LendingTree, Inc. (NASDAQ:TREE) Q1 2024 Earnings Conference Call April 30, 2024 9:00 AM ET

Company Participants

Andrew Wessel - Head of IR
Doug Lebda - Chairman, Chief Executive Officer, and Founder
Scott Peyree - President of Marketplace Businesses and Chief Operating Officer
Trent Ziegler - Chief Financial Officer

Conference Call Participants

Youssef Squali - Truist Securities
Jed Kelly - Oppenheimer
Ryan Tomasello - KBW
John Campbell - Stephens
Melissa Wedel - JPMorgan
Mike Grondahl - Northern Securities

Operator

Good day and thank you for standing by. And welcome to the LendingTree, Inc. First Quarter 2024 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.

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

Andrew Wessel

Thank you, Justin and good morning to everyone joining us on the call to discuss LendingTree's first quarter 2024 financial results. On the call today are Doug Lebda, LendingTree's Chairman and CEO; Scott Peyree, COO and President of Marketplace; 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 to all who are with us on the call today. We are very excited to report first quarter adjusted EBITDA increased 48% from last year, as our Insurance segment produced very strong results with both revenue and VMD up double digits from a year ago. Many products in our consumer business generated strong sequential growth, a trend we expect to continue into the second quarter. The revenue outlook continues to improve into the second quarter, providing us confidence we are finally through the worst part of the cycle for our company. We forecast stable underwriting conditions that our lender partners combined with sizable demand growth from our insurance partners will return our business to revenue and adjusted EBITDA growth for the full year.