LendingTree, Inc. (NASDAQ:TREE) Q1 2023 Earnings Conference Call May 2, 2023 9:00 AM ET

Company Participants

Andrew Wessel - Head, Investor Relations

Doug Lebda - Chairman and Chief Executive Officer

J.D. Moriarty - President, Marketplace and Chief Operating Officer

Trent Ziegler - Chief Financial Officer

Scott Peyree - President, Insurance

Conference Call Participants

Youssef Squali - Truist Securities

Jamie Friedman - Equity Research Analyst

John Campbell - Stephens Inc.

Jed Kelly - Oppenheimer & Co

Robert Wildhack - Autonomous Research

Ryan Tomasello - KBW

Cris Kennedy - William Blair

Melissa Wedel - JPMorgan

Operator

Thank you. Good day and thank you for standing by. Welcome to the LendingTree First Quarter 2023 Earnings 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. [Operator Instructions] Please be advised that today’s conference call is being recorded. I would now like to hand the conference over to our speaker today, Andrew Wessel, Head of Investor Relations. Please go ahead.

Andrew Wessel

Thanks, Amber and good morning to everyone joining us on the call this morning to discuss LendingTree’s first quarter 2023 financial results. On the call today are Doug Lebda, LendingTree’s Chairman and CEO; J.D. Moriarty, President of Marketplace and COO; Trent Ziegler, CFO; and Scott Peyree, President of Insurance. 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

Thanks Andrew, and thank you to everyone who’s joining us today. We took several actions during the first quarter to right-size our expense base and position the company to serve our customers and partners more efficiently. These were strategic decisions made to simplify our operations and streamline our corporate priorities. We have been reinforcing a start-up mindset with our team. It’s important that we empower our employees to identify and solve issues in real time, harnessing the positive aspects of working in tighter and more cohesive project teams. The centerpiece of this effort has been moving to a quarterly strategic project cadence from our previous annual planning sessions.