LendingTree reported its results for the quarter ended March 31, 2019, including a record consolidated revenue of $262.4 million, up 45% over Q1/2018.
“LendingTree’s first quarter results provide an incredibly strong start to 2019,” said Doug Lebda, LendingTree chairman and CEO. “Our recent acquisitions in the insurance business and the team’s seamless integrations have produced terrific results. Tremendous growth in insurance, along with a re-acceleration in credit card growth and a stabilizing mortgage business, are enabling us to execute on key strategic initiatives to drive long term benefit for the company and for shareholders. We are re-igniting the strength of our portfolio of brands, continuing to differentiate our platform, and remain relentlessly focused on continuing to build a consumer experience we’re proud of.”
First quarter 2019 highlights included:
- GAAP net income from continuing operations of $0.6 million or $0.04 per diluted share
- Insurance revenue of $67.1 million, representing growth of 63% over first quarter 2018 on a pro forma basis.
- Credit card revenue of $54.5 million, a growth of 18% over first quarter 2018 and 43% sequentially compared to fourth quarter 2018.
- Revenue from personal loans of $32.5 million, a growth of 25% over first quarter 2018.
- Record variable marketing margin of $92.5 million, up 47% over 1Q 2018
- Adjusted EBITDA of $43.0 million; up 36% over 1Q 2018
- Adjusted net income per share of $1.10
- More than 11.4 million consumers signed up to My LendingTree, with revenue contribution from My LendingTree growing 66% in the first quarter compared to the prior year period.
LendingTree is an online marketplace that connects consumers with the choices they need to be confident in their financial decisions. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student refinances, credit cards, insurance and more.