CHARLOTTE, N.C., May 4, 2016 /PRNewswire/ --
- Record Revenue of $94.7 million;
up 86% over first quarter 2015
- Record Variable Marketing Margin of $34.1 million; up 61% over first quarter
2015
- Net Income from Continuing Operations of $6.9 million
- Record Adjusted EBITDA of $15.8
million; up 78% over first quarter 2015
- Income per Diluted Share from Continuing Operations of
$0.54; Adjusted Net Income per Share
of $0.76
- Record revenue from mortgage products of $55.0 million, up 49% over first quarter
2015
- Record revenue from non-mortgage products of $39.7 million, up 186% over first quarter
2015
- Increasing full-year 2016 Revenue & Variable Marketing
Margin 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,
2016.
"We had an outstanding start to the year," said Doug Lebda, Chairman and CEO. "Every lending
category experienced both quarter-over-quarter and year-over-year
growth, exceeding our guidance across the board. Mortgage performed
exceptionally well with purchase and refinance each experiencing
impressive growth, once again outpacing the overall mortgage
market. In non-mortgage, the growth trajectory continued across all
categories. Personal loans, home equity and reverse mortgage
each experienced triple-digit year over year growth and revenue
from credit cards increased almost 40 times over the same quarter
last year. We are thrilled with this quarter's results, and
we are particularly excited about the long-term growth
opportunities ahead."
Gabe Dalporto, Chief Financial
Officer added, "Once again, we delivered record revenue, Variable
Marketing Margin and Adjusted EBITDA. Our first quarter
results clearly demonstrate the type of top and bottom-line growth
this business is capable of. We are committed to delivering
both near-term profits and long-term growth to our
shareholders. Given our relative outperformance in the first
quarter, we're choosing to accelerate investment in several key
initiatives throughout the second quarter that are expected to
yield gains in the second half of the year and beyond. With
that in mind, we're increasing our revenue outlook for the full
year and maintaining our Adjusted EBITDA guidance of $62 to $65 million which, at the mid-point,
reflects year-over-year growth of 56 percent."
First Quarter 2016 Business Highlights
- Revenue from mortgage products of $55.0
million represents an increase of 49% over first quarter
2015 and sequential growth of 17% compared to fourth quarter
2015. These results reflect substantial growth in both new
purchase and refinance and further demonstrate our ability to grow
market share. Mortgage originations nationwide increased 4%
year over year and declined 14% sequentially, according to Mortgage
Bankers Association.
- Revenue from non-mortgage products of $39.7 million in the first quarter represents an
increase of 186% over the first quarter 2015 and now comprises 42%
of total revenue.
- Notably, revenue from all of our lending categories grew
compared to both the prior year and prior quarter periods.
- Enrollment growth in My LendingTree continued, as more than 3
million consumers have now joined the My LendingTree
personalization platform.
LendingTree
Selected Financial Metrics
|
(In millions,
except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q/Q
|
|
|
|
|
Y/Y
|
|
|
Q1
2016
|
|
Q4
2015
|
|
%
Change
|
|
|
Q1
2015
|
|
%
Change
|
|
Revenue by
Product
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage Products
(1)
|
$
|
55.0
|
|
|
$
|
46.9
|
|
|
17
|
%
|
|
|
$
|
37.0
|
|
|
49
|
%
|
|
Non-Mortgage Products
(2)
|
39.7
|
|
|
31.4
|
|
|
26
|
%
|
|
|
13.9
|
|
|
186
|
%
|
|
Total
Revenue
|
$
|
94.7
|
|
|
$
|
78.3
|
|
|
21
|
%
|
|
|
$
|
50.9
|
|
|
86
|
%
|
|
Non-Mortgage % of
Total
|
42
|
%
|
|
40
|
%
|
|
|
|
|
27
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and
Marketing Expense
|
|
|
|
|
|
|
|
|
|
|
|
Exchanges Marketing
Expense (3)
|
$
|
60.6
|
|
|
$
|
50.3
|
|
|
20
|
%
|
|
|
$
|
29.7
|
|
|
104
|
%
|
|
Other Selling &
Marketing
|
4.5
|
|
|
3.9
|
|
|
15
|
%
|
|
|
3.1
|
|
|
45
|
%
|
|
Selling and
Marketing Expense
|
$
|
65.1
|
|
|
$
|
54.2
|
|
|
20
|
%
|
|
|
$
|
32.8
|
|
|
98
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Variable Marketing
Margin (4)
|
$
|
34.1
|
|
|
$
|
28.0
|
|
|
22
|
%
|
|
|
$
|
21.2
|
|
|
61
|
%
|
|
Variable Marketing
Margin % of Revenue
|
36
|
%
|
|
36
|
%
|
|
|
|
|
42
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income
Taxes
|
$
|
11.7
|
|
|
$
|
8.1
|
|
|
44
|
%
|
|
|
$
|
5.7
|
|
|
105
|
%
|
|
Income Tax (Expense)
/ Benefit
|
$
|
(4.8)
|
|
|
$
|
23.9
|
|
|
N/A
|
|
|
$
|
(0.3)
|
|
|
N/A
|
|
Net Income from
Continuing Operations
|
$
|
6.9
|
|
|
$
|
32.1
|
|
|
(79)%
|
|
|
|
$
|
5.4
|
|
|
28
|
%
|
|
Net Income from
Cont. Ops. % of Revenue
|
7
|
%
|
|
41
|
%
|
|
|
|
|
11
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income per
Share from Cont. Ops.
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.58
|
|
|
$
|
2.69
|
|
|
(78)%
|
|
|
|
$
|
0.48
|
|
|
21
|
%
|
|
Diluted
|
$
|
0.54
|
|
|
$
|
2.47
|
|
|
(78)%
|
|
|
|
$
|
0.44
|
|
|
23
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
(5)
|
$
|
15.8
|
|
|
$
|
12.0
|
|
|
32
|
%
|
|
|
$
|
8.9
|
|
|
78
|
%
|
|
Adjusted EBITDA %
of Revenue (5)
|
17
|
%
|
|
15
|
%
|
|
|
|
|
18
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net
Income (5)
|
$
|
9.8
|
|
|
$
|
34.9
|
|
|
(72)%
|
|
|
|
$
|
7.9
|
|
|
24
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net
Income per Share (5)
|
$
|
0.76
|
|
|
$
|
2.69
|
|
|
(72)%
|
|
|
|
$
|
0.65
|
|
|
17
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes the purchase
mortgage and refinance mortgage products.
|
(2)
|
Includes the home
equity, reverse mortgage, personal loan, credit card, small
business loan, student loan, auto loan, 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 2016 Financial Highlights
- Record consolidated revenue of $94.7
million represents an increase of $43.8 million, or 86%, over revenue in the first
quarter 2015.
- Record Variable Marketing Margin of $34.1 million represents an increase of
$12.9 million, or 61%, over first
quarter 2015. At 36% of revenue, Variable Marketing Margin
percentage was consistent with the prior quarter.
- Record Adjusted EBITDA of $15.8
million increased $6.9
million, or 78%, over first quarter 2015. Adjusted
EBITDA as percent of revenue improved to 17%, up from 15% in fourth
quarter 2015.
- Income per diluted share from continuing operations of
$0.54. Adjusted Net Income per
share of $0.76 representing growth of
17% over first quarter 2015. Both GAAP and Adjusted Net
Income per share reflect the full $4.8
million income tax expense recorded in accordance with
GAAP.
- During the first quarter 2015, the company repurchased 580
thousand shares of its stock at a weighted-average price per share
of $69.97 for aggregate consideration
of $40.6 million. As of
March 31, 2015, the company has
$56.7 million in repurchase
authorization remaining.
Business Outlook - 2016
LendingTree is providing Revenue, Variable Marketing Margin and
Adjusted EBITDA guidance for second quarter 2016 and updating
full-year 2016 guidance, as follows:
For second quarter 2016:
- Revenue is anticipated to be $95.0 -
$97.0 million, or 72% - 76% over second quarter 2015.
- Variable Marketing Margin is anticipated to be in the range of
$32.0 - $33.5 million.
- Adjusted EBITDA is anticipated to be in the range of
$13.5 - $15.0 million, implying
year-over-year growth of 52% - 69%.
For full-year 2016:
- Revenue is now anticipated to be in the range of $380 - $390 million, or 49% - 53% over full-year
2015, an increase from prior guidance of $370 - $380 million.
- Variable Marketing Margin is now anticipated to be $134 - $137 million, or 41% - 44% over full-year
2015, an increase from prior guidance of $129 - $134 million.
- Adjusted EBITDA is anticipated to remain in the range of
$62 - $65 million, or 52% - 59%
compared to full-year 2015.
Quarterly Conference Call
A conference call to discuss LendingTree's first quarter 2016
financial results will be webcast live today, May 4, 2016 at 9:00 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
12:00 PM ET on Wednesday, May 11, 2016. To listen to the
telephone replay, call toll-free (855) 859-2056 with passcode
#94919674. Callers outside the United
States and Canada may dial
(404) 537-3406 with passcode #94919674.
LENDINGTREE, INC. AND
SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited)
|
|
|
Three Months
Ended
March 31,
|
|
2016
|
|
2015
|
|
(in thousands, except per share
amounts)
|
Revenue
|
$
|
94,713
|
|
|
$
|
50,935
|
|
Costs and
expenses:
|
|
|
|
Cost of revenue
(exclusive of depreciation shown separately below)
|
3,473
|
|
|
1,975
|
|
Selling and marketing
expense
|
65,059
|
|
|
32,837
|
|
General and
administrative expense
|
9,259
|
|
|
7,228
|
|
Product
development
|
3,885
|
|
|
2,173
|
|
Depreciation
|
998
|
|
|
654
|
|
Amortization of
intangibles
|
25
|
|
|
62
|
|
Restructuring and
severance
|
—
|
|
|
6
|
|
Litigation
settlements and contingencies
|
169
|
|
|
282
|
|
Total costs and
expenses
|
82,868
|
|
|
45,217
|
|
Operating
income
|
11,845
|
|
|
5,718
|
|
Other income
(expense), net:
|
|
|
|
Interest (expense)
income
|
(142)
|
|
|
2
|
|
Income before
income taxes
|
11,703
|
|
|
5,720
|
|
Income tax
expense
|
(4,798)
|
|
|
(307)
|
|
Net income from
continuing operations
|
6,905
|
|
|
5,413
|
|
Loss from
discontinued operations
|
(1,203)
|
|
|
(226)
|
|
Net income and
comprehensive income
|
$
|
5,702
|
|
|
$
|
5,187
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
Basic
|
11,931
|
|
|
11,304
|
|
Diluted
|
12,873
|
|
|
12,165
|
|
Income per share
from continuing operations:
|
|
|
|
Basic
|
$
|
0.58
|
|
|
$
|
0.48
|
|
Diluted
|
$
|
0.54
|
|
|
$
|
0.44
|
|
Loss per share
from discontinued operations:
|
|
|
|
Basic
|
$
|
(0.10)
|
|
|
$
|
(0.02)
|
|
Diluted
|
$
|
(0.09)
|
|
|
$
|
(0.02)
|
|
Net income per
share:
|
|
|
|
Basic
|
$
|
0.48
|
|
|
$
|
0.46
|
|
Diluted
|
$
|
0.44
|
|
|
$
|
0.43
|
|
(1) Amounts
include non-cash compensation, as follows:
|
|
|
|
Cost of
revenue
|
$
|
41
|
|
|
$
|
20
|
|
Selling and marketing
expense
|
726
|
|
|
270
|
|
General and
administrative expense
|
1,310
|
|
|
1,606
|
|
Product
development
|
556
|
|
|
440
|
|
LENDINGTREE, INC. AND
SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
(Unaudited)
|
|
|
March 31,
2016
|
|
December 31,
2015
|
|
(in thousands, except par value and share
amounts)
|
ASSETS:
|
|
|
|
Cash and cash
equivalents
|
$
|
174,226
|
|
|
$
|
206,975
|
|
Restricted cash and
cash equivalents
|
4,084
|
|
|
6,541
|
|
Accounts receivable,
net
|
36,767
|
|
|
29,873
|
|
Prepaid and other
current assets
|
3,237
|
|
|
2,085
|
|
Current assets of
discontinued operations
|
64
|
|
|
110
|
|
Total current
assets
|
218,378
|
|
|
245,584
|
|
Property and
equipment, net
|
10,172
|
|
|
9,415
|
|
Goodwill
|
3,632
|
|
|
3,632
|
|
Intangible assets,
net
|
10,967
|
|
|
10,992
|
|
Deferred income tax
assets
|
20,017
|
|
|
20,977
|
|
Other non-current
assets
|
978
|
|
|
1,039
|
|
Non-current assets of
discontinued operations
|
4,142
|
|
|
4,142
|
|
Total
assets
|
$
|
268,286
|
|
|
$
|
295,781
|
|
|
|
|
|
LIABILITIES:
|
|
|
|
Accounts payable,
trade
|
$
|
3,163
|
|
|
$
|
5,741
|
|
Accrued expenses and
other current liabilities
|
40,854
|
|
|
34,885
|
|
Current liabilities
of discontinued operations
|
14,896
|
|
|
13,401
|
|
Total current
liabilities
|
58,913
|
|
|
54,027
|
|
Other non-current
liabilities
|
758
|
|
|
586
|
|
Non-current
liabilities of discontinued operations
|
26
|
|
|
26
|
|
Total
liabilities
|
59,697
|
|
|
54,639
|
|
Commitments and
contingencies
|
|
|
|
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; 13,935,835 and
13,865,620 shares issued, respectively, and 11,882,294 and
12,392,093 shares outstanding, respectively
|
139
|
|
|
139
|
|
Additional paid-in
capital
|
1,009,033
|
|
|
1,006,688
|
|
Accumulated
deficit
|
(744,422)
|
|
|
(750,124)
|
|
Treasury stock
2,053,541 and 1,473,527 shares, respectively
|
(56,161)
|
|
|
(15,561)
|
|
Total
shareholders' equity
|
208,589
|
|
|
241,142
|
|
Total liabilities
and shareholders' equity
|
$
|
268,286
|
|
|
$
|
295,781
|
|
LENDINGTREE'S RECONCILIATION OF NON-GAAP MEASURES TO
GAAP
Below is a reconciliation of adjusted EBITDA and adjusted net
income to net income from continuing operations, adjusted EBITDA %
of revenue to net income from continuing operations % of revenue
and adjusted net income per share to net income 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,
2016
|
December 31,
2015
|
March 31,
2015
|
|
|
|
|
Adjusted
EBITDA
|
$
|
15,797
|
|
$
|
11,981
|
|
$
|
8,936
|
|
Adjusted EBITDA %
of revenue
|
17
|
%
|
15
|
%
|
18
|
%
|
Adjustments to
reconcile to net income from continuing operations:
|
|
|
|
Depreciation
|
(998)
|
|
(873)
|
|
(654)
|
|
Amortization of
intangibles
|
(25)
|
|
(25)
|
|
(62)
|
|
Interest (expense)
income
|
(142)
|
|
(108)
|
|
2
|
|
Income tax (expense)
benefit
|
(4,798)
|
|
23,941
|
|
(307)
|
|
Adjusted net
income
|
9,834
|
|
34,916
|
|
7,915
|
|
|
|
|
|
Non-cash
compensation
|
(2,633)
|
|
(2,137)
|
|
(2,336)
|
|
Loss on disposal of
assets
|
(127)
|
|
(646)
|
|
(28)
|
|
Acquisition
expense
|
—
|
|
—
|
|
150
|
|
Restructuring and
severance
|
—
|
|
—
|
|
(6)
|
|
Litigation
settlements and contingencies (1)
|
(169)
|
|
(52)
|
|
(282)
|
|
Net income from
continuing operations
|
$
|
6,905
|
|
$
|
32,081
|
|
$
|
5,413
|
|
Net income from
continuing operations % of revenue
|
7
|
%
|
41
|
%
|
11
|
%
|
|
|
|
|
Adjusted net
income per share
|
$
|
0.76
|
|
$
|
2.69
|
|
$
|
0.65
|
|
Adjustments to
reconcile adjusted net income to net income from continuing
operations
|
$
|
(0.22)
|
|
$
|
(0.22)
|
|
$
|
(0.21)
|
|
Adjustments to
reconcile effect of dilutive securities
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
Net income per
diluted share from continuing operations
|
$
|
0.54
|
|
$
|
2.47
|
|
$
|
0.44
|
|
|
|
|
|
Adjusted weighted
average diluted shares outstanding
|
12,873
|
|
12,972
|
|
12,165
|
|
Effect of dilutive
securities
|
—
|
|
—
|
|
—
|
|
Weighted average
diluted shares outstanding
|
12,873
|
|
12,972
|
|
12,165
|
|
Effect of dilutive
securities
|
942
|
|
1,046
|
|
861
|
|
Weighted average
basic shares outstanding
|
11,931
|
|
11,926
|
|
11,304
|
|
|
|
|
|
(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 from continuing
operations and GAAP income (loss) per diluted share.
Adjusted net income and adjusted net income per share supplement
GAAP income 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) gain/loss on disposal of assets, (3)
restructuring and severance expenses, (4) litigation settlements,
contingencies and legal fees for certain patent litigation, (5)
adjustments for acquisitions or dispositions, and (6) one-time
items.
Adjusted net income is defined as net income (loss) from
continuing operations excluding (1) non-cash compensation expense,
(2) gain/loss on disposal of assets, (3) restructuring and
severance expenses, (4) litigation settlements, contingencies and
legal fees for certain patent litigation, (5) adjustments for
acquisitions or dispositions, and (6) 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; default rates on loans,
particularly unsecured loans; demand by investors for unsecured
personal loans; the effect of such demand on interest rates for
personal loans and consumer demand for personal loans; 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, 2015 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 55 million loan
requests. LendingTree provides access to its network of over
350 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.
Logo -
http://photos.prnewswire.com/prnh/20110518/MM04455LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/lendingtree-reports-record-q1-2016-results-increasing-2016-outlook-300262535.html
SOURCE LendingTree, Inc.