TREE - Earnings call transcript Q2 2024

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Operator

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

Second Quarter 2024 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I will hand the call over to the Senior Vice President of Investor Relations and Corporate Development, Andrew Wessel.

Andrew Wessel

Thank you, Carmen, and good afternoon to everyone joining us on the call to discuss LendingTree's second quarter 2024 financial results. incoming Doug President Chairman Ziegler, of and Bengel, are Peyree, CEO; our today Jason and COO Marketplace our us Lebda, and LendingTree's Scott CFO; With CFO. Businesses; Trent

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

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

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

Douglas Lebda

and us for to you evening. this Andrew, everyone you, Thank thank joining

Insurance revenue quarter, growth company second Our exceptional generated than led business, by doubling last this the year. more quarter the from

outlook Our quarter. overall continues revenue to improve third into the

on and network. our insurance both clients time, economics, at We variable to dollars. same with a wallet with at consumers the deepen expand a basis margin business to driving share to laser unit many day-to-day all generating you can gains lending positive on operate demand on positive, we marketplace while As incremental, we the know, attract our relationships as our and focus high-intent seek as the

drive the traffic, limited past share despite to high-intent to executed Insurance, plan with X grow carriers. successfully our During budgets, we our in years,

when interest execute to expect share conditions lending partners rates we rewarded begin time this the in decrease strategy loosen. the at is will gain in to or be Now same lending. Ultimately,

Federal we Reserve target X any do We the are outlook. although also financial ready its by of our encouraged be at X may forming that in its meetings, next not assume to the change rate lower increased consensus rate

revenue XX% growth same invest Looking year. continued underwriting VMD results to at auto market XXX% share within more of from continued from throughout allowed and into competition us On the very we results, the put in as trend Today, the year. grew continue that into carrier the years largest insurance time Demand third to based one and on grew expect for first. our largest market. throughout propel Insurance gains performance, share build carriers market last the U.S. our strengthened period. will has acquisition, were to segment will and category, level, partners But X rest are believe ago, aggregator the we have insurance customer Insurance good into we the second comparable the context,

relationships. Our be future they more appreciative and excited stronger more partnerships carriers have those been, with for the ever not of we are or than could

segment by grew revenue sequentially. Consumer Our X%

We period last year first standards looser still which are year, the underwriting in a ago. decline lapping of in a from a half resulted of

a leaned particular partners, many stable our demand we personal of into loan quarter, lending the During on at with business. focus the

the grew refi consumers equity loans. sale, with and our shopping and X% in segment limiting expected as the Home the bright purchase for of lower a Home segment continues partners closed number of the of be supply consumer revenue helped strategy number to XX%. The of high-intent traffic, mortgage homes spot Our for sequentially. rates as by sequential which for loans increase XX% improve drove we higher to performed

partnered our XX an his financial function finance am years the sincere efficiency. well. ongoing led Jason team, operating costs from to over has the started a company, to built analyst to in in and Trent million Ziegler. remove took years He my as Investor say planning respected LendingTree. Jason to with which that be by like as He department. operating our CFO and our gratitude our built driving here. role. And of out tasked him people build time one becoming he responsive helped of in extend us agile Treasurer professionals improve loan March. Jason business. himself, truly job has our he and award-winning much on the Bengel In the team also closed Jason our analysis Relations our co-led excited process, the CFO, take I'd X I and to And recapitalize and as at would last the company. the expanded for improvements an Finally, work this Apollo with last with to $XX role our efficiency and resulted words most helped of is His over over a internal at as thrilled in we balance introduction, of a like with ago well. few sheet more strategy fixed from taking from year, will Trent has in

Jason Bengel

and have we've Doug. progress our huge right-sizing our and very balance base. X expense you, Thank and closely Trent over made the sheet I worked last fixing years,

base pivot makes about at continuing my once, with we forward, disciplined happy going disciplined an measuring where have are. and and placing strides to KPIs but everything going and discipline: do leverageable. trying not focus, our it sure is thoughtful make sense. with now and progress bets; to about focus resource expense allocation all making we priority highly in And to where very that's we're We So be

new and in opportunity excited excited very I'm role very has about I'm before also So my about LendingTree it, it. the

I So, thank thank you, Trent, opportunity here. the Doug. you, and really appreciate

Douglas Lebda

And with that, questions. operator, take we'll

Operator

Jed our question, from Oppenheimer. first with for moment One it and Instructions] [Operator comes Kelly

Unknown Analyst

on This for is Josh Jed.

long from How earning of to going then, can other the competition how get versus of the Just this do demand much And forward? X. period operators? is of continue margin due you Insurance higher had compression concerned with the some

Scott Peyree

Yes. with with increase. VMD start by compression, This I'll much as highest I And Peyree. continue overall question. grow to as our is Yes, the that's quality the far I concern would saying answer clients and will as that same time, Scott as say, margin the as possible, VMD we grow possible. product to to our clients the provide primary at dollars A,

So the has which extreme been now, margins. come right it margins, incremental VMD but a lot revenue at growth, lower positive has at come has

looking more your in look extreme I expect you're -- history growth in a Insurance honestly margins Insurance to that's at middle Long-term which could extreme right before probably COVID, at I long-term the be of mode reach when to you're but where in in were think it we in expect extreme downturns with we normal the cap you're year I if average a once our low-to-mid-XXs year low-to-mid historical a things like we a think probably we margins start ago, state mode, would the from for of haven't Insurance been of would in as we'll low you But I out as of growth business. business, now. normalizing, the margins. now, the to level as So high-XXs, which XXs. are business, say, extreme probably up now, normality, which while right the budgets, When growth the expect be in a at we be you'd lot

Douglas Lebda

from that that I'd only fulfill and much add want take high-conversion, is we the drive share that your customers go And the high-intent that more that it's you to whether thing you're your volume high-quality, market revenue really Doug it's you're the you demand and volume competitive markets, price, as into And to ability -- growing in quantity to that growing per getting coverage, is because you more advertising is to -- the particularly search. share coming much auction-based so marketplace, that or where differentiate. as makes lead, the

Unknown Analyst

one last personal loans. There the there. a then, was And good improvement some Great. for

trying lower benefit get color rates? us background. if better from how can there's segment's idea And the is Just you versus Consumer an if any macro the to on of give Fed does better conversion much

Scott Peyree

at -- level. I'll Yes. high I'll a say start

on Just we marketplaces, kind level I the it's tightening stability underwriting then, we for say, in call, doing. high-intent of saw that which probably lending level a would of done trough focusing the level share reached job of was a I of general, the very we've Doug we've mentioned of in stability, market a gaining of say, were clients. at that Like stability, overall QX consumer and a as far been while general, the by of through on And from as standards in to in QX. lending top would grow the successful as mainly able

quarter-over-quarter. coming more We to honestly, and high-quality, And able positioning marketplaces coming growth start VMD importantly, biggest revenue drove in was flat rates opening clients down. will grow relatively when in down, overall domino for consumer our again, better whereas revenue personal high-intent So, their consumer rates loans, criteria, start that us the the up segment in sets to in underwriting traffic. up extremely having those with fall, be which when lending well were start

in been in us point, more than in of front So that's this of front us it's clearly at years. imminently

in work right But So focus of you consumers. high-intent with in revenue did a really honestly, put personal QX. growth I'm really, mortgage which now. loans we our We similar positioning there in of happy saw personally lot on a the space, lot

end of growing quarter, efforts the into our business, there. small the high-intent Towards our putting consumers started we are and

and across really showing market those future. up think our turn mix, in consumers near drive the set lots to more that's in for when success we're the I going to the improving of lending of us to starts well So board

Operator

and moment it's One question, next KBW. Tomasello for Ryan from with our

Ryan Tomasello

looks around on calling guide just margins for revised front, EBITDA year the XX%. is step like margin a guess, taking of it I the for the back

near to expansion think and around to? half cycle is, maturing come the margins. to being basis. to around here, the margins moving moving implied the about seeing to mid-to-high second a closer massive EBITDA Insurance a previously pieces also on high-single-digit think, that consumer teens are should impacts an margin biggest going bit shown consolidated your timing you've back ability this understand all that Just that the going get trying back? Is ability insurance the the and to to structural one take we The guide drive what how term How get pieces to I

Douglas Lebda

Yes. This Doug. is

day. start earlier, has the just and dollars every to single me variable said focus laser Let maximizing which margin something be that entire echo is, off the of company Scott

it, So, from $XXX us if more to we than clients our do can costs it demanding margin customers do are when of an $XX going to have. times we're that actually and at us make incremental we of dollars

in invest trying marketing. out that and building, demand. get to going then and us we're is more more as demand then, to that So enables And

-- don't an percentage we end target is output than and of expense marketing more the expense. at the is So day rather an us, a it is margin a of than for fuel

like think focus. And the I'll over or to the is so, to to VMD revenue I And where hand talk and with it about numbers, the we Jason that, Scott.

Jason Bengel

in can assumptions think think And is easiest I the out frame to it relative the of Jason. guide about it's QX. here. to Yes, some way I just the

piece piece I'll go so, And here. by

Insurance So, in this rest runway. just strength starting long is with -- This the has continued of market year. Insurance, expect a we for

we to all revenue driving again, with though. about, reasons both VMD the from dollars, some for compression talked So sequential on in but here just and QX growth expect we focused VMD margin relative

to are in gradually headcount it that As to we in investing on relates side, some VMD some Insurance expense Insurance. drive the of

able is unit generally steady with drive then expense So, state Consumer, work along, assuming year. And the for increase rest VMD, are we'll Home we're see in from we guide out moving where and some the to of just really, the and as economics some it, obviously, from normal will any The that this increasingly we not the but QX. is will that, It seasonal like happen Home Consumer seems assuming decline we're and big point. rates. benefit imminent in that's and unknown, at in for guide benefit the

key talk that's assumptions to through. those -- the are So really

Ryan Tomasello

finally the benefiting, out just potential maybe volume the kind already you'll cuts take more rate in network the of for time a of boxes emotional is what to of and a uplift on on of really was mortgage us Consumer actually type Do loosening of cut That's you your cuts response to play it take rate the or unpack on several see and might -- of a here feel like second that going could Fed timing trend more of will you credit cuts. magnitude out my see question terms also time? here, and side, partners, helpful. be help And business [indiscernible] but the more driving from getting Great. Fed touched

Douglas Lebda

Yes.

right the word think benefit. word with I the you hit

below. right are now, mortgage X% the customers that have rates structurally, or XX% of business So

So, be consumer benefit to the time a off. in ways change when is a there's going large probably

we behavior However, been change shopping always in the will dramatic. think be -- it's

or of all up that on all that there expect working will see a I increase coming a to in for now we're And -- our to see to in. And to or the that with large due to would we're change we extra preparing sop that in the that we when be because going would other extra lenders have expect right see demand that have And going a happens, so, supply to behavior. just decent inflows note hope is we work we're to then, to -- thing shopping just market.

more but everywhere think, change that it change will when news be the in of psychological will rates. psychological it, cut So benefit I you there a a the Fed be change, than because called

Scott Peyree

a is I'll add Yes. things. This Scott. on few

into when product As with specific around started accepting with similar right snowballing fall talking from will in requirements had similar opening consumer loosening clients started And like without Doug be domino echoes when now, underwriting happening domino will up up QX. year insurance not the in a wider working started first geographies. multiple We've lines. carriers last getting loosening client honest about any to and its I'll It that having trough. just And consumers and swath it was said, be underwriting underwriting QX We've about and their shopping clients we across last negotiations. The in conversations QX, And requirements. was already of are one. to we're consumers of them it us, then, year QX requirements multiple very be multiple then it actually loosening more behavior. next

of I benefit, when really increased to a Doug the point, and underwriting 'XX. third especially rate lending for domino. that as domino, loosening probably final say, it into would said, getting probably of domino So requirements, combination then, then, That's could will skyrocket. that refinance going tipping even the early be shopping, side when And is the reaches the bigger that snowball refinance,

Operator

One moment next for John with and line Campbell our it's from of please, the question, Stephens.

Unknown Analyst

color what and insurance if sort It's more I off you did the give Jonathan that up on some more quarter. of throughout the the look ramp on wondering trajectory like trajectory carriers could John. it of more and for exiting the got the was like? increased revenue Did was What And as bench marketing dollars? quarter?

Scott Peyree

Yes.

with a a So, significant continued securing clients. beginning major quarter. negotiations I from top quarter. our we'll revenue was team going why on budget a going of to give the there of so positioning -- of our that's the in significant was what increases would step estimated significant doing those into change up it we throughout credit quarter, had insurance my basically versus at lot that was which ramping strong and lot June, the clients say, And the yes, then, into we beat

honestly, we have So and big July, a hotter in even been in step June, did we we heading running in change slightly were we've than -- June.

would going the revenue I our for forecasts is insurance, right and are market So probably argue pretty way insurance QX the now. VMD conservative current

-- to want rate appetite extreme be the extreme this but bringing have carriers that a with it's growth, adequacy you now. obviously, especially on conservative, just these right have Now reached consumers have for an little ones

Unknown Analyst

there? point, bench? players there you as couple a the on it follow-up, a it Any still is Or color is then, broad-based? can players? of this And pretty Okay. provide Are still at

Scott Peyree

to our seeing very budgets level at us. with that. have yes I We're of are lot money long-term significant carriers. said, of come seeing us that ever a spent even that It they extremely any levels a than historically we're say back a broad-based. is few way haven't significant more from would clients That number more there with some yet. both Obviously, revenue -- spending carriers

-- still that's has to as still will rate adequacy up. have certain limited insurance achieved There So The home still. eventually still going be opportunity. an coverage an are not very they That's industry that industry. geographies open

pretty still, open and suppressed demand. a will up lot that So with that's of

logically at of this So, lot just a left of growth there's it, look in you insurance. runway phase

Operator

our it next Youssef moment and question, for One line from comes Securities. of the with Truist Squali

Youssef Squali

with all the your forward to Jason, Trent, working for congratulations, you. best new you in looking role. and And

look at is I as fair So to was That's is changed? In it [ the new your other maybe words, follow-ups. segments, your upside, just X you question. prior for of the think and first not of I ] that guidance have Insurance? like guess, guidance, basically a the revenue the midpoint, couple relative all from it really other assume million $XXX year the at to the expectations

Jason Bengel

I'll Insurance, primarily It's Jason. favorability it's take Yes, basically right. just Scott had that. Yes, outlined. as due that's to in

Youssef Squali

And kind in the is July maturities switching And that? left subsequent note the how to the balance XXXX? much sheet, on convertible of are the Okay. then, -- due after what

Jason Bengel

also. I'll Jason. it's take So, one that

So we retired $XXX the million convert QX. of convert, the in

So, million $X that, we subsequent have left. as And retired QX, another of we then, million. $XXX to

million. $XXX we're down So to

cash and out. remaining And from the us. a price maturities years on The going the strategy same. that's that going to back million so, address hand, buy We're are And cash to those there $XX is forward, Apollo attractive at delayed the future to then, we'll the facility use draw several maturity.

capital feeling structure. So about our pretty we're good

Youssef Squali

Is million due out of the in Can that? anything outside Yes. to you quantify XXXX? else [ subsequent ] there $XXX

Jason Bengel

Apollo yes, XXXX. is So,

And draw. then, that's $XX will with loan million September original that is -- the XXXX. delayed So be term a million $XXX

Youssef Squali

there kind you help you of, to went a what of if provide any is Doug, on broad affected business, that update then, guys. lastly, well, all? at not. it's data Maybe just everybody, was how there And us impacting this including first, breach potentially out the there? And maybe kind Can

Douglas Lebda

Scott, do then, to came kind And from pick -- any on want second. it of I'll you take you do first? comments that that? have It up

Scott Peyree

obligations. numbers subsidiary have immediately the that be address statement. investigation we we confirm from hearing by products by Snowflake. was upon our and working honest. to the We to incident. read I no operations investigation were services I'll no data information impacted that business We We can take our an for notified financial them and began account that Snowflake Snowflake use or consumer and our security investigations, affected, legal these and impacted. social seriously currently matters off are related our any conclude were or Based LendingTree-branded was

Youssef Squali

Okay.

words, So, other as standpoint, from a this see least now, impacting really financial what on at of the you... business, as you don't based in

Douglas Lebda

and comment really We say that I on its have What would can materiality, is. can't don't we if is, we expect this believe announced investigation. an -- were Yes. we ongoing this. material, it it don't It's

Operator

One the it moment question, Melissa from line for Wedel comes our and JPMorgan. next of with

Melissa Wedel

say just the forward. with looking congrats and working to to Trent role Also, team forward on new both the going

back and and that what as don't long like idea will really of where capture you recovery great commitment was strategy in at sort It think a the right see at revenues fair it of margin. to is? like the you're in But that insurance Consumer, on as reducing of how necessarily that you're margin. be probably a period is you Insurance. that's really you've X-quarter that view your looking the what strategy that got that reduced Is that took, you'll investment compression maybe that, of we look saw period to sort necessarily a X of share, Going at when when on saying, the margin long a sounds interpretation like now least benefits margin to or replicating of reaping -- we look

Douglas Lebda

Jason? Scott?

Scott Peyree

as start. like, I'll dollars. our repeat, And just I've is goal again, I'll repeated, total increasing VMD

I'm billion with margins I'm $X do at that. happy lower double VMD, can my I if So but honest, revenue of

that budget, demand long when we amount Xx, and we're want which end our in to want we at show we're need have as I say, of to we so our writing margin, rather a service later, them budget. Xx, they Xx high we and at lending, currently, to we're want the get growth consumers deliver do be if that in extreme do to that to clients because than you making can and So, sooner the the into for would that be clients -- going VMD lock we happy. loans will of And an do our mode more slightly than on if as day, are to that happy, lower best

Douglas Lebda

and if prided improving overall. somebody else, or on want extent efficiency that we've revenue and from our it's cross-sell it you because is dominating demand a among you've fulfill take working fulfill it's if and coming and we're are it's go it's think revenue else I making The don't streams first you And hurting only having, a in making from clients try the that positive making our effect added trash. market because that you the have can, from two-sided liter, clients, and demand positive the somebody budget bunch to that of way with as that in you that on marketplace as other the then got and go even And money much equation, our else's, per not also a go somebody and to the or transaction, auctions. more it's Yes. to to coming X% and theoretically always higher for in like of to traffic margin, and you that. us RPL, -- And want customers conversions that's of is, And growing high-intent compete coming our more the effect money of afterwards. you're ourselves they demand that, from

you the want with you And that we that, demand capture because others. only than of do can. growth partner mode, have reason we And more all And to we that is so, you're can a when them. in

Jason Bengel

I'll just... Yes. It's Jason.

Douglas Lebda

ahead. go Jason,

Jason Bengel

Home When coming just that tack back, we've one have leverage our that. Consumer of lot base. expense more a we on think base, been about thing expense on to going just back sure to we focused making and that Yes. I'll in

come it's Consumer and current us. largely spending back, more Home when our partners with So

so, of much as been going on down focused to possible that we're And EBITDA. as -- to drops making VMD we've sure

more that We And to us, changing don't growth. much. hire to so, aren't spend managers activities, partners need a number the with when that our of massive account support current necessarily

And so, we're making into it EBITDA really sure it on comes focused translates back. as

Douglas Lebda

point. Yes, on a basically these markets but during you're hanging to share. it's trying great Like use it gain to

Melissa Wedel

Yes.

particular Wanted around loosening Okay. standards also -- thread that. pull you partners the noted the I'm partners. about to it's talking multiple Is like on Consumer customer? -- market? of super your it a little some type or starting a bit it to particular part least within of of geared Is the underwriting about a at talk curious, that prime at within is

Scott Peyree

Yes.

happening. we're So on, won't Obviously, they're be I is looking high the really that's whether loan purpose vacation, that that talking on, get purpose your of conversations about an can is, generic gotten clients. opening on of would and like purpose were the up say, they've loan, like level, categories this out you're things on loan loan? Like, like call is of that -- can restrictive That's But -- one going just inventory of accept. you I conversations they'll what that like some loans. thing business around one personal for having Absolutely. specifically you, I the example, yes, small at tell very

be for lowering. talking needed scores, is XXX Well, example, about, category just credit it Another above. like we to

would purchased been now few accepting in Now, certain start are the we'll opening maybe the that that. say, and up side, there. I -- snowball have clients that That's that start on XXX capped had of mortgage like a products above. mortgage the we've

So all you're to in be the honest. across board seeing kind it of lending categories,

Melissa Wedel

Okay.

too, last was from And box -- small there bit. performance a has too, so the partners, bifurcating credit But like little from small that little a around that bit actually you're personal seems loan hearing you're been that area? saying business. lending the was It obviously, that was expanding question business into my

Scott Peyree

but quick. first have caveat it everything opening. they But just Yes. the pretty starts that's -- from -- ago. nothing It happened And these the starts dam a with can time is, it's like -- Insurance it to I'll I once say It's would changed restrictive small, small. and it's happening be it is in significant year winds a very open, as but significant. to And the -- all then break flood what

Operator

One our next and Madeleine with Susquehanna moment for please, line the question, from International. it's Zhou of

James Friedman

Jamie. Well, it's actually

So is Home and the half in second Consumer of 'XX? contemplated grow to

Jason Bengel

Jason. It's that. take I'll

most of -- year, again, of in we you relative is in generally way just the steady it happened. at that's prior think half the the to easiest about I And some it's where drop because it So think are versus tightening When to seasonally second to that easier year QX. comp when state, relative look that, it's is QX. much in the

look QX the will QX, they to you comp is to that at QX improve, growth but when So because from QX much to rates easier. mostly

James Friedman

I'm card -- the I'm shareholder have says that, or Jason, sorry. in there's for And weakness Scott, Thanks about but in Scott. ongoing vertical. credit the constructive comments these surprised then Okay. that then, it you letter lending, And

lending, help I'm when you carded say, there originations? could So why is you just equity being home don't us sure it, unpack, exhibited behavior -- like a personal separate reason and and understand there I lines, say between, is,

Scott Peyree

the didn't Yes. credit hearing about to category the that's I as bunch category earlier, by out we're business be cards opening in It's one that still of toughest say the excitement not accurate a -- would the and -- one call far is up.

off seen. other lending, debt they've think past a as I up, the category higher very the statement, over lending spiked -- seen industries, in default think but kind riskiest seen, lending in the it's most months. of than delinquencies rates you've the leveled I of spike rates went cards as general rates make credit To spiked general, unsecured in industries significantly other X have

go And down will so, even down. start feeling and fire that it's comfortable not levels, though and to it's they're concerning levels, alarm when go leveled at hopefully it's more at rates

it's card the that the credit a been off question? little in in alarm card business. to more answer get of books. bit spiked credit of the like Does think mode where are a bell to I general business levels to balances your balances card And they credit different, has trying kind in adding books the versus more

Douglas Lebda

And it thing be we and add on lot there. And issuers. business partner for category a invest we time the do future. category, services a see actually stuff the in we're a make the and product in big can hopefully valuable so only and to better great of issuers definitely and that I'd and our partners, a that some the And to really address the tech and got financial want the is, to committed can it we've major Yes. -- we front for is minor in the works

James Friedman

me pleasure a it. let just my you over to echo working Got been And lastly, It's the with years. congratulations Trent.

Operator

And the Northland our last one Mike question, Securities. line from of comes please, moment, Grondahl with

Mike Grondahl

or Kind areas? visibility, for visibility, of insurance, you months maybe each mortgage, personal How kind at of quarters, and forward the of describe for in level. in just a question would the loans those high

Douglas Lebda

that? want you do take to Scott,

Scott Peyree

demand... Forward as revenue growth, visibility, as far just

Douglas Lebda

and... buying and Budget

Mike Grondahl

the in I guys business. don't... know Trends you

Scott Peyree

say... would I

Mike Grondahl

today? [indiscernible] do see but what you

Scott Peyree

be QX. say I I'll terminology we can would we building -- would our of relentless and attitude clients getting The more. I more? pulling off, any, versus building before, lending, aren't general kind about in a in if say been we What out would is start much, in I it to do seems how as said steady troughed growth to Insurance. from Insurance. It use indications is, sure state. get back. lending, and It's The with Jason can leveling get The

revenue line been I look we've growing there. then, start say staying with steady as probably once I in out slightly that out, immediately think I and mode And I VMD will largely in to state top in the would rates decline. that you're same. stay think growth start state forecast decline, generally to rates until it

I the make But September, is decision. in know Odds the don't that, that start a start that would hope will answer, state high, down. starts. when that's Fed in to general it all how to are We It's we until steady so, rates but category And that. lending probably to up in happen to right? come that's the very

Douglas Lebda

get Yes. Xx TAM there of look industry, among to direct just I we till marketing don't cows the making of Xx companies, their And when ROI think we're you total budget. the look you And we total the the bigger at we're size the as if a a but don't want percentage are. Allstates, than dent is the And in the I the optimistic, even just spend then, to the too home. direct -- can ad GEICOs, of at come public marketing show Progressives,

so, we've be going believed expand And to really case. always increasingly, that the help And that's proven are guys to their businesses. marketplaces these

profitable want rates Now don't on. gotten they've the -- last stop to until if right, there's until the profitable dollar, like we they're they the last just don't stop putting policy

Operator

final as no the I questions will queue, Lebda further you. to comments. And it in back Thank for see Doug I pass

Douglas Lebda

everybody, you, for thank Thank much, you your and questions. so

ahead We the of us. opportunity are very excited about

over outlook revenue, EBITDA Our remains and the X segment growth strategic made of last in Insurance robust. is years. continued in decisions result the year-over-year end we Growth have many our VMD market-leading for adjusted

third Our interest report for credit you to call, should begin decline to well partners much wallet again and our performing revenue competitive or conditions begin joining so a we look increase quarter is to when connecting ease. Thank with share great lending put grow on in forward results. and VMD position this targeted strategy rates us in us we to to as

Operator

for And in participating all thank you conference. today's

You may disconnect. now

LendingTree (TREE) 25 Jul 242024 Q2 Earnings call transcript