Q2 2022 Shareholder Letter

Exhibit 99.2

July 28, 2022

Fellow Shareholders:

The second quarter presented us with a continuation of similar challenges across our Home and Insurance segments as the first quarter. Higher interest rates and subdued home purchase activity pressured mortgage search and origination activity at our partners, while the persistently high rate of inflation prevented the recovery in our Insurance segment from growing sequentially. Our Consumer segment continued to generate strong 40% revenue growth YoY, although the increasing likelihood of a U.S. economic recession has tempered partner demand in some pockets.

We remain focused on managing what we can control as we navigate a difficult period of the business cycle in both the Home and Insurance segments. Leaders are vigilantly managing operating expenses while continuing to prioritize investment in our strategic initiatives. We remain confident in our ability to emerge from the current environment as an even more desirable destination for consumers to meet their personal financial needs.

Despite macroeconomic pressures that continue to generate headwinds across parts of our business, we remain committed to investing in our strategy of improving the experience for LendingTree customers. We are able to pursue this important work due to our strong balance sheet and consistent free cash flow generation, and we anticipate this improved customer experience will improve our normalized margin and revenue growth profile over time. As this progress continues, we have launched an omnichannel marketing campaign and an overhauled customer experience to re-introduce our brand to consumers, leaning-in to the strength of our brand when many competitors are pulling back on traditional advertising.

Our team spent the last several months conducting research, hearing from tens of thousands of consumers through listening sessions and surveys to better understand and address their current needs. We know consumers are facing high levels of financial anxiety and need a trusted partner to help guide them through difficult financial decisions. That is why we have recommitted to our brand promise of giving consumers the power to win financially, reflected by the updated tagline: LendingTree - You Win. We have also launched a new customer experience that includes a redesigned home page, improved form flows, updated offer pages and a completely reimagined post-submit communication experience to support customers throughout the entire process.

Our company was built with the original purpose of bringing lenders to the borrower. With our deep partner network across mortgage, consumer and insurance marketplaces we have never been better positioned to help our customers win financially, at a time when they need it most. We strive to be the top- of-mind dependable advisor who is there from start to finish, giving power back to the customer by providing access to one of the largest, most experienced marketplaces of financial providers based on where the customer is in the process, along with the tools needed to make financially sound decisions in every stage of their life, all wrapped up in a more delightful experience.

SUMMARY CONSOLIDATED FINANCIALS

1. Represents the portion of selling and marketing expense attributable to variable costs paid for advertising, direct marketing and related expenses. Excludes overhead, fixed costs and personnel-related expenses.
2. Variable marketing expense, variable marketing margin, variable marketing margin % of revenue, adjusted EBITDA, adjusted EBITDA % of revenue, adjusted net income (loss) and adjusted net income (loss) per share are non-GAAP measures. Please see "LendingTree's Reconciliation of Non-GAAP Measures to GAAP" and "LendingTree's Principles of Financial Reporting" below for more information.

Q2 2022 CONSOLIDATED RESULTS

Consolidated revenue of $261.9 million declined 3% over the prior year, reflecting a significant decline in Home refinance volume that was partially offset by continued strength in Consumer.

Variable Marketing Margin of $90.8 million declined 8% over prior year. Stable performance in Consumer was offset by revenue declines in Home and continued pressure on Insurance margins.

GAAP net loss from continuing operations was $(8.0) million, or $(0.63) per diluted share.

Adjusted EBITDA was $28.6 million, as revenue declined 3% and non-GAAP operating expenses grew 3%.

Adjusted net income of $7.6 million translates to $0.58 per share.

SEGMENT RESULTS

1. The Home segment includes the following products: purchase mortgage, refinance mortgage, home equity loans, reverse mortgage loans, and real estate.
2. The 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.
3. The Insurance segment consists of insurance quote products and sales of insurance policies.
4. The Other category primarily includes marketing revenue and related expenses not allocated to a specific segment.
5. Brand marketing expense represents the portion of selling and marketing expense attributable to variable costs paid for advertising, direct marketing and related expenses that are not assignable to the segments' products. This measure excludes overhead, fixed costs and personnel-related expenses.

HOME

The rapid rise in interest rates throughout the quarter significantly impacted the performance of our Home segment. The 30-year fixed mortgage rate, as measured by the Freddie Mac Mortgage Market Survey, approached 6% during the quarter, causing refinance volumes to decline sharply. Combined with persistently low inventory of homes for sale, the purchase market also declined steadily throughout the quarter, recording activity below the peak of the pandemic, dropping to levels not seen since 2015 according to the MBA purchase index. As a result, we recorded revenue of $73.9 million, down 30% over the prior year, with segment profit of $26.7 million, down 32%.

Home equity continues to be an important part of our overall product mix, achieving record revenue with 71% YoY growth, and revenue per lead up 6% over the prior year. Consumer demand remains high with volume up 62% YoY and up 31% sequentially. Purchase revenue grew 6% YoY despite volumes declining 32% from a year ago. As is typically the case during difficult origination markets, revenue per lead expanded significantly as purchase leads become more valuable for our lending partners. However, limited home inventory and affordability concerns should continue to weigh on home sales going forward.

As a leader in the mortgage marketplace, we are committed to supporting our lender partners during this rising rate environment. Our broadcast marketing campaign should help to increase lead volume for our partners over time. We remain focused on optimizing higher converting products, such as cash-out refinance and home equity loans, to help our partners meet their origination goals. Despite the sharp uptick in interest rates, loans secured with home equity remain the lowest cost source of financing for most consumers that own a home.

CONSUMER

We continue to be pleased with the ongoing recovery of our Consumer segment, which again performed quite well, with revenue of $106.1 million, up 40% YoY, and profit of $44.6 million, up 34%.

Personal loans revenue of $42.3 million was up 68% YoY and up 20% sequentially as consumers are able to access attractive rates for debt consolidation. Credit card balances continue to increase as a result of enduring consumer spending growth. Some of our lenders, however, have begun to tighten their underwriting criteria on the margin in order to reduce portfolio risk should a recession occur over the next few quarters. In response, we are helping our partners by providing segment level insights to help them win in this environment. Also, our new brand campaign features commercials specifically targeting our personal loan offering, providing additional awareness and driving demand, which we anticipate will lead to increased monetization.

Our credit card business generated 2Q revenue of $27.3 million, up 22% YoY, driven by a 26% increase in revenue per approval, as issuers looked to capitalize on summer travel demand. Margins in the segment remain lower than historical levels as we prioritize capturing partner spend and maximizing variable marketing dollars. The card business remains competitive, and we continue to diversify our marketing mix to pursue more profitable marketing channels and partnerships to expand our reach and attract more consumers. We expect these actions will lead to improved unit economics over time.

We continue to grow our TreeQual platform, which provides consumers pre-approved offers for credit cards and personal loans. This is a key growth initiative and we remain focused on expanding our pipeline of lenders. We currently have three credit card issuers active on the platform and are in the final stages of