LendingTree (TREE) 5 Nov 202020 Q3 Earnings call transcript

Ladies and gentlemen, thank you for standing by and welcome to the LendingTree Third Quarter 2020 Earnings Call. At this time, all participants are in a listen-only mode. Later, we will conduct question-and-answer session and instructions will follow at that time.

As a reminder, this conference is being recorded. I would now like to hand the call over to your host, Mr. Ziegler. Trent ahead. go Please

Thanks LendingTree's joining results. third Eliza. morning call to discuss quarter everyone Thanks, the for this Great. XXXX financial

the J.D. this Chairman me call Doug On LendingTree's Lebda, morning and Chief Moriarty, are and Financial Officer. CEO; with

detailed posted Investor earlier reminder, shareholders website to a a on letter As today. we our Relations

that, your our the prepared with our time questions. of bulk this relatively brief so And addressing remarks we'll keep morning spend and we'll

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

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

thanks, to joining everyone thanks and call this XXXX the morning Thanks, to and discuss operator, quarter Trent third LendingTree's for results.

with wrong. call. call – Thank the to me – for that sorry the joining On you, oh, thanks I got I'm everyone Trent, and

period. my perspective I'm business challenging the into like why few continue as by to the I'd to giving get on questions, prospects navigate you we a a the encouraged Before few spend and increasingly reasons of this we minutes

the has model. the clear. been Financially durability of of benefits speaking, last our never the business First, over demonstrated performance our have months six more diversification

the prior minimis. personal has than segments; opportunity adjusted $XX cards, revenue credit largest the have two in loans, that fact million the business been and of We in de of three five spite generated our of quarters in EBITDA more small

are we to is strength business great showing in Our the relative where mortgage cycle.

historically discussed strongest activity previously When in service they are like where lenders we've been our our length, at environments volume, we're now not periods. need with less. refinance As have booming, is flush

innings when are that and the continues our exhibited to of in It's encouraged recently secular enables are the and bank of their to digital our thrive. to our fundamental capitalize is quarters ecosystem few several strides central My well-positioned Plaid. shift. LendingTree and all content. us clear to the continue segment industry hub. And we view Insurance suppliers, that Insurance been last like saving borrowing, competitive great early platform our the and and Operationally, users, This in to I accounts am expand announced months, over LendingTree development connect partners strength We've our able integration categories integration by have we a our the users So, made of over the of leverage evolution spending My we've to with we and position. their on one in to a still insurance the strength extremely strength in Home last testament that competitive to especially

and confident time period well. position in competitive in we rich will focus and are Insurance more Consumer we our relative Home strong used we deliver incremental insights. of transaction-level a sophisticated The of on performance for remains strategy, the of to incremental as our and enables and recommendations. data as this summary, provide well. of feel this us the recovery consistently us prove signs more consumer, of Importantly, In holistic We've layer data which and to more seeing partners our as innovation renewed put a valuable personalized of execution picture and gives also transparency businesses early many extremely

third the I've I'm that, crisis is emerged confident been. we financial ever Each today as operator, smarter, positioned And As better we've open a and we can endured. that stronger this have questions. line for with and time company, the

question from Kelly of Oppenheimer. Our first from Jed line comes the

is open. line Your

question. for my everybody. Hey, Thanks taking

if could. Just a couple, I

been on parse thinking if the about of next mean, then how to the more goldilocks the reaccelerate or a just there of strength more car on that year, one positioned? sort sales mortgage doing Just into yourself And environment. you're you new do Was becomes kind you environment I driven how just was the of that growth? anything Insurance, can it out from where you've was from? there see

you're and volume where with and into J.D. touching reduced we've still and and/or don't then origination flush mortgage, I share can still And the very, going of reason we're have mortgage than closing markets to feel sticks of on very in overall period with this why and well-positioned on And touch might seeing, these On it Tree, mortgage, the more usually market when the and we're that that better. sorry, share them. small Trent, grow we're when guys volumes. we I'm during touch you with they're is even our is continue that lenders. Lending And functionality integrated increasingly lenders even maintained then and a And My time get get to (XX:XX:XX) in Insurance closing and continues our website with alert our Insurance. you own add wallet we've so to very relationships time used on more with maintain solid as

and has ability one multi-match selection And I to having to actually basically – you choice call, fewer end of been of we've reasons so getting about I to I'd is enhancements talked just The was news sales increase sending thought our extremely challenged. criteria our the one be the thing and And one. last just take that's and our call and capacity we're going about I'm the really great multiple cycle, think I lenders first on in or more going on after the bullish as customers doing many continue. the strongest that's ever. in would we're in then We're at said through on it to more product rates you add instances major lenders. this that mortgage; it it, the one I conversion of product on the and that well-positioned. and would than my made helped mortgage remarks, it's increase lender have the, only talking

we only while The grew Jed, J.D. thing that in would mortgage refinance it, mortgage, the XX%. XX%. answer product identified recognize excess is The So mortgage, it's add on I aggregate as core growing is of

has lenders to purchase shifting So, from what because the been. that's is you're refinance where away our economic seeing opportunity

which rate environment significant a given year-on-year the this cycle. home equity is You're understandable in decline seeing on also

are lot we bit lenders And were as focusing and organic cycle Doug tenuous this a a there's through know We're are XXXX. that like we some So say fourth very product from year. the marketing saw a services, period And points when on the an off XXXX growth bridge going shift I'd certainly to That's encouraged acquisition And quarter, our respect, our the out, that we're here others. lenders that have into We the the quarter little volume. services, you it's shut for where we third valued. nice customer of us. as into more XXXX in in first on environment as more from of the of opportunity. sequential near-term there. since our half getting always keep where

perspective so have tends the buying. rate And of demand the organic from a environment low for lenders cycle, services lag kind that's that lender-demand our that and to where

grew going understanding but to we much the on, rate while think refinance low a XX%, that indicator faster detail to what's is core that's mortgage critical overall, which environment. So, better just growing want is I of mortgage

were obviously sales about Insurance, and auto And were down traffic QX, would convert we carrier of convinced not the effectively. behavior that was we that was relates highlighted it insurance auto inquiry and end As they to that that down. QX highlighted the just

And the bit of probably more carriers. unbalanced the business little a we've market add what stabilized, think to right-priced, our and also, true because it's We conviction carrier a search-dependent so way, of is more more it's probably got customers. from indicator as more has intent by

that's so you're And what seeing.

of of of a over it's so place put so. Insurance last that just QuoteWizard thrilled or in really in the the the lot objectives year manifestation with And strategic performance we're a the quarter and

So of all very behavior at think healthy really our a of good that's the under we business. carriers their the just hood If spend story. and I it's top look a QuoteWizard, with

Thank you.

Sure.

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

line Your open. is

Good morning. John. Hi,

work the good LendingTree on My Hey, know, developments. really you

door you it done have that the I – opens guys added Plaid really that of mean, the seems to like of consumer features a the rest will. You if lot integration a that the data, lot,

My on good LendingTree. long-term I'm development. that's for a looking just updates two So

guys you So, early insurance into made guys analytics know platform? kind efforts the over I partnership. blue-chip really the stage or monetization side, get maybe first, and the data. integration if data and us effort last pretty you have you update deeper then, concerted And two the know to got the can I of on of kind on year And the on a

of just your better, of So, you how kind bit set massive curious about know, get data? guys that's you a helping little

Hey J.D., it? would end want I'll and to you there start

absolutely. No, Yeah.

our insurance the integration One two funnels. to at surface ongoing, of on guess, there're it. is would integration look So, is you John. I aspects the

for able instance, to get offers. ingest and So driver's able record their can effectively, with and over know, somebody's time, information be work providers them to third-party we MyLT, being show we into to for that want data auto into

And will Home be funnels, is but integration there think, one. we is the time that over Now our small. for with when want, a also say it insurance obvious business, catalyst I we our

you As as progress, of as of but Today, would be. making a insurance like get we the them not most are reminder, around XX% personalized to we insurance alerts is business. that auto are

says okay? more not your And it year alert personalized. us to if in get typically an that is key now, so And around obviously it savings insurance, way average more personalized. that's auto an next goal. our for from of making Right that be what a is the geography, We somebody alert is you objective want

objectives. into that's head one of the we as next So year,

Now, it to we internal have relates objectives. data, of bunch as a

understanding and That You call consumers the blue-chip. with referred to us is right also where they not only we but product, got to went are our to alerting sure that what we and next. CRM they more the how regard making

interaction is personal and them we had somebody when as a to to every loan, meaning right they centers a from from cetera. started with in the they et dashboard of has have our if call one get So a customer consumer, LendingTree, that want call

that that I other manifest head personal we as will sure last what smarter same and utilization financial near the more make into showing this of XXXX volume; customer where amount point we're or so itself organic these So at the XXXX is necessarily and will right do, year which data card businesses, it this organic year insurance investments get up at don't critical being a reengaging about making targeted. and results in enable is than our progress. credit can other to will think is make more loans, us to targeted, it is making time

freeze continue to affect this for who notes, investments those data and your of business when sure the all to the spending So, we campaigns, ongoing. year; money and made next one not people investments We you see I year, quarter in you think so will in on that the to our ongoing; very those the offensive. we're conscious us second decision on make a used in invest

here when the for so see we're next second rise half, it's preparing our in because And OpEx you year.

I going OpEx growth expect be to now actually we're because We've is would good a made done that we've investments where So in position this slow year. our year. next to that, news the these

insurance year So of the insurance and in is it in there. then as channel meaningful encouraged occurs as until we ongoing that next I work so I itself have investment manifesting And think interest think consumers; great realistically the – beyond. among and meaningful results most MyLT don't data shows will manifesting MyLT, business, by We're interest the think of next a itself insurance survey year. on terms a for our

And basically the sort early only with the of I offers. giving click-out My is you is results business more LendingTree, thing or generalized which J.D. of said, would a add as

should this some be give coupled Insurance in at is that business be able lot if J.D. we've as that work real quotes, Plaid, recently. able said, homeowner, give can Plaid able our can we And to stages, a car; so We seen next with you're bindable there. data a gather work year, And in to idea bring a paying your and with insurance more we and are to to but bindable bill, quotes very know see there, you good that see payments. when if your would we'll still more growth hopefully own you're being with coupled lot a we in

this think was year home. hopefully, invest year, and it I bring test So and next

That's of little on super back one of this ramping helpful. follow-up then the Yeah. kind Thanks for that. half clear I year. the mean for And are OpEx you in guys it's that J.D.;

you this offensive. You're duplicate million. staying for $XX next kind Could HQ you then, into us there? as year year? if couple could think a know earmarked you branch. got on relief maybe of the just Then And that what traditional of give outline you you maybe is callout spend, I came some a so guys I

know what year, like give us and that would any going might you're business lot of a can you is still kind – to callout be don't across sense if there too So, I if probably a the be some helpful. I kind units, that recovery these going early a dependent planning of through but know Thanks. but it's sense on of of look next for

Sure.

went obviously looking to this year in forward support to money spending we So MyLT.

in in would the second benefited, brand that brand of the So, and me that of some brand spend that's pause We spend take your that would businesses be. you first. So when in let still light of doing the We're what spend question have paused were the of not part we're there, payouts On alone because on not the side see obviously will just on decline, right? COVID our of that, right? second you Consumer the part evaluating business question.

for with flex tell spend macro up the into than MyLT. a happy we will will – I we have supporting yet not spend. As instance, certainly we the And go environment, of recovery product. they new is you goal up degree our year, think that better track assuming a We're we for not customers spend. a in can are spending, XXXX but flex the is creditworthiness to next the spend Consumer we brand if, set evaluate our as intention card, when right? we forecast, like in going issuers in card we're of What businesses very the businesses macro credit our If Right our be they're what accordingly. for about consumer only position enthusiastic that brand to customer to to unemployment have want you only is on now to the intent

So spending as unclear. will will businesses, into there Consumer recovery profile translates a seeing a unemployment, encouraging. of And when tracks a all in it already financial that our card of consumer obviously a is somewhat but better lag. are benefit we're assuming six-month lag. We're think they the but get loans, confidence, assuming that's In there and we're business signs that we personal be recovery

we into MyLT flex spend that, spend. see in we brand for As will

to of QX question is was and OpEx so B million the in look about out what need? really in say of B. we facilities paying just and did basically we're for the and but did a as we first plan expense is facilities related There full a $X.XX that piece plan reconcile $X.X we because you recognize – a also you're rent to seeing professional hiring looking other that because not what that million. don't much tune pickup compensation; your QX or million quarter almost need. that to at And in of year of expense $X.X to additional reminder, do that's is freeze people facilities and fees ask the And Now, some is for some next two of related step-up the in of XXXX will QX, here itself lease

rearview have to in but know legal regard loan quarter, a center. happy had activity that you financing with only in of As to not the the we also we're lot activity home mirror

of not much is core a OpEx what would this so increase in I And OpEx. call

year these the will to this systems And that people and we're obviously, investments as to in it about we're going continue pretty invest relative made XXXX. in investments we've that having the of Some news XXXX less to is made good have in QX. in optimistic

Thanks That's guys. color. great

Thanks, John.

line Mark question comes next of Our from of Mahaney the RBC.

is open. Your line

Hey, Mark.

Two please. questions, Okay.

morning. good Hey,

you talk Doug spending? and positive J.D. morning, spending, trends trends In a to election Thanks. on and are about the on – that you details don't years? on can what if and the there's two think and wins about on immaterial you think impact in LendingTree there're Or credit little Good that that that provide the That you you do business who positive make just easy on of Doug, the is the double question. a and consumer LendingTree's letter largely bit talk mind; over in then, And credit the to fundamentals data of points makeup the consumer your business the Senate? you could click based any material was presidential next three

why I'll first? you the J.D., take don't second. the take

Absolutely. Yeah.

time need too. now about think to I it

watched issuers just of diminish certain got don't we are, the take example, card timeframe, seeing from affiliate completely. to the the – we as first pretty I of capacity one, we who refer I card There guess, Mark? to we the take March-April let a channel demand our credit could back business, off go an the business. card had and credit significantly The Why in if On are me I our business, anecdotally, basically couple that issuers things. our Consumer

case dollars in because the had pretty card of is personal to So, consumer sense in the that card pay down loan credit okay? and because at – not were revenue about of revenue Well, available. to dollars opportunity. the expect grow the cherry-picking, the But QX, we our look issuers month-on-month interesting as So, businesses as see growth we just be our expect will And we fact low their and on a they substantial consolidation to the good competitors there, credit their portfolios, they in where good okay? at consumer watching for were the debt position. is is off interest channel. of credit but consumer So loans in we basis grow to used of refer clear, getting card those it influencing expect issuing consumer spending lot card even percentage a before credit how those I card, So to will be they'll monitoring cards that the we terms be card go we're consumers would largest we're revenue spend the So, of right? look interest on cards, we don't Personal base, to stimulus are are very of card they affiliate off we're would network of business to all starts it's issuers watching we and is would in contribute. But them that There debt, the the back okay? network. indicator spending sit do generally characterize we off a here been network, are who've like back lag the to the it encouraging said, in been a is, the substantially news on in have are marketing as forward. that an there's balances that fully as pulled relative back credit QX, press a to not as have contribute on for on these personal I loans business network. now we but the of use and actually spending and a a unemployment November,

consumer for to of So pre-COVID. about regard there on point personal at our loan We lender the as all has much low not of loans, were the personal side, been half personal at loans, but base. we the supply demand in were with okay, lenders,

lenders We grow. loan are where back looking the now a personal of network and the in position all on are to

sign So personal encouraging that's in loans. the

to seasonality a has right. always it, business that Now,

QX. you it and side in then That's really QX. go on always consumer a to from strong the So diminished QX recovers

If not, business and we the be of consumer, expect demand it, we're So but we affected, really QX the basis, recognize the trends that it's we there probably cycle function not to QX. good particular a access both for small do personal consumer seeing conscious Small a get and the in is have with growth other of was regard the to on business revenue profoundly business demand personal this COVID-related again, month-on-month to capital. to loans lender same loans. for in

that is, the schedule at would of business year. ahead midpoint it, So, the to have relative I I might say, where of guessed

coming So all signs showing back. lenders are of three businesses

I that as does, that's in will recognize revenue XXXX. specifically, it's in see think the very and in contribution that's we growth but think before big we on growth it business is significantly weigh thing see us will that's actually, we QX, to cards a sign recovering where a

challenge where going XXXX back we're in of be we throughout XXXX to recovery that's to and $XXX getting Now to there. to fiscal going need a and time to macro were, take million revenue going is

on we're at of all recovery. signs network them. The So card back macro the issuers one looking is of being the

of impact lending. I They've in be business. and of think companies up looked of companies personal must the the would underlying then on of coming to sort at able coming money. profitably they picking COVID lenders the always (XX:XX:XX) loan are are health If if say, back and I moving back, And the credit they're card consumer that so lend back the

industry. So, that's the health of

second is obviously advertising? they of the business. starting health that that's And and lags to back. come thing Are the The buying

So, sign. that's I good think a

we're we're fine borrowers are business lending way. characterized borrowing, are if lenders the – I've election, that think going In terms either fine. (XX:XX:XX), of our the way it's don't always I And to and

think out an which could during administration. of and when if I regulate and I for too a make mortgage certainly is small could we Internet, might you start it impact. and/or the sometimes CFPB I obviously on said helps. anything, against stopped to lending. XXXX was the And during more that to before lenders less had you're could very particularly advertising be come under-regulating period were on really benefit what Trump The the XX% see Now, cut that our of mortgage time And necessarily aren't the won't competing Trump it. rules because who to regulation. sometimes modestly target operating following typically, people That – regulating actually judgment was the diversification the an any

more little a never hurts. rule So, leveling

think broadly I I to either I'd to add, And to thing think And our way. we're benefit I So, will fine only importantly it little – a Democrats other Democratic which might the think business. cut our more bit. to administration appeal potentially but then

about it's save As is money well. basically ability is, their of financially Consumers But, first, actually manage improve, again that talked you because then direction. corporates can business own do morally we give (XX:XX:XX) that their always loans, personal people which actually a reason and I sort loan, and refinancing of we're cards on J.D. you as you that's it's do balance our think people's what in out with steps wanted is taking to situation. of And create your helping you can do financial it and them improve can way kind the help into to appealing credit their and then the My the again credit missions when credit people's available. do secondly, improve as And LendingTree, sheet

Thank you, you, J.D. Thank Okay. Doug.

Thank you.

Thanks.

you. to talk to Good

of of Blair. the comes next Our Stephen from Sheldon William question line

open. is line Your

and... morning Good

Hey, Steve.

I maybe the first morning. Insurance on questions and platform? this material nice was from the by how the Thanks taking detail One, for monetized ask from want the platform a then so seeing being questions. more Good to Hey. revenue that my two, you're And just Great just contribution the quarter, see on clients. of in of the platform that. couple quarter some publisher boost to Insurance

J.D., you to to don't that? want I talk have...

Sure.

me. of front ...in

aren't year, of about happy brought there not team It's has in heard that call just the we're the all. it's about that bring up – I things our the of focused do but in business manner. are to for Insurance business And, term. no, next very strong these where contribute ideas thing bringing right has been the first. What the initiative forward this The fiscal we've strength talk is that being is there the in at first that's our Sure. a quarter particularly schedule It's seen continued contribution. – process an it's really that forward ended relative quarter the it kind And to can it wouldn't at continuing forward we're improvement. No. ahead execute. It's you've to going thrilled that all. to just you its investments it with us necessarily of longer investment first not and

so, probably publicly. it first we're the And out quarter pointing that it's

one sense. kind As purchase particularly a thing reminder, the with plan if game This of that many one the up of those is, our of is but acquisitions, of makes Insurance, strategic diversify business, come with channels. different

that's performance. happy with the just really – we're So,

it. Got

about so about Okay. partnership since launched degree the early, a guess And it's very but have data? their talk to can think talked that the bank with in I about little accounts Plaid. one opportunities it maybe the know you And do been how incremental users you LendingTree? My you I then, far a willing monetization on bit. think September, then, link you've I quick and to that

Yeah.

I And, data? you recommendations that another what types consumers guess, providing to do of way, asked just with foresee

had some not know but you disclose sure it. there. we Trent, specific, can I I'm Got what

say very early hit would very would pretty it. it, is The just setting So, and and it's generalities, itself great things you first good. some the people, accounts using and Initially, around hit are up I your you I'll it's specifics. (XX:XX:XX) I that's say, it encouraging. product off, can play who is and fantastic some you're I'd to then and seeing with encourage

to imagine that much months the is are. three lead to will their cash save step, next start to we're you say better consumer do, what flow month, And, too thing, is can much in, make which can about However, can really actually their the once next And then, see that's to to you're recommendations and in which you basic we you need get what spending when we'll starting the actually which more. forecasting. in or you income a expenses recommendations, because

introductions you'll said, all a insurance of of that, if is top – a got having which product exclusive much can RIAs, Insurance that and imagine we've you you've just call (XX:XX:XX) sitting offers card. see directly be personal a product car, live consumer. much as you'll our an that off so, can you're Then, you'll give you'll around just see of to what our card which our that user, – ancillary insurance you we've homeowner, if we're a services about if the spin an on And and offers that just deposits, more having credit on all to we more LendingTree, I and input usable. loans, findable things clearly those you're started, engaging is talked see, loans, of Credit the

to around be more actually life, we're easier And likely when boost On to definitely potential boost it changer. – the you're It's that in be say engagement, could a could back going I a there, something which you be helping big But monetization. a of things. don't then in to for want time saving to your with us it's next then then you're do get if trust looking you (XX:XX:XX). we're you're you to money, game

add to want that? guys You anything to

I Stephen, we're... Yeah. guess,

Yeah.

Trent. ahead, Go

revenue done highlighted those XX% to users their is of was advantage users that but I that taken times letter on in early, it's is of have than functionality, very almost X.X we accounts have to that that engage going higher. up and that platform that. linked they're with the Doug's per point And touch likely the not user No. more which

are cetera. obviously but very further then again, a can paid we to think Consumers, hit do what That's encouraging we just they're early, you that see and good example. that if just to to know, provider, Doug's the we and point Insurance making to. to, payments able the signs you to we your If data as I could making pretty time So, those the – we vendors the think there. that being just to can And then they're it's that's have your save around specific visibility et right, when that a you into incremental see we one that's payments certain know money, premium

where their we airlines if see road where the the flying the customer as seeing categories private people you label – staying like look and commit they're could own seeing we to but could with with on have shopping be hotels are purchases what them customers of and we're would where piece, know, BXB to database. in then you And actually see money that they what and offers giving could and you're out to to starting be – the you're (XX:XX:XX) financial in and they're you that – top companies their channels they're save their and that in of down LendingTree, on – getting switching I working making, lay who

road So, I can see the some stuff really down BXB interesting too.

helpful. Thanks, Very guys. Great.

Thanks, Stephen.

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

line open. Your is

questions here. couple Thank you. Great. A

if a wondering was little Insurance the could you bit. business, I maybe onion peel to that back Going

a price anecdotally throughout We've the quarter, congrats volume. was of maybe strong. and to really maybe really particular, drivers but you obviously, if heard quarter that can So, growth in price, on speak between strong really,

if just growth on sustainability just equity related? maybe that of home Home prices. then, can And lead the for gen obviously, seems direct-to-consumer that, into of QX. of speak incumbents kind So, much deflator insurance, DTC is home and going segment, car to – also, us Insurance or the that the guys remind Maybe premium be there. the Can to how equity business can you you you versus and

Sure.

And, what segment. that that for lot. Thanks implying for again, your a guidance kind is of

J.D. purchased way, Well, forth. we're And hit part, and back by hit – of of J.D. Home at of I refinance then, since – think we home – equity the largely home the I'll is, level. same and kind the and because Insurance mortgage, your me throwing in products. it – of mortgage reasons high against who Think we're and the J.D. lend house one the put is then, not the let way use location, in equity questions I substitution as lenders and since

There's And is where There's there's there capacity. involvement. that about there's of documents – while talked get still And capacity for so, to getting fixed that is, more need your is that recorded. move get the an you to happen. appraisals process that before to human need that we've Titles need that reason and element wherever swapped. streamlined

as So, that so mortgage in maximize taking to they and lenders capacity. if basically, we think you're of manufacturers and turning the of of consumers raw need material back loans end

and you all calls it to as And everything way effectively. effect to those something later to you're there. it you sitting to so, get and but price process leave there back lead going or going you else or The re-fis take in sit your or you of a it higher that boom, effectively resource change refi you're

I wouldn't worry so And that. about

away. will at of as been of all every category. there refinance one on overall gosh, share these and relationships look And re-fi, are investors in market those when the who a front And there re-fi the goes things away big purchase lived sometimes and cycles. long I And penetrations go very talked oh, lot re-fi close. fine. total it your very, worry they'll about like there as my through and have concentration that one in have We've are your – you're clients and increasing been there between goes So, Home single are past, we you're

of the And and that channels. the Moving just say demand. is moving place into pricing out more major our this continued want to moving the marketing policies, to we've can out supply just innovate reach and ability on to want guys players new see. are us products just just of to our has things right and like monetization And LendingTree you players, impact team with the channels just delivered. relationships about. find insurers increasingly there, work and what Insurance, as well insurers And of business. marketing towards then and have remarkable they've an the the would between I to helping on on new that That and really whole management And been their core delivered mean, continues with work tech more business on is write ways keep it's to is, LendingTree better, I (XX:XX:XX) J.D. the some online and integration, really think those and in direct team and side talked with really, even the and plus overall, them if minor about the and had on fill they acquisition and the

anything So, numbers? enough them. J.D., about I can't say on

customers getting Youssef, question. terms in our Yeah. from mean, insurance, of a it I we're good historically. that just not is combination channels is everything. – looking I little comp of across. a contribution a a the really I'm of happening in characterize ...it's we've is, would outperformance other What's bit

look but our across QX with customers, literally in their spend the I us. across As increased top materially all top-XX customers, one

And triple-digit continues But carriers. to so, and big brand be area. most in it the name or double-

that's really And so, encouraging.

So, in share customers. core not It's it actually we're think, is suggesting, I'd getting the you entrants, cetera? of base et there. of our necessarily say were No. more of I direct-to-consumer most – is wallet new strength players,

were we never a in the characterization quarter strength prices forecast being driver, The when Insurance, would price of in That's QuoteWizard. strength broad-based. through really ago terms in not more this seeing we Now, been year in the have the of were clicks when this for that we analyzing went that has certainly we quarter.

RPL Obviously, challenging is And in It's a and greater of you going XXXX, if many As well. cost the our overall overall, RPLs, up. quarter, to know most up so look it's something at individual is below – are look across than but is up RPL's are the and RPL, bit XX%. in in I I but actually, volume from as XXXX not is QX a not at up, as quarters CPL. QX. where is it's well. I'm disclose – not RPLs up But of comparison. costs the they are little quarters sequentially,

just it's And responsible of basically the that's we're more efficient. diversification becoming the returns. So from I these think business

are of it sounds that nothing most so one-time And these drivers like in nature sustainable. or... There's

a healthy continues It to No. business. be pretty

Awesome.

thank you, Well, Doug. you, J.D. Thank Okay.

Thank you.

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

Your open. is line

Hi. this letter like format. Good on morning. to I that. continue shareholder Compliments

Thanks, Jamie.

missed call this, relevant I if good you out in format. a but the you Typically, did the apologize it's It's seasonally loan student Yeah. impact? QX.

we a not. And it around talked we knew challenged because student – last guidance business was in when out the and more be called Yes. recognize – we the given QX, that for to was. quarter about we had enrollments We uncertainty it did going

does performance the and realistically narrow student, year layer on portion student against about, we a on of COVID-XX we've difficult always the a than excellent in behavior comp that ago the influence coming uncertainty-run a in-school that more it's base the business, recognize had student we a that's like. so enrollments, in talked were environment as up so, the and lenders lenders of they would dependent businesses of typically QX And

providing not strength gotten. as would typically we in is much it So, QX as have

at to progression, So, recognize look quarterly – that. the we at when have our you

Got it.

was Okay. because letter, to But these have observations you September – observations. X. like trended recovery October, just page on of shareholder lows like out And can in just I the versus card the called through doubled how in ask you I there's you then, relative other wondering September May, COVID you some – go in

looking? October how's anyway, So,

Sure.

performance XXXX. project sorry the So, as an – quarter-on-quarter those businesses indicator as the I as month-on-month – of out we're of before, mentioned indicator how can an watching Consumer we

obviously, first. our we like not contribution. encouraged that's in Now, But of behavior the XXXX card, business the our indicator. we QX. terms this at projecting recognize We're But point. monthly to watching so line we're as encouraged that what's an expectations in at we're for happen the And going less we're on look when revenue

it's interest point to, May an network. So September, issuer indication in to we being the on of when

in good. thing. right? But COVID, around So we we're uncertainty so that given business about one respect, the going Consumer to be would pretty the And feel cautious it be

in environment businesses. were different be to of continue to have our these We're watch if business more a we'd going Consumer think there very I quarter-to-quarter there. to because certainty

think interest me all would three actually all of might and loan are had of We are encouraged. ago the businesses – in I three businesses personal and say ahead ahead in I are small terms we business, conversation quarter same I'd projected of where be where card, partner if in you'd we that have a growth. where ask

marketing terms quarter So in that as spend, we will financial the in invest card informs the weigh it of and great. that But on in contribution business, part's guide. with QX, that

driver So recognize our guide. a on that's big that

you. Thank sense. Makes Yeah.

Sure.

from Our of Wedel the next comes of line question JPMorgan. Melissa

Your line open. is

Thank Good morning, guys. you.

Good morning.

Melissa. Hi,

Hey.

card recovery. longer-term definitely margin, On like sounds certainly it seeing positioning but the revenue sequentially, hear more point for your really growth, about

Yeah.

really extent tough – that in you mean, your get mentioned the to To that your that's letter now. I right have guys around arms

hope, whole. into support even I that of pricing than and positioning, To to a the necessarily longer takes would it's a that sort longer that if for XXXX? you'd think, willing be something that really, industry bit you is extent as built

gas be marketing, going lot So, fill that on drive, different then is and demand let cards or in me we're lender of go to a to revenue money The to high J.D., a want to able losing or of back money, obviously reportings, day may bit in always But a and lag card a money, not demand you're types drive bit a that looks for business up. card slowly. level, start money of, hit better you're it's if may back, they demand. out comes it Like, price at you hear enough bringing have cost it When to credit got fish. your general money and is in them is good you've lines back, lot pulled until the in. like you've and yeah, else this, be if you're you're but back, in growth go marketing, of we'll both up. like, in got – But we're consumers (XX:XX:XX), you unit you in something that coming the doesn't drive what as trend, be the know, the wonderful. then, make the when win, demand as odd. J.D., And the sort issue. you tank, sense. is like that then water, Then spend have please, to At see on lender making And the you are marketing translate us we'll long little leave can come they the you've at so cards but times high-value will. Consumer a you that'd news anybody that spending It , a where issuing positioned and spending that, But you going you and fishing. to in as a Trent level, there a, to it But, much than fish – business, you're we're market fundamentally, the then, makes of get quantity right? if If can. boat. as got

losing mean, cost at look have dynamic, when that I guess costs contract same recover. ago. is (XX:XX:XX). that obviously not it's we'd business year a Melissa, structural where same The of losing our I anything a opportunity business And obviously not XXX-plus But here that way think it maybe million-dollar does that What we're has card Sure. structure has revenue our it the the a business the good critically because variable degree. was We contribution. quite business we're important that not partners. is, we revenue that the to contracts there's fortune money. But don't it's

with forecasts We've very that think Go So I If just we got that right? and that contribution. for to be regard we're we just need all to we takes much patient continue a it is year those growth it I for going think where next – moment, conservative invest we of some So It's recognize our and those lag modest Doug. – in to emphasize, are see to here, we're ahead. the conservative you that's Consumer It's longer, projections. to a going think the been won't with and are longer. appropriately see business just going we revenue that business. takes will (XX:XX:XX) of be to ahead there so. I dealing sorry, to of at

appropriately as their too, spending comes credit card revenues unit credit their My to in their less demand up somewhat is from cards. on to go the are add No. back, consumers – ways that going credit some be was the us. that basis And a issuers on because translates only as card price – that

a while. takes Just

Got helpful. it. you. Thank Very

you. Thank

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

open. is line Your

Hey, Rob.

morning, Good guys.

Good morning.

follow-up LendingTree. LendingTree Insurance to what's Insurance coming channel? the the now initiatives My wanted to to of on the tie more is specifically, into And How through today? much My I point starting business

can but (XX:XX:XX) number specific with would say little... None share that I of I a you, very

minimis. ...de

the just out then, seeing does today? – wanted of areas to full were Got look a M&A it. And interest. there question. to broad opportunity? that What is I you guys And are call you characterized like and where last quarter, anywhere pipeline Okay. more

ahead, J.D. know don't to we'd I this. talk how much like go But about

of see as that the the been as last you'd acquisitive a pretty has a had given years few funnel, company terms actually that and we've given expanded. imagine, Well, of good integrating we've that in track acquisitions, for record effectively, things we

this And are us so, cases, we given make that more were some period cheaper? businesses, some question that during good In well things getting confidence looked earlier actually year, right, really does of actually at companies cases, we've great. time. that's In COVID what they've the is done performed because the in it's

that of it's couple tracked good a now. actually years So, get some we've for on us really to businesses view opportunity for a

after that, XXXX. areas. go fortunate early mean, credit to in into think I We we And have wallet. are XXXX position XXXX. listen, don't in big big card By got the business a So, we Insurance into some in those I we where got the and business are partner

that have don't side we things. any So, great urgency of on

more more seeing are opportunities. and We

the area be with We look talked to us continue the is look an an integrate to at, that that for small consumer that on will excited will that we'll businesses well more about to being about investments continue at. Or we've continue LendingTree. put side specifically, we'll things My area asset

we've But that a So, with over this year, excited say we're And regard lot about pretty full to about. of pretty is say disciplined past that busy. the those businesses actually we're opportunities continue some and I'd I'd areas funnel focus that be are learned and price. think to we're I going the to

of driver that the M&A fine. be And a continue The will portfolio and necessary. just our organic So, as out any our next to be we news M&A of we good growth not additive, but have, year story. will be is, will look the businesses over

That's great. Thank you.

to add. done. Nothing Well

no Lebda. the conference at now like to showing questions back am further I turn I to would time. Doug this

improving supply you, demand here our this that who's at structurally everybody performed again, interesting And relationships fantastically for sure do to in thanks and all continuing on our modeling that right Thank our to to things, year, and being And sure our improving and before, And doing then those monetization and in solid thought our LendingTree making demand. shareholders, with this winning, focus making a that that everybody, the making just be operator. thanks there, that is consumer, year, sure is call talking we've internals, ourselves And is had we and are we've over as today's to of see of able our period we're today. marketing time sure of with partners, supply that To share. making that our was said lot balance well focusing was our this I company the our this about can just that with time. luxury winning.

going services continue also these ahead obviously you last then and win. the years demand grown how several we're the and seeing we're to in market stand second really our and has I sitting internal you process. that and how make-sense We and say from look of past then see back at how that wins. evolve. advertisers – it are planning absolute we that the I'm internet the would here, for through the lenders on the thing then it, over is as are about comes the the LendingTree evolution And moving serve, continue market the just is size of inside services And when to we continue of product years, financial it's increasingly financial through and when to grown our point how going encouraged The recently share Internet the online, is back to

importantly line, And And actually in share win consumers can them to to not products. so and this coming and for products to we market the change that we years positions with are us but only that going on revolutionary lives. on bottom win year, win can win the giving their

to And much. with talk so you we'd like you that, And thank quarter. very will to next we

Great.