LendingTree, Inc. (NASDAQ:TREE) Q3 2023 Earnings Call Transcript

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Scott Peyree: Yes, I mean, we’re rolling out, we have four clients, and on the initial rollout that is happening, imminently here, and we will be doing a lot of testing throughout the fourth quarter. Our hope is, if all goes well we start really expanding where all the places that consumer could potentially be seeing that as early as the beginning of the first quarter, and then it will just be a continual flow of onboarding new issuers as fast as we can. And one of the advantages of this product is it is easy, it is pretty easy for issuers to onboard this product, it’s not a lot of work, which is great. So we should be able to grow the number of issuers rapidly and again, assuming the testing goes fine in the fourth quarter, we shouldn’t be exposing it to a lot more traffic in the first quarter.

Melissa Wedel: Okay, thanks for that. If I could follow up on the rebranding and relaunch, as my LendingTree or now spring, I had always had the impression that that was particularly focused or particularly — had particularly good engagement with personal loan consumers. Is there something that we should be thinking about differently with the relaunch of the app that you’re planning shortly?

Doug Lebda: So the, the hope with spring is, so it is. So right now, a lot of the largest source of new members or people coming from our personal loan product, that’s what you are referring to. But the hope with spring is, as the product evolves, that we can actually have its own traffic. And that you can be advertising for downloading the app. And we just need to make our alerts much better. And one thing that I’m just thrilled with, and the change that’s happened over the last three months is our product organization, I refer to that somewhat. But we have a completely redone way of doing product. And it’s really starting to work. So we’re starting to see much better and faster progress on the tech and product front.

Operator: Thank you. I would now like to turn the conference back to Mr. Doug Lebda for closing remarks.

Doug Lebda : Thank you, I want to thank everybody on this call for your continued faith in our business. The outlook is beginning to turn positive largely due to the operational improvements we’ve implemented, but also due to the inflection we expect in our insurances. Our team is properly focused on the core of our marketplace working on numerous discrete initiatives to drive additional VMD from our existing base of customers who come to us every day looking for the financial product that is right for them. We are leaning into our entrepreneurial culture by testing ideas quickly and inexpensively, and that helps optimize the business. Our team is leaner and better. We are operationally faster, our client relationships are strong and we are very optimistic about the future. Thank you so much and we look forward to talking to you in three months.

Operator: This concludes today’s conference call. Thank you for your participation. You may now disconnect, everyone have a wonderful day.

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