LendingTree, Inc.
For the period ended Sep 30, 2025. Filed Oct 31, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 31, 2025
TREE$37.01-4.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-01.
0001434621-25-000021
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-31.
0001628280-25-047863
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 133 previous paragraphs and 137 current paragraphs.
83 unchanged; 41 reworded; 12 added; 7 removed; 2 previous and 1 current paragraphs rearranged.
Tables are not compared: 9 previous and 9 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (12)
Current report
New Credit Facility and Refinancing
Current report
On August 21, 2025, we entered into a $475.0 million first lien term loan facility (the "2025 Facility") consisting of a $75 million revolving credit facility (the "2025 Revolving Facility") and a $400.0 million term loan facility (the "2025 Term Loan"), both with maturities of August 21, 2030. Proceeds from the 2025 Facility were used to refinance the Credit Agreement (as defined herein) and 2024 Term Loan (as defined herin) and for working capital and general corporate purposes.
Current report
Revenue from our home equity loans product increased $7.3 million, or 35%, to $28.3 million in the third quarter of 2025 from $21.0 million in the third quarter of 2024. The increase in revenue was due to a 58% increase in volume, representing $10.4 million of the increase, partially offset by a 15% decrease in revenue earned per consumer, representing a $3.1 million decrease.
Current report
We anticipate an increase in general and administrative expense of approximately $3.3 million to $5.9 million in the fourth quarter of 2025 due to the acceleration of non-cash compensation expense on certain equity awards associated with our previous Chief Executive Officer. Non-cash compensation expense is excluded from Adjusted EBITDA. See “Adjusted EBITDA” below.
Current report
In the third quarter of 2025, we refinanced our Credit Agreement (as defined herein) and 2024 Term Loan, which collectively had $402.8 million outstanding, with proceeds from the $400.0 million 2025 Term Loan (as defined herein) and cash on hand at par plus accrued and unpaid interest. As a result of the refinancing, we recognized a loss on the extinguishment of $7.9 million due to the write-off of unamortized debt issuance costs and original issue discount costs which are included in interest expense, net in the consolidated statement of operations and comprehensive income.
Current report
In the third quarter of 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted into law. The OBBBA includes provisions impacting various aspects of our tax obligations, including temporary tax impacts related to research and development expensing and interest expense limitations. The impact of the OBBBA on our provision for income taxes is immaterial.
Current report
Personal loans revenue of $31.3 million in the third quarter of 2025 increased 12% from the third quarter of 2024. Our lender partners remain in growth mode, and we have begun to see a broadening in credit appetite that has led to a meaningful increase in close rates for our consumers. We expect record credit card balances by consumers, 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.
Current report
Small business revenue increased 50% in the third quarter of 2025 from the third quarter of 2024. Through the investment to grow our concierge sales team we have built a durable platform to further scale this business going forward. We are actively testing how we can efficiently engage this higher-touch model to other products offered in our marketplace.
Current report
Insurance revenue increased 20% to $203.5 million in the third quarter of 2025 from the third quarter of 2024 and segment profit increased 15% to $47.6 million in the third quarter of 2025 from the third quarter of 2024.
Current report
Insurance carriers are broadly enjoying very strong automotive underwriting results following multiple quarters of premium increases and stable loss cost trends, and are aggressively pursuing new customers. The increased demand has created a competitive market to acquire customers seeking an auto policy, which has led to strong growth in both revenue as well as associated media costs. Our strategy is to capture the maximum level of carrier advertising budgets when we have an opportunity to drive incremental segment profit and take share from competitors. These incremental dollars have pressured overall segment margin while simultaneously contributing to robust segment profit. We expect the strength of this insurance cycle to continue in 2026 following the previous lengthy disruption due to record inflation in auto loss costs that began three years ago.
Current report
In the third quarter of 2025, we refinanced our 2021 Credit Agreement and 2024 Term Loan, which collectively had $402.8 million outstanding, with proceeds from the $400.0 million 2025 Term Loan and cash on hand at par plus accrued and unpaid interest. As a result of the refinancing, we recognized a loss on the extinguishment of $7.9 million due to the write-off of unamortized debt issuance costs and original issue discount costs which are included in interest expense, net in the consolidated statement of operations and comprehensive income.
Current report
On August 21, 2025, we entered into a $475.0 million first lien term loan facility (the "2025 Facility"), consisting of a $75 million revolving credit facility (the "2025 Revolving Facility") and a $400.0 million term loan facility (the "2025 Term Loan"), both with maturities of August 21, 2030. Proceeds from the 2025 Facility were used to refinance the Credit Agreement and 2024 Term Loan, mentioned above, and for working capital and general corporate purposes.
Removed paragraphs (7)
Previous report
Revenue from our home equity loans product increased $8.3 million, or 38%, to $30.3 million in the second quarter of 2025 from $22.0 million in the second quarter of 2024. The increase in revenue was due to a 65% increase in volume, representing $11.9 million of the increase, partially offset by a 16% decrease in revenue earned per consumer, representing a $3.6 million decrease.
Previous report
In the third quarter of 2025, we will adopt the One Big Beautiful Bill Act, which includes provisions impacting various aspects of the Company's tax obligations, including research and development expensing and 163(j) of the Internal Revenue Code limitation changes. The impact of these changes on our financial statements is being evaluated and will be disclosed in future filings.
Previous report
Home equity revenue of $30.3 million in the second quarter of 2025 increased $8.3 million from $22.0 million in the second quarter of 2024. Volume of home equity consumers completing request forms increased 65% in the second quarter of
Previous report
Personal loans revenue of $30.6 million in the second quarter of 2025 increased 14% from the second quarter of 2024 primarily due to increases in the number of consumers completing request forms. Some of our prime and mid-prime lender partners have begun to increase credit availability to a broader segment of our consumer traffic. We continue to iterate and enhance our matching algorithms that aim to better align lenders and consumers, resulting in higher conversion rates and closed loans at positive unit economics. We are continually testing and improving our matching platform to ensure both our lending partners and consumers are being paired at the optimum rate, maximizing close rates for our partners while also helping customers obtain the best priced loans they qualify for.
Previous report
Small business revenue increased 61% in the second quarter of 2025 from the second quarter of 2024, due to increases in the number of consumers completing request forms and in revenue earned per consumer. The investment to grow our concierge sales team has strengthened our renewal and lender bonus revenue streams. Improved unit economics from this investment has allowed us to increase our marketing spend to capture more high-intent small business owners searching for new loans. We are focused on growing the number and types of lenders on our small business network, including in the government SBA loan market.
Previous report
Insurance revenue increased 21% to $147.2 million in the second quarter of 2025 from the second quarter of 2024 and segment profit increased 10% to $40.0 million in the second quarter of 2025 from the second quarter of 2024. Carrier demand for new auto insurance customers has been strong, with volume increasing 19% in the second quarter of 2025 compared to the second quarter of 2024, as carriers are broadly experiencing strong underwriting results following multiple quarters of premium increases and stable loss cost trends. Higher consumer rates remains the primary driver of increased consumer shopping traffic to our websites. Demand from our carrier partners remain at relatively elevated levels and we continue to be optimistic about the remainder of 2025.
Previous report
We filed an ATM Shelf Registration (as defined in the 2024 Term Loan agreement) with the SEC in the third quarter of 2024. In the event of a default in the minimum Consolidated EBITDA (as defined in the 2024 Term Loan agreement) covenant in the 2024 Term Loan, we are required to utilize the ATM Equity Program (as defined in the 2024 Term Loan agreement) to sell common stock and use the proceeds to cure the event of default in the minimum Consolidated EBITDA covenant. Additionally, we may use the ATM Equity Program to maintain the $40.0 million minimum cash balance requirement in the 2024 Term Loan.
Reworded paragraphs (41)
Previous wording
We operate what we believe to be the leading online consumer platform that connects consumers with the choices they need to be confident in their financial decisions. Our online consumer platform provides consumers with access to product offerings from our Network Partners, including mortgage loans, home equity loans and lines of credit, auto loans, credit cards, deposit accounts, personal loans, small business loans, insurance quotes and other related offerings. In addition, we offer consumers tools and resources, including free credit scores, that facilitate comparison shopping for loans, deposit products, insurance, and other offerings. We seek to match to match consumers with multiple providers, who can provide them competing quotes for the product(s) they are seeking. We also serve as a valued partner to lenders and other providers seeking an efficient, scalable and flexible source of customer acquisition with directly measurable benefits, by matching the consumer inquiries we generate with these Network Partners.
Current wording
We operate what we believe to be the leading online consumer platform that connects consumers with the choices they need to be confident in their financial decisions. Our online consumer platform provides consumers with access to product offerings from our Network Partners, including mortgage loans, home equity loans and lines of credit, auto loans, credit cards, deposit accounts, personal loans, small business loans, insurance quotes and other related offerings. In addition, we offer consumers tools and resources, including free credit scores, that facilitate comparison shopping for loans, deposit products, insurance, and other offerings. We seek to match consumers with multiple providers, who can provide them competing quotes for the product(s) they are seeking. We also serve as a valued partner to lenders and other providers seeking an efficient, scalable and flexible source of customer acquisition with directly measurable benefits, by matching the consumer inquiries we generate with these Network Partners.
Previous wording
During 2025, the challenging interest rate environment and inflationary pressures have continued to present challenges for many of our mortgage lending partners. In our Home segment, mortgage rates have remained relatively consistent in the second quarter of 2025 compared to the fourth quarter of 2024 and second quarter of 2024, but significantly increased compared to the second quarter of 2022. The increased mortgage rates continue to cause reduced refinance volumes and continue to put pressure on purchase activity. In our Insurance segment, demand from our carrier partners remain at relatively elevated levels and we continue to be optimistic about the remainder of 2025.
Current wording
During 2025, the interest rate environment and inflationary pressures have continued to present challenges for many of our mortgage lending partners. In our Home segment, mortgage rates have remained relatively consistent in the third quarter of 2025 compared to the third quarter of 2024, but significantly increased compared to the second quarter of 2022. The increased mortgage rates continue to cause reduced refinance volumes and continue to put pressure on purchase activity. In our Insurance segment, demand from our carrier partners remain at relatively elevated levels and we continue to be optimistic about the remainder of 2025.
Previous wording
According to Freddie Mac, the monthly average 30-year mortgage interest rates increased from a monthly average of 6.72% in December 2024 to a monthly average of 6.82% in June 2025. On a quarterly basis, 30-year mortgage interest rates in the second quarter of 2025 averaged 6.79%, compared to 6.99% in the second quarter of 2024 and 6.65% in the fourth quarter of 2024.
Current wording
According to Freddie Mac, the monthly average 30-year mortgage interest rates decreased from a monthly average of 6.72% in December 2024 to a monthly average of 6.35% in September 2025. On a quarterly basis, 30-year mortgage interest rates in the third quarter of 2025 averaged 6.55%, compared to 6.51% in the third quarter of 2024.
Previous wording
Typically, as mortgage interest rates rise, there are fewer consumers in the marketplace seeking refinancings and, accordingly, the mix of mortgage origination dollars will move toward purchase mortgages. According to Mortgage Bankers Association (“MBA”) data, total refinance origination dollars decreased to 33% of total mortgage origination dollars in the second quarter of 2025 compared to 38% in the fourth quarter of 2024 and increased when compared to 22% in the second quarter of 2024. In the second quarter of 2025, total refinance origination dollars decreased 4% from the fourth quarter of 2024 and increased 96% from the second quarter of 2024. Industry-wide mortgage origination dollars in the second quarter of 2025 increased 11% from the fourth quarter of 2024 and increased 28% from second quarter of 2024.
Current wording
Typically, as mortgage interest rates rise, there are fewer consumers in the marketplace seeking refinancings and, accordingly, the mix of mortgage origination dollars will move toward purchase mortgages. According to Mortgage Bankers Association (“MBA”) data, total refinance origination dollars increased to 33% of total mortgage origination dollars in the third quarter of 2025 compared to 19% in the third quarter of 2024. In the third quarter of 2025, total refinance origination dollars increased 117% from the third quarter of 2024. Industry-wide mortgage origination dollars in the third quarter of 2025 increased 24% from third quarter of 2024.
Previous wording
According to MBA projections, the mix of mortgage origination dollars is expected to continue to be weighted towards purchase mortgages with the refinance share representing approximately 33% for 2025 compared to 28% in 2024.
Current wording
According to MBA projections, the mix of mortgage origination dollars is expected to continue to be weighted towards purchase mortgages with the refinance share representing approximately 33% for 2025 compared to 21% in 2024.
Previous wording
According to Fannie Mae data, existing home sales decreased approximately 3% in the second quarter of 2025 compared to the fourth quarter of 2024, and increased approximately 1% compared to the second quarter of 2024. Fannie Mae predicts an overall increase in existing-home sales of approximately 3% in 2025 compared to 2024.
Current wording
According to Fannie Mae data, existing home sales increased approximately 2% in the third quarter of 2025 compared to the third quarter of 2024. Fannie Mae predicts overall existing-home sales to be relatively consistent in 2025 compared to 2024.
Previous wording
We added 0.5 million net new users in the second quarter of 2025, bringing cumulative active users to 32.6 million as of June 30, 2025. We calculate the number of Spring users at a period end as the number of users that had an active account at any point during the quarter that includes the period end date. Users that deactivated their accounts prior to the most recent quarter are no longer considered in the user base at the end of the most recent quarter. We attribute approximately $4.9 million of revenue, or 2% of total revenue, in the second quarter of 2025 to registered Spring users who initiated their transaction from the Spring platform. During the second quarter of 2025, approximately 0.3 million Spring users initiated a transaction from the Spring platform that contributed to revenue.
Current wording
We added 1.0 million net new users in the third quarter of 2025, bringing cumulative active users to 33.6 million as of September 30, 2025. We calculate the number of Spring users at a period end as the number of users that had an active account at any point during the quarter that includes the period end date. Users that deactivated their accounts prior to the most recent quarter are no longer considered in the user base at the end of the most recent quarter. We attribute approximately $4.7 million of revenue, or 2% of total revenue, in the third quarter of 2025 to registered Spring users who initiated their transaction from the Spring platform. During the third quarter of 2025, approximately 0.3 million Spring users initiated a transaction from the Spring platform that contributed to revenue.
Previous wording
Results of Operations for the Three and Six Months ended June 30, 2025 and 2024
Current wording
Results of Operations for the Three and Nine Months ended September 30, 2025 and 2024
Previous wording
Revenue increased in the second quarter and first six months of 2025 compared to the second quarter and first six months of 2024 due to increases in our Insurance, Home and Consumers segments.
Current wording
Revenue increased in the third quarter and first nine months of 2025 compared to the third quarter and first nine months of 2024 due to increases in our Insurance, Home and Consumer segments.
Previous wording
Revenue from our Insurance segment increased $25.1 million, or 21%, to $147.2 million in the second quarter of 2025 from $122.1 million in the second quarter of 2024. The increase in revenue was due to a 19% increase in volume, representing $23.2 million of the increase, and a 2% increase in revenue earned per consumer, representing $1.9 million of the increase. Revenue from our Insurance segment increased $85.9 million, or 41%, to $293.8 million in the first six months of 2025 from $207.9 million in the first six months of 2024. The increase in revenue was due to a 20% increase in volume, representing $49.5 million of the increase, and a 17% increase in revenue earned per consumer, representing $36.4 million of the increase. We measure volume for our insurance product as the number of consumer request forms and, in certain cases re-engagement with a consumer, the number of such subsequent consumer engagements through our platform.
Current wording
Revenue from our Insurance segment increased $34.4 million, or 20%, to $203.5 million in the third quarter of 2025 from $169.1 million in the third quarter of 2024. The increase in revenue was due to a 19% increase in volume, representing $32.2 million of the increase, and a 1% increase in revenue earned per consumer, representing $2.2 million of the increase. Revenue from our Insurance segment increased $120.3 million, or 32%, to $497.3 million in the first nine months of 2025 from $377.0 million in the first nine months of 2024. The increase in revenue was due to a 20% increase in volume, representing $81.7 million of the increase, and a 10% increase in revenue earned per consumer, representing $38.6 million of the increase. We measure volume for our insurance product as the number of consumer request forms and, in certain cases re-engagement with a consumer, the number of such subsequent consumer engagements through our platform.
Previous wording
Our Home segment includes the following products: purchase mortgage, refinance mortgage, and home equity loans and lines of credit. Revenue from our Home segment increased $8.3 million, or 26%, in the second quarter of 2025 from the second quarter of 2024 and increased $14.8 million, or 24%, in the first six months of 2025 from the first six months of 2024 primarily due to increases in revenue from our home equity loans.
Current wording
Our Home segment includes the following products: purchase mortgage, refinance mortgage, and home equity loans and lines of credit. Revenue from our Home segment increased $5.9 million, or 18%, in the third quarter of 2025 from the third quarter of 2024 and increased $20.7 million, or 22%, in the first nine months of 2025 from the first nine months of 2024 primarily due to increases in revenue from our home equity loans.
Previous wording
Revenue from our home equity loans product increased $13.3 million, or 31%, to $56.1 million in the first six months of 2025 from $42.8 million in the first six months of 2024. The increase in revenue was due to a 57% increase in volume, representing $20.4 million of the increase, partially offset by a 16% decrease in revenue earned per consumer, representing a $7.1 million decrease. We measure volume for our home equity loans and lines of credit products as the number of consumers completing request forms.
Current wording
Revenue from our home equity loans product increased $20.6 million, or 32%, to $84.4 million in the first nine months of 2025 from $63.8 million in the first nine months of 2024. The increase in revenue was due to a 57% increase in volume, representing $30.8 million of the increase, partially offset by a 16% decrease in revenue earned per consumer, representing a $10.2 million decrease. We measure volume for our home equity loans and lines of credit products as the number of consumers completing request forms.
Previous wording
Our Consumer segment includes the following products: credit cards, personal loans, small business loans, student loans, auto loans, deposit accounts, and other credit products. Many of our Consumer segment products are not individually significant to revenue. Revenue from our Consumer segment increased $6.6 million, or 12%, in the second quarter of 2025 from the second quarter of 2024 primarily due to increases in our small business loans and personal loans products, partially offset by decreases in credit cards and other credit products. Revenue from our Consumer segment increased $11.2 million, or 10%, in the first six months of 2025 from the first six months of 2024 primarily due to increases in our small business loans and personal loans products, partially offset by decreases in credit cards and other credit products.
Current wording
Our Consumer segment includes the following products: credit cards, personal loans, small business loans, student loans, auto loans, deposit accounts, and other credit products. Many of our Consumer segment products are not individually significant to revenue. Revenue from our Consumer segment increased $6.7 million, or 11%, in the third quarter of 2025 from the third quarter of 2024 primarily due to increases in our small business loans and personal loans products, partially offset by decreases in credit cards and other credit products. Revenue from our Consumer segment increased $17.9 million, or 11%, in the first nine months of 2025 from the first nine months of 2024 primarily due to increases in our small business loans and personal loans products, partially offset by decreases in credit cards and other credit products.
Previous wording
Revenue from our personal loans product increased $3.7 million, or 14%, to $30.6 million in the second quarter of 2025 from $26.9 million in the second quarter of 2024. The increase in revenue was due to an 18% increase in volume, representing an increase of $4.6 million, partially offset by a 3% decrease in revenue earned per consumer, representing a $0.9 million decrease. Revenue from our personal loans product increased $7.0 million, or 15%, to $54.0 million in the first six months of 2025 from $47.1 million in the first six months of 2024. The increase in revenue was due to a 25% increase in volume, representing $10.8 million of the increase, partially offset by an 8% decrease in revenue earned per consumer, representing $3.8 million of a decrease. We measure volume for our personal loans product as the number of unique consumers completing request forms.
Current wording
Revenue from our personal loans product increased $3.4 million, or 12%, to $31.3 million in the third quarter of 2025 from $27.8 million in the third quarter of 2024. The increase in revenue was due to a 10% increase in revenue earned per consumer, representing a $2.7 million increase, and a 2% increase in volume, representing a $0.7 million increase. Revenue from our personal loans product increased $10.4 million, or 14%, to $85.3 million in the first nine months of 2025 from $74.9 million in the first nine months of 2024. The increase in revenue was due to a 16% increase in volume, representing $11.5 million of the increase, partially offset by a 1% decrease in revenue earned per consumer, representing $1.1 million of a decrease. We measure volume for our personal loans product as the number of unique consumers completing request forms.
Previous wording
Revenue from our small business loans product increased $7.3 million, or 61%, in the second quarter of 2025 compared to the second quarter of 2024, and increased $13.7 million, or 54% in the first six months of 2025 compared to the first six months of 2024 due to increases in the number of consumers completing request forms and in revenue earned per consumer. Revenue from our credit cards product decreased $2.3 million, or 41%, in the second quarter of 2025 compared to the second quarter of 2024, and decreased $6.0 million, or 45%, in the first six months of 2025 compared to the first six months of 2024 due to decreases in the number of consumer clicks and revenue earned per click. Revenue from our other credit products decreased $1.7 million, or 29%, in the second quarter of 2025 compared to the second quarter of 2024, and decreased $2.9 million, or 30%, in the first six months of 2025 compared to the first six months of 2024 primarily due to a decrease in revenue earned per consumer.
Current wording
Revenue from our small business loans product increased $7.7 million, or 50%, in the third quarter of 2025 compared to the third quarter of 2024, and increased $21.3 million, or 53% in the first nine months of 2025 compared to the first nine months of 2024 due to increases in the number of consumers completing request forms and in revenue earned per consumer. Revenue from our credit cards product decreased $2.8 million, or 46%, in the third quarter of 2025 compared to the third quarter of 2024, and decreased $8.8 million, or 45%, in the first nine months of 2025 compared to the first nine months of 2024 primarily due to decreases in revenue earned per click and for the first nine months of 2025 a decrease in the number of consumer clicks. Revenue from our other credit products decreased $0.8 million, or 17%, in the third quarter of 2025 compared to the third quarter of 2024, and decreased $3.7 million, or 26%, in the first nine months of 2025 compared to the first nine months of 2024 primarily due to a decrease in revenue earned per consumer partially offset by an increase in the number of consumers completing request forms.
Previous wording
Cost of revenue increased $1.6 million in the second quarter of 2025 from the second quarter of 2024 primarily due to an increase in compensation and benefits of $1.3 million. Cost of revenue increased $3.0 million in the first six months of 2025 from the first six months of 2024 primarily due to an increase in compensation and benefits of $2.2 million.
Current wording
Cost of revenue increased $1.6 million in the third quarter of 2025 from the third quarter of 2024 primarily due to an increase in compensation and benefits. Cost of revenue increased $4.6 million in the first nine months of 2025 from the first nine months of 2024 primarily due to an increase in compensation and benefits of $3.8 million.
Previous wording
Cost of revenue as a percentage of revenue was 4% in the second quarter and first six months of 2025 which is consistent to the second quarter and the first six months of 2024.
Current wording
Cost of revenue as a percentage of revenue was 4% in the third quarter and first nine months of 2025 which is consistent with the third quarter and the first nine months of 2024.
Previous wording
Selling and marketing expense increased in the second quarter of 2025 compared to the second quarter 2024 by $28.4 million, and increased $92.9 million in the first six months of 2025 compared to the first six months of 2024 primarily due to the changes in advertising and promotional expense discussed below. Additionally, compensation and benefits increased $1.1 million in the second quarter of 2025 compared to the second quarter of 2024, and increased $2.0 million in the first six months of 2025 compared to the first six months of 2024.
Current wording
Selling and marketing expense increased in the third quarter of 2025 compared to the third quarter 2024 by $31.5 million, and increased $124.5 million in the first nine months of 2025 compared to the first nine months of 2024 primarily due to the changes in advertising and promotional expense discussed below. Additionally, compensation and benefits increased $2.5 million in the first nine months of 2025 compared to the first nine months of 2024.
Previous wording
We adjusted our advertising expenditures in the second quarter and first six months of 2025 compared to the second quarter and first six months of 2024 in response to changes in Network Partner demand on our marketplace. We will continue to adjust selling and marketing expenditures dynamically in response to anticipated revenue opportunities.
Current wording
We adjusted our advertising expenditures in the third quarter and first nine months of 2025 compared to the third quarter and first nine months of 2024 in response to changes in Network Partner demand on our marketplace. We will continue to adjust selling and marketing expenditures dynamically in response to anticipated revenue opportunities.
Previous wording
General and administrative expense decreased $2.1 million in the second quarter of 2025 from the second quarter of 2024 primarily due decreases of $0.8 million professional fees and $0.4 million in loss on asset disposals. General and administrative expense increased $2.8 million in the first six months of 2025 from the first six months of 2024 primarily due to an increase in compensation and benefits of $4.5 million, partially offset by a decrease in professional fees of $0.8 million and a decrease in loss on asset disposals of $0.5 million.
Current wording
General and administrative expense was generally consistent in the third quarter of 2025 and the third quarter of 2024. General and administrative expense increased $2.3 million in the first nine months of 2025 from the first nine months of 2024 primarily due to an increase in compensation and benefits of $5.0 million, partially offset by a decrease in professional fees of $1.0 million and a decrease in facility costs of $0.8 million.
Previous wording
General and administrative expense as a percentage of revenue decreased to 10% in the second quarter of 2025 compared to 13% in the second quarter of 2024, and decreased to 11% in the first six months of 2025 compared to 14% in the first six months of 2024.
Current wording
General and administrative expense as a percentage of revenue decreased to 9% in the third quarter of 2025 compared to 10% in the third quarter of 2024, and decreased to 10% in the first nine months of 2025 compared to 12% in the first nine months of 2024.
Previous wording
Product development expense increased $1.1 million in the second quarter of 2025 compared to the second quarter of 2024 as we continued to invest in internal development of new and enhanced features, functionality and business opportunities that we believe will enable us to better and more fully serve consumers and Network Partners.
Current wording
Product development expense increased $1.3 million in the first nine months of 2025 from the first nine months of 2024 as we continued to invest in internal development of new and enhanced features, functionality and business opportunities that we believe will enable us to better and more fully serve consumers and Network Partners.
Previous wording
In March 2024 and March 2025, we drew $125.0 million and $50.0 million, respectively, on the 2024 Term Loan resulting in an increase of $0.4 million and $3.6 million of interest expense in the second quarter and first six months of 2025, respectively, compared to the second quarter and the first six months of 2024.
Current wording
In March 2024 and March 2025, we drew $125.0 million and $50.0 million, respectively, on the 2024 Term Loan (as defined herein). The incremental borrowings in March 2024 and March 2025 resulted in an increase of $2.5 million of interest expense in the first nine months of 2025 compared to the first nine months of 2024.
Previous wording
In the first quarter of 2025, we repurchased approximately $20.0 million in principal amount of our 0.50% Convertible Senior Notes due July 15, 2025 (the "2025 Notes") for $19.7 million plus accrued and unpaid interest. As a result of the repurchase, we recognized a gain on the extinguishment of $0.3 million in the first six months of 2025, which is included in interest expense, net in the consolidated statement of operations and comprehensive income.
Current wording
In the first quarter of 2025, we repurchased approximately $20.0 million in principal amount of our 0.50% Convertible Senior Notes due July 15, 2025 (the "2025 Notes") for $19.7 million plus accrued and unpaid interest. As a result of the repurchase, we recognized a gain on the extinguishment of $0.3 million in the first nine months of 2025, which is included in interest expense, net in the consolidated statement of operations and comprehensive income.
Previous wording
In the second quarter of 2024, we repurchased approximately $161.3 million in principal amount of our 2025 Notes for $151.7 million plus accrued and unpaid interest of approximately $0.3 million. As a result of the repurchase, we recognized a gain on the extinguishment of $9.6 million and a loss on the write-off of unamortized debt issuance costs of $1.0 million, both of which are included in interest (expense) income, net in the consolidated statements of operations and comprehensive income.
Current wording
In the second quarter of 2024, we repurchased approximately $161.3 million in principal amount of our 2025 Notes for $151.7 million plus accrued and unpaid interest of approximately $0.3 million. As a result of the repurchase, we recognized a gain on the extinguishment of $9.6 million and a loss on the write-off of unamortized debt issuance costs of $1.0 million, both of which are included in interest expense, net in the consolidated statements of operations and comprehensive income.
Previous wording
For the second quarter and first six months of 2025 and 2024, the effective tax rate varied from the federal statutory rate of 21% primarily due to the change in the valuation allowance, net of the current period change in tax effected net indefinite-lived intangibles and current tax expense on taxable income.
Current wording
For the third quarter and first nine months of 2025 and 2024, the effective tax rate varied from the federal statutory rate of 21% primarily due to the change in the valuation allowance, net of the current period change in tax effected net indefinite-lived intangibles and current tax expense on taxable income.
Previous wording
Home segment revenue increased 26% to $40.4 million in the second quarter of 2025 from the second quarter of 2024 and segment profit increased 41% to $13.1 million in the second quarter of 2025 from the second quarter of 2024. Segment margin increased to 32% in the second quarter of 2025 compared to 29% in the second quarter of 2024, primarily due to a change in product mix.
Current wording
Home segment revenue increased 18% to $38.1 million in the third quarter of 2025 from the third quarter of 2024 and segment profit increased 27% to $11.8 million in the third quarter of 2025 from the third quarter of 2024. Segment margin increased to 31% in the third quarter of 2025 compared to 29% in the third quarter of 2024, primarily due to a change in product mix.
Previous wording
2025 compared to the second quarter of 2024, however, a 7% decline in revenue earned per consumer partially offset this volume growth. The home equity product remains the primary focus for consumers and our lender partners as mortgage rates remained persistently high during the quarter.
Current wording
Home equity revenue of $28.3 million in the third quarter of 2025 increased $7.3 million from $21.0 million in the third quarter of 2024. The home equity product remains the primary focus for consumers and our lender partners as mortgage rates remained persistently high during the quarter.
Previous wording
Within Home, our core mortgage business generated revenue of $10.1 million in the second quarter of 2025, which is consistent with the second quarter of 2024. Consumer demand for our core mortgage loans remains near trough levels. A shortage of in-the-money refinance borrowers persists given the current higher level of mortgage rates, and historically low existing home sales are suppressing consumer demand for purchase loans.
Current wording
Within Home, our core mortgage business generated revenue of $9.8 million in the third quarter of 2025 which decreased $1.4 million from $11.2 million in the third quarter of 2024. Consumer demand for our core mortgage loans remains near trough levels. A shortage of in-the-money refinance borrowers persists given the current higher level of mortgage rates, and historically low existing home sales are suppressing consumer demand for purchase loans.
Previous wording
Our Consumer segment revenue increased 12% to $62.5 million in the second quarter of 2025 from the second quarter of 2024, and segment profit increased 19% to $32.1 million in the second quarter of 2025 from the second quarter of 2024 primarily due to the increase in revenue. Segment margin was 51% in the second quarter of 2025 compared to 48% in the second quarter of 2024 primarily due to a change in mix shift in the product revenue.
Current wording
Our Consumer segment revenue increased 11% to $66.2 million in the third quarter of 2025 from the third quarter of 2024, and segment profit increased 26% to $35.2 million in the third quarter of 2025 from the third quarter of 2024. Segment margin was 53% in the third quarter of 2025 compared to 47% in the third quarter of 2024 primarily due to a change in mix shift in the product revenue.
Previous wording
Segment margin declined to 27% in the second quarter of 2025 from 30% in the second quarter of 2024 as continued strong demand requires the use of our highest cost marketing channels.
Current wording
Segment margin declined to 23% in the third quarter of 2025 from 25% in the third quarter of 2024 as continued strong demand requires the use of our highest cost marketing channels.
Previous wording
As of June 30, 2025, we had $149.1 million of cash and cash equivalents, compared to $106.6 million of cash and cash equivalents as of December 31, 2024.
Current wording
As of September 30, 2025, we had $68.6 million of cash and cash equivalents, compared to $106.6 million of cash and cash equivalents as of December 31, 2024.
Previous wording
In the first quarter of 2025, we repurchased approximately $20.0 million in principal amount of our 2025 notes for $19.7 million resulting in a gain on the extinguishment of $0.3 million which is included in interest expense, net in the consolidated statement of operations and comprehensive income.
Current wording
In the first quarter of 2025, we repurchased approximately $20.0 million in principal amount of our 2025 Notes for $19.7 million resulting in a gain on the extinguishment of $0.3 million which is included in interest expense, net in the consolidated statement of operations and comprehensive income. On July 15, 2025, the remaining $95.3 million outstanding 2025 Notes were fully repaid using cash on hand.
Previous wording
In July 2024, we entered into an Equity Distribution Agreement in connection with the establishment of an ATM Equity Program (as defined in the 2024 Term Loan agreement) under which we may sell up to an aggregate of $50.0 million of shares of our common stock. No sales were made under the Equity Distribution Agreement during 2024 or in the first six months of 2025.
Current wording
In July 2024, we entered into an Equity Distribution Agreement in connection with the establishment of an ATM Equity Program under which we may sell up to an aggregate of $50.0 million of shares of our common stock. No sales were made under the Equity Distribution Agreement during 2024 or in the first nine months of 2025.
Previous wording
On September 15, 2021, we entered into a credit agreement (the “Credit Agreement”), consisting of a $200.0 million revolving credit facility (the “Revolving Facility”), which matures on September 15, 2026, and a $250.0 million delayed draw term loan facility (the “2021 Term Loan” and together with the Revolving Facility, the “Credit Facility”), which matures on September 15, 2028. The proceeds of the Revolving Facility can be used to finance working capital, for general corporate purposes and any other purpose not prohibited by the Credit Agreement. We borrowed $250.0 million under the delayed draw term loan on May 31, 2022 and used $170.2 million of the proceeds to settle our 0.625% Convertible Senior Notes due June 1, 2022, including interest. The remaining proceeds of $79.8 million may be used for general corporate purposes and any other purposes not prohibited by the Credit Agreement.
Current wording
On September 15, 2021, we entered into a credit agreement (the “Credit Agreement”), consisting of a $200.0 million revolving credit facility (the “Revolving Facility”), which was set to mature on September 15, 2026, and a $250.0 million delayed draw term loan facility (the “2021 Term Loan” and together with the Revolving Facility, the “Credit Facility”), which was set to mature on September 15, 2028. We borrowed $250.0 million under the delayed draw term loan on May 31, 2022 and used $170.2 million of the proceeds to settle our 0.625% Convertible Senior Notes due June 1, 2022, including interest.
Previous wording
On March 27, 2024, we entered a first lien term loan facility (the “2024 Term Loan”), consisting of $175.0 million which matures on March 27, 2031. We drew $125.0 million of the 2024 Term Loan upon closing and drew the remaining $50.0 million on March 27, 2025. The proceeds of the 2024 Term Loan were used to pay fees and expenses incurred in connection with the closing of the 2024 Term Loan and delayed draw term loan, and will be used for working capital and general corporate purposes, including the repayment of our 2025 Notes on July 15, 2025. The funding had a $3.1 million original issue discount and associated debt issuance costs of $4.3 million.
Current wording
On March 27, 2024, we entered a first lien term loan facility (the “2024 Term Loan”), consisting of $175.0 million which was set to mature on March 27, 2031. We drew $125.0 million of the 2024 Term Loan upon closing and drew the remaining $50.0 million on March 27, 2025. The proceeds of the 2024 Term Loan were used to pay fees and expenses incurred in connection with the closing of the 2024 Term Loan and delayed draw term loan, and was used for working capital and general corporate purposes, including the repayment of our 2025 Notes on July 15, 2025.
Previous wording
As of July 31, 2025, we have outstanding $242.5 million under the 2021 Term Loan and the remaining borrowing capacity under the Revolving Facility is $200.0 million. As of June 30, 2025, we had $45.9 million available for borrowing under the Revolving Credit Facility. As of July 31, 2025, following the repayment of the 2025 Notes, we have $20.0 million available for borrowing under the Revolving Facility.
Current wording
As of September 30, 2025, we had $400.0 million borrowings outstanding under the 2025 Term Loan and the remaining borrowing capacity under the 2025 Revolving Facility is $75.0 million. As of October 31, 2025, we have $75.0 million available for borrowing under the 2025 Revolving Facility.
Previous wording
Net cash provided by operating activities increased in the first six months of 2025 from the first six months of 2024 primarily due to favorable changes in accounts receivable and accounts payable, accrued expenses and other current liabilities, partially offset by unfavorable changes in prepaid expenses and other current assets, and income taxes.
Current wording
Net cash provided by operating activities increased in the first nine months of 2025 from the first nine months of 2024 primarily due to favorable changes in accounts receivable, partially offset by unfavorable changes in accounts payable, accrued expenses and other current liabilities, prepaid expenses and other current assets, and income taxes.
Previous wording
Net cash used in investing activities in the first six months of 2025 and 2024 consisted of capital expenditures primarily related to internally developed software.
Current wording
Net cash used in investing activities in the first nine months of 2025 and 2024 consisted of capital expenditures primarily related to internally developed software, partially offset by proceeds from the sale of fixed assets in the first nine months of 2025.
Previous wording
Net cash provided by financing activities in the first six months of 2025 of $21.0 million consisted primarily of $49.5 million net proceeds from the 2024 Term Loan, partially offset by the repurchase of the 2025 Notes for $19.7 million, term loan repayments of $6.6 million and $2.3 million in withholding taxes paid upon surrender of shares to satisfy obligations on equity awards, net of proceeds from the exercise of stock options.
Current wording
Net cash used in financing activities in the first nine months of 2025 of $87.7 million consisted primarily of the repurchase of the 2025 Notes for $115.0 million, term loan repayments of $409.4 million and $2.8 million in withholding taxes paid upon surrender of shares to satisfy obligations on equity awards, net of proceeds from the exercise of stock options, partially offset by net proceeds from term loans of $439.5 million.
Showing the first 40 of 41 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
See Note 12—Debt for additional information.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
As of June 30, 2025, we had $95.3 million outstanding on the 2025 Notes. On July 15, 2025, the outstanding 2025 Notes were fully repaid using cash on hand.
Previous report — wording carried elsewhere
As of July 31, 2025, we had $160.3 million borrowings outstanding under the 2024 Term Loan.