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02.05.2023 07:00
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LENDINGTREE REPORTS FIRST QUARTER 2023 RESULTS
Zeitungsständer (Symbolbild).
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PR Newswire
CHARLOTTE, N.C., May 2, 2023
Strategic Expense Reductions Help Offset Continued Economic Headwinds
- Consolidated revenue of $200.5 million
- GAAP net income of $13.5 million or $1.04 per diluted share, inclusive of a gain of $30.9 million from the partial repurchase of our 2025 convertible notes at a discount
- Variable marketing margin of $76.1 million
- Adjusted EBITDA of $14.5 million
- Adjusted net income per share of $0.25
CHARLOTTE, N.C., May 2, 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 March 31, 2023.
The company has posted a letter to shareholders on the company's website at investors.lendingtree.com.
"During the first quarter we completed a strategic expense reduction that impacted 13% of our workforce. The plan targeted parts of our business that are more capital intensive, as well as those areas where the revenue outlook has become less certain in light of the challenging economic environment," said Doug Lebda, Chairman and CEO. "We have also completed our transition from an annual to a quarterly strategic planning cadence. Combined with our cross-functional team support for each of our discrete growth initiatives, we are better able to focus our employees and resources on the projects we believe are most important to deliver on our goal of creating the best-in-class consumer experience, as well as improved financial performance."
Trent Ziegler, CFO, added, "The series of steps we have taken to right-size our fixed costs over the last two quarters will allow us to generate improved operating leverage as demand from our partners eventually recovers. In the interim, running the business more efficiently will help improve our immediate financial performance and streamline our ability to execute on our targeted growth opportunities."
First Quarter 2023 Business Highlights
- Home segment revenue of $43.7 million decreased 57% over first quarter 2022 and produced segment profit of $15.1 million, down 58% over the same period.
- Within Home, revenue from Home Equity of $23.7 million grew 2% over prior year.
- Consumer segment revenue of $79.7 million declined 21% over first quarter 2022.
- Within Consumer, personal loans revenue of $23.6 million declined 33% over prior year.
- Revenue from our small business offering decreased 11% over prior year.
- Credit card revenue of $18.3 million was down 39% over prior year.
- Insurance segment revenue of $77.1 million decreased 4% over first quarter 2022 and translated into segment profit of $30.2 million, up 43% over the same period.
- Through March 31, 2023, 25.8 million consumers have signed up for MyLendingTree
| LendingTree Summary Financial Metrics | |||||||||||
| (In millions, except per share amounts) | |||||||||||
| | | | | | | | | | | | |
| | Three Months Ended March 31, | | Y/Y | | | Three Months Ended | | Q/Q | | ||
| | 2023 | | 2022 | | % Change | | | 2022 | | % Change | |
| | | | | | | | | | | | |
| Total revenue | $ 200.5 | | $ 283.2 | | (29) % | | | $ 202.1 | | (1) % | |
| | | | | | | | | | | | |
| Income (loss) before income taxes | $ 13.9 | | $ (10.4) | | 234 % | | | $ (11.3) | | 223 % | |
| Income tax (expense) benefit | $ (0.4) | | $ (0.4) | | — % | | | $ 0.9 | | (144) % | |
| Net income (loss) | $ 13.5 | | $ (10.8) | | 225 % | | | $ (10.4) | | 230 % | |
| Net income (loss) % of revenue | 7 % | | (4) % | | | | | (5) % | | | |
| | | | | | | | | | | | |
| Income (loss) per share | | | | | | | | | | | |
| Basic | $ 1.05 | | $ (0.84) | | | | | $ (0.81) | | | |
| Diluted | $ 1.04 | | $ (0.84) | | | | | $ (0.81) | | | |
| | | | | | | | | | | | |
| Variable marketing margin | | | | | | | | | | | |
| Total revenue | $ 200.5 | | $ 283.2 | | (29) % | | | $ 202.1 | | (1) % | |
| Variable marketing expense (1) (2) | $ (124.4) | | $ (189.1) | | (34) % | | | $ (124.0) | | — % | |
| Variable marketing margin (2) | $ 76.1 | | $ 94.1 | | (19) % | | | $ 78.1 | | (3) % | |
| Variable marketing margin % of revenue (2) | 38 % | | 33 % | | | | | 39 % | | | |
| | | | | | | | | | | | |
| Adjusted EBITDA (2) | $ 14.5 | | $ 29.4 | | (51) % | | | $ 16.7 | | (13) % | |
| Adjusted EBITDA % of revenue (2) | 7 % | | 10 % | | | | | 8 % | | | |
| | | | | | | | | | | | |
| Adjusted net income (2) | $ 3.2 | | $ 6.1 | | (48) % | | | $ 4.9 | | (35) % | |
| | | | | | | | | | | | |
| Adjusted net income per share (2) | $ 0.25 Werbung Mehr Nachrichten zur LendingTree Aktie kostenlos abonnieren
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