LendingTree, Inc.
For the period ended Jun 30, 2026. Filed Jul 31, 2026.
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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.
Jun 30, 2026 · Filed Jul 31, 2026
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 2026-03-31; filed 2026-05-01.
0001628280-26-029355
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-31.
0001628280-26-051187
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 109 previous paragraphs and 110 current paragraphs.
64 unchanged; 33 reworded; 13 added; 11 removed; 1 previous and 0 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 (13)
Current report
Revenue from our home equity loans product increased $4.6 million, or 15%, to $34.9 million in the second quarter of 2026 from $30.3 million in the second quarter of 2025. The increase in revenue was due to an 11% increase in volume, representing $3.4 million of the increase, and a 4% increase in revenue earned per consumer, representing $1.2 million of the increase. As more homeowners choose to stay in their homes and home equity levels remain near record highs, consumers are increasingly utilizing the value in their homes to fund renovations and other large ticket expenses, which we expect will continue in the current interest rate environment.
Current report
Revenue from our home equity loans product increased $8.8 million, or 16%, to $64.9 million in the first six months of 2026 from $56.1 million in the first six months of 2025. The increase in revenue was due to a 14% increase in volume, representing $7.9 million of the increase, and a 2% increase in revenue earned per consumer, representing a $0.9 million increase. We measure volume for our home equity loans and lines of credit products as the number of consumers completing request forms.
Current report
Cost of revenue increased $1.2 million in the second quarter of 2026 from the second quarter of 2025 primarily due to an increase in compensation and benefits of $1.0 million. Cost of revenue increased $3.0 million in the first six months of 2026 from the first six months of 2025 primarily due to an increase in compensation and benefits of $2.8 million.
Current report
General and administrative expense as a percentage of revenue decreased to 8% in the second quarter of 2026 compared to 10% in the second quarter of 2025, and decreased to 8% in the first six months of 2026 compared to 11% in the first six months of 2025.
Current report
Product development
Current report
Product development expense consists primarily of compensation and other employee-related costs (including stock-based compensation) and third-party labor costs that are not capitalized, for employees and consultants engaged in the design, development, testing and enhancement of technology.
Current report
Product development expense decreased $1.4 million in the second quarter of 2026 compared to the second quarter of 2025 and decreased $1.9 million in the first six months of 2026 from the first six months of 2025. 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 report
Income tax expense
Current report
Home segment revenue increased 9% to $43.9 million in the second quarter of 2026 from the second quarter of 2025 and segment profit decreased 14% to $11.3 million in the second quarter of 2026 from the second quarter of 2025. Segment margin decreased to 26% in the second quarter of 2026 compared to 32% in the second quarter of 2025, primarily due to direct-to-consumer lenders continuing to expand their own marketing budgets to make up for subdued consumer demand for new mortgage products, pressuring media costs and keeping our segment margin towards the low end of the historic range. Mortgage brokers have continued to take origination share from direct-to-consumer lenders nationally, and we have increased our sales effort to bring more brokers onto our marketplace.
Current report
Our Consumer segment revenue decreased 4% to $60.3 million in the second quarter of 2026 from the second quarter of 2025, and segment profit decreased 14% to $27.6 million in the second quarter of 2026 from the second quarter of 2025. Segment margin decreased to 46% in the second quarter of 2026 compared to 51% in the second quarter of 2025 primarily due to lower close rates and small loan sizes in our small business product. After the initial reactions to the Middle East hostilities and spiking oil prices, demand from small business owners has been stable and lender approval rates have normalized.
Current report
Insurance revenue increased 42% to $209.3 million in the second quarter of 2026 from the second quarter of 2025 and segment profit increased 25% to $50.0 million in the second quarter of 2026 from the second quarter of 2025. Segment margin decreased to 24% in the second quarter of 2026 compared to 27% in the second quarter of 2025.
Current report
Insurance carriers continue to broadly generate strong underwriting results. Auto rate decreases in numerous states has led to increased competition for market share and an increase in customer volume to our sites. 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. We expect advertising costs to remain elevated for the remainder of 2026. 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.
Current report
New Accounting Pronouncements and Critical Accounting Estimates
Removed paragraphs (11)
Previous report
Cost of revenue increased in the first quarter of 2026 from the first quarter of 2025 by $1.8 million, primarily due to an increase in compensation and benefits.
Previous report
Non-cash compensation expense, included in total compensation and benefits noted above, within general and administrative expense decreased in the first quarter of 2026 compared to the first quarter of 2025 primarily due to $6.1 million of non-compensation expense in the first quarter of 2025 on equity awards associated with our previous Founder and Chief Executive Officer. For additional information, see Note—8-Stock-Based Compensation in the notes to the consolidated financial statements included elsewhere in this report. Non-cash compensation expense is excluded from Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (“Adjusted EBITDA”), as discussed below.
Previous report
General and administrative expense as a percentage of revenue in the first quarter of 2026 was 9% compared to 13% for the first quarter of 2025.
Previous report
Income tax (expense) benefit
Previous report
Certain out-of-the-money stock options may expire unexercised, and as a result we could be required to reverse the related deferred tax asset for share-based compensation, which would increase income tax expense and the effective tax rate in a future period in 2026.
Previous report
Revenue in the Home segment increased 6% to $39.1 million in the first quarter of 2026 and segment profit decreased 24% to $10.0 million in the first quarter of 2026 compared to the first quarter of 2025. Segment margin decreased to 25% in the first quarter of 2026 compared to 36% in the first quarter of 2025 primarily due to an increase in online marketing costs as we experienced an increase in competition from certain direct-to-consumer lenders for mortgage products. Additionally, there was a strategic investment decision to drive higher quality traffic within the home equity product, increasing marketing costs.
Previous report
Revenue in our Consumer segment increased 18% to $66.3 million in the first quarter of 2026 from the first quarter of 2025, and segment profit increased 21% to $32.9 million in the first quarter of 2026 from the first quarter of 2025. Segment margin increased slightly to 50% in the first quarter of 2026 compared to 48% in the first quarter of 2025.
Previous report
Small business revenue increased 49% in the first quarter of 2026 from the first quarter of 2025. This increase in revenue was driven by additional investment in our concierge sales team, which provides a high-touch service option to help business owners find the right financing option, while increasing the speed of application submission, approval and funding.
Previous report
Insurance revenue of $221.9 million in the first quarter of 2026 increased 51% from first quarter of 2025, while segment profit of $57.9 million in the first quarter of 2026 increased 50% from the first quarter of 2025. Insurance carriers continue to enjoy very strong automotive underwriting results and our leading market position with the largest carriers creates scale benefits. Growing marketing budgets from mid-sized carriers that are competing for market share provides market breadth for consumers that are shopping for lower policy rates.
Previous report
We expect price decreases in auto insurance rates across select states in 2026 will provide an additional catalyst for consumer shopping and market share competition amongst carriers, which is expected to benefit our insurance segment results.
Previous report
New Accounting Pronouncements
Reworded paragraphs (33)
Previous wording
LendingTree, Inc. is the parent of LT Intermediate Company, LLC, which holds all of the outstanding ownership interests of LendingTree, LLC, and LendingTree, LLC owns several companies.
Current wording
LendingTree, Inc. is the parent of LT Intermediate Company, LLC, which holds all of the outstanding ownership interests of LendingTree, LLC, and its subsidiaries.
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 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.
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 insurance carriers, 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 the first quarter of 2026, 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 decreased slightly in the first quarter of 2026, with the quarterly average mortgage rate in the first quarter of 2026 of 6.1% compared to 6.8% in the first quarter of 2025, but remain significantly increased compared to the low rates seen in 2021. 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. Our Consumer segment has benefited from the recent Federal Reserve rate decreases, but recent geopolitical events and higher consumer tax refunds appear to have pressured consumer demand for new borrowing. In our Insurance segment, carriers are broadly experiencing strong automotive underwriting results following multiple quarters of premium increases and stable loss cost trends. We are optimistic about maintaining the strong performance in the Insurance segment in 2026.
Current wording
During 2026, 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 second quarter of 2026 compared to the second quarter of 2025, but remain significantly increased compared to the low rates seen in 2021. 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. Our Consumer segment has benefited from the Federal Reserve rate decreases, but recent geopolitical events and higher consumer tax refunds appear to have pressured consumer demand for new borrowing. In our Insurance segment, carriers are broadly experiencing strong automotive underwriting results following multiple quarters of premium increases and stable loss cost trends. We continue to be optimistic about the remainder of 2026.
Previous wording
According to Freddie Mac, the monthly average 30-year mortgage interest rates remained consistent at 6.2% in March 2026 and in December 2025. On a quarterly basis, 30-year mortgage interest rates decreased to an average of 6.1% in the first quarter of 2026 from 6.2% in the fourth quarter of 2025. The quarterly average decreased to 6.1% in the first quarter of 2026 compared to 6.8% in the first quarter of 2025.
Current wording
According to Freddie Mac, the monthly average 30-year mortgage interest rates increased from a monthly average of 6.2% in December 2025 to a monthly average of 6.5% in June 2026. On a quarterly basis, 30-year mortgage interest rates in the second quarter of 2026 averaged 6.4%, compared to 6.8% in the second quarter of 2025.
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 40% of total mortgage origination dollars in the first quarter of 2026 compared to 42% in the fourth quarter of 2025 and increased from 29% in the first quarter of 2025. In the first quarter of 2026, total refinance origination dollars decreased 11% from the fourth quarter of 2025 and increased 96% from the first quarter of 2025. Industry-wide mortgage origination dollars in the first quarter of 2026 decreased 6% from the fourth quarter of 2025, but increased 43% from first quarter of 2025.
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 decreased to 37% in the second quarter of 2026 compared to 40% in the first quarter of 2026 and increased from 29% in the second quarter of 2025. In the second quarter of 2026, total refinance origination dollars decreased 16% from the fourth quarter of 2025 and increased 40% from the second quarter of 2025. Industry-wide mortgage origination dollars in the second quarter of 2026 decreased 3% from the fourth quarter of 2025, but increased 10% from the second quarter of 2025.
Previous wording
According to Fannie Mae data, existing home sales decreased 3% in the first quarter of 2026 compared to the fourth quarter of 2025, and decreased 1% compared to the first quarter of 2025. Fannie Mae predicts an overall increase in existing-home sales of approximately 1.2% in 2026 compared to 2025.
Current wording
According to Fannie Mae data, existing home sales increased approximately 2% in the second quarter of 2026 compared to the second quarter of 2025. Fannie Mae predicts overall existing-home sales to increase approximately 1% in 2026 compared to 2025.
Previous wording
Results of Operations for the Three Months ended March 31, 2026 and 2025
Current wording
Results of Operations for the Three and Six Months ended June 30, 2026 and 2025
Previous wording
Revenue increased in the first quarter of 2026 compared to the first quarter of 2025 due to increases in our Insurance, Consumer and Home segments.
Current wording
Revenue increased in the second quarter of 2026 compared to the second quarter of 2025 primarily due to increases in our Insurance and Home segments. Revenue increased in the first six months of 2026 compared to the first six months of 2025 due to increases in our Insurance, Home and Consumer segments.
Previous wording
Revenue from our Insurance segment increased $75.2 million, or 51%, to $221.9 million in the first quarter of 2026 from $146.7 million in the first quarter of 2025. The increase in revenue was due to a 28% increase in volume, representing $48.9 million of the increase and an 18% increase in revenue earned per consumer, representing $26.3 million of the increase We measure volume for insurance products as the number of consumer request forms and in certain cases of re-engagement with a consumer, the number of subsequent consumer engagements through our platform.
Current wording
Revenue from our Insurance segment increased $62.1 million, or 42%, to $209.3 million in the second quarter of 2026 from $147.2 million in the second quarter of 2025. The increase in revenue was due to a 22% increase in volume, representing $38.3 million of the increase, and a 16% increase in revenue earned per consumer, representing $23.8 million of the increase. Revenue from our Insurance segment increased $137.3 million, or 47%, to $431.1 million in the first six months of 2026 from $293.8 million in the first six months of 2025. The increase in revenue was due to a 25% increase in volume, representing $87.5 million of the increase, and a 17% increase in revenue earned per consumer, representing $49.8 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 Consumer segment includes the following products: credit cards, personal loans, small business 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 $10.3 million, or 18%, in the first quarter of 2026 from the first quarter of 2025 primarily due to increases in our small business loans.
Current wording
Our Consumer segment includes the following products: credit cards, personal loans, small business 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 decreased $2.3 million, or 4%, in the second quarter of 2026 from the second quarter of 2025 primarily due to a decrease in credit cards. Revenue from our Consumer segment increased $8.0 million, or 7%, in the first six months of 2026 from the first six months of 2025 primarily due to increases in our small business loans, partially offset by a decrease in credit cards.
Previous wording
For the periods presented, no products in our Consumer segment represented more than 10% of revenue; however, certain other Consumer products experienced notable changes. Revenue from small business increased $9.7 million, or 49%, in the first quarter of 2026 compared to the first quarter of 2025 due to increases in revenue earned per consumer and in the number of consumers completing request forms.
Current wording
For the current periods, no other products in our Consumer segment represented more than 10% of revenue; however, certain other Consumer products experienced notable changes. Revenue from small business increased $9.7 million, or 25%, in the first six months of 2026 compared to the first six months of 2025 due to increases in revenue earned per consumer.
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 $2.0 million, or 6%, in the first quarter of 2026 from the first quarter of 2025 primarily due to an increase in revenue from our home equity loans product, partially offset by a decrease in revenue from our mortgage products.
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 $3.5 million, or 9%, in the second quarter of 2026 from the second quarter of 2025 and increased $5.5 million, or 7%, in the first six months of 2026 from the first six months of 2025 primarily due to increases in revenue from our home equity loans.
Previous wording
Cost of revenue as a percentage of revenue was 4% in the first quarter of 2026 which is consistent with the first quarter of 2025.
Current wording
Cost of revenue as a percentage of revenue was 4% in the second quarter and first six months of 2026 which is consistent with the second quarter and the first six months of 2025.
Previous wording
Selling and marketing expense increased in the first quarter of 2026 compared to the first quarter 2025 by $65.8 million primarily due to the changes in advertising and promotional expense discussed below.
Current wording
Selling and marketing expense increased in the second quarter of 2026 compared to the second quarter 2025 by $59.7 million, and increased $125.5 million in the first six months of 2026 compared to the first six months of 2025 primarily due to the changes in advertising and promotional expense discussed below.
Previous wording
We adjusted our advertising expenditures in the first quarter of 2026 compared to the first quarter of 2025 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 second quarter and first six months of 2026 compared to the second quarter and first six months of 2025 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 in the first quarter of 2026 compared to the first quarter of 2025, primarily due to a decrease in compensation and benefits of $3.4 million.
Current wording
General and administrative expense was generally consistent in the second quarter of 2026 and the second quarter of 2025. General and administrative expense decreased $2.0 million in the first six months of 2026 from the first six months of 2025 primarily due to a decrease in compensation and benefits of $3.3 million, partially offset by an increase in professional fees of $0.6 million and technology costs of $0.6 million.
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, which is included in interest expense, net in the consolidated statement of operations and comprehensive income. See Note 10—Debt for additional information.
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 six months of 2025, which is included in interest expense, net in the consolidated statement of operations and comprehensive income. See Note 10—Debt for additional information.
Previous wording
For the first quarter of 2026, the effective tax rate varied from the U.S. federal statutory rate of 21% primarily due to the effect of state income taxes.
Current wording
For the second quarter and first six months of 2026, the effective tax rate varied from the federal statutory rate of 21% primarily due to the effect of state taxes and various unfavorable permanent tax adjustments.
Previous wording
For the first quarter of 2025, the effective tax rate differed from the U.S. federal statutory rate of 21% primarily due to changes in the valuation allowance, net of the current period change in tax-effected net indefinite-lived intangibles.
Current wording
For the second quarter and first six months of 2025, the effective tax rate varied from the federal statutory rate of 21% primarily due 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
Segment profit is our primary segment operating metric. Segment profit is calculated as segment revenue less segment selling and marketing expenses attributed to variable costs paid for advertising, direct marketing and related expenses that are directly attributable to the segments' products. Segment margin is segment profit divided by segment revenue. See Note 13—Segment Information in the notes to the consolidated financial statements for additional information on segments and a reconciliation of segment profit to pre-tax income.
Current wording
Segment profit is our primary segment operating metric. Segment profit is calculated as segment revenue less segment selling and marketing expenses attributed to variable costs paid for advertising, direct marketing and related expenses that are directly attributable to the segments' products. See Note 13—Segment Information in the notes to the consolidated financial statements for additional information on segments and a reconciliation of segment profit to pre-tax income.
Previous wording
Our refinance product within our mortgage business matches consumers in the market looking to refinance their existing mortgages with our network lenders. Our purchase product within our mortgage business matches consumers in the market looking to buy a new home with our network lenders. Our mortgage business is directly impacted by the mortgage market in which we participate and continues to see headwinds from a lack of in-the-money refinance borrowers given the current higher level of mortgage rates, and subdued home sales have pressured the volume of consumers searching for purchase loans. We expect this environment to continue in 2026.
Current wording
Our refinance product within our mortgage business matches consumers in the market looking to refinance their existing mortgages with our network lenders. Our purchase product within our mortgage business matches consumers in the market looking to buy a new home with our network lenders. Our mortgage business is directly impacted by the mortgage market in which we participate and continues to see headwinds from a lack of in-the-money refinance borrowers given the current higher level of mortgage rates, and subdued home sales have pressured the volume of consumers searching for purchase loans. Existing home sales have been around the four million annual level in the United States, which has been steady for the last three years and is similar to the level of transactions recorded during the financial crisis in 2008 and 2009. We expect this environment to continue in 2026.
Previous wording
See the section titled "Revenue" above for additional discussion of product revenues within the Consumer segment.
Current wording
See the section titled "Revenue" above for additional discussion of declines in product revenues within the Consumer segment.
Previous wording
EBITDA has certain limitations in that it does not take into account the impact to our statement of operations of certain expenses, including depreciation, non-cash compensation and acquisition-related accounting. We endeavor to compensate for the limitations of the non-GAAP measures presented by also providing the comparable GAAP measures with equal or greater prominence and descriptions of the reconciling items, including quantifying such items, to derive the non-GAAP measures. These non-GAAP measures may not be comparable to similarly titled measures used by other companies.
Current wording
We report Adjusted EBITDA as net income adjusted to exclude interest, income tax, amortization of intangibles and depreciation, and to further exclude (1) non-cash compensation expense, (2) non-cash impairment charges, (3) gain/loss on disposal of assets, (4) gain/loss on investments, (5) restructuring and severance expenses, (6) litigation settlements and contingencies, (7) acquisitions and dispositions income or expense (including with respect to changes in fair value of contingent consideration), (8) contributions to the LendingTree Foundation, (9) dividend income, and (10) one-time items. Adjusted EBITDA has certain limitations in that it does not take into account the impact to our statement of operations of certain expenses, including depreciation, non-cash compensation and acquisition-related accounting. We endeavor to compensate for the limitations of the non-GAAP measures presented by also providing the comparable GAAP measures with equal or greater prominence and descriptions of the reconciling items, including quantifying such items, to derive the non-GAAP measures. These non-GAAP measures may not be comparable to similarly titled measures used by other companies.
Previous wording
Financial Position, Liquidity and Capital Resources
Current wording
Financial Condition, Liquidity and Capital Resources
Previous wording
As of March 31, 2026, we had $85.5 million of cash and cash equivalents, compared to $81.1 million of cash and cash equivalents as of December 31, 2025.
Current wording
As of June 30, 2026, we had $110.8 million of cash and cash equivalents, compared to $81.1 million of cash and cash equivalents as of December 31, 2025.
Previous wording
We expect our cash and cash equivalents and cash flows from operations to be sufficient to fund our operating needs for the next twelve months and beyond. We will continue to monitor the impact of the current economic conditions, including interest rates, and inflation on our liquidity and capital resources.
Current wording
We expect our cash and cash equivalents, cash flows from operations to be sufficient to fund our operating needs for the next twelve months and beyond. We will continue to monitor the impact of the current economic conditions, including interest rates and inflation on our liquidity and capital resources.
Previous wording
For more information, see Note 10—Debt, in the notes to the consolidated financial statements included elsewhere in this report.
Current wording
For additional information, See Note 10—Debt, in the note to the consolidated financial statements included elsewhere in this report.
Previous wording
As of May 1, 2026, we have $398.0 million outstanding under the 2025 Term Loan and we have $75.0 million available for borrowing under the 2025 Revolving Credit Facility.
Current wording
As of July 30, 2026, we had $397.0 million borrowings outstanding under the 2025 Term Loan and 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 three months of 2026 from the first three months of 2025 primarily due to increases in revenue, partially offset by operating costs.
Current wording
Net cash provided by operating activities increased in the first six months of 2026 from the first six months of 2025 primarily due to increases in revenue, partially offset by operating costs.
Previous wording
Net cash used in investing activities in the first three months of 2026 and 2025 of $2.7 million and $3.4 million, respectively, consisted of capital expenditures primarily related to internally developed software.
Current wording
Net cash used in investing activities in the first six months of 2026 and 2025 of $5.9 million and $6.2 million, respectively, consisted of capital expenditures primarily related to internally developed software.
Previous wording
Net cash used in financing activities in the first three months of 2026 of $4.4 million consisted of $3.4 million in withholding taxes paid upon surrender of shares to satisfy obligations on equity awards, net of proceeds from the exercise of stock options and $1.0 million for a scheduled payment on the 2025 Term Loan.
Current wording
Net cash used in financing activities in the first six months of 2026 of $5.1 million consisted primarily of $3.1 million in withholding taxes paid upon surrender of shares to satisfy obligations on equity awards, net of proceeds from the exercise of stock options and $2.0 million for scheduled payments on the 2025 Term Loan.
Previous wording
Net cash provided by financing activities in the first three months of 2025 of $23.4 million consisted primarily of $49.5 million of net proceeds from a term loan partially offset by repurchases of convertible notes for $19.7 million, term loan repayments of $3.8 million and $2.6 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 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.
Previous wording
For information regarding new accounting pronouncements, See Note 2—Significant Accounting Policies, in Part I, Item 1 consolidated financial statements of this Quarterly Report on Form 10-Q.
Current wording
For information regarding new accounting pronouncements and critical accounting estimates, see Note 2—Significant Accounting Policies, in Part I, Item 1 Financial Statements.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
We report Adjusted EBITDA as net income adjusted to exclude interest, income tax, amortization of intangibles and depreciation, and to further exclude (1) non-cash compensation expense, (2) non-cash impairment charges, (3) gain/loss on disposal of assets, (4) gain/loss on investments (5) restructuring and severance expenses, (6) litigation settlements and contingencies, (7) acquisitions and dispositions income or expense (including with respect to changes in fair value of contingent consideration), (8) contributions to the LendingTree Foundation, (9) dividend income, and (10) one-time items. Adjusted