Q3 2024 Lendingtree Inc Earnings Call Transcript
Key Points
- LendingTree Inc (TREE) reported a 23% increase in adjusted EBITDA, reaching $27.27 million for the third quarter.
- The insurance segment showed impressive growth, with revenue increasing by 210% compared to the previous year.
- The consumer business experienced a third consecutive period of sequential improvement, with revenue growing by 6%.
- Home equity now accounts for two-thirds of the home segment's revenue, showing a 5% growth from the prior year.
- LendingTree Inc (TREE) has successfully expanded its concierge sales group, improving customer satisfaction and loan close rates.
- A small number of carriers are driving the bulk of spending on the network, indicating a lack of diversification in the insurance segment.
- The home segment is operating at trough levels due to macroeconomic factors such as higher mortgage rates and a suppressed home sale market.
- There is a limited pool of refinance borrowers, affecting the mortgage segment's performance.
- The company is not planning any significant brand spending until revenue per lead improves substantially.
- LendingTree Inc (TREE) faces SEO headwinds from Google changes, impacting traffic sources.
Thank you for standing by and welcome to Lendingtree's third quarter, 2024 earnings conference call. At this time. All participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session to ask a question during the session. You will need to press star 11 on your telephone to remove yourself from the queue. You may press star 11 again. I would now like to hand the call over to Andrew Wessell SDP Investor Relations. Please go ahead.
Thank you Latif and hello to everyone joining us on the call to discuss Lendingtree's third quarter, 2024 financial results on with us today are Doug Lebda Lendingtree's Chairman and CEO Scott Perry COO and President of the Marketplace Businesses and Jason Bangle CFO. As a reminder to everyone, we posted a detailed letter to shareholders on our investor relations website before the start of this call. And for the purposes of today's discussion, we will assume that listeners have read
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
