$TREE
LendingTree, Inc.

2023 Q3 Form 10-Q Financial Statement

#000143462123000017 Filed on July 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $155.2M $182.5M
YoY Change -34.75% -30.34%
Cost Of Revenue $7.570M $9.302M
YoY Change -46.33% -36.17%
Gross Profit $69.07M $173.2M
YoY Change -25.14% 84.66%
Gross Profit Margin 44.51% 94.9%
Selling, General & Admin $123.6M $145.2M
YoY Change -42.88% -35.41%
% of Gross Profit 178.99% 83.87%
Research & Development $10.84M $10.60M
YoY Change -22.81% -25.96%
% of Gross Profit 15.69% 6.12%
Depreciation & Amortization $4.760M $6.666M
YoY Change -9.75% 36.15%
% of Gross Profit 6.89% 3.85%
Operating Expenses $134.5M $162.5M
YoY Change -41.65% -32.05%
Operating Profit -$33.99M $10.66M
YoY Change 82.99% -373.73%
Interest Expense -$7.097M -$6.940M
YoY Change 24.07% 2.59%
% of Operating Profit -65.11%
Other Income/Expense, Net -$110.9M $1.879M
YoY Change -7382.34% 561.62%
Pretax Income -$152.0M $112.0K
YoY Change 567.45% -101.08%
Income Tax -$3.534M $227.0K
% Of Pretax Income 202.68%
Net Earnings -$148.5M -$115.0K
YoY Change -6.44% -98.57%
Net Earnings / Revenue -95.67% -0.06%
Basic Earnings Per Share -$11.43 -$0.01
Diluted Earnings Per Share -$11.43 -$0.01
COMMON SHARES
Basic Shares Outstanding 12.97M shares 12.91M shares
Diluted Shares Outstanding 12.99M shares 12.92M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $175.6M $162.6M
YoY Change -38.51% -41.73%
Cash & Equivalents $175.6M $162.6M
Short-Term Investments
Other Short-Term Assets $13.26M $12.58M
YoY Change -53.62% -54.33%
Inventory
Prepaid Expenses
Receivables $64.33M $89.21M
Other Receivables $0.00 $0.00
Total Short-Term Assets $266.9M $264.4M
YoY Change -34.98% -37.35%
LONG-TERM ASSETS
Property, Plant & Equipment $54.20M $121.0M
YoY Change -16.42% 77.07%
Goodwill $381.5M $420.1M
YoY Change -9.19% 0.0%
Intangibles $52.30M $54.28M
YoY Change -18.52% -23.3%
Long-Term Investments $60.08M $173.1M
YoY Change -65.59% -0.82%
Other Assets $6.426M $6.182M
YoY Change 1.87% -7.63%
Total Long-Term Assets $618.1M $774.7M
YoY Change -22.72% -17.76%
TOTAL ASSETS
Total Short-Term Assets $266.9M $264.4M
Total Long-Term Assets $618.1M $774.7M
Total Assets $885.0M $1.039B
YoY Change -26.88% -23.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.560M $3.174M
YoY Change -65.96% -59.57%
Accrued Expenses $66.99M $66.75M
YoY Change -20.69% -29.69%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.500M $2.500M
YoY Change 0.64% 0.36%
Total Short-Term Liabilities $71.05M $79.88M
YoY Change -22.38% -24.12%
LONG-TERM LIABILITIES
Long-Term Debt $625.7M $625.2M
YoY Change -23.07% -23.12%
Other Long-Term Liabilities $253.0K $84.94M
YoY Change -9.96% 30674.28%
Total Long-Term Liabilities $626.0M $710.2M
YoY Change -23.06% -12.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $71.05M $79.88M
Total Long-Term Liabilities $626.0M $710.2M
Total Liabilities $782.4M $797.4M
YoY Change -22.06% -21.33%
SHAREHOLDERS EQUITY
Retained Earnings -$850.4M -$702.0M
YoY Change 20.65% 28.51%
Common Stock $1.219B $1.210B
YoY Change 3.54% 4.04%
Preferred Stock
YoY Change
Treasury Stock (at cost) $266.2M $266.2M
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $102.6M $241.7M
YoY Change
Total Liabilities & Shareholders Equity $885.0M $1.039B
YoY Change -26.88% -23.82%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$148.5M -$115.0K
YoY Change -6.44% -98.57%
Depreciation, Depletion And Amortization $4.760M $6.666M
YoY Change -9.75% 36.15%
Cash From Operating Activities $18.47M $15.07M
YoY Change 80.55% 147.26%
INVESTING ACTIVITIES
Capital Expenditures $5.075M $2.401M
YoY Change -293.41% -183.34%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$5.075M -$2.401M
YoY Change 93.41% -44.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -485.0K -100.0K
YoY Change -58.65% -100.12%
NET CHANGE
Cash From Operating Activities 18.47M 15.07M
Cash From Investing Activities -5.075M -2.401M
Cash From Financing Activities -485.0K -100.0K
Net Change In Cash 12.91M 12.57M
YoY Change 100.68% -84.76%
FREE CASH FLOW
Cash From Operating Activities $18.47M $15.07M
Capital Expenditures $5.075M $2.401M
Free Cash Flow $13.39M $12.67M
YoY Change 4.2% 41.14%

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1440000 usd
us-gaap Equity Securities Without Readily Determinable Fair Value Impairment Loss Annual Amount
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0 usd
us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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5593000 usd
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us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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591000 usd
us-gaap Increase Decrease In Other Operating Capital Net
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302000 usd
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28224000 usd
us-gaap Net Cash Provided By Used In Operating Activities
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16093000 usd
us-gaap Payments To Acquire Productive Assets
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4853000 usd
us-gaap Payments To Acquire Productive Assets
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us-gaap Payments To Acquire Equity Method Investments
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16440000 usd
us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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1250000 usd
us-gaap Repayments Of Secured Debt
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tree Proceeds Payments Related To Net Share Settlement Of Stock Based Compensation Net
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-1042000 usd
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us-gaap Payments For Repurchase Of Common Stock
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0 usd
us-gaap Payments For Repurchase Of Common Stock
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43009000 usd
us-gaap Payments Of Debt Issuance Costs
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us-gaap Payments Of Debt Issuance Costs
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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34584000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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-136294000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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27891000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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298969000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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251342000 usd
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162675000 usd
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us-gaap Contract With Customer Liability Revenue Recognized
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CY2023Q2 us-gaap Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Change In Estimate Of Transaction Price
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CY2022Q2 us-gaap Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Change In Estimate Of Transaction Price
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0 usd
us-gaap Use Of Estimates
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<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Accounting Estimates</span></div><div style="margin-top:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. </span></div><div style="margin-bottom:6pt;margin-top:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Significant estimates underlying the accompanying consolidated financial statements include: the recoverability of long-lived assets, goodwill and intangible assets; the determination of income taxes payable and deferred income taxes, including related valuation allowances; fair value of assets acquired in a business combination; litigation accruals; contract assets; various other allowances, reserves and accruals; assumptions related to the determination of stock-based compensation; and the determination of right-of-use assets and lease liabilities. </span></div><div style="margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company considered the impact of the current economic conditions, including interest rates, inflation, and the COVID-19 pandemic on the assumptions and estimates used when preparing its consolidated financial statements including, but not limited to, the allowance for doubtful accounts, valuation allowances, contract asset, and the recoverability of long-lived assets, goodwill and intangible assets. These assumptions and estimates may change as new events occur and additional </span></div>information is obtained. If economic conditions worsen, such future changes may have an adverse impact on the Company's results of operations, financial position and liquidity.
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Certain Risks and Concentrations</span></div><div style="margin-top:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments, which potentially subject the Company to concentration of credit risk at June 30, 2023, 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 requires certain Network Partners to maintain security deposits with the Company, which, in the event of non-payment, would be applied against any accounts receivable outstanding.</span></div><div style="margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Due to the nature of the mortgage lending industry, interest rate fluctuations may negatively impact future revenue from the Company's marketplace.</span></div><div style="margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Lenders and lead purchasers 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 and lead purchasers 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 and other products from Network Partners 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 Network Partners whose loans and other financial products are offered on its online marketplace, consumers may obtain offers from these Network Partners without using its service.</span></div><div style="margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Other than a support services office in India, the Company's operations are geographically limited to and dependent upon the economic condition of the United States.</span></div>
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CY2022Q2 us-gaap Revenues
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us-gaap Revenues
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CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
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us-gaap Provision For Doubtful Accounts
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CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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CY2022Q2 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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682000 usd
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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CY2023Q2 tree Accounts Receivable Transfer To Held For Sale Valuation Allowance Expense
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0 usd
CY2022Q2 tree Accounts Receivable Transfer To Held For Sale Valuation Allowance Expense
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tree Accounts Receivable Transfer To Held For Sale Valuation Allowance Expense
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371000 usd
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0 usd
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
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2609000 usd
CY2022Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
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2300000 usd
CY2023Q2 us-gaap Goodwill Gross
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903227000 usd
CY2022Q4 us-gaap Goodwill Gross
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CY2023Q2 us-gaap Goodwill Impaired Accumulated Impairment Loss
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CY2022Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
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CY2023Q2 us-gaap Goodwill
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CY2022Q4 us-gaap Goodwill
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CY2023Q2 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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CY2023Q2 us-gaap Intangible Assets Net Excluding Goodwill
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CY2022Q2 us-gaap Goodwill Impairment Loss
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CY2023Q2 us-gaap Finite Lived Intangible Assets Gross
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CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2022Q4 us-gaap Finite Lived Intangible Assets Net
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CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
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CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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5830000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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5198000 usd
CY2023Q2 tree Finite Lived Intangible Asset Expected Amortization After Year Four
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CY2023Q2 us-gaap Finite Lived Intangible Assets Net
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CY2023Q1 us-gaap Asset Impairment Charges
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CY2023Q1 us-gaap Impairment Of Intangible Assets Excluding Goodwill
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CY2023Q1 us-gaap Tangible Asset Impairment Charges
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CY2023Q1 us-gaap Operating Lease Impairment Loss
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CY2023Q2 us-gaap Equity Securities Without Readily Determinable Fair Value Impairment Loss Annual Amount
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CY2022 us-gaap Equity Securities Without Readily Determinable Fair Value Impairment Loss Annual Amount
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CY2023Q2 us-gaap Accrued Advertising Current
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CY2022Q4 us-gaap Accrued Advertising Current
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CY2023Q2 us-gaap Employee Related Liabilities Current
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CY2022Q4 us-gaap Employee Related Liabilities Current
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CY2023Q2 us-gaap Accrued Professional Fees Current
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CY2022Q4 tree Customer Depositsand Escrows Current
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CY2023Q2 tree Charitable Contribution Accrual
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CY2022Q4 tree Charitable Contribution Accrual
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CY2023Q2 us-gaap Operating Lease Liability Current
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CY2023Q2 tree Accrued Restructuring And Severance Current
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2018Q1 us-gaap Stock Repurchase Program Authorized Amount1
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CY2019Q1 us-gaap Stock Repurchase Program Authorized Amount1
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us-gaap Treasury Stock Shares Acquired
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us-gaap Treasury Stock Shares Acquired
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CY2023Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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96700000 usd
us-gaap Allocated Share Based Compensation Expense
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CY2023Q2 us-gaap Share Price
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22.11
CY2023Q2 us-gaap Share Price
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22.11
CY2023Q2 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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us-gaap Effective Income Tax Rate Continuing Operations
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CY2022Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2022Q2 tree Excess Tax Expense Benefit On Stock Compensation Income Tax Expense Benefit
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CY2022Q3 us-gaap Deferred Tax Assets Liabilities Net
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CY2023Q2 tree Excess Tax Expense Benefit On Stock Compensation Income Tax Expense Benefit
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CY2022Q2 tree Excess Tax Expense Benefit On Stock Compensation Income Tax Expense Benefit
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tree Excess Tax Expense Benefit On Stock Compensation Income Tax Expense Benefit
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2906000 usd
CY2023Q2 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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CY2023Q2 us-gaap Letters Of Credit Outstanding Amount
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200000 usd
CY2022Q4 us-gaap Letters Of Credit Outstanding Amount
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200000 usd
CY2023Q2 us-gaap Litigation Reserve
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CY2022Q4 us-gaap Litigation Reserve
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us-gaap Number Of Reportable Segments
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3 segment
us-gaap Number Of Operating Segments
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CY2023Q2 us-gaap Revenues
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182453000 usd
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103944000 usd
CY2023Q2 us-gaap Gross Profit
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CY2023Q2 us-gaap Other Cost Of Operating Revenue
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9302000 usd
CY2023Q2 us-gaap Other Selling And Marketing Expense
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CY2023Q2 us-gaap General And Administrative Expense
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29160000 usd
CY2023Q2 us-gaap Research And Development Expense
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10601000 usd
CY2023Q2 us-gaap Depreciation Depletion And Amortization
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4684000 usd
CY2023Q2 us-gaap Amortization Of Intangible Assets
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1982000 usd
CY2023Q2 us-gaap Restructuring Charges
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3558000 usd
CY2023Q2 us-gaap Gain Loss Related To Litigation Settlement
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CY2023Q2 us-gaap Operating Income Loss
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CY2022Q2 us-gaap Revenues
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us-gaap Revenues
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CY2023Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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