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Mar 31, 2023
LendingTree Q1 2023 Earnings Report
LendingTree's Q1 2023 results were reported, highlighting strategic expense reductions that partially offset economic challenges.
Key Takeaways
LendingTree reported a consolidated revenue of $200.5 million and a GAAP net income of $13.5 million, which included a $30.9 million gain from the repurchase of convertible notes. The company focused on strategic expense reductions and a transition to quarterly strategic planning to improve financial performance.
Completed strategic expense reduction impacting 13% of the workforce.
Transitioned to a quarterly strategic planning cadence.
Home segment revenue decreased by 57% year-over-year, while Home Equity revenue grew by 2%.
Insurance segment revenue decreased by 4% year-over-year, but segment profit increased by 43%.
LendingTree
LendingTree
LendingTree Revenue by Segment
Revenue by Segment
Home Revenue
CapyFin.comInsurance Revenue
CapyFin.com Forward Guidance
LendingTree updated its full-year 2023 outlook, which implies the following ranges for the second-quarter. Our forecast includes a benefit from recently completed expense reductions offset by continued headwinds in Home, a pressured revenue environment for Consumer and, to a lesser extent, Insurance. In April, subsequent to quarter end, we made the decision to close our Ovation Credit Services business, with the financial impact incorporated in our forecast.
Revenue & Expenses
Visualization of income flow from segment revenue to net income