Lendingtree Inc (TREE) 2025 Q3 法說會逐字稿

Good day and thank you for standing by.

您好，感謝您的耐心等待。

Welcome to the Lendingtree third quarter 2025 earnings conference call. (Operator Instructions)

歡迎參加 Lendingtree 2025 年第三季財報電話會議。（操作說明）

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄影。

I would now like to hand the conference over to your first speaker today, Andrew Wessel, Investor relations and Corporate Development. Please go ahead.

現在我謹將會議交給今天的第一位發言人，投資者關係和企業發展部的安德魯·韋塞爾。請繼續。

Thank you, Brittany, and hello to everyone joining us on the call to discuss LendingTree's third quarter 2025 financial results. All with us today are Scott Pryree, CEO, and Jason Bangle, CFO. This morning 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 will focus on Q&A.

謝謝 Brittany，也歡迎各位參加本次電話會議，共同討論 LendingTree 2025 年第三季財務表現。今天和我們在一起的是執行長 Scott Pryree 和財務長 Jason Bangle。今天早上，我們在投資者關係網站上發布了一封給股東的詳細信函。為了今天的討論，我們假設聽眾已經閱讀了這封信，並將重點放在問答環節。

Before I hand the call over to Scott for his remarks, I remind everyone that during this call we may discuss LendingTree's expectations for future performance. Any forward-looking statements that we make are subject to risks and uncertainties, and LendingTree's actual results could differ materially from the view expressed today.

在將電話交給 Scott 發言之前，我提醒大家，在本次通話中，我們可能會討論 LendingTree 對未來績效的預期。我們所做的任何前瞻性聲明都存在風險和不確定性，LendingTree 的實際結果可能與今天表達的觀點有重大差異。

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 available on our website for the comparable GAAP definitions and full reconciliations of non-GAAP measures to GAAP.

我們面臨的許多風險（但並非全部）已在向美國證券交易委員會提交的定期報告中進行了描述。我們也會在電話會議上討論各種非GAAP指標，請您參閱我們網站上今天發布的新聞稿和股東信，以了解可比較的GAAP定義以及非GAAP指標與GAAP的完整調節表。

And with that, Scott, please go ahead.

那麼，斯科特，請開始吧。

Thank you, Andrew, and thanks to everyone for joining us today as we discuss our third quarter results. First off, all of us here at LendingTree are deeply saddened by our founder Doug Les sudden passing a few weeks ago.

謝謝安德魯，也謝謝各位今天與我們討論第三季業績。首先，我們 LendingTree 的所有人都對創辦人 Doug Les 幾週前突然離世深感悲痛。

Doug was a visionary leader who had an impact on every part of our company. He was truly passionate, creating a marketplace where consumers could find the best financial product for them at the most competitive price. He coined our long standing and well-known marketing tagline When banks compete, you win.

道格是一位富有遠見的領導者，他對我們公司的各個方面都產生了影響。他充滿熱情，致力於打造一個讓消費者能夠以最具競爭力的價格找到最適合自己的金融產品的市場。他創造了我們沿用已久的著名行銷口號：銀行競爭，你贏。

Personally, I came to know Doug as he explored buying the company I founded, Quote Wizard, back in 2018.

我自己是在 2018 年認識 Doug 的，當時他正在考慮收購我創立的公司 Quote Wizard。

At that time, I appreciated his entrepreneurial spirit that we both shared his deep passion for the business and the strong and similar culture he had at LendingTree compared to Quo Wizard.

當時，我欣賞他的創業精神，我們都對這個行業充滿熱情，而 LendingTree 的企業文化與 Quo Wizard 的企業文化非常相似。

After LendingTree ultimately bought my company, I was able to know him more closely, especially in the last two years. I served as President and Chief Operating Officer. I viewed him as a great boss, great business partner, and a great friend.

在 LendingTree 最終收購我的公司後，我得以更密切地了解他，尤其是在過去兩年。我曾擔任總裁兼營運長。我認為他是一位很棒的老闆、很棒的商業夥伴和很棒的朋友。

I also came to appreciate how much he cared about all of the employees at LendingTree. For example, he insisted that full-time employees receive stock as part of their compensation, so they would think like owners.

我也逐漸體會他對 LendingTree 所有員工的關心。例如，他堅持讓全職員工獲得股票作為薪酬的一部分，這樣他們就能像老闆一樣思考。

He was present at all kinds of internal company events.

他出席了公司內部的各種活動。

Of course, him seeing every quarterly all hands meeting, but also showing up at small internal meetings or celebrations, always offering encouraging words and pushing all of us to achieve more.

當然，他每季都會參加全體員工大會，也會出席小型內部會議或慶祝活動，總是給予我們鼓勵，激勵我們所有人取得更大的成就。

The outpouring of condolences we have received since his passing from people across the country and within our industry has been truly overwhelming.

自他去世以來，我們收到了來自全國各地以及業內人士的如潮慰問，這真的令人感動不已。

All of us at Lenny should mourn him and keep his wife, daughters, parents, and family in our thoughts as we carry on with his legacy.

我們 Lenny 的所有人都應該為他哀悼，並將他的妻子、女兒、父母和家人放在心上，同時我們將繼續傳承他的遺志。

I'm honored to become the second CEO in the company's history and carry the mantle of what Doug founded nearly 30 years ago.

我很榮幸成為公司史上第二位首席執行官，並繼承道格近30年前創立的事業。

Doug and I were aligned on driving continuous improvement in the consumer shopping experience, optimizing our business through operational excellence initiatives, which I started to implement two years ago upon being appointed the COO.

我和道格在持續改善消費者購物體驗、透過卓越營運措施優化業務方面達成了一致，我兩年前被任命為營運長後就開始實施這些措施。

We also share the belief that improvements in AI technology will greatly benefit the consumer experience when they come to Lemon Tree shopping for financial products.

我們也相信，人工智慧技術的進步將大大提升消費者在 Lemon Tree 購買金融產品時的體驗。

I'm very excited as to how agentic AI LLMs, and other AI tools can transform the shopping and experience of our products over the next few years.

我非常興奮地看到，在未來幾年裡，智慧AI LLM和其他AI工具將如何改變我們產品的購物和體驗。

Finally, we both agreed we needed to ensure our balance sheet was equipped not just to survive future periods of economic stress, but to thrive in them, allowing us to go on the offense when competitors are pulling back and our customers need us more than ever.

最後，我們一致認為，我們需要確保我們的資產負債表不僅能夠應對未來的經濟壓力時期，而且能夠在經濟壓力時期蓬勃發展，使我們能夠在競爭對手撤退、客戶比以往任何時候都更需要我們的時候採取進攻策略。

Reflecting on the incredible business Doug created, it seems appropriate that in the third quarter this year, our revenue of $308 million was our second highest in company's history, barely missing our high point when the Fed rates were essentially 0%. Each of our three segments recorded double-digit year over year revenue and BMD growth.

回顧道格所創造的令人難以置信的企業，今年第三季度，我們的收入達到 3.08 億美元，是公司歷史上第二高的收入，僅略低於聯準會利率基本為 0% 時的最高點，這似乎也合情合理。我們三個業務部門的營收和 BMD 均實現了兩位數的年成長。

This is the sixth consecutive quarter we have reported revenue growth from the prior period.

這是我們連續第六個季度實現營收年增。

The company's diversification across industries is allowing us to lean into areas of high demand, most notably from our insurance carrier partners looking for new auto customers.

公司在各個行業的多元化發展使我們能夠專注於高需求領域，尤其是來自我們尋求新汽車客戶的保險公司合作夥伴。

We have retaken a leadership position in the insurance marketplace. We will continue matching carriers of quality, high intent consumers to capture an increasing share of those insurance companies' marketing budgets as we move into next year.

我們已重新奪回保險市場的領導地位。我們將繼續為保險公司配對優質、高意願的消費者，以便在明年盡可能贏得這些保險公司的行銷預算份額。

This is a similar strategy we employed during the downturn in carrier demand in 23, which led us to being well positioned with leading market share in the industry when the industry recovered and then boomed in 24. Importantly, we've begun to see a strong ramp in spin outside of our top three carriers, an important indicator of the health and duration of this cycle.

這與我們 2023 年航空公司需求低迷時採取的策略類似，使我們在 2024 年行業復甦並蓬勃發展時佔據了行業領先的市場份額。重要的是，我們已經開始看到前三大承運商以外的股票價格大幅上漲，這是衡量本輪週期健康狀況和持續時間的重要指標。

Specifically in Q3, if you look at our fourth through 10th largest carriers on our network, so take out our top three carriers. The next seven spend with us increased by nearly 60% compared to a year ago.

具體來說，在第三季度，如果你看一下我們網路中第四到第十大運營商，也就是去掉我們前三大運營商。接下來的七筆消費額比一年前增加了近 60%。

Our consumer segment is also producing fantastic results. Segment VMD grew 26% on the quarter and 11% revenue growth. Our small business team has just been spectacular and it's benefited from our investment in the concierge sales strategy.

我們的消費者業務板塊也取得了非常好的成績。VMD業務部門本季成長26%，營收成長11%。我們的小型企業團隊表現非常出色，這得益於我們對禮賓銷售策略的投資。

These high touch customer service models helped us drive a 30% increase in the number of loans we closed for partners in this quarter versus last year and driving overall 50% year over year increase in revenue. It has propelled growth in our high margin bonus and revenue referral revenue streams as well.

這些高觸感客戶服務模式幫助我們在本季為合作夥伴完成的貸款數量比去年同期成長了 30%，並推動了整體營收年增 50%。這也推動了我們高利潤獎金和推薦收入來源的成長。

The personal loans business continues to grow nicely as lenders are steadily and cautiously widening their credit criteria for borrowers. Notably, close rates for both prime and mid-prime loans for debt consolidation grew by double-digits in the quarter compared to the prior year.

隨著貸款機構穩步謹慎地擴大借款人的信貸標準，個人貸款業務繼續保持良好成長勢頭。值得注意的是，與去年同期相比，本季優質貸款和中等優質貸款的債務整合成交率均實現了兩位數成長。

Record consumer credit card balances and a forecast for lower short-term interest rates should help accelerate the growth of this vehicle in the next year.

創紀錄的消費者信用卡餘額以及短期利率走低的預期，應該有助於推動該車型在明年加速成長。

The home segment is also doing quite well despite persistent high mortgage rates in the sluggish housing market. Revenue from our home equity product increased 35% in the third quarter as lenders continue to target this product, given the lack of demand for first mortgages.

儘管房地產市場低迷，抵押貸款利率持續高企，但住宅市場表現依然相當不錯。由於對首套房抵押貸款的需求不足，貸款機構繼續將目標鎖定在房屋淨值產品上，因此我們房屋淨值產品的收入在第三季度增長了 35%。

Existing home sales remain stuck around the 4 million annual unit level. You'd have to look back to the financial crisis period of 809 to find similarly low activity.

現有房屋銷售量仍徘徊在每年400萬套左右。要找到類似的低迷時期，就得追溯到 809 年的金融危機時期。

Before we take your questions, I want to let the investor community know that we are extremely well positioned to grow our business. Doug created a revolutionary company, the first true online comparison shopping site, and I'm honored to lead going forward and continue executing on its original vision.

在回答各位的問題之前，我想讓投資界知道，我們擁有非常有利的業務成長前景。Doug 創建了一家革命性的公司，第一個真正的線上比價購物網站，我很榮幸能夠領導公司繼續前進，並繼續執行其最初的願景。

I would also like to thank all the employees at LendingTree for putting up such strong performance and positioning us well for continued growth in 2026.

我還要感謝 LendingTree 的所有員工，感謝他們出色的表現，為我們在 2026 年的持續成長奠定了良好的基礎。

We're happy to open the line to your questions.

我們很樂意解答您的問題。

(Operator Instructions)

（操作說明）

Our first question comes from a line of Jed Kelly with Oppenheimer & Co.

我們的第一個問題來自 Jed Kelly 與 Oppenheimer & Co. 的一段對話。

Your line is now open.

您的線路已開通。

Hey, great, thanks for taking my question. Just digging into the consumer segment in the shareholder letter you said your credit cards are getting back to your historical margins and then if I look, it looks like consumer VMM is going to be at record annualized margins this year.

嘿，太好了，謝謝你回答我的問題。在致股東的信中，您提到信用卡業務的利潤率正在恢復到歷史水平，而我仔細查看後發現，今年消費者VMM業務的年化利潤率將創歷史新高。

So can you just talk about how we should think about all the moving puts and takes in in that segment and in the margin profile and you know what we should look at going out into next year.

那麼，您能否談談我們應該如何看待該板塊中所有不斷變化的看跌和買入交易，以及保證金狀況，還有，展望明年我們應該關注哪些方面？

Yeah, sure, thanks, Jet.

好的，謝謝，傑特。

First off, I would say I would probably say the consumer VMM being at the highest levels as overall is largely driven by our small business just because our small business is generally a high margin category and it has grown spectacularly.

首先，我認為消費者 VMM 處於最高水平主要是由我們的小型企業推動的，因為我們的小型企業通常是一個高利潤類別，而且成長非常迅猛。

Small business was our biggest lending business and consumer in the third quarter and we With the concierge sales staff, our lead growth, our positioning in that market, we do expect that to be continued strong growth for the indefinite future.

第三季度，小型企業是我們最大的貸款業務和消費業務，憑藉禮賓銷售人員、潛在客戶成長以及我們在該市場的定位，我們預計未來一段時間內將繼續保持強勁成長。

And so we're we're very excited about that business and where it's going and and H1stly, I also say we have some other businesses for proprietary reasons. I won't say specifically which ones, but we think we can move that similar concierge sales model into and we will be actively engaging that.

所以，我們對這項業務及其發展方向感到非常興奮。此外，我還想說，出於商業機密的原因，我們還有一些其他業務。我不會具體說是哪些公司，但我們認為我們可以將類似的禮賓銷售模式引入其中，我們將積極參與其中。

'26 and starting to build a direct concierge sales team which is both great for the customer consumer experience as well as the monetization of the traffic to hit on credit cards briefly, yeah, we were, the combination of rolling out tree call and just pulling back the margins in that business has gotten really low.

'26，我們開始組建一支直接禮賓銷售團隊，這既有利於提升客戶體驗，也有利於透過信用卡流量變現。是的，我們當時正在推出Tree Call服務，但同時也導致該業務的利潤率大幅下降。

So there was a real focus over the past 12 to 16 months of just like, all right, let's get the business back in good healthy shape, running at solid margins. And we have done that and it's and it's been a great, it's a smaller piece of the overall consumer business, but it's much healthier today than it was a year or two ago, and I think that is positioned for to get back into top level growth mode next year.

因此，在過去的 12 到 16 個月裡，我們真正關注的是，好吧，讓我們讓業務恢復到良好的健康狀態，並以穩健的利潤率運作。我們已經做到了，而且效果顯著。雖然它在整個消費業務中所佔比例較小，但如今比一兩年前健康得多，我認為它已經做好準備，明年將重回頂級成長模式。

Okay, and then obviously I think to the other.

好的，然後我顯然想到了另一邊。

Real good point about the quarter is just where the balance sheet is. So it's a great job on your part, getting it down to 2.5 times leverage. Can you just talk about where you're going to, prioritize capital returns, buybacks, paying down debt or or or investing in the business. Thanks.

本季最重要的一點就是資產負債表的情況。所以你做得很好，把槓桿率降到了 2.5 倍。能談談你的發展方向嗎？優先考慮資本回報、股票回購、償還債務還是投資業務？謝謝。

Yeah, this is Jason. I can take that one. Yeah, we're very happy with the completed refinancing this quarter. We think that's a great event that's going to allow us much more flexibility going forward, like you said, our leverage has continued to come down 2.6%, it was 4.4% a year ago and it was much higher than that even before that.

是的，這是傑森。我可以接受這個。是的，我們對本季完成的再融資非常滿意。我們認為這是一個非常好的事件，它將使我們在未來擁有更大的靈活性。正如您所說，我們的槓桿率持續下降了 2.6%，一年前是 4.4%，而在此之前則更高。

And so when it comes to capital allocation, I think our first priority, our default, is going to be paying down debt. That's a risk-free return of north of 8%.

因此，在資本配置方面，我認為我們的首要任務，或者說我們的預設做法，是償還債務。這意味著無風險回報率超過 8%。

But now, because we have a co light term loan, we do have the option to start thinking about buying back shares and doing selective M&A.

但現在，因為我們有一筆合作輕型定期貸款，我們確實可以選擇開始考慮回購股份和進行選擇性併購。

So we're certainly going to look at those things, and if we do see the stock trading at an attractive price, well, we're certainly going to consider it. If we do see an acquisition out there that's going to be beneficial to us, we'll consider it, but I would say the default is generally going to be paying down debt.

所以我們肯定會關注這些因素，如果我們看到股票的交易價格很有吸引力，那麼我們肯定會考慮買入。如果我們發現有對我們有利的收購機會，我們會考慮，但我認為預設選項通常是償還債務。

Thank you and good luck, Scott.

謝謝你，祝你好運，斯科特。

Thank you.

謝謝。

Thank you so much.

太感謝了。

Our next question comes from the line of Ryan Tomasello with KBW. Your line is now open.

我們的下一個問題來自 KBW 的 Ryan Tomasello。您的線路已開通。

Hi everyone, thanks for taking the questions and my sincerest condolences for the loss of Doug.

大家好，感謝大家回答問題，並對道格的去世表示最誠摯的哀悼。

In your insurance business, Scott, if you can just elaborate on what gives you confidence that this cycle has legs into next year, and then just remind us the typical composition of revenue between the top and low end of the funnel.

史考特，就你的保險業務而言，你能否詳細說明一下是什麼讓你相信這個週期會延續到明年，然後提醒我們漏斗頂端和底端之間的典型收入組成。

It sounds like, variability in that mix is a main driver of the margin volatility.

聽起來，這種組合的變動是利潤波動的主要驅動因素。

And just how you're thinking about, what a reasonable trajectory is for segment margins in the insurance business from here. Thanks.

而你正在思考的是，從現在開始，保險業務各細分市場的利潤率應該如何合理地發展。謝謝。

Okay, yeah, I mean, just starting at the sustainability of the industry levels, I mean, I would just open with the insurance industry as a whole on a macro level that remains in a very profitable position.

好的，是的，我的意思是，首先要從行業層面的可持續性說起，我會先從宏觀層面來看整個保險業，它仍然處於非常有利可圖的地位。

These companies are after the deep downturn that they're in a very healthy position now, a healthy position to the level of where a number of companies are starting to look at rate reductions for their policies.

這些公司在經歷了嚴重的經濟衰退之後，現在處於非常健康的境地，健康到許多公司都開始考慮降低保費的程度。

I mean, they're that profitable.

我的意思是，它們利潤非常豐厚。

So I think we're just in a good position where all of the major clients that are spending marketing dollars with us are in very healthy positions. So there's no reason to think that they won't.

所以我認為我們目前處境很好，所有在我們這裡投入行銷資金的大客戶都處於非常健康的財務狀況。所以沒有理由認為他們不會這樣做。

Continue to aggressively pursue market share in the upcoming year plus, which obviously is, we're a major place to go if you're looking to increase your market share.

在接下來的一年多時間裡，我們將繼續積極爭取市場份額，顯然，如果您希望擴大市場份額，我們是一個重要的選擇。

Talking about, the product lines within insurance and how it affects margins, that's that's a very true statement you're just making, we've got clicks, leads and calls are our main product lines in insurance and if you, the clicks is generally by far the lowest margin product where leads and calls.

談到保險產品線及其對利潤率的影響，您剛才說的話非常正確。我們的保險主要產品線包括點擊量、潛在客戶和電話諮詢。一般來說，點擊量是利潤率最低的產品，而潛在客戶和電話諮詢的利潤率則高得多。

Are much larger margin.

利潤空間大得多。

Products, but they all work together. So, but what happens when you have some of our major clients that are click buyers, it drives your revenue way up but at a lower margin profile. But what that does is by it allows us to go out and buy and secure way more traffic.

這些產品雖然是獨立產品，但它們都能協同工作。但是，當我們的主要客戶是點擊購買者時，雖然這會大幅提高收入，但利潤率會降低。但這確實使我們能夠出去購買和獲取更多的流量。

That means we can sell more leads and calls at the end of the day, so your overall margin profile goes down, but you're generating so much revenue and you're selling off so many more leads and calls that your overall. A VMD goes up quite a bit.

這意味著我們最終可以賣出更多的潛在客戶和電話，因此您的整體利潤率會下降，但您創造瞭如此多的收入，並且賣出瞭如此多的潛在客戶和電話，因此您的整體利潤率會下降。VMD 值大幅上升。

So that's just kind of the wave of the up and down as those quick budgets may go up and down a lot, but I would say we're we're a total VMD dollar company. We will, we want to drive as much high-quality traffic as possible and make as much total VMD while we're doing that, and I think Q3 is very.

所以，這就是預算波動的規律，因為這些快速預算可能會上下波動很多，但我想說，我們是一家完全以 VMD 美元為單位的公司。我們會的，我們希望盡可能吸引高品質的流量，並在實現這一目標的同時盡可能創造總VMD，我認為第三季非常重要。

Reflective of that strategy, over $200 million of revenue with just under $50 million of VMD, our second biggest VMD quarter of all time. They are outside of Q4 last year, which was just abnormally high as we've discussed in previous earnings calls, and I think that this business, we are well positioned, especially the first six months of next year to see very strong BMD growth in the insurance segment.

體現了這一策略，營收超過 2 億美元，而 VMD 略低於 5000 萬美元，這是我們有史以來 VMD 最高的季度。它們的水平已經超過了去年第四季的水平，正如我們在之前的財報電話會議上討論的那樣，去年第四季的水平異常高。我認為，就這項業務而言，我們已經做好了充分的準備，尤其是在明年上半年，保險領域的 BMD 業務有望實現非常強勁的成長。

Yeah, and I'll just tack on to that, just to Scott's point, if you look sequentially Q2 to Q3, insurance VMD went up $8 million and $0.08 million dollars that are largely going to fall to the EBITDA. And so that's what we're focused on driving operating leverage, keeping expenses under control, and dropping.

是的，我再補充一點，正如 Scott 所說，如果你按季度來看第二季度到第三季度，保險 VMD 增加了 800 萬美元，而這 80 萬美元將主要計入 EBITDA。因此，我們專注於提高營運槓桿、控製成本並降低成本。

VMD dollars to EBITDA, when it comes to expenses, we're happy to invest in, variable expenses that are going to drive BMD and then and then focus on efficiency everywhere else just so we can, really focus on driving operating leverage, into 2026.

VMD 美元與 EBITDA 的比率，就支出而言，我們樂於投資於將推動 BMD 的可變支出，然後專注於其他方面的效率，以便我們能夠真正專注於推動 2026 年的營運槓桿。

Thanks for that. And then consumer credit has come under more scrutiny of late, so I'm curious.

謝謝。近來消費信貸受到了更多審查，所以我很好奇。

What the latest is you're hearing from your lending partners on appetite and credit boxes, and this is obviously with respect to your mainly your personal loans business.

最新消息是，您的貸款合作夥伴正在了解貸款需求和信用額度，這顯然主要是指您的個人貸款業務。

Have you noticed any signs of tightening more recently, or do you think that there's still room to run on the conversion rates, which sounds like they they improved pretty nicely here in the quarter.

你最近有沒有註意到任何收緊的跡象？還是你認為轉換率還有提升空間嗎？聽起來本季轉換率已經相當不錯了。

Yeah, I mean, I would say overall at a macro level, and I, I've seen the same things that you're seeing and referring to.

是的，我的意思是，從宏觀層面來看，我也看到了你所看到和提到的同樣的事情。

I would say when you actually get to our clients they're they're not really saying the same, their their credit boxes and their delinquency rates and all that are generally well within acceptable ratios for them at a high level. We've seen a few of our clients on the more deep subprime side of it pull back a little bit.

我想說的是，當你真正接觸到我們的客戶時，他們的說法並不完全相同，他們的信用記錄、違約率等等，總體來說都在他們可接受的範圍內。我們看到一些重度次貸客戶有所減少投資。

So maybe there's a bit more concern when you get down towards the more deep subprime, but I mean, but I would say for the most part at a macro level, we're seeing more expansion and contraction for credit boxes.

所以，當涉及更深層的次貸危機時，可能會出現更多擔憂，但我的意思是，從宏觀層面來看，我們看到信貸市場整體呈現擴張和收縮的趨勢。

Great, thanks for taking the questions and reiterate, good luck, Scott.

太好了，謝謝你回答問題，再次祝你好運，斯科特。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you so much.

太感謝了。

Our next question comes from a line of Mike Grundle with Northland. Your line is now open.

我們的下一個問題來自 Northland 的 Mike Grundle。您的線路已開通。

Yeah, hey guys.

嗨，大家好。

Condolences and prayers for Doug's family and the LendingTree family. Two questions.

向道格的家人和 LendingTree 的所有員工致以慰問和祈禱。兩個問題。

One, could you talk at a high level about the SEO, the Jenny? I sort of environment and how that's changing and kind of the quality of leads you're seeing overall and the conversion trends.

第一，您能否簡單介紹一下 SEO，也就是 Jenny？我比較關注環境及其變化，以及您看到的潛在客戶的整體品質和轉換趨勢。

And then secondly, I, I'd be curious, just overall visibility in the business today. A vis or as compared to a couple of the previous quarters.

其次，我很好奇，目前整個產業的可見度如何。與前幾季相比，情況有所改善。

Could you be a little bit more specific with your second question there?

你的第二個問題能不能說得更具體一些？

Yeah, just, we debate from time to time revenue visibility that you guys have, can you see out 60 days, 90 days, just sort of how you feel about your revenue visibility today versus prior quarters.

是的，我們時不時會討論你們的收入可見性，你們能否預測未來 60 天、90 天的收入，以及你們對目前的收入可見性與前幾季相比有何看法。

Okay.

好的。

I was, okay, so starting on the SEO front, along with, LLM AIO strategy around there, so, LOM and AIO type traffic is going up, we have like from a conversion perspective, it's night and day when you get traffic from the LMs or AIOs.

好吧，我先從 SEO 方面入手，同時配合 LLM AIO 策略，所以 LOM 和 AIO 類型的流量正在上升，從轉換率的角度來看，來自 LM 或 AIO 的流量簡直是天壤之別。

I mean, it's literally like 4 times to 5 times the conversion rate. And I think that's just because they've they've gotten so many answers at that point. You feel like these people are ready to transact by the time they come to you.

我的意思是，轉換率簡直是原來的 4 到 5 倍。我認為這只是因為他們當時已經得到太多答案了。你感覺這些人來找你的時候，就已經準備好要進行交易了。

So, but that said, the traffic's way lower than the SCO and and it's, and it's way lower on two levels so just obviously the consumer uptick of it, there there's still vastly more consumers.

所以，即便如此，這裡的流量仍然遠低於 SCO，而且在兩個層面上都低得多，所以很明顯，這裡的消費者數量仍然要多得多。

Going to the traditional like Google type search results versus the the LLMs, and then it's just the newness of placement within the LLMs and, in the SEO strategy of getting that place in the LLM.

與傳統的谷歌搜尋結果相比，LLM（LLM 的縮寫）搜尋結果有所不同，LLM 中的排名位置以及在 LLM 中獲得該位置的 SEO 策略都是全新的。

So, SEO is one of those categories that's been very, I mean, I'll be H1st, it's been very turbulent in Q3 as traffic has shifted and changed in Legacy SEO, the entire financial services industry has been hit pretty hard by it. I would not want to be a company that's highly dependent on legacy SEO traffic.

所以，SEO是其中非常…我的意思是，上半年，第三季非常動盪，因為流量發生了轉移和變化，傳統SEO整個金融服務業都受到了相當大的衝擊。我不想成為一家高度依賴傳統SEO流量的公司。

I'll make that statement. I think. I think it's fair to say the era of, quote unquote free rent on Google.

我會發表那份聲明。我認為。我認為可以公平地說，谷歌的「免費租屋」時代已經到來。

It is coming to an end, but then at the same time, the paid search traffic which We are very good at ourselves, is continuing to be very strong and growing, so we're happy with that. So yeah, it's definitely a turbulent market and it's definitely a transitional period.

雖然它即將結束，但同時，我們非常擅長的付費搜尋流量仍然非常強勁且不斷增長，所以我們對此感到滿意。是的，這絕對是一個動盪的市場，也絕對是個過渡時期。

Where there is still a legacy SCO and that is still important to be participating in, but it's also very important to be focusing on.

仍然存在一些傳統的SCO，參與其中仍然很重要，但同時也非常重要的是關注其他方面。

Building your content and tools and and data openness around LLMs and AIOs.

圍繞LLM和AIO建立您的內容、工具和資料開放性。

And then getting and then moving to your second question just about revenue outlook, I would say after starting with insurance after that's been so turbulent over the past few years, I would say we're probably, it's a little bit more steady and predictive now going forward as as after that hypergrowth era and I think it will still grow at some level but not not in the hypergrowth area.

接下來，我們來回答你的第二個問題，關於收入前景。我想說，在經歷了過去幾年動蕩的保險業之後，我認為現在保險業的前景更加穩定和可預測，因為在經歷了高速增長時期之後，我認為它仍然會保持一定程度的增長，但不會再像以前那樣高速增長了。

Consumer and and and mortgage mortgage is a little trickier because mortgage is really about. When do we get that inflection point?

消費者和抵押貸款的情況比較複雜，因為抵押貸款實際上與此有關。我們何時會迎來那個轉捩點？

Where the refinance snowball starts to grow, right? We were looking at some stats here and you look at about 5.75% mortgage rates, that is about 3 times as many mortgage borrowers are in the money at that rate versus what the rate has been most of this year. So if you trend down to that level, that's probably where you really see the snowball start to happen.

再融資的雪球就是從這裡開始越滾越大的，對吧？我們查看了一些統計數據，發現目前的抵押貸款利率約為 5.75%，這意味著在這個利率下，能夠獲得貸款的抵押貸款借款人數量大約是今年大部分時間利率水準的 3 倍。所以，如果趨勢下降到那個水平，那麼很可能就是雪球效應真正開始顯現的時候了。

Now, I'm not a soothsayer. Like I can't tell you at what exact point we trend to that level, but that when you hit that inflection point and he gets [575] and it and it keeps fading down below that snowball could build really fast.

我可不是預言家。我無法告訴你我們究竟會在哪個點達到那個水平，但是當你達到那個轉折點，他得到 [575] 並且它不斷下滑到以下時，雪球可能會迅速滾滾而來。

And revenue could blow up and VMD could blow up really fast there and it will be hockey stick growth for a while. There might even be a little bit of an upfront wave that comes through when it happens, but you just, I think you kind of got to get down to that 575 level for for enough people to be in the money there.

收入可能會大幅增長，VMD 也可能迅速增長，並且在一段時間內呈現爆發式增長。當這種情況發生時，甚至可能會出現一小波上漲行情，但我認為，價格必須跌到 575 的水平，才能讓足夠多的人從中獲利。

Consumer, I think consumer is probably the most steady or like we can look at just like our media practices growing our media traffic, growing our direct sales force, that that's just a bit more predictive on what the revenue will generate there. So I hope that answers your question.

我認為消費者可能是最穩定的因素，或者我們可以像看待我們的媒體實踐一樣看待消費者，例如增加媒體流量、擴大直銷團隊，這些因素更能預測收入將會產生多少影響。希望這能解答你的疑問。

Yeah, no, it does. And maybe just one quick follow-up on the mortgage side, are you seeing lenders engage more and get potentially ready for that refi environment at 575? Are they moving today to be in a position to capture that?

是的，確實如此。或許可以就抵押貸款方面快速跟進一下，您是否看到貸款機構更加積極地參與進來，並為 575 年的再融資環境做好準備？他們今天採取行動是為了佔據有利位置，從而抓住這個機會嗎？

Yeah, I think so, and I think what you see is like our home equity business has grown so much. I mean, home equity is not near as profitable for these lenders as refi is, but the reason They're so staffed up and want to buy some so much of that home equity traffic.

是的，我也這麼認為，而且我認為你看到的是，我們的房屋淨值業務發展得非常迅速。我的意思是，對於這些貸款機構來說，房屋淨值貸款的利潤遠不如再融資，但他們之所以投入如此多的人力，並且想要收購大量的房屋淨值貸款業務，是因為他們擁有如此多的員工。

A big part of that is they want to be ready for the when the refi boom. Comes around and be and be stacked up for that. Another thing we're doing in in the more control your own destiny mode, we're really actively pursuing a small lender growth strategy.

很大一部分原因是他們想為再融資熱潮做好準備。最終會為此累積起來。在「掌控自己的命運」模式下，我們正在做的另一件事是，我們正在積極推行小型貸款機構的成長策略。

And we're really We're really ramping up now pretty quickly just our total distribution network, so not just the major direct to consumer players, but I mean when we hit that inflection point, we would like to have, 1,000+ clients on the network to really soak up that demand when it, when it explodes.

我們現在真的正在迅速擴大我們的整個分銷網絡，不僅僅是主要的直接面向消費者的參與者，我的意思是，當我們達到那個轉折點時，我們希望網絡上有 1000 多個客戶，以便在需求爆發時真正吸收這種需求。

Great to hear.

很高興聽到這個消息。

Thank you.

謝謝。

Thank you so much.

太感謝了。

Our next question comes from the line of Melissa Whittle with JP Morgan, your line is not open.

下一個問題來自摩根大通的梅麗莎·惠特爾，您的線路目前無法接通。

Good morning. Thanks for taking my questions today. Most of mine have already been asked and answered. I thought it would be helpful though to follow-up on a reference earlier to potentially considering some M&A with the balance sheet flexibility that, have.

早安.謝謝您今天回答我的問題。我的大部分問題都已經被問過並得到了解答。不過，我認為有必要跟進先前提到的，利用我們現有的資產負債表彈性，考慮進行一些併購活動。

I think in the past, most of the acquisition activity that LendingTree has done has been sort of bolt on site. Acquisitions with the exception of course so if you think about that going forward.

我認為，過去 LendingTree 的大部分收購活動都屬於附加式收購。收購當然除外，所以如果你展望未來的話。

Do you expect that to continue or would you consider larger potential deals?

您預計這種情況會持續下去，還是會考慮更大的潛在交易？

Yeah, I mean, at this point in our cycle, I don't think we're looking at any sort of larger mass like lizard size deals to be to be bluntly H1st, but I mean, yeah, if there's If you think about it and you look at our network, I mean like one way you can look at it is what are the products and services, financial products and services we are not offering right now.

是的，我的意思是，就我們目前的周期而言，我認為我們不會考慮任何大規模的交易，比如像蜥蜴大小的交易，坦白地說，H1st，但是，是的，如果你仔細想想，看看我們的網絡，我的意思是，你可以從另一個角度來看待這個問題，那就是我們現在沒有提供哪些產品和服務，哪些金融產品和服務。

And is there a small company out there that's built something. Something good that helps round out our services that we can like use the power of our remarketing and email and SMS and call center to like to really drive a lot of growth on one of those products that that's the type of thing we would be interested in.

那麼，有沒有一家小公司真的做出了這樣的產品呢？我們需要一些能夠完善我們服務的好東西，例如利用我們的再行銷、電子郵件、簡訊和呼叫中心的力量，真正推動其中一款產品實現大幅成長，這正是我們感興趣的東西。

You look at something, hey, if someone has come up with something that that is really unique on on really improving the consumer shopping experience, that's probably something we would look at and be interested in.

你看看，如果有人提出了一些真正獨特且能實際改善消費者購物體驗的東西，那麼很可能就是我們會注意並感興趣的東西。

But yeah, so that's just kind of a high level of the types of companies we look at.

是的，以上就是我們關注的公司類型的一個大致概括。

Okay, I appreciate that. And then, finally, I, this is a small point. I think in the shareholder letter, there was a reference to some homeowner type insurance policies and also health.

好的，謝謝。最後，我想補充一點，這只是一個小問題。我認為在股東信中提到了一些房屋保險和健康保險。

I was just wondering if you could give us an update on where those categories fall in terms of sort of contribution to revenue. Obviously, auto is going to be the dominant one in insurance. I'm just curious where those have grown to. Thanks.

我只是想了解一下，這些類別在對收入的貢獻方面處於什麼位置。顯然，汽車保險將成為保險業的主導產業。我只是好奇它們現在長到什麼程度了。謝謝。

Yeah, I'm actually glad you asked that because I actually made some notes because those are, they kind of get hidden in the numbers, but those are really good stories for us as a company, and I take this opportunity to give a lot of credit to the teams at LendingTree that are working on those product lines, our home insurance BMD is up 80% year over year.

是的，我很高興你問到這個問題，因為我做了一些筆記，因為這些數據往往被淹沒在數字之中，但對我們公司來說，這些都是非常好的數據。我藉此機會對 LendingTree 負責這些產品線的團隊表示高度讚揚，我們的房屋保險 BMD 同比增長了 80%。

Home insurance is a hot product for us. That's probably the biggest growth product we have in the company, and it is, it's about 20%. I think it's just under 20% of our insurance business, so it's not a tiny piece. Health insurance is another great story. It's up 41% year over year VMD and it's just over 10% of our insurance business.

房屋保險是我們公司的熱門產品。這可能是我們公司成長最快的產品，成長率約 20%。我認為這占我們保險業務的近 20%，所以這部分佔比並不小。健康保險是另一個值得探討的議題。與去年同期相比，其 VMD 成長了 41%，占我們保險業務的 10% 以上。

So that just hopefully gives you a high level of where those products are at.

希望以上資訊能讓您大致了解這些產品的現況。

I appreciate that update. Thanks Scott.

感謝您提供的最新消息。謝謝你，斯科特。

(Operator Instructions)

（操作說明）

I am showing no further questions at this time. I would now like to turn it back to Scott Free for closing remarks.

我目前沒有其他問題要問。現在我謹將發言權交還給史考特·弗里，請他作總結陳詞。

Thank you operator, and thank you everyone for your questions today. I look forward to speaking with you all on follow-up calls and in-person and investor conferences in the near future. Have a great day.

謝謝接線員，也謝謝大家今天提出的問題。我期待在不久的將來與各位進行後續電話會議、面對面會談以及參加投資者會議。祝你有美好的一天。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。