LendingTree, Inc.

Ladies and gentlemen, thank you for standing by and welcome to the LendingTree third quarter 2020 earnings call. At this time, all participants are in a listen-only mode. Later, we will conduct question and answer session and instructions will follow at that time. If anyone should require assistance during the conference, please press star then zero on your touchtone telephone. As a reminder, this conference is being recorded. I would now like to hand the call over to your host, Mr. Trent Ziegler. Please go ahead.

Great. Thanks, Eliza. And thanks to everyone for joining the call this morning to discuss LendingTree's third quarter 2020 financial results. On the call with me this morning are Doug Lebda, LendingTree's chairman and CEO, and J.D. Moriarty, chief financial officer. As a reminder, we posted a detailed letter to shareholders on our investor relations website earlier today. And so with that, we'll keep our prepared remarks relatively brief, and we'll spend the bulk of our time this morning addressing your questions. So before I hand the call over, I'll quickly remind everyone that during today's call, we may discuss LendingTree's expectations for future performance. Any forward-looking statements are subject to risk 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 LendingTree's periodic reports filed with the SEC. We will also discuss a variety of non-GAAP measures on the call today, and I refer you to today's press release and shareholder letter, both available on our website at investors.lendingtree.com, for the comparable GAAP measures, definitions, and full reconciliations of non-GAAP measures to GAAP. And with that, I will turn it over to Doug.

Thanks, Operator, and thanks, Trent, and thanks to everyone for joining the call this morning to discuss LendingTree's third quarter 2020 results. On the call with me – oh, I'm sorry – I got that wrong. Thank you, Trent, and thanks to everyone for joining the call. Before we get into questions, I'd like to spend a few minutes giving you my perspective on the business and a few of the reasons why I'm increasingly encouraged by the prospects as we continue to navigate this challenging period. First, the benefits of diversification have never been more clear. Financially speaking, our performance over the last six months has demonstrated the durability of our business model. We have generated more than $50 million of adjusted EBITDA in the prior two quarters, in spite of the fact that the revenue opportunity in three of our five largest segments, credit cards, personal loans, and small business, has been de minimis. Our mortgage business is showing great strength relative to where we are in the cycle. As we've previously discussed at length, environments like we're in now, where refinance activity is booming, have not historically been our strongest periods. When lenders are flush with volume, they need our service less. So the strength we've exhibited over the last few quarters are a testament to our competitive position. And our insurance segment continues to thrive. It's clear to us that the insurance industry is still in the early innings of a digital evolution, and we are extremely well positioned to capitalize on that fundamental secular shift. Operationally, we have been able to leverage our competitive strength in categories like home and insurance to continue to expand our ecosystem of users, suppliers, partners, and content. We've made great strides in the development of the MyLendingTree platform over the last several months, and I'm especially encouraged by our strength recently when we announced our integration with Plaid. This integration enables MyLendingTree users to connect all of their bank accounts and view their borrowing, saving, and spending in one central hub. Importantly, this incremental layer of rich transaction-level data gives us a more holistic picture of the consumer. which enables us to deliver more sophisticated and personalized recommendations. The incremental data will also prove valuable for our partners as we consistently provide more transparency and insights. In summary, the performance of a home and insurance remains strong, and we are seeing early signs of recovery in many of our consumer businesses as well. We've used this period of time to put renewed focus on strategy, innovation, and execution and we feel extremely confident in our relative competitive position as well. As a company, this is the third financial crisis that we've endured. Each time we have emerged smarter, stronger, and better positioned, and I'm confident today as I've ever been. And with that, operator, we can open the line for questions.