LENDINGTREE PROVIDES PRELIMINARY SECOND QUARTER RESULTS AND REVISED 2025 GUIDANCE
LendingTree (NASDAQ: TREE) has released preliminary Q2 2025 results exceeding previous guidance, with revenue of $250 million, Variable Marketing Margin of $83.6 million, and Adjusted EBITDA of $31.8 million. The company reported strong performance across all three segments with double-digit year-over-year revenue growth.
The company has raised its full-year 2025 guidance, now expecting revenue between $1-1.05 billion (up from $955-995 million), Variable Marketing Margin of $329-336 million, and Adjusted EBITDA of $119-126 million. For Q3 2025, LendingTree projects revenue of $273-281 million and Adjusted EBITDA of $34-36 million.
Notable improvements include reduced net leverage to 3x and a net income of $8.86 million in Q2, representing 4% of revenue.
LendingTree (NASDAQ: TREE) ha pubblicato i risultati preliminari del secondo trimestre 2025, superando le precedenti previsioni, con un fatturato di 250 milioni di dollari, un Margine Variabile di Marketing di 83,6 milioni di dollari e un EBITDA rettificato di 31,8 milioni di dollari. L'azienda ha registrato una solida performance in tutti e tre i segmenti, con una crescita del fatturato a doppia cifra rispetto all'anno precedente.
La societ脿 ha rivisto al rialzo le previsioni per l'intero anno 2025, prevedendo ora un fatturato compreso tra 1 e 1,05 miliardi di dollari (in aumento rispetto a 955-995 milioni), un Margine Variabile di Marketing di 329-336 milioni di dollari e un EBITDA rettificato di 119-126 milioni di dollari. Per il terzo trimestre 2025, LendingTree prevede un fatturato tra 273 e 281 milioni di dollari e un EBITDA rettificato tra 34 e 36 milioni di dollari.
Tra i miglioramenti pi霉 significativi si segnalano la riduzione della leva finanziaria netta a 3x e un utile netto di 8,86 milioni di dollari nel secondo trimestre, pari al 4% del fatturato.
LendingTree (NASDAQ: TREE) ha publicado resultados preliminares del segundo trimestre de 2025 que superan las previsiones anteriores, con ingresos de 250 millones de d贸lares, Margen Variable de Marketing de 83,6 millones de d贸lares y EBITDA Ajustado de 31,8 millones de d贸lares. La compa帽铆a report贸 un s贸lido desempe帽o en los tres segmentos, con un crecimiento interanual de ingresos de dos d铆gitos.
La empresa ha aumentado sus previsiones para todo el a帽o 2025, esperando ahora ingresos entre 1 y 1,05 mil millones de d贸lares (frente a 955-995 millones), Margen Variable de Marketing de 329-336 millones de d贸lares y EBITDA Ajustado de 119-126 millones de d贸lares. Para el tercer trimestre de 2025, LendingTree proyecta ingresos de 273-281 millones de d贸lares y EBITDA Ajustado de 34-36 millones de d贸lares.
Las mejoras notables incluyen una reducci贸n del apalancamiento neto a 3x y un ingreso neto de 8,86 millones de d贸lares en el segundo trimestre, representando el 4% de los ingresos.
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LendingTree (NASDAQ : TREE) a publi茅 des r茅sultats pr茅liminaires pour le deuxi猫me trimestre 2025 d茅passant les pr茅visions pr茅c茅dentes, avec un chiffre d'affaires de 250 millions de dollars, une marge variable marketing de 83,6 millions de dollars et un EBITDA ajust茅 de 31,8 millions de dollars. L'entreprise a enregistr茅 de solides performances dans les trois segments, avec une croissance 脿 deux chiffres du chiffre d'affaires d'une ann茅e sur l'autre.
L'entreprise a relev茅 ses pr茅visions pour l'ensemble de l'ann茅e 2025, s'attendant d茅sormais 脿 un chiffre d'affaires compris entre 1 et 1,05 milliard de dollars (contre 955-995 millions), une marge variable marketing de 329-336 millions de dollars et un EBITDA ajust茅 de 119-126 millions de dollars. Pour le troisi猫me trimestre 2025, LendingTree pr茅voit un chiffre d'affaires de 273-281 millions de dollars et un EBITDA ajust茅 de 34-36 millions de dollars.
Parmi les am茅liorations notables figurent une r茅duction de l'effet de levier net 脿 3x et un b茅n茅fice net de 8,86 millions de dollars au deuxi猫me trimestre, repr茅sentant 4 % du chiffre d'affaires.
LendingTree (NASDAQ: TREE) hat vorl盲ufige Ergebnisse f眉r das zweite Quartal 2025 ver枚ffentlicht, die die bisherigen Prognosen 眉bertreffen, mit einem Umsatz von 250 Millionen US-Dollar, einer variablen Marketingmarge von 83,6 Millionen US-Dollar und einem bereinigten EBITDA von 31,8 Millionen US-Dollar. Das Unternehmen berichtete von einer starken Leistung in allen drei Segmenten mit zweistelligem Umsatzwachstum im Jahresvergleich.
Das Unternehmen hat seine Prognose f眉r das Gesamtjahr 2025 angehoben und erwartet nun einen Umsatz zwischen 1 und 1,05 Milliarden US-Dollar (zuvor 955-995 Millionen), eine variable Marketingmarge von 329-336 Millionen US-Dollar und ein bereinigtes EBITDA von 119-126 Millionen US-Dollar. F眉r das dritte Quartal 2025 prognostiziert LendingTree einen Umsatz von 273-281 Millionen US-Dollar und ein bereinigtes EBITDA von 34-36 Millionen US-Dollar.
Bemerkenswerte Verbesserungen umfassen eine reduzierte Nettoverschuldung auf 3-fach und einen Nettogewinn von 8,86 Millionen US-Dollar im zweiten Quartal, was 4 % des Umsatzes entspricht.
- All three business segments achieved double-digit year-over-year revenue growth in Q2 2025
- Q2 revenue of $250M exceeded guidance range of $241-248M
- Adjusted EBITDA of $31.8M surpassed previous guidance of $29-31M
- Net leverage improved to 3x, indicating stronger capital position
- Full-year 2025 guidance raised across all metrics
- Q3 2025 forecast exceeding previous expectations
- High interest expense of $10.4M impacting profitability
- Net income margin remains relatively low at 4% of revenue
- Significant variable marketing expenses of $166.5M required to generate revenue
Insights
LendingTree exceeded Q2 targets and raised 2025 guidance, demonstrating strong operational execution and improved financial health.
LendingTree's preliminary Q2 results show impressive performance across all segments, with revenue of
What's particularly encouraging is that all three business segments delivered double-digit year-over-year revenue growth, indicating broad-based strength rather than reliance on a single division. This diversified growth provides greater stability to the company's revenue streams.
Management has significantly improved LendingTree's financial position, with net leverage ratio decreasing to 3x, representing substantial deleveraging that strengthens the balance sheet. This financial flexibility provides greater operational maneuverability and reduces interest burden.
The revised full-year outlook reflects management's increased confidence, with revenue now projected at
The strong Q2 results and upward guidance revision demonstrate that LendingTree's focus on operational efficiency is yielding tangible results. The company is successfully translating revenue growth into improved profitability, with Adjusted EBITDA margin of
With Q3 guidance also exceeding previous expectations and management citing a stable economic environment, LendingTree appears well-positioned to maintain this momentum through the second half of 2025.
"Our business is generating strong financial performance, with all three of our segments producing double-digit year-over-year revenue growth in the second quarter," said Doug Lebda, Chairman and CEO.听 "A stable economic environment gives us increased confidence that our financial performance will continue to improve in the second half of this year, with our third-quarter forecast running ahead of previous expectations.听 Management's focus on efficiency is generating impressive operating leverage, and our capital position has improved dramatically in the last year with net leverage falling to 3x at the end of the second quarter.听 We believe the momentum in our business, combined with a focus on disciplined execution, will drive ongoing improvement in financial results."聽
Updated Financial Outlook
LendingTree is providing preliminary revenue, variable marketing margin and adjusted EBITDA results for the second quarter of 2025.听 These preliminary results are unaudited and subject to change.
- Second quarter revenue is expected to be
$250 million $241 $248 million - Variable Marketing Margin is anticipated to
$83.6 million $80 $84 million - Adjusted EBITDA is anticipated to be
$31.8 million $29 $31 million
LendingTree is announcing its preliminary outlook for third quarter 2025*:聽
- Revenue is anticipated to be in the range of
$273 $281 million - Variable Marketing Margin is expected to be in the range of
$86 $89 million - Adjusted EBITDA is anticipated to be in the range of
$34 $36 million
LendingTree is updating its full-year 2025 outlook as follows*:
- Revenue is anticipated to be
$1 billion $1.05 billion $955 $995 million - Variable Marketing Margin is expected to be in the range of
$329 $336 million $319 $332 million - Adjusted EBITDA is anticipated to be in the range of
$119 $126 million $116 $124 million
*LendingTree is not able to provide a reconciliation of projected variable marketing margin or adjusted EBITDA to the most directly comparable expected GAAP results due to the unknown effect, timing and potential significance of the effects of legal matters and tax considerations. Expenses associated with legal matters and tax considerations have in the past, and may in the future, significantly affect GAAP results in a particular period. 听听
LENDINGTREE'S RECONCILIATION OF NON-GAAP MEASURES TO GAAP
Variable Marketing Expense
Below is a reconciliation of selling and marketing expense, the most directly comparable GAAP measure, to variable marketing expense. See "LendingTree's Principles of Financial Reporting" for further discussion of the Company's use of this non-GAAP measure.
Three Months Ended | |
June 30, | |
(in thousands) | |
Selling and marketing expense | $听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听聽 176,753 |
Non-variable selling and marketing expense (1) | (10,285) |
Variable marketing expense | $听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听聽 166,468 |
(1) | Represents the portion of selling and marketing expense not attributable to variable costs paid for advertising, direct marketing and related expenses. Includes overhead, fixed costs and personnel-related expenses. |
Variable Marketing Margin
Below is a reconciliation of net income, the most directly comparable GAAP measure, to variable marketing margin and net income % of revenue to variable marketing margin % of revenue. See "LendingTree's Principles of Financial Reporting" for further discussion of the Company's use of these non-GAAP measures.
Three Months Ended | |
June 30, | |
(in thousands, except percentages) | |
Net income | $听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听 8,862 |
Net income % of revenue | 4听% |
Adjustments to reconcile to variable marketing margin: | |
Cost of revenue | 10,029 |
Non-variable selling and marketing expense (1) | 10,285 |
General and administrative expense | 25,034 |
Product development | 11,473 |
Depreciation | 4,241 |
Amortization of intangibles | 1,307 |
Restructuring and severance | 357 |
Litigation settlements and contingencies | (2) |
Interest expense (income), net | 10,402 |
Other income | (248) |
Income tax expense (benefit) | 1,908 |
Variable marketing margin | $听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听 83,648 |
Variable marketing margin % of revenue | 33听% |
(1) | Represents the portion of selling and marketing expense not attributable to variable costs paid for advertising, direct marketing and related expenses. Includes overhead, fixed costs and personnel-related expenses. |
LENDINGTREE'S RECONCILIATION OF NON-GAAP MEASURES TO GAAP
Adjusted EBITDA
Below is a reconciliation of net income, the most directly comparable GAAP measure, to adjusted EBITDA and net income % of revenue to adjusted EBITDA % of revenue. See "LendingTree's Principles of Financial Reporting" for further discussion of the Company's use of these non-GAAP measures.
Three Months Ended | |
June 30, | |
(in thousands, except percentages) | |
Net income | $听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听 8,862 |
Net income % of revenue | 4听% |
Adjustments to reconcile to adjusted EBITDA: | |
Amortization of intangibles | 1,307 |
Depreciation | 4,241 |
Restructuring and severance | 357 |
Loss on impairment of equity investments | 1,225 |
Non-cash compensation | 4,967 |
Litigation settlements and contingencies | (2) |
Interest expense (income), net | 10,402 |
Dividend income | (1,474) |
Income tax expense (benefit) | 1,908 |
Adjusted EBITDA | $听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听 31,793 |
Adjusted EBITDA % of revenue | 13听% |
LENDINGTREE'S PRINCIPLES OF FINANCIAL REPORTING
LendingTree reports the following non-GAAP measures as supplemental to GAAP:
- Variable marketing expense
- Variable marketing margin
- Variable marketing margin % of revenue
- Earnings Before Interest, Taxes, Depreciation and Amortization, as adjusted for certain items discussed below ("Adjusted EBITDA")
- Adjusted EBITDA % of revenue
Variable marketing expense, variable marketing margin and variable marketing margin % of revenue are related measures of the effectiveness of the Company's marketing efforts. Variable marketing expense represents the portion of selling and marketing expense attributable to variable costs paid for advertising, direct marketing, and related expenses, and excludes overhead, fixed costs, and personnel-related expenses. Variable marketing margin is a measure of the efficiency of the Company's operating model, measuring revenue after subtracting variable marketing expense. The Company's operating model is highly sensitive to the amount and efficiency of variable marketing expenditures, and the Company's proprietary systems are able to make rapidly changing decisions concerning the deployment of variable marketing expenditures (primarily but not exclusively online and mobile advertising placement) based on proprietary and sophisticated analytics.
EBITDA is defined as net income excluding interest, income taxes, amortization of intangibles and depreciation. Adjusted EBITDA is defined as EBITDA excluding (1) non-cash compensation expense, (2) non-cash impairment charges, (3) gain/loss on disposal of assets, (4) gain/loss on investments, (5) restructuring and severance expenses, (6) litigation settlements and contingencies, (7) acquisitions and dispositions income or expense (including with respect to changes in fair value of contingent consideration), (8) contributions to the LendingTree Foundation (9) dividend income, and (10) one-time items.听 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 in most years.
The most directly comparable GAAP measure for both Variable Marketing Margin and Adjusted EBITDA is net income.
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. However, LendingTree is not able to provide a reconciliation of projected Variable Marketing Margin or Adjusted EBITDA to the most directly comparable expected GAAP results due to the unknown effect, timing and potential significance of the effects of legal matters, tax considerations, and income and expense from changes in fair value of contingent consideration from acquisitions.听 Expenses associated with legal matters, tax consequences, and income and expense from changes in fair value of contingent consideration from acquisitions have in the past, and may in the future, significantly affect GAAP results in a particular period. These non-GAAP measures may not be comparable to similarly titled measures used by other companies.
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 and inflation; 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 partners, including dependence on certain key network partners; 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 consumers in a cost-effective manner; the effects of potential acquisitions of other businesses, including the ability to integrate them successfully with LendingTree's existing operations; accounting rules related to excess tax benefits or expenses on stock-based compensation that could materially affect earnings in future periods; ability to develop new products and services and enhance existing ones; competition; effects of changing laws, rules or regulations on our business model; allegations of failure to comply with existing or changing laws, rules or regulations, or to obtain and maintain required licenses; failure of network partners 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, 2024, in our Quarterly Report on Form 10-Q for the period ended March 31, 2025, and in our other filings with the Securities and Exchange Commission. LendingTree 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,聽Inc. is the parent of LendingTree,聽LLC and several companies owned by LendingTree, LLC (collectively, "LendingTree" or the "Company").
LendingTree is one of the nation's largest, most experienced online financial platforms, created to give consumers the power to win financially.听 LendingTree provides customers with access to the best offers on loans, credit cards, insurance and more through its network of over 430 financial partners.听 Since its founding, LendingTree has helped millions of customers obtain financing, save money, and improve their financial and credit health in their personal journeys. With a portfolio of innovative products and tools and personalized financial recommendations, LendingTree helps customers achieve everyday financial wins.
LendingTree, Inc. is headquartered in
Investor Relations Contact:
[email protected]
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