$TREE
LendingTree, Inc.

2014 Q1 Form 10-Q Financial Statement

#000143462114000030 Filed on May 08, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $40.04M $28.08M
YoY Change 42.58% 112.16%
Cost Of Revenue $1.665M $1.356M
YoY Change 22.79% 70.35%
Gross Profit $38.37M $26.72M
YoY Change 43.58% 114.84%
Gross Profit Margin 95.84% 95.17%
Selling, General & Admin $33.58M $23.81M
YoY Change 41.04% 54.07%
% of Gross Profit 87.52% 89.1%
Research & Development $1.932M $1.205M
YoY Change 60.33% 55.68%
% of Gross Profit 5.04% 4.51%
Depreciation & Amortization $755.0K $885.0K
YoY Change -14.69% -27.7%
% of Gross Profit 1.97% 3.31%
Operating Expenses $35.51M $25.02M
YoY Change 41.97% 54.14%
Operating Profit -$5.835M -$246.0K
YoY Change 2271.95% -95.34%
Interest Expense $0.00 $7.000K
YoY Change -100.0% -94.21%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$5.835M -$253.0K
YoY Change 2206.32% -95.31%
Income Tax -$1.000K $20.00K
% Of Pretax Income
Net Earnings -$6.400M -$2.700M
YoY Change 137.04% -119.15%
Net Earnings / Revenue -15.99% -9.62%
Basic Earnings Per Share -$0.58 -$0.25
Diluted Earnings Per Share -$0.58 -$0.25
COMMON SHARES
Basic Shares Outstanding 11.14M shares 10.97M shares
Diluted Shares Outstanding 11.14M shares 10.97M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $89.50M $73.30M
YoY Change 22.1% 24.24%
Cash & Equivalents $89.50M $73.33M
Short-Term Investments
Other Short-Term Assets $26.20M $33.50M
YoY Change -21.79% -82.52%
Inventory
Prepaid Expenses
Receivables $13.37M $13.55M
Other Receivables $0.00 $0.00
Total Short-Term Assets $129.1M $120.3M
YoY Change 7.26% -53.04%
LONG-TERM ASSETS
Property, Plant & Equipment $5.652M $5.833M
YoY Change -3.1% -24.21%
Goodwill $3.632M $3.632M
YoY Change 0.0% 0.0%
Intangibles $10.66M $10.79M
YoY Change -1.22% -2.65%
Long-Term Investments
YoY Change
Other Assets $103.0K $126.0K
YoY Change -18.25% -45.45%
Total Long-Term Assets $20.14M $20.51M
YoY Change -1.78% -39.06%
TOTAL ASSETS
Total Short-Term Assets $129.1M $120.3M
Total Long-Term Assets $20.14M $20.51M
Total Assets $149.2M $140.8M
YoY Change 5.94% -51.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.400M $2.100M
YoY Change -33.33% -69.12%
Accrued Expenses $31.20M $17.86M
YoY Change 74.72% 17.47%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $64.52M $53.56M
YoY Change 20.45% -76.13%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $210.0K $751.0K
YoY Change -72.04% -81.29%
Total Long-Term Liabilities $210.0K $751.0K
YoY Change -72.04% -81.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $64.52M $53.56M
Total Long-Term Liabilities $210.0K $751.0K
Total Liabilities $69.88M $59.26M
YoY Change 17.92% -74.21%
SHAREHOLDERS EQUITY
Retained Earnings -$813.9M -$814.2M
YoY Change -0.03% -3.53%
Common Stock $905.9M $905.1M
YoY Change 0.09% -0.81%
Preferred Stock
YoY Change
Treasury Stock (at cost) $12.73M $9.412M
YoY Change 35.28% 10.31%
Treasury Stock Shares 1.369M shares 1.188M shares
Shareholders Equity $79.33M $81.59M
YoY Change
Total Liabilities & Shareholders Equity $149.2M $140.8M
YoY Change 5.94% -51.42%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$6.400M -$2.700M
YoY Change 137.04% -119.15%
Depreciation, Depletion And Amortization $755.0K $885.0K
YoY Change -14.69% -27.7%
Cash From Operating Activities -$100.0K -$6.000M
YoY Change -98.33% -109.01%
INVESTING ACTIVITIES
Capital Expenditures -$1.100M -$600.0K
YoY Change 83.33% 0.0%
Acquisitions
YoY Change
Other Investing Activities $2.000M -$386.0K
YoY Change -618.13% -116.08%
Cash From Investing Activities $900.0K -$200.0K
YoY Change -550.0% -106.45%
FINANCING ACTIVITIES
Cash Dividend Paid $81.00K $0.00
YoY Change
Common Stock Issuance & Retirement, Net $0.00 -$671.0K
YoY Change -100.0% -18.86%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.000M -700.0K
YoY Change 328.57% -98.76%
NET CHANGE
Cash From Operating Activities -100.0K -6.000M
Cash From Investing Activities 900.0K -200.0K
Cash From Financing Activities -3.000M -700.0K
Net Change In Cash -2.200M -6.900M
YoY Change -68.12% -151.49%
FREE CASH FLOW
Cash From Operating Activities -$100.0K -$6.000M
Capital Expenditures -$1.100M -$600.0K
Free Cash Flow $1.000M -$5.400M
YoY Change -118.52% -108.04%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2014Q1 us-gaap Concentration Risk Credit Risk
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Certain Risks and Concentrations</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Tree.com's business is subject to certain risks and concentrations including dependence on third-party technology providers, exposure to risks associated with online commerce security and credit card fraud.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Financial instruments, which potentially subject us to concentration of credit risk at </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">March&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;">, consist primarily of cash and cash equivalents and accounts receivable, as disclosed in the consolidated balance sheet. Cash and cash equivalents are in excess of Federal Deposit Insurance Corporation insurance limits, but are maintained with quality financial institutions of high credit. The Company generally requires certain network lenders to maintain security deposits with the Company, which in the event of non-payment, would be applied against any accounts receivable outstanding.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Due to the nature of the mortgage lending industry, interest rate increases may negatively impact future revenue from the Company's lender network.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Lenders participating on the Company's lender network can offer their products directly to consumers through brokers, mass marketing campaigns or through other traditional methods of credit distribution. These lenders can also offer their products online, either directly to prospective borrowers, through one or more online competitors, or both. If a significant number of potential consumers are able to obtain loans from participating lenders without utilizing the Company's service, its ability to generate revenue may be limited. Because the Company does not have exclusive relationships with the lenders whose loan offerings are offered on its online marketplace, consumers may obtain offers and loans from these lenders without using its service.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company maintains operations solely in the United States.</font></div></div>
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500000 USD
CY2014Q1 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
7707000 USD
CY2013Q1 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
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CY2014Q1 us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
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CY2013Q1 us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
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CY2013Q1 us-gaap Net Cash Provided By Used In Discontinued Operations
NetCashProvidedByUsedInDiscontinuedOperations
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CY2014Q1 us-gaap Net Cash Provided By Used In Discontinued Operations
NetCashProvidedByUsedInDiscontinuedOperations
-339000 USD
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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-2958000 USD
CY2013Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
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CY2013Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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-201000 USD
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
885000 USD
CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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244000 USD
CY2013Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-5416000 USD
CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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-6408000 USD
CY2013Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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-2717000 USD
CY2014Q1 us-gaap Number Of Reportable Segments
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1 segment
CY2014Q1 us-gaap Operating Income Loss
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-5835000 USD
CY2013Q1 us-gaap Operating Income Loss
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CY2013Q4 us-gaap Other Assets Noncurrent
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CY2014Q1 us-gaap Other Assets Noncurrent
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CY2014Q1 us-gaap Other Liabilities Current
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3006000 USD
CY2013Q4 us-gaap Other Liabilities Current
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3936000 USD
CY2013Q4 us-gaap Other Liabilities Noncurrent
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334000 USD
CY2014Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
210000 USD
CY2013Q1 us-gaap Payments Of Dividends
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0 USD
CY2014Q1 us-gaap Payments Of Dividends
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81000 USD
CY2013Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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CY2014Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2877000 USD
CY2013Q1 us-gaap Payments To Acquire Productive Assets
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587000 USD
CY2014Q1 us-gaap Payments To Acquire Productive Assets
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1069000 USD
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0.01
CY2013Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.01
CY2013Q4 us-gaap Preferred Stock Shares Authorized
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CY2014Q1 us-gaap Preferred Stock Shares Authorized
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0 shares
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0 shares
CY2014Q1 us-gaap Preferred Stock Shares Outstanding
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0 shares
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PreferredStockSharesOutstanding
0 shares
CY2013Q4 us-gaap Preferred Stock Value
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0 USD
CY2014Q1 us-gaap Preferred Stock Value
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0 USD
CY2014Q1 us-gaap Prepaid Expense And Other Assets Current
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1611000 USD
CY2013Q4 us-gaap Prepaid Expense And Other Assets Current
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1689000 USD
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CY2014Q1 us-gaap Property Plant And Equipment Gross
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CY2014Q1 us-gaap Property Plant And Equipment Net
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5652000 USD
CY2013Q4 us-gaap Property Plant And Equipment Net
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5344000 USD
CY2013Q1 us-gaap Restructuring Charges
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CY2014Q1 us-gaap Restructuring Reserve Current
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289000 USD
CY2013Q4 us-gaap Restructuring Reserve Current
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284000 USD
CY2014Q1 us-gaap Restructuring Reserve Noncurrent
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100000 USD
CY2013Q4 us-gaap Restructuring Reserve Noncurrent
RestructuringReserveNoncurrent
200000 USD
CY2013Q1 us-gaap Provision For Doubtful Accounts
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29000 USD
CY2014Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
186000 USD
CY2014Q1 us-gaap Research And Development Expense
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1932000 USD
CY2013Q1 us-gaap Research And Development Expense
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1205000 USD
CY2014Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
24062000 USD
CY2013Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
26017000 USD
CY2014Q1 us-gaap Restructuring Charges
RestructuringCharges
202000 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-807533000 USD
CY2014Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-813941000 USD
CY2013Q1 us-gaap Revenues
Revenues
28080000 USD
CY2014Q1 us-gaap Revenues
Revenues
40036000 USD
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11142000 shares
CY2014Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount
800000 USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
87008000 USD
CY2014Q1 us-gaap Selling And Marketing Expense
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27449000 USD
CY2013Q1 us-gaap Selling And Marketing Expense
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17255000 USD
CY2013Q1 us-gaap Share Based Compensation
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1433000 USD
CY2014Q1 us-gaap Share Based Compensation
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1616000 USD
CY2014Q1 us-gaap Share Price
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31.04
CY2010Q1 us-gaap Stock Repurchase Program Authorized Amount
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10000000 USD
CY2014Q1 us-gaap Stockholders Equity
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79333000 USD
CY2014Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
1368932 shares
CY2013Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
1368932 shares
CY2014Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0 shares
CY2013Q4 us-gaap Treasury Stock Value
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CY2014Q1 us-gaap Treasury Stock Value
TreasuryStockValue
12733000 USD
CY2014Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Accounting Estimates</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Management is required to make certain estimates and assumptions during the preparation of the consolidated financial statements in accordance with GAAP. These estimates and assumptions impact the reported amount of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements. They also impact the reported amount of net earnings during any period. Actual results could differ from those estimates.&#160;</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Significant estimates underlying the accompanying consolidated financial statements, including discontinued operations, include: loan loss obligations; the recoverability of long-lived assets, goodwill and intangible assets; the determination of income taxes payable and deferred income taxes, including related valuation allowances; restructuring reserves; various other allowances, reserves and accruals; and assumptions related to the determination of stock-based compensation.</font></div></div>
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10967000 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11142000 shares
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10967000 shares
CY2013Q1 tree Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
4086000 USD
CY2014Q1 tree Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
4481000 USD
CY2013Q1 tree Deferred Income Tax Noncash Expense Benefit
DeferredIncomeTaxNoncashExpenseBenefit
18000 USD
CY2014Q1 tree Deferred Income Tax Noncash Expense Benefit
DeferredIncomeTaxNoncashExpenseBenefit
-1000 USD
CY2013Q1 tree Income Loss From Discontinued Operations Net Of Applicable Taxes
IncomeLossFromDiscontinuedOperationsNetOfApplicableTaxes
-2542000 USD
CY2014Q1 tree Income Loss From Discontinued Operations Net Of Applicable Taxes
IncomeLossFromDiscontinuedOperationsNetOfApplicableTaxes
-574000 USD
CY2013Q1 tree Increase Decrease In Accounts Payable And Other Current Liabilities
IncreaseDecreaseInAccountsPayableAndOtherCurrentLiabilities
-2520000 USD
CY2014Q1 tree Increase Decrease In Accounts Payable And Other Current Liabilities
IncreaseDecreaseInAccountsPayableAndOtherCurrentLiabilities
4520000 USD
CY2013Q1 tree Incremental Common Shares Attributable To Restricted Stock Units
IncrementalCommonSharesAttributableToRestrictedStockUnits
0 shares
CY2014Q1 tree Incremental Common Shares Attributable To Restricted Stock Units
IncrementalCommonSharesAttributableToRestrictedStockUnits
0 shares
CY2013Q1 tree Special Options Bonus
SpecialOptionsBonus
920000 USD
CY2014Q1 tree Stock Issue During Period Of Stock Option And Restricted Stock Net Value Of Units
StockIssueDuringPeriodOfStockOptionAndRestrictedStockNetValueOfUnits
-2877000 USD
CY2014Q1 dei Amendment Flag
AmendmentFlag
false
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001434621
CY2014Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
11320449 shares
CY2014Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
Tree.com, Inc.

Files In Submission

Name View Source Status
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0001434621-14-000030-index.html Edgar Link pending
0001434621-14-000030.txt Edgar Link pending
0001434621-14-000030-xbrl.zip Edgar Link pending
ex101-lebdaempagmt.htm Edgar Link pending
ex102-dalportoempagmt.htm Edgar Link pending
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report.css Edgar Link pending
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tree-20140331.xml Edgar Link completed
tree-20140331.xsd Edgar Link pending
tree-20140331_cal.xml Edgar Link unprocessable
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