The following is a summary of the LendingTree, Inc. (TREE) Q1 2024 Earnings Call Transcript:

Financial Performance:

• LendingTree reported a 48% increase in its Q1 adjusted EBITDA from the previous year, backed by a substantial increase in both revenue and VMD in the company's Insurance segment.

• Strong sequential growth was observed in insurance and consumer sectors of the business, a trend expected to continue into Q2.

• LendingTree secured a new $175 million loan commitment from Apollo Funds at the end of the quarter.

• Revenue in LendingTree's home and consumer sectors is predicted to increase sequentially in Q2, with growth primarily driven by insurance, home equity, personal loans, and small business.

Business Progress:

• LendingTree's insurance business registered 11% growth in revenue and VMD over the previous year with a record volume of consumers seeking auto insurance policies.

• The growth in the consumer business was highlighted by a 24% sequential growth in small business revenue.

• Despite challenging conditions in the home segment due to higher mortgage rates and low supply of homes for sale, home equity continues to provide most of the opportunities.

• The company reported growth across various sectors, including personal loans, deposits, auto loans, and mortgage home equity, as they focus on taking market share and increasing their distribution with clients.

• Further progress was noted in the successful onboarding of Bank of America onto TreeQual, although this process is anticipated to be slow due to the need for significant scale.

More details: LendingTree IR

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