LendingTree misses by $0.06, beats on revs; guides Q2 revs above consensus; guides FY17 revs above consensus, raises EBITDA guidance (125.75)
- Reports Q1 (Mar) earnings of $0.85 per share, $0.06 worse than the Capital IQ Consensus of $0.91; revenues rose 39.9% year/year to $132.5 mln vs the $124.99 mln Capital IQ Consensus.
- Total loan requests in the quarter of 4.8 million grew 49% compared to first quarter 2016
- Record revenue from mortgage products of $62.9 million represents an increase of 14% over first quarter 2016 primarily driven by growth in purchase revenue, although refinance revenue also increased.
- Record revenue from non-mortgage products of $69.6 million in the first quarter represents an increase of 75% over the first quarter 2016 and comprised 53% of total revenue. Notably, this quarter marks the first period where non-mortgage revenue exceeded that of mortgage, evidencing the continued momentum of our diversification strategy
- Co issues upside guidance for Q2, sees Q2 revs of $133-137 mln vs. $126.05 mln Capital IQ Consensus Estimate. Adjusted EBITDA is anticipated to be in the range of $23.5 - $25.0 million, implying year-over-year growth of 41% - 50%.
- Co issues upside guidancefor FY17, sees FY17 revs of $535-545 mln vs. $514.13 mln Capital IQ Consensus Estimate. Adjusted EBITDA is anticipated to be in the range of $95 - $99 million, up 36% - 42% over full-year 2016 and an increase from prior guidance of $93 - $97 million