flow regardless of the revenue environment is a testament to the strength of our business model.  Finally, we continue to maintain a significant cash balance that provides us flexibility in addressing future debt maturities."

Third Quarter 2023 Business Results