LendingTree (TREE) 25 Feb 222021 Q4 Earnings call transcript

Good day, and thank you for standing by. Welcome to the LendingTree, Inc. Fourth Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. advised conference be being Please Instructions] that is today's recorded. [Operator Investor to I Andrew conference of would Instructions] hand Wessel, now President today [Operator speaker like the your over Vice Relations. to go Please ahead.

morning Dawn, to morning Fourth to Thanks, LendingTree's good everyone us call discuss Results. on Financial XXXX joining Quarter this the and

Marketplace Doug Trent and Ziegler, On are Chairman CEO; COO; Lebda, the call J.D. and and LendingTree's today Moriarty, President of CFO.

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

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

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

– thank thank of you joining Andrew, Thanks, today. who and all you, are us

with we We the to has build consumer digital take Established channels, and the the has experience. strategy fantastic feedback want and some completed space. the Investor with from experiences financial number created a our well multitude that pricing lasting LendingTree. of was shopping process, ultimate companies normal choice lacks of year, our event, forego is positioning the to that champion care the responded the quarterly customers, across been organization, between Day half management items all company defend enabled fulfillment no the our and There adoption how my on financial employees the investment levels entire deeply services in and trusted lives. share. products But was from ever-increasing trusted recent offered. second financial Consumers enjoy focus has customer We of of in the lenders to one space their been in insurers. of and have of engaged easy-to-use in The convenience for create generated. advances financial The I'm fintech needs market financial last to digitally going these we increased digital products to range across the ability become the throughout comments market all their digitally swift. Following of their exercise team consumer, meaningful a and a clear. relationships The personal curve clearly have to adviser for received, of are best differentiate that experience with leads

execute strategy, the our positioned are we finance As consumer continue well on we to our leadership space. in

believe We're we've control unmatched We for consumers our its iteration of is lives. legacy, resource loans, In combining to the This investing the yet have XXX that customers core and strengthening XX our is ultimate shop incredible of facilitated of partner company building compare with helped the growth. levels time, aided harnessing the years financial brand, just funded it depth power billions firmly in ago. be awareness reasons with high this our for next their to are the consistently and but it beginning. I the and and relationships, rooted routes, financial LendingTree, we over million our founded products, wanting remains on of in take of

XXXX us sharing a We our critical quarters. you have in of progress we with on year will to be ahead as I path the by are this the vision. coming forward energized look and we execute

to Now, each operator open up we're for happy questions.

question [Operator Instructions] from Jed Your Kelly first comes Oppenheimer. with

Hey. Thanks my question. Great. taking for

then company. buybacks. given are you management valuations just I out an going two, the into measuring Just there, was question about a on in saw on processing share insurance One Medicare may. I if thinking Can strategy? goes the us M&A? you. you the capital of short on made you just And just shareholder letter. through update investment second And payment my how then Thank

there we I'll Medicare. one up year. Jed, last a we capability throughout agency scaling invested the first amount on take -- on the Yes. look the I fair Medicare obviously into mean,

I a saw where of a there's lot you like very little agents amount policies other many there players those think you've in chasing in that of lot the selling opportunity differentiation. that got fair space a the and pressure competitive of sense that was folks of

which streams And competitive getting terms to on those collect lower customers. the intensity expect kind that to That so you policy some there's impact of -- the does persistency, to impacts it of leads in just policies. the revenue

Now on actually in level that we're positioned of flow But from and many nearly cash that the those as scale policies in competitors recognizing as product. our our b, space. case, a, same not that of we're at dependent upfront. uniquely we're And not the

kind we can progress business focused how how about fourth environment business. we saw scale unit the so And in the now that we the business of we in that we that intend inform XXXX. them. Obviously, the and think we will that feel improve certainly to in quarter aggressively made economics we're in on good Right

that to aggressively in XXXX. scale So expect too don't us

the we we learned the it is at can year. from the as approaching Investor -- the of So customer you P&C experience and quarter opportunity into going create after. holistic you of to and we're capabilities there we on Day kind the that agency what My cross-sell because opportunities we're kind said That into that's improve how fourth that how scale think this ultimately that's side some tie LendingTree going saw and the really

too want talk to and J.D. about M&A? buybacks talk about you do can then And then

Yes.

saw the fourth Day So on quarter. the the the as front at Investor first in in market here as you quarter. We remain $XX we did said million buyback we in

And for that so look on be us We're got of million fortunate to we've cash sheet. to the with buyback. continue $XXX the balance opportunistic

look J.D., M&A ways continue cash you effectively. return to that shareholders the generate to we'll piece? We for to do want take and to

initially consumer our fintech a enables have Yes. Jed, pay about Francisco-based investment thanks. their an to provide where in be model but on and debts, other We're and borrower consumers mortgage to tied to payments. their originators EarnUp focused this and their They solution transitioning they're a better that a consumers. San thus excited mortgage for and is enterprise can EarnUp. pay servicers

better a another it's the could So originator So natural LendingTree. home our it initial fit experience the LendingTree their mortgage a a And road to when our of envision you and inefficiency pay lot being removes very toward from transitions with business, consumer a consistent work mortgage consumer strategy down able to through to with right? servicer. the My in a

we opportunity. think think customers well. consumer as We it's the And so great the and originator that's and our great it servicers for really can be for

we're excited EarnUp. that's with So what about

Now year improved. last balance our broadly is sheet how story has much M&A more on the probably undertold over an

both execute us find the years, you've that good we do ourselves last really so buy in several but over And to on M&A also position stock. our a the seen back

we and convert quite very last And that find bit. obviously quite did. year we ourselves so did free in we with generation. that we the down refinancing a where obviously We're the happy with in happy did we're of really come cash the refinancing terms XXXX the have that And multiples over

the been very with forward. to us for disciplined last be a it acquisitive years, So but two good opportunity going we've presents

happy key So strategy of over the that last that part had years. we've we're of remain the will couple discipline with our a and

you. Thank

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

Hi, guys. morning. Good

morning. Good

sequentially. like the probably Credit along guys. for Hey, rev to pretty business moving just really small of faring with thinking looks that's that side grew is you personal rev on some it cards credit looks narrative Karma and the similar the bulk There's that obviously nicely loans loss been overall And kind on you at credit I'm like you're NerdWallet. share some same combined it investors. out there rate than card of then that better like kind of the

market main So wise then maybe But picture, where defeated. guys changes I that it at the least think the with in sit all seems how recovery? type position you bigger guys be quarter you're can of versus this you seems feeling just your business with competitive that just And supported that of peers? kind to said, talk to that that

only business -- happy verticals Small a sorry, has take it's little we difficulties that opportunity well. for of for provide, business used lenders recovered business story different as by a nicely. in And been with but solution is, the Personal the really of and it's each XXXX. us. J.D. really presented common, with We're three the great something business small the which It I'll has it. loans John, not for owners, we small Sure.

our has think network just I improved.

it's of dramatically diversity the on if XXXX at network, look so, you improved lenders the from And the levels.

there, got levels. about card got personal we've how XXXX Credit back exceeded you're and seeing on levels not a back is in quarter revenue while you the to monthly but XXXX improvement. talked business and fourth small So to still loans basis and nice to

in see, past, in back, the Now, been we've improvement has it's driving credit to I the issuers track but and card we very our revenue margin, clearly, challenge, as is competitive side. talked great are on the think, which cost can biggest about so

card pretty of will see need And personal about XXXX. so, So will improving in search, Then business think the which most there dependence on we from is initially I benefit the about and talk is wins. that's building we improving and that it. business. that And And that business, XXXX the And fixing way marketing in around for benefit We what do can is, call, or okay? where credit moats I profoundly. paid we're that TreeQual. you of clearly see benefit the there it credit could the TreeQual loan would the less confident we card is,

that right If card a bring bring they what loan them bring just only the lender, personal credit or customers, focused to me do on, bring card you also is customer think but And is it a bring the in volume, just want me cardholders, them issuer me don't credit want customer. particular right? about for don't not we

to And going so and us friendly in that way it's a to is issuer do. that the hard to enable TreeQual is do to

working TreeQual our partners. the of And now. so, really We're that enthusiasm the of about it through right We're will quality improve business. it excited

with and Acxiom. card entry are that's My are as working LendingTree to In we're them. other it's will bureaus enthusiastic and to who the consumer those don't side work to of personal barrier verticals. it's and going think about So it that to issuer And going to card first, card our a with way. us. with them the My credit in it our working delivering the is taking credit also lenders is consumer and right to a that really things, We're day, it I said, for it's present doing business of card the getting for want us. them think loan we end build personal for LendingTree clicking extensible But the a really we ad, turned issuers the the on We're available partners. efficiency want we But to with down. credit at and loan. right it great marketing and We The on improve the

key that. is So pre-approval TreeQual to prequalification and

to the and strategy game wonderful. better So TreeQual see if focused core over the of that's on than doing we're than our If NerdWallet in it's better But business. card fixing doing very us is and part -- we're time. you that. that's long

Okay. That’s very helpful.

end think the of LendingTree and the if business profitably because it's thing only of showing we -- If model. that still much were seeing. has to can you and your partners that of profitably. the that going now, is our to the that us I'd obviously as go day, what need and -- different weather itself model the we many will, we'll been revenue more at and the LendingTree the you're competitors I consumer great a more what it broadly and can forward, to actually as year a very has to already environment, add execution than do you able brand always were the ability gives that bring marketing universe markets at our a better last versus in is. can the operate tough do you through, that environment lower is, think way that's look business in from of competitive things business But do And And solidity, I able thing sustainable the your regardless to product shown customers fintech as you the monetization

Doug. Thanks, the was more one XX% then, refi, quarter. in mortgage. down Okay. And I so on or think, here Industry year-over-year

support. business upside comp think, about down next and your of a of that -- two-year quarters look Revenue volumes? on or longer guys so or I stave or of couple I revenue off is kind You the lead guess, I coming ability mortgage per was how of think, think over And how over kind kind curious, just But, that's that then, lower the lead, flat, even of so. then up per low term, to a definitely providing was X% we potential should that XX%, basis? off

mortgage on here around the and aware well not you've So a front this. so been getting of people long-time, you're

As their they when purchase. also expand equity. open bids, take are rates to more They volumes They states, just increase they -- as They regardless rates additional they are expand they more take us lenders different home of rising to into of expand need types volume. or filters, dropping.

X% go meeting, you rise talking you're the All in we States, we're a seeing environment. of our that that -- purchase that And see your raises go the in given would more which just the originating this mortgages RPL up we roughly market. of yesterday, that's makes at naturally fact United enables Board about And happening. were to what

wins. Now we're client also some getting

lead higher improve of times to rates, work. is Investor are aimed which conversion the all innovate even more and lenders about I'd talked they lenders RPL you thing a profitable and through are rates. those at as really conversion number other our rates goes can which their also to like push continue how is Day. fund more. exciting We And really bid say at site. are to The they from some with And improving to that, these, seen then conversion through willing I've initiatives our at then us,

So that's get to environment. intent through this our

loans. partners, that, market outperform consumers And You're And already working helping mortgage with then, seeing rises. us it. close we broader the if our can into environment is do more RPL we

you, guys. Thank

your And … next question

Thanks, John.

sorry. am I

comes from the of question next Tomasello Ryan KBW. with line Your

recent actually gain that just [ph] given at guidance just morning across, mean, can counter Rocket Good to I a everyone. me example on recently partner are The for lenders' following having question. chase Thanks LendingTree results to on some cyclicality from But pipelines not backfill of it's sale up with that compresses. for its the declining. mortgage looking choosing its as understanding margins indicated Street the call today. performance I that certainly uneconomic guess, volumes the these benefit on

you're you're business conviction how understand, for through on this the to Thanks. guardrails data what trying really range? thinking mortgage of the focused guidance the year? And points relative the just to I'm So the in puts-and-takes

in Yeah, and processors. I'll obviously operates then, A its but officers start of profitability loan through also well Trent. add through and its company its the J.D. and mortgage its as capacity margins, can or really

and their it their end pull-through. efficiency about marketing their So it's about much pipeline as as is not much as

fares will of So it to negative. operate airlines isn't they'll I low person start the enough. putting they reduce point up -- on go down good slightly They air compare if mortgage always their the enough, at to then, point companies plane you breakeven will some capacity. to another go

a to need the way take And that's they plane work. off-line. You

is based one can who that per And funded end look in are our LendingTree every profitability roughly starting before relate a a picking to that simply coming phone then relates whole at big if could submit, through -- we closed our mortgage, this we get lenders, driver lender millions our per lot finishing loans or calls, form, funnel the that there. a for X,XXX that cost cost conversion. improving lender month it just site that form, a that X,XXX getting And to marketing importantly, and the a machine indicators be LendingTree the is the the of I loan closing. drop-off and X,XXX, well grow pressing between how your could on a look our look is just So several then, then month XX,XXX X,XXX a pressing do higher, back and the the done what times. two, is loans fact lot can It you there visiting -- be the we is people that And And at big that loans of through know you month. submit. reason we've

do than don't to much more You that. need

to see you marketplace – the the see before, CRM. our for go I to you your same as as execute Now we're when side. you better on our conversion, improve with you conversion more and as on TreeQual That's And And lenders the funnel And adopt the to to the got more back consumer on win awash those, said process willing they strategy thing rates to monetization. you are and consumer. to you're be we J.D.? changes closely, us marketplace. what they're really confidence not sharp and now that with that now their and gives working volume now in just then can us improve doing

and of would I to have only spend the we we can if have Ryan, cost good dynamic a per of drive as recognize cycle lenders good I with them no. that cycle loan, as and about the No, pointed better call you conversion. the on lot funded to work thing to our understand we time part is our Doug out have group. it's then our you to add for and guess first of and pretty all talking coverage

what about a environment about unlike them. for XX where for can that acknowledge drive even Well many card conversion, as that's say We next loan an not that see effectively is for more and funded our per equity home it's seen credit and right? right RPL months So the efficiently. more you're going I us What you're better on we harder. on was refi-centric purchase, going the consumer Day, talking see manage at stretching. going in to we originators focused about you've customer of if right this can on us they're cost be we it focused conversion, in Investor already talked which when to focused purchase, is getting more the So you to not

going And have eventually that on the and The been environment the but play side. so you RPL our a right? for recognize to this out is will in to you're cost to side cycle got to acquire manage RPL cost the other see we high drop, marketing expense, thing our cost way both the we've that it

So them period planned rose we're and period et we're it and with we leg experience that's lender way which XXXX, partner where year. cycles, When and to through this So at if worked you going recent navigating that to laying with back we this loan help off right? grew obviously that last lot is cetera, the these also is the our cycles. through is officers, next grow the that we've look and we we for business, through but lenders the goal these our went most of so have years five right? of we difficult at it a our like business, and and periods manage time look a rates – comparable our And go just

an executing year, would they've If be our refi been and already just about period. you set that with through think we're that this expectation down numbers

Appreciate would imply then XXXX to I back guess XXXX marketing in Great. a a And math normalization be question levels. brand by follow-on the my that. seems guidance expense to

brand Is strategy time and to including I a you the brand focus that marketing the at with think all So guidepost spend of starting that to the way to platform? leg is through on around awareness My there amount you LT. that here? And as of any come in consumer-centric to guess drive of necessary next any put of will continue be XXXX

off start numbers. me Trent and terms of to in then it Let hand

much budget. across a our us be because years, something the year of for couple relatively pay TV in. get we as we also It's down demand think of view everybody I to really on say highest And but been certainly a board the the TV you six have past increases your every TV. spend TV it's is are – certainly view Our baked enduring. TV a you when know. expect need like the some But as from last it has that was take months. it's brand, to enough high That's what – do you advertising most is that cost And cost we on we the the does TV let as only And where your on Obviously, we standpoint advertising. just would other would of never spend customer monetization in it that the ad CPA when modest. monetization per high the to we like off, and enough. view pretty that acquisition TV from monetization within action. and we been again But certain source cost that, us call customer will it's in

the we else RPLs. the the into know you past on side marketing in what add? that us -- you see until We business say have a of which -- TV think also high said to have the that One you it. when our I've consumer handle a then, of right in fixed that Trent, great us on we we is, are I issues, that the healthy. is, to would get consumer we And some wouldn't us to what I the experience on best-in-class. would see investors TV can is we thing experience that monetization think on up strategy, – And point again, be are is business expect TV, incredibly

allow up levels. Yes. would closer a in levels, are right. We your we're got right? into is the say did just Ryan, we've XXXX we a intentional to it and placeholder how going with budget, use be to whether to dollars. -- the dictate brand six to the budget said, weeks flex had And the put from be we're we And the I who for over will going down That about we're guidance flexible but to CMO assumptions we up into to job, going so those flex or there. be XXXX business

Okay, the great. questions. Thanks taking for

Thanks, Ryan.

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

guys. morning, Good

Rob. Rob, good morning,

with Just personal a I Are any new the quick live credit live that question side partners TreeQual. issuers. on you're or anyone you trialing know three with loan card loans? personal product on

have We testing live. lenders yet fully not but couple it a of

-- to but It's credit card first loan. phased be tandem. going personal tandem. be approach not It and So will in will it a then in of be

We have both. engaging some in actually lenders who are

more fact the comment you it's but re-presentment a and and J.D. presentment little it a here the get to on creates might want to that complicated running also barrier. And up

Yes. different want we bureau work they I with. to are so Experian of and Rob of has there TransUnion we Acxiom the each that work a bureaus some in partners of terms Equifax -- our we TreeQual with when our subtleties mean, each work with

they present using something versus a new their what pre-approved meaning consumer So of Acxiom. is as store is we're to to permissible effectively initial that working list re-presentment, that otherwise a we get And offer bureaus their in those can presentment customers that when through mail. direct so data with at

some complicated that our partners happy working is complexity on. which focused us work that as that's is I more I and there and we're we're with embeds So, through, what I'm because we're that think here doing, it's said,

card deployment then loan who to hit. will personal that don't want they in As own some products. certain us in want It be fashion. to that both have of for They and card, I initial their lenders. work API the said we have our issuers in is in actually And

there is is we're to notion, receptivity The that, news pre-approval them good great that so our to ultimately, because well. marketing partners. this And delivering universally, we're as with just right, efficiency working

lot really credit be excited as something right dynamics right, issuers, click-out response market we're new think about it. as the think qualification interesting and also, model opposed without card a And you presenting to whole I of so a XXXX, personal we're the both if loan and consumer. the And of into the about to go in to we our in to

So, we're most it. think think and see we opportunity lenders and but but in projects us. a results We it's financially, issuers about one our engaging will it's the impact excited year sure. XXXX results should we'll us great of be And year, out some really really it in with important this for

business? That's helpful. results invest decided How and too. expand really Medicare the the and did in business your competitors, intensity One and on the Thanks. results this compare from more out expectations some quarter competitive set the to your when to you

a that mean infrastructure the alone were enrollment surprised going of good of we were that about had the competitive I kind out in kind of placing really up we business. look, we transparent that be built modeled to out bet the that the a of that Well, we progress rest like we us, It feel into we what bit made across and totally like period. of little level being seems was and can of intensity. open came we've not for Rob. we leverage there Yes, the short by kind the

to smarter throughout this year. going progress inform that's we us and make as So, us

harder Medicare exit. comment issues in the there of companies in get product, made consumers loans want we a what and seen -- And product we it's issues, who and to can businesses -- create adjust. you or would Yeah. our you we've and if that restarted we've on -- have in this to more we've your number then If acquisition unit been lending the my industry And just goes If see businesses economics a in marketplace a really I customer all reach create companies personal there had what other the an a be that some and cost of of to are and -- of we've insurance difficult. in marketplace. in And underlying a then the we more gets up or we marketplace. then has competitors creating it then do noise seen

a your insurance, you dream, have car which it's the side We're auto moving the insurance that can lending So a J.D. maybe and and huge realized it still whether need side, loan in there is think but notion We then down think vice-versa. on lifetime business you you our And see. time, same the agency bet it's and with beyond clicks when insurance, together you where sound customer the is or insurance we're of not business laid you whole We also simply investments fully -- it's card, well, that not farm and can your refinance a calls, insurance, then it's a we if insurance made there. auto because between is data leads like you're stitch an referred slowly. not insurance you whatever betting share and getting it side. lending the if still about the thing one and at to Medicare. building in home And credit to Medicare agency other that kind in this and relationship with a the

it's the -- it's to So model. pivot as LendingTree's the stand-alone business Medicare much agency view as a that's I wouldn't more,

from mode very our So in competitors we competitive that differentiation have of a space. very,

Thank that. you it. for Got

And line of Wedel Melissa the JPMorgan. question comes from from your next

you question appreciate today. I guys. taking morning the Good

Good morning.

current the there's outside happening a indicate which consumers to activity it for revenues the restate was been seem logged incorporates I would how shift compare I it revenues LendingTree. you I My transacting the lot -- users anything. has app. methodology happening app, your to interpret My being It to of thoughts attributing that of or of of When the curious the I a that and transact touch hoping you would of you into to to to transactions really going And say LT would what inform strategy outside get methodology, was was didn't forward? on just drive on in outside

really a it's question. -- good It's a great

-- tells and Amazon and have information that there on if you'll ad and experience for looking the come LendingTree My my you repeat -- come when is my So if go to an but could way then hope something business, in and that has who come also as in our think of a can that signed the that able they be lot My flow. experiences and just if go I'm would the you talked about in is that into a and obviously, and and about as will you've information identify people in J.D. for My it all a Amazon you've what there's and think see in that you you would, dropped for user me thing some you normal LendingTree want that you methodology LendingTree you same revenue -- Jorge Amazon we in user. might talked way the you a shows you knows else. this And customer back that display first and LendingTree about such in about think My to change you up I for a Prime for to something I is Today use future we let's In of went it. get you say got to is refinance but you recommendations need unique signed make user up to and come Amazon.com. that. you we perhaps want click have LendingTree But my be That's

And that the don't so is financial because products customer That repeat a else us you the better. even in can that after, what the log-in trust is is best surrounding get you all to such deal with you anywhere see usage. that's the which go to on if you're incredibly because we're marketplace. need And rewarding for our to me everybody market user,

the I about Melissa it only that. is internally, thing it's would suggest apologize. two feedback. Melissa We you pretty Can our to talk got J.D. Sorry hear to teams numbers. me? confusing we found about I some

are we want how those the sort is productive generate. My that And revenue this we we users users base so to and of are. simplified just know LT said obviously looking And of to the from

trying a looking to externally, was we're we're then backed that this part well. as much to just overall we can the Now did the simple importance called incremental of We And deliver. more But that track tracked efficiency honestly, it's platform. obviously, historically, effectively where reacquire thing there's still internally a to that's we marketing users how out track we simplify, track of there those optimal And to what customer. we a something revenue. the and to marketing expense

really that's So idea. the

users importantly, look other see thing happy when growth XXXX, more our at say mortgage some Now growth. back real the My we started in really with I But the we're coming from funnel. just about LendingTree, would we to

has about through loans of the personal And is credit is, the funnel. talked the And our between that base XX% that things terms of personal linkage One its in own the about loans of implications that our generated My quality right and was LendingTree. of we today consumer.

is as other which in our drive you up a in to see the membership, we usage will change XXXX of My objectives My the to we quality So our personal LT one open base best if marketplace LT think -- drive of our credit benefit right? implications business about generated that -- business, entirely credit turn base card business. for you card if it our is the credit our by in our loans has So will funnels,

the card My more base. from more base credit will LendingTree business becomes that benefit As diversified, our

from to of there's base So originating only a that grow where directing it's XXXX, but today, we in that from. of We of as do in is the is objectives marketplace terms LendingTree one that My progresses. it that uniformly have just grow but we can don't consumers we business our doing year to in of LT. not And My terms diversify every to intention as our so do it lot

a sense. of makes lot That Okay.

with you Can you the over How opt go that shareholder consumers how accounts. the getting that a connecting Plaid that? can so rates bank increased question, to conversion some much strategy? higher and about consumers you is to incentivize As given touched Thanks letter in to integration on getting some important and do adoption follow-up the piece of

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need if to we present of deliver value, with groceries So or aligned is credit lot you're on gasoline, to money want of transition Plaid something meaning, spending you to that with a card that we from a using your integration spend.

is shopping at going value to not of something perspective flow. to a simply look a be So it from for your the tied perspective, cash from consumer saving

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tied to what going going it's to much to see. be they're So very

helpful. so Thanks much. That’s

that I now, are are to test lot that a those plumbing -- part you thing of that of that, and all building than foundations and work. all cost and -- as work talking plumbing prior at can call investments value marketing would year only J.D. talked add Plaid more is, The into integration a it, props, lower about which lot about, doing we're consumer-facing things that which

have part but over. of to that Now we is do, still plumbing a large

And your line with the Northland Mike Grondahl next question from of Securities. comes

high talk level, guys. Thanks, of revenue? Hey. Has At the changed you historical versus today kind for of Yes. about sort revenue it visibility had visibility have a you've much? you could

that one. take I'll Mike, Yes,

us of segment with couple insurance greatly in different the One of would cycle say the rebound of helps things of we're we of you improves now But something of cycles, kind is network and risk regard the and one and health of got to of does each seeing dealing earlier. as each of in day. is ebb that of us the of through a a kind risk moved I that visibility and diversity on as it of the bit those things last we in over the partners But macro on different risk years, one of diversity feel the something network of network to of businesses subtly a the certainly cycles. the it we cycle coming the kind of in hit these J.D. consumer our our we've really of, visibility the with cycle of is it's volatility we're in mortgage proud the kind of a this the network, and those a that each is, of for of things and each -- out be in greater health day cyclical visibility any about Obviously, segments of kind businesses seen lack and and we've health the to in there's through the and numbers are mindful of. good give something those really concentration businesses, less really our

EBITDA the while term. But volatile move flow And But only a the sometimes can enables at forward. fairly during we costs predictable, model in the based addition be business in marketing typically which move lag, that, on market your in least very add little revenue see. also going has run, in acquisition been short to I'd sometimes medium cash is, with thing sometimes resilient visibility, on your or the and what's customers the that, the whatever to durable acquire be tandem, market, a little your costs with the in customer to always

cause two or you XXXX, the it. most have bit to out think it. that there? you has little two place that And what uncertainty about stick of outlook things you the for items as about fall something that secondly, stress Got the Any a in maybe then, are your for

than think, mean, we will refi the of down the allows the I sufficiently to segment. regard we've home the in purchase down. will conviction expectations to for be to less conservative At that. mortgage. do same slack, as up I we pretty to guidance, some it And in kind equity strong And and pick expect down, market business It is. home be obviously, been be The have of Mike. our expected. No, with as our time relates

recovery into business the good the speed variability feel we're revenue back said, we already That So really pretty that. business. bounce QX. standpoint nicely here quarter. some -- obviously trends we're first QX about of That to expect There's we in The that in from seeing insurance that. good in a business,

our anything, what And our of assume so talking I hum get about, and then, And about initiatives quarter. we not there. that plan guidance strategic to improvement that's where any focus pretty massive would better is the we've is. and does incremental feel been Candidly, if the that, the from comfortable businesses consumer continue every lot a say

we those start there the clicking to could feel some like things so can if get and be humming, those hit. extent things we upside And to

Yes.

it I think, it's with but and Trent issue. it comeback, we've at looked hit that's into timing a the insurance it, as dug --

later? And about healthy the back. Sure. then really could time, be little the But at same and business is So coming a guidance. talking still it you're it's

of couple couple of it got two approved whether back we've partnering from our they're that, weeks, approvals month once volume. insurance that's us. -- last or So of the be we've sort carriers in with want of at three somewhat bit significant they just that we're had new in And win terms chomping carriers hearing rates one getting comes get is market, what to or states. from a But from on the months the months, even back their dependent backs client

I so, And see a the guidance it's we're from really But already think starting that's "uncertainty." biggest of time. a perspective, matter it just and probably to

it. Got

Okay. Thanks insight. the for

Thank you.

Mike. Thanks

no further And there questions. are

Great.

see look we'll So I'll and remarks closing just then give to quarter. you some all next

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