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LendingTree Inc. (TREE-1.43%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $900.2 million for the year, an increase from $672.5 million in 2023. This growth was primarily driven by a 120% increase in the Insurance segment revenue to $548.7 million.
Revenue from the Home segment decreased by 10% to $128.9 million, while the Consumer segment saw a 20% decline to $222.5 million. The decrease in the Consumer segment was largely due to declines in credit card and other credit product revenues.
The company reported a net loss of $41.7 million for 2024, an improvement from the net loss of $122.4 million in 2023. The improvement was attributed to increased revenue and reduced goodwill impairment charges.
Selling and marketing expenses increased by 47% to $636 million, driven by higher advertising and promotional expenses in response to increased demand in the Insurance segment.
Interest expense increased significantly due to the issuance of a new term loan and the repurchase of convertible notes.
LendingTree's balance sheet shows $106.6 million in cash and cash equivalents as of December 31, 2024, down from $112.1 million the previous year.
The company maintains a full valuation allowance against its net deferred tax assets due to historical cumulative pre-tax losses.
LendingTree's goodwill impairment charge of $38.6 million in 2023 was tied to the Insurance reporting unit, with no additional impairments reported in 2024.
The filing also details various financial agreements, including a new $175 million term loan facility entered into in March 2024.
LendingTree's equity investments, primarily in Stash Financial, Inc., were impaired during 2024, resulting in a charge of $58.4 million.
The company continues to focus on expanding its financial services offerings and improving its digital platforms to enhance consumer experience.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the LendingTree Inc. annual 10-K report dated March 7, 2025. To report an error, please email earnings@qz.com.