lendingtree earnings call transcript

Over time, what we'd like to get to is to say, OK, let's take that Stash product and make it available to the My LendingTree consumer. And with that, I'll turn it to Doug. Thanks for taking my question. Let's conquer your financial goals together...faster. Just a couple of questions. I know auto insurance is 80% of your insurance area.Do you know what percent of that 80% comes from new and used-car purchases?No, I don't. The it is lower. These forward-looking statements are subject to risks and uncertainties, and LendingTree's actual results could differ materially from the views expressed today. So I'm thrilled with the resilience of the business and the fact that we're not losing money at a period like this. And the great news of this year is we were able to have more of that volume stick with us, which has enabled us to have an outsized Q2.And the flip side of that, while we were having great lender performance, as J.D. Yes.Yes. But we're going slowly, so we do it right, and we're really excited about everything that we can do with them.Your next question comes from Eric Wasserstrom with UBS.Just a couple of questions, please.

Go ahead, Jay.Yes. And if there's continued room to maybe optimize leverage and even especially some of those some of the financial condition issues?Yes. The work that we were doing last year in product and tech would have come home in some of these other small business. And so that's actually giving them more runway.And so we've got to analyze is that a sustainable dynamic or not, right? And so when you look at year-over-year gains, you got to realize we're operating off of a pretty big base, and we're happy with the growth in not only the growth in revenue, but the absolute profitability of our insurance business.We're particularly happy in insurance, with the product innovation that's going on there. They're just being appropriately pulling in the reins a little bit, personal loan lenders as their capital sources come back will be healthy. And then when we're not, we're still winning, but it's just smaller. In a period like this, market share is never going to look great because there's just so much organic that all lenders get.So you've got a denominator problem there when you look at market share. Personal and small business, let me put this in context. The second one is go get new customers.So you want to shore up your existing customers then you're getting new ones as long as they want to go get new customers, and as long as consumers want to borrow, we'll be fine. So the answer to that one is no, I don't see credit unions having a major impact, particularly in refinance mortgage.We've got purchase mortgage, but we don't see it a lot, but it's there.Our next question comes from the line of Rob Wildhack with Autonomous Research.Good morning, guys. But if you go back in time, you'll see like, oh, online loan applications from Mortgage.com in like 1999, I think. And it's I'm actually really, really pleased because the product is very good. We said really think about don't think about the annual budget, think about the needs for the business over the next 18 months. When you sign up for My LendingTree, you're getting alerts to save you money. But on the SBA side, they're not thinking about risk, they're just thinking about capacity right now. We are moving next year in Q1, we will move to our new headquarters.

And I believe the opportunity around CRM is so fantastically great. So this new margin level should be other than mix shift changes should be a new normal that you grow from?Well, not everything in there is going to be indefinitely.

And so we're able to tap the convert market again. has been underinvested in from a technology perspective because refi lenders are chock-full and just trying to make as much money as they can. RTTNews • 4 days ago. In terms of traffic, as Trent pointed out, in the month of March, it was obviously down with auto sales being problematic, and so carriers reacted to that. to comment more because he's sitting on the Board there. And so that's the strategy in mortgage.

By the way, we've removed the cyclicality by the way we do pricing, etc. And with personal loan lenders pulling back, there are fewer savings opportunities. And then we've assumed normalized margins in mortgage. And that's where we're just continuing to focus on that. The other areas of consumer worth noting, effectively, we projected when we went in May, and we said 60% to 80% in consumer, it ended up being 71%.We've largely prepared for the remainder of the year for that consumer business to be slow to come back. And then on the Stash investment, any reason why you chose to invest in one platform versus creating a marketplace for all the challenger banks that are in the industry?J.D., do you want to take the first? We did some of that is hiring. If you lose somewhere between 60% and 80% of that, right, your starting point is sort of down 30%. And that's something that when they've done consumer surveys, that's something that's of interest there as well as their consumers have access to essentially the My LendingTree platform.And we're calling powered by LendingTree, which is essentially credit score plus our intelligence stack. It's going to be wherever the capital is. Or is it still looking at opportunities on the asset side of the consumer balance sheet or anything else that you've seen because of this pandemic that's more interesting?J.D. And the second question is, you're calling for EBITDA guidance next quarter where the margins are roughly half what they were this quarter. And what they don't have is anything related to loans, so their people are going to want it -- their customers are going to get mortgages and personal loans and credit cards that makes sense and save the money and they'd love to get free credit scores, etc. can add on. That actually does create a good backdrop for them. I think, first of all, we're in a good position to have 75% of our cost structure be variable.And so in all these businesses where revenue has come in -- come down -- the revenue opportunity has come down, the good news is that the cost to acquire customers has actually dropped faster, which is great. You need a you need headquarters, if you will.

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