LendingTree, Inc. (TREE) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the LendingTree Incorporated first-quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，感謝您稍候。歡迎參加 LendingTree Incorporated 2026 年第一季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to hand the conference over to your speaker today, Andrew Wessel, Head of Investor Relations. Please go ahead.

現在我想把會議交給今天的發言人——投資人關係主管 Andrew Wessel。請開始。

Thank you, Kelly, and hello to everyone joining us on the call to discuss our first-quarter 2026 financial results. On with us today are Scott Peyree, our President and CEO; and Jason Bengel, our CFO.

謝謝你，Kelly，也向所有加入本次電話會議、與我們一同討論 2026 年第一季財務結果的各位問好。今天與會的還有我們的總裁暨執行長 Scott Peyree，以及財務長 Jason Bengel。

This afternoon, we posted a detailed letter to shareholders on our Investor Relations website. We've also posted a new investor presentation that we would encourage everyone to look at on our website. For the purposes of today's discussion, we will assume that listeners have gone through those materials and will focus on Q&A.

今天下午，我們已在投資人關係網站上發布一封詳盡的致股東信。我們也上傳了一份新的投資人簡報，建議大家到我們網站上查看。就今天的討論而言，我們將假設聽眾已閱讀上述資料，並將重點放在問答環節。

Before I hand over the call 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 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 comparable GAAP definitions and full reconciliations of non-GAAP measures to GAAP.

在我把電話交給 Scott 發表談話之前，提醒各位：在本次電話會議中，我們可能會討論 LendingTree 對未來表現的預期。我們所作的任何前瞻性陳述均受風險與不確定性影響，LendingTree 的實際結果可能與今日表達的觀點有重大差異。我們面臨的許多（但非全部）風險已在我們向 SEC 提交的定期報告中說明。我們也將在會議中討論多項非 GAAP 指標；關於可比的 GAAP 定義以及非 GAAP 指標與 GAAP 之間的完整調節表，請參閱今日新聞稿與致股東信（皆可於我們網站取得）。

And with that, Scott, please go ahead.

那麼，Scott，請開始。

Thanks, Andrew, and I appreciate everyone joining us on the call today. I'm going to start with some highlights from our first-quarter results and then spend a few minutes on how we're executing on our strategy before opening up the line for questions. We've posted an updated presentation on our Investor Relations website that goes deeper on some of the remarks I have today.

謝謝你，Andrew，也感謝各位今天加入我們的電話會議。我將先分享第一季業績的一些重點，接著用幾分鐘談談我們如何落實策略，然後開放提問。我們已在投資人關係網站上發布更新版簡報，對我今天的一些談話內容有更深入的說明。

We had an exceptional start to the year. Adjusted EBITDA grew 71% year over year on a 37% increase in revenue, driven by a very strong performance in our Insurance segment and a healthy contribution from Consumer. We had a record revenue quarter and it was the highest quarterly adjusted EBITDA we've had in six years. Just as importantly, we continue to strengthen our financial position. Net leverage declined to 2.1 times from 3.4 times a year ago, and we are pleased to receive a credit upgrade from S&P to B+ with a stable outlook.

我們在今年有一個非常出色的開局。在保險事業部表現非常強勁以及消費者事業部穩健貢獻的帶動下，營收年增 37%，調整後 EBITDA 年增 71%。我們創下單季營收新高，且這是我們六年來最高的單季調整後 EBITDA。同樣重要的是，我們持續強化財務體質。淨槓桿倍數由一年前的 3.4 倍降至 2.1 倍；同時，我們也很高興獲得標普將信用評等上調至 B+，展望穩定。

Stepping back, what these results reinforce is the strength of our model. We operate a high-margin, asset-light marketplace with a scalable cost structure, and we are demonstrating meaningful operating leverage as we grow. That combination, strong growth and expanding margin, is core to our investment proposition.

從更宏觀的角度來看，這些結果再次印證了我們商業模式的強韌性。我們經營的是高毛利、輕資產的市集平台，成本結構具可擴張性；隨著成長，我們正展現出顯著的營運槓桿。這樣的組合——強勁成長與利潤率擴張——是我們投資主張的核心。

Turning to our segments. Insurance continues to lead the way. Revenue and segment profit both achieved new records in the quarter, growing 51% and 50%, respectively, year over year. We are now the largest marketplace for consumers to shop for their insurance needs, be that auto, home, health, or other products. Our scale with our largest carriers, combined with growing demand from mid-sized insurers competing for market share, provides our network with unparalleled depth and breadth. That translates into better outcomes for consumers and optimizes our monetization.

接著談各事業部表現。保險事業部持續領先。本季營收與事業部利潤雙雙創新高，分別年增 51% 與 50%。我們目前已是消費者選購保險需求（無論是汽車、住宅、健康或其他產品）的最大市集平台。我們與最大型保險公司的規模優勢，加上中型保險公司為爭取市占而帶動的需求成長，使我們的網路具備無與倫比的深度與廣度。這能為消費者帶來更好的結果，並最佳化我們的變現能力。

Looking ahead, we expect price decreases in auto insurance across select states to further stimulate shopping activity and competition amongst carriers, which should support continued momentum. It is becoming clearer and clearer that the P&C industry has entered into a period of strong health and stability.

展望未來，我們預期部分州的汽車保險價格下調將進一步刺激比價購買行為與保險公司之間的競爭，從而支持動能延續。愈來愈明顯的是，產險（P&C）產業已進入一段健康且穩定的時期。

In Consumer, we delivered another quarter of healthy growth, led by small business lending revenue increased 49% year over year. As the quarter progressed, we did begin to see some softening in consumer demand for loans. We believe this is tied to the broader macro dynamics, including elevated tax refunds earlier in the year and, more recently, a decline in consumer sentiment, which reached historically low levels in April. We are seeing similar patterns from small business borrowers as well.

在消費者事業部，我們再度交出穩健成長的一季，其中以小型企業貸款營收年增 49% 為主要帶動。隨著季度推進，我們確實開始看到消費者對貸款的需求略有轉弱。我們認為這與更廣泛的總體經濟動態相關，包括年初較高的退稅金額，以及近期消費者信心下滑——4 月已降至歷史低位。我們也在小型企業借款人身上看到類似的型態。

While we are mindful of these near-term headwinds, we remain confident in the long-term growth opportunity in Consumer. As broader macro uncertainty begins to normalize, we expect demand to recover and credit supply to be ample. In the meantime, we continue to invest in our small business concierge capabilities, which remains a key differentiator in driving conversion and customer satisfaction.

儘管我們留意到這些短期逆風，但我們仍對消費者事業部的長期成長機會充滿信心。隨著整體宏觀不確定性逐步回歸常態，我們預期需求將回升，且信貸供給將保持充裕。同時，我們持續投資於小型企業禮賓式服務能力，這仍是推動轉換率與客戶滿意度的關鍵差異化因素。

Home remains pressured by elevated mortgage rates, but we continue to view the current level of revenue and profit as cyclical lows, and we have meaningful upside as rates normalize and transaction volumes recover. After making a dedicated marketing investment during the first quarter, we expect revenue growth will continue and margins should expand in Q2.

房貸業務仍受到偏高的抵押貸款利率壓抑，但我們仍將目前的營收與利潤水準視為景氣循環低點；隨著利率正常化、交易量回升，我們有顯著的上行空間。在第一季進行一項專門的行銷投資之後，我們預期營收成長將延續，且第二季利潤率應會擴張。

Unlike most of our competitors that overindex to specific verticals, we lead with our diversified platform. Each of our operating segments has unique macroeconomic drivers. Insurance cycles tend to be uncorrelated with changes in interest rates and benefit from long-term secular shifts towards digital acquisition. Our Consumer segment is most closely tied to credit availability, while Home is most highly tied to rate and interest rates and tied to the mortgage cycles. This diversification enables us to navigate varying market and economic cycles while still offering a clear path to growth.

不同於多數競爭對手過度集中於特定垂直領域，我們以多元化平台作為核心優勢。我們各營運事業部皆有其獨特的總體經濟驅動因素。保險循環通常與利率變動不高度相關，並受惠於長期向數位獲客轉移的結構性趨勢。我們的消費者事業部與信貸供給最為相關，而房貸業務則與利率水準及抵押貸款循環的關聯度最高。這種多元化使我們能在不同市場與經濟循環中穩健前行，同時仍提供清晰的成長路徑。

At the midpoint of our updated '26 outlook, adjusted EBITDA is running at a three-year compound annual growth rate of 26%. We believe this growth profile, combined with our advantage margin structure and capital efficiency, are unique and valuable components of our business model.

以我們更新後的 2026 年展望中位數來看，調整後 EBITDA 的三年複合年成長率為 26%。我們相信，這樣的成長輪廓，結合我們具優勢的利潤結構與資本效率，是我們商業模式中獨特且具價值的組成要素。

Now, I'd like to provide an update on execution against our strategy. As a reminder, our North Star is to be the number one destination to shop for financial products. Everything we do is anchored in that objective, which is focused on four pillars: accelerating the core business, improving the consumer experience, expanding our product offerings, and rebuilding our brand.

接下來，我想就我們策略的執行進度提供最新說明。提醒各位，我們的北極星目標是成為選購金融產品的第一目的地。我們所做的一切都以此目標為核心，並聚焦於四大支柱：加速核心業務、改善消費者體驗、擴大產品供給，以及重塑品牌。

At the heart of this strategy is a simple idea. If we deliver a better experience and build stronger brand awareness, we increase organic traffic, improve conversion, and drive better unit economics across the platform.

這項策略的核心是一個簡單的想法。如果我們提供更好的體驗並建立更強的品牌認知，我們就能提升自然流量、改善轉換率，並在整個平台上帶動更佳的單位經濟效益。

On the consumer side, a compelling brand promise brings users into our ecosystem. We deliver an easy and memorable experience that helps them accomplish what they came to do, which improves satisfaction, repeat usage, and referrals. That increases lifetime value while reducing customer acquisition costs.

在消費者端，有吸引力的品牌承諾能將使用者帶入我們的生態系。我們提供簡單且令人印象深刻的體驗，協助他們完成原本想做的事，進而提升滿意度、重複使用率與口碑推薦。這能提高終身價值，同時降低客戶取得成本。

On the partner side, more high-intent traffic leads to more monetization opportunities. As partners see better outcomes, they deepen integrations, increase spend, and compete more aggressively within our marketplace, which further improves pricing and selection for our consumers.

在合作夥伴端，更多高意圖流量意味著更多變現機會。當合作夥伴看到更好的成效時，他們會加深整合、提高投放支出，並在我們的市集中更積極競爭，進一步改善我們消費者可獲得的價格與選擇。

One of the clearest opportunities that we see in shifting more of our traffic mix is shifting more of our traffic mix towards organic channels. Every 5-point increase in organic revenue mix represents about $40 million of incremental segment profit and roughly 400-basis-point uplift in our variable marketing margin. This is the economic opportunity we're actively investing into through improvements in consumer experience that drive repeat visits and brand initiatives that increase unaided awareness.

我們所看到最明確的機會之一，是將我們的流量組合更多地轉向自然渠道。自然營收占比每提高 5 個百分點，約可帶來 4,000 萬美元的新增事業部利潤，並使我們的可變行銷利潤率提升約 400 個基點。這正是我們正在積極投入的經濟機會：透過改善消費者體驗以帶動回訪，以及透過品牌計畫提升無提示品牌認知。

AI is a critical enabler across all of these efforts. We understand investor focus on AI and its potential impact to our business. Our view is very clear: AI is a tailwind, not a disruptor. AI is changing how consumers discover information, but it is not changing how financial products are ultimately purchased. These are complex, highly regulated transactions that require trust, compliance, identity verification, and deep integration with providers. In that context, marketplaces like ours become even more important.

AI 是推動所有這些努力的關鍵賦能者。我們理解投資人對 AI 及其對我們業務潛在影響的關注。我們的觀點非常明確：AI 是順風，而非顛覆者。AI 正在改變消費者發現資訊的方式，但並未改變金融產品最終被購買的方式。這些是複雜且高度受監管的交易，需要信任、合規、身分驗證，以及與供應商的深度整合。在此背景下，像我們這樣的市集平台反而變得更加重要。

AI can guide consumers, but it cannot complete the transaction. It cannot underwrite a loan, bind an insurance policy, or securely handle sensitive financial data across multiple providers. That is where our platform plays a critical role. We are leaning into this shift. We are using AI to improve every stage of the consumer journey, from personalized engagement and financial guidance to smarter matching and more efficient application handoffs.

AI 可以引導消費者，但無法完成交易。它無法進行貸款核保、完成保單承保生效，或在多家供應商之間安全處理敏感的金融資料。這正是我們平台扮演關鍵角色之處。我們正積極擁抱這個轉變。我們運用 AI 改善消費者旅程的每個階段，從個人化互動與財務指引，到更智慧的配對與更高效率的申請交接。

At the same time, we are deploying AI internally to drive efficiency across marketing, sales, and operations. During the quarter, we launched an internally developed AI agent for our search marketing teams that provides real-time optimization insights. Based on early success, we are expanding this capability across additional channels and into our sales organization.

同時，我們也在內部部署 AI，以提升行銷、銷售與營運各環節的效率。本季我們為搜尋行銷團隊推出一個內部開發的 AI 代理，提供即時的最佳化洞察。基於初期成效，我們正將此能力擴展至更多渠道，並延伸到我們的銷售組織。

We are also continuing to see strong results from AI-powered voice tools in our call centers and are extending those capabilities into outbound and SMS engagement as well. Taken together, these initiatives are improving conversion, reducing costs, and reinforcing our role as the transaction layer in the financial ecosystem.

我們也持續看到呼叫中心的 AI 語音工具帶來強勁成果，並將這些能力延伸至外撥以及 SMS 互動。綜合而言，這些計畫正在提升轉換率、降低成本，並強化我們作為金融生態系中「交易層」的角色。

To wrap up, we believe our investment proposition is compelling. We are a high-margin, asset-light marketplace with proven operating leverage. We have multiple growth engines with embedded upside across Insurance, Consumer, and Home. We have a strengthened balance sheet that provides flexibility and resilience. And we are leveraging AI to enhance our platform.

最後總結，我們認為我們的投資主張相當具吸引力。我們是高毛利、輕資產的市集平台，且已證明具備營運槓桿。我們在保險、消費者與房屋等領域擁有多個成長引擎，並內含上行空間。我們的資產負債表已強化，提供彈性與韌性。同時我們正運用 AI 來強化平台。

We're encouraged by our strong results to start the year and remain confident in both our strategy and our ability to execute. While we are mindful of near-term macro headwinds, we believe we are well positioned to deliver durable growth and increase profitability over time.

我們對年初至今的強勁成果感到振奮，並對我們的策略與執行能力保持信心。儘管我們留意短期的總體經濟逆風，我們相信自身具備良好定位，可在時間推移中實現持續成長並提升獲利能力。

With that, I'll pause here and open the line for questions.

接下來我先暫停，開放提問。

(Operator Instructions) Ryan Tomasello, KBW.

(接線員指示) Ryan Tomasello，KBW。

Hi, everyone. Congrats on a strong start to the year. I guess just to maybe start on the slowdown, Scott, that you're highlighting in Consumer loan demand. I guess not all that surprising given the geopolitical backdrop, but just wanted to put a finer point around that, whether it's also being accompanied by tightening credit boxes at your partners. And is there any way to quantify the impact that you're baking into the guidance incorporating this new backdrop? Thank you.

各位好。恭喜今年開局強勁。我想先從你提到的消費者貸款需求放緩談起，Scott。考量地緣政治背景，這並不太令人意外，但我想更精準地確認一下：這是否也伴隨著你們合作夥伴收緊授信條件？另外，能否量化一下你們在指引中納入這個新背景所反映的影響？謝謝。

Yeah. I mean, maybe I'll have Jason talk to the exact quantifying, which is kind of hard during these wild geopolitical times we're in right now. But I mean, I would say just that on the credit availability side, we haven't seen as much impact on credit availability, especially, for example, like on the Consumer loan -- the personal loan business. It's more have been around consumer shopping behavior.

是的。我想也許讓 Jason 談談精確量化的部分，因為在我們目前所處的這種劇烈地緣政治環境下，確實很難。但我會說，就授信可得性而言，我們沒有看到太大的影響，尤其例如在消費者貸款——個人貸款業務上。更多是與消費者的比價／購物行為有關。

And with consumer sentiment all-time low, gas prices that are all-time high, a bunch of consumers getting extra tax refunds, kind of a February, March timeframe, we just saw demand drop off for personal loans for many of those reasons. It has -- we have seen it start to increase again in April, which is good, but it still is below what we would expect seasonal shopping behavior to be in Q2 at this point in time. But it's definitely off of the March lows. When the war started in March, the gas prices went way up. That was kind of a shock to the system in that month specifically.

在消費者信心跌至歷史低點、油價升至歷史高點，加上許多消費者在 2、3 月期間拿到額外退稅的情況下，我們看到個人貸款需求因多種因素而下滑。4 月我們確實看到需求開始回升，這是好事，但截至目前仍低於我們對第二季季節性比價行為的預期。不過確實已經脫離 3 月的低點。戰爭在 3 月爆發後，油價大幅上漲。那在當月特別像是對系統的一次衝擊。

Now, on the small business lending side, I would say we're seeing a little bit of both, where you're seeing fewer merchants -- small merchants look for loans, and the size of loans they're looking for is lower than normal. But we're also seeing on the lender side a little bit of -- the credit is still available, but it's typically they're offering lower loan amounts at higher interest rates.

至於小型企業放款方面，我會說我們同時看到兩種情況：一方面，尋求貸款的商戶——小型商戶變少了，而且他們想借的金額也比平常低。但另一方面，在放款方這邊也看到一些變化——授信仍然可得，但通常是提供較低的貸款額度、較高的利率。

And so when you have a cautious merchant to begin with, and then they're not getting the exact one they want, a little bit higher interest rate, the sense that we're getting is they're just not as urgently looking for money right now because of macro geopolitical stuff that's going on. But I think this is a short-term thing that will go away. And once consumer sentiment comes back up, hopefully things settle down geopolitically, I think we'll just be right back off to the races.

因此，當商戶本來就較為謹慎，而又拿不到他們想要的條件、利率又稍高時，我們感受到的是：由於正在發生的總體與地緣政治因素，他們目前並不那麼急著要資金。但我認為這是短期現象，之後會消退。一旦消費者信心回升、地緣政治局勢希望能趨於穩定，我想我們就會很快重回成長軌道。

Yeah. And I can maybe just speak to the guide a little bit --

是的。我也許可以稍微談一下指引--

Sorry about that, Jason.

抱歉，Jason。

No, sorry. Go ahead.

不，抱歉。你先請。

No, please finish your response.

不，你請把你的回覆說完。

Just with respect to the guide, like Scott said, January and February, we were doing really well. It was very strong, but then March and April, we did see headwinds, like this is a lot of things we're talking about.

就指引而言，如 Scott 所說，1 月和 2 月我們表現非常好。非常強勁，但到了 3 月和 4 月，我們確實看到逆風，也就是我們正在談的許多因素。

With SMB, like Scott said, we did see decline in appetite from both merchants and lenders, and that resulted in a decrease in close rate, which has the effect of decreasing RPLs. So coming out of the end of Q1, we did see a downward trend. And so normally, what we expect to see is Q2 and Q3 is the strongest in Consumer. That's just typical seasonality, but where consumer sentiment is now at record lows and elevated gas prices, like we said, what we're assuming in the guide is just conservative. We're assuming very, very muted seasonality, with the possibility of further credit tightening out there.

在 SMB 方面，如 Scott 所說，我們確實看到商戶與放款方的意願都下降，導致成交率下滑，進而使每筆貸款收入（RPL）下降。因此在第一季末，我們確實看到下行趨勢。而通常我們預期第二季與第三季是消費者業務最強的季度。這是典型的季節性，但在消費者信心處於歷史低點且油價高企的情況下，如我們所說，我們在指引中的假設偏保守。我們假設季節性非常、非常溫和，同時也納入市場可能進一步收緊授信的可能性。

So we're being very conservative. We're not hearing anything from our partners that would indicate we're tightening, but we're just really assuming much more muted seasonality than we otherwise would.

所以我們採取非常保守的做法。我們沒有從合作夥伴那邊聽到任何顯示正在收緊的訊息，但我們只是把季節性假設得比原本會預期的更為溫和。

Great. Thanks for all that color. And then I guess turning to Insurance, if you can just elaborate on what you are seeing for run rate trends there and your expectations for the balance of the year. And in particular, I think last quarter, you had called out some nice stats around just the diversification of the carrier spend on the platform and the growth you were seeing from the number four plus partners on the marketplace. So if you can provide any updated stats there, that would be helpful. Thanks.

很好。謝謝你們提供這麼多細節。接著談到保險，如果可以的話，請再說明一下你們看到的 run rate 趨勢，以及對今年剩餘時間的預期。特別是我記得上季你們提到一些不錯的數據，關於平台上保險公司投放支出的多元化，以及市集中排名第 4 名以後合作夥伴的成長。如果能更新相關數據，會很有幫助。謝謝。

So yeah, I mean, I'll let Scott speak to some of the Q1 records that we're seeing. We had some great performance in Q1. Like we talked about in the last call, Q1 Insurance performance was incredibly strong. Our prior record in Q4 was $48 million of DMV. You can see we beat that by a large margin, 20% or up $10 million. So we did see that normalize a bit coming out of Q1, which we expected. But going forward, we still expect to be materially ahead of that prior record.

好的，我先讓 Scott 談談我們在第一季看到的一些紀錄。我們第一季表現非常出色。如同我們在上次電話會議提到的，第一季保險業務表現極為強勁。我們先前在第四季的紀錄是 4,800 萬美元的 DMV。你可以看到我們大幅超越該紀錄，提升 20%，也就是增加 1,000 萬美元。因此在第一季結束後，我們確實看到表現稍微回歸常態，這也在我們預期之中。但展望未來，我們仍預期會顯著高於先前的那個紀錄。

So this really goes to the benefit of having a diversified product portfolio, where we're seeing some headwinds in Consumer that we hope will update. Insurance, the backdrop is still very strong. Insurance carrier profitability is very high, and competition seems to be increasing at a rapid pace. So going forward, Q1, it's going to normalize a bit, but it's still going to be performing at very strong levels.

所以這其實凸顯了擁有多元化產品組合的好處；我們在消費者端看到一些逆風，並希望情況會有所改善。保險方面，整體背景仍然非常強勁。保險承保公司的獲利能力非常高，而競爭似乎正以很快的速度升溫。因此往後看，第一季會稍微回歸常態，但表現仍將維持在非常強勁的水準。

Yeah. And just to add in there, just at a high level, the carrier demand just remains extremely strong. We've had even towards the end of the quarter heading into Q2, there was a carrier that hadn't worked with in a long time, came back on the network spending a decent amount of money. Another carrier that historically spends pretty small amounts of money increased their budget pretty dramatically. Another carrier that typically just buys one of our products, we've got a lead click and call products, they expanded and started buying another product to try to access a higher overall quantity of our consumers.

是的。再補充一下，從較高層面來看，承保公司的需求仍然極為強勁。甚至在季度末、進入第二季之際，有一家很久沒有合作的承保公司回到我們的網路上，投入了相當可觀的預算。另一家過去預算一向不大的承保公司，則大幅提高了預算。還有一家通常只購買我們其中一項產品的承保公司（我們有名單、點擊與來電等產品），他們也擴大採購，開始購買另一項產品，以嘗試觸及我們消費者更高的整體量。

So it's just a very, very healthy competitive marketplace in Insurance right now, which just makes it better and better for consumer choice, which helps drive further shopping as good consumer choice is there. Another thing I'd throw in was health insurance was a very pleasant surprise for us in Q1. And we attribute a lot of that to a lot of the COVID health insurance subsidies that a lot of people were getting started coming to an end in Q1. And it was a surprising large amount of consumers were out just shopping for health insurance and coming through our network. And that was a very pleasant surprise for us in Q1.

所以目前保險市場是一個非常、非常健康的競爭市場，這也讓消費者的選擇越來越好；當消費者有更好的選擇時，就會帶動更多比價與購物行為。另外我想補充的是，健康保險在第一季對我們而言是個非常令人驚喜的亮點。我們將其中很大一部分歸因於許多人在 COVID 期間獲得的健康保險補貼在第一季開始到期。令人意外的是，有相當大量的消費者外出比價購買健康保險，並透過我們的網路進來。這在第一季對我們來說是非常令人愉快的驚喜。

Heading in, I think, as Jason said, we dramatically outperformed what our forecast and expectations were for Q1. So Q2, we're not expecting it to be at those same levels. And a little bit of it is also -- if you look at seasonality, the consumer shopping behavior for Insurance products to come down a little bit in Q2. But I mean, big picture, a very healthy marketplace, and we continue to expect Insurance to grow year over year for the indefinite future.

進入第一季時，我想如 Jason 所說，我們的表現大幅優於我們對第一季的預測與預期。因此第二季，我們不預期會維持在同樣的水準。另外也有一部分原因是——如果看季節性，第二季保險產品的消費者比價行為通常會稍微降溫。但從大方向來看，市場非常健康，我們也持續預期保險業務在可預見的未來將持續年增成長。

Thank you.

謝謝。

Mike Grondahl, Northland Capital Markets.

Mike Grondahl，Northland Capital Markets。

Hey, guys. This is Owen on for Mike. In the Home segment, you mentioned investing more aggressively in that higher-quality traffic despite the elevated mortgage rates and competitive marketing conditions. I guess, how should we think about the balance between protecting margins versus continuing to invest through this weaker housing backdrop?

嗨，各位。我是 Owen，代替 Mike 發問。在房屋（Home）部門，你們提到即使在房貸利率偏高、行銷競爭激烈的情況下，仍更積極投資於更高品質的流量。我想問，我們應該如何看待在保護毛利與在較疲弱的房市背景下持續投資之間的平衡？

Yeah. I mean, I think it's again getting to the advantage of having a diversified product set. This really speaks to it, because, yeah, the consumer demand for home loan products is at historically low levels for obvious reasons because the interest rates are a lot higher than they were a few years ago. But you still have to -- it means that you're fighting -- all of the companies in the industry are fighting over a smaller number of consumers that are out there shopping.

是的。我想這又回到多元化產品組合的優勢。這點很能說明問題，因為很明顯地，由於利率比幾年前高很多，消費者對房貸產品的需求處於歷史低位。但你仍然必須——這代表你在競爭——產業內所有公司都在爭奪更少數、仍在市場上比價的消費者。

But the advantage of us being diversified in Insurance and in Consumer lending that are doing very well, that means we can invest and fight extra hard for that high-quality traffic, because bottom line, we are continuing to grow our lender network. I mean, that's actually one of our strategic focuses is to really grow a lot of our small and medium-sized brokers in the mortgage world. And that means you just need to be able to deliver quantity -- as much high-quality consumers as you can. And they're out there.

但我們的優勢在於保險與消費者借貸表現都很好，這意味著我們可以投入更多資源、更努力去爭取高品質流量；因為歸根結底，我們仍在持續擴大放款機構網路。事實上，這也是我們的策略重點之一：在房貸領域大力拓展許多中小型經紀商。而這就意味著你需要能夠提供量——盡可能多的高品質消費者。而他們確實存在於市場上。

And I think we did a successful job of testing into a few areas that now we know heading into Q2 and beyond, we have an idea of like, okay, what is it going to take to win in these certain areas long term? Some of them are sustainable. That's why you're seeing revenue continue to go up with the margins will go up in Q2. Some of them we had to step back from, but we have a lot of knowledge now of like, okay, this is what it's going to take to grow that.

我認為我們在幾個領域的測試做得很成功，現在我們知道進入第二季及之後，我們大概了解：好，長期要在某些領域勝出需要付出什麼代價？其中一些是可持續的。這也是為什麼你會看到營收持續上升，而毛利率在第二季也會上升。有些我們必須退一步，但我們現在已經累積了很多認知：好，這就是要把它做大所需要的條件。

But I mean, bottom line, we need to be prepared. We need to have a big distribution and client network when the mortgage industry turns around to be able to have the revenue grow really rapidly. And so that's a big part of how we're supporting the platform right now.

但總之，我們必須做好準備。當房貸產業回溫時，我們需要擁有龐大的分銷與客戶網路，才能讓營收快速成長。因此，這也是我們目前支持平台的一大部分方式。

Got it. And then lastly, for me, the homepage redesign metrics you disclosed were pretty impressive. How early are these results, and where do you still see the biggest opportunities to improve that funnel conversion and personalization across the marketplace?

了解。最後一個問題：你們披露的首頁改版指標相當亮眼。這些結果出來多久了？在提升漏斗轉換率，以及在整個市場中強化個人化方面，你們目前認為最大的機會在哪裡？

Yeah, we are extremely excited about that. And they're very early results. The new homepage launched not even a month ago, right, Jason, Andrews, like three weeks ago?

是的，我們對此非常興奮。而且這些都是非常早期的結果。新首頁上線還不到一個月，對吧，Jason、Andrews，大概三週前？

And we -- honestly, it was really important for us as part of the brand rebuild process to redo the homepage and make and redo our messaging and move away from a SEO/Legion-oriented homepage to a true branded homepage with our value proposition and useful information and data for the consumers. So we weren't necessarily even thinking the metrics would increase when we rolled it out, but then we were shockingly surprised as of metrics you saw, of the improvement in performance, and that is sustaining and that is holding.

而我們——坦白說，作為品牌重建流程的一部分，重新設計首頁非常重要：重做訊息傳達，從以 SEO/Legion 為導向的首頁，轉向真正的品牌首頁，呈現我們的價值主張，並提供對消費者有用的資訊與數據。所以我們在推出時甚至不一定認為指標會上升，但看到你們所看到的那些績效改善數據時，我們非常驚訝；而且這樣的表現正在持續、也維持得住。

And now, after the homepage, now we're going to go through and revamping all of our specific product pages, and we're just -- I think this is, in some of our research we had in the LLM world and whatnot, a better approach at the end of the day that's going to help us win that organic traffic long term and create a much more sticky consumer that lands on our site and is getting valuable information from us versus just like having immediately being pushed through a funnel.

接下來在首頁之後，我們會逐一改版所有特定產品頁面；而且我們——我認為這在我們針對 LLM 領域等所做的一些研究中，歸根結底是一種更好的做法：長期有助於我們贏得自然流量，並讓落地到我們網站的消費者更有黏著度，因為他們從我們這裡獲得有價值的資訊，而不是一進來就立刻被推進漏斗。

So we're very excited with how well that's performed. And also, as we're looking to do more proactively, do some brand advertising in the second half of this year, it's also exciting to see how rolling out some of that messaging on the homepage has landed so well with consumers.

所以我們對這次的表現非常興奮。另外，當我們計畫在今年下半年更主動地進行一些品牌廣告投放時，看到把部分訊息放到首頁後能如此受到消費者認同，也令人振奮。

Awesome. Thanks, guys.

太棒了。謝謝各位。

Thank you. I'm seeing no further questions at this time. I would like to turn it back to Scott Peyree, Chief Executive Officer, for closing remarks.

謝謝。目前看起來沒有其他問題。我想把時間交回給執行長 Scott Peyree 做結語。

Nope, we got one. All right. That was pretty short and sweet.

不，我們還有一個。好。這段還真是簡短明瞭。

Thank you, everyone, for joining. Just to reiterate, we're very excited about the results of the first quarter. Also very excited with all the strategic areas we're focusing on and how that's going to help this company continue to grow at a high rate over the next few years.

感謝各位參與。再次強調，我們對第一季的成果感到非常振奮。我們也對目前聚焦的各項策略領域感到非常期待，這些將如何幫助公司在未來幾年持續以高成長率擴張。

With that, have a good day, everyone.

就此，祝各位有美好的一天。

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

感謝您參與今天的電話會議。本次議程到此結束。您現在可以斷線。