LendingTree (TREE) Revised 2021 Guidance and Introduces 2022 Financial Outloo

LendingTree, Inc. (NASDAQ: TREE), operator of LendingTree.com, the nation's leading online financial services marketplace, today provided revised 2021 guidance and introduced financial guidance for fiscal year 2022 ahead of the Company's virtual Analyst and Investor Event.

The virtual event will begin at 10:00 a.m. ET. A link to the live webcast and accompanying slides will be available on the Company's investor relations website at investors.lendingtree.com.

"We closed out a great year in 2021, growing the business back to pre-pandemic revenue levels," said Doug Lebda, Chairman and CEO. "We have made multiple investments in the business that we expect will help us continue to grow revenue and drive positive operating leverage. Going forward, we are laser focused on delivering the best consumer experience in the industry. Combined with our brand strength and depth of our partner network, we have multiple growth levers ahead of us. We look forward to discussing our strategy, and giving more details about our financial guidance, during our Investor Day today."

Financial Outlook - 2021

LendingTree is providing preliminary revenue, variable marketing margin, and adjusted EBITDA results for the fourth quarter and full-year 2021. The preliminary results are unaudited and subject to change but fall within previously provided guidance ranges.

• Fourth quarter revenue is expected to be $258 million, within our previously disclosed range of $255 - $270 million, resulting in full year revenue of approximately $1,098 million.
• Fourth quarter preliminary net income from continuing operations of $48 million, and $73 million for full year 2021.
• Fourth quarter Variable Marketing Margin is expected to be $88 million, within our previously disclosed range of $81 - $91 million, resulting in full-year Variable Marketing Margin of approximately $382 million.
• Fourth quarter adjusted EBITDA is expected to be $25 million, at the top end of our previously disclosed range of $18 - $25 million, resulting in full-year adjusted EBITDA of approximately $135 million.

(Consensus sees Q4 revenue of $265.2 million and FY22 revenue of $1.23 billion)

Financial Outlook - 2022

LendingTree is providing revenue, variable marketing margin, and adjusted EBITDA guidance for full-year 2022, as follows:

• Revenue is anticipated to be in the range of $1,200 - $1,250 million, representing growth of 9% - 14% over preliminary full-year 2021 revenue.
• Variable marketing margin is anticipated to be in the range of $445 - $475 million.
• Adjusted EBITDA is anticipated to be in the range of $160 - $180 million, up 19% - 34% over anticipated full-year 2021 results.

LendingTree is not able to provide a reconciliation of projected variable marketing margin or adjusted EBITDA to the most directly comparable expected GAAP results due to the unknown effect, timing and potential significance of the effects of legal matters, tax considerations, and income and expense from changes in fair value of contingent consideration from acquisitions. Expenses associated with legal matters, tax consequences, and income and expense from changes in fair value of contingent consideration from acquisitions have in the past, and may in the future, significantly affect GAAP results in a particular period.

LENDINGTREE'S RECONCILIATION OF NON-GAAP MEASURES TO GAAP

Variable Marketing Expense

Below is a reconciliation of selling and marketing expense to variable marketing expense. See "Lending Tree's Principles of Financial Reporting" for further discussion of the Company's use of this non-GAAP measure.

LENDINGTREE'S RECONCILIATION OF NON-GAAP MEASURES TO GAAP

Variable Marketing Margin

Below is a reconciliation of net income from continuing operations to variable marketing margin and net income from continuing operations % of revenue to variable marketing margin % of revenue. See "LendingTree's Principles of Financial Reporting" for further discussion of the Company's use of these non-GAAP measures.

LENDINGTREE'S RECONCILIATION OF NON-GAAP MEASURES TO GAAP

Adjusted EBITDA

Below is a reconciliation of net income from continuing operations to adjusted EBITDA and net income from continuing operations % of revenue to adjusted EBITDA % of revenue. See "LendingTree's Principles of Financial Reporting" for further discussion of the Company's use of these non-GAAP measures.

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