Insurance Segment Strength and Operating Leverage Drive Strong Results at Top or Above of Forecasted Range Consolidated revenue of $167.8 million GAAP net income of $1.0 million or $0.08 per diluted share Variable marketing margin of $69.4 million Adjusted EBITDA of $21.6 million Adjusted net income per share of $0.70 CHARLOTTE, N.C., April 30, 2024 /PRNewswire/ -- LendingTree, Inc. (NASDAQ:TREE), operator of LendingTree.com, the nation's leading online financial services marketplace, today announced results for the quarter ended March 31, 2024. The company has posted a letter to shareholders on the company's website at investors.lendingtree.com. "We are happy to report quarterly AEBITDA grew 49% YoY, exceeding the high end of our forecast.  Our Insurance segment produced very strong performance in the first quarter, growing both revenue and segment profit by double-digits as insurance carrier partners steadily increase their budgets with us," said Doug Lebda, Chairman and CEO.  "At the same time, a stable lending environment is benefiting Consumer segment revenue, allowing us to lean back into our marketing efforts to match more customers with the best financial products in our marketplace.  We believe we are finally through the worst part of the cycle for our company, when all three of our reportable segments were operating at or near trough revenue levels." Scott Peyree, President and COO, commented, "We are very excited to be returning to growth, with the strength in our Insurance segment and continued improvement in our Consumer segment driving this quarter's results.  Looking forward, continued stability in credit conditions at lenders coupled with very strong demand from our insurance carrier partners creates a solid base for additional progress.  We now forecast a much-anticipated return to annual revenue and AEBITDA growth for the company this year." Trent Ziegler, CFO, added, "During the first quarter we closed on a new term loan that provides us $175 million of seven-year financing.  We believe the sum of loan proceeds, existing cash-on-hand, and future cash flow generation provide us with ample liquidity to meet our 2025 convertible note maturity over the remaining term.  Having addressed this maturity and optimized our fixed cost structure, we are squarely focused on returning to profitable growth and remain well positioned to continue investing in our business." First Quarter 2024 Business Highlights Home segment revenue of $30.4 million decreased 30% over first quarter 2023 and produced segment profit of $9.6 million, down 36% over the same period. Within Home, revenue from Home Equity of $20.8 million declined 12% over prior year. Consumer segment revenue of $51.5 million declined 35% from first quarter 2023. Within Consumer, personal loans revenue of $20.1 million declined 15% over prior year. Revenue from our small business offering decreased 18% over prior year. Insurance segment revenue of $85.9 million increased 11% over first quarter 2023 and translated into segment profit of $33.4 million, up 11% over the same period.   LendingTree Summary Financial Metrics (In millions, except per share amounts) Three Months Ended March 31, Y/Y Three Months Ended December 31, Q/Q 2024 2023 % Change 2023 % Change Total revenue $     167.8 $    200.5 (16) % $                     134.4 25 % Income before income taxes $         1.6 $      13.9 (88) % $                       13.1 (88) % Income tax expense $       (0.6) $       (0.4) 50 % $                        (0.4) 50 % Net income $         1.0 $      13.5 (93) % $                       12.7 (92) % Net income % of revenue 1 % 7 % 9 % Income per share Basic $       0.08 $      1.05 $                       0.98 Diluted $       0.08 $      1.04 $                       0.98 Variable marketing margin Total revenue $     167.8 $    200.5 (16) % $                     134.4 25 % Variable marketing expense (1) (2) $     (98.4) $  (124.4) (21) % $                     (73.8) 33 % Variable marketing margin (2) $       69.4 $      76.1 (9) % $                       60.6 15 % Variable marketing margin % of revenue (2) 41 % 38 % 45 % Adjusted EBITDA (2) $       21.6 $      14.5 49 % $                       15.5 39 % Adjusted EBITDA % of revenue (2) 13 % 7 % 12 % Adjusted net income (2) $         9.2 $        3.2 188 % $                         3.6 156 % Adjusted net income per share (2) $       0.70 $      0.25 180 % $                       0.28 150 % (1) Represents the portion of selling and marketing expense attributable to variable costs paid for advertising, direct marketing and related expenses.  Excludes overhead, fixed costs and personnel-related expenses.  (2) Variable marketing expense, variable marketing margin, variable marketing margin % of revenue, adjusted EBITDA, adjusted EBITDA % of revenue, adjusted net income and adjusted net income per share are non-GAAP measures. Please see "LendingTree's Reconciliation of Non-GAAP Measures to GAAP" and "LendingTree's Principles of Financial Reporting" below for more information.   LendingTree Segment Results (In millions)