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      LENDINGTREE REPORTS SECOND QUARTER 2026 RESULTS

      LendingTree logo

      News provided by

      LendingTree, Inc.

      Jul 29, 2026, 16:15 ET

      Share this article

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      Revenue Grew 25% YoY Driven By Strong Insurance Segment Performance

      • Consolidated revenue of $313.4 million
      • GAAP net income of $9.6 million or $0.68 per diluted share
      • Variable marketing margin of $87.3 million
      • Adjusted EBITDA of $35.2 million

      CHARLOTTE, N.C., July 29, 2026 /PRNewswire/ -- LendingTree, Inc. (NASDAQ: TREE), operator of LendingTree.com, the nation's leading online financial services marketplace, today announced results for the quarter ended June 30, 2026.

      The company has posted a letter to shareholders on the company's website at investors.lendingtree.com.

      "We posted our eighth straight quarter of double-digit year-over-year adjusted EBITDA growth in Q2, powered by another solid quarter from our Insurance segment," said Scott Peyree, CEO.  "We also accomplished a great deal on the product and AI front during the period.  We launched several new consumer-facing AI capabilities such as our ChatGPT app, expanded our marketplace into six new verticals, and we are continuing to see strong results from our homepage redesign.  We remain laser focused as a team on executing our strategy to become the Number One Destination to Shop For Financial Products."

      Jason Bengel, CFO, commented, "Solid Insurance segment results were offset by weaker than expected Consumer performance in Q2.  Last quarter we called out an expected sequential decline in Consumer, driven by suppressed borrower demand in our small business segment.  This demand trend continued to deteriorate throughout the quarter.  However, appetite from small business owners for new loans on our network has since stabilized, and we expect sequential revenue growth through the remainder of the year.  SMB has been a great success story for our company, having grown segment revenue nearly 40% year-over-year on average dating back to the beginning of 2024.  Lenders remain very active on our network, and we expect an increase in borrower demand will allow us to climb back to, and eventually surpass, the record SMB performance in Q1 of this year based on strong structural tailwinds in the segment."

      Second Quarter 2026 Business Results

      • Insurance segment revenue of $209.3 million increased 42% over second quarter 2025 and translated into  segment profit of $50.0 million, up 25% over the same period.
      • Consumer segment revenue of $60.3 million decreased 4% from the prior year period, while segment profit declined 14%.
      • Home segment revenue of $43.9 million increased 9% over second quarter 2025 and produced segment profit of $11.3 million, a decline of 14% over the same period. 
        • Within Home, revenue from Home Equity of $34.9 million increased 15% over prior year.

      LendingTree Summary Financial Metrics

      (In millions, except per share amounts)














      Three Months Ended

      June 30,


      Y/Y



      Three Months Ended
      March 31,


      Q/Q



      2026


      2025


      % Change



      2026


      % Change














      Total revenue

      $  313.4


      $  250.1


      25 %



      $             327.3


      (4) %














      Income before income taxes

      $    14.1


      $    10.8


      31 %



      $               22.9


      (38) %


      Income tax expense

      $     (4.5)


      $     (1.9)


      137 %



      $                (5.6)


      (20) %


      Net income

      $      9.6


      $      8.9


      8 %



      $               17.3


      (45) %


      Net income % of revenue

      3 %


      4 %





      5 %
















      Income per share












      Basic

      $    0.69


      $    0.65





      $               1.25




      Diluted

      $    0.68


      $    0.65





      $               1.22
















      Variable marketing margin












      Total revenue

      $   313.4


      $  250.1


      25 %



      $             327.3


      (4) %


      Variable marketing expense (1) (2)

      $  (226.1)


      $ (166.5)


      36 %



      $            (227.8)


      (1) %


      Variable marketing margin (2)

      $     87.3


      $    83.6


      4 %



      $               99.5


      (12) %


      Variable marketing margin % of revenue (2)

      28 %


      33 %





      30 %
















      Adjusted EBITDA (2)

      $     35.2


      $    31.8


      11 %



      $               42.0


      (16) %


      Adjusted EBITDA % of variable marketing margin (2)

      40 %


      38 %





      42 %




























      (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, and adjusted EBITDA % of variable marketing margin 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.



      LendingTree Segment Results

      (In millions)














      Three Months Ended

      June 30,


      Y/Y



      Three Months Ended March 31,


      Q/Q



      2026


      2025


      % Change



      2026


      % Change


      Home (1)












      Revenue

      $    43.9


      $    40.4


      9 %



      $               39.1


      12 %


      Segment profit

      $    11.3


      $    13.1


      (14) %



      $               10.0


      13 %


      Segment profit % of revenue

      26 %


      32 %





      26 %
















      Consumer (2)












      Revenue

      $    60.3


      $    62.5


      (4) %



      $               66.3


      (9) %


      Segment profit

      $    27.6


      $    32.1


      (14) %



      $               32.9


      (16) %


      Segment profit % of revenue

      46 %


      51 %





      50 %
















      Insurance (3)












      Revenue

      $  209.3


      $  147.2


      42 %



      $             221.9


      (6) %


      Segment profit

      $    50.0


      $    40.0


      25 %



      $               57.9


      (14) %


      Segment profit % of revenue

      24 %


      27 %





      26 %
















      Other (4)












      Revenue

      $       —


      $      —


      — %



      $                  —


      — %


      (Loss)

      $    (0.1)


      $      —


      — %



      $               (0.1)


      — %














      Total revenue

      $  313.4


      $  250.1


      25 %



      $            327.3


      (4) %














      Total segment profit

      $    88.8


      $    85.1


      4 %



      $            100.8


      (12) %


           Brand marketing expense (5)

      $     (1.5)


      $     (1.5)


      — %



      $               (1.2)


      25 %


      Variable marketing margin

      $    87.3


      $    83.6


      4 %



      $              99.5


      (12) %


      Variable marketing margin % of revenue

      28 %


      33 %





      30 %
















      (1)

      The Home segment includes the following products: purchase mortgage, refinance mortgage, and home equity loans.

      (2)

      The Consumer segment includes the following products: credit cards, personal loans, small business loans, auto loans, deposit accounts and debt settlement.

      (3)

      The Insurance segment consists of insurance quote products and sales of insurance policies. We closed the insurance agency business and ceased the sale of insurance policies in the second quarter of 2025.

      (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.

      Financial Outlook*

      Today we update our full-year 2026 outlook and provide our outlook for Q3:

      Full-year 2026:*

      • Revenue of $1.30 to $1.32 billion
      • Variable Marketing Margin of $364 - $374 million
      • Adjusted EBITDA of $145 - $152 million

      Third-quarter 2026:*

      • Revenue:  $325 - $335 million
      • Variable Marketing Margin:  $88 - $93 million
      • Adjusted EBITDA:  $34 - $36 million

      *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 and tax considerations. Expenses associated with legal matters and tax considerations have in the past, and may in the future, significantly affect GAAP results in a particular period.  

      Quarterly Conference Call

      A conference call to discuss LendingTree's second quarter 2026 financial results will be webcast live today, July 29, 2026 at 4:30 PM Eastern Time (ET). The live webcast is open to the public and will be available on LendingTree's investor relations website at investors.lendingtree.com. Following completion of the call, a recorded replay of the webcast will be available on the website.

      LENDINGTREE, INC. AND SUBSIDIARIES

      CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

      (Unaudited)



      Three Months Ended

      June 30,


      Six Months Ended

      June 30,


      2026


      2025


      2026


      2025


      (in thousands, except per share amounts)

      Revenue

      $  313,422


      $  250,116


      $  640,689


      $  489,844

      Costs and expenses:








      Cost of revenue (exclusive of depreciation and amortization shown separately below) (1)

      11,269


      10,029


      22,965


      19,937

      Selling and marketing expense (1)

      236,453


      176,753


      475,021


      349,504

      General and administrative expense (1)

      25,710


      25,034


      53,700


      55,694

      Product development (1)

      10,032


      11,473


      21,499


      23,377

      Depreciation

      4,277


      4,241


      8,462


      8,538

      Amortization of intangibles

      1,288


      1,307


      2,576


      2,614

      Restructuring and severance (1)

      1,839


      357


      2,778


      1,155

      Litigation settlements and contingencies

      756


      (2)


      776


      15,210

      Total costs and expenses

      291,624


      229,192


      587,777


      476,029

      Operating income

      21,798


      20,924


      52,912


      13,815

      Other income (expense), net:








      Interest expense, net

      (8,483)


      (10,402)


      (17,049)


      (19,486)

      Other income

      832


      248


      1,201


      1,636

      Income (loss) before income taxes

      14,147


      10,770


      37,064


      (4,035)

      Income tax (expense) benefit

      (4,573)


      (1,908)


      (10,224)


      522

      Net income (loss) and comprehensive income (loss)

      $     9,574


      $     8,862


      $    26,840


      $    (3,513)









      Weighted average shares outstanding:








      Basic

      13,965


      13,549


      13,895


      13,495

      Diluted

      14,054


      13,650


      14,156


      13,495

      Net income (loss) per share:








      Basic

      $       0.69


      $       0.65


      $       1.93


      $      (0.26)

      Diluted

      $       0.68


      $       0.65


      $       1.90


      $      (0.26)









      (1) Amounts include non-cash compensation, as follows:








      Cost of revenue

      $        169


      $         58


      $        274


      $         28

      Selling and marketing expense

      925


      678


      1,526


      1,335

      General and administrative expense

      3,282


      3,492


      6,003


      11,863

      Product development

      828


      739


      1,461


      1,608

      Restructuring and severance

      1,012


      195


      1,012


      255

      LENDINGTREE, INC. AND SUBSIDIARIES

      CONSOLIDATED BALANCE SHEETS

      (Unaudited)



      June 30,
      2026


      December 31,
      2025


      (in thousands, except par value
      and share amounts)

      ASSETS:




      Cash and cash equivalents

      $   110,766


      $    81,073

      Accounts receivable, net

      149,287


      110,582

      Prepaid and other current assets

      39,751


      38,053

      Total current assets

      299,804


      229,708

      Property and equipment, net

      30,384


      32,834

      Operating lease right-of-use assets

      29,973


      31,655

      Goodwill

      381,539


      381,539

      Intangible assets, net

      35,516


      38,092

      Deferred income tax assets

      114,737


      124,867

      Other non-current assets

      19,678


      16,997

      Total assets

      $  911,631


      $  855,692





      LIABILITIES:




      Current portion of long-term debt

      $     3,932


      $     3,926

      Accounts payable, trade

      47,351


      6,735

      Accrued expenses and other current liabilities

      111,086


      126,803

      Total current liabilities

      162,369


      137,464

      Long-term debt

      386,351


      387,694

      Operating lease liabilities

      41,996


      43,597

      Other non-current liabilities

      143


      140

      Total liabilities

      590,859


      568,895

      Commitments and contingencies




      SHAREHOLDERS' EQUITY:




      Preferred stock $0.01 par value; 5,000,000 shares authorized; none issued or outstanding

      —


      —

      Common stock $0.01 par value; 50,000,000 shares authorized; 17,389,706 and 17,124,837 shares
      issued, respectively, and 14,034,240 and 13,769,371 shares outstanding, respectively

      174


      171

      Additional paid-in capital

      1,288,035


      1,280,903

      Accumulated deficit

      (701,259)


      (728,099)

      Treasury stock; 3,355,466 and 3,355,466 shares, respectively

      (266,178)


      (266,178)

      Total shareholders' equity

      320,772


      286,797

      Total liabilities and shareholders' equity

      $  911,631


      $  855,692

      LENDINGTREE, INC. AND SUBSIDIARIES

       CONSOLIDATED STATEMENTS OF CASH FLOWS

      (Unaudited)



      Six Months Ended

      June 30,


      2026


      2025


      (in thousands)

      Net cash provided by operating activities

      40,717


      27,743

      Cash flows from investing activities:




      Capital expenditures

      (5,935)


      (6,158)

      Other investing activities

      52


      —

      Net cash used in investing activities

      (5,883)


      (6,158)

      Cash flows from financing activities:




      Proceeds from term loan

      —


      50,000

      Repayment of term loan

      (2,000)


      (6,563)

      Payments related to net-share settlement of stock-based compensation, net of proceeds from exercise of stock options

      (3,141)


      (2,285)

      Repurchase of 0.50% Convertible Senior Notes

      —


      (19,700)

      Payment of debt costs

      —


      (500)

      Net cash (used in) provided by financing activities

      (5,141)


      20,952

      Net (decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents

      29,693


      42,537

      Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period

      81,073


      106,594

      Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period

      $   110,766


      $   149,131

      LENDINGTREE'S RECONCILIATION OF NON-GAAP MEASURES TO GAAP

      Variable Marketing Expense

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


      Three Months Ended


      June 30,
      2026

      March 31,
      2026

      June 30,
      2025


      (in thousands)

      Selling and marketing expense

      $   236,453

      $   238,568

      $   176,753

      Non-variable selling and marketing expense (1)

      (10,370)

      (10,848)

      (10,285)

      Variable marketing expense

      $   226,083

      $   227,720

      $   166,468

      (1)

      Represents the portion of selling and marketing expense not attributable to variable costs paid for advertising, direct marketing and related expenses. Includes overhead, fixed costs and personnel-related expenses.

      LENDINGTREE'S RECONCILIATION OF NON-GAAP MEASURES TO GAAP

      Variable Marketing Margin

      Below is a reconciliation of net income, the most directly comparable GAAP measure, to variable marketing margin and net income % 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.


      Three Months Ended


      June 30,
      2026

      March 31,
      2026

      June 30,
      2025


      (in thousands, except percentages)

      Net income

      $      9,574

      $     17,266

      $      8,862

      Net income % of revenue

      3 %

      5 %

      4 %





      Adjustments to reconcile to variable marketing margin:




      Cost of revenue

      11,269

      11,696

      10,029

      Non-variable selling and marketing expense (1)

      10,370

      10,848

      10,285

      General and administrative expense

      25,710

      27,990

      25,034

      Product development

      10,032

      11,467

      11,473

      Depreciation

      4,277

      4,185

      4,241

      Amortization of intangibles

      1,288

      1,288

      1,307

      Restructuring and severance

      1,839

      939

      357

      Litigation settlements and contingencies

      756

      20

      (2)

      Interest expense, net

      8,483

      8,566

      10,402

      Other income

      (832)

      (369)

      (248)

      Income tax expense

      4,573

      5,651

      1,908

      Variable marketing margin

      $     87,339

      $     99,547

      $     83,648

      Variable marketing margin % of revenue

      28 %

      30 %

      33 %

      (1)

      Represents the portion of selling and marketing expense not attributable to variable costs paid for advertising, direct marketing and related expenses. Includes overhead, fixed costs and personnel-related expenses.

      LENDINGTREE'S RECONCILIATION OF NON-GAAP MEASURES TO GAAP

      Adjusted EBITDA

      Below is a reconciliation of net income, the most directly comparable GAAP measure, to adjusted EBITDA and net income % 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.


      Three Months Ended


      June 30,
      2026

      March 31,
      2026

      June 30,
      2025


      (in thousands, except percentages)

      Net income

      $      9,574

      $     17,266

      $      8,862

      Net income % of revenue

      3 %

      5 %

      4 %

      Adjustments to reconcile to adjusted EBITDA:




      Amortization of intangibles

      1,288

      1,288

      1,307

      Depreciation

      4,277

      4,185

      4,241

      Restructuring and severance

      1,839

      939

      357

      Loss (gain) on impairments and disposal of assets

      —

      3

      —

      Loss on investments

      —

      359

      1,225

      Non-cash compensation

      5,204

      4,060

      4,967

      Contribution to LendingTree Foundation

      —

      400

      —

      Litigation settlements and contingencies

      756

      20

      (2)

      Interest expense, net

      8,483

      8,566

      10,402

      Dividend income

      (832)

      (728)

      (1,474)

      Income tax expense

      4,573

      5,651

      1,908

      Adjusted EBITDA

      $     35,162

      $     42,009

      $     31,793

      Adjusted EBITDA % of revenue

      11 %

      13 %

      13 %

      LENDINGTREE'S PRINCIPLES OF FINANCIAL REPORTING

      LendingTree reports the following non-GAAP measures as supplemental to GAAP:

      • Variable marketing expense
      • Variable marketing margin
      • Variable marketing margin % of revenue
      • Earnings Before Interest, Taxes, Depreciation and Amortization, as adjusted for certain items discussed below ("Adjusted EBITDA")
      • Adjusted EBITDA % of revenue
      • Adjusted EBITDA % of variable marketing margin

      Variable marketing expense, variable marketing margin and variable marketing margin % of revenue are related measures of the effectiveness of the Company's marketing efforts. Variable marketing expense represents the portion of selling and marketing expense attributable to variable costs paid for advertising, direct marketing, and related expenses, and excludes overhead, fixed costs, and personnel-related expenses. Variable marketing margin is a measure of the efficiency of the Company's operating model, measuring revenue after subtracting variable marketing expense. The Company's operating model is highly sensitive to the amount and efficiency of variable marketing expenditures, and the Company's proprietary systems are able to make rapidly changing decisions concerning the deployment of variable marketing expenditures (primarily but not exclusively online and mobile advertising placement) based on proprietary and sophisticated analytics.

      Adjusted EBITDA, adjusted EBITDA % of revenue, and adjusted EBITDA % of variable marketing margin are primary metrics by which LendingTree evaluates the operating performance of its businesses, on which its marketing expenditures and internal budgets are based and, in the case of adjusted EBITDA, by which management and many employees are compensated in most years.

      These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. LendingTree provides and encourages investors to examine the reconciling adjustments between the GAAP and non-GAAP measures set forth above.

      Definition of LendingTree's Non-GAAP Measures

      Variable marketing margin is defined as revenue less variable marketing expense. Variable marketing expense is defined as the expense attributable to variable costs paid for advertising, direct marketing and related expenses, and excluding overhead, fixed costs and personnel-related expenses. The majority of these variable advertising costs are expressly intended to drive traffic to our websites and these variable advertising costs are included in selling and marketing expense on the Company's consolidated statements of operations and consolidated income.

      EBITDA is defined as net income excluding interest, income taxes, amortization of intangibles and depreciation.

      Adjusted EBITDA is defined as EBITDA excluding (1) non-cash compensation expense, (2) non-cash impairment charges, (3) gain/loss on disposal of assets, (4) gain/loss on investments, (5) restructuring and severance expenses, (6) litigation settlements and contingencies, (7) acquisitions and dispositions income or expense (including with respect to changes in fair value of contingent consideration), (8) contributions to the LendingTree Foundation (9) dividend income, and (10) one-time items.  

      LendingTree endeavors to compensate for the limitations of these non-GAAP measures by also providing the comparable GAAP measures with equal or greater prominence and descriptions of the reconciling items, including quantifying such items, to derive the non-GAAP measures. These non-GAAP measures may not be comparable to similarly titled measures used by other companies.

      One-Time Items

      Adjusted EBITDA and adjusted net income are adjusted for one-time items, if applicable. Items are considered one-time in nature if they are non-recurring, infrequent or unusual, and have not occurred in the past two years or are not expected to recur in the next two years, in accordance with SEC rules. For the periods presented in this report, there are no adjustments for one-time items.

      Non-Cash Expenses That Are Excluded From LendingTree's Adjusted EBITDA

      Non-cash compensation expense consists principally of expense associated with the grants of restricted stock, restricted stock units and stock options. These expenses are not paid in cash and LendingTree includes the related shares in its calculations of fully diluted shares outstanding. Upon settlement of restricted stock units, exercise of certain stock options or vesting of restricted stock awards, the awards may be settled on a net basis, with LendingTree remitting the required tax withholding amounts from its current funds. Cash expenditures for employer payroll taxes on non-cash compensation are included within adjusted EBITDA.

      Amortization of intangibles are non-cash expenses relating primarily to acquisitions. At the time of an acquisition, the intangible assets of the acquired company, such as purchase agreements, technology and customer relationships, are valued and amortized over their estimated lives.

      Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

      The matters contained in the discussion above may be considered to be "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations or anticipations of LendingTree and members of our management team. Factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include the following: adverse conditions in the primary and secondary mortgage markets and in the economy, particularly interest rates and inflation; default rates on loans, particularly unsecured loans; demand by investors for unsecured personal loans; the effect of such demand on interest rates for personal loans and consumer demand for personal loans; seasonality of results; potential liabilities to secondary market purchasers; changes in the Company's relationships with network partners, including dependence on certain key network partners; breaches of network security or the misappropriation or misuse of personal consumer information; failure to provide competitive service; our ability to compete effectively and adapt to competitive pressures in each of our businesses, including from disintermediation as well as technological change, digital disruption and other types of innovation such as artificial intelligence; failure to maintain brand recognition; ability to attract and retain consumers in a cost-effective manner; the effects of potential acquisitions of other businesses, including the ability to integrate them successfully with LendingTree's existing operations; accounting rules related to excess tax benefits or expenses on stock-based compensation that could materially affect earnings in future periods; ability to develop new products and services and enhance existing ones; effects of changing laws, rules or regulations on our business model; allegations of failure to comply with existing or changing laws, rules or regulations, or to obtain and maintain required licenses; failure of network partners or other affiliated parties to comply with regulatory requirements; failure to maintain the integrity of systems and infrastructure; liabilities as a result of privacy regulations; failure to adequately protect intellectual property rights or allegations of infringement of intellectual property rights; and changes in management. These and additional factors to be considered are set forth under "Risk Factors" in our Annual Report on Form 10-K for the period ended December 31, 2025, in our Quarterly Report on Form 10-Q for the period ended March 31, 2026, and in our other filings with the Securities and Exchange Commission. LendingTree undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results or expectations.

      About LendingTree, Inc.

      LendingTree, Inc. is the parent of LendingTree, LLC and several companies owned by LendingTree, LLC (collectively, "LendingTree" or the "Company").

      LendingTree is one of the nation's largest, most experienced online financial platforms, created to give consumers the power to win financially.  LendingTree provides customers with access to the best offers on loans, credit cards, insurance and more through its network of approximately 770 financial partners.  Since its founding, LendingTree has helped millions of customers obtain financing, save money, and improve their financial and credit health in their personal journeys. With a portfolio of innovative products and tools and personalized financial recommendations, LendingTree helps customers achieve everyday financial wins.

      LendingTree, Inc. is headquartered in Charlotte, NC. For more information, please visit www.lendingtree.com. 

      Investor Relations Contact:
      [email protected] 

      Media Contact:
      [email protected]    

      SOURCE LendingTree, Inc.

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