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As Of Filer Filing For·On·As Docs:Size 2/20/20 LendingTree, Inc. 8-K:7,9 2/20/20 13:701K |
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Exhibit |
LendingTree Segment Results | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
Three
Months Ended | Twelve Months Ended | ||||||||||||||||||||
Home (1) | |||||||||||||||||||||
Revenue | $ | 75.5 | $ | 87.6 | $ | 92.5 | $ | 84.7 | $ | 340.4 | |||||||||||
Segment
profit | $ | 30.3 | $ | 34.9 | $ | 39.8 | $ | 31.3 | $ | 136.2 | |||||||||||
Segment
profit % of revenue | 40 | % | 40 | % | 43 | % | 37 | % | 40 | % | |||||||||||
Consumer (2) | |||||||||||||||||||||
Revenue | $ | 56.9 | $ | 65.0 | $ | 78.6 | $ | 75.7 | $ | 276.1 | |||||||||||
Segment
profit | $ | 22.0 | $ | 25.6 | $ | 34.3 | $ | 33.8 | $ | 115.7 | |||||||||||
Segment
profit % of revenue | 39 | % | 39 | % | 44 | % | 45 | % | 42 | % | |||||||||||
Insurance (3) | |||||||||||||||||||||
Revenue | $ | — | $ | — | $ | — | $ | 0.1 | $ | 0.1 | |||||||||||
Segment
profit | $ | — | $ | — | $ | — | $ | 0.1 | $ | 0.1 | |||||||||||
Segment
profit % of revenue | — | % | — | % | — | % | — | % | — | % | |||||||||||
Other
Category (4) | |||||||||||||||||||||
Revenue | $ | 0.1 | $ | 0.1 | $ | 0.4 | $ | 0.5 | $ | 1.1 | |||||||||||
Profit | $ | (0.1 | ) | $ | (0.2 | ) | $ | (0.1 | ) | $ | (0.2 | ) | $ | (0.6 | ) | ||||||
Total
revenue | $ | 132.5 | $ | 152.8 | $ | 171.5 | $ | 161.0 | $ | 617.7 | |||||||||||
Total
segment profit | $ | 52.2 | $ | 60.3 | $ | 74.0 | $ | 65.0 | $ | 251.4 | |||||||||||
Brand
marketing expense (5) | $ | (8.7 | ) | $ | (12.0 | ) | $ | (14.9 | ) | $ | (8.9 | ) | $ | (44.4 | ) | ||||||
Variable
marketing margin (6) | $ | 43.5 | $ | 48.3 | $ | 59.1 | $ | 56.1 | $ | 207.0 | |||||||||||
Variable
marketing margin % of revenue (6) | 33 | % | 32 | % | 34 | % | 35 | % | 34 | % | |||||||||||
(1) | The
Home segment includes the following products: purchase mortgage, refinance mortgage, home equity loans and lines of credit, reverse mortgage loans, and real estate. |
(2) | The Consumer segment includes the following products: credit cards, personal loans, small business loans, student loans, auto loans, deposit accounts, and other credit products such as credit repair and debt settlement. |
(3) | The Insurance segment consists of insurance quote products. |
(4) | The Other category includes revenue from the resale of online advertising space to third parties and revenue
from home improvement referrals, and the related variable marketing and advertising expenses. |
(5) | Brand marketing expense represents the portion of selling and marketing expense attributable to variable costs paid for advertising, direct marketing and related expenses that are not assignable to the segments' products. This measure excludes overhead, fixed costs and personnel-related expenses. |
(6) | Variable marketing margin and variable marketing margin % of revenue are non-GAAP measures. Please see "LendingTree's Reconciliation of Non-GAAP Measures to GAAP" for more information. |
Page
2 |
LendingTree Segment Results | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
Three
Months Ended | Twelve Months Ended | ||||||||||||||||||||
Home | |||||||||||||||||||||
Revenue | $ | 92.8 | $ | 88.0 | $ | 75.1 | $ | 63.3 | $ | 319.2 | |||||||||||
Segment
profit | $ | 31.7 | $ | 27.3 | $ | 24.1 | $ | 21.6 | $ | 104.7 | |||||||||||
Segment
profit % of revenue | 34 | % | 31 | % | 32 | % | 34 | % | 33 | % | |||||||||||
Consumer | |||||||||||||||||||||
Revenue | $ | 87.9 | $ | 94.0 | $ | 115.5 | $ | 98.2 | $ | 395.6 | |||||||||||
Segment
profit | $ | 39.0 | $ | 43.8 | $ | 57.2 | $ | 47.8 | $ | 187.7 | |||||||||||
Segment
profit % of revenue | 44 | % | 47 | % | 50 | % | 49 | % | 47 | % | |||||||||||
Insurance | |||||||||||||||||||||
Revenue | $ | — | $ | — | $ | — | $ | 31.3 | $ | 31.4 | |||||||||||
Segment
profit | $ | — | $ | — | $ | — | $ | 11.3 | $ | 11.4 | |||||||||||
Segment
profit % of revenue | — | % | — | % | — | % | 36 | % | 36 | % | |||||||||||
Other
Category | |||||||||||||||||||||
Revenue | $ | 0.3 | $ | 2.1 | $ | 6.5 | $ | 9.9 | $ | 18.7 | |||||||||||
Profit | $ | (0.3 | ) | $ | 0.6 | $ | 0.2 | $ | 0.8 | $ | 1.4 | ||||||||||
Total
revenue | $ | 181.0 | $ | 184.1 | $ | 197.1 | $ | 202.7 | $ | 764.9 | |||||||||||
Total
segment profit | $ | 70.4 | $ | 71.7 | $ | 81.5 | $ | 81.5 | $ | 305.1 | |||||||||||
Brand
marketing expense | $ | (7.4 | ) | $ | (4.0 | ) | $ | (4.7 | ) | $ | (3.0 | ) | $ | (19.0 | ) | ||||||
Variable
marketing margin | $ | 63.0 | $ | 67.7 | $ | 76.8 | $ | 78.6 | $ | 286.1 | |||||||||||
Variable
marketing margin % of revenue | 35 | % | 37 | % | 39 | % | 39 | % | 37 | % | |||||||||||
Page
3 |
LendingTree Segment Results | ||||||||||||
(In millions) | ||||||||||||
Three
Months Ended | ||||||||||||
Home | ||||||||||||
Revenue | $ | 63.4 | $ | 71.8 | $ | 77.3 | ||||||
Segment
profit | $ | 23.9 | $ | 24.2 | $ | 28.1 | ||||||
Segment profit % of revenue | 38 | % | 34 | % | 36 | % | ||||||
Consumer | ||||||||||||
Revenue | $ | 120.7 | $ | 129.0 | $ | 151.9 | ||||||
Segment
profit | $ | 54.0 | $ | 50.8 | $ | 65.2 | ||||||
Segment profit % of revenue | 45 | % | 39 | % | 43 | % | ||||||
Insurance | ||||||||||||
Revenue | $ | 67.1 | $ | 71.9 | $ | 74.8 | ||||||
Segment
profit | $ | 27.9 | $ | 28.8 | $ | 30.0 | ||||||
Segment profit % of revenue | 42 | % | 40 | % | 40 | % | ||||||
Other
Category | ||||||||||||
Revenue | $ | 11.1 | $ | 5.8 | $ | 6.6 | ||||||
Profit | $ | 0.8 | $ | 0.3 | $ | 0.4 | ||||||
Total
revenue | $ | 262.4 | $ | 278.4 | $ | 310.6 | ||||||
Total
segment profit | $ | 106.5 | $ | 104.1 | $ | 123.6 | ||||||
Brand marketing expense | $ | (14.1 | ) | $ | (10.3 | ) | $ | (8.1 | ) | |||
Variable
marketing margin | $ | 92.5 | $ | 93.8 | $ | 115.6 | ||||||
Variable marketing margin % of revenue | 35 | % | 34 | % | 37 | % | ||||||
Three
Months Ended | Twelve Months Ended | ||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||
Net income from continuing operations | $ | 7,798 | $ | 8,007 | $ | 10,131 | $ | (6,518 | ) | $ | 19,418 | ||||||||
Net
income from continuing operations % of revenue | 6 | % | 5 | % | 6 | % | (4 | )% | 3 | % | |||||||||
Adjustments
to reconcile to variable marketing margin: | |||||||||||||||||||
Cost of revenue | 3,591 | 4,164 | 4,388 | 5,080 | 17,223 | ||||||||||||||
Non-variable
selling and marketing expense (1) | 4,249 | 4,681 | 6,118 | 6,953 | 22,001 | ||||||||||||||
General
and administrative expense | 11,547 | 12,094 | 17,920 | 29,980 | 71,541 | ||||||||||||||
Product
development | 3,623 | 4,064 | 4,805 | 5,433 | 17,925 | ||||||||||||||
Depreciation | 1,703 | 1,808 | 1,798 | 1,776 | 7,085 | ||||||||||||||
Amortization
of intangibles | 2,609 | 2,608 | 3,817 | 3,958 | 12,992 | ||||||||||||||
Change
in fair value of contingent consideration | 8,746 | 9,393 | 2,501 | 3,291 | 23,931 | ||||||||||||||
Severance | 157 | 247 | — | — | 404 | ||||||||||||||
Litigation
settlements and contingencies | 404 | 285 | 272 | (243 | ) | 718 | |||||||||||||
Interest
expense, net | 165 | 1,079 | 2,804 | 2,980 | 7,028 | ||||||||||||||
Other
(income) expense | — | (13 | ) | 228 | 181 | 396 | |||||||||||||
Income
tax (benefit) expense | (1,079 | ) | (104 | ) | 4,292 | 3,182 | 6,291 | ||||||||||||
Variable
marketing margin | $ | 43,513 | $ | 48,313 | $ | 59,074 | $ | 56,053 | $ | 206,953 | |||||||||
Variable
marketing margin % of revenue | 33 | % | 32 | % | 34 | % | 35 | % | 34 | % |
(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. |
Three Months Ended | Twelve
Months Ended | ||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||
Net income from continuing operations | $ | 35,857 | $ | 44,849 | $ | 28,362 | $ | 251 | $ | 109,319 | |||||||||
Net
income from continuing operations % of revenue | 20 | % | 24 | % | 14 | % | — | % | 14 | % | |||||||||
Adjustments
to reconcile to variable marketing margin: | |||||||||||||||||||
Cost of revenue | 5,696 | 6,043 | 10,838 | 13,822 | 36,399 | ||||||||||||||
Cost
of advertising re-sold to third parties (1) | — | — | (3,628 | ) | (5,184 | ) | (8,812 | ) | |||||||||||
Non-variable
selling and marketing expense (2) | 8,016 | 7,571 | 7,770 | 6,985 | 30,343 | ||||||||||||||
General
and administrative expense | 22,814 | 24,759 | 22,980 | 30,666 | 101,219 | ||||||||||||||
Product
development | 6,260 | 5,967 | 6,608 | 8,123 | 26,958 | ||||||||||||||
Depreciation | 1,671 | 1,633 | 1,895 | 2,186 | 7,385 | ||||||||||||||
Amortization
of intangibles | 3,963 | 3,964 | 5,701 | 9,840 | 23,468 | ||||||||||||||
Change
in fair value of contingent consideration | (741 | ) | (167 | ) | 2,105 | 9,591 | 10,788 | ||||||||||||
Severance | — | 3 | 2,328 | 21 | 2,352 | ||||||||||||||
Litigation
settlements and contingencies | (22 | ) | (170 | ) | (88 | ) | 94 | (186 | ) | ||||||||||
Interest
expense, net | 2,988 | 2,924 | 2,393 | 4,132 | 12,437 | ||||||||||||||
Other
(income) expense | (34 | ) | 71 | 69 | (96 | ) | 10 | ||||||||||||
Income
tax (benefit) expense | (23,461 | ) | (29,721 | ) | (10,534 | ) | (1,859 | ) | (65,575 | ) | |||||||||
Variable
marketing margin | $ | 63,007 | $ | 67,726 | $ | 76,799 | $ | 78,572 | $ | 286,105 | |||||||||
Variable
marketing margin % of revenue | 35 | % | 37 | % | 39 | % | 39 | % | 37 | % |
(1 | ) | Represents
the portion of cost of revenue attributable to costs paid for advertising re-sold to third parties. Excludes overhead, fixed costs, and personnel-related expenses. |
(2 | ) | 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. |
Three
Months Ended | |||||||||||
(in thousands, except percentages) | |||||||||||
Net income from continuing operations | $ | 550 | $ | 12,981 | $ | 24,463 | |||||
Net
income from continuing operations % of revenue | — | % | 5 | % | 8 | % | |||||
Adjustments
to reconcile to variable marketing margin: | |||||||||||
Cost of revenue | 17,670 | 16,310 | 17,671 | ||||||||
Cost
of advertising re-sold to third parties (1) | (7,336 | ) | (5,053 | ) | (5,809 | ) | |||||
Non-variable selling and marketing expense (2) | 12,305 | 12,079 | 11,580 | ||||||||
General
and administrative expense | 31,117 | 27,951 | 30,323 | ||||||||
Product development | 10,166 | 10,175 | 10,200 | ||||||||
Depreciation | 2,482 | 2,559 | 2,696 | ||||||||
Amortization
of intangibles | 13,427 | 14,280 | 13,778 | ||||||||
Change in fair value of contingent consideration | 14,592 | 2,790 | 3,839 | ||||||||
Severance | 54 | 403 | 179 | ||||||||
Litigation
settlements and contingencies | (207 | ) | 8 | (92 | ) | ||||||
Interest expense, net | 5,468 | 5,095 | 4,845 | ||||||||
Other
(income) expense | (68 | ) | (71 | ) | (4 | ) | |||||
Income tax (benefit) expense | (7,752 | ) | (5,689 | ) | 1,889 | ||||||
Variable
marketing margin | $ | 92,468 | $ | 93,818 | $ | 115,558 | |||||
Variable marketing margin % of revenue | 35 | % | 34 | % | 37 | % |
(1 | ) | Represents
the portion of cost of revenue attributable to costs paid for advertising re-sold to third parties. Excludes overhead, fixed costs, and personnel-related expenses. |
(2 | ) | 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. |
This ‘8-K’ Filing | Date | Other Filings | ||
---|---|---|---|---|
Filed on / For Period end: | 2/20/20 | |||
9/30/19 | 10-Q | |||
6/30/19 | 10-Q | |||
3/31/19 | 10-Q | |||
12/31/18 | 10-K | |||
9/30/18 | 10-Q | |||
6/30/18 | 10-Q | |||
3/31/18 | 10-Q | |||
12/31/17 | 10-K | |||
9/30/17 | 10-Q | |||
6/30/17 | 10-Q | |||
3/31/17 | 10-Q, 4, CT ORDER | |||
List all Filings |