Lendingtree Inc (TREE) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the LendingTree, Inc. second-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，感謝您的收聽。歡迎參加 LendingTree, Inc. 2025 年第二季財報電話會議。 （操作員指示）請注意，今天的會議正在錄音中。

I would now like to hand the conference over to your speaker today, Andrew Wessel, Senior Vice President of Investor Relations and Corporate Development. Please go ahead.

現在，我想將會議發言權交給今天的演講嘉賓，投資者關係和企業發展高級副總裁安德魯·韋塞爾 (Andrew Wessel)。請發言。

Thank you, Didi, and hello to everyone joining us on the call to discuss LendingTree's second quarter 2025 financial results. On with us today are Doug Lebda, LendingTree's Chairman and CEO; Scott Peyree, COO and President of Marketplace; and Jason Bengel, CFO. As a reminder to everyone, last week, we preannounced a summary of our quarterly results and our initial financial outlook for the third quarter and updated our 2025 outlook.

謝謝迪迪，也向所有參加電話會議討論 LendingTree 2025 年第二季財務表現的朋友們問好。今天參加電話會議的嘉賓有 LendingTree 董事長兼執行長 Doug Lebda、營運長兼 Marketplace 總裁 Scott Peyree 以及財務長 Jason Bengel。需要提醒大家的是，上週我們預先公佈了季度業績摘要和第三季初步財務展望，並更新了 2025 年的展望。

This evening, we posted a detailed letter to shareholders on our Investor Relations website. And for the purposes of today's discussion, we will assume that listeners have read that letter and we'll focus on Q&A. Before I hand the call over to Doug for his remarks, I remind everyone that during this call, we may discuss LendingTree's expectations for future performance.

今晚，我們在投資者關係網站上發布了一封詳細的致股東信。為了方便今天的討論，我們假設聽眾已經閱讀了這封信，我們將以問答環節為主。在將電話會議交給Doug發言之前，我提醒大家，在本次電話會議上，我們可能會討論LendingTree對未來業績的預期。

Any forward-looking statements that we make are subject to risks and uncertainties, and LendingTree's actual results could differ materially from the views expressed today. Many, but not all of the risks we face are described in our periodic reports filed with the SEC. We will also discuss a variety of non-GAAP measures on the call, and I refer you to today's press release and shareholder letter, both available on our website for the comparable GAAP definitions and full reconciliations of non-GAAP measures to GAAP.

我們所做的任何前瞻性陳述都受風險和不確定性的影響，LendingTree 的實際結果可能與今天表達的觀點有重大差異。我們面臨的許多風險（但並非全部）均已在我們提交給美國證券交易委員會的定期報告中進行了描述。我們還將在電話會議上討論各種非公認會計準則 (non-GAAP) 指標，敬請參考今天的新聞稿和股東信，兩者均可在我們的網站上獲取，以獲取可比較的公認會計準則 (GAAP) 定義以及非公認會計準則 (non-GAAP) 指標與公認會計準則 (GAAP) 的完整對照表。

And with that, Doug, please go ahead.

好了，道格，請繼續。

Thanks, Andrew, and thank you to everyone for joining us today for our second quarter update. Overall, I am absolutely thrilled with how the company is performing. In Q2, we delivered another strong quarter marked by double-digit growth across all of our three business segments. Profitability is up for the fifth consecutive period of year-over-year revenue growth for the company. In short, we are on a roll.

謝謝安德魯，也謝謝各位今天參加我們第二季的業績報告會。總的來說，我對公司目前的業績感到非常滿意。第二季度，我們再次取得了強勁的業績，三大業務部門都實現了兩大的成長。公司獲利能力連續第五個季度實現年成長。簡而言之，我們正處於發展的階段。

Revenue for the quarter came in at $250 million, representing 19% year-over-year growth. Adjusted EBITDA of $31.8 million was up 35% from last year. What's causing LendingTree to continue its momentum this quarter is simply being operationally excellent across the board. This has been a key tenet of our 2025 strategy, and it has taken shape in initiatives across the company that improved everything from how we build products, to streamline decision-making to building cost controls into the system.

本季營收為 2.5 億美元，年增 19%。調整後息稅折舊攤提前利潤 (EBITDA) 為 3,180 萬美元，較去年同期成長 35%。 LendingTree 本季保持強勁成長勢頭的根本原因在於其全面卓越的營運。這是我們 2025 年戰略的核心原則，並已在公司範圍內實施多項舉措，從產品構建方式、簡化決策流程到在系統中構建成本控制，這些舉措均得到了改進。

Delving into the specific segments. First, Consumer delivered 12% revenue growth with segment profit increasing 19%. Notably, small business loan revenue grew 61% and personal loan revenue grew 14%. Personal loan lenders have shown some signs of widening their buy box, but improved execution is the larger driver there. In small business, we made a strategic investment to grow our sales force, and it has paid off in more business and more efficiency. I think the small business can be a real growth driver for us.

深入研究具體細分市場。首先，消費者業務收入成長12%，利潤成長19%。值得注意的是，小型企業貸款收入成長61%，個人貸款收入成長14%。個人貸款機構已顯示出擴大購買範圍的跡象，但執行力的提升才是更大的推動力。在小型企業業務方面，我們進行了策略性投資，以擴大銷售隊伍，並取得了豐厚的回報，業務量增加，效率也得到提升。我認為小型企業可以成為我們真正的成長動力。

In Home, revenue climbed 25%, driven by a 38% increase in home equity revenue. We have a strategic focus this year on adding more small lenders to the network to fill in gaps and provide better coverage for consumers, and that is starting to pay off. I'm really pleased to see Home doing so well despite any macro tailwinds.

房屋業務方面，得益於房屋淨值收入38%的成長，收入成長了25%。今年，我們的策略重點是增加更多小型貸款機構加入網絡，以填補市場空白，並為消費者提供更完善的覆蓋，而這項舉措已開始取得成效。我很高興看到，儘管宏觀經濟形勢不利，房屋業務依然表現良好。

In Insurance, the results are awesome. Since the beginning of the year, we have been focused on increasing quality and conversion rates for our clients, and that is paying off in higher bids and more budget. Be at 21% year-over-year, particularly against an awesome Q2 last year is great momentum for our insurance business.

在保險業務方面，我們取得了令人矚目的成就。自今年年初以來，我們一直致力於提升客戶的品質和轉換率，這讓我們獲得了更高的出價和更多的預算。年比成長21%，尤其是在去年第二季業績優異的情況下，這對我們的保險業務來說是一個強勁的發展勢頭。

Now, AI and its impact on our business has certainly also been top of mind. 18 months ago, I told our Board and our company that we are going to be an AI-first company. And today, effectively all of our employees are using AI in their day jobs, including having enterprise GPT for everyone.

現在，人工智慧及其對我們業務的影響無疑已成為我們關注的焦點。 18個月前，我告訴董事會和公司，我們將成為一家以人工智慧為先的公司。如今，我們所有員工實際上都在日常工作中使用人工智慧，包括為每個人提供企業通用資料處理 (GPT)。

And our multiyear investment in data and Snowflake couldn't have come at a better time. As we connect AI to our internal data, we expect to see a lot more efficiency of the company. In marketing, in particular, we are very focused on the future of paid search, organic search and most importantly, LLM answers. We believe we are well positioned in whatever the future may bring and early data is very encouraging. We are also implementing AI in several of our key product initiatives with the aim of providing the right guidance to our customers to make smart decisions.

我們多年來對數據和Snowflake的投資恰逢其時。隨著我們將人工智慧與內部數據連接起來，我們預計公司效率將大幅提升。尤其是在行銷方面，我們非常關注付費搜尋、自然搜尋以及最重要的LLM答案的未來。我們相信，無論未來如何，我們都已做好準備，早期數據也令人鼓舞。我們也在幾個關鍵產品專案中應用人工智慧，旨在為客戶提供正確的指導，幫助他們做出明智的決策。

AI unlocks potential that has never existed for us before. Since the founding of the company, we recognize that getting a loan or an insurance policy, as Scott recognized is not just a transaction. It's a highly considered purchase that usually involves conversations over as long as several months.

人工智慧釋放了我們前所未有的潛能。自公司成立以來，我們就意識到，獲得貸款或保險單（正如斯科特所認識到的）不僅僅是一筆交易。這是一項經過深思熟慮的購買行為，通常需要長達數月的溝通。

I believe and we believe that AI will enable us to more easily guide customers through these complicated transactions, which I will -- which I expect will continue to -- will improve close rates and thus unit revenue and thus revenue and profits for the company overall. For sure, there are still risks out there.

我相信，我們也相信，人工智慧將使我們更輕鬆地引導客戶完成這些複雜的交易。我預計，這將持續提高成交率，從而提高單位收入，進而提高公司整體的收入和利潤。當然，風險仍然存在。

At the moment, I believe the opportunities are far greater than the risks. I also believe that the deep relationships and integration with our clients isn't easily disintermediated. And in a world with exploding choice, our trusted brand and history with consumers is more relevant than ever.

目前，我相信機會遠大於風險。我也相信，與顧客的深厚關係和整合並非輕易就能被「去中介化」。在這個選擇爆炸性成長的世界，我們值得信賴的品牌以及與消費者共同走過的歷史比以往任何時候都更重要。

And now operator, we're happy to take questions.

現在接線員，我們很樂意回答問題。

(Operator Instructions) Ryan Tomasello, KBW.

（操作員指示）Ryan Tomasello，KBW。

Last quarter, I think you alluded to -- last quarter, you alluded to experiencing some friction, I believe, with one of your carrier partners. So I was hoping you can give us an update on how that's going and if you feel comfortable maintaining historical levels of wallet share there.

上個季度，我記得您提到過——上個季度，您提到與一家運營商合作夥伴之間發生了一些摩擦。所以，我希望您能告訴我們最新進展，以及您是否願意維持該營運商的歷史市佔率水準。

Yes, I wouldn't say friction, but we definitely had to go through a period of adjustment as we talked about. And Scott, why don't you talk about that?

是的，我不會說是摩擦，但正如我們之前所說，我們確實經歷了一段調整期。史考特，你能否談談這個？

Yes, sure. Ryan, this is Scott Peyree. Yes, as we headed into the first quarter last year, and we were dealing with the single lender consent issues, there wasn't as much friction with the carriers. We had introduced some technical errors in our system that was affecting our traffic and monetization. I mentioned that in the last earnings call that we were working through some of those issues.

是的，當然。 Ryan，我是Scott Peyree。是的，去年第一季我們剛開始處理單一貸款機構同意的問題時，與營運商之間的摩擦還沒有那麼大。我們的系統出現了一些技術故障，影響了我們的流量和獲利能力。我在上次財報電話會議上提到，我們正在解決其中一些問題。

We largely solved the technical issues late Q1, early Q2 and started reinvesting into traffic and growing revenue getting more in mid- to late Q2. And so we exited Q2 with great, really high revenue levels. Q3 will be a record revenue for the insurance division.

我們在第一季末和第二季初基本解決了技術問題，並開始在第二季度中後期重新投資流量和增加收入。因此，我們在第二季結束時取得了非常高的收入水準。第三季將是保險部門收入創紀錄的季度。

Our carriers are very happy. Almost all of our conversations with carriers right now are how do we drive more traffic, not the opposite. So the insurance industry is in a very good spot for us.

我們的承運商非常滿意。目前我們與承運商的對話幾乎都圍繞著如何增加流量，而不是相反。所以，保險業對我們來說處於非常有利的情況。

Great. And then dovetailing off the prepared remarks, Doug, I was hoping you can just elaborate on how the company is assessing the evolving search landscape with generative and now GenTech AI. How do you envision Tree playing a role in customer acquisition as consumer behaviors change? And do you view that as more of a risk or an opportunity? And what are some of the initiatives underway there?

太好了。道格，為了銜接準備好的發言，我希望您能詳細闡述公司如何利用生成式人工智慧以及現在的GenTech人工智慧來評估不斷發展的搜尋格局。隨著消費者行為的變化，您如何看待Tree在客戶獲取方面所扮演的角色？您認為這更多的是風險還是機會？目前有哪些舉措正在進行中？

Yes. So as you can imagine, we're -- this is something at the top of our agenda. Scott, I know you're close to this in marketing. So why don't you take that one? And then I'll be happy to add comments, too.

是的。所以你可以想像，這是我們議程上的首要任務。史考特，我知道你在行銷方面已經很接近這個目標了。所以，你為什麼不接這個話題呢？然後我也很樂意補充評論。

Yes, sure. I mean, to be honest, Ryan, I would call all the GenAI and the LLMs. It's -- I would call more of a huge opportunity than any sort of risk for us. A few big reasons I'd put there. First, as the GenAI competitors grow in popularity and receive more consumer usage, we'll see the benefit of a new source of traffic.

是的，當然。說實話，Ryan，我會把所有GenAI和LLM都稱為——我認為這對我們來說是一個巨大的機遇，而不是任何風險。我有幾個主要原因。首先，隨著GenAI競爭對手越來越受歡迎，並獲得更多消費者使用，我們將看到新的流量來源帶來的好處。

We're actually -- we're already seeing a tangible number of high-quality consumers being referred to LendingTree from the likes of ChatGPT, for example. And they're very high quality, very high-intent consumers coming through.

事實上，我們已經看到大量高品質的消費者透過 ChatGPT 等平台被推薦到 LendingTree。他們都是品質非常高、意圖非常高的消費者。

We're being referenced in their results, and that's why we're getting the traffic. We're also seeing a significant increase in direct type-in traffic to the website, which we believe one of the big drivers of that is our presence in AI overviews across the Internet. So -- and then our SEO team, obviously, as Doug said in his prepared remarks, is very focused on making sure all of our content is built and able to be used very well in AI overviews across the Internet as those are growing in popularity.

他們的結果中引用了我們的數據，這就是我們獲得流量的原因。我們也看到網站的直接輸入流量顯著成長，我們認為其中一個主要驅動因素是我們出現在網路上的AI概覽中。所以——我們的SEO團隊，顯然，正如Doug在他的準備好的演講中所說，非常專注於確保我們所有的內容都經過精心構建，並且能夠在互聯網上的AI概覽中得到很好的應用，因為這些概覽越來越受歡迎。

And then obviously, as GenAI companies look to advertising to support monetization of their platforms, we'll, of course, be an aggressive first mover there. Second, I would say Google themselves, they're a clear leader in the Gen AI space. And obviously, we have a very close relationship with Google and drive a lot of traffic from them. And as Google themselves even said, their search queries have gone up very significantly since they've been introducing more and more AI overviews. And as a reflection of that, we've seen an increase in clicks, both paid and SEO clicks coming to our site.

顯然，隨著 GenAI 公司尋求廣告來支持其平台的獲利，我們當然會成為這方面的先驅。其次，我想說的是谷歌本身，他們在 Gen AI 領域無疑是領導者。顯然，我們與谷歌保持著非常密切的關係，並從他們那裡獲得了大量流量。正如Google自己所說，自從他們推出越來越多的 AI 概覽以來，他們的搜尋查詢量大幅增加。作為這一趨勢的反映，我們看到我們網站的點擊量有所增長，包括付費點擊和 SEO 點擊。

And I think a benefit of that is a lot of these clicks are coming through much higher intent than they were before because I think the consumers with AI assistance with these LLMs are getting more of their early questions answered. So by the time they're coming to us, they're ready to transact, which is great.

我認為這樣做的好處是，許多點擊都源自於比以前更高的意向性，因為我認為在人工智慧的幫助下，這些法學碩士的消費者能夠得到更多早期問題的解答。所以，當他們來找我們的時候，他們已經準備好交易了，這很棒。

Third and the final point I'd make, and this is more of a long-term point is I'm a big believer that GenAI will create more overall comparison shoppers in the marketplace. Products like insurance and financial products are at the end of the day, complicated products, and it's hard for a lot of consumers to understand these products.

我要說的第三點，也是最後一點，也是更長期的觀點是，我堅信GenAI將在市場上創造更多全面的比價購物者。像保險和金融產品這樣的產品，歸根究底就是複雜的產品，許多消費者很難理解這些產品。

I believe GenAI is and will continue to do a good and better job of helping to democratize to explain these products to consumers. And because of that, consumers going to be -- are going to become more active shoppers of these products. Whereas today, we have a lot of consumers that will just go to the insurance agent they know or go to their local bank branch for these products. I think as it's easier for them to get questions answered and understand these products better, there'll be more active shoppers of which we'll be a direct beneficiary of.

我相信 GenAI 正在並將繼續出色地幫助消費者更輕鬆地了解這些產品。正因如此，消費者將會更積極地購買這些產品。而如今，許多消費者只會去找他們認識的保險代理人或去當地的銀行分行購買這些產品。我認為，隨著他們更容易獲得問題解答並更好地了解這些產品，將會有更多積極的購物者，而我們將直接受益。

Hopefully, that answers your question.

希望這能回答你的問題。

Yes. The only thing I'd add to that, which Scott excellent answer is because we don't today have versus our competitors, such a dependence on SEO, traditional Google-based SEO, it enables us to take -- to do more testing and find more opportunities in the early, early days of LLMs. And at the same time, because we have enough content, enough history in our brands and our reputation, particularly including the acquisitions that we made, we've got a lot of domain authority. And so we're finding ourselves showing up more than we would have expected compared to traditional SEO in LLM results.

是的。我唯一想補充的是，斯科特的回答非常出色，因為我們與競爭對手相比，現在不再那麼依賴搜尋引擎優化（SEO），也就是傳統的基於谷歌的搜尋引擎優化（SEO），這使得我們能夠在法學碩士（LLM）專案的早期階段進行更多測試，發現更多機會。同時，由於我們擁有足夠的內容、品牌歷史和聲譽，尤其是包括我們進行的收購，我們擁有很高的網域權重。因此，與傳統的搜尋引擎優化相比，我們發現法學碩士（LLM）搜尋結果中的排名比我們預期的要高。

Jed Kelly, Oppenheimer & Company.

傑德凱利，奧本海默公司。

Two, if I may, then I have a follow-up. Just on the personal loans, can you discuss what's driving the strength there? And what happens if we potentially get an interest rate cut?

第二，如果可以的話，我還有一個後續問題。關於個人貸款，您能否談談推動該領域強勁成長的因素？如果我們有可能降息，會發生什麼事？

And then just on the AI topic, can you talk about what it can do to your expense base? And is there ability to sort of reduce that $200 million in expenses lower?

那麼，關於人工智慧，您能談談它對您們的開支基礎有什麼影響嗎？它是否有能力降低這2億美元的開支？

Scott, why don't you take the first? And Jason, you take the second, and I'll add on.

史考特，你為什麼不選第一個？傑森，你選第二個，我來補充。

All right. Sounds good. Yes, Jed, on personal loans, it's a combination of things. I would start with saying it's an absolutely excellent job of executing over the past year plus and with a lot of growth. We've really broadened the network of where we're getting consumers shopping. So we've just -- we've done a really good job of increasing the number of consumers shopping for personal loans through our network.

好的。聽起來不錯。是的，傑德，就個人貸款而言，這是多種因素共同作用的結果。首先，我想說的是，過去一年多來，我們的業績表現非常出色，成長也非常顯著。我們確實擴大了消費者的購物網絡。所以，我們在增加透過我們的網路尋求個人貸款的消費者數量方面做得非常出色。

It remains a very popular product out there. And I think we've got a lot of growth opportunities in the future. I mean there is a lot of green shoots we're seeing in different areas where we feel like we can continue significant growth for the foreseeable future.

它仍然是一款非常受歡迎的產品。我認為我們未來有很多成長機會。我的意思是，我們在不同領域看到了很多復甦的跡象，我們認為在可預見的未來，我們可以繼續保持顯著的成長。

And then secondly, I'd say on the industry standpoint, more and more optimism coming from the lenders. Even one quick anecdote for you is we track internally the number of actions our lenders take to expand the swath of demographics they're willing to offer loans to versus contracting.

其次，我想說，從產業角度來看，貸款機構的樂觀情緒越來越強烈。舉個例子，我們內部追蹤了貸款機構為擴大貸款人群而採取的行動數量，而不是收縮貸款人群。

And in Q2, there was 37 expansions compared to four contractions and opening up the number of loans they're willing to offer to people. So I think that just shows you like in general, the industry, they have a strong desire to write more quantities of loans, more total value of loans, and they're starting to be willing to accept more risk while they're writing those loans. And that's happening outside of interest rates dropping. So if interest rates drop, that would only accelerate that.

第二季度，貸款擴張37個，收縮4個，這增加了他們願意提供給人們的貸款數量。所以我認為這表明，總的來說，整個行業都有強烈的意願發放更多貸款，提高貸款總額，並且他們開始願意在發放貸款時承擔更多風險。而這一切都發生在利率下降之外。因此，如果利率下降，這只會加速這一進程。

And so Jason?

那麼傑森呢？

Yes. Jed, I can comment on the expense point. I'm personally really excited about AI. As you know, like the expense base and using zero-based budgeting to break it apart and make sure we're happy with all the pieces of it has been a big priority. This is going to take all the work to another level.

是的。傑德，我可以就費用問題發表一下意見。我個人對人工智慧非常感興趣。如你所知，像是費用基數以及使用零基預算來分解它並確保我們對所有部分都滿意一直是我們的首要任務。這將把所有工作提升到一個新的水平。

And so we are getting, like Doug said, we're getting -- everyone in the company will have a ChatGPT license. And it's pretty amazing what you can do. When you think about a custom GPT, what you're able to do with it, it's almost like having your own personal developer.

所以，就像Doug說的，我們公司裡的每個人都會擁有ChatGPT許可證。你能做的事情真是令人驚嘆。想想客製化的GPT，想想你能用它做什麼，幾乎就像擁有專屬的開發人員一樣。

And so when you think about the work that can be automated, it's pretty expensive, and it's pretty exciting. And so I think we're really excited internally to point ourselves at a goal of just becoming way more productive in our expense base. And so we're trying to work through the details of all that. But the goal here is really to get everyone trained on it, so they know how to use it. We may even have like a competition for the best use case to really drive adoption.

所以，想想那些可以自動化的工作，成本相當高昂，但也相當令人興奮。所以，我認為我們內部非常興奮，因為我們的目標是大幅提高成本效率。我們正在努力完善所有細節。但我們的目標是讓每個人都接受自動化培訓，讓他們知道如何使用它。我們甚至可能會舉辦一場最佳用例競賽，以真正推動自動化的普及。

And then we're going to set ourselves a goal internally to make sure we become more productive with all the work that's happening today, sort of upskill people to stop doing lower skilled labor, let's automate that and let's free up people to work on sort of the higher-skill labor that they'd like to do, but they don't have time to that's going to add a whole lot more value.

然後，我們將在內部設定一個目標，以確保我們在今天的所有工作中提高生產力，提高人們的技能，讓他們不再從事低技能勞動，讓我們實現自動化，讓我們解放人們，讓他們去做他們想做但沒有時間做的高技能勞動，這將創造更多的價值。

Yes. And the way I'd add on is to say, if we expected our business to be the same size, AI could probably have us run the business with a whole lot fewer people and a whole lot less expense. And it can also enable us to do with the same expense base and-or drifting and/or coming down as it has to do 10 times more work and run 50x more tests and get products in market much faster and know what works much faster and be able to develop stuff at much lower cost.

是的。我想補充的是，如果我們預期業務規模保持不變，人工智慧或許能讓我們用更少的人力和更少的開支來經營業務。它還能讓我們在成本基數不變的情況下，甚至有所浮動或下降，因為它需要做10倍以上的工作，進行50倍以上的測試，更快地將產品推向市場，更快地了解哪些方法有效，並能夠以更低的成本開發產品。

And it's just the speed at which I've seen us move just even product development over the last few months and how it's just accelerated since we started on this journey has just been incredible. So we want to keep our employees motivated on just increasing productivity and anything you can automate and then you go do the higher-level work that only you can do. And let's do -- let's use this as an opportunity to do a lot more work and do a lot more business and make us a lot smarter.

過去幾個月，我看到我們產品開發的速度如此之快，自從我們開啟這段旅程以來，速度之快令人難以置信。我們希望激勵員工不斷提高生產力，並致力於任何可以自動化的事情，然後去做只有我們自己才能做的更高層次的工作。讓我們——讓我們以此為契機，做更多的工作，做更多的生意，讓我們變得更聰明。

And then just as a follow-up real quick. I think there was a local competitor that lost a contract. It was like, call it, 10%, 15% of their EBITDA. Are you having that same impact? Or was that just your competitors' issue?

然後我快速跟進。我記得有一家本地競爭對手丟掉了一份合約。損失大概相當於他們息稅折舊攤提前利潤（EBITDA）的10%到15%。你們也受到同樣的影響嗎？還是這只是你們競爭對手的問題？

Yes, it's Jason. I can take that one, too. We're familiar with the situation. And as you know, like a value that we provide is on-demand customer acquisition. So we don't really have longer-term contracts or any longer-term committed spend.

是的，是傑森。我也可以接這個。我們熟悉這種情況。而且如你所知，我們提供的價值是按需獲取客戶。所以我們實際上沒有長期合約或任何長期承諾支出。

That's not really our business model. So whatever the specific issue is, it's not affecting us. And I think you can see in the results how well we're performing and how strong our guide is. So that's not -- it's definitely not an issue for us.

這其實並非我們的商業模式。所以，無論具體問題是什麼，都不會影響我們。我想您可以從業績中看到我們的表現有多好，我們的預期有多強。所以，這對我們來說絕對不是問題。

Luke Horton, Northland.

盧克霍頓，北地。

This is Luke on for Mike Grondahl. Congrats on the quarter. Just wanted to touch here on the kind of raised guidance sort of puts and takes either from a macro standpoint, kind of the assumptions baked in here? And any sort of trends to call out across the business here in the month of July?

我是 Luke，接替 Mike Grondahl 的節目。恭喜本季業績。我想談談上調的業績指引，以及從宏觀角度來看，其中包含的假設是什麼？ 7 月整個業務有什麼趨勢值得關注嗎？

Yes, it's Jason. I can take that one, too. Yes, I'm happy to take that one. I can kind of go segment by segment like I usually do. Hopefully, that's helpful. Home, the big question is rates and are they going to decrease. We're not assuming any change in rates in the current guide. So we're assuming basically continued strength in home equity, which like we've talked about, is performing very well.

是的，我是傑森。這個問題我也可以回答。是的，我很樂意回答。我可以像往常一樣，逐一細分地講。希望對您有幫助。房屋方面，最大的問題是利率，它會下降嗎？我們目前的指南中沒有假設利率會有任何變化。所以我們假設房屋淨值將持續走強，正如我們之前提到的，房屋淨值表現非常好。

Margin may normalize a little bit upward from where it was in Q2, but generally, where we are in Q2 forward. We do expect a seasonal decline in Q4 in the guide. This is a little bit of a departure from Q4 last year, where we had home equity ramp up to the sort of the current levels in Q4 last year. So we do expect a little bit of a decline in Q4 this year, whereas last year in Q4, you can see like it actually increased. We don't expect that to repeat.

利潤率可能會比第二季略有回升，但總體而言，第二季及以後的利潤率基本上保持不變。我們預計第四季的利潤率將出現季節性下降。這與去年第四季略有不同，去年第四季我們的房屋淨值上升到了目前的水平。因此，我們預計今年第四季度的利潤率會略有下降，而去年第四季度，你可以看到它實際上是上升的。我們預計這種情況不會重演。

Consumer, Scott talked about PL. It's pretty exciting what we're seeing where lenders are growing all this year within their credit boxes, they've been growing originations double digits. Now, we're starting to see them sort of creep out of their credit boxes. That's very encouraging. If credit can start to open, that would be fantastic for the consumer segment. We're not contemplating that in the guide. We're sort of assuming generally current performance forward with a normal seasonal decrease, but I think those macro indications are very encouraging there, I would say.

消費者，斯科特談到了消費貸款（PL）。我們看到貸款機構今年一直在各自的信貸範圍內成長，這非常令人興奮，他們的貸款發放量一直保持兩位數成長。現在，我們開始看到他們逐漸突破信用限制。這非常令人鼓舞。如果信貸能夠開始開放，對消費者市場來說將會是個好消息。我們的指南中沒有考慮到這一點。我們大致假設目前的業績表現大致相同，並會出現正常的季節性下降，但我認為這些宏觀指標非常令人鼓舞。

Insurance is one area where, as Scott mentioned, we do expect a significant step up. And we're seeing that in July. And this is the July actuals where we're run rating significantly higher than where we were in Q2, and this is based on the quality investments that Scott outlined, and we're seeing real results coming through in July. So we do expect a step change in Q3.

正如斯科特所提到的，我們確實預計保險業務將大幅成長。 7月就已看到這項跡象。這是7月份的實際數據，我們的營運評級顯著高於第二季度，這基於斯科特概述的優質投資，而且我們看到7月份的實際業績正在顯現。因此，我們確實預期第三季將出現階躍式成長。

Margin may be slightly less than where it was in Q2 as it is a competitive environment. Like Scott said, carriers are intent on acquiring customers. So it is a pretty hot market, and we expect it to continue to be hot. But we do expect strength going forward and significantly higher than Q2. Expenses generally kind of see in the guide is generally where we are Q2 forward. So hopefully, that outlines things for you.

由於競爭激烈，利潤率可能略低於第二季。正如斯科特所說，營運商致力於獲取客戶。因此，這是一個相當火爆的市場，我們預計它會持續火爆。但我們確實預期未來業績將強勁成長，並顯著高於第二季。指南中列出的費用大致相當於我們第二季的預期。希望以上內容能為您概述一下情況。

I'm showing no further questions at this time. I'd like to turn it back to Doug Lebda for closing remarks.

我現在沒有其他問題了。我想把時間交還給道格·萊布達，請他做最後發言。

Thank you all so much. In closing, I am just really proud of our second quarter results and thrilled that they reflect the strength of our business model and the consistency of our execution and the strategic investments we've made to position LendingTree for long-term growth.

非常感謝大家。最後，我對我們第二季的業績感到非常自豪，並很高興看到這些業績反映了我們強大的商業模式、持續的執行力以及我們為LendingTree的長期成長所做的策略投資。

We're delivering measurable value to our partners. We're expanding share across core verticals and driving innovation through thoughtful integration of AI. As we look to the second half of the year, we forecast the strong momentum in our financial results will continue.

我們正在為合作夥伴創造可衡量的價值。我們正在擴大核心垂直領域的市場份額，並透過對人工智慧的深度整合推動創新。展望下半年，我們預測強勁的財務業績動能將持續下去。

Thank you again for your continued support and partnership, and I look forward to talking to you again in three months.

再次感謝您一直以來的支持與合作，我期待三個月後能再次與您交談。

This concludes today's conference call. Thank you for participating, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，現在可以掛斷電話了。