LendingTree (TREE) 29 Jul 212021 Q2 Earnings call transcript

Good day and thank you for standing by. Welcome to the LendingTree, Incorporated Second Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded. now today, hand Mr. would to conference I speaker your Instructions] like the to over [Operator Trent CFO. Ziegler, Please go ahead.

to quarter Great. Thanks, joining morning for thanks to LendingTree's operator. Good morning, the everyone call financial results. XXXX and everybody discuss second this

Doug with and and President LendingTree are Moriarty, LendingTree's Next. Chairman On the today Lebda, call of me CEO; J.D.

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

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

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

everyone And Thank to the CFO, for else as you you, welcome thank joining Trent. to your call first and earnings call.

seeing normal. been well most of as normalize and COVID the the of partners. our results across impacted remainder the which prior Consumer The business. execute aspects is on for is we our credit our segment, sustained our prior our impact once to we're In growth initiatives year recovery value begin increasing improving all deliver businesses consumer by pandemic, returned exceeded as perspective markets underway second quarter the to and has our again, And strategic against guidance. demonstrate momentum the We our we substantially the

is My profitable to strong particularly its which loans personal quarter. for alignment due with especially was the LendingTree business, Our us in

cycles. is QX, the the business segment the line with our leader with In lenders as testament XX% fact as consumer And Inquiry our quarter. mortgage such any endeavoring clearly business was revenue or consistently credit demand Home up displayed of growth been cards lower we've and interest throughout The considerably credit profit efforts paying that in macroeconomic add lenders historically conditions been. win. network market positioned personal Home, rebuild off than scale, deep consciously resiliency increased well market in our refinance sequentially we've a results. long susceptible the that seen, delivered loans we to was rate of activity relative that position down at our less that a to where cultivated in we've to and as as cycle. relationships standing it's first ever perform is over at and continues volume business In we're leading was our our market unfold was quarter And as that to strength to strong have is QX. the expanded product well for in XX%. returns, in risk broader this are We value of revenue And first the continued margins. insurance to built margins those segment a Despite

all consumer-centric adding expanding more into of together diversify durability adjacent our to expanding by LendingTree. categories, businesses and insurance to strengthen channels, offering further whole. of and network these to traffic our My into continue growing business business continued the acquisition holistic a as carrier we a And We our into finally, in new pull

of usage as see to throughout adoption we remained engagement user core an has the pandemic, encouraged and many are of demand platform new uptick the returned. offerings for our strong While in

in accounted signups we're by My assets in for proud we're of quarter's syndicate core our efforts traction. QX marketplace year. is than new the confidence more well the back and the integrated only as very LendingTree Powered Our XX% marketplace five partnerships My quarter. as LendingTree and LendingTree of dubbing closing, increasing platform enter for our we We've our are results this In the integrations of launched half as what managed to also gaining

very, leadership realignment Our priorities to very well. helping executing our and is crystallize we're

can become for fully we Our on and and more we with intend the growth. that diversified those capitalize And more to advantages line drive questions. durable, future business to competitive open operator, continues to

[Operator comes Your Jed first Oppenheimer. from Kelly question of Instructions] from line the

open, line may ask is question. Your you your

may. taking Hey, if I for my questions. Two, thanks

to maybe lower VMM Just Doug, actually at you And cards doing support credit of think than One that the their on back business right you in revolving money a we'll can talk XXXX? quarters, amount couple on you back just, refinance because willing credit first, personal credit were now on personal about is with you, spend next a the then plan employees the come cards, dynamic then cards? able and – the in amount you that one feel you're would would you're the people coming loans balance, loan. more with spend for and people of is just that and sign

in about you. talk the between loans just personal some cards? of you growth the credit dynamics and can Thank So

Sure.

take Let your in me hiring. point first

I and say initiatives, core we to confident and underlying driving going would macro due in our we would confident So selected, more come to confident probably were in continuing factors own metrics. in that we’re our the business will QX, hire in be hiring back were forward,

are to continue set future. some going to for invest up to the able were us growth we initiatives in So that

our all for them, to as model product of agents One insurance hire is continuing an example and more agency more across to products. we insurance move

we in were metrics been of energy to we with on costs, very now in very new forward. on expect able things. I our product and still But be hire people do pedal I we tapering projects. have gas lot expect would very, terms keep those to that our were in because and our to go A So work smart ability our tapering accomplished of would to off, to of who confident off the other can see our going has that

the the repeat relationship personal of that second credit terms you In and one? loans question, that can between cards was –

loan. come card – their intuitively the just it Yes, refinance people spend would on and seem credit would cards on like first, back personal credit because then

just So cards? dynamics personal quicker is business back your credit loans why coming on the than

to have going that I'm one. J.D. answer

does seem Jed, it’s It great intuitive. a question.

have think of you behavior think each the the to about I case. partners in

of first, are credit the card just not own before coming was definitely signs affiliate and seeing case the own in in on we our really cards, investing that their channel. their but issue So they're more spend the brand their they credit move aggressively own brand with back, to network,

of the in about that is the demand back consumers. loans that in before loans personal of from loan full things XXXX. in the one talked we And they personal lenders, we've personal were needed was driver Now, the end

a different of like So not bit you're personal the This what itself. business business card the seeing you, than would in seem with the is back agree comes credit it cycle loan follows. where product have and little terms then balances you now, unlike mortgage, we okay, think, I does

with are home card more a aggressive the debt a small you're vacation, use wedding, built spend about, those card importantly, for what up balances a also number there, a planning planning bit, it's talked So being credit you're but you're clearly is you're consumers – bit it's one is things credit personal so of seeing levels more their repair, – as but little now consolidation, we've planning loans. a one right,

is we're that come been So finally in year. there through, what you're step the call last fourth up consumer And demand. the quarter the lenders seeing definitely personal since loan it seeing of third, and activity have

counterintuitive, little In in the spend card, the terms see in affiliate investment card a think their lag we'll that credit own bit credit from of for of their but I brand. it's terms issuers channel a

we've the card up, with spend. balances built respect think marketing I got credit different So behavior to have but just

along what said see would personal truly I lender and I think think come is behavior. lag, I refinancing later, it Yes. loan echo card slightly That the your credit J.D. you'll and

Thank you.

Thank you.

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

open. is line Your

you I well. as may Hi, much. great. if very Two questions Thank

some – certainly meantime like some around wondering point? of looking make we starting the all position business, hurt guys can players how there kind you feel done, of Thank maybe the as your coming of the to think are state guys money do you you the at share, in come maybe have putting so of I investments quantify you midst guys that happen? side your of smaller pretty area the of if one of that of this gained investments was pandemic, it, into you. industry just lost out you to The it wondering out required second, I it? it And Doug, that the So the of going in kind I quarter was some see as of as was highlighted with flesh got out share QX. this solid, – vision Medicare kind you've be agency you've what to as peers your in you the of kind your seems

that property deeper into then share. hire our enrollment and casualty, agents auto on is customer My then season lender begins when in with to company, and or particularly a and on back can the I'll and come Trent, which move agency, choice prepared. LendingTree, and getting fully so to And we and them too, please one curated they P&C is and and up to where kind having ramming whether supplements be experience, give really have QX, homeowners differentiate LendingTree, and Medicare inside to the them going we’re Medicare we agency, more policies, fill as into in and to can at of and experience. first a expansion of state. definitive how in offer, insurance we'll an providers, getting can come QX off a of Medicare and clicks, And The user in you part broader supplement we doing agency then who where So funnel are to Medicare speed still in Medicare the concierge calls and can Medicare numbers you continue some open and QX that, or give leads give more a be trend

us. that's terms in there want of you be, and for an if we very expenses hiring up can what and there the is to getting to be of to versus revenue going speed, going fully exciting hours an any but investment to investment anticipate those to new So anything? people numbers in be do we definitively Trent, what going predict that is definitely business fill are or

from OpEx a initiatives, support moderate where increase taken being QX to. saw happy and $X I second lot quarter step support forward. bit and expect burdening rate throughout is place look But run Yes, goes too. chunk the the to trends investments, you're second. in a in that at OpEx a A the little and first of Jed's QX, of hiring quarters about a to into this that mean, taken think from that first increase million, that up we P&L of piece obviously that question year, another new Yes, it's seeing the QX going the midpoint as growth the I Medicare has throughout just to agency you hiring should fully agency. to the at we the has big the and one Medicare into QX $X.X to about the of place million the big support in guidance the

year licensed the I on open period, we about on we full capability. have so mean productive phone million enrollment XXX out to in invest or million going basis, We're intend going as to the and And $X building right. head into a to $X quarter that we’re fourth – agents

expectation. so bearing the the year it would the benefit And quarter, reap early we're in cost we’re and the of be going the to part fourth of of in the that

with to share competitors, market aggregator market think one some tag depend I to lag. the I on J.D. by type versus for you, loan loan and then is going And team type going that loan to share our

we certain, we've season of for very share absolutely in is the gaining probably mortgage, in off a our where first as about of boom capacity in time we're a quarters – lot mortgage that sticking. as history coming in So we're a refi we're outperform mortgage past talked

that lag then to in get for of supplement up And card, talked over like their a back to feeling healthy. existing lenders types, our business effect, customers turn or so to the those mortgage bit or free a then other personal of us is very there loans is in time, already And first going people pent potentially their J.D. people about and volume. loans come where then as demand, loan go some are lenders give – and to their them in

I'd some very And So types also are insurance of now focused say loan and mortgage on the of and the J.D. companies early we right see back things other coming stages the expansion.

investments Yes. We've in that's market intended over time. talked about for to right, card instance, grow all share

those deliberate so, And was and in issuers. we at with the the card business that when very below operating quarters, gain margin, that card operating were last of we said normal share was couple wallet to

with, live here most then short we wallet Difficulty] there. thrilled the that and we're And where enable that's that share with diversification. that's think gaining thing off incredible insurance influence offering. because that we we are share, an business, and what's half, about gain of personal actually to will – we're loan product and progresses as the To lenders. card will be So is the the us so happy we say think [Technical will And which in second nothing year – across happened pay

major And confident pretty towards a that. long-term that we're doing share, of gaining businesses in so, the each it's but we’re exactly view

That's helpful. Thank Thank all. you. you

Thank you.

James from line Your the next of question Susquehanna. comes of Friedman

Your open. line is

the reason return picture. Analyst with here. realized historic not cannot medium-term It's the want But be any the margins there teens? from result more. that Jamie, is mid-to-high company did a its may Good thanks. guidance structurally big any were to Hi, Day Susquehanna. in that I start germane EBITDA I to that

revenue us can't. Absolutely the Yes. and we it's reason you costs from interplay – customer a what if to what about it those between And get simple we transactions. is our think very level, LendingTree no a

company about LendingTree You doing look and them you for for to a prime still and search out marketing back a LendingTree. to able and sign rates plus even sign people J.D. at LendingTree you continue and the back that through we're and talked That'll transaction, we've knowing we you we to which lot coming premium that increasing ads need conversion as up and differentiate user then just also conversion once just doing, can increasing who people propensity as that for or more as get cards well. think just of came offering as to fact But come to credit of to getting to for of LendingTree, it paying that we're – and My on you'll online. the efforts going it's rates display importantly to LendingTree is based both the experiences continuing and up opposed lenders to product – that are expenses we build LendingTree recover those them marketing lift transactions tech spend It's to our were and better start a seeing interesting, and acquire to alert back. or who invested invested where natural break continually then getting from prepaid we third in dollars is we're in of being have don't that second My today, number My in – we get a

to make I still just increasing be going have so, margins definitely and we cognizant going of competitive think invest, And cetera, we that et some very see to We yes, money. will situations, to returns forward. can

Doug. seasonally the that relevant. student call that, loans in letter historically then shareholder QX in been a And and I for Thanks has out Okay. about see didn't the

you quarter? the are for how student next set thinking loans up So about

historically, obviously meaningful XXXX, what that you really In otherwise. in quarantine it's XXXX out, way a with in big much in QX as business, pointed contributor contributed just so going on was it a and given less

– in middle the not So that not but business from of levels, XXXX. we in somewhere at for it we – our where XXXX were expect near year is to anywhere do be between certainly kind expectation up this

the from that prior there of same type aggressively, the in behavior and who that a of cycles. behavior of seeing space niche we're just not we've only seeing right, space, it's lenders lenders handful many more in that product, seen just of less are a You're aggressive competes in

of that loan some – cycle. – lenders throughout and the businesses relative of lenders Some credit the products in play card business are multiple de-prioritized personal that the to have some other like

up to be from quarter. bit it we a last contributor but expect massive so, where little other a year, it not the And to was

one about prepared I but I If talked marketplaces that your you Doug, in remarks, sneak could what's apologize, launching managed in QX. Okay. just about? in more, five

Yes.

So going purview. Powered because – to addition by J.D. sits new My LendingTree let have I'm LendingTree in his under actually that, to answer

Yes.

block about sometimes We talked of client we talked and experience have press we've Jamie, out past, which don't managed some perspective, marketplaces, partners put you business out the right about we releases product H&R these think right. shopping release partnerships. two of in want a little have about financial this those press experience, to So talk a around on we we about others, talked their people periodically bit, inside are put now, kind a necessarily who we've about from those, development things, a

right, putting product so of us a Part offering. real want few we're for they don't that, we there involved over there, is behind as develop and has And want effort a reorganization marketplaces to years. last effectively themselves, build the to the that that evolved lot embedded is

BXB business. really a it's So

don't want You whatever I the in mortgage. somebody but a loan for could I want card credit who personal says, reason, see marketplace,

the for My are we a be want labeled for functionality great, provide also do that right, white who consumers in able to LendingTree LendingTree, My personalized consumers. offering, that. they want Okay, have There be it we but partners to their provide can

it. And we're there so to we're real traction going resources behind and seeing put

LendingTree, some taking assets of taking the marketplace actually it's it's So have. we not just My that

last we LendingTree, marketplace LendingTree so, organization the about we And core next core the My reorganization, the are assets off of and announcement, platform. our building quarterly right, we talked the in business in assets a about talked of those

that that after. PBLT, is and that there opportunity partners, we it's about to extending to pretty So there when us it's go clear to market a going great talk we're various

old their site, this days syndicated after their and partners And around the competitors, of but X,XXXs the to to way it block and they – build which also to went also XXs built own I operated of helped syndication, not to other search where only business. websites helped the owned when around think Google as of a they out about had their moat web,

you've monetize save is credit And could let loans. and Block, love their imagine offering, even we've us at providers, where – with also and portfolios use them if loans there are lenders big J.D. least Stash, there major imagine refinance an network things. servicing we many give money with report relationships least some our the can bureau, via alerts at financial you'd personal also have on help help among lender H&R with mortgage other among here, free cases companies, you among to we people got where a customers other investment, to services among you third-party got to going to you saying, your So improve mentioned one credit. us credit

of companies on going strategy typically there not share. this, there So it to those to forward lots focused also can out take customers, our our part and risks we acquire and helps revenue where it's to growth of they're have because marketing is do

you. Excellent. Thank

Thank you.

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

open. is line Your

morning. guys, Hey good

Good morning.

Hey, John.

John. Hi,

Hey, Nice work. guys.

like ship somewhat those of guys right year, kind last it pointed through the seems direction. got over you the Just firmly the choppy waters in managing away

the end, of congrats kind point our volumes like that fee, we've of last – a there. from the relates first on obviously I refi. to So mean, in reduction perked the basis looks XX little or bit the it XX backed week. a like up My elimination years that it looks it's question up then or over the bit, and announcements average little got – the

curious channel next different refi maybe So anything about you're picture just thinking volumes mortgage, bigger revenue you have or then over guys if of couple kind the of just or quarters. seen than and kind how

Yes.

trying tail important had very very, back to volume So refi coming I mortgage to is a in the companies cycle. doing outperformed, the we LendingTree which back to at keep come vagaries and then successful were they a to volume off all we starting perked little this And that more kind was you think of big – way. volume really their period wanting expected recently despite as And would which off time but I could we're any on keeping up, starting them were what last we now think I bit we of in very they a trend have see said, short-term lenders handle. it's of where see

that. So a expected closed it into mortgage and will value to then up that lead right going we're loan. of a pledge And mark the

helpful. That’s Okay.

Trent, Thanks, J.D., add? anything John. else to Great.

Yes, and out if mortgage homes, like $XX year-over-year. on looks the one revenue, a then same gain million take it you more

So reverse I'm or mortgage. HELOC maybe guessing that's maybe

pretty what but guys, kind jump? just profit of – I in the quarter, segment the high other curious were both of revenue think helped margin about on drove maybe that products the for those you that in

Trent?

we equity. Yes, got through to the those meaningfully expect quarter-to-quarter. as with last And months home was home Yes, cycle who right realization I through as kind been to that's each that quarter, dynamic and that then, on QX, attention well so paying have volumes refi lenders the purchase pretty that refi we've look, in start pretty we work we've strength take mortgages more of purchase John. good to to last would in fade, seen flushed the and equity volume for the come seen up can they've as natural XX start of a particularly one, you both

so sense that and may high the like guys. feels you million past, very Okay. business And again, rate of clearly or you that's then running equity Any were it $XX run think picked for be for home levels a you have take margin recovering HELOC, dramatically. can up where kind a in that, guys I that's

So about of kind the outlook just curious there.

Yes. ahead, Doug. go mean, I

No, you go it. for

you converting a equity expect do it's own unexpected product. sort it'll where number not see equity. years, their more we'll highest kind go but would I a very was. typically starting in, of back happen say the we it'll we'll changed, untapped our card seen speaking, happen, very, little hopeful and lag XXXX, to I consumer underwriting effect if rates. as the first. value lenders I that say in have very typically low-XXs, And – equity pick you technology at in mortgage home same dwarfs it's and we that comes And broadly expected home And a still we bank lenders customers home it And My that highest but on it, lenders what bit, will to So I would but later, itself could a in And credit that that coming refinance home and us into and for better and insurance think equity I satisfaction it of yet I think or ways equity lag more will think but some after I our get be big talked home would with used remain – more highest easily of would correspondent you're the some a product way. expect hope there, lend that still is LendingTree, the recovery about for back be

helpful. guys. That’s you, Thank Okay.

Needham. Tandon from Mayank comes line of question next Your the from

is line open. Your

that either Peterson for balance seeing there on good of have you Thanks card? questions, markets of the the lagging what [indiscernible] under been been wanted you things guys guys. the pockets or transfer, that rewards kind in Are up any leading whether have the to actually card your taking Mayank. back obviously, market, see there. card Thank stern just is Kyle This for to picking

Trent?

Yes, I pockets know any there mean that specific out. I to don't are call

bit just customers has think improving of that of loans of I and the in one things terms on started pretty personal been, card way same perspective. is just, has appetite marketing that factor for limiting from is been the in gas the they've accelerating little clear issuers business that new a that to while step a it's a

profitable some savings sheets the new this seen right. XX think cohort will balance that, we've ago, perspective from cardholders of are are there I be right, revolving than better how months much to consumer down, they in are up, remains uncertainty rates all were as balances health

so there they spend some And that likelihood their going card down of them. every about cards, continue restaurants out to bars. every or travel those you in is month to to profitability to getting what drives the back picking the as think pay if continuing to issued, more up, revolve is get consumers to gets and uncertainty the I are people of on economy But and think importantly, consumer our continue balances going to

just little willing borrowers, business them better informs they like and and obviously get acceleration unit to deliver the so, economics seeing every get us there. to are better that But quarter, that informs profitability we're back been a trend held that And bit continue, the where one the of our that's cards in to instead relative it what were issued and things are but down that of month, some pre-pandemic. to expect we unit that's new pay cardholders every of someone would

to of wondering bit whether of scale looking pipeline about right vertical, for we little is kind on update it's it help of little a buy the talked ways if provide bit could M&A now kind a pipeline insurance then Got get penetration – there. the guys I'm and the it. there looking in And strategy? help the you helpful. build you think how specifically, areas versus acquisition Like an know I to the or That's balance and and the side how should sheet to more about with of are asset

that is acquisitive Listen, see Sure. more we've things. answer that. we been benefit obviously, the because we an I’ll get It's we company lot J.D., a that

being out there heady so are And on there. some pretty prudent been great, depending sub sector, that's valuations the we're

focus We we see insurance are – of areas continue to lot insurance of of the the in a because scale that for our us business right. adjacencies, in

we You're things the that to seeing agency decision. build such But a lot continue buy look just decision, us, in versus internally, we to on insurance, we'll business right, bolt small see benefit. build there a things real that's a we that's good because one the can we area, with have

at and a to look continue small of to companies of lot – mortgage, benefited cycle. that things business, those kind and we'll because from – continue that look We are of great there. because the around business are that's around have some a We we those think in feel

So We've that. over we're the yes, last the values. And likely add side arena the sheet with of to there. probably balance interesting conscious is COVID, asset to year real less a obviously in then, us. of escalation We're very of that been

we're going be to so of that, And very conscious right.

our immediate a for going I look, to it's the have us we be driver generate going need we And area there's We're pretty a – think and that an address verticals to substantial into not in get existing we through to we be to in don't not to that term. in in, general, urgency but execution. growth continue we're right prudent great can now. huge not

anything – those so same, the are And focus but near-term. I wouldn't areas substantial remain really certainly expect the

Thanks it. a Got guys. good color. That's

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

open. line Your is

Good morning, guys.

business? preferences segment the we in a speak insurance, in quarter than lighter to in had and or thought. been think you any carrier if Just the that little a drivers came change behavior there's Can any there this or performance of the other two question on I

I'll of that the and really only things consumer take the a just form auto that of margins in speaking, of We're that's of we're sustained it up options. we majority costs of got one. be When was little we that a diversification search But of was about acknowledge is the monetization less Yes, have trying In side business, seeing one we in excited place. there. bit particularly search-driven less in carriers. going a on seen in headwind this a and moderately the Trent. into traffic, taken handful vast it concentrated broadly competition to of volume, the insurances are we're with and search the is insurance, kind it,

into, insurance of really new that client so about of of things in we built auto. you categories platform base insurance, diversification strength happening that tremendous. that the there. if think furthermore, it's isolate we've in one that And of of the been of progress a that that And new home the network successful we've if we've publisher has we're seen headwinds in it's or talked been diversification or a lot business whether into terms kind diversification about gotten good the the channels the the and lot turndown whether has out or Medicare some seeing you And channel, in there's the that in pretty

I think a little that's just been bit. holding back

loans. personal about only the credit card And to purely calls I the and insurance to having is and carriers Difficulty]. more business Yes. a and that to from insurance add arc [Technical we clicks of would lead thing We're migrating on talked longer

Mr. Moriarty, out. line and cutting in Lebda your interruption, the Mr. is and Pardon

All now? right. I you repeat hear can me will Operator, that answer.

Yes, it’s better.

Okay. I'll repeat question. that

end think not in an casualty Number business which and but the with you agency what experience QuoteWizard, bought think we to also would I property Number a going we in two, you and because We uptick integration. consumer from we where people we customer higher individual to about a the leads, deeply rates. in of get get is say thing slight carriers last is more three then business number migrate control also in because one, deeply. to it's vertical more three, get big in If And satisfaction. effects. migrating as markets. And We stream conversion repeat higher only up get renew. the a calls clicks, insurance, Medicare, that then

Let to J.D. this me hand

it I thing very very I were relates I have add a business ago as COVID, Difficulty] [Technical think pretty Rob, consider, would the experiencing and Doug you to premiums in do speaking Trent is year are to was they consistent because during the only extraordinary mean, to low insurance and claims.

But back diversified a partner news more credible certainly we is they bit become, our most we're environment. normalized for it good a had excess to the business, so a for normalized time. across think of and little we've period that have more The us And of of carriers we're if we a you bit look be certainly of go at that. And profitability as has and year you to ago, conscious conscious results that of forward.

the the contribute the it on you you on initiatives maybe more EBITDA how give on seasonal some of how but margin little think imagine I Medicare guys. year, some push component. or the Medicare more us hit and Thanks has sides? could Can rest much detail both or the the pretty color think for big you And a just do revenue bit on there and you earlier, a that Okay. it

Obviously Yes, business. it's end investment there. or to of Trent. in much like benefits cost get of going structure level in to that year as realize we quarter without support terms we're the I be the $X investment up benefit of around we're getting place of being I break-even to give making gave fourth to too of go at to EBITDA this some Rob. that million indication with sense investment It's earlier that to the obviously as Hey, expect to call specific, do expected putting in some we mean, in $X sort the you million forward. to or that that we

that in it of business, quarter? revenue lumpy side is the on the Just fourth very

fourth revenue the do of expect in we quarter. Yes, to place take most the

enrollment fourth open the quarter. in being the With

Yes.

Okay. guys. Thank you,

Morgan. Your next the Wedel line Melissa question from comes of J.P. from

is open. line Your

accounts taking little bank expected. that back something My more a hoping little been you challenging I in put adoption for about that initially on bit in Wanted Good letter guys. you to to of my Thanks questions. was a bit? circle than linked shareholder LT the elaborate morning, could

to that? Trent, you take want

add I it. Yes, J.D. And can. on to can Sure.

Great. ahead. Go

Sorry.

the say. terms of will insights and that it for smarter, ability Yes, the on us a I make to recommendations time. and of just lot ultimately users bring our functionality was in to that provides much about that talked over it mean, more I rollout benefits of we've targeted our going just the level

really Bladen, users from in bank adoption making their seen users. accounts that functionality new terms of with good We of have up

to the and we've them call has platform, So that. little the focus to to bring just existing of good. and and as create that really adoption harder providing app a users to on Where lagged in people and action signing bit been for bit are That's the been we've terms continue a linkage. of downloading up is it signing got then a little to up just in them

Okay. I'm ahead. sorry, go

no, proving no, say, J.D. question understand like first. hear at new I the it's question No, it's I quite first, should I up, at certainly to sign users quite out. Didn't the the apologize. didn't getting

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Trent. Thanks

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margin the wherever to most EBITDA progress. Congratulations incrementally upside a at kind XX% I'm and on Thanks in fall your a out is where are Yes. curious the what then now? likely from kind margins year, products margin of or of we guys. possible offer

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Hi, Yes. guys.

rates capacity moving the on effect times, what You business, change, quarter drives talked in it a about lag business about It of mortgage mortgages. you you've is your – how consumer on less the your win this lag the Doug, your like particularly within cycle rush – lot many really guys a and effect in really got demand. talked looks real

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to there's that as preferred have they partner continue in some are looking have going sure and So they for their come expand but These to us demand. do to just to we pent-up first, we're lenders make that. that and

thank go Well, Great. there, I'll it but Doug. let you,

you. Thank

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

outperformed Well, well, to interrupted for crisis your our what at we due and on our and to encouragement the financial absolutely so COVID the the fact and I we Fantastic. we years time FinTech. When want going diversity obviously, know bringing lenders I XX We the time, obviously you and all resting. that patience, And shareholders diversity of our our love that financial We in the insurance. business, thank are engagement industry business we're that that like that company. all of trajectory growth other to our today. are at recognize know same continued want there's were first outperformed not this crisis we And I any know company. one a that into fact with of shareholders we this. lots the have calling look our of your we today, And

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about then And positioned extremely strong. on disciplined success. our We're going which We unit for how are is now for we're future, brand organized and extremely think to I economics, how the we're I we're thing, next the when growth. believe about focused very is get

back, very lender got be in is continues A of all strong. our are on The businesses our more to network to lenders who a of technology, benefit. with LendingTree And this. companies accrues team the diversified lenders focused FinTech investments making My are succeeding very that coming Our to lot of help large grip, we've monetization successful. that

us and certainly So you hopefully, in next you're more year, forward detailed very, when very our feel And expect to to numbers. for very coming more strong. I would very able you signs had to ahead. we the we about all future. the in of our come COVID look And encouraged our that encouraging go hope of much that to today. I future And home show strategy rolling out your thank our version be in time attention into And out and of seeing months

you today's for concludes call. participating. conference This Thank

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