CHARLOTTE, N.C., April 30, 2015 /PRNewswire/ --
- Record Revenue of $50.9 million;
up 27% over first quarter 2014
- Record Variable Marketing Margin of $21.2 million; up 39% over first quarter
2014
- Net Income from Continuing Operations of $5.4 million
- Record Adjusted EBITDA of $8.9
million; up 98% over first quarter 2014
- Net Income per Diluted Share from Continuing Operations of
$0.44; Adjusted Net Income per Share
of $0.65
- Revenue growth from non-mortgage products continued to
accelerate, up 140% over first quarter 2014; fifth consecutive
quarter of triple-digit year-over-year growth
- Increasing full-year 2015 guidance
LendingTree, Inc. (NASDAQ: TREE), operator of LendingTree.com,
the nation's leading online loan marketplace, today announced
results for the quarter ended March 31,
2015.
"Continuing our momentum from the fourth quarter, we once again
achieved new record levels of revenue, variable marketing margin
and adjusted EBITDA in the first quarter," said Doug Lebda, Chairman and CEO. "Revenue
growth from our non-mortgage products continued to accelerate,
increasing a record 140% versus the prior year. Helping fuel
that acceleration, revenue from our personal loans marketplace was
up more than 11 times compared to the first quarter 2014, and in
the month of March, exceeded $3.1
million. More broadly, we saw year-over-year growth in
each of our non-mortgage lending revenue streams. Based on
our performance in the first quarter, we are increasingly
optimistic about our prospects for the rest of the year."
Alex Mandel, Chief Financial
Officer, added, "We're particularly focused on ramping our emerging
lending categories over the next several quarters, including small
business loans, credit cards and student loans; and promoting our
brand, emphasizing LendingTree as 'the place to shop for money'. We
anticipate debuting new TV spots late in the quarter in support of
our full suite of loan and credit categories and the compelling
value proposition offered by My LendingTree enrollment.
Notwithstanding the investment contemplated in these marketing
efforts, our platform and selective additions to our team, which we
anticipate will reflect in our second quarter results, we are
increasing our full-year 2015 outlook."
First Quarter 2015 Business Highlights
- Record revenue from mortgage products of $37.0 million represents an increase of 8% over
first quarter 2014 and reflects our highest growth rate since
annualizing the launch of our national brand campaign in Q2 2014.
Our mortgage results benefitted, in part, from an influx of
refinance volume which was well absorbed by our network of
lenders.
- Record revenue from non-mortgage products of $13.9 million in the first quarter represents an
increase of 140% over the first quarter 2014 and our fifth
consecutive quarter of triple-digit year-over-year growth. Revenue
from non-mortgage products now comprises 27% of total revenue, up
from 14% in the prior year's quarter.
- Enrollment growth in My LendingTree continued to accelerate, as
more than 900 thousand consumers have now joined the My LendingTree
personalization platform, up from 600 thousand in late
February.
LendingTree
Selected Financial Metrics
|
(In millions,
except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q/Q
|
|
|
|
|
Y/Y
|
|
|
Q1
2015
|
|
Q4
2014
|
|
%
Change
|
|
|
Q1
2014
|
|
%
Change
|
|
Revenue by
Product
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage Products
(1)
|
$
|
37.0
|
|
|
$
|
33.2
|
|
|
11
|
%
|
|
|
$
|
34.2
|
|
|
8
|
%
|
|
Non-Mortgage Products
(2)
|
13.9
|
|
|
10.7
|
|
|
30
|
%
|
|
|
5.8
|
|
|
140
|
%
|
|
Total
Revenue
|
$
|
50.9
|
|
|
$
|
43.9
|
|
|
16
|
%
|
|
|
$
|
40.0
|
|
|
27
|
%
|
|
Non-Mortgage % of
Total
|
27
|
%
|
|
24
|
%
|
|
|
|
|
14
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and
Marketing Expense
|
|
|
|
|
|
|
|
|
|
|
|
Exchanges Marketing
Expense (3)
|
$
|
29.7
|
|
|
$
|
26.4
|
|
|
13
|
%
|
|
|
$
|
24.8
|
|
|
20
|
%
|
|
Other
Marketing
|
3.1
|
|
|
2.8
|
|
|
11
|
%
|
|
|
2.6
|
|
|
19
|
%
|
|
Selling and
Marketing Expense
|
$
|
32.8
|
|
|
$
|
29.1
|
|
|
13
|
%
|
|
|
$
|
27.4
|
|
|
20
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Variable Marketing
Margin (4)
|
$
|
21.2
|
|
|
$
|
17.5
|
|
|
21
|
%
|
|
|
$
|
15.2
|
|
|
39
|
%
|
|
Variable Marketing
Margin % of Revenue
|
42
|
%
|
|
40
|
%
|
|
|
|
|
38
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
from Continuing Operations
|
$
|
5.4
|
|
|
$
|
2.1
|
|
|
157
|
%
|
|
|
$
|
(5.8)
|
|
|
NM
|
|
Net Income (Loss)
from Cont. Ops. % of Revenue
|
11
|
%
|
|
5
|
%
|
|
|
|
|
(15)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
per Share from Cont. Ops.
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.48
|
|
|
$
|
0.19
|
|
|
153
|
%
|
|
|
$
|
(0.52)
|
|
|
NM
|
|
Diluted
|
$
|
0.44
|
|
|
$
|
0.18
|
|
|
144
|
%
|
|
|
$
|
(0.52)
|
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
(5)
|
$
|
8.9
|
|
|
$
|
6.0
|
|
|
48
|
%
|
|
|
$
|
4.5
|
|
|
98
|
%
|
|
Adjusted EBITDA %
of Revenue (5)
|
18
|
%
|
|
14
|
%
|
|
|
|
|
11
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net
Income (5)
|
$
|
7.9
|
|
|
$
|
5.7
|
|
|
39
|
%
|
|
|
$
|
3.7
|
|
|
114
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net
Income per Share (5)
|
$
|
0.65
|
|
|
$
|
0.47
|
|
|
38
|
%
|
|
|
$
|
0.31
|
|
|
110
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes the purchase
mortgage, refinance mortgage and rate table products.
|
(2)
|
Includes the home
equity, reverse mortgage, personal loan, auto loan, small business
loan, student loan, education, home services, insurance and
personal credit products.
|
(3)
|
Defined as the
portion of selling and marketing expense attributable to variable
costs paid for advertising, direct marketing and related expenses,
which excludes overhead, fixed costs and personnel-related
expenses.
|
(4)
|
Defined as revenue
minus Exchanges marketing expense and is considered an operating
metric.
|
(5)
|
Adjusted EBITDA,
adjusted EBITDA % of revenue, adjusted net income and adjusted net
income per share are non-GAAP measures. Please see
"LendingTree's Reconciliation of Non-GAAP Measures to GAAP" and
"LendingTree's Principles of Financial Reporting" below for more
information.
|
First Quarter 2015 Financial and Operating Highlights
- Record revenue in the first quarter 2015 of $50.9 million represents an increase of
$10.9 million, or 27%, over revenue
in the first quarter 2014.
- Record Variable Marketing Margin of $21.2 million represents an increase of
$6.0 million, or 39%, over first
quarter 2014 and, at 42% of revenue, reflects the decline in
interest rates in late December, which led to an influx of lower
cost, higher margin consumer traffic in the quarter.
- Adjusted EBITDA of $8.9 million,
also a record, increased $4.5
million, or 98%, over first quarter 2014.
- Adjusted Net Income per Share of $0.65 represents an increase of $0.34, or 110%, over first quarter 2014.
- Working capital was $86.4 million
at March 31, 2015, compared with
$81.0 million at December 31, 2014. Working capital is calculated
as current assets (including unrestricted and restricted cash)
minus current liabilities (including loan loss reserves).
Business Outlook - 2015
LendingTree is providing revenue, Variable Marketing Margin and
Adjusted EBITDA guidance for the second quarter 2015 and increasing
its full-year 2015 outlook, as follows:
For second quarter 2015:
- Revenue is anticipated to be in the range of $51 - $53 million, a 21% - 26% increase over
second quarter 2014.
- Variable Marketing Margin is anticipated to be $19 - $20 million, an increase of 20% - 27% over
second quarter 2014.
- Adjusted EBITDA is anticipated to be in the range of
$7.0 - $7.5 million, up 27% - 36%
over second quarter 2014.
For full-year 2015:
- Revenue is now anticipated to be $202 -
$208 million, or 21% - 24% over full-year 2014, an increase
from previous guidance of 15% - 20% growth.
- Variable Marketing Margin is now anticipated to be in the range
of $78.0 - $82.0 million, an increase
of 20% - 26% over full-year 2014 and up from previous guidance of
$76.0 - $80.0 million.
- Adjusted EBITDA is now anticipated to be in the range of
$30 - $31 million, implying
year-over-year growth of 37% - 42%, an increase from previous
guidance of $27.0 - $29.0
million.
Quarterly Conference Call
A conference call to discuss LendingTree's first quarter 2015
financial results will be webcast live today, April 30, 2015 at 11:00 AM
Eastern Time (ET). The live audiocast is open to the public
and will be available on LendingTree's investor relations website
at http://investors.lendingtree.com/. The call may also be accessed
toll-free via phone at (877) 606-1416. Callers outside the United States and Canada may dial (707) 287-9313. Following
completion of the call, a recorded replay of the webcast will be
available on LendingTree's investor relations website until
11:59 PM ET on Tuesday, May 5, 2015. To listen to the telephone
replay, call toll-free (855) 859-2056 with passcode #31085817.
Callers outside the United States
and Canada may dial (404)
537-3406 with passcode #31085817.
LENDINGTREE, INC.
AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(Unaudited)
|
|
|
Three Months Ended
March 31,
|
|
2015
|
|
2014
|
|
|
Revenue
|
$
|
50,935
|
|
|
$
|
40,036
|
|
Costs and
expenses:
|
|
|
|
Cost of revenue
(exclusive of depreciation) (1)
|
1,975
|
|
|
1,665
|
|
Selling and marketing
expense (1)
|
32,837
|
|
|
27,449
|
|
General and
administrative expense (1)
|
7,228
|
|
|
6,133
|
|
Product development
(1)
|
2,173
|
|
|
1,932
|
|
Depreciation
|
654
|
|
|
755
|
|
Amortization of
intangibles
|
62
|
|
|
28
|
|
Restructuring and
severance
|
6
|
|
|
202
|
|
Litigation
settlements and contingencies
|
282
|
|
|
7,707
|
|
Total costs and
expenses
|
45,217
|
|
|
45,871
|
|
Operating income
(loss)
|
5,718
|
|
|
(5,835)
|
|
Other income
(expense):
|
|
|
|
Interest
income
|
2
|
|
|
—
|
|
Income (loss)
before income taxes
|
5,720
|
|
|
(5,835)
|
|
Income tax (expense)
benefit
|
(307)
|
|
|
1
|
|
Net income (loss)
from continuing operations
|
5,413
|
|
|
(5,834)
|
|
Loss from
discontinued operations
|
(226)
|
|
|
(574)
|
|
Net income
(loss)
|
$
|
5,187
|
|
|
$
|
(6,408)
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
Basic
|
11,304
|
|
|
11,142
|
|
Diluted
|
12,165
|
|
|
11,142
|
|
Income (loss) per
share from continuing operations:
|
|
|
|
Basic
|
$
|
0.48
|
|
|
$
|
(0.52)
|
|
Diluted
|
$
|
0.44
|
|
|
$
|
(0.52)
|
|
Income (loss) per share from discontinued
operations:
|
|
|
|
Basic
|
$
|
(0.02)
|
|
|
$
|
(0.05)
|
|
Diluted
|
$
|
(0.02)
|
|
|
$
|
(0.05)
|
|
Net income (loss)
per share:
|
|
|
|
Basic
|
$
|
0.46
|
|
|
$
|
(0.58)
|
|
Diluted
|
$
|
0.43
|
|
|
$
|
(0.58)
|
|
(1) Amounts
include non-cash compensation, as follows:
|
|
|
|
Cost of
revenue
|
$
|
20
|
|
|
$
|
6
|
|
Selling and marketing
expense
|
270
|
|
|
233
|
|
General and
administrative expense
|
1,606
|
|
|
1,061
|
|
Product
development
|
440
|
|
|
316
|
|
LENDINGTREE, INC.
AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
|
|
(Unaudited)
|
|
|
|
March 31,
2015
|
|
December 31,
2014
|
|
(in thousands,
except par value and share amounts)
|
ASSETS:
|
|
|
|
Cash and cash
equivalents
|
$
|
88,536
|
|
|
$
|
86,212
|
|
Restricted cash and
cash equivalents
|
18,617
|
|
|
18,716
|
|
Accounts receivable,
net
|
19,596
|
|
|
13,611
|
|
Prepaid and other
current assets
|
1,138
|
|
|
931
|
|
Current assets of
discontinued operations
|
161
|
|
|
189
|
|
Total current
assets
|
128,048
|
|
|
119,659
|
|
Property and
equipment, net
|
5,743
|
|
|
5,257
|
|
Goodwill
|
3,632
|
|
|
3,632
|
|
Intangible assets,
net
|
11,079
|
|
|
11,141
|
|
Other non-current
assets
|
102
|
|
|
102
|
|
Non-current assets of
discontinued operations
|
—
|
|
|
100
|
|
Total
assets
|
$
|
148,604
|
|
|
$
|
139,891
|
|
|
|
|
|
LIABILITIES:
|
|
|
|
Accounts payable,
trade
|
$
|
2,674
|
|
|
$
|
1,060
|
|
Accrued expenses and
other current liabilities
|
26,868
|
|
|
25,521
|
|
Current liabilities
of discontinued operations
|
12,134
|
|
|
12,055
|
|
Total current
liabilities
|
41,676
|
|
|
38,636
|
|
Deferred income
taxes
|
4,738
|
|
|
4,738
|
|
Non-current
liabilities of discontinued operations
|
30
|
|
|
151
|
|
Total
liabilities
|
46,444
|
|
|
43,525
|
|
SHAREHOLDERS'
EQUITY:
|
|
|
|
Preferred stock $.01
par value; 5,000,000 shares authorized; none issued or
outstanding
|
—
|
|
|
—
|
|
Common stock $.01 par
value; 50,000,000 shares authorized; 12,920,525 and 12,854,517
shares issued, respectively, and 11,446,998 and 11,386,240 shares
outstanding, respectively
|
129
|
|
|
129
|
|
Additional paid-in
capital
|
910,576
|
|
|
909,751
|
|
Accumulated
deficit
|
(792,984)
|
|
|
(798,171)
|
|
Treasury stock
1,473,527 and 1,468,277 shares, respectively
|
(15,561)
|
|
|
(15,343)
|
|
Total
shareholders' equity
|
102,160
|
|
|
96,366
|
|
Total liabilities
and shareholders' equity
|
$
|
148,604
|
|
|
$
|
139,891
|
|
LENDINGTREE'S
RECONCILIATION OF NON-GAAP MEASURES TO GAAP
|
|
Below is a
reconciliation of adjusted EBITDA and adjusted net income to net
income (loss) from continuing operations, adjusted EBITDA % of
revenue to net income (loss) from continuing operations % of
revenue and adjusted net income per share to net income (loss) per
diluted share from continuing operations. See "LendingTree's
Principles of Financial Reporting" for further discussion of the
Company's use of these non-GAAP measures.
|
|
|
Three Months
Ended
|
|
March 31,
2015
|
December 31,
2014
|
March 31,
2014
|
|
|
|
|
Adjusted
EBITDA
|
$
|
8,936
|
|
$
|
6,035
|
|
$
|
4,481
|
|
Adjusted EBITDA %
of revenue
|
18
|
%
|
14
|
%
|
11
|
%
|
Adjustments to
reconcile to net income (loss) from continuing
operations:
|
|
|
|
Depreciation
|
(654)
|
|
(704)
|
|
(755)
|
|
Amortization of
intangibles
|
(62)
|
|
(40)
|
|
(28)
|
|
Interest income
(expense)
|
2
|
|
(1)
|
|
—
|
|
Income tax (expense)
benefit
|
(307)
|
|
398
|
|
1
|
|
Adjusted net
income
|
7,915
|
|
5,688
|
|
3,699
|
|
|
|
|
|
Non-cash
compensation
|
(2,336)
|
|
(2,454)
|
|
(1,616)
|
|
Loss on disposal of
assets
|
(28)
|
|
(45)
|
|
(8)
|
|
Impairment of
assets
|
—
|
|
(805)
|
|
—
|
|
Acquisition
expense
|
150
|
|
54
|
|
—
|
|
Restructuring and
severance
|
(6)
|
|
(141)
|
|
(202)
|
|
Litigation
settlements and contingencies (1)
|
(282)
|
|
(188)
|
|
(7,707)
|
|
Net income (loss)
from continuing operations
|
$
|
5,413
|
|
$
|
2,109
|
|
$
|
(5,834)
|
|
Net income (loss)
from continuing operations % of revenue
|
11
|
%
|
5
|
%
|
(15)%
|
|
|
|
|
|
Adjusted net
income per share
|
$
|
0.65
|
|
$
|
0.47
|
|
$
|
0.31
|
|
Adjustments to
reconcile adjusted net income to net income (loss) from continuing
operations
|
$
|
(0.21)
|
|
$
|
(0.29)
|
|
$
|
(0.86)
|
|
Adjustments to
reconcile effect of dilutive securities
|
$
|
—
|
|
$
|
—
|
|
$
|
0.03
|
|
Net income (loss)
per diluted share from continuing operations
|
$
|
0.44
|
|
$
|
0.18
|
|
$
|
(0.52)
|
|
|
|
|
|
Adjusted weighted
average diluted shares outstanding
|
12,165
|
|
12,031
|
|
11,888
|
|
Effect of dilutive
securities
|
—
|
|
—
|
|
746
|
|
Weighted average
diluted shares outstanding
|
12,165
|
|
12,031
|
|
11,142
|
|
Effect of dilutive
securities
|
861
|
|
819
|
|
—
|
|
Weighted average
basic shares outstanding
|
11,304
|
|
11,212
|
|
11,142
|
|
|
(1) Includes legal
fees for certain patent litigation.
|
LENDINGTREE'S PRINCIPLES OF FINANCIAL REPORTING
LendingTree reports Earnings Before Interest, Taxes,
Depreciation and Amortization, as adjusted for certain items
discussed below ("Adjusted EBITDA"), Adjusted EBITDA % of revenue,
adjusted net income and adjusted net income per share as
supplemental measures to GAAP.
Adjusted EBITDA and Adjusted EBITDA % of revenue are primary
metrics by which LendingTree evaluates the operating performance of
its businesses, on which its marketing expenditures and internal
budgets are based and, in the case of adjusted EBITDA, by which
management and many employees are compensated. LendingTree believes
that investors should have access to the same set of tools that it
uses in analyzing its results. LendingTree believes that adjusted
net income and adjusted net income per share are useful financial
indicators that provide a different view of the financial
performance of the Company than adjusted EBITDA (the primary metric
by which LendingTree evaluates the operating performance of its
businesses) and the GAAP measures of net income (loss) from
continuing operations and GAAP income (loss) per diluted share.
Adjusted net income and adjusted net income per share supplement
GAAP income (loss) from continuing operations and GAAP income
(loss) per diluted share by enabling investors to make period to
period comparisons of those components of the nearest comparable
GAAP measures that management believes better reflect the
underlying financial performance of the Company's business
operations during particular financial reporting periods. Adjusted
net income and adjusted net income per share exclude certain
amounts, such as non-cash compensation, non-cash asset impairment
charges, gain/loss on disposal of assets, restructuring and
severance, litigation settlements, contingencies and legal fees for
certain patent litigation, and acquisition expenses, which are
recognized and recorded under GAAP in particular periods but which
might be viewed as not necessarily coinciding with the underlying
business operations for the periods in which they are so recognized
and recorded.
These non-GAAP measures should be considered in addition to
results prepared in accordance with GAAP, but should not be
considered a substitute for or superior to GAAP results.
LendingTree provides and encourages investors to examine the
reconciling adjustments between the GAAP and non-GAAP measures set
forth above. LendingTree is not able to provide a reconciliation of
projected adjusted EBITDA to expected reported results due to the
unknown effect, timing and potential significance of the effects of
the wind-down of discontinued operations and tax
considerations.
Definition of LendingTree's Non-GAAP Measures
EBITDA is defined as operating income or loss (which excludes
interest expense and taxes) excluding amortization of intangibles
and depreciation.
Adjusted EBITDA is defined as EBITDA excluding (1) non-cash
compensation expense, (2) non-cash asset impairment charges, (3)
gain/loss on disposal of assets, (4) restructuring and severance
expenses, (5) litigation settlements, contingencies and legal fees
for certain patent litigation, (6) adjustments for acquisitions or
dispositions, and (7) one-time items.
Adjusted net income is defined as net income (loss) from
continuing operations excluding (1) non-cash compensation expense,
(2) non-cash asset impairment charges, (3) gain/loss on disposal of
assets, (4) restructuring and severance expenses, (5) litigation
settlements, contingencies and legal fees for certain patent
litigation, (6) adjustments for acquisitions or dispositions, and
(7) one-time items.
Adjusted net income per share is defined as adjusted net income
divided by the adjusted weighted average diluted shares
outstanding. In cases where the Company reported GAAP losses
from continuing operations, the effects of potentially dilutive
securities are excluded from the calculation of net loss per
diluted share from continuing operations because their inclusion
would have been anti-dilutive. In such instances where the
Company reports GAAP net loss from continuing operations but
reports positive non-GAAP adjusted net income, the effects of
potentially dilutive securities are included in the denominator for
calculating adjusted net income per share.
LendingTree endeavors to compensate for the limitations of these
non-GAAP measures by also providing the comparable GAAP measures
with equal or greater prominence and descriptions of the
reconciling items, including quantifying such items, to derive the
non-GAAP measures. These non-GAAP measures may not be
comparable to similarly titled measures used by other
companies.
One-Time Items
Adjusted EBITDA and adjusted net income are adjusted for
one-time items, if applicable. Items are considered one-time in
nature if they are non-recurring, infrequent or unusual, and have
not occurred in the past two years or are not expected to recur in
the next two years, in accordance with SEC rules. For the periods
presented in this report, there are no adjustments for one-time
items.
Non-Cash Expenses That Are Excluded From LendingTree's
Adjusted EBITDA and Adjusted Net Income
Non-cash compensation expense consists principally of expense
associated with the grants of restricted stock, restricted stock
units and stock options. These expenses are not paid in cash and
LendingTree includes the related shares in its calculations of
fully diluted shares outstanding. Upon settlement of restricted
stock units, exercise of certain stock options or vesting of
restricted stock awards, the awards may be settled on a net basis,
with LendingTree remitting the required tax withholding amounts
from its current funds.
Amortization of intangibles are non-cash expenses relating
primarily to acquisitions. At the time of an acquisition, the
intangible assets of the acquired company, such as purchase
agreements, technology and customer relationships, are valued and
amortized over their estimated lives. Amortization of
intangibles are only excluded from Adjusted EBITDA.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995
The matters contained in the discussion above may be considered
to be "forward-looking statements" within the meaning of the
Securities Act of 1933 and the Securities Exchange Act of 1934, as
amended by the Private Securities Litigation Reform Act of 1995.
Those statements include statements regarding the intent, belief or
current expectations or anticipations of LendingTree and members of
our management team. Factors currently known to management that
could cause actual results to differ materially from those in
forward-looking statements include the following: adverse
conditions in the primary and secondary mortgage markets and in the
economy, particularly interest rates; willingness of lenders to
make unsecured personal loans and purchase leads for such products
from the Company; seasonality of results; potential liabilities to
secondary market purchasers; changes in the Company's relationships
with network lenders; breaches of network security or the
misappropriation or misuse of personal consumer information;
failure to provide competitive service; failure to maintain brand
recognition; ability to attract and retain customers in a
cost-effective manner; ability to develop new products and services
and enhance existing ones; competition; allegations of failure to
comply with existing or changing laws, rules or regulations, or to
obtain and maintain required licenses; failure of network lenders
or other affiliated parties to comply with regulatory requirements;
failure to maintain the integrity of systems and infrastructure;
liabilities as a result of privacy regulations; failure to
adequately protect intellectual property rights or allegations of
infringement of intellectual property rights; and changes in
management. These and additional factors to be considered are set
forth under "Risk Factors" in our Annual Report on Form 10-K for
the period ended December 31, 2014
and in our other filings with the Securities and Exchange
Commission. We undertake no obligation to update or revise
forward-looking statements to reflect changed assumptions, the
occurrence of unanticipated events or changes to future operating
results or expectations.
About LendingTree, Inc.
LendingTree, Inc. (NASDAQ: TREE) operates the nation's leading
online loan marketplace and provides consumers with an array of
online tools and information to help them find the best loans for
their needs. LendingTree's online marketplace connects
consumers with multiple lenders that compete for their business,
empowering consumers as they comparison-shop across a full suite of
loans and credit-based offerings. Since its inception,
LendingTree has facilitated more than 35 million loan
requests. LendingTree provides access to lenders offering
home loans, home equity loans/lines of credit, reverse mortgages,
personal loans, auto loans, small business loans, credit cards,
student loans and more.
LendingTree, Inc. is headquartered in Charlotte, NC and maintains operations solely
in the United States. For more
information, please visit www.lendingtree.com.
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visit:http://www.prnewswire.com/news-releases/lendingtree-reports-record-first-quarter-results-increasing-full-year-outlook-300075068.html
SOURCE LendingTree, Inc.