<SEC-DOCUMENT>0001683168-24-004403.txt : 20240806
<SEC-HEADER>0001683168-24-004403.hdr.sgml : 20240806
<ACCEPTANCE-DATETIME>20240621162749
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ACCESSION NUMBER: 0001683168-24-004403
CONFORMED SUBMISSION TYPE: CORRESP
PUBLIC DOCUMENT COUNT: 2
FILED AS OF DATE: 20240621
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: LendingTree, Inc.
CENTRAL INDEX KEY: 0001434621
STANDARD INDUSTRIAL CLASSIFICATION: LOAN BROKERS [6163]
ORGANIZATION NAME: 02 Finance
IRS NUMBER: 262414818
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: CORRESP
BUSINESS ADDRESS:
STREET 1: 1415 VANTAGE PARK DRIVE, SUITE 700
CITY: CHARLOTTE
STATE: NC
ZIP: 28203
BUSINESS PHONE: 704-541-5351
MAIL ADDRESS:
STREET 1: 1415 VANTAGE PARK DRIVE, SUITE 700
CITY: CHARLOTTE
STATE: NC
ZIP: 28203
FORMER COMPANY:
FORMER CONFORMED NAME: Tree.com, Inc.
DATE OF NAME CHANGE: 20080507
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<TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; color: #717073; margin: 0pt 0 0pt 1in"><FONT STYLE="font-size: 8pt">Sheppard,
Mullin, Richter & Hampton LLP</FONT></P>
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Real, Suite 100</FONT></P>
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main</FONT></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; color: #717073"><FONT STYLE="font-size: 8pt">faxwww.sheppardmullin.com</FONT></P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June 21, 2024</P>
<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5in">File Number: 04BR-370249</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>VIA EDGAR AND FEDERAL EXPRESS</U></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">U.S. Securities and Exchange Commission</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Division of Corporation Finance</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Office of Energy & Transportation</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">100 F Street N.E.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Washington, D.C. 20549</P>
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<TD STYLE="width: 60pt">Attention:</TD>
<TD>John Cannarella<BR>
Karl Hiller </TD></TR>
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<TD STYLE="width: 8%; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Re:</B></FONT></TD>
<TD STYLE="width: 92%; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>LendingTree, Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-indent: 0in"> </TD>
<TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Form 10-K for Fiscal Year Ended December 31, 2023</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-indent: 0in"> </TD>
<TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Filed February 29, 2024 (the “2023 Form 10-K”)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-indent: 0in"> </TD>
<TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Comment letter dated June 6, 2024</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-indent: 0in"> </TD>
<TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>File No. 001-34063</B></FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Messrs. Cannarella and Hiller:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are submitting this letter at the request and
on behalf of LendingTree, Inc. (the “<B>Company</B>”) in response to comments contained in the letter dated June 6, 2024,
from the Staff (the “<B>Staff</B>”) of the Securities and Exchange Commission (the “<B>Commission</B>”) to Douglas
Lebda, Chief Executive Officer of the Company.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The responses set forth below have been organized
in the same manner in which the Commission’s comments were organized.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Form 10-K for the Fiscal Year Ended December
31, 2023</U></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><U>Results of Operations, page 33</U></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. <I>We
note that in response to prior comment one, regarding our request that you provide disclosure to clarify the manner by which you define
user base and how the measure compares to the number of users that are associated with revenues for each period, you propose to indicate
that user base reflects users with an active account.</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Please further revise your proposed disclosure
to clarify the extent to which users reflected in your measure of user base have contributed to revenues for each period.</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RESPONSE:</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We acknowledge your comment
and when we disclose our Spring user base, we will further expand our disclosures around Spring to include the extent to which Spring
users reflected in our measure of user base initiated a transaction during the period and therefore contributed to revenue.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Below is the proposed example
disclosure for the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” that would
be included in future filings when we disclose our Spring user base:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">June
21, 2024</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">Page 2</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify"><B>LendingTree Spring (previously MyLendingTree)</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.5in">We consider certain metrics
related to Spring set forth below to help us evaluate our business and growth trends and assess operational efficiencies. We believe our
Spring platform drives repeat user engagement resulting in lower acquisition costs and increases consumer lifetime value. The calculation
of the metrics discussed below may differ from other similarly titled metrics used by other companies, securities analysts or investors.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.5in">We added [●] million
net new users in [period], bringing cumulative active users to [●] million as of [period end date]. 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 de-activated 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 [$●] million of revenue, or [●]% of total revenue, in [period] to registered Spring
users who initiated their transaction from the Spring platform. During the [period], [●] million Spring users initiated a transaction
from the Spring platform that contributed to revenue.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: blue"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. <I>We
have read your response to prior comment two, regarding our request that you provide meaningful and comparative quantification of material
non-financial revenue generating metrics (e.g. underlying revenues from match fees, click and phone transfer fees, closing fees, approval
fees, and service and subscription fees).</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>You indicate that revenues associated with
these metrics are unknown, in stating that “management does not report internally the portions of overall revenue or revenue by
product or segment represented by the various monetization methods...,” although you do not address the availability of the non-financial
information and it is unclear whether your representation pertains to the revenue amounts generally, or is limited to the portions that
such amounts would represent of various other amounts.</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>We see that you provide disclosure on page
40, concerning the changes in revenues from personal loan products and credit card products, and attribute the changes “to a decrease
in the number of consumers completing request forms and in revenue earned per consumer,” and “to a decrease in the number
of clicks and a decrease in revenue earned per click.”</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Please clarify for us whether you are representing
that you are unable to quantify the key metrics underlying revenues, the revenues reported based on such metrics, or both; and explain
to us how you were able to establish correlation between the changes in revenues referenced on page 40 and the number of request forms
and clicks.</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>If the non-financial metrics are available
tell us how you determined that providing this disclosure on a comparative basis would not enhance a readers understanding of your results
of operations, as suggested in your response, considering the correlation with revenues and your narratives that appear to reference this
activity.</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RESPONSE:</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The references on page 40 of the 2023 Form 10-K
comparing the numbers of consumers completing request forms and the numbers of clicks are descriptions of volume provided in accordance
with Item 303(b)(2)(iii) of Regulation S-K. The reference to personal loan product consumers completing request forms is the volume of
consumer inquiries transmitted to lenders for the personal loan product, and the reference to clicks for the credit cards product is the
volume of consumer transmissions (which occur via a consumer clicking on a link) to card issuers. The Company regards these transmissions
as the “product” that it provides to its customers, and volume measured in this way for each material product category is
an important non-financial metric reviewed and analyzed by the Company’s management.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Monetization of that volume is a separate concept
and is described on page 5 of the Form 10-K under “Description of the Business” under the heading “Products”,
including a listing of monetization types for the different products the Company offers. The disclosures on page 40 of the 2023 Form 10-K
do not reflect a quantification or other analysis of any of these monetization types. Management does not regard these monetization types
as non-financial metrics and does not quantify, describe or analyze them as non-financial metrics in internal or external reports.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">June 21, 2024</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Page 3</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While granular information concerning transactions
by monetization type would generally be available via the Company’s enterprise resource management system or supporting platforms,
and could be aggregated to show company revenue by monetization type, this information is neither reported to management nor analyzed
by management, and such information has never been aggregated and computed to show company revenue by monetization type. The lack of internal
reporting of this information reflects management’s view that the monetization method is not important to an understanding of what
drives revenue in any of the Company’s products. Because management does not have readily available, and does not review or analyze,
either the quantity of transactions via different monetization types or the contributions of different monetization types to revenue,
management expressed the conclusion indicated in our May 30, 2024 letter that providing this disclosure would not enhance a reader’s
understanding of the Company’s results of operations.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">However, after considering the Staff’s comment,
the Company will in future filings make clearer the nature of the volume measures that the Company uses to explain changes in revenues,
and we have included what the proposed disclosure would be for the revenue section of “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” in the response to comment #3 below.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. <I>We
note that in response to prior comment two you propose to disclose percentage changes in prices and volumes. For example, you state that
revenue from your mortgage products decreased $120.8 million, or 67%, to $58.7 million in 2023 from $179.4 million in 2022, primarily
due to a 45% decrease in the number of consumers completing request forms and a 40% decrease in revenue earned per consumer.</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>However, it is unclear from your disclosure
as to how much of the $120.8 million decrease in revenue was attributable to i) the reduction of consumers completing request forms and
ii) to the reduction of revenue earned per customer. Please refer to Item 303(b)(2)(iii) of Regulation S-K, as it pertains to material
changes in revenues; this requires that you provide disclosure to describe “the extent to which such changes are attributable to
changes in prices or to changes in the volume or amount of goods or services being sold or to the introduction of new products or services.”
In other words, for each revenue category exhibiting a material change, you should report the extent to which the revenue variances are
attributable to changes in prices and separately, to changes in volumes or to the introduction of new products or services.</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>For example, with regard to the reduction in
revenues from mortgage products, quantify the amounts that are attributable to (i) the 45% decrease in consumers completing request forms
and (ii) the 40% decrease in revenue per customer.</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RESPONSE:</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company will further expand
its disclosure, as requested by the Staff, to quantify the extent to which revenue variances are attributable to changes in prices and
changes in volumes for each significant product discussed.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Below indicates what the proposed
disclosure would be for the relevant section of “Management’s Discussion and Analysis of Financial Condition and Results of
Operations” in the 2023 Form 10-K. Markings indicate changes from the 2023 Form 10-K as filed.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Revenue</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Revenue decreased in 2023
compared to 2022 due to decreases in our Home, Consumer and Insurance segments.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our Consumer segment includes
the following products: credit cards, personal loans, small business loans, student loans, auto loans, deposit accounts, and other credit
products such as credit repair and debt settlement. Many of our Consumer segment products are not individually significant to revenue.
Revenue from our Consumer segment decreased $117.2 million in 2023 from 2022, or 30%, primarily due to decreases in our personal
loans, credit cards, small business loans products and other credit products. Several of our other products in the Consumer segment experienced
decreases in revenue in 2023 from 2022.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Revenue from our personal
loans product decreased $44.0 million, or 31%, to $100.1 million in 2023 from $144.1 million in 2022 <FONT STYLE="color: red"><STRIKE>primarily</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">.
The decrease in revenue was</FONT> due to a <FONT STYLE="text-decoration: underline double; color: blue">22% </FONT>decrease in <FONT STYLE="color: red"><STRIKE>the
number of consumers completing request forms and</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">volume, representing
$28.6 million of the decrease, and an 11% decrease</FONT> in revenue earned per consumer<FONT STYLE="font-size: 10pt; color: red"><STRIKE>.</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">,
representing $15.4 million of the decrease. We measure volume for our personal loans product as the number of unique consumers completing
request forms.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt"><IMG SRC="image_020.jpg" ALT="" STYLE="height: 0.32in; width: 2.36in"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">June
21, 2024</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">Page 4</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Revenue from our credit cards
product decreased $38.2 million, or 38%, to $62.0 million in 2023 from $100.2 million in 2022 <FONT STYLE="color: red"><STRIKE>primarily</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">.
The decrease in revenue was</FONT> due to a <FONT STYLE="text-decoration: underline double; color: blue">27% </FONT>decrease in <FONT STYLE="color: red"><STRIKE>the
number of clicks and a</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">volume, representing $23.3 million
of the decrease, and a 15%</FONT> decrease in revenue earned per click<FONT STYLE="font-size: 10pt; color: red"><STRIKE>.</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">,
representing $14.9 million of the decrease. We measure volume for our credit cards product as the number of consumers clicking through
to a card issuer.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the periods presented,
no other products in our Consumer segment represented more than 10% of revenue; however, certain other Consumer products experienced notable
changes. Revenue from our small business loans product decreased $16.5 million, or 24%, in 2023 compared to 2022, due to a decrease
in revenue earned per consumer and a decrease in the number of consumers completing request forms. Revenue from our credit products decreased
$12.1 million, or 28%, in 2023 compared to 2022 primarily due to the closure of our Ovation credit services business at the end of
the second quarter of 2023. Student loans decreased $5.7 million in 2023 compared to 2022, due to a decrease in the number of consumers.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Revenue from our Insurance
segment decreased $49.5 million, or 17%, to $249.6 million in 2023 from $299.1 million in 2022<FONT STYLE="color: red"><STRIKE> primarily</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">.
The decrease in revenue was</FONT> due to a <FONT STYLE="text-decoration: underline double; color: blue">23% </FONT>decrease in the revenue
earned per consumer, <FONT STYLE="text-decoration: underline double; color: blue">representing $67.6 million of the decrease, </FONT>partially
offset by an <FONT STYLE="text-decoration: underline double; color: blue">8% </FONT>increase in <FONT STYLE="text-decoration: underline double; color: blue">volume,
representing an offset of $18.1 million. We measure volume for our insurance product as </FONT>the number of <FONT STYLE="color: red"><STRIKE>consumers
completing</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">consumer</FONT> request forms <FONT STYLE="text-decoration: underline double; color: blue">and
in certain cases of re-engagement with a consumer, the number of such subsequent consumer engagements through our platform.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our Home segment includes
the following products: purchase mortgage, refinance mortgage, and home equity loans and lines of credit. We ceased offering reverse mortgage
loans in the fourth quarter of 2022. Revenue from our Home segment decreased $145.6 million, or 50%, in 2023 from 2022 primarily
due to a decrease in revenue from our mortgage products.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Revenue from our mortgage
products decreased $120.8 million, or 67%, to $58.7 million in 2023 from $179.4 million in 2022. <FONT STYLE="text-decoration: underline double; color: blue">The
decrease in revenue was due to a 40% decrease in revenue earned per consumer, representing $72.6 million of the decrease, and a 45% decrease
in volume, representing $48.2 million of the decrease. We measure volume for our mortgage products as the number of consumers completing
request forms. </FONT>Revenue from our refinance mortgage product decreased $82.9 million in 2023 compared to 2022, primarily due
to a decrease in the number of consumers completing request forms and a decrease in revenue earned per consumer as interest rates continued
to increase in 2023. Revenue from our purchase mortgage product decreased $37.9 million in 2023 compared to 2022 primarily due to
decreases in revenue earned per consumer and in the number of consumers completing request forms.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Revenue from our home equity
loans and lines of credit product decreased $20.7 million, or 20%, to $85.1 million in 2023 from $105.8 million in 2022
<FONT STYLE="font-size: 12pt; color: red"><STRIKE>primarily</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">.
The decrease in revenue was</FONT> due to a <FONT STYLE="text-decoration: underline double; color: blue">23% </FONT>decrease <FONT STYLE="text-decoration: underline double; color: blue">in
</FONT>the revenue earned per consumer, <FONT STYLE="text-decoration: underline double; color: blue">representing $24.8 million of the
decrease, </FONT>slightly offset by <FONT STYLE="color: red"><STRIKE>an</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">a
5%</FONT> increase in <FONT STYLE="text-decoration: underline double; color: blue">volume, representing an offset of $4.1 million. We
measure volume for our home equity loans and lines of credit products as </FONT>the number of consumers completing request forms.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify">* * *</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you require additional information, please
telephone the undersigned at (469) 391-7441.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Very truly yours,</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Lindsay H. Ferguson</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lindsay H. Ferguson</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">for SHEPPARD, MULLIN, RICHTER & HAMPTON <FONT STYLE="font-variant: small-caps">llp</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"> </FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Enclosures</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"> </FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps">cc: </FONT>Douglas Lebda</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>