LendingTree, Inc.

Consumer

Our Consumer segment revenue of $66.2 million increased 11% YoY, while profit of $35.2 million grew 26%, driven by segment margins increasing to 53% compared to 47% a year ago. Similar to prior periods, strong growth in small business and personal loans were responsible for both the revenue and margin improvements. Also of note, credit card has returned to its historic margin profile driven by our TreeQual prequalification initiative, targeted marketing improvements, and various platform enhancements. We are now well positioned to lean back into this large market opportunity as we move into next year.

Small business revenue increased 50% YoY and the number of loans closed on our network grew by 30%. Through the investment we made in additional concierge sales team members we have built a durable platform to further scale this business going forward. As mentioned previously, we are actively testing how we can efficiently engage this higher-touch model to other products offered in our marketplace.

Personal loans revenue of $31.3 million increased 12% YoY. Our lender partners remain in growth mode and we have begun to see a broadening in credit appetite that has lead to a meaningful increase in close rates for our customers. We expect record credit card balances in the U.S., the consolidation of which is the largest use case for personal loan applicants, should provide opportunity for strong growth in this product into next year.