$TREE
LendingTree, Inc.

2016 Q1 Form 10-Q Financial Statement

#000143462116000067 Filed on May 10, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $94.71M $50.94M
YoY Change 85.95% 27.22%
Cost Of Revenue $3.473M $1.975M
YoY Change 75.85% 18.62%
Gross Profit $91.24M $48.96M
YoY Change 86.36% 27.6%
Gross Profit Margin 96.33% 96.12%
Selling, General & Admin $74.32M $40.07M
YoY Change 85.49% 19.3%
% of Gross Profit 81.45% 81.83%
Research & Development $3.885M $2.173M
YoY Change 78.79% 12.47%
% of Gross Profit 4.26% 4.44%
Depreciation & Amortization $998.0K $654.0K
YoY Change 52.6% -13.38%
% of Gross Profit 1.09% 1.34%
Operating Expenses $78.20M $42.24M
YoY Change 85.15% 18.93%
Operating Profit $11.85M $5.718M
YoY Change 107.15% -197.99%
Interest Expense -$100.0K $0.00
YoY Change
% of Operating Profit -0.84% 0.0%
Other Income/Expense, Net
YoY Change
Pretax Income $11.70M $5.720M
YoY Change 104.6% -198.03%
Income Tax $4.798M $307.0K
% Of Pretax Income 41.0% 5.37%
Net Earnings $5.700M $5.200M
YoY Change 9.62% -181.25%
Net Earnings / Revenue 6.02% 10.21%
Basic Earnings Per Share $0.48 $0.46
Diluted Earnings Per Share $0.44 $0.43
COMMON SHARES
Basic Shares Outstanding 11.93M shares 11.30M shares
Diluted Shares Outstanding 12.87M shares 12.17M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $174.2M $88.50M
YoY Change 96.84% -1.12%
Cash & Equivalents $174.2M $88.54M
Short-Term Investments
Other Short-Term Assets $7.300M $19.90M
YoY Change -63.32% -24.05%
Inventory
Prepaid Expenses
Receivables $36.77M $19.60M
Other Receivables $0.00 $0.00
Total Short-Term Assets $218.4M $128.0M
YoY Change 70.54% -0.79%
LONG-TERM ASSETS
Property, Plant & Equipment $10.17M $5.743M
YoY Change 77.12% 1.61%
Goodwill $3.632M $3.632M
YoY Change 0.0% 0.0%
Intangibles $10.97M $11.08M
YoY Change -1.01% 3.97%
Long-Term Investments
YoY Change
Other Assets $978.0K $102.0K
YoY Change 858.82% -0.97%
Total Long-Term Assets $49.91M $20.56M
YoY Change 142.79% 2.05%
TOTAL ASSETS
Total Short-Term Assets $218.4M $128.0M
Total Long-Term Assets $49.91M $20.56M
Total Assets $268.3M $148.6M
YoY Change 80.54% -0.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.200M $2.700M
YoY Change 18.52% 92.86%
Accrued Expenses $40.85M $26.87M
YoY Change 52.05% -13.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $58.91M $41.68M
YoY Change 41.36% -35.4%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $758.0K $0.00
YoY Change -100.0%
Total Long-Term Liabilities $758.0K $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $58.91M $41.68M
Total Long-Term Liabilities $758.0K $0.00
Total Liabilities $59.70M $46.44M
YoY Change 28.54% -33.54%
SHAREHOLDERS EQUITY
Retained Earnings -$744.4M -$793.0M
YoY Change -6.12% -2.57%
Common Stock $1.009B $910.6M
YoY Change 10.81% 0.52%
Preferred Stock
YoY Change
Treasury Stock (at cost) $56.16M $15.56M
YoY Change 260.91% 22.21%
Treasury Stock Shares 2.054M shares 1.474M shares
Shareholders Equity $208.6M $102.2M
YoY Change
Total Liabilities & Shareholders Equity $268.3M $148.6M
YoY Change 80.54% -0.41%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $5.700M $5.200M
YoY Change 9.62% -181.25%
Depreciation, Depletion And Amortization $998.0K $654.0K
YoY Change 52.6% -13.38%
Cash From Operating Activities $7.800M $5.200M
YoY Change 50.0% -5300.0%
INVESTING ACTIVITIES
Capital Expenditures -$2.200M -$1.200M
YoY Change 83.33% 9.09%
Acquisitions
YoY Change
Other Investing Activities $2.500M $100.0K
YoY Change 2400.0% -95.0%
Cash From Investing Activities $300.0K -$1.100M
YoY Change -127.27% -222.22%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00 $72.00K
YoY Change -100.0% -11.11%
Common Stock Issuance & Retirement, Net $40.50M $218.0K
YoY Change 18477.52%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -40.80M -1.800M
YoY Change 2166.67% -40.0%
NET CHANGE
Cash From Operating Activities 7.800M 5.200M
Cash From Investing Activities 300.0K -1.100M
Cash From Financing Activities -40.80M -1.800M
Net Change In Cash -32.70M 2.300M
YoY Change -1521.74% -204.55%
FREE CASH FLOW
Cash From Operating Activities $7.800M $5.200M
Capital Expenditures -$2.200M -$1.200M
Free Cash Flow $10.00M $6.400M
YoY Change 56.25% 540.0%

Facts In Submission

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CY2016Q1 us-gaap Litigation Settlement Expense
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CY2015Q1 us-gaap Net Cash Provided By Used In Continuing Operations
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CY2016Q1 us-gaap Preferred Stock Shares Outstanding
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CY2016Q1 us-gaap Preferred Stock Value
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CY2016Q1 us-gaap Provision For Doubtful Accounts
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CY2015Q1 us-gaap Research And Development Expense
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CY2016Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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4084000 USD
CY2015Q1 us-gaap Restructuring Charges
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CY2016Q1 us-gaap Restructuring Charges
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CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2015Q1 us-gaap Revenues
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CY2016Q1 us-gaap Revenues
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CY2015Q1 us-gaap Selling And Marketing Expense
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CY2016Q1 us-gaap Selling And Marketing Expense
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CY2015Q1 us-gaap Share Based Compensation
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CY2016Q1 us-gaap Share Based Compensation
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CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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35.08
CY2016Q1 us-gaap Share Price
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StockRepurchaseProgramAuthorizedAmount1
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CY2016Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
40000000 USD
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56700000 USD
CY2015Q4 us-gaap Stockholders Equity
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CY2016Q1 us-gaap Stockholders Equity
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CY2015Q4 us-gaap Treasury Stock Shares
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CY2016Q1 us-gaap Treasury Stock Shares
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CY2015Q1 us-gaap Treasury Stock Shares Acquired
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CY2016Q1 us-gaap Treasury Stock Shares Acquired
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CY2015Q4 us-gaap Treasury Stock Value
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15561000 USD
CY2016Q1 us-gaap Treasury Stock Value
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CY2016Q1 us-gaap Treasury Stock Value Acquired Cost Method
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40600000 USD
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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11931000 shares
CY2016Q1 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;">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, 2016</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 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, 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>
CY2016Q1 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; various other allowances, reserves and accruals; and assumptions related to the determination of stock-based compensation.</font></div></div>

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