Strong Revenue Performance
LendingTree reported revenue of $308 million, marking the second highest in the company's history, with each segment recording double-digit year-over-year revenue growth and VMD growth.
Insurance Segment Leadership
LendingTree regained a leadership position in the insurance marketplace, with a 60% increase in spend from carriers outside the top three. Home insurance VMD was up 80% year-over-year, and health insurance VMD increased by 41%.
Consumer Segment Success
The Consumer segment saw VMD growth of 26% and revenue growth of 11%, with the small business team driving a 30% increase in loans closed and a 50% year-over-year revenue increase.
Home Equity Product Growth
Despite high mortgage rates and a sluggish housing market, revenue from LendingTree's home equity product increased 35% in the third quarter.
Debt Reduction and Financial Flexibility
The company successfully reduced leverage to 2.5x, down from 4.4x a year ago, providing more flexibility for capital allocation, including paying down debt, share buybacks, and selective acquisitions.