$TREE
LendingTree, Inc.

2015 Q1 Form 10-Q Financial Statement

#000143462115000024 Filed on April 30, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $50.94M $40.04M
YoY Change 27.22% 42.58%
Cost Of Revenue $1.975M $1.665M
YoY Change 18.62% 22.79%
Gross Profit $48.96M $38.37M
YoY Change 27.6% 43.58%
Gross Profit Margin 96.12% 95.84%
Selling, General & Admin $40.07M $33.58M
YoY Change 19.3% 41.04%
% of Gross Profit 81.83% 87.52%
Research & Development $2.173M $1.932M
YoY Change 12.47% 60.33%
% of Gross Profit 4.44% 5.04%
Depreciation & Amortization $654.0K $755.0K
YoY Change -13.38% -14.69%
% of Gross Profit 1.34% 1.97%
Operating Expenses $42.24M $35.51M
YoY Change 18.93% 41.97%
Operating Profit $5.718M -$5.835M
YoY Change -197.99% 2271.95%
Interest Expense $0.00 $0.00
YoY Change -100.0%
% of Operating Profit 0.0%
Other Income/Expense, Net
YoY Change
Pretax Income $5.720M -$5.835M
YoY Change -198.03% 2206.32%
Income Tax $307.0K -$1.000K
% Of Pretax Income 5.37%
Net Earnings $5.200M -$6.400M
YoY Change -181.25% 137.04%
Net Earnings / Revenue 10.21% -15.99%
Basic Earnings Per Share $0.46 -$0.58
Diluted Earnings Per Share $0.43 -$0.58
COMMON SHARES
Basic Shares Outstanding 11.30M shares 11.14M shares
Diluted Shares Outstanding 12.17M shares 11.14M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $88.50M $89.50M
YoY Change -1.12% 22.1%
Cash & Equivalents $88.54M $89.50M
Short-Term Investments
Other Short-Term Assets $19.90M $26.20M
YoY Change -24.05% -21.79%
Inventory
Prepaid Expenses
Receivables $19.60M $13.37M
Other Receivables $0.00 $0.00
Total Short-Term Assets $128.0M $129.1M
YoY Change -0.79% 7.26%
LONG-TERM ASSETS
Property, Plant & Equipment $5.743M $5.652M
YoY Change 1.61% -3.1%
Goodwill $3.632M $3.632M
YoY Change 0.0% 0.0%
Intangibles $11.08M $10.66M
YoY Change 3.97% -1.22%
Long-Term Investments
YoY Change
Other Assets $102.0K $103.0K
YoY Change -0.97% -18.25%
Total Long-Term Assets $20.56M $20.14M
YoY Change 2.05% -1.78%
TOTAL ASSETS
Total Short-Term Assets $128.0M $129.1M
Total Long-Term Assets $20.56M $20.14M
Total Assets $148.6M $149.2M
YoY Change -0.41% 5.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.700M $1.400M
YoY Change 92.86% -33.33%
Accrued Expenses $26.87M $31.20M
YoY Change -13.88% 74.72%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $41.68M $64.52M
YoY Change -35.4% 20.45%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $210.0K
YoY Change -100.0% -72.04%
Total Long-Term Liabilities $0.00 $210.0K
YoY Change -100.0% -72.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.68M $64.52M
Total Long-Term Liabilities $0.00 $210.0K
Total Liabilities $46.44M $69.88M
YoY Change -33.54% 17.92%
SHAREHOLDERS EQUITY
Retained Earnings -$793.0M -$813.9M
YoY Change -2.57% -0.03%
Common Stock $910.6M $905.9M
YoY Change 0.52% 0.09%
Preferred Stock
YoY Change
Treasury Stock (at cost) $15.56M $12.73M
YoY Change 22.21% 35.28%
Treasury Stock Shares 1.474M shares 1.369M shares
Shareholders Equity $102.2M $79.33M
YoY Change
Total Liabilities & Shareholders Equity $148.6M $149.2M
YoY Change -0.41% 5.94%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $5.200M -$6.400M
YoY Change -181.25% 137.04%
Depreciation, Depletion And Amortization $654.0K $755.0K
YoY Change -13.38% -14.69%
Cash From Operating Activities $5.200M -$100.0K
YoY Change -5300.0% -98.33%
INVESTING ACTIVITIES
Capital Expenditures -$1.200M -$1.100M
YoY Change 9.09% 83.33%
Acquisitions
YoY Change
Other Investing Activities $100.0K $2.000M
YoY Change -95.0% -618.13%
Cash From Investing Activities -$1.100M $900.0K
YoY Change -222.22% -550.0%
FINANCING ACTIVITIES
Cash Dividend Paid $72.00K $81.00K
YoY Change -11.11%
Common Stock Issuance & Retirement, Net $218.0K $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.800M -3.000M
YoY Change -40.0% 328.57%
NET CHANGE
Cash From Operating Activities 5.200M -100.0K
Cash From Investing Activities -1.100M 900.0K
Cash From Financing Activities -1.800M -3.000M
Net Change In Cash 2.300M -2.200M
YoY Change -204.55% -68.12%
FREE CASH FLOW
Cash From Operating Activities $5.200M -$100.0K
Capital Expenditures -$1.200M -$1.100M
Free Cash Flow $6.400M $1.000M
YoY Change 540.0% -118.52%

Facts In Submission

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CY2015Q1 us-gaap Liabilities Of Disposal Group Including Discontinued Operation Current
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent
12134000 USD
CY2014Q4 us-gaap Liabilities Of Disposal Group Including Discontinued Operation Noncurrent
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationNoncurrent
151000 USD
CY2015Q1 us-gaap Liabilities Of Disposal Group Including Discontinued Operation Noncurrent
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationNoncurrent
30000 USD
CY2014Q4 us-gaap Litigation Reserve
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2786000 USD
CY2015Q1 us-gaap Litigation Reserve
LitigationReserve
2972000 USD
CY2014Q1 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
7707000 USD
CY2015Q1 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
282000 USD
CY2014Q1 us-gaap Net Cash Provided By Used In Continuing Operations
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-1829000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Continuing Operations
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2464000 USD
CY2014Q1 us-gaap Net Cash Provided By Used In Discontinued Operations
NetCashProvidedByUsedInDiscontinuedOperations
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CY2015Q1 us-gaap Net Cash Provided By Used In Discontinued Operations
NetCashProvidedByUsedInDiscontinuedOperations
-140000 USD
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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-2958000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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-1785000 USD
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NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
885000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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244000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
5340000 USD
CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2015Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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5187000 USD
CY2014Q1 us-gaap Operating Income Loss
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-5835000 USD
CY2015Q1 us-gaap Operating Income Loss
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5718000 USD
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102000 USD
CY2015Q1 us-gaap Other Assets Noncurrent
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102000 USD
CY2014Q4 us-gaap Other Liabilities Current
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3662000 USD
CY2015Q1 us-gaap Other Liabilities Current
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3005000 USD
CY2014Q1 us-gaap Payments For Repurchase Of Common Stock
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0 USD
CY2015Q1 us-gaap Payments For Repurchase Of Common Stock
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218000 USD
CY2014Q1 us-gaap Payments Of Dividends
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81000 USD
CY2015Q1 us-gaap Payments Of Dividends
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CY2014Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2015Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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600000 USD
CY2014Q1 us-gaap Payments To Acquire Intangible Assets
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0 USD
CY2015Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
37000 USD
CY2014Q1 us-gaap Payments To Acquire Productive Assets
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CY2015Q1 us-gaap Payments To Acquire Productive Assets
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CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.01
CY2015Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.01
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CY2015Q1 us-gaap Preferred Stock Shares Authorized
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0 shares
CY2015Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q4 us-gaap Preferred Stock Value
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0 USD
CY2015Q1 us-gaap Preferred Stock Value
PreferredStockValue
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CY2014Q4 us-gaap Prepaid Expense And Other Assets Current
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931000 USD
CY2015Q1 us-gaap Prepaid Expense And Other Assets Current
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CY2014Q4 us-gaap Property Plant And Equipment Net
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CY2015Q1 us-gaap Property Plant And Equipment Net
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5743000 USD
CY2014Q1 us-gaap Provision For Doubtful Accounts
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186000 USD
CY2015Q1 us-gaap Provision For Doubtful Accounts
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179000 USD
CY2014Q1 us-gaap Research And Development Expense
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1932000 USD
CY2015Q1 us-gaap Research And Development Expense
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2173000 USD
CY2014Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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18716000 USD
CY2015Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
18617000 USD
CY2014Q1 us-gaap Restructuring Charges
RestructuringCharges
202000 USD
CY2015Q1 us-gaap Restructuring Charges
RestructuringCharges
6000 USD
CY2014Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
178000 USD
CY2015Q1 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
103000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-798171000 USD
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-792984000 USD
CY2014Q1 us-gaap Revenues
Revenues
40036000 USD
CY2015Q1 us-gaap Revenues
Revenues
50935000 USD
CY2014Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
27449000 USD
CY2015Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
32837000 USD
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1616000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2336000 USD
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
20.78
CY2015Q1 us-gaap Share Price
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56.01
CY2010Q1 us-gaap Stock Repurchase Program Authorized Amount1
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10000000 USD
CY2014Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
10000000 USD
CY2015Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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7300000 USD
CY2014Q4 us-gaap Stockholders Equity
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96366000 USD
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
102160000 USD
CY2014Q4 us-gaap Treasury Stock Shares
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1468277 shares
CY2015Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
1473527 shares
CY2015Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
5250 shares
CY2014Q4 us-gaap Treasury Stock Value
TreasuryStockValue
15343000 USD
CY2015Q1 us-gaap Treasury Stock Value
TreasuryStockValue
15561000 USD
CY2015Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
218000 USD
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11142000 shares
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12165000 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11142000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11304000 shares
CY2015Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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;">LendingTree'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 the Company 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, 2015</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 marketplace 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 marketplace.</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 marketplace 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 services, the Company's 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>
CY2015Q1 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; contingent consideration related to business combinations; various other allowances, reserves and accruals; and assumptions related to the determination of stock-based compensation.</font></div></div>

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