Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 26, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-34063 | |
Entity Registrant Name | LendingTree, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 26-2414818 | |
Entity Address, Address Line One | 1415 Vantage Park Dr. | |
Entity Address, Address Line Two | Suite 700 | |
Entity Address, City or Town | Charlotte | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 28203 | |
City Area Code | 704 | |
Local Phone Number | 541-5351 | |
Title of 12(b) Security | Common Stock, $0.01 par value per share | |
Trading Symbol | TREE | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 12,910,742 | |
Entity Central Index Key | 0001434621 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement and Statement of Comprehensive Income [Abstract] | ||
Revenue | $ 200,508 | $ 283,178 |
Costs and expenses: | ||
Cost of revenue (exclusive of depreciation and amortization shown separately below) | 13,760 | 15,561 |
Selling and marketing expense | 137,111 | 204,157 |
General and administrative expense | 36,683 | 35,977 |
Product development | 14,655 | 14,052 |
Depreciation | 4,795 | 4,854 |
Amortization of intangibles | 2,049 | 7,917 |
Restructuring and severance | 4,454 | 3,625 |
Litigation settlements and contingencies | 12 | (27) |
Total costs and expenses | 213,519 | 286,116 |
Operating loss | (13,011) | (2,938) |
Other income (expense), net: | ||
Interest income (expense), net | 25,029 | (7,505) |
Other income (expense) | 1,834 | (1) |
Income (loss) before income taxes | 13,852 | (10,444) |
Income tax expense | (395) | (382) |
Net income (loss) and comprehensive income (loss) | 13,457 | (10,826) |
Comprehensive (loss) income | $ 13,457 | $ (10,826) |
Weighted average shares outstanding: | ||
Basic (in shares) | 12,846 | 12,901 |
Diluted (in shares) | 12,935 | 12,901 |
Net income (loss) per share: | ||
Basic (in dollars per share) | $ 1.05 | $ (0.84) |
Diluted (in dollars per share) | $ 1.04 | $ (0.84) |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
ASSETS: | ||
Cash and cash equivalents | $ 150,074 | $ 298,845 |
Restricted cash and cash equivalents | 34 | 124 |
Accounts receivable (net of allowance of $2,688 and $2,317, respectively) | 83,662 | 83,060 |
Prepaid and other current assets | 28,231 | 26,250 |
Assets held for sale (Note 7) | 0 | 5,689 |
Total current assets | 262,001 | 413,968 |
Property and equipment (net of accumulated depreciation of $34,925 and $33,851, respectively) | 57,411 | 59,160 |
Operating lease right-of-use assets | 65,578 | 67,050 |
Goodwill | 420,139 | 420,139 |
Intangible assets, net | 56,266 | 58,315 |
Equity investments | 174,580 | 174,580 |
Other non-current assets | 6,319 | 6,101 |
Total assets | 1,042,294 | 1,199,313 |
LIABILITIES: | ||
Current portion of long-term debt | 2,500 | 2,500 |
Accounts payable, trade | 4,473 | 2,030 |
Accrued expenses and other current liabilities | 84,829 | 75,095 |
Liabilities held for sale (Note 7) | 0 | 2,909 |
Total current liabilities | 91,802 | 82,534 |
Long-term debt | 625,356 | 813,516 |
Operating lease liabilities | 86,685 | 88,232 |
Deferred income tax liabilities | 7,143 | 6,783 |
Other non-current liabilities | 329 | 308 |
Total liabilities | 811,315 | 991,373 |
Commitments and contingencies (Note 13) | ||
SHAREHOLDERS' EQUITY: | ||
Preferred stock $.01 par value; 5,000,000 shares authorized; none issued or outstanding | 0 | 0 |
Common stock $.01 par value; 50,000,000 shares authorized; 16,265,177 and 16,167,184 shares issued, respectively, and 12,909,711 and 12,811,718 shares outstanding, respectively | 163 | 162 |
Additional paid-in capital | 1,198,836 | 1,189,255 |
Accumulated deficit | (701,842) | (715,299) |
Treasury stock; 3,355,466 and 3,355,466 shares, respectively | (266,178) | (266,178) |
Total shareholders' equity | 230,979 | 207,940 |
Total liabilities and shareholders' equity | $ 1,042,294 | $ 1,199,313 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for credit loss | $ 2,688 | $ 2,317 |
Accumulated depreciation | $ 34,925 | $ 33,851 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 16,265,177 | 16,167,184 |
Common stock, shares outstanding | 12,909,711 | 12,811,718 |
Treasury stock, shares | 3,355,466 | 3,355,466 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Additional Paid-in Capital | Additional Paid-in Capital Cumulative Effect, Period of Adoption, Adjustment | Accumulated Deficit | Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment | Treasury Stock |
Increase (Decrease) in Stockholders' Equity | ||||||||
Beginning balance, treasury (in shares) | 2,976,000 | |||||||
Beginning balance at Dec. 31, 2021 | $ 447,992 | $ (65,303) | $ 161 | $ 1,242,794 | $ (109,750) | $ (571,794) | $ 44,447 | $ (223,169) |
Beginning balance, common (in shares) at Dec. 31, 2021 | 16,071,000 | |||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Net income (loss) | (10,826) | (10,826) | ||||||
Comprehensive income (loss) | (10,826) | (10,826) | ||||||
Non-cash compensation | 15,080 | 15,080 | ||||||
Purchase of treasury stock | $ (43,009) | $ (43,009) | ||||||
Purchase of treasury stock (in shares) | 379,895 | 379,000 | ||||||
Issuance of common stock for stock options, restricted stock awards and restricted stock units, net of withholding taxes | $ (3,086) | (3,086) | ||||||
Issuance of common stock for stock options, restricted stock awards and restricted stock units, net of withholding taxes and cancellations (in shares) | 49,000 | |||||||
Ending balance at Mar. 31, 2022 | 340,848 | $ 161 | 1,145,038 | (538,173) | $ (266,178) | |||
Ending balance, common (in shares) at Mar. 31, 2022 | 16,120,000 | |||||||
Ending balance, treasury (in shares) at Mar. 31, 2022 | 3,355,000 | |||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Beginning balance, treasury (in shares) | 3,355,000 | |||||||
Beginning balance, treasury (in shares) | 3,355,000 | |||||||
Beginning balance at Dec. 31, 2022 | $ 207,940 | $ 162 | 1,189,255 | (715,299) | $ (266,178) | |||
Beginning balance, common (in shares) at Dec. 31, 2022 | 12,811,718 | 16,167,000 | ||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Net income (loss) | $ 13,457 | 13,457 | ||||||
Comprehensive income (loss) | 13,457 | 13,457 | ||||||
Non-cash compensation | $ 11,274 | 11,274 | ||||||
Purchase of treasury stock (in shares) | 0 | |||||||
Issuance of common stock for stock options, restricted stock awards and restricted stock units, net of withholding taxes | $ (1,693) | $ 1 | (1,694) | |||||
Issuance of common stock for stock options, restricted stock awards and restricted stock units, net of withholding taxes and cancellations (in shares) | 98,000 | |||||||
Other | 1 | 1 | ||||||
Ending balance at Mar. 31, 2023 | $ 230,979 | $ 163 | $ 1,198,836 | $ (701,842) | $ (266,178) | |||
Ending balance, common (in shares) at Mar. 31, 2023 | 12,909,711 | 16,265,000 | ||||||
Ending balance, treasury (in shares) at Mar. 31, 2023 | 3,355,000 | |||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Beginning balance, treasury (in shares) | 3,355,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | ||
Net income (loss) and comprehensive income (loss) | $ 13,457 | $ (10,826) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Loss on impairments and disposal of assets | 5,027 | 431 |
Amortization of intangibles | 2,049 | 7,917 |
Depreciation | 4,795 | 4,854 |
Non-cash compensation expense | 11,274 | 15,080 |
Deferred income taxes | 360 | 326 |
Bad debt expense | 963 | 850 |
Amortization of debt issuance costs | 1,959 | 2,467 |
Write-off of previously-capitalized debt issuance costs | 2,373 | 0 |
Amortization of debt discount | 0 | 879 |
Reduction in carrying amount of ROU asset, offset by change in operating lease liabilities | (877) | (49) |
Gain on settlement of convertible debt | (34,308) | 0 |
Changes in current assets and liabilities: | ||
Accounts receivable | (211) | (17,488) |
Prepaid and other current assets | (1,882) | (3,666) |
Accounts payable, accrued expenses and other current liabilities | 8,559 | 9,322 |
Income taxes receivable | 42 | 48 |
Other, net | (424) | (146) |
Net cash provided by operating activities | 13,156 | 9,999 |
Cash flows from investing activities: | ||
Capital expenditures | (2,452) | (3,465) |
Equity investments | 0 | (15,000) |
Net cash used in investing activities | (2,452) | (18,465) |
Cash flows from financing activities: | ||
Repayment of term loan | (625) | 0 |
Payments related to net-share settlement of stock-based compensation, net of proceeds from exercise of stock options | (1,693) | (3,085) |
Purchase of treasury stock | 0 | (43,009) |
Repurchase of 0.50% Convertible Senior Notes | (156,294) | 0 |
Payment of debt issuance costs | (953) | (4) |
Net cash used in financing activities | (159,565) | (46,098) |
Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents | (148,861) | (54,564) |
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period | 298,969 | 251,342 |
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period | $ 150,108 | $ 196,778 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) | Mar. 31, 2023 Rate |
2025 Convertible Notes | |
Stated interest rate | 0.50% |
ORGANIZATION
ORGANIZATION | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | ORGANIZATION Company Overview LendingTree, Inc. is the parent of LT Intermediate Company, LLC, which holds all of the outstanding ownership interests of LendingTree, LLC, and LendingTree, LLC owns several companies (collectively, “LendingTree” or the “Company”). LendingTree operates what it believes to be the leading online consumer platform that connects consumers with the choices they need to be confident in their financial decisions. The Company offers consumers tools and resources, including free credit scores, that facilitate comparison-shopping for mortgage loans, home equity loans and lines of credit, auto loans, credit cards, deposit accounts, personal loans, student loans, small business loans, insurance quotes, sales of insurance policies, and other related offerings. The Company primarily seeks to match in-market consumers with multiple providers on its marketplace who can provide them with competing quotes for loans, deposit products, insurance, or other related offerings they are seeking. The Company also serves as a valued partner to lenders and other providers seeking an efficient, scalable, and flexible source of customer acquisition with directly measurable benefits, by matching the consumer inquiries it generates with these providers. The consolidated financial statements include the accounts of LendingTree and all its wholly-owned entities. Intercompany transactions and accounts have been eliminated. Basis of Presentation |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES Accounting Estimates Management is required to make certain estimates and assumptions during the preparation of the consolidated financial statements in accordance with GAAP. These estimates and assumptions impact the reported amount of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements. They also impact the reported amount of net earnings during any period. Actual results could differ from those estimates. Significant estimates underlying the accompanying consolidated financial statements include: the recoverability of long-lived assets, goodwill and intangible assets; the determination of income taxes payable and deferred income taxes, including related valuation allowances; fair value of assets acquired in a business combination; litigation accruals; contract assets; various other allowances, reserves and accruals; assumptions related to the determination of stock-based compensation; and the determination of right-of-use assets and lease liabilities. The Company considered the impact of the current economic conditions, including interest rates, inflation, and the COVID-19 pandemic on the assumptions and estimates used when preparing its consolidated financial statements including, but not limited to, the allowance for doubtful accounts, valuation allowances, contract asset, and the recoverability of long-lived assets, goodwill and intangible assets. These assumptions and estimates may change as new events occur and additional information is obtained. If economic conditions worsen, such future changes may have an adverse impact on the Company's results of operations, financial position and liquidity. Certain Risks and Concentrations LendingTree's business is subject to certain risks and concentrations including dependence on third-party technology providers, exposure to risks associated with online commerce security and credit card fraud. Financial instruments, which potentially subject the Company to concentration of credit risk at March 31, 2023, consist primarily of cash and cash equivalents and accounts receivable, as disclosed in the consolidated balance sheet. Cash and cash equivalents are in excess of Federal Deposit Insurance Corporation insurance limits, but are maintained with quality financial institutions of high credit. The Company requires certain Network Partners to maintain security deposits with the Company, which in the event of non-payment, would be applied against any accounts receivable outstanding. Due to the nature of the mortgage lending industry, interest rate fluctuations may negatively impact future revenue from the Company's marketplace. Lenders and lead purchasers participating on the Company's marketplace can offer their products directly to consumers through brokers, mass marketing campaigns or through other traditional methods of credit distribution. These lenders and lead purchasers can also offer their products online, either directly to prospective borrowers, through one or more online competitors, or both. If a significant number of potential consumers are able to obtain loans and other products from Network Partners without utilizing the Company's services, the Company's ability to generate revenue may be limited. Because the Company does not have exclusive relationships with the Network Partners whose loans and other financial products are offered on its online marketplace, consumers may obtain offers from these Network Partners without using its service. Other than a support services office in India, the Company's operations are geographically limited to and dependent upon the economic condition of the United States. Litigation Settlements and Contingencies Litigation settlements and contingencies consists of expenses related to actual or anticipated litigation settlements. Recently Adopted Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, which simplifies the accounting for convertible instruments, amends the derivatives scope exception guidance for contracts in an entity’s own equity, and amends the related earnings-per-share guidance. Under the new guidance, the embedded conversion features are no longer separated from the host contract for convertible instruments with conversion features that are not required to be accounted for as derivatives under Topic 815, or that do not result in substantial premiums accounted for as paid-in capital. As a result, a convertible debt instrument will be accounted for as a single liability measured at its amortized cost, as long as no other features require bifurcation and recognition as derivatives. Additionally, the new guidance requires the if-converted method to be applied for all convertible instruments when calculating diluted earnings per share. The Company adopted ASU 2020-06 on January 1, 2022 using the modified retrospective transition approach and recognized the cumulative effect of initially applying ASU 2020-06 as a $44.4 million adjustment to the opening balance of accumulated deficit, comprised of $60.8 million for the interest adjustment, net of $16.4 million for the related tax impacts. The recombination of the equity conversion component of our convertible debt remaining outstanding caused a reduction in additional paid-in capital and an increase in deferred income tax assets. The removal of the remaining debt discounts recorded for this previous separation had the effect of increasing our net debt balance. ASU 2020-06 also requires the dilutive impact of convertible debt instruments to utilize the if-converted method when calculating diluted earnings per share and the result is more dilutive. The adoption of ASU 2020-06 did not impact our cash flows or compliance with debt covenants. Recently Issued Accounting Pronouncements The Company has considered the applicability of recently issued accounting pronouncements by the Financial Accounting Standards Board and have determined that they are either not applicable or are not expected to have a material impact on our consolidated financial statements. |
REVENUE
REVENUE | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | REVENUE Revenue is as follows (in thousands) : Three Months Ended 2023 2022 Home $ 43,675 $ 101,944 Credit cards 18,288 29,822 Personal loans 23,599 35,210 Other Consumer 37,822 36,036 Total Consumer 79,709 101,068 Insurance 77,082 80,038 Other 42 128 Total revenue $ 200,508 $ 283,178 The Company derives its revenue primarily from match fees and closing fees. Revenue is recognized when performance obligations under the terms of a contract with a customer are satisfied and promised services have transferred to the customer. The Company's services are generally transferred to the customer at a point in time. Revenue from Home products is primarily generated from upfront match fees paid by mortgage Network Partners that receive a loan request, and in some cases upfront fees for clicks or call transfers. Match fees and upfront fees for clicks and call transfers are earned through the delivery of loan requests that originated through the Company's websites or affiliates. The Company recognizes revenue at the time a loan request is delivered to the customer, provided that no significant obligations remain. The Company's contractual right to the match fee consideration is contemporaneous with the satisfaction of the performance obligation to deliver a loan request to the customer. Revenue from Consumer products is generated by match and other upfront fees for clicks or call transfers, as well as from closing fees, approval fees and upfront service and subscription fees. Closing fees are derived from lenders on certain auto loans, business loans, personal loans, and student loans when the lender funds a loan with the consumer. Approval fees are derived from credit card issuers when the credit card consumer receives card approval from the credit card issuer. Upfront service fees and subscription fees are derived from consumers in the Company's credit services product. Upfront fees paid by consumers are recognized as revenue over the estimated time the consumer will remain a customer and receive services. Subscription fees are recognized over the period a consumer is receiving services. The Company recognizes revenue on closing fees and approval fees at the point when a loan request or a credit card consumer is delivered to the customer. The Company's contractual right to closing fees and approval fees is not contemporaneous with the satisfaction of the performance obligation to deliver a loan request or a credit card consumer to the customer. As such, the Company records a contract asset at each reporting period-end related to the estimated variable consideration on closing fees and approval fees for which the Company has satisfied the related performance obligation but are still pending the loan closing or credit card approval before the Company has a contractual right to payment. This estimate is based on the Company's historical closing rates and historical time between when a consumer request for a loan or credit card is delivered to the lender or card issuer and when the loan is closed by the lender or approved by the card issuer. Revenue from the Company's Insurance products is primarily generated from upfront match fees and upfront fees for website clicks or fees for calls. Match fees and upfront fees for clicks and call transfers are earned through the delivery of consumer requests that originated through the Company's websites or affiliates. The Company recognizes revenue at the time a consumer request is delivered to the customer, provided that no significant obligations remain. The Company's contractual right to the match fee consideration is contemporaneous with the satisfaction of the performance obligation to deliver a consumer request to the customer. The contract asset recorded within prepaid and other current assets on the consolidated balance sheets related to estimated variable consideration was $13.4 million and $12.2 million at March 31, 2023 and December 31, 2022, respectively. The contract liability recorded within accrued expenses and other current liabilities on the consolidated balance sheets related to upfront fees paid by consumers was $1.0 million and $0.9 million at March 31, 2023 and December 31, 2022, respectively. During the first three months of 2023, the Company recognized revenue of $0.8 million that was included in the contract liability balance at December 31, 2022. During the first three months of 2022, the Company recognized revenue of $0.7 million that was included in the contract liability balance at December 31, 2021. Revenue recognized in any reporting period includes estimated variable consideration for which the Company has satisfied the related performance obligations but are still pending the occurrence or non-occurrence of a future event outside the Company's control (such as lenders providing loans to consumers or credit card approvals of consumers) before the Company has a contractual right to payment. The Company recognized increases to such revenue from prior periods. This increase was $0.2 million in the first quarter of 2023, and $0.2 million in the first quarter of 2022. |
CASH AND RESTRICTED CASH
CASH AND RESTRICTED CASH | 3 Months Ended |
Mar. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
CASH AND RESTRICTED CASH | CASH AND RESTRICTED CASH Total cash, cash equivalents, restricted cash and restricted cash equivalents consist of the following (in thousands) : March 31, December 31, Cash and cash equivalents $ 150,074 $ 298,845 Restricted cash and cash equivalents 34 124 Total cash, cash equivalents, restricted cash and restricted cash equivalents $ 150,108 $ 298,969 |
ALLOWANCE FOR DOUBTFUL ACCOUNTS
ALLOWANCE FOR DOUBTFUL ACCOUNTS | 3 Months Ended |
Mar. 31, 2023 | |
Credit Loss [Abstract] | |
ALLOWANCE FOR DOUBTFUL ACCOUNTS | ALLOWANCE FOR DOUBTFUL ACCOUNTS Accounts receivable are stated at amounts due from customers, net of an allowance for doubtful accounts. The Company determines its allowance for doubtful accounts by considering a number of factors, including the length of time accounts receivable are past due, previous loss history, current and expected economic conditions and the specific customer's current and expected ability to pay its obligation. Accounts receivable are considered past due when they are outstanding longer than the contractual payment terms. Accounts receivable are written off when management deems them uncollectible. A reconciliation of the beginning and ending balances of the allowance for doubtful accounts is as follows (in thousands) : Three Months Ended 2023 2022 Balance, beginning of the period $ 2,317 $ 1,456 Charges to earnings 963 850 Write-off of uncollectible accounts receivable (963) (503) Recoveries collected — — Assets held for sale (Note 7) 371 — Balance, end of the period $ 2,688 $ 1,803 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS The balance of goodwill, net and intangible assets, net is as follows (in thousands) : March 31, December 31, Goodwill $ 903,227 $ 903,227 Accumulated impairment losses (483,088) (483,088) Net goodwill $ 420,139 $ 420,139 Intangible assets with indefinite lives $ 10,142 $ 10,142 Intangible assets with definite lives, net 46,124 48,173 Total intangible assets, net $ 56,266 $ 58,315 Goodwill and Indefinite-Lived Intangible Assets The Company's goodwill at each of March 31, 2023 and December 31, 2022 consists of $59.3 million associated with the Home segment, $166.1 million associated with the Consumer segment, and $194.7 million associated with the Insurance segment. At June 30, 2022, the Company assessed the qualitative factors in its impairment testing of goodwill and determined that the effects of the challenging interest rate environment, consumer price inflation, and the decline in the Company's market capitalization required a quantitative impairment test be performed. The quantitative goodwill impairment test found that the fair value of each reporting unit exceeded its carrying amount, indicating no goodwill impairment. The Company will monitor the recovery of the Insurance reporting unit and the Mortgage reporting unit. The property and casualty auto industry is experiencing challenges caused by inflation, supply chain challenges, and rising severity and frequency of claims. Additionally, the significant increase in mortgage interest rates have had a negative impact on the Mortgage reporting unit. Changes in the timing of the recovery compared to current expectations could cause an impairment to the Insurance or Mortgage reporting unit. Intangible assets with indefinite lives relate to the Company's trademarks. Intangible Assets with Definite Lives Intangible assets with definite lives relate to the following (in thousands) : Cost Accumulated Net Customer lists 77,300 (32,303) 44,997 Trademarks and tradenames 9,100 (7,973) 1,127 Balance at March 31, 2023 $ 86,400 $ (40,276) $ 46,124 Cost Accumulated Net Customer lists $ 77,300 $ (30,775) $ 46,525 Trademarks and tradenames 10,100 (8,452) 1,648 Balance at December 31, 2022 $ 87,400 $ (39,227) $ 48,173 Amortization of intangible assets with definite lives is computed on a straight-line basis and, based on balances as of March 31, 2023, future amortization is estimated to be as follows (in thousands) : Amortization Expense Remainder of current year $ 5,646 Year ending December 31, 2024 5,889 Year ending December 31, 2025 5,830 Year ending December 31, 2026 5,504 Year ending December 31, 2027 5,198 Thereafter 18,057 Total intangible assets with definite lives, net $ 46,124 See Note 7—Assets and Liabilities Held for Sale for intangible assets with definite lives classified as held for sale. |
ASSETS AND LIABILITIES HELD FOR
ASSETS AND LIABILITIES HELD FOR SALE | 3 Months Ended |
Mar. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
ASSETS AND LIABILITIES HELD FOR SALE | ASSETS AND LIABILITIES HELD FOR SALE In the fourth quarter of 2022, the Company approved a plan to sell its Ovation credit services business, an asset group associated with the Company's Consumer segment. The asset group was expected to be sold in 2023 to an unrelated third party and is classified, at its carrying value, as current assets held for sale and current liabilities held for sale in the consolidated balance sheet as of December 31, 2022. In the first quarter of 2023, the third party withdrew the letter of intent to purchase the asset group held for sale. The Company made the decision to close the Ovation credit services business. As a result, the Company recorded asset impairment charges of $4.2 million, of which $2.1 million related to intangible assets, $1.7 million related to property and equipment, and $0.4 million related to an operating lease right-of-use asset. The carrying value of the accounts receivable, prepaid and other assets, and other non-current assets previously held for sale, and the liabilities previously held for sale approximate their fair value and are no longer classified as assets and liabilities held for sale in the consolidated balance sheet as of March 31, 2023. The following table presents information related to the major classes of assets and liabilities that were classified as held for sale (in thousands) : December 31, 2022 Accounts receivable, net of allowance $ 1,353 Prepaid and other current assets 79 Property and equipment, net of accumulated depreciation of $1,102 1,665 Operating lease right-of-use assets 436 Intangible assets, net of accumulated amortization of $3,857 2,143 Other non-current assets 13 Total assets held for sale $ 5,689 Accounts payable, trade $ 253 Accrued expenses and other current liabilities 2,551 Operating lease liabilities 105 Total liabilities held for sale $ 2,909 |
ACCRUED EXPENSES AND OTHER CURR
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 3 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consist of the following (in thousands) : March 31, December 31, Accrued advertising expense $ 44,222 $ 37,703 Accrued compensation and benefits 9,398 11,444 Accrued professional fees 1,539 1,393 Customer deposits and escrows 7,253 7,273 Contribution to LendingTree Foundation — 500 Current lease liabilities 8,901 8,513 Accrued restructuring and severance 4,446 304 Other 9,070 7,965 Total accrued expenses and other current liabilities $ 84,829 $ 75,095 See Note 7—Assets and Liabilities Held for Sale for accrued expenses and other current liabilities classified as held for sale. |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
SHAREHOLDERS' EQUITY | SHAREHOLDERS' EQUITY Basic and diluted income per share was determined based on the following share data (in thousands) : Three Months Ended 2023 2022 Weighted average basic common shares 12,846 12,901 Effect of stock options 54 — Effect of dilutive share awards 35 — Weighted average diluted common shares 12,935 12,901 For the first quarter of 2023, the weighted average shares that were anti-dilutive, and therefore excluded from the calculation of diluted income per share, included options to purchase 1.0 million shares of common stock and 0.4 million restricted stock units. For the first quarter of 2022, the Company was in a net loss position and, as a result, no potentially dilutive securities were included in the denominator for computing diluted loss per share, because the impact would have been anti-dilutive. Accordingly, the weighted average basic shares outstanding was used to compute loss per share. Approximately 0.3 million shares related to potentially dilutive securities were excluded from the calculation of diluted loss per share for the first quarter of 2022 because their inclusion would have been anti-dilutive. For the first quarter of 2022, the weighted average shares that were anti-dilutive, and therefore excluded from the calculation of diluted income per share, included options to purchase 0.9 million shares of common stock and 0.2 million restricted stock units. The convertible notes and the warrants issued by the Company could be converted into the Company’s common stock, subject to certain contingencies. See Note 12—Debt for additional information. On January 1, 2022, the Company adopted ASU 2020-06 using the modified retrospective method. Following the adoption, the if-converted method is used for diluted net income per share calculation of our convertible notes. Prior to the adoption of ASU 2020-06 the dilutive impact of the convertible notes was calculated using the treasury stock method. See Note 2—Significant Accounting Policies for additional information. Approximately 1.2 million shares related to the potentially dilutive shares of the Company's common stock associated with the 0.50% Convertible Senior Notes due July 15, 2025 were excluded from the calculation of diluted loss per share for the first quarter of 2023 because their inclusion would have been anti-dilutive. Approximately 2.1 million shares related to the potentially dilutive shares of the Company's common stock associated with the 0.50% Convertible Senior Notes due July 15, 2025 and the 0.625% Convertible Senior Notes due June 1, 2022 were excluded from the calculation of diluted loss per share for the first quarter of 2022 because their inclusion would have been anti-dilutive. Shares of the Company's stock associated with the warrants issued by the Company in 2020 were excluded from the calculation of diluted loss per share for the first quarter of 2023, and shares of the Company's stock associated with the warrants issued by the Company in 2017 and 2020 were excluded from the calculation of diluted loss per share for the first quarter of 2022 as they were anti-dilutive since the strike price of the warrants was greater than the average market price of the Company's common stock during the relevant periods. Common Stock Repurchases In each of February 2018 and February 2019, the board of directors authorized and the Company announced the repurchase of up to $100.0 million and $150.0 million, respectively, of LendingTree's common stock. During the first quarter of 2023, the Company did not purchase shares of its common stock. During the first quarter of 2022, the Company purchased 379,895 shares of its common stock pursuant to this stock repurchase program. At March 31, 2023, approximately $96.7 million of the previous authorizations to repurchase common stock remain available. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION Non-cash compensation related to equity awards is included in the following line items in the accompanying consolidated statements of operations and comprehensive income (in thousands) : Three Months Ended 2023 2022 Cost of revenue $ 214 $ 393 Selling and marketing expense 1,744 2,039 General and administrative expense 7,343 9,600 Product development 1,902 1,965 Restructuring and severance 71 1,083 Total non-cash compensation $ 11,274 $ 15,080 Stock Options A summary of changes in outstanding stock options is as follows: Number of Options Weighted Weighted Aggregate Intrinsic Value (a) (per option) (in years) (in thousands) Options outstanding at January 1, 2023 805,079 $ 155.10 Granted — — Exercised — — Forfeited — — Expired (34,313) 239.93 Options outstanding at March 31, 2023 770,766 151.32 5.14 $ 171 Options exercisable at March 31, 2023 553,965 $ 134.08 3.92 $ 171 (a) The aggregate intrinsic value represents the total pre-tax intrinsic value (the difference between the Company's closing stock price of $26.66 on the last trading day of the quarter ended March 31, 2023 and the exercise price, multiplied by the number of shares covered by in-the-money options) that would have been received by the option holder had the option holder exercised these options on March 31, 2023. The intrinsic value changes based on the market value of the Company's common stock. Stock Options with Market Conditions A summary of changes in outstanding stock options with market conditions at target is as follows: Number of Options with Market Conditions Weighted Weighted Aggregate Intrinsic Value (a) (per option) (in years) (in thousands) Options outstanding at January 1, 2023 734,685 $ 230.79 Granted — — Exercised — — Forfeited — — Expired (16,247) 308.96 Options outstanding at March 31, 2023 718,438 229.02 5.43 $ — Options exercisable at March 31, 2023 481,669 $ 195.10 4.35 $ — (a) The aggregate intrinsic value represents the total pre-tax intrinsic value (the difference between the Company's closing stock price of $26.66 on the last trading day of the quarter ended March 31, 2023 and the exercise price, multiplied by the number of shares covered by in-the-money options) that would have been received by the option holder had the option holder exercised these options on March 31, 2023. The intrinsic value changes based on the market value of the Company's common stock. As of March 31, 2023, a maximum of 395,404 shares may be earned for achieving superior performance up to 167% of the remaining unvested target number of shares. As of March 31, 2023, no additional performance-based nonqualified stock options with a market condition had been earned. Restricted Stock Units A summary of changes in outstanding nonvested restricted stock units (“RSUs”) is as follows: RSUs Number of Units Weighted Average Grant Date Fair Value (per unit) Nonvested at January 1, 2023 485,053 $ 127.46 Granted 349,399 33.00 Vested (150,097) 155.46 Forfeited (11,427) 95.25 Nonvested at March 31, 2023 672,928 $ 72.68 Restricted Stock Units with Performance Conditions A summary of changes in outstanding nonvested RSUs with performance conditions is as follows: RSUs with Performance Conditions Number of Units Weighted Average Grant Date Fair Value (per unit) Nonvested at January 1, 2023 16,000 $ 83.25 Granted — — Vested — — Forfeited (16,000) 83.25 Nonvested at March 31, 2023 — $ — Employee Stock Purchase Plan In 2021, the Company implemented an employee stock purchase plan (“ESPP”), under which a total of 262,731 shares of the Company's common stock were reserved for issuance. As of March 31, 2023, 226,813 shares of common stock were available for issuance under the ESPP. The ESPP is a tax-qualified plan under Section 423 of the Internal Revenue Code. Under the terms of the ESPP, eligible employees are granted options to purchase shares of the Company's common stock at 85% of the lesser of (1) the fair market value at time of grant or (2) the fair market value at time of exercise. The offering periods and purchase periods are typically six-month periods ending on June 30 and December 31 of each year. No shares were issued under the ESPP during the three months ended March 31, 2023. During the three months ended March 31, 2023 and 2022, the Company granted employee stock purchase rights to certain employees with a grant date fair value per share of $8.19 and $35.43, respectively, calculated using the Black-Scholes option pricing model. For purposes of determining stock-based compensation expense, the grant date fair value per share estimated using the Black-Scholes option pricing model required the use of the following key assumptions: Three Months Ended 2023 2022 Expected term (1) 0.50 years 0.50 years Expected dividend (2) — — Expected volatility (3) 82 % 49% Risk-free interest rate (4) 4.76 % 0.19% (1) The expected term was calculated using the time period between the grant date and the purchase date. (2) No dividends are expected to be paid, resulting in a zero expected dividend rate. (3) The expected volatility rate is based on the historical volatility of the Company's common stock. (4) The risk-free interest rate is specific to the date of grant. The risk-free interest rate is based on U.S. Treasury yields for notes with comparable expected terms as the employee stock purchase rights, in effect at the grant date. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Three Months Ended 2023 2022 (in thousands, except percentages) Income tax expense $ (395) $ (382) Effective tax rate 2.9 % (3.7) % For the first quarter of 2023, the effective tax rate varied from the federal statutory rate of 21% primarily due to the change in the valuation allowance, net of the current period change in tax effected net indefinite-lived intangibles. For the first quarter of 2022, the effective tax rate varied from the federal statutory rate of 21% primarily due to excess tax expense of $2.5 million, resulting from vesting of restricted stock in accordance with ASU 2016-09 and the effect of state taxes. Three Months Ended 2023 2022 (in thousands) Income tax benefit - excluding excess tax expense on stock compensation $ (395) $ 2,086 Excess tax expense on stock compensation — (2,468) Income tax expense $ (395) $ (382) |
DEBT
DEBT | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Convertible Senior Notes 2025 Notes On July 24, 2020, the Company issued $575.0 million aggregate principal amount of its 0.50% Convertible Senior Notes due July 15, 2025 (the “2025 Notes”) in a private placement. The 2025 Notes bear interest at a rate of 0.50% per year, payable semi-annually on January 15 and July 15 of each year, beginning on January 15, 2021. The 2025 Notes will mature on July 15, 2025, unless earlier repurchased, redeemed or converted. The initial conversion rate of the 2025 Notes is 2.1683 shares of the Company's common stock per $1,000 principal amount of 2025 Notes (which is equivalent to an initial conversion price of approximately $461.19 per share). On March 8, 2023, the Company repurchased approximately $190.6 million in principal amount of its 2025 Notes, through individual privately-negotiated transactions with certain holders of the 2025 Notes, for $156.3 million in cash plus accrued and unpaid interest of approximately $0.1 million. In the first quarter of 2023, the Company recognized a gain on the extinguishment of debt of $34.3 million, a loss on the write-off of unamortized debt issuance costs of $2.4 million and incurred debt repayment costs of $1.0 million, all of which are included in interest income/expense, net in the consolidated statement of operations and comprehensive income. Holders of the 2025 Notes were not entitled to convert the 2025 Notes during the calendar quarter ended March 31, 2023 as the last reported sale price of the Company's common stock, for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on December 31, 2022, was not greater than or equal to 130% of the conversion price of the 2025 Notes on each applicable trading day. In the first three months of 2023, the Company recorded interest expense on the 2025 Notes of $1.4 million which consisted of $0.7 million associated with the 0.50% coupon rate and $0.7 million associated with the amortization of the debt issuance costs. In the first three months of 2022, the Company recorded interest expense on the 2025 Notes of $1.5 million which consisted of $0.7 million associated with the 0.50% coupon rate and $0.8 million associated with the amortization of the debt issuance costs. As of March 31, 2023, the fair value of the 2025 Notes is estimated to be approximately $286.7 million using the Level 1 observable input of the last quoted market price on March 31, 2023. A summary of the gross carrying amount, debt issuance costs, and net carrying value of the 2025 Notes, all of which is recorded as a non-current liability in the March 31, 2023 consolidated balance sheet, are as follows (in thousands) : March 31, December 31, Gross carrying amount $ 384,398 $ 575,000 Debt issuance costs 4,667 7,734 Net carrying amount $ 379,731 $ 567,266 2022 Notes In the first three months of 2022, the Company recorded interest expense on the 2022 Notes of $0.5 million which consisted of $0.3 million associated with the 0.625% coupon rate and $0.2 million associated with the amortization of the debt issuance costs. The 2022 Notes were fully settled in June 2022. Convertible Note Hedge and Warrant Transactions 2020 Hedge and Warrants On July 24, 2020, in connection with the issuance of the 2025 Notes, the Company entered into Convertible Note Hedge (the “2020 Hedge”) and warrant transactions with respect to the Company’s common stock. The 2020 Hedge transactions cover 1.2 million shares of the Company’s common stock, the same number of shares initially underlying the 2025 Notes, and are exercisable upon any conversion of the 2025 Notes. The 2020 Hedge transactions are expected generally to reduce the potential dilution to the Company's common stock upon conversion of the 2025 Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of the converted 2025 Notes, as the case may be, in the event that the market price per share of common stock, as measured under the terms of the 2020 Hedge transactions, is greater than the strike price of the 2020 Hedge transactions, which initially corresponds to the initial conversion price of the 2025 Notes, or approximately $461.19 per share of common stock. The 2020 Hedge transactions will expire upon the maturity of the Notes. On July 24, 2020, the Company sold to the counterparties, warrants (the “2020 Warrants”) to acquire 1.2 million shares of the Company's common stock at an initial strike price of $709.52 per share, which represents a premium of 100% over the last reported sale price of the common stock of $354.76 on July 21, 2020. If the market price per share of the common stock, as measured under the terms of the 2020 Warrants, exceeds the strike price of the 2020 Warrants, the 2020 Warrants could have a dilutive effect, unless the Company elects, subject to certain conditions, to settle the 2020 Warrants in cash. In connection with the March 8, 2023 repurchases of the 2025 Notes noted above, the Company entered into agreements with the counterparties for the 2020 Hedge and 2020 Warrants transactions to terminate a portion of these call spread transactions effective March 8, 2023 in notional amounts corresponding to the principal amount of the 2025 Notes repurchased. Subsequent to such termination, the outstanding portion of the 2020 Hedge covers 0.8 million shares of the Company's common stock and 2020 Warrants to acquire 0.8 million shares of the Company's common stock remain outstanding. Credit Facility On September 15, 2021, the Company entered into a credit agreement (the “Credit Agreement”), consisting of a $200.0 million revolving credit facility (the “Revolving Facility”), which matures on September 15, 2026, and a $250.0 million delayed draw term loan facility (the “Term Loan Facility” and together with the Revolving Facility, the “Credit Facility”), which matures on September 15, 2028. As of March 31, 2023, the Company had $248.1 million of borrowings outstanding under the Term Loan Facility bearing interest at the LIBO option rate of 8.6% and had no borrowings under the Revolving Facility. As of December 31, 2022, the Company had $248.8 million of borrowings outstanding under the Credit Facility and no borrowings under the Revolving Facility. As of March 31, 2023, borrowings of $2.5 million under the Term Loan Facility are recorded as current portion of long-term debt on the consolidated balance sheet. At each of March 31, 2023 and December 31, 2022, the Company had outstanding one letter of credit issued in the amount of $0.2 million. The Company was in compliance with all covenants at March 31, 2023. In the first three months of 2023, the Company recorded interest expense related to its Revolving Facility of $0.4 million which consisted of $0.2 million in unused commitment fees, and $0.2 million associated with the amortization of the debt issuance costs. In the first three months of 2023, the Company recorded interest expense related to the Term Loan Facility of $5.2 million associated with borrowings bearing interest at the LIBO rate. In the first three months of 2022, the Company recorded interest expense related to its revolving credit facilities of $0.4 million which consisted of $0.2 million in unused commitment fees, and $0.2 million associated with the amortization of the debt issuance costs. In the first three months of 2022, the Company recorded interest expense related to the Term Loan Facility of $5.1 million which consisted of $3.0 million in unused commitment fees, $1.2 million associated with the amortization of the debt issuance costs, and $0.9 million associated with the amortization of the original issue discount. |
CONTINGENCIES
CONTINGENCIES | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIES Overview LendingTree is involved in legal proceedings on an ongoing basis. In assessing the materiality of a legal proceeding, the Company evaluates, among other factors, the amount of monetary damages claimed, as well as the potential impact of non-monetary remedies sought by plaintiffs (e.g., injunctive relief) that may require it to change its business practices in a manner that could have a material and adverse impact on the Company's business. With respect to the matters disclosed in this Note 13, |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Other than the convertible notes and warrants, as well as the equity interests, the carrying amounts of the Company's financial instruments are equal to fair value at March 31, 2023. See |
SEGMENT INFORMATION
SEGMENT INFORMATION | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION The Company manages its business and reports its financial results through the following three operating and reportable segments: Home, Consumer, and Insurance. Characteristics which were relied upon in making the determination of the reportable segments include the nature of the products, the organization's internal structure, and the information that is regularly reviewed by the chief operating decision maker for the purpose of assessing performance and allocating resources. The Home segment includes the following products: purchase mortgage, refinance mortgage, and home equity loans and lines of credit. The Company ceased offering reverse mortgage loans in the fourth quarter of 2022. The Consumer segment includes the following products: credit cards, personal loans, small business loans, student loans, auto loans, deposit accounts, and other credit products such as credit repair and debt settlement. The Insurance segment consists of insurance quote products and sales of insurance policies in the agency businesses. The following tables are a reconciliation of segment profit, which is the Company's primary segment profitability measure, to income before income taxes. Segment marketing expense represents the portion of selling and marketing expense attributable to variable costs paid for advertising, direct marketing and related expenses, that are directly attributable to the segments' products. This measure excludes overhead, fixed costs and personnel-related expenses. Three Months Ended March 31, 2023 Home Consumer Insurance Other Total (in thousands) Revenue $ 43,675 $ 79,709 $ 77,082 $ 42 $ 200,508 Segment marketing expense 28,567 44,833 46,930 221 120,551 Segment profit (loss) 15,108 34,876 30,152 (179) 79,957 Cost of revenue 13,760 Brand and other marketing expense 16,560 General and administrative expense 36,683 Product development 14,655 Depreciation 4,795 Amortization of intangibles 2,049 Restructuring and severance 4,454 Litigation settlements and contingencies 12 Operating loss (13,011) Interest income, net 25,029 Other income 1,834 Income before income taxes $ 13,852 Three Months Ended March 31, 2022 Home Consumer Insurance Other Total (in thousands) Revenue $ 101,944 $ 101,068 $ 80,038 $ 128 $ 283,178 Segment marketing expense 66,035 58,561 58,935 183 183,714 Segment profit (loss) 35,909 42,507 21,103 (55) 99,464 Cost of revenue 15,561 Brand and other marketing expense 20,443 General and administrative expense 35,977 Product development 14,052 Depreciation 4,854 Amortization of intangibles 7,917 Restructuring and severance 3,625 Litigation settlements and contingencies (27) Operating loss (2,938) Interest expense, net (7,505) Other income (1) Loss before income taxes $ (10,444) |
RESTRUCTURING ACTIVITIES
RESTRUCTURING ACTIVITIES | 3 Months Ended |
Mar. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING ACTIVITIES | RESTRUCTURING ACTIVITIES On March 24, 2023, the Company committed to a workforce reduction plan (the “Reduction Plan”), that is intended to reduce operating costs. The Reduction Plan includes the elimination of approximately 158 employees, or 13%, of the Company’s current workforce. As a result of the Reduction Plan, the Company estimates that it will incur approximately $5.6 million in severance charges in connection with the workforce reduction, consisting of cash expenditures for employee separation costs of approximately $4.6 million and non-cash charges for the accelerated vesting of certain equity awards of approximately $1.0 million. The Company incurred restructuring expense of $4.3 million in the first quarter of 2023 and expects to incur an additional $1.3 million of restructuring expense in the second quarter of 2023 related to the Reduction Plan. The Reduction Plan, including cash payments, is expected to be completed by the end of the second quarter of 2024. During 2022, the Company completed workforce reductions in each of the first, second, and fourth quarters of approximately 75 employees, 25 employees, and 50 employees, respectively. In the first quarter of 2022, the Company incurred total expense of $3.6 million consisting of employee separation costs of $2.5 million and non-cash compensation expense of $1.1 million due to the accelerated vesting of certain equity awards. All employee separation costs for 2022 actions are expected to be paid by the third quarter of 2023. Accrued Balance at December 31, 2022 Income Statement Impact Payments Non-Cash Accrued Balance at March 31, 2023 2023 action Employee separation payments $ — $ 4,260 $ — $ — $ 4,260 Non-cash compensation — 71 — (71) — 2022 action Employee separation payments 304 25 $ (237) — 92 $ 304 $ 4,356 $ (237) $ (71) $ 4,352 |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Accounting Estimates | Accounting Estimates Management is required to make certain estimates and assumptions during the preparation of the consolidated financial statements in accordance with GAAP. These estimates and assumptions impact the reported amount of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements. They also impact the reported amount of net earnings during any period. Actual results could differ from those estimates. Significant estimates underlying the accompanying consolidated financial statements include: the recoverability of long-lived assets, goodwill and intangible assets; the determination of income taxes payable and deferred income taxes, including related valuation allowances; fair value of assets acquired in a business combination; litigation accruals; contract assets; various other allowances, reserves and accruals; assumptions related to the determination of stock-based compensation; and the determination of right-of-use assets and lease liabilities. The Company considered the impact of the current economic conditions, including interest rates, inflation, and the COVID-19 pandemic on the assumptions and estimates used when preparing its consolidated financial statements including, but not limited to, the allowance for doubtful accounts, valuation allowances, contract asset, and the recoverability of long-lived assets, goodwill and intangible assets. These assumptions and estimates may change as new events occur and additional |
Certain Risks and Concentrations | Certain Risks and Concentrations LendingTree's business is subject to certain risks and concentrations including dependence on third-party technology providers, exposure to risks associated with online commerce security and credit card fraud. Financial instruments, which potentially subject the Company to concentration of credit risk at March 31, 2023, consist primarily of cash and cash equivalents and accounts receivable, as disclosed in the consolidated balance sheet. Cash and cash equivalents are in excess of Federal Deposit Insurance Corporation insurance limits, but are maintained with quality financial institutions of high credit. The Company requires certain Network Partners to maintain security deposits with the Company, which in the event of non-payment, would be applied against any accounts receivable outstanding. Due to the nature of the mortgage lending industry, interest rate fluctuations may negatively impact future revenue from the Company's marketplace. Lenders and lead purchasers participating on the Company's marketplace can offer their products directly to consumers through brokers, mass marketing campaigns or through other traditional methods of credit distribution. These lenders and lead purchasers can also offer their products online, either directly to prospective borrowers, through one or more online competitors, or both. If a significant number of potential consumers are able to obtain loans and other products from Network Partners without utilizing the Company's services, the Company's ability to generate revenue may be limited. Because the Company does not have exclusive relationships with the Network Partners whose loans and other financial products are offered on its online marketplace, consumers may obtain offers from these Network Partners without using its service. Other than a support services office in India, the Company's operations are geographically limited to and dependent upon the economic condition of the United States. |
Litigation Settlements and Contingencies | Litigation Settlements and Contingencies Litigation settlements and contingencies consists of expenses related to actual or anticipated litigation settlements. |
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, which simplifies the accounting for convertible instruments, amends the derivatives scope exception guidance for contracts in an entity’s own equity, and amends the related earnings-per-share guidance. Under the new guidance, the embedded conversion features are no longer separated from the host contract for convertible instruments with conversion features that are not required to be accounted for as derivatives under Topic 815, or that do not result in substantial premiums accounted for as paid-in capital. As a result, a convertible debt instrument will be accounted for as a single liability measured at its amortized cost, as long as no other features require bifurcation and recognition as derivatives. Additionally, the new guidance requires the if-converted method to be applied for all convertible instruments when calculating diluted earnings per share. The Company adopted ASU 2020-06 on January 1, 2022 using the modified retrospective transition approach and recognized the cumulative effect of initially applying ASU 2020-06 as a $44.4 million adjustment to the opening balance of accumulated deficit, comprised of $60.8 million for the interest adjustment, net of $16.4 million for the related tax impacts. The recombination of the equity conversion component of our convertible debt remaining outstanding caused a reduction in additional paid-in capital and an increase in deferred income tax assets. The removal of the remaining debt discounts recorded for this previous separation had the effect of increasing our net debt balance. ASU 2020-06 also requires the dilutive impact of convertible debt instruments to utilize the if-converted method when calculating diluted earnings per share and the result is more dilutive. The adoption of ASU 2020-06 did not impact our cash flows or compliance with debt covenants. Recently Issued Accounting Pronouncements The Company has considered the applicability of recently issued accounting pronouncements by the Financial Accounting Standards Board and have determined that they are either not applicable or are not expected to have a material impact on our consolidated financial statements. |
REVENUE (Tables)
REVENUE (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Revenue is as follows (in thousands) : Three Months Ended 2023 2022 Home $ 43,675 $ 101,944 Credit cards 18,288 29,822 Personal loans 23,599 35,210 Other Consumer 37,822 36,036 Total Consumer 79,709 101,068 Insurance 77,082 80,038 Other 42 128 Total revenue $ 200,508 $ 283,178 |
CASH AND RESTRICTED CASH (Table
CASH AND RESTRICTED CASH (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | Total cash, cash equivalents, restricted cash and restricted cash equivalents consist of the following (in thousands) : March 31, December 31, Cash and cash equivalents $ 150,074 $ 298,845 Restricted cash and cash equivalents 34 124 Total cash, cash equivalents, restricted cash and restricted cash equivalents $ 150,108 $ 298,969 |
Schedule of Cash and Cash Equivalents | Total cash, cash equivalents, restricted cash and restricted cash equivalents consist of the following (in thousands) : March 31, December 31, Cash and cash equivalents $ 150,074 $ 298,845 Restricted cash and cash equivalents 34 124 Total cash, cash equivalents, restricted cash and restricted cash equivalents $ 150,108 $ 298,969 |
ALLOWANCE FOR DOUBTFUL ACCOUN_2
ALLOWANCE FOR DOUBTFUL ACCOUNTS (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Credit Loss [Abstract] | |
Reconciliation of Allowance For Doubtful Accounts | A reconciliation of the beginning and ending balances of the allowance for doubtful accounts is as follows (in thousands) : Three Months Ended 2023 2022 Balance, beginning of the period $ 2,317 $ 1,456 Charges to earnings 963 850 Write-off of uncollectible accounts receivable (963) (503) Recoveries collected — — Assets held for sale (Note 7) 371 — Balance, end of the period $ 2,688 $ 1,803 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Balance of Goodwill, Net and Intangible Assets, Net | The balance of goodwill, net and intangible assets, net is as follows (in thousands) : March 31, December 31, Goodwill $ 903,227 $ 903,227 Accumulated impairment losses (483,088) (483,088) Net goodwill $ 420,139 $ 420,139 Intangible assets with indefinite lives $ 10,142 $ 10,142 Intangible assets with definite lives, net 46,124 48,173 Total intangible assets, net $ 56,266 $ 58,315 |
Schedule of Intangible Assets with Definite Lives | Intangible assets with definite lives relate to the following (in thousands) : Cost Accumulated Net Customer lists 77,300 (32,303) 44,997 Trademarks and tradenames 9,100 (7,973) 1,127 Balance at March 31, 2023 $ 86,400 $ (40,276) $ 46,124 Cost Accumulated Net Customer lists $ 77,300 $ (30,775) $ 46,525 Trademarks and tradenames 10,100 (8,452) 1,648 Balance at December 31, 2022 $ 87,400 $ (39,227) $ 48,173 |
Schedule of Amortization of Intangible Assets with Definite Lives | Amortization of intangible assets with definite lives is computed on a straight-line basis and, based on balances as of March 31, 2023, future amortization is estimated to be as follows (in thousands) : Amortization Expense Remainder of current year $ 5,646 Year ending December 31, 2024 5,889 Year ending December 31, 2025 5,830 Year ending December 31, 2026 5,504 Year ending December 31, 2027 5,198 Thereafter 18,057 Total intangible assets with definite lives, net $ 46,124 |
ASSETS AND LIABILITIES HELD F_2
ASSETS AND LIABILITIES HELD FOR SALE (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets and Liabilities Classified As Held For Sale | The following table presents information related to the major classes of assets and liabilities that were classified as held for sale (in thousands) : December 31, 2022 Accounts receivable, net of allowance $ 1,353 Prepaid and other current assets 79 Property and equipment, net of accumulated depreciation of $1,102 1,665 Operating lease right-of-use assets 436 Intangible assets, net of accumulated amortization of $3,857 2,143 Other non-current assets 13 Total assets held for sale $ 5,689 Accounts payable, trade $ 253 Accrued expenses and other current liabilities 2,551 Operating lease liabilities 105 Total liabilities held for sale $ 2,909 |
ACCRUED EXPENSES AND OTHER CU_2
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following (in thousands) : March 31, December 31, Accrued advertising expense $ 44,222 $ 37,703 Accrued compensation and benefits 9,398 11,444 Accrued professional fees 1,539 1,393 Customer deposits and escrows 7,253 7,273 Contribution to LendingTree Foundation — 500 Current lease liabilities 8,901 8,513 Accrued restructuring and severance 4,446 304 Other 9,070 7,965 Total accrued expenses and other current liabilities $ 84,829 $ 75,095 |
SHAREHOLDERS' EQUITY (Tables)
SHAREHOLDERS' EQUITY (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Income per Share | Basic and diluted income per share was determined based on the following share data (in thousands) : Three Months Ended 2023 2022 Weighted average basic common shares 12,846 12,901 Effect of stock options 54 — Effect of dilutive share awards 35 — Weighted average diluted common shares 12,935 12,901 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Non-cash Compensation Related to Equity Awards | Non-cash compensation related to equity awards is included in the following line items in the accompanying consolidated statements of operations and comprehensive income (in thousands) : Three Months Ended 2023 2022 Cost of revenue $ 214 $ 393 Selling and marketing expense 1,744 2,039 General and administrative expense 7,343 9,600 Product development 1,902 1,965 Restructuring and severance 71 1,083 Total non-cash compensation $ 11,274 $ 15,080 |
Summary of Changes in Outstanding Stock Options | A summary of changes in outstanding stock options is as follows: Number of Options Weighted Weighted Aggregate Intrinsic Value (a) (per option) (in years) (in thousands) Options outstanding at January 1, 2023 805,079 $ 155.10 Granted — — Exercised — — Forfeited — — Expired (34,313) 239.93 Options outstanding at March 31, 2023 770,766 151.32 5.14 $ 171 Options exercisable at March 31, 2023 553,965 $ 134.08 3.92 $ 171 |
Summary of Changes in Outstanding Stock Options with Market Conditions | A summary of changes in outstanding stock options with market conditions at target is as follows: Number of Options with Market Conditions Weighted Weighted Aggregate Intrinsic Value (a) (per option) (in years) (in thousands) Options outstanding at January 1, 2023 734,685 $ 230.79 Granted — — Exercised — — Forfeited — — Expired (16,247) 308.96 Options outstanding at March 31, 2023 718,438 229.02 5.43 $ — Options exercisable at March 31, 2023 481,669 $ 195.10 4.35 $ — (a) The aggregate intrinsic value represents the total pre-tax intrinsic value (the difference between the Company's closing stock price of $26.66 on the last trading day of the quarter ended March 31, 2023 and the exercise price, multiplied by the number of shares covered by in-the-money options) that would have been received by the option holder had the option holder exercised these options on March 31, 2023. The intrinsic value changes based on the market value of the Company's common stock. |
Summary of Changes in Outstanding Nonvested RSUs with Performance Conditions and Nonvested RSAs with Market Conditions | A summary of changes in outstanding nonvested restricted stock units (“RSUs”) is as follows: RSUs Number of Units Weighted Average Grant Date Fair Value (per unit) Nonvested at January 1, 2023 485,053 $ 127.46 Granted 349,399 33.00 Vested (150,097) 155.46 Forfeited (11,427) 95.25 Nonvested at March 31, 2023 672,928 $ 72.68 A summary of changes in outstanding nonvested RSUs with performance conditions is as follows: RSUs with Performance Conditions Number of Units Weighted Average Grant Date Fair Value (per unit) Nonvested at January 1, 2023 16,000 $ 83.25 Granted — — Vested — — Forfeited (16,000) 83.25 Nonvested at March 31, 2023 — $ — |
Summary of Employee Stock Purchase Plan Valuation Assumptions | For purposes of determining stock-based compensation expense, the grant date fair value per share estimated using the Black-Scholes option pricing model required the use of the following key assumptions: Three Months Ended 2023 2022 Expected term (1) 0.50 years 0.50 years Expected dividend (2) — — Expected volatility (3) 82 % 49% Risk-free interest rate (4) 4.76 % 0.19% (1) The expected term was calculated using the time period between the grant date and the purchase date. (2) No dividends are expected to be paid, resulting in a zero expected dividend rate. (3) The expected volatility rate is based on the historical volatility of the Company's common stock. (4) The risk-free interest rate is specific to the date of grant. The risk-free interest rate is based on U.S. Treasury yields for notes with comparable expected terms as the employee stock purchase rights, in effect at the grant date. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax (Expense) Benefit and Effective Tax Rate | Three Months Ended 2023 2022 (in thousands, except percentages) Income tax expense $ (395) $ (382) Effective tax rate 2.9 % (3.7) % |
Reconciliation of Income Tax (Expense) Benefit | Three Months Ended 2023 2022 (in thousands) Income tax benefit - excluding excess tax expense on stock compensation $ (395) $ 2,086 Excess tax expense on stock compensation — (2,468) Income tax expense $ (395) $ (382) |
DEBT (Table)
DEBT (Table) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Component of the Notes | A summary of the gross carrying amount, debt issuance costs, and net carrying value of the 2025 Notes, all of which is recorded as a non-current liability in the March 31, 2023 consolidated balance sheet, are as follows (in thousands) : March 31, December 31, Gross carrying amount $ 384,398 $ 575,000 Debt issuance costs 4,667 7,734 Net carrying amount $ 379,731 $ 567,266 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | The following tables are a reconciliation of segment profit, which is the Company's primary segment profitability measure, to income before income taxes. Segment marketing expense represents the portion of selling and marketing expense attributable to variable costs paid for advertising, direct marketing and related expenses, that are directly attributable to the segments' products. This measure excludes overhead, fixed costs and personnel-related expenses. Three Months Ended March 31, 2023 Home Consumer Insurance Other Total (in thousands) Revenue $ 43,675 $ 79,709 $ 77,082 $ 42 $ 200,508 Segment marketing expense 28,567 44,833 46,930 221 120,551 Segment profit (loss) 15,108 34,876 30,152 (179) 79,957 Cost of revenue 13,760 Brand and other marketing expense 16,560 General and administrative expense 36,683 Product development 14,655 Depreciation 4,795 Amortization of intangibles 2,049 Restructuring and severance 4,454 Litigation settlements and contingencies 12 Operating loss (13,011) Interest income, net 25,029 Other income 1,834 Income before income taxes $ 13,852 Three Months Ended March 31, 2022 Home Consumer Insurance Other Total (in thousands) Revenue $ 101,944 $ 101,068 $ 80,038 $ 128 $ 283,178 Segment marketing expense 66,035 58,561 58,935 183 183,714 Segment profit (loss) 35,909 42,507 21,103 (55) 99,464 Cost of revenue 15,561 Brand and other marketing expense 20,443 General and administrative expense 35,977 Product development 14,052 Depreciation 4,854 Amortization of intangibles 7,917 Restructuring and severance 3,625 Litigation settlements and contingencies (27) Operating loss (2,938) Interest expense, net (7,505) Other income (1) Loss before income taxes $ (10,444) |
RESTRUCTURING ACTIVITIES (Table
RESTRUCTURING ACTIVITIES (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Rollforward of Accrued Balance for Restructuring Activities | Accrued Balance at December 31, 2022 Income Statement Impact Payments Non-Cash Accrued Balance at March 31, 2023 2023 action Employee separation payments $ — $ 4,260 $ — $ — $ 4,260 Non-cash compensation — 71 — (71) — 2022 action Employee separation payments 304 25 $ (237) — 92 $ 304 $ 4,356 $ (237) $ (71) $ 4,352 |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Total shareholders' equity | $ 230,979 | $ 207,940 | $ 340,848 | $ 447,992 | |
Accumulated Deficit | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Total shareholders' equity | $ (701,842) | $ (715,299) | $ (538,173) | $ 44,400 | $ (571,794) |
Interest adjustment due to ASU 2020-06 adoption | 60,800 | ||||
Tax impacts due to ASU 2020-06 adoption | $ 16,400 |
REVENUE - Disaggregation of Rev
REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 200,508 | $ 283,178 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 42 | 128 |
Home | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 43,675 | 101,944 |
Credit cards | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 18,288 | 29,822 |
Personal loans | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 23,599 | 35,210 |
Other Consumer | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 37,822 | 36,036 |
Total Consumer | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 79,709 | 101,068 |
Insurance | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 77,082 | $ 80,038 |
REVENUE - Narrative (Details)
REVENUE - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |||
Contract asset | $ 13.4 | $ 12.2 | |
Contract liability | 1 | $ 0.9 | |
Revenue recognized from prior period | 0.8 | $ 0.7 | |
Estimated variable consideration, increase in revenue | $ 0.2 | $ 0.2 |
CASH AND RESTRICTED CASH (Detai
CASH AND RESTRICTED CASH (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 150,074 | $ 298,845 | ||
Restricted cash and cash equivalents | 34 | 124 | ||
Total cash, cash equivalents, restricted cash and restricted cash equivalents | $ 150,108 | $ 298,969 | $ 196,778 | $ 251,342 |
ALLOWANCE FOR DOUBTFUL ACCOUN_3
ALLOWANCE FOR DOUBTFUL ACCOUNTS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance, beginning of the period | $ 2,317 | $ 1,456 |
Charges to earnings | 963 | 850 |
Write-off of uncollectible accounts receivable | (963) | (503) |
Recoveries collected | 0 | 0 |
Assets held for sale (Note 7) | 371 | 0 |
Balance, end of the period | $ 2,688 | $ 1,803 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS - Schedule of Balance of Goodwill, Net and Intangible Assets, Net (Details ) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 903,227 | $ 903,227 |
Accumulated impairment losses | (483,088) | (483,088) |
Net goodwill | 420,139 | 420,139 |
Intangible assets with indefinite lives | 10,142 | 10,142 |
Intangible assets with definite lives, net | 46,124 | 48,173 |
Total intangible assets, net | $ 56,266 | $ 58,315 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) | Jun. 30, 2022 | Mar. 31, 2023 | Dec. 31, 2022 |
Intangible assets with definite lives | |||
Goodwill | $ 903,227,000 | $ 903,227,000 | |
Goodwill impairment | $ 0 | ||
Home | |||
Intangible assets with definite lives | |||
Goodwill | 59,300,000 | 59,300,000 | |
Total Consumer | |||
Intangible assets with definite lives | |||
Goodwill | 166,100,000 | 166,100,000 | |
Insurance | |||
Intangible assets with definite lives | |||
Goodwill | $ 194,700,000 | $ 194,700,000 |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS - Schedule of Intangible Assets with Definite Lives (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Intangible assets with definite lives | ||
Cost | $ 86,400 | $ 87,400 |
Accumulated Amortization | (40,276) | (39,227) |
Total intangible assets with definite lives, net | 46,124 | 48,173 |
Customer lists | ||
Intangible assets with definite lives | ||
Cost | 77,300 | 77,300 |
Accumulated Amortization | (32,303) | (30,775) |
Total intangible assets with definite lives, net | 44,997 | 46,525 |
Trademarks and tradenames | ||
Intangible assets with definite lives | ||
Cost | 9,100 | 10,100 |
Accumulated Amortization | (7,973) | (8,452) |
Total intangible assets with definite lives, net | $ 1,127 | $ 1,648 |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS - Schedule of Amortization of Intangible Assets with Definite Lives (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Amortization of intangible assets with definite lives computed on a straight-line basis | ||
Remainder of current year | $ 5,646 | |
2024 | 5,889 | |
2025 | 5,830 | |
2026 | 5,504 | |
2027 | 5,198 | |
Thereafter | 18,057 | |
Total intangible assets with definite lives, net | $ 46,124 | $ 48,173 |
ASSETS AND LIABILITIES HELD F_3
ASSETS AND LIABILITIES HELD FOR SALE - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Discontinued Operations and Disposal Groups [Abstract] | |
Asset impairment charges | $ 4.2 |
Intangible asset impairment charges | 2.1 |
Property and equipment impairment charges | 1.7 |
Operating lease right-of-use asset impairment charges | $ 0.4 |
ASSETS AND LIABILITIES HELD F_4
ASSETS AND LIABILITIES HELD FOR SALE - Assets and Liabilities Classified As Held For Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Total liabilities held for sale | $ 0 | $ 2,909 |
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Total Consumer | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Accounts receivable, net of allowance | 1,353 | |
Prepaid and other current assets | 79 | |
Property and equipment, net of accumulated depreciation of $1,102 | 1,665 | |
Operating lease right-of-use assets | 436 | |
Intangible assets, net of accumulated amortization of $3,857 | 2,143 | |
Other non-current assets | 13 | |
Total assets held for sale | 5,689 | |
Accounts payable, trade | 253 | |
Accrued expenses and other current liabilities | 2,551 | |
Operating lease liabilities | 105 | |
Total liabilities held for sale | 2,909 | |
Accumulated depreciation | 1,102 | |
Accumulated amortization | $ 3,857 |
ACCRUED EXPENSES AND OTHER CU_3
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accrued expenses and other current liabilities | ||
Accrued advertising expense | $ 44,222 | $ 37,703 |
Accrued compensation and benefits | 9,398 | 11,444 |
Accrued professional fees | 1,539 | 1,393 |
Customer deposits and escrows | 7,253 | 7,273 |
Contribution to LendingTree Foundation | 0 | 500 |
Current lease liabilities | 8,901 | 8,513 |
Accrued restructuring and severance | 4,446 | 304 |
Other | 9,070 | 7,965 |
Total accrued expenses and other current liabilities | $ 84,829 | $ 75,095 |
SHAREHOLDERS' EQUITY (Details)
SHAREHOLDERS' EQUITY (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | Jul. 24, 2020 | Feb. 28, 2019 | Feb. 28, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Weighted average basic common shares (in shares) | 12,846,000 | 12,901,000 | |||
Effect of stock options (in shares) | 54,000 | 0 | |||
Effect of dilutive share awards (in shares) | 35,000 | 0 | |||
Weighted average diluted common shares (in shares) | 12,935,000 | 12,901,000 | |||
Additional disclosure | |||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 300,000 | ||||
Common stock repurchases | |||||
Value of common stock authorized to be repurchased | $ 150 | $ 100 | |||
Purchased shares of common stock under stock repurchase program (in shares) | 0 | 379,895 | |||
Remaining authorized repurchase amount | $ 96.7 | ||||
2025 Convertible Notes | |||||
Additional disclosure | |||||
Stated interest rate | 0.50% | ||||
2025 Convertible Notes | Convertible Debt | |||||
Additional disclosure | |||||
Stated interest rate | 0.50% | 0.50% | |||
2022 Convertible Notes | Convertible Debt | |||||
Additional disclosure | |||||
Stated interest rate | 0.625% | ||||
Option | |||||
Additional disclosure | |||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 1,000,000 | 900,000 | |||
Restricted Stock Units (RSUs) | |||||
Additional disclosure | |||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 400,000 | 200,000 | |||
Convertible Debt | |||||
Additional disclosure | |||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 1,200,000 | 2,100,000 |
STOCK-BASED COMPENSATION - Sche
STOCK-BASED COMPENSATION - Schedule of Non-cash Compensation Related to Equity Awards (Details ) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total non-cash compensation | $ 11,274 | $ 15,080 |
Cost of revenue | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total non-cash compensation | 214 | 393 |
Selling and marketing expense | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total non-cash compensation | 1,744 | 2,039 |
General and administrative expense | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total non-cash compensation | 7,343 | 9,600 |
Product development | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total non-cash compensation | 1,902 | 1,965 |
Restructuring and severance | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total non-cash compensation | $ 71 | $ 1,083 |
STOCK-BASED COMPENSATION - Summ
STOCK-BASED COMPENSATION - Summary of Stock Options and Stock Options with Market Conditions (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) $ / shares shares | |
Stock options, Grant Date Fair Value Valuation | |
Share price (in dollars per share) | $ / shares | $ 26.66 |
Option | |
Stock options, Shares | |
Outstanding at the beginning of the period (in shares) | 805,079 |
Granted (in shares) | 0 |
Exercised (in shares) | 0 |
Forfeited (in shares) | 0 |
Expired (in shares) | (34,313) |
Outstanding at the end of the period (in shares) | 770,766 |
Options exercisable at the end of the period (in shares) | 553,965 |
Stock options, Weighted Average Exercise Price | |
Outstanding at the beginning of the period (in dollars per share) | $ / shares | $ 155.10 |
Granted (in dollars per share) | $ / shares | 0 |
Exercised (in dollars per share) | $ / shares | 0 |
Forfeited (in dollars per share) | $ / shares | 0 |
Expired (in dollars per share) | $ / shares | 239.93 |
Outstanding at the end of the period (in dollars per share) | $ / shares | 151.32 |
Options exercisable at the end of the period (in dollars per share) | $ / shares | $ 134.08 |
Stock options, Weighted Average Remaining Contractual Term | |
Options outstanding at the end of the period (in years) | 5 years 1 month 20 days |
Options exercisable at the end of the period (in years) | 3 years 11 months 1 day |
Stock options, Aggregate Intrinsic Value | |
Outstanding at the end of the period | $ | $ 171 |
Options exercisable at the end of the period | $ | $ 171 |
Market options | |
Stock options, Shares | |
Outstanding at the beginning of the period (in shares) | 734,685 |
Granted (in shares) | 0 |
Exercised (in shares) | 0 |
Forfeited (in shares) | 0 |
Expired (in shares) | (16,247) |
Outstanding at the end of the period (in shares) | 718,438 |
Options exercisable at the end of the period (in shares) | 481,669 |
Stock options, Weighted Average Exercise Price | |
Outstanding at the beginning of the period (in dollars per share) | $ / shares | $ 230.79 |
Granted (in dollars per share) | $ / shares | 0 |
Exercised (in dollars per share) | $ / shares | 0 |
Forfeited (in dollars per share) | $ / shares | 0 |
Expired (in dollars per share) | $ / shares | 308.96 |
Outstanding at the end of the period (in dollars per share) | $ / shares | 229.02 |
Options exercisable at the end of the period (in dollars per share) | $ / shares | $ 195.10 |
Stock options, Weighted Average Remaining Contractual Term | |
Options outstanding at the end of the period (in years) | 5 years 5 months 4 days |
Options exercisable at the end of the period (in years) | 4 years 4 months 6 days |
Stock options, Aggregate Intrinsic Value | |
Outstanding at the end of the period | $ | $ 0 |
Options exercisable at the end of the period | $ | $ 0 |
Stock options, Grant Date Fair Value Valuation | |
Maximum number of shared to be earned | 395,404 |
Percentage of target number of shares | 167% |
Performance awards earned (in shares) | 0 |
STOCK-BASED COMPENSATION - Su_2
STOCK-BASED COMPENSATION - Summary of RSA & RSU (Details) | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Restricted Stock Units (RSUs) | |
Nonvested RSUs and Restricted Stock Units, Number of Shares | |
Nonvested at the beginning of the period (in shares) | shares | 485,053 |
Granted (in shares) | shares | 349,399 |
Vested (in shares) | shares | (150,097) |
Forfeited (in shares) | shares | (11,427) |
Nonvested at the end of the period (in shares) | shares | 672,928 |
Nonvested RSUs and Restricted Stock Units,, Weighted Average Grant Date Fair Value | |
Nonvested at the beginning of the period (in dollars per share) | $ / shares | $ 127.46 |
Granted (in dollars per share) | $ / shares | 33 |
Vested (in dollars per share) | $ / shares | 155.46 |
Forfeited (in dollars per share) | $ / shares | 95.25 |
Nonvested at the end of the period (in dollars per share) | $ / shares | $ 72.68 |
Restricted Stock Units with Performance Conditions | |
Nonvested RSUs and Restricted Stock Units, Number of Shares | |
Nonvested at the beginning of the period (in shares) | shares | 16,000 |
Granted (in shares) | shares | 0 |
Vested (in shares) | shares | 0 |
Forfeited (in shares) | shares | (16,000) |
Nonvested at the end of the period (in shares) | shares | 0 |
Nonvested RSUs and Restricted Stock Units,, Weighted Average Grant Date Fair Value | |
Nonvested at the beginning of the period (in dollars per share) | $ / shares | $ 83.25 |
Granted (in dollars per share) | $ / shares | 0 |
Vested (in dollars per share) | $ / shares | 0 |
Forfeited (in dollars per share) | $ / shares | 83.25 |
Nonvested at the end of the period (in dollars per share) | $ / shares | $ 0 |
STOCK-BASED COMPENSATION - Empl
STOCK-BASED COMPENSATION - Employee Stock Purchase Plan (Details) - Employee Stock - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock reserved for issuance (in shares) | 226,813 | 262,731 | |
Purchase price of common stock, percent | 85% | ||
Offering period (in months) | 6 months | ||
Purchase period (in months) | 6 months | ||
Shares issued under ESPP (in shares) | 0 | ||
Grant date fair value (in dollars per share) | $ 8.19 | $ 35.43 | |
Expected term (in years) | 6 months | 6 months | |
Expected dividend | 0% | 0% | |
Expected volatility | 82% | 49% | |
Risk-free interest rate | 4.76% | 0.19% | |
Expected dividends | $ 0 |
INCOME TAXES - Summary of Incom
INCOME TAXES - Summary of Income Tax Expense and Effective Tax Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense | $ (395) | $ (382) |
Effective tax rate | 2.90% | (3.70%) |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Federal statutory income tax rate | 21% | 21% |
Excess tax expense on stock compensation | $ 0 | $ 2,468 |
INCOME TAXES - Reconciliation o
INCOME TAXES - Reconciliation of Income Tax (Expense) Benefit (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Income tax benefit - excluding excess tax expense on stock compensation | $ (395) | $ 2,086 |
Excess tax expense on stock compensation | 0 | (2,468) |
Income tax expense | $ (395) | $ (382) |
DEBT - Convertible Senior Notes
DEBT - Convertible Senior Notes Narrative (Details) | 3 Months Ended | |||
Jul. 24, 2020 USD ($) day $ / shares Rate shares | Mar. 31, 2023 USD ($) Rate | Mar. 31, 2022 USD ($) | Mar. 08, 2023 USD ($) | |
Debt Instrument [Line Items] | ||||
Gain on extinguishment of debt | $ 34,308,000 | $ 0 | ||
Write-off of previously-capitalized debt issuance costs | 2,373,000 | 0 | ||
Amortization of debt issuance costs | $ 1,959,000 | 2,467,000 | ||
2025 Convertible Notes | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | Rate | 0.50% | |||
Initial conversion rate, shares per $1,000 principal amount of notes | shares | 2.1683 | |||
Initial conversion price per share (in dollars per share) | $ / shares | $ 461.19 | |||
Debt repurchase amount | $ 190,600,000 | |||
Fair value of debt repurchased | 156,300,000 | |||
Debt repurchased amount, accrued interest | $ 100,000 | |||
Gain on extinguishment of debt | $ 34,300,000 | |||
Write-off of previously-capitalized debt issuance costs | 2,400,000 | |||
Debt prepayment costs | 1,000,000 | |||
Threshold trading days | day | 20 | |||
Threshold consecutive trading days | day | 30 | |||
Conversion rate, sales price of common stock as a percentage of the conversion price | Rate | 130% | |||
Interest expense | 1,400,000 | 1,500,000 | ||
Interest expense recognized associated with the coupon rate | 700,000 | 700,000 | ||
Annual interest rate on convertible senior notes | 0.50% | |||
Amortization of debt issuance costs | $ 700,000 | 800,000 | ||
2025 Convertible Notes | Convertible Debt | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount | $ 575,000,000 | |||
Stated interest rate | 0.50% | 0.50% | ||
Fair value | $ 286,700,000 | |||
2022 Convertible Notes | ||||
Debt Instrument [Line Items] | ||||
Interest expense | 500,000 | |||
Interest expense recognized associated with the coupon rate | 300,000 | |||
Annual interest rate on convertible senior notes | 0.625% | |||
Amortization of debt issuance costs | $ 200,000 | |||
2022 Convertible Notes | Convertible Debt | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 0.625% |
DEBT - Components of Notes (Det
DEBT - Components of Notes (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Net carrying amount | $ 625,356 | $ 813,516 |
2025 Convertible Notes | ||
Debt Instrument [Line Items] | ||
Gross carrying amount | 384,398 | 575,000 |
Debt issuance costs | 4,667 | 7,734 |
Net carrying amount | $ 379,731 | $ 567,266 |
DEBT - Convertible Note Hedge a
DEBT - Convertible Note Hedge and Warrant Transactions (Details) - $ / shares shares in Millions | Mar. 31, 2023 | Jul. 24, 2020 | Jul. 21, 2020 |
Debt Instrument [Line Items] | |||
Share price (in dollars per share) | $ 26.66 | ||
2020 Hedge and Warrants | |||
Debt Instrument [Line Items] | |||
Number of shares covered by the hedge transactions | 0.8 | 1.2 | |
Initial conversion price per share (in dollars per share) | $ 461.19 | ||
Strike price of warrants sold (in dollars per share) | $ 709.52 | ||
Premium of warrant strike price over sales price of common stock | 100% | ||
Share price (in dollars per share) | $ 354.76 | ||
Warrants outstanding (in shares) | 0.8 |
DEBT - Credit Facility (Details
DEBT - Credit Facility (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Sep. 15, 2021 | |
Line of Credit Facility [Line Items] | ||||
Current portion of long-term debt | $ 2,500,000 | $ 2,500,000 | ||
Letters of credit outstanding | 200,000 | 200,000 | ||
Amortization of debt issuance costs | 1,959,000 | $ 2,467,000 | ||
Amortization of debt discount | 0 | 879,000 | ||
Credit Agreement | Revolving Credit Facility | Line of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | $ 200,000,000 | |||
Interest expense | 400,000 | 400,000 | ||
Unused commitment fees | 200,000 | 200,000 | ||
Amortization of debt issuance costs | 200,000 | 200,000 | ||
Credit Agreement | Delayed Draw Term Loan | Line of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | $ 250,000,000 | |||
Line of credit outstanding | 248,100,000 | 248,800,000 | ||
Current portion of long-term debt | 2,500,000 | |||
Interest expense | $ 5,200,000 | 5,100,000 | ||
Unused commitment fees | 3,000,000 | |||
Amortization of debt issuance costs | 1,200,000 | |||
Amortization of debt discount | $ 900,000 | |||
Credit Agreement | LIBOR | Delayed Draw Term Loan | Line of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 8.60% | |||
Revolving Credit Facility | Line of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit outstanding | $ 0 | $ 0 |
CONTINGENCIES (Details)
CONTINGENCIES (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Accrued litigation liability | $ 0.2 | $ 0.1 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 USD ($) segment | Mar. 31, 2022 USD ($) | |
Segment Information | ||
Number of operating segments | segment | 3 | |
Number of reportable segments | segment | 3 | |
Revenue | $ 200,508 | $ 283,178 |
Segment marketing expense | 120,551 | 183,714 |
Segment profit (loss) | 79,957 | 99,464 |
Cost of revenue | 13,760 | 15,561 |
Brand and other marketing expense | 16,560 | 20,443 |
General and administrative expense | 36,683 | 35,977 |
Product development | 14,655 | 14,052 |
Depreciation | 4,795 | 4,854 |
Amortization of intangibles | 2,049 | 7,917 |
Restructuring and severance | 4,454 | 3,625 |
Litigation settlements and contingencies | 12 | (27) |
Operating loss | (13,011) | (2,938) |
Interest income (expense), net | 25,029 | (7,505) |
Other income | 1,834 | (1) |
Income (loss) before income taxes | 13,852 | (10,444) |
Home | ||
Segment Information | ||
Revenue | 43,675 | 101,944 |
Segment marketing expense | 28,567 | 66,035 |
Segment profit (loss) | 15,108 | 35,909 |
Consumer | ||
Segment Information | ||
Revenue | 79,709 | 101,068 |
Segment marketing expense | 44,833 | 58,561 |
Segment profit (loss) | 34,876 | 42,507 |
Insurance | ||
Segment Information | ||
Revenue | 77,082 | 80,038 |
Segment marketing expense | 46,930 | 58,935 |
Segment profit (loss) | 30,152 | 21,103 |
Other | ||
Segment Information | ||
Revenue | 42 | 128 |
Segment marketing expense | 221 | 183 |
Segment profit (loss) | $ (179) | $ (55) |
RESTRUCTURING ACTIVITIES (Detai
RESTRUCTURING ACTIVITIES (Details) $ in Thousands | 3 Months Ended | 15 Months Ended | |||||
Mar. 24, 2023 USD ($) employee | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) employee | Jun. 30, 2022 employee | Mar. 31, 2022 USD ($) employee | Jun. 30, 2024 | |
Restructuring Cost and Reserve [Line Items] | |||||||
Total restructuring charges | $ 4,454 | $ 3,625 | |||||
Restructuring Reserve [Roll Forward] | |||||||
Income Statement Impact | 4,454 | 3,625 | |||||
2022 And 2023 Reduction Action | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Total restructuring charges | 4,356 | ||||||
Non-cash compensation due to accelerated vesting of equity awards | 71 | ||||||
Restructuring Reserve [Roll Forward] | |||||||
Accrued Balance at beginning of period | $ 4,352 | 304 | |||||
Income Statement Impact | 4,356 | ||||||
Payments | (237) | ||||||
Non-Cash | (71) | ||||||
Accrued Balance at end of period | 4,352 | $ 304 | |||||
2023 action | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Number of employee positions estimated to be eliminated in workforce reduction | employee | 158 | ||||||
Expected costs to be incurred due to reduction | $ 5,600 | ||||||
Total restructuring charges | 4,300 | ||||||
Restructuring Reserve [Roll Forward] | |||||||
Income Statement Impact | 4,300 | ||||||
2023 action | Forecast | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Percentage of workforce eliminated | 13% | ||||||
Total restructuring charges | 1,300 | ||||||
Restructuring Reserve [Roll Forward] | |||||||
Income Statement Impact | 1,300 | ||||||
2022 action | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Total restructuring charges | $ 3,600 | ||||||
Number of employees eliminated in workforce reduction | employee | 50 | 25 | 75 | ||||
Separation costs | $ 2,500 | ||||||
Non-cash compensation due to accelerated vesting of equity awards | 1,100 | ||||||
Restructuring Reserve [Roll Forward] | |||||||
Income Statement Impact | 3,600 | ||||||
Non-Cash | $ (1,100) | ||||||
Employee separation payments | 2023 action | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Expected costs to be incurred due to reduction | 4,600 | ||||||
Total restructuring charges | 4,260 | ||||||
Non-cash compensation due to accelerated vesting of equity awards | 0 | ||||||
Restructuring Reserve [Roll Forward] | |||||||
Accrued Balance at beginning of period | 4,260 | 0 | |||||
Income Statement Impact | 4,260 | ||||||
Payments | 0 | ||||||
Non-Cash | 0 | ||||||
Accrued Balance at end of period | 4,260 | $ 0 | |||||
Employee separation payments | 2022 action | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Total restructuring charges | 25 | ||||||
Non-cash compensation due to accelerated vesting of equity awards | 0 | ||||||
Restructuring Reserve [Roll Forward] | |||||||
Accrued Balance at beginning of period | 92 | 304 | |||||
Income Statement Impact | 25 | ||||||
Payments | (237) | ||||||
Non-Cash | 0 | ||||||
Accrued Balance at end of period | 92 | 304 | |||||
Non-cash compensation | 2023 action | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Expected costs to be incurred due to reduction | $ 1,000 | ||||||
Total restructuring charges | 71 | ||||||
Non-cash compensation due to accelerated vesting of equity awards | 71 | ||||||
Restructuring Reserve [Roll Forward] | |||||||
Accrued Balance at beginning of period | $ 0 | 0 | |||||
Income Statement Impact | 71 | ||||||
Payments | 0 | ||||||
Non-Cash | (71) | ||||||
Accrued Balance at end of period | $ 0 | $ 0 |
Uncategorized Items - tree-2023
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2020-06 [Member] |