TREE - Earnings call 3 2023 | LendingTree, Inc.

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Operator

Good day, and thank you for standing by. Welcome to LendingTree, Incorporated Third Quarter 2023 Earnings Conference Call [Operator Instructions]. Please be advised that today's conference is being recorded.I would now like to hand the conference over to our speaker today, Andrew Wessel, Vice President, Investor Relations. Please go ahead, sir.

Andrew Wessel

Thank you, Norma, and good morning to everyone joining us on the call to discuss LendingTree's third quarter 2023 financial results.

everyone, are and LendingTree's and our President CFO.As reminder today Scott and Trent Investor call detailed a COO a today. Peyree, of to Relations the website Douglas shareholders Chairman Lebda, CEO; Ziegler, letter earlier On to posted on we Marketplace Businesses; that call, I purposes to today's I that hand future during call will over listeners remind focus read discuss And for for we we'll Q&A.Before the that for on remarks, his Doug everyone of the may expectations we assume letter and call, the LendingTree's performance. make Any forward-looking the statements subject and that results materially we uncertainties, actual and from could differ are LendingTree's risks today. expressed views to SEC. all Many, described we our the are the face risks but periodic not in with reports filed

a non-GAAP GAAP.And measures both letter, GAAP the ahead. call also you definitions of reconciliations refer I and will for on non-GAAP Doug, And on today's measures press to and We to full comparable with go our that, website, today. discuss please release the available shareholder variety of

Douglas Lebda

which end Andrew, navigating you -- challenges positions. been We margins profitable company, most remain insurance, the strong quarter, and us of we've at generated to senior joining you are on $XX made including focus the balance significant who earned and both operating significant We in high our leadership continued quarters.We to with forecast. strong have today. a soundly revenue at EBITDA despite thank our efficiency. We last you, benefit XX% margin, a notably operating changes consumer from sheet in few the over the the adjusted and generating of all third our of Thank segment was again million

operating cost by levels in XX% leverage should expenses initiatives a strong from generate operating proactive peak Our revenue by recovering management, taken scenario. which to have thanks decreased

employees can internally with targeted staffing from removed all optimizing follow distractions clearly core to on and We product focused our our goals and are tracked published our VMD defined have we group so employees that resources and quarterly project redesigned our dedicated business improvements. that function by marketplace them.Finally, accomplish

quarter, top we X we can traffic cross-selling.Also, pre-qualification redesigned consumer our enhancements top optimistic grow issuers.In very live credit areas enabled interest forward For business work by increase began Lightspeed has testing improve example, from large and from going through offer identified It our share monetization card to complete in protection card bureau. received consumer credit a fraud recently we we've credit seen are the effective credit more issuers routing implementation, for unauthenticated full is with our can during the first of margin platform. card and credit TreeQual the market. as to the we traffic with with our partnership service significant how quite where we with TreeQual this combination about

that reduced budgets.The we one where meeting large share insurance available delivering over volume partners increased supportive team significantly underwriting market those from improved for of are the from That quality of with quarter. for note to provide Our budgets, our their marketing marketing demand we most, carriers a the aware convertible profile.We material each of our customer the will of of a acquisition, last also very outlook acutely be I'd the the management for has The are pressure gains. Recent increased committed in carriers be share uplift share have extended taking teams has from a our in share our operator, they with open for which this actions results an needed July reinforced insurance us take expect the growing of portion data on hold.And maturity for happy which our additional conversations drove at that accounting on continues to of providing indicated know that profile, business competitors.Over increasing ago, carriers. debt focus We near has to quality now, are highest it term. time questions. aim continue are face our and to year improve that We team numerous us publicly we explore an an XXXX to earnings to variety would also their maturity with paths to our capital replace to price. the

Operator

first Oppenheimer Co. the from line question Kelly Jed comes & of [Operator Our with Instructions]

Jed Kelly

if Just X, I may.

digging into Just the consumer segment.

that week think had think product. in segment? just the results talk pretty I personal down. of about loans you competitors one in strong Can mean, competition your I I were last reported that

said then And much we you are free And $XX talk wanting competition?And think Can the the think in run debt just How talk you can is I get you back refinanced? business? you to where convertible. the typically historically. flow cash about about to profile? strongest the circling cash profile. I terms million the to XQ cash of flow need your so

Douglas Lebda

don't like... I know,

Scott Peyree

Jed, Scott. this is

Douglas Lebda

and take if take one the you could then, If second there, could first you the Trent, one.

Scott Peyree

Yes, sure. Absolutely.

drop levels for consumer seen consumer. to look traffic.So margins controlling say XX tied fairly the equal We've the will on and steady would and So tightened client traffic of in -- our maintaining good -- Monetization over you clients. greater side [Technical has on [Technical monetization with consumer generally personal our the in time loan and categories done with revenue loan Difficulty] of business that our make -- job down. I expenses remained has over our that come the kind at volume a you've Difficulty] loans, our the to starting or months, our personal marketing in often has the past are to period off

a is for consumer. specific So where improving product search-focused been now we're company. very focusing monetization our We've historically that

loan.We're a for where you if shifting that, say is, personal we're you personal model, a to you loan, I card. to personal now debt try you're get to I loan, loan more can you you're hard if for better looking maybe a a of going but loan, when but candidate. mean going really -- you a get searching So credit what personal equity to we're home to can't Maybe personal try loans, get get option. relief a a is a a Maybe solution-based

a If get maybe car, car refi you a cash-out et own you cetera, cetera. on et your loan,

the We of solve ways lot a have to problems, the consumer help money. being seeking problem

that so have the We different have in client relationships distribution advantages distinct and in being we industries. many financial industry, direct

will to So high-quality consumers, consumer increasing more we marketing which is leads which importantly, to where us, board, just start which of for our more at in board better a the win-win-win through a need solutioning of lot gaps, of products.And to provide -- the maybe monetization, need better out marketing one to back the flywheel clients, key there. a be sites, think our I coming be see big our options those increased the to We consumers there network us to crank and up the just of other into start across that is be traffic driving demand is the across site kick and flywheel to specifically. lets cross-selling most will

Douglas Lebda

Trent?

Trent Ziegler

question the EBITDA healthy every your million capitalization little obviously flow profitable, EBITDA Yes, guess $XX remain and code on in clip. I cash interest I X converts million, at of Jed, of ongoing bit for quarter. for solidly and our EBITDA ZIP then, -- really of mean, cash million, a mean, That burden, say, basically a X. expense around that converts to obviously, right, I then flow. $XX we $XX

the feel we good head into so of position at cash position really for that And optimistic and our flow about here next get things as to bottom are and we're year. better sort our we

Operator

comes Tomasello with from of KBW. And next line our question Ryan the

Ryan Tomasello

XXXX a recovery the comments can growth seems insurance the from visibility put you elaborating prepared finer hoping the around. carriers most your you just around -- the from what plans. was Obviously, a XXXX area have business regarding you're point in like I remarks seeing on their

just year? wallets the that's guardrails as about for different competitive So whether traffic?And the could margin you some increase? as around provide share ability fast business just it inflect, you if to positioning be could and for it would sustainable that increases how feel I How profile, next generally, the take helpful competition scenarios that the guess

Douglas Lebda

and So off stay demand. -- it job. there. think flywheel magnificent just -- Scott, team -- who hit margin We our got But he -- probably going, high job really then into hand to done a and can who a profile to not has I'll done the have just as remarkable spend level marketing the starts you really team his your while

some mentioned, don't you that. have As why early us meetings indications.Scott, given that I of the rest take some we've had carrier

Scott Peyree

our continue significantly clients, -- it as growth increasing another they've positive continue of we've are that they -- I though. going far to conversations, over with X the changing be throughout year.Not there's short But to indications as including the big made months, in starting a the the mean, we're had client we've currently And a snowball Yes, amount now them, of historically will plan we've -- like budget had just is X, sure. Yes, industry. 'XX. until planning our working we're clear would to definitely January on X a be winds will ago, pretty looks X months a no for we budget budgets is, November decent lot thought going was this and December budget of the are for good there's largest I from and year. lot of ours there the insurance the lot really get that going of And or of to January. past gotten say it in and client

are overall have carriers previously from another a just shows competitors. big share getting at feedback we're and down down that these months. the as from X all shows away significant up pretty far macro specific market more quality as carriers share trend reopened from to ours we both it point, day, profitable.I in better Nothing are outperforming crazy to by just gotten and -- it delivering we shut consistently specific market the over indication have would the of they're either the this quality increased that that mode.From and/or compared things budget past say [ number feeling ] a and that shutting of and product perspective that So stages carriers but very expansion better tightening X back just a of a just shifting standpoint perspective,

about pieces back. as budget So of comes the we're feeling money good really outsized getting

Ryan Tomasello

quarter? different just just maybe assumptions, the are a plays the variables typical nature Or on out? fourth And that for Great. then How Trent. question about the that seasonality Does of XQ seasonality, given environment? some the typical assuming thinking separate into heading maybe assume you're guidance you current

Trent Ziegler

observed given be stance as to seasonality had We the a know lot have we've have been, is we really pronounced the Yes, as look mean, stabilization the prior but We've of don't is just the of guidance been rest baked the the debate the taken of in typical guidance trends fundamentals, to in into conservative obviously the yet, seasonal that What for seasonal guide I about, seen but I'd years? of trends where over for a that kind that pretty quarter. rest what's historically. internally the applied the say -- top. the of into it with of has regard kind assumes patterns will answer we've the year is a kind baked it

Operator

from line Campbell Stephens. Our next comes question of the John with

John Campbell

sluggish, and like back it kind the comes maybe right Is to there, to just channel the VMM maybe or, that next of just just the at want year? next thinking mean, touch revenue certainly like should a on I'm margin think and seesaw feels in like bit, next a remains the current for effect on it alternatively, outlook, back somewhat way the VMM I it we on right recovery arrows Does levels. question I in commentary. the stays pointing Ryan's rebound about year. generally think insurance, based But VMM segment year, -- about are For the then direction you get for

Douglas Lebda

go, the other not much VMD, these is to obviously, way as it demand advertise. let too. to guys you're in, in think about kicks your comment, going the percentage. I'm I to But like able And on as

higher of Scott? a it crimp cost go percentage might a a it keep that would bit margin, tad more might Trent? terms, but your a you lot search dollars. -- drive just up While acquisition simple, obviously let's in as

Scott Peyree

Yes, I'll where would at echo jump Doug in I quick. And VMD. what look total mean, we I says.

up down, So but margins increasing pretty as budgets your will significantly. spending come significantly -- traffic, you're your clients' into VMD are as go typically overall your will more VMM

And so the when we're it. off want it's traffic, traffic margin environment, that make to to easy clients the types limited budget in good a high-quality the target of

move aggressively budget for to budgets you but areas As revenue higher where targets call would that's spending like VMD. margins, the what unlimited overall clients, oftentimes more trying into at and CPA traffic like an at towards generate lower you're more VMM

John Campbell

work Okay. the to guys That card, you're then looking strategic to how And what makes credit through partner, sense. high ahead? extent I maybe you while I'm appreciate in hoping can partnership do that. -- us years could in business then you level? partnership that run that the maybe shifts can you kind at what the economics just think And a do for of

Douglas Lebda

Scott?

Scott Peyree

this ability where the our subprime excited near-prime prime throws Yes. about a with with I'm those focused I that a presentation get business -- is on consumers, most card the is of which perspective, lot have, lot [Technical the what a right probably our Difficulty] -- for from consumers would qualify is cars. third-party on for partnership significant of say cards. that's now impact consumers don't this site in And and out will really more a bureau -- to being partnership

increase this a So the lot more would XXX and site, cards to and easy coming I more issuers get finding today. preapproved more a again, for there. lot are for now partnership bringing the a more of those little them about for that out us to every choice consumers process that consumers, lot nervous a help and means, filling marketing for to for flywheel solution a allows otherwise smooth a through And options very us to doing think, card.So lot a traffic you're by than we a consumers be that's on those application where a getting full consumer make it will onboard

Operator

Blair. line Chris the Kennedy Our next from with question of comes William

Cristopher Kennedy

your Doug, relative you've you business? about Can just seen a talk today about the -- of over as power time. in And the improve, cycles? talk prior the markets to cycles earnings lot this the of business position competitive earnings

Douglas Lebda

it's improve So most our has going we you it have business up pulled the we one. underway. the I And there's of getting brand out position position. knife through the of we're category, every finally importantly, And went after we've last but I've refinancing this, personal for the able time add debt once that's amount consumers, known. everything the that this among couple loan thrilled stronger for we're to would the the product We back experienced we that we're today. can downturn.And to money. talking The good what fewer -- is to of one years. but that facing, your a our from for been And cycles it standpoint, If off, I all in a is at others.From certainly several you I've is gates like TreeQual that about We weather say only I'm a I competitive did us were make differentiates I the in very not got mortgage. a mortgage that were think to in we've And that that a would the and made were some bring think monetization we been sheet competitors down. it that -- -- This literally had. XX% first in in the well I've it be better to been past name that much were is concentrated really LendingTree ready. not to all downturn. obviously cost, to weather with fight pulled This enabled and still where is of the we've diversification that then at competitors, has balance this

Cristopher Kennedy

business. out And then about talk improves, And profile? profile? of the talk margin macro you just of long-term the margin can of taken expenses lot a the about as kind the You've

Trent Ziegler

margins Yes. to over to mid- obviously, so. -- hit margin high I'll course us mean, -- on mid- high I'm or look sorry, from take teens you've one. to Chris, Yes, I seen the just this single Trent. of last the digits to that is -- year mid-teens EBITDA mid-teens

to right, that. this a product a unpacked continues chip structure seeing today, a I as cost margin really few We're way place upon our for EBITDA in layer macro today. done to are a continue business resourcing so we've of not of continued like think we for such well and lot staffed that there's as to as drive of profile our not ability and away you're to And adequately continue run strapped good and lot right? here we've work. about top, and perfectly on that improvement. can't we And at sit focused it, good really feel variable bets, right?We're resourced that we have we still expense the we to improve feel improve, maintain And to that to innovate we kind mid-teens

Operator

next Our comes the of Securities. line with Youssef Truist from Squali question

Youssef Squali

So question Doug quick maybe Trent. one for and for one

So you've Home, segment, growth through the across tracking Consumer what's segments, early think the businesses, not in as reversion, XXXX please? discussed can the you Consumer that.And as across are maybe potential the look Insurance, turnaround help underwriting Home much and then, maybe lenders standards the implied guidance, think Doug, to Insurance, QX as across what I just identify us Trent, you X just by segment you in the and indicators at across

Douglas Lebda

all other benefit much at per in our it's what that their loan. cost then thing. getting at on refinancing, metrics at get of that the that whole policy it In the We funded of that's the them Trent, web TreeQual, of is, appreciably. That's a for in prior really those obviously, you to for, CPA, times mortgage, of that add much which want and -- a transaction. because MyLendingTree talks revenue new look it look in And costing that a us drives cost on high. with think launch is as clients. November introduction somebody the And on would get come volume then can what what From from terms top loan, to merely that's I and from at app, up marketing consumers then need add looking -- a your new with feel quarters, too is they're across thing it And the is -- plus get And RPL, we getting think in. or costing we to what your So cost your perspective, of the the with then like and to launch of loan free what your you per or you're what's about.And been that look Scott Scott insurance. side. of only don't the is is -- rates.So the higher is this funded other to we upcoming launch Spring per the numbers the client's name -- flywheel it move

Scott Peyree

And I've...

Douglas Lebda

Yes.

Scott. then and go -- Youssef, ahead,

Scott Peyree

as really bucket. another quick get personal a consumers it's Bahamas. the loan example. looking end how to products homeowner But easy we're them the they home perfect someone at that. our falling them loan large they're bucket for be to XX good leaky to get personal at just to real a Yes, leaky for a be that. with alluded a But currently. good funnel personal and Okay. looking be metric, I go If out earlier, are months you other get of money that the we a ago, at, comes identifying loan equity a that to personal are I and seeking. at like day, $XX,XXX the it's loan, looking the quick. the A key is candidate.So may credit on hard like could call -- it like going for may for they to that of can Today, a how vacation what looking matching In a I

Douglas Lebda

Trent?

Trent Ziegler

up then the guess, sequentially just to of on relative framing Youssef. And Yes. mean, QX QX. I it kind guide, I

Home, that's softness We Consumer. expect to come seen in ramp where to the historically. into be off stable We've of up given QX typically and the on at little in Home expect of we've I Insurance pronounced what's then from both -- little to equity conversion in of bit slow a pretty of Volumes And down mean, we've and of and QX. in a weakness do just in source some kind in We most product.And to seen rate environment home the so I aspects sort QX. the all Home right environment. both seasonality QX rate then just strength and Insurance. pretty tend going mean, Consumer, seen back stable Consumer, as begin drop a bit that

Douglas Lebda

QX when thing XX, is a in call did order. this to we the of, And that's They're what in lending and in the on that said up typically I see over say, And mindset. spending And mindset. then their particular every more the "Oh, in resumption they add it, start behavior the a shoot, I'd like And in is wake the side borrowing house not financial year, last do?" consumer pretty get XX January then much only years, normalcy. I've

Operator

from comes line Robert question next Research. Our of Autonomous the Wildhack with

Robert Wildhack

you speak how TreeQual the to go back a making Can you're -- I products position earlier lead to question. out competing to to relative changes position there? wanted to an or to will

Douglas Lebda

card, for near-prime out reasons. of the in on approve be of credit subprime Scott in notion leaky and this the some because Scott has will and probably only bucket, in than leaky and better The we a products competing hugely there. as bucket, details companies to stuff the competitive credit about we're approval let they it, card good to any us we rate, referred as out XX particularly of think us want -- some to of about going where I'll the not to But you chime and always but terms the much, better they're much coming to to stand versus the drive think their it consumer to want TreeQual? the them up we going also give themselves of people competitors is send because competitive self-grading the because a they're self-grade credit -- enables that in number accurately.So experience.Scott, of with in enable talk this don't you give X that

Scott Peyree

highlight, through a, say I onboard system things us. that working because advantageous is third a their have onboard going of -- of which to are credit already first we're from there's They Yes. would I we've in not a don't both lot would really it I way necessarily independent X to product b, it, with.So which we're all a there's bureau, to that by party criteria custom the of with this easier of our with built off, specific our fact think the makes level in-house a purposes. working for integrations with clients use boxes with and party for us. take that, trust consider working own I mean, information And, the we're an issuers like there. credit kind third-party and our that underwriting would mutual transaction way, that

if on at live can just It's in real that that users. logged-in -- a I pre-approval does side, bring a go we it's that will don't this. and us.And have so model these actively the site. get, money spend definitely time I will this us rapid can the not And product to is through be really on our to users advantageous be But then and which and someone's to this they just a allow other think use something for with level, -- a like issuers for logged-in can we really It how pace, component on website the at live is our you it logged-in can user. this a consumers use feel to

Robert Wildhack

investment detail impairment And quarter? that the us on more was you some in great. to? relation give What That's the just can in then

Trent Ziegler

Yes. is Rob, this Trent.

to an So huge X. Stash. to valuation. a were relook And our One caused in as shouldn't surprise observable that there was that investment was related to us event that at come There the considerably marked anyone a we mean, you followed of part very when if position. of up we at sold right? our that all, fintech clearly, position -- consumer sold I space

have was multiples it And come to think crashing 'XX. that reality. fall just I of back space down now in

And so reflected our our related value to was function of is we've other really in mark.The in kind being of call various our does scenario, stock And our support any of just It's you've it businesses. long-term really, for a really on the what's that goodwill, outlook the doesn't. on level market, our carrying got It's books? not write-down price that goodwill a observed of that's right? the unfortunately, and the what of in

a case, come the to acquisitions built the different all the XXXX through attributed was higher of -- at in up brunt reportable the to X those bar value XXXX. had as value. goodwill moved the carrying from one segment segments. the goodwill impairment And again, largely so Insurance and this In carrying that of did third-party from kind because a When had got reportable justify we to it so business.That's look segments, Insurance we we, and of we

And so, third the party against with again, test Insurance we that We annually. that write-down process to have through modest segment. took a went and goodwill a

Robert Wildhack

from for discount Just the on it or comparables more projections that long-term but or business, that from maybe the of didn't come majority things goodwill Is assume last the outlook to like that? impairment rates, your the safe piece.

Trent Ziegler

That's right.

market but clearly, as come there down. like the based gone sort discount observable events, it's XX% rate -- stock on it's up, have will comes out, prices So pointed multiples down, outlook, be come space XX% of more you it details the XX-Q the when long-term based on across right? in And has out,

what's really reflected. that's so And

Operator

Jamie Our next with the question Friedman line comes Susquehanna of International Group. from

James Friedman

early, So to potential on in have well? early you're know potential I growth for the about the these wondering have that through -- it high-level comments comments, if was I it's it's in XXXX segments looking just And as segment. other any but you like helpful letter. was comments sounds the optimistic just on Insurance, I'm I

Douglas Lebda

I reveal that to don't think we're for XXXX, yet. anything willing

and should will However, I and be better Scott TreeQual. referred ones home that you until heard the Scott, I'm of Trent, stuff I about because be obviously will as other do all on be because expecting you and market and much And the the add of growth better, out abates. better really depends demand. wouldn't loans client free client on of to. the cross-selling not log Personal demand that early think cards Cards tremendous to. Home the in feel -- jam will just

who don't buy want want don't homes sell to You've people and them. to people got who

always not there's a just much afford to see. market can't what the there's make.But consumer of and/or they a Home, they as consumer Now benefit -- in

from product product through you product pipeline with and testing our a and hope up and So leakier that in some making of improvements new bucket said, come Home. out a around experiences. QX QX, to consumer lot we have we've That are that a standpoint, to grip planned doing

what And is so you got? very hopeful that that else one.Scott, for

Scott Peyree

criteria happy for more a start more us. client is of indicating credit those of they they want and they would of categories, loans lot there's write the with, large I just though loans demand, high they're products personal are and running, of lot a the to demands write I those level even tightened, with -- and are Yes. to and very hit SMB consumer a loans would remain on X being

year monetization, that we of bucket I products. like think for off high better see in demand just effectively cross-selling, categories our those leaky and fixing those as at definitely growth we can get consumer So next based increasing

James Friedman

of comments about some Trent, interpreting margin. I prior then was your And

So view that EBITDA terms single Or asked the into now you adjusted is are -- gone for of a way, the low from structurally there sustainable that where margin. teens digits you've actually you would why Do in sustainable? the as reason be not structurally another any company?

Trent Ziegler

kind year. a the a as of scalable as and get reason the mean, sustainable. We good of I structure. have inflects gotten it's lot then believe thoughtful it's line as in said, cost no not done in we next into to think direction moves I that We've on we place, and right very top work the we've

Operator

A of final from will line come question Melissa with Wedel JPMorgan. the

Melissa Wedel

to back about comments was your of hoping circle TreeQual. I some to

that -- something well? expanding near-prime just or I solution talked a customers would clarify, entirely Scott and through about offering customers, and near-prime? as focused subprime talked to offering that extend initiative. for the prime additional to TreeQual You Or product on product is wanted is that I subprime into think providing that

Douglas Lebda

card it's and call near-prime. and that where No, on subprime just the leak opportunity credit focused the in entirely Yes. let's That's biggest the bucket. not is biggest

Scott Peyree

integrate our product. loan customers loan new I our but for for a personal prime as also would lot definitely product customers say offering to just with customers, add, -prime integrate the would very prime customers the want want first integrating that's And personal with in want to people this. well of I to near had And as are subprime focus with this. very, get kind and line we up, Yes. We've like because we interested our to of a in this

Melissa Wedel

on And the that then that and line letter broadly? is Could rolled be what I with partners right platform. us more out is of testing it that you you think like a might tested the -- when being time handful give of now a shareholder sense did mentioned

Douglas Lebda

that? you to Scott, want take

Scott Peyree

I mean, it we're rolling out. Yes.

will We throughout testing rollout quarter. lot on have and X happening a initial here, of is be we the clients doing that fourth the imminently

of the flow Our hope the all just as the it we first well, quarter, can where be continual then early really start beginning places that will seeing is all if goes potentially a expanding consumer of the as this be and a It's fast this issuers to is of the product. lot of of it product which it easy is one pretty easy onboard -- issuers advantages onboarding for is we work, is not as new great. can.Again, as

So should goes we the grow into traffic quarter. of the a be quarter, fourth in be to the the testing we should issuers and exposing able lot rapidly in assuming more first fine number

Melissa Wedel

had shortly? of personal planning the always or rebranding of was thinking there Is that you're something engagement the had impression If loan that, Spring, I relaunch I particularly or could we follow-up differently and the had with relaunch that on -- about app particularly consumers. good should particularly focused that with MyLendingTree now be the

Douglas Lebda

No.

of members much -- That's hope product over just organization. thrilled last new right need thing it so coming source with and better. with that's lot I that referred our -- the now, so I'm from one is are to the just much Spring the is to And So make the of is and and largest X -- loan starting But what months a product. doing our starting personal somewhat. people our alerts happened Spring that But be hope its with of can for product completely own change have you to. and the redone have really can work.So to front the traffic and product on we are that we're advertising see you is to a progress we the better product as that evolves, actually app, and faster we referring the downloading way tech it's

Operator

turn Doug Mr. now for the would conference remarks. like back I to Lebda to closing

Douglas Lebda

want business. on is due but implemented, operational in improvements expect your Insurance continued due we to outlook to everybody we've also for The call this beginning I our you. our inflection Thank positive, faith to thank largely business. in turn the to the

that the every team on from base day come focused for drive right who leaning VMD business. the inexpensively are to properly additional quickly is on our testing us them.We of culture that is marketplace, the optimize entrepreneurial core of to and initiatives discrete financial numerous looking customers, existing our to into helps Our ideas for product and our working by

team Our and better. is leaner

are We faster. operationally

client and about we are look are much, we X Thank and optimistic months. you so very the in forward future. talking strong, to Our relationships to you

Operator

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

a day. Everyone now may You disconnect. wonderful have

LendingTree (TREE) 31 Oct 232023 Q3 Earnings call transcript