LendingTree, Inc. (NASDAQ:TREE) Q2 2023 Earnings Conference Call July 27, 2023 9:00 AM ET

Company Participants

Andrew Wessel – Head of Investor Relations

Doug Lebda – Chairman and Chief Executive Officer

Scott Peyree – Chief Operating Officer and President of Marketplace Businesses

Trent Ziegler – Chief Financial Officer

Conference Call Participants

Ryan Tomasello – KBW

Jed Kelly – Oppenheimer & Company

Youssef Squali – Truist Securities

John Campbell – Stephens Incorporated

Melissa Wedel – JPMorgan

Chris Kennedy – William Blair

Rob Wildhack – Autonomous

Mike Grondahl – Northland

Operator

Good day, and thank you for standing by. And welcome to the LendingTree Conference Call. At this time, all participants are in 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.

I would now like to hand the conference over to your speaker today, Andrew Wessel, Head of Investor Relations. Please go ahead.

Andrew Wessel

Thanks, operator. Good morning to everyone joining us on the call to discuss LendingTree’s Second Quarter 2023 Financial Results. On the call today are Doug Lebda, LendingTree’s Chairman and CEO; Scott Peyree, COO and President of Marketplace Businesses; and Trent Ziegler, CFO;

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

Before I hand the call over to Doug for his remarks, I remind everyone that during today’s call, we may discuss LendingTree’s expectations for future performance. Any forward-looking statements that we make are subject to risks and uncertainties, and LendingTree’s actual results could differ materially from the views expressed today.

Many but not all of the risks we face are described in our periodic reports filed with the SEC. We will also discuss a variety of non-GAAP measures on the call today, and I refer you to today’s press release and shareholder letter, both available on our website for the comparable GAAP definitions and full reconciliations of non-GAAP measures to GAAP.

And with that, Doug, please go ahead.

Doug Lebda

Thank you, Andrew, and thank you, everyone for joining us today. We are in $27 million of adjusted EBITDA in the second quarter generating a 15% margin, which was well ahead of our forecast. Our outperformance was due to strong segment margin performance in consumer and insurance, combined with our laser focus on managing operating expenses.