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Tree.com Reports Fourth Quarter 2010 Results

CHARLOTTE, N.C. Feb. 11, 2011 December 31, 2010 $0.3 million $5.2 million $0.1 million $51.2 million $53.2 million $47.8 million $12.5 million $1.12 $1.8 million $0.16 $21.0 million $1.92

Doug Lebda

$2.0 million

Tree.com Summary Financial Results

$s in millions (except per share amounts)

Q/Q

Y/Y

Q4 2010

Q3 2010

% Change

Q4 2009

% Change

Revenue

$                   51.2

$                   53.2

(4%)

$                   47.8

7%

Cost of Revenue *

$                   16.3

$                   14.5

13%

$                   16.5

(1%)

Operating Expenses*

$                   34.6

$                   33.2

4%

$                   30.9

12%

Adjusted EBITDA **

$                     0.3

$                     5.5

(95%)

$                     0.4

(29%)

EBITDA **

$                 (12.2)

$                     4.0

NM

$                 (18.5)

34%

Net Income/(Loss)

$                 (12.5)

$                     1.8

NM

$                 (21.0)

41%

Net Income/(Loss) Per Share

$                 (1.12)

$                   0.16

NM

$                 (1.92)

42%

Diluted Net Income/(Loss) Per Share

$                 (1.12)

$                   0.16

NM

$                 (1.92)

42%

NM = Not Meaningful

* Does not include non-cash compensation, depreciation, gain/loss on disposal of assets, restructuring, amortization, impairment, or litigation settlements and contingencies.  

** See separate reconciliation of Adjusted EBITDA and EBITDA to GAAP Net Income/Loss.

Information Regarding Q4 Results

  • $2 million
  • Year-over-year, revenue was up 7% over the fourth quarter 2009.  This year-over-year increase in total revenue is primarily due to LendingTree Loans, with 36% more closed loans, partially offset by fewer year-over-year matched loan requests on the Exchanges and fewer closed home sales in the Real Estate segment.      
  • $5.2 million $1.2 million
  • Adjusted EBITDA was virtually flat versus the fourth quarter 2009, despite higher revenue year-over-year.  The largest contributing factor to the bottom-line decrease is marketing expense, which was 13% higher than the fourth quarter 2009.      
  • $12.5 million $10.8 million $10.3 million $0.5 million

Average 30-Year Fixed Mortgage Rate Recent Trends

http://photos.prnewswire.com/prnh/20110211/CL46523

Source: Freddie Mac: Primary Mortgage Market Survey

Freddie Mac’s Primary Mortgage Market Survey consists of the average of 125 lenders’ rates who contributed rates to Freddie Mac. The rates are based on 30-year fixed rate mortgage with 20% down and 80% finance over the life of the loan.

Business Unit Discussion

LENDINGTREE LOANS SEGMENT

LendingTree Loans Segment Results

$s in millions

Q/Q

Y/Y

Q4 2010

Q3 2010

% Change

Q4 2009

% Change

Revenue

Origination and Sale of Loans

$                   34.1

$                   31.9

7%

$                   20.6

66%

Other

$                     2.9

$                     2.9

0%

$                     2.3

26%

Total Revenue

$                   37.0

$                   34.8

7%

$                   22.9

61%

Cost of Revenue *

$                   13.3

$                   11.0

20%

$                   10.6

26%

Operating Expenses*

$                   15.4

$                   11.3

38%

$                     7.5

105%

Adjusted EBITDA **

$                     8.3

$                   12.5

(34%)

$                     4.8

72%

EBITDA **

$                     8.2

$                   10.9

(25%)

$                     4.5

82%

Operating Income

$                     7.8

$                   10.5

(26%)

$                     3.8

105%

Metrics

Purchased loan requests (000s)

74.6

69.0

8%

61.5

21%

Closed – units (000s)

3.7

3.3

11%

2.7

36%

Closed – units (dollars)

$                 850.4

$                 721.9

18%

$                 622.6

37%

NM = Not Meaningful

* Does not include non-cash compensation, depreciation, gain/loss on disposal of assets, restructuring, amortization, impairment, or litigation settlements and contingencies.  

** See separate reconciliation of Adjusted EBITDA and EBITDA to Operating Income/(Loss) by Segment.

LendingTree Loans

Fourth quarter 2010 revenue increased 7% quarter-over-quarter driven by 11% more closed loans.  During the quarter, the average revenue generated per closed unit decreased slightly by 3%.  Fourth quarter  revenue increased 61% from the same period last year on 36% more closed loans and a 6% increase in the revenue generated per loan.

During the fourth quarter 2010, the number of licensed loan officers employed by LTL grew 28% over the third quarter 2010 and was 39% higher than the end of the fourth quarter 2009.  With the integration of the previously-announced acquisition of assets of Surepoint Lending, we anticipate adding approximately 300 more loan officers.  This is still on track to close in the first quarter of 2011.  

$4.2 million $7.9 million $3.1 million

EXCHANGES SEGMENT  

Exchanges Segment Results

$s in millions

Q/Q

Y/Y

Q4 2010

Q3 2010

% Change

Q4 2009

% Change

Revenue

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