CHARLOTTE, N.C., Jan. 12, 2016 /PRNewswire/ -- LendingTree,
Inc. (NASDAQ: TREE) today announced that it expects to exceed its
previously provided guidance for fourth quarter and full-year
2015. These expectations are based on preliminary financial
data and subject to final reporting and audit procedures. The
Company's previously provided guidance and updated outlook are
reflected below:
Fourth Quarter and Full-Year 2015
- Full-year 2015 revenue is now anticipated to be $252.5 -
$253.5 million, representing growth
of 51% compared to full-year 2014 and an increase from previous
guidance of $244 - $247 million. This
implies fourth quarter revenue of $76.6 - $77.6 million
- Variable Marketing Margin is now anticipated to be in the range
of $92.5 – $93.5 million, suggesting year-over-year growth
of 42% - 43% and an increase from previous guidance of $89.0 – $91.0
million. This implies fourth quarter Variable Marketing
Margin of $25.5 - $26.5 million.
- Adjusted EBITDA is now anticipated to be in the range of
$38.8 – $39.8
million, implying year-over-year growth of 78% - 82%, an
increase from previous guidance of $38.3 – $38.8
million. This implies fourth quarter Adjusted EBITDA of
$10.0 - $11.0 million.
"Both our mortgage and non-mortgage business continued to
perform exceptionally well in the fourth quarter," said
Doug Lebda, founder and CEO of
LendingTree. "Our mortgage business continued its growth trajectory
through what is typically a seasonally-challenging period and
despite market fears over rising interest rates.
Additionally, we continue to see new growth drivers emerge and
we're particularly pleased with the performance in our credit cards
and home equity marketplaces. We'll discuss our final results
on the call in February, at which time we'll also address any
updates to our full-year 2016 outlook."
LendingTree, Inc. also announced that it will release its fourth
quarter and full-year earnings results on Thursday, February 25, 2016 and will hold a
conference call at 9:00 a.m. Eastern
time on that day. Those interested in participating in the
conference call may dial in five minutes prior to the start. The
call will be simultaneously webcast via the company's website at
http://investors.lendingtree.com.
Conference
call
Toll free #: (877) 606-1416
(707) 287-9313 outside the United
States/Canada
To listen to a replay of the call
Toll free #: (855) 859-2056
(404) 537-3406 outside the United
States/Canada
Replay Passcode: 25527383
Replay will be available beginning at 10:00 a.m. Eastern
Time on Thursday, February 25 until 11:59
p.m. on Wednesday, March 2, 2016.
Definitions of Certain Financial Measures
Adjusted EBITDA is a non-GAAP measure defined as EBITDA
excluding (1) non-cash compensation expense, (2) non-cash
intangible asset impairment charges, (3) gain/loss on disposal of
assets, (4) restructuring and severance expenses, (5) litigation
settlements and contingencies and legal fees for certain patent
litigation, (6) adjustments for significant acquisitions or
dispositions, and (7) one-time items. EBITDA is a non-GAAP measure
defined as operating income or loss (which excludes interest
expense and taxes) excluding amortization of intangibles and
depreciation.
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.
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. For further information
on LendingTree's non-GAAP measures, see LendingTree's press release
dated October 26, 2015, included as
Exhibit 99.1 to Form 8-K filed with the Securities and Exchange
Commission on October 26, 2015.
Variable marketing margin is defined as revenue minus 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, and is considered an operating metric.
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, as amended, and the Securities Exchange Act
of 1934, as amended by the Private Securities Litigation Reform Act
of 1995, as amended. Those statements include statements regarding
the intent, belief or current expectations or anticipations of the
Company and members of its management team. Factors currently known
to management that could cause actual results to differ materially
from those in forward-looking statements include the following: the
results of reporting and auditing procedures to be performed;
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 the Company's
Annual Report on Form 10-K for the period ended December 31, 2014, Quarterly Reports on Form 10-Q
for the periods ended June 30, 2015
and September 30, 2015 and other
filings with the Securities and Exchange Commission. The Company
undertakes 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
loan 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
inception, LendingTree has facilitated more than 55 million loan
requests. LendingTree provides consumers with access to
lenders offering home loans, home equity loans/lines of credit,
personal loans, auto loans, 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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SOURCE LendingTree, Inc.