LendingTree (TREE) 29 Oct 212021 Q3 Earnings call transcript

Company Profile

Participants

Andrew Wessel	Head of Investor Relations
Doug Lebda	Chairman and Chief Executive Officer
J.D. Moriarty	President, LendingTree Next
Trent Ziegler	Chief Financial Officer
Youssef Squali	Truist
John Campbell	Stephens Inc
Jamie Friedman	Susquehanna
Jed Kelly	Oppenheimer
Mike Grondahl	Northland Securities
Melissa Wedel	JPMorgan

Call transcript

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day, and thank you for standing by. Welcome to the LendingTree, Inc.

Third Quarter 2021 Earnings Conference Call. At this time all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. advised conference be being Please Instructions] that is today’s recorded. [Operator today, I And to like speakers without Instructions] would one further your over [Operator conference ado, now the to of Mr. hand Wessel, of Andrew Head IR. sir. ahead, go Please

Andrew Wessel

Vic. on call Quarter us XXXX you, for LendingTree’s Results. to the Good thank this and Thank you everyone, joining Financial discuss morning Third morning,

Trent the President of Moriarty, call CEO; and J.D. today On Next; are Ziegler, and Chairman Doug Lebda, LendingTree’s CFO. LendingTree

on a As today’s Relations our on a that shareholders to that letter reminder focus for call, of and read letter, assume Investor posted earlier purposes detailed And we will today. listeners website have Q&A. we’ll to everyone, the we

are to make discuss from and actual statements periodic in our of that I future materially that call results his to forward-looking – with risks give the want differ LendingTree’s performance. today’s all are Any that not Before described over remarks, the we call, expectations today’s could the expressed but SEC. during uncertainties, hand for subject reports to may filed Many, Doug to call face we we risks views I remind LendingTree’s the and today. everyone

And variety and and full measures both reconciliations today. of today’s definitions of that, discuss the and measures call our joining please on with website GAAP. thank today, Doug, Thanks, us on to available Andrew, also everyone will release and We the you for I GAAP comparable a to you go letter, refer non-GAAP press shareholder at ahead. to investors.lendingtree.com non-GAAP

the we most various momentum sustained of I’d work enjoy from industries across the get seen to with. diversification questions, we we the we discuss Before benefits to our businesses and financial have like

the of lenders across in revenue Consumer the spend our industry. the Our guidance end high segments helped deep declines and the occurring despite us insurance partner to achieve temporary network Home of both

additional many offensive options remain of table, struggling provides to share Stash us in facility portion of inorganic allocation monetization the addition, operate with ownership strong on In in the us exploring our allow and recent the All opportunities. profitably. our liquidity. capital balance growth repurchases our are including and on sheet further business, The investment remain while to new credit a competitors of

rate multiple segment record This Home low sustained the impressive prior of period, up of the to lead XX% quarter, the the in the partners opportunities segment the of day interest of types over our generated XX% interest year The we outset revenue different was purchase to value lending VMD, cycles. also every Consumer Mortgage the experience and at led survive indicator as market. last recovery improvement refinance to up deliver our continue. generated trough rates from and per ability an pandemic as the results

than before, We new have as more acquire of loan personal lenders platform the our and on and borrowers credit remain ever sustained card partners our stimulus wanes. to government effect eager

our as the management total the which earlier next have added We year. will our the LendingTree in in is businesses quarter, our sustain a to about we of million. the place from more forward partners our add which to provide an year. all product experience in million initiatives in of business to to early Day Investor to customer benefiting help My additional see for move platform. My team users best-in-class turn, incredible opportunity LendingTree look next attract new this out, rolling consumer the into at We We upcoming functionality My will, year. LendingTree, will and and plans bringing new to that momentum realignment X.X we that discussing put XX help We

open we’re to for questions. operator, line the happy Now

Operator

Youssef Your Squali from comes question first of line the Truist. Instructions] [Operator from

Your line is open.

Youssef Squali

morning good to and you Thank all. much Great. very

So questions me. for a of couple

First, the business. on the, Doug, on insurance

think and you a it’s temporary how went just maybe know temporary in the XXXX And ahead. phenomenon. through you you I I wondering, maybe competition? letter, recoup just was wondering believe something I it’s then how potentially I do took what – was you about this in there? guys structural happened us talked in And know or remind it you from And versus and that to go XXXX. long

Andrew Wessel

Go ahead.

Sorry, Youssef, finish up.

Youssef Squali

as of mean you Medicare et out the just how community at kind the then kind investment near for... of quick should segment have I look Yes. And offering, think cetera? term the we, you’ve over that a follow-up I rolled

Doug Lebda

Yes.

our – and strong. know every then what is then I’ll you now and partners they’re on on perspective, loss insurance. because right angles give should that bids when Without that have to many know that’s tell that And Trent particularly these business gone in So works. my obviously question that’s right to different, too. reduce of us flow And fun because now yet. tell back rates And that we’re they what J.D. never back add higher volume this insurance are as companies auto is of that’s we let seeing rates back advertising those broadly, going We – happens. you’re insurance our are our basically inbound going just is cycle pulling some well, it’s XXXX and happen. to spenders enormous regulators what the some, companies – us not partnerships is that And me guys, facing pulling through

we us weather your the the I However, at of and companies can. market going to better than of very this flexibility I marketing a this it opportunities. mean lot in also got model create a most dialed because we And business is still that’s that. think like can you’ve can when shows scale, profitable for

in used to a out the weeding engines being or when the like of that and have So probably us something to happens, they’re now with industry, working with way lot you’ll search we lead of same two. start the we lot and XX supplier one it, happens only it this or XX every, have a one biggest, call see in of to

for will buyers, competition. be a like probably ahead, out long-term a this, we Go cycles J.D. media it of During have will benefit us much it won’t lot because as weed and the

J.D. Moriarty

J.D. would I not only drivers down. claims the been is. have premiums the what prices that because driven drivers just and low well that on on have environment good. the In had thing get consistent It’s Obviously, no a about road. add premiums combination where road. XXXX, been are premiums down, the it’s XXXX bit given quite cycle let’s very we’ve the is It’s low The that been have driven environment, publicized talk little of great Youssef, at were carriers a was a results

was then environment a not it worse. and So it made Ida good Hurricane

issue not It’s of health it’s an obvious of So us. of the competition. the carrier. pretty issue to It’s an

qualities is to Now products, that to get subscription-like if that you unique it our to think has it somewhat it. difference about in they carriers is other business state-by-state for The approvals. to relative have prices, increase

to models, in going they approvals apply should assume a matter to is provider a through That does they So not their early to better in that isn’t get change It’s How increase for obviously action that, greatest XXXX. going change. prices. they prices. to or new call the to If a search they work then that rate. us? We for for consumer increase to go XXXX,

a just actually matter business. be will so the good of a thing cycle. And for It’s our that

position comparing we to acquire getting not XXXX, XXXX. So QuoteWizard is to were then back the in business a your recent this It nicely most to in point recovered obviously, perfect. around The the it’s of And at end period. XXXX.

aspect of So it recovered interesting pretty it comparison an is consumers where quickly. to drives it And there shop.

part will, when increase, benefit it the one the in will that they undoubtedly of consumers the comparison that’s really things about that shopping. be So to like is business terms which focusing of that on prices we our

So good. we will be think that

everything And strategy Now going really there in diversified has period, on in we’re insurance our the products. business. the with across been happy

that. a in initiatives about doing agency We’ve and We’re Medicare. talked lot in P&C our

are we Many very And to as on with. there business. profitable. profitable with really our of in at said, They this a as a going things not lot of as so have are much competitively, insurance come don’t good insurance. competitors then Doug work And

in, very this period our – than able weather our margins in come a period, to most better recent So, we’re still we’re competition. the operating have while

we’re going LendingTree. to for continue invest business business great a And is in to so think a that we

Doug Lebda

it’s type was and allocation. shareholder expected, was in can better because and in when and talking that excellent. the couple The but a also stool. it been has a makes go really cycles, market, they’ve – we And an synergies is together And leg a I – a broad It of is been through my my better than with the easier on, And you I been want a – Yes. mortgage we we market. was to product business, the the really significant added which and capital showed single excellent thing team, third business winning deal, doing these great of business they’re benefits that was worse with hat wrote down this expected coverage lot question in of J.D. also and doing just I to it’s hard. would unlock things tough amazing in have with you that the while answering your answering of than things

of us and them being and now. whole weather being us, us that’s back of plan. that’s them, part you there’s – benefit so gaining helping keep you That’s And And for part the stronger you market benefit come win the even a of as share. to there’s a market right in and those

Youssef Squali

Thank That’s that. thorough. super helpful, and very for you

that quick one that about. priority Just just you allocation very capital On talked one.

you on stronger little cleaning has buyback, already acting. just now. how congrats the stock looks sheet, not guys A lot up considering have balance surprised the been the a announced that So

bit if maybe short your allocation little are wondering and priorities that a term? Just what expand can you capital on

Doug Lebda

to week, little – it would and that got I’ve just meeting to strategy the our to Board a be next topics. Board, will our a I’ve and going – talk. premature be discussion going we’re we’re – of we present one Yes.

Trent Ziegler

limited – that it’s been blew flexibility bit agreement leverage very we’ve to in the it. obviously, in in we’re terms and factors were up We’ve now. of with that, of clearly, EBITDA of new credit our test, our the of from a which just COVID. little piece also due we’ve covenants, the there’s in But profile of we during moved up Trent. covenant trailing secured that terms Yes, leverage right given the a profile prior And that borrowing total just Youssef, a little the just sort addressing one set

a capital found put flexibility have lot we’ll to a to basis. whole that go-forward on new So more work

Youssef Squali

much. very you Thank Excellent.

Operator

from question Campbell line of comes John Your Inc. next the Stephens from

open. line Your is

John Campbell

Good Hey morning. guys.

Doug Lebda

John. Hey

John Campbell

rate, But tracking good course pretty pre-pandemic out just a So I check sequentially. amount on are you for run it’s obviously, here. revenue, kind to guys I level. SMB be this. spike, guys called I if want got quarterly the anymore, don’t SMB rev. you I’ve what that implying break know think, might of out that to you off exact guys I XX% that mean, I our back but

is business that then as first, talked driver. a main secondly, concierge And right? that about So to you

you Just how about of remind us again here? trajectory what that SMBs from is kind and feel

Trent Ziegler

it’s John, Trent.

right. you’re So

So profitability we come it than The was bifurcation to of model. the that referring XXXX. or saw pre-COVID actually back business in is better that concierge that we’re in levels the piece to in

good small the back the trying LendingTree from that So existing of as business, model. we our loan differentiated a was understand Lending we who in of piece folks, their understand it, business, brokers much place the Exchange, lenders. it’s network business business to XXXX, higher bought you’ve of pretty with we a acquired to got which in SnapCap small meaningful sort just somewhat with needs the in concierge where a with a them them, were the and owner touch our and model engage knowledgeable That’s build version consult way their of sales SnapCap own product

incredibly hit to kind the it, lot in demand so as of there’s that’s of Obviously, incredibly has and particularly businesses small business. the starting has in been piece a particular, in come strong as hard And of there. back of hard small lending hit small businesses pandemic. to loosen was But teeth lending were that up,

on And that year. pretty next so in we’re bullish trends into going business the

Doug Lebda

we working same add of that leverage also product brand, much hope and was of only off being benefits the other SEO able And the building continues. thing scratch it as and stand-alone to inside remarkable, reach and and of all is the pretty that And companywide. I’d of without LendingTree a same imagine seeing technology getting being and same part our here from John, the pretty people the

of over it you automated. types, it’s last internet to I lending will and think online. if the here one And more come will, it That’s will. get time

John Campbell

Thanks Okay. guys.

Doug Lebda

Thank you.

John Campbell

because kind of there. to then I some on back most you’re was it’s $XX out the also HELOC. in seems good SMB mortgage non-refi consumer, I you imagine that about like within hidden But it get And called obviously, I Also quarter. out million of momentum is would that driver, homes, seeing a guess, the build revenue of, kind purchase, to if

I think the at were last you that XXXX. XQ was guys time level

So it kind things of surface. are the seems that there to going well me below exceptionally

that So the kind can feel maybe you if and you trajectory of out there how about call drivers revenue near-term?

Doug Lebda

changed because and That to to more the go just it. surely, flywheel as was in back market. lenders most into the you XXXXs draft say which creeping or time were do picking you advertiser want And can get back profitable home it kick up and going say as slowly you your let’s and lenders get opposed the highly rates, means are XXXXs, highest the have more? traffic, the highly, you because that really and as go in, product, lenders your back So automated. conversion actually to getting can obviously, lenders it’s are because to advertising but And lenders way that the start simple off equity in then

probably And continue. me. added in of me at to I’m It expect sitting and least up. number monetization’s we see coverage would not the that front accounts and/or to at that I So added in staring lenders surprise wouldn’t lender of we here

lenders The effect, other as Many flavors another three and management capacity loan. thing a very of here’s shouldn’t purchase, a too, -- see actually -- and home refinance, from home strong miss. standpoint, just that you equity

don’t coming last your all LendingTree, as we you like the shop, environment your don’t equity where own And know. on an into don’t loan much you officers. in buy got so want do much you’ve as from refi you all And year you purchase, turn even as home

there, very tightened the seeing they more, so so reason can As very like significant terms volumes, lead It’s bidding you’re all market up the the up revenue LendingTree just much of because significantly, go value up has their they’re why that’s get right. that the per is in high. a for of lenders leads, demand

happened that so And has effect as well.

up the – there’s too. so more lenders in I door, always seeing not too. So open get you’re direct But filters to up, a it’s just volume correlation well but that as

substance it’s both and So it’s replacement. that

John Campbell

That’s guys. color. great Thanks

Doug Lebda

John. Thanks

Operator

from Susquehanna. comes question of line Friedman next Jamie Your the from

Your line is open.

Jamie Friedman

you I to callouts cetera. et bit commentary, into QX on Hi. I it maybe because realize the margin want QX Trent, a just margin get little what’s the perspective, for have seasonality, But lower. is commentary? going about your

Trent Ziegler

expensive. it growing, is, trends driven revenue you’re our about insurance. consumers regard their stayed so revenue it’s we’re take but that mean on also we is there decline just less a other obviously, EBITDA a on pressure I where fourth we of media predominantly From related more finances. expect quarter. are focused seasonal by of – I that in size stance but on – base in fixed a generally to gets largely the Yes. pretty reduced insurance, in the not with mean, standpoint, structure margin businesses Cost sequentially again, same cost do some conservative is to real component just it to VMM’s seeing our an the

fourth a And bit quarter is for little us. typically so weak

business hit QX, the running too EBITDA read wouldn’t much as dynamics bounce with the I nicely of in ground those we the in should think the margin back I QX. into rest So

Doug Lebda

would spending effect all Trent thing I typically, on, finances. like got up are I to and only on but add, to then they QX for seasonality alluded is the and would there’s the say, – typically that it’s And their also QX, Yes. consumers in QX, clean focused focus

than year, same then keep and QX. your the expenses Trent and And go. QXs you so of the average stronger said, you typically weaker quarters in you there other than as see the And

fairly We’re we forecast to the not And still. we not can. best numbers we’re put standing business want – this can well. We and up

Jamie Friedman

the the return some point there So margins, reason can’t at their that previous is structural previous to like levels? high Doug, any levels

Doug Lebda

– lot we customer at it you the VMMs got leads be yes, exciting No. you pleased that, and two And the in and would about of call because be No, cost think feel it winning hood think there’s out. I COVID, tell good to can’t. But I it with No a the – the reason all but there. you’ll I people win. a really, and only January. when had coming thing, and are show and of I and a under think, how be I on. there about But game – all I – best. some of isn’t really reason insurance want individual you out But – we’d a you what still be revenue look think will and think you at we amazing exciting, they guys we’ve it’s stuff in we’d wouldn’t I acquisition positioned. that say, It’s things class three, we even back is going look we’re is And and per the very

J.D. Moriarty

higher. profile. margin should through we get margin And business for traffic or thing the profile organic way as talked only the in Jamie, more would in you us aggregate to we’ve consumer were we as our over it’s near our add in J.D. I know, about, MyLT, carry organic look margins if margin aggregate this be former which in businesses, at as The time, on we is momentum the higher

loans. reasons call, out, the at helps operating back the a all to of about are at So margins forecasted lower for we absolutely which margin. toward talked right? outset Credit consumer card we mix much we’ve optimal as the but we’ve about personal So but but about improving. talked just as was shift the insurance, for it’s us recovering the not insurance margin, talked – still It’s for

margins going the of but remainder every the consumer conscious the think in have at to stuff look weigh So before be unfortunately, good very to going of we just, as on in on call, has year, insurance. as business there’s it’s short It’s it’s the said, very And the trend the I run. We some good we consumer. momentum. temporal, macro trend in

Jamie Friedman

to that’s structure. for Yes, it. a great Thank way the think about you

J.D. Moriarty

Sure.

Operator

question next Your comes Oppenheimer. the from Kelly from of Jed line

Your line is open.

Jed Kelly

Thanks taking question. my for Great,

Just a couple.

So on the or million structural credit in return in to business next you of Is year cards, did back $XXX competitive that into XXXX? anything XXXX revenue. in on levels, why half XXXX, there say, over can’t those

Doug Lebda

that supply us about the just and credit for companies card comment speaking sound just I’ll So and if it’s similar. transfers. of And be advertising think and works. card their credit example, very, generally fluctuates, is them, as demand, us going if it’s to advertisers how very going balance if And demand for and and is selling like up products for their high-margin price demand up advertising of you

that you those those therefore, pay transfers So like up, we lot they to those better. clicks. no something leads, there’s if pay lot are or a return a can’t and when And for it will, Google even like are reason for balance converting just high

January. we about in the you new will you It’s would and plus individual focus this and a get and whole about credit that clicking got that in also business opposed fact clicking website, you something that to not to that the we’ve could individual a to go thing button ones, card differentiated then get to think got market. this kick LendingTree about that can be with the as cards real It’s even click the other I we’ll And we’ve give out types. every the so much loan around actually flywheel. talk brand, underway into offers initiatives the and really the on more However,

lag be can business need you as can as back the lot but – big it another a there. this to monetization bigger, get be – So

significantly, more So that experience. you think can we that get a through start and can we advertising much better

Jed Kelly

end then guess it. financials, XX% your XXXX. this Got XX look I year I And is about at – probably when your marketing variable of probably profit of

two are your years. However, over XX% last about expenses operating up the

should think your how off So, we leverage better operating getting about expenses?

Trent Ziegler

Yes, only Jed. It’s point. a fair

to made a as of where declined to decision very because we same conscious that we’ve was over not and the conscious we year think expect when as make teeth But the about That’s that at and we to back, take businesses the that any of forward chips think invested revenue time fair through seeing to add been a in business XX%, pushed At number see progress been in right? up. right, on last and pay steadily recovering XX%, and our leverage that initiatives those things come value felt don’t decision quite in you placing, why it’s those come, years, that yet. very will not the are And as year, discrete cost-cutting bets and so those operating two have continues right, bets start cost-cutting of drastic If of show the off much more take crisis the to years we seeing we do to our that we’ve have. we’ve the a since. whole we’re that like the look, bear made to they in the that next think to some into measures you’re we’re would believe further recover, OpEx in going we measures that We time, next I year. not next lot you’ll going add

Jed Kelly

Thank you.

Operator

Northland from Grondahl Mike of line the Securities. from comes question next Your

is open. line Your

Mike Grondahl

the segments, insurance And bridge can rank high like then affect ones kind midpoint, ones XQ half? A and on the could which and Did – you of are or million $XX business. $XX or Hey kind XQ to all EBITDA thanks a so to sounds over adjusted you QX little which that dropping it’s of of at like mortgage. the are being at quick weakest? level, It’s of a secondly, it EBITDA? just follow-up insurance the the guys. maybe second kind from But million adjusted

Trent Ziegler

Yes, on throughout Mike, it’s to seen we’ve quarter, progressed in the and started it third think terms unfortunately and only of impacts insurance, wall that the sort in the gotten see late in right, timing the of of we’ve I writing worse. QX,

so real And been we’ve it sort it’s of been a managing in time. –

And so we’ve think, expectation we’re the kind of is, conservative been trends those based last fourth our trends. alone the for I quarter throughout appropriately the of some seeing that certainly experiencing months, on not three in or four

QX a In Obviously, terms biggest the guidance of to to walk insurance. for sequentially do does driver just of – we the allow QX. from going the But modest be kind is sequentially pullback to business degree in it. got in QX. consumer. student benefit and of of getting the the that not QX That’s same we’re both a Obviously, part in home the we

about. for bit as insurance about So reasons the it’s and pronounced a home decline we’ve think consumer to talked the in both and than from modest, more QX all that QX

Doug Lebda

characterize And the But at to this the end way just hits again, like I’d back almost of type. day, – loan and I unpacking and same. the the it’s QX everything each love QX is –

to the out get money going buy costing markets on media QX where up. side, it’s advertising. are On we’re to harder because door ads, us in and customers supply customer acquisition buying in inflate more our the during QX, the the going costs front and demand, It’s

so in don’t site, borrowing, of as the up interested convert they to price in goes consumers they’re the less come QX. much. when advertising into And So customers

acquisition Trent up weeks it used down also, customer costs the take the companies couple as of demand in flip be lender the late side to of our talked year. and mortgage as about at So off end a then the going all QX is reasons go for the that there,

down it And the so what and optimal if demand – you acquisition level that and QX. the higher costs, go at is marketplace operate and what is you why it that’s is the profitable you have and QX have its demand a QX. that’s this QX lower costs in good comes customer in customer that’s that typically in lender back very acquisition then And and

J.D. Moriarty

But weakest. only I that you Insurance thing is try has Student are kind there, the bridge goes you to one the would of fourth add year. quarter which and weakness. is only the away segments the in every give said

others are to QX. declines The seasonal, seasonal QX from

in we really good trends. see consumer, So

So it it’s affecting for sure. really, it’s mostly insurance that’s

Mike Grondahl

level, just of we the guys you a If do could it. have a that just are roughly one-year see last over investing of been going near you And a think Got help lot that continuing that end high you tail a lot; kind bunch wave? the a forward? maybe lastly quarters hiring Or at high at for about of us level?

J.D. Moriarty

I’ll then answer be and Trent I I will consistent. think and

wave We at – very about the at good that we’re are tail end our of the of feel end it. and

Trent Ziegler

I Mike, Yes, mean, to right. question, similar I think it’s Jed’s the answer to

tail build-out around we of the number very we’re headcount-intensive in but yes, a we’re discrete against fair the part that. that. somewhat as absolutely has initiatives. at doing been of feel in we’re end are property side a and make agency And build-out, place. Medicare big of The Those insurance well. to continued have investments good We a like casualty What

cost like our in pretty growth growth we that. expect should we in year to structure There’s And the remain stable. lot we type of to You next achieve expected of fixed the business. that a need don’t expect not feel it

Doug Lebda

LendingTree initiatives. the my And notes, Next I in mentioned

today as some with have in build that’s that If that, Next, improve new got – about really some monetization amount products well. area. some And those – still to and continue and we’ve I products. of back lot without an as it’s expense of the And a gone out. but between product decent investments early as continues those marketplace in also lot customer that advertising going really investments made the comes the great some hires think initiatives build and days in great And gone, are have interesting where several we’re a we of business a you develop to there, think to there to years over past the the that Marketplace there, and experiences benefits

Mike Grondahl

for guys. color Thanks the

Operator

from JPMorgan. Instructions] [Operator of the next question line Wedel from Your Melissa comes

is line open. Your

Melissa Wedel

my Good for morning. taking today. Thanks questions

would just you of be evolution of curious around sale that’s around Stash the in thinking really of M&A? for indicative sort in shareholder sort mentioned question a First your of a maybe if letter. partial Or I you broader that your is source? was that liquidity

Trent Ziegler

mean portion take some of opportunity I it. in can XX% add some to color with that tremendously position their course presented selling J.D. I of we’ve about can position, financial and of of as the years. ended last monetize a investors. valuation company an just our of and We think We of transaction Yes, the sort over of piece existing a of grow that, position up of of the our XX% it some seen were side with well. X.X in I the north our

$XXX headed. valuation million take million. of cash still on the And to put put some sheet. like the table, we a opportunity the position own sizable to so still of was time, same same business, we a is worth We $XX it’s for able where it the in on balance a that about At the were balance good chips retain and us the some our we at company pretty cash and But off sheet. that position

in And that a of we’ve in so a been increased opportunistic bit in to some value But since us transaction seemed quite just like for an it. it way that’s monetize investment.

J.D. Moriarty

the of we only big I Melissa, team fans thing at Stash. add, the were would

ability a no make return. a which work a them, our is venture changes a post-the-sale return we – whenever that not ownership, is our in like we’re obviously with have investor. We to here Our ownership residual venture way

precipice we’re And We we capital at work but the to of COVID. to continuing company, of allocation. February forward XXXX got You invested continually invested. when on consider looking to with in the look we

operational you of add And regarding responsible was consider that just were and so our to when balance the to earlier we’re change does what the achieve, to it and thought something we not sheet, it trying asked balance totality the questions focus. sheet, was our this

with, at balance our M&A are over been in Now things of light acquisitive year. they will something in that investments we last we’ve we do going company, If the very us helps looked That’s of to from last at companies us perspective, where valuations we’re absolutely sheet, interests basic partnership in We, willing disciplined lot having But from – look an are an of a and where the the are aligned perspective, it’s things not advance invest. over be we’ve a something very, investments. it’s partner they light Because that – year. can right. to theory. be as

now. fact, at smaller one That’s our looking a not right focus. we’re In

it’s for add it, nicely to do strategic the monetize that the to doesn’t to both. verticals us we’re focus We But made, a grow M&A change XX% shows growth. work no perspective we return. in. really is We to and that news acquisitions – can Stash. can decided now. way it’s in Our of can acquisitions an of the approach drive there’s got we’ll – it. we’ve That’s is the – we It continue great us with it urgency good The great to businesses we’ve continue from that that portfolio right not just

Melissa Wedel

really you. helpful. it. Thank that Okay. Understood. Got And quite was

question, just of back as the think of sort going to the inception or a follow-up just I pre-COVID COVID.

feel guys sort I the very outcomes today the of as drivers because seemed If full-year each of it be the like as just visibility better range does of interpreted listen wide. sound can the talking segments, expectations getting the about You to we result within a is and guidance like do environment visibility it to really sort to uncertainty that that you of have you of your you of quarter-over-quarter. pandemic. the communicate has you and the And feel are the Do I longer-term a commentary progressed market? provide to as place where back sequentially that sort think of like to have improved would in inherent declined that we you

Trent Ziegler

of otherwise. or we’ve are off yes, perhaps In around the surprised mean ability Obviously, Investor and as been Day think like got I position beyond. half guardrails a this further the a be around over would I confidence we factors looks to out what like can short, put insurance guard always Obviously, seen yes. we’ve we by increasing certainly our what getting to year. XXXX by macro to business. some be predict even we in bit look next back But little in you certainly to year,

Doug Lebda

years of the only the years a full-year in only the haven’t of couple company, public I’d last done guide. really XX-plus years And add last are we

to it’s of you good, looking Great we’re we’ll you something have information it’s soon about information, we indifferent. and as out, have good tell do we competitive to but we’re the we So as forward we to running. we you And everything to back you all have, if get that’s question. going be to have it can give want short bad going to data what want all

Melissa Wedel

to forward Thank Investor you. Day. Looking

Doug Lebda

talk to Great to you. Thank you.

Operator

Please further Presenters, no over are questions phone. the continue. there

Doug Lebda

as hasn’t much. even years, and wrap optimistic were quickly. to product around better going and time going you’ve company, and next strong appreciate our with in year. in didn’t next also very begin work. with of can a me we in know on worth experiences, always been higher I know two would the putting winning – come been pay we’re don’t today. our with see would I’ll and that doubt disciplined numbers, the off we I’m grew that’s I And I I The and not very, still the trust And I tell Well, marketplace up partnerships of I’m it’s it. weaker with everybody’s product EBITDA I like to that and and and and that’s little to And am brand that be it bit business. fall across it I of same see We been team. only well all the the those extremely then marketing forward. having put very liked. work. up our investment. And leverage we side of of and – both I consumer last tech brand, in to both thrilled because and an time, have Thank it’s about no to And we’ve very LendingTree insurance while have the lot a monetization, And just going years you trust advantage. and it’s say LendingTree we of have or here helping really us, be that like keeps XX-plus proud to distinct we and how the very work but performs to on gives consumers, side, businesses the next board very last a And the market, you marketing much, business, monetization last all in the thank is of And advantage well. company strong millions flywheel we’re at we’re must relationships the you you that well the and Internet. us we to market works quarter. to as spinning. and and because the the TV the and thing a talk can we’ll across we remains that that, the with going all on as And continue extraordinarily a distinct

Operator

for you Thank call. conference participation. your today’s concludes This

disconnect. may now You

We use cookies on this site to provide a more responsive and personalized service. Continuing to browse, clicking I Agree, or closing this banner indicates agreement. See our Cookie Policy for more information.