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Image result for ibm

Introduction

In September, I wrote a piece of writing that chronicled the unhurried decline of queer company Machines (IBM). The article focused on the company’s declining revenues and margins and the fallacy this is Watson that has been overhyped and over-marketed. given that the article was posted, things gain gotten worse for the business. Its inventory charge has declined from $a hundred forty five to the existing $123.

as a result, its market valuation has declined from more than $one hundred thirty billion to the current $112 billion. This valuation makes IBM reasonably valued compared to different technology agencies. In IBM, traders are paying 19X trailing earnings and 8X ahead salary. here's greatly reduce than what traders are paying for other outmoded tech businesses dote Oracle (ORCL), Microsoft (MSFT), Apple (AAPL), and Cisco (CSCO) which gain a criterion ahead PE ratio of 15. in a similar fashion, IBM has a forward PS ratio of 1.41, which is reduce than the accustomed of those organizations of four.65.

throughout IBM’s decline, many buyers – including Warren Buffet – gain invested within the enterprise, hoping that it is going to obtain a turnaround. they gain bar not anyone been disillusioned as the company’s stock has endured to scrutinize abate lows. short marketers on the other hand were rewarded because the inventory has lost 17% of its charge this 12 months. The brief pastime has increased from 14 million in January to the existing 21 million.

in my view, IBM will proceed to underperform since it lacks a ferment if you want to snare the stock greater. This analysis might live a observe as much as the previous article and will spotlight extra complications that the huge blue is dealing with and the pass it may furthermore live saved.

Elephant in the Room: RHT

When tremendous groups are in decline, they gain a addiction of making penniless choices certainly in terms of acquisitions. Two examples of this are the preference with the aid of Sears Holdings (SHLD) to acquire k-Mart and the preference by accustomed electric (GE) to purchase Baker Hughes (BHGE). lamentably, IBM determined to comply with the footsteps of those corporations.

Two weeks ago, the business introduced that it would expend $34 billion to acquire crimson Hat (RHT). IBM would purchase RHT for $190, which was a 63% premium. In its announcement, IBM’s CEO said that:

The acquisition of red Hat is a online game-changer. It adjustments every exiguous thing in regards to the cloud market. BM will develop into the world's #1 hybrid cloud company, providing agencies the most efficacious open cloud admit in an endeavor to unencumber the total charge of the cloud for their organizations

This announcement reminded me of what GE’s Jeff Immelt stated when he introduced the acquisition of Baker Hughes.

BHGE is an business chief positioned to carry in any financial atmosphere and aid their purchasers in using productiveness. This deal capitalizes on the current cycle in oil and gasoline while additionally strengthening their locality for the market recovery. As they travel forward, the brand fresh fullstream providing hurries up their aptitude to lengthen a digital framework to shoppers while offering world-classification technical innovation and repair execution. They seem to live forward to carrying on with a seamless integration for their purchasers.

what's diverse in the two statements is that Immelt turned into remedy in regards to the scale of Baker Hughes. however, Virginia Rometty’s remark changed into demonstrably incorrect. First, within the press conference, IBM used the notice cloud forty three times and based on Rometty, the deal will back IBM snare an better market share in the cloud industry. youngsters, a glance at red Hat’s revenues suggests a different photograph. Most of its revenues approach from infrastructure-related offerings whereas the next earnings comes from application progress and different emerging know-how offerings. In its 10K, it describes the subscription choices as: revenue generated from crimson Hat commercial enterprise Linux and linked technologies such as purple Hat satellite and purple Hat Virtualizations.

source: pink Hat

This factor become furthermore mentioned via Barron’s article that interviewed an analyst from Bernstein who referred to that:

greater than half of red Hat’s profits became generated with the aid of its common on-premise server working-gadget enterprise, which isn’t without slow tied to the cloud and has a slowing boom rate.

additional, while Amazon’s (AMZN) cloud grew through forty six% in 2017, purple Hat’s cloud-related revenues rose via just 14%. at the identical time, the annual revenues of pink Hat are only under $three billion with the net revenue being under $300 million. Worse, IBM is paying 55 instances RHT’s estimated revenue, which is a hefty valuation considering the fact that that many companies in the sector are bought at four.5 instances ahead sales.

therefore, bar not anyone this doesn't justify the hefty $34 billion. also, this is not the first time that IBM has overpaid for its cloud functions. In 2013, when it introduced the acquisition of Softlayer, it declared that:

As organizations add public cloud capabilities to their on-premise IT methods, they want business-grade reliability, security and management. To tackle this probability, IBM has developed a portfolio of excessive-price inner most, public and hybrid cloud choices, as well as utility-as-a-carrier company solutions. With SoftLayer, IBM will hasten up the build-out of their public cloud infrastructure to supply shoppers the broadest option of cloud choices to pressure enterprise innovation.

Even with the SoftLayer acquisition, IBM has lagged other cloud computing organizations. it is number 5 in the industry in the back of Amazon, Microsoft, Alibaba (BABA), and Google (GOOG). In public cloud, it has a market share of 6%, which is miniscule in comparison to Amazon’s forty six% market share.

in brief, IBM is following the identical vogue adopted by pass of generic electric when it acquired Baker Hughes or the disastrous $10.three billion acquisition of Autonomy by means of HP in 2011.

A silver lining in bar not anyone this is that there is a possibility that the deal will now not shut. within the press commentary, IBM mentioned that it is going to pay $190 for the enterprise. As of this writing, the business is buying and selling at $172, which is 10% lessen than the proposed $a hundred ninety. In merger arbitrage, here's a note that an excellent variety of investors don’t reckon the deal will close.

next Elephant within the Room: Debt

The red Hat acquisition is the primary amongst many challenges I did not tackle in my previous article. This deal however presents IBM with a stability sheet problem. To finance the all-cash transaction, IBM will requisite to raise extra debt.

before the deal is closed, IBM has a debt to fairness ratio of 2.372, which is greater than that of the peers mentioned above. Microsoft, Oracle, Apple, and Cisco gain a debt to GDP ratio of 0.8867, 1.527, 1.068, and nil.59 respectively. Their daily is 1.01. hence, this can worsen when the enterprise considerations extra debt to finance the acquisition.

this would now not live a problem for an organization this is becoming. unfortunately, as I wrote before, the enterprise’s augment has slowed, revenues are declining, and the huge bets on Watson aren't figuring out. because it has been noted, many Watson customers are pondering of scaling down.

As you sustain in mind, IBM under Rometty has become a huge fiscal engineering business. To enhance self-confidence out there, the business has borrowed closely to finance buybacks. during the past ten years, the enterprise has spent greater than $40 billion in share buybacks. The chart beneath shows the cutting back share counts for the enterprise in the past ten years.

examine this with the boom in lengthy-term debt as shown beneath.

In different phrases, the deal through IBM to acquire red Hat will dramatically augment its debt although RHT’s free money circulate is expanding. this can practicable lead to decreased dividends. basically, because of the acquisition, the company has announced that it will halt the buybacks in 2020. for this reason, it's going to halt buybacks to finance a deal I believe will now not assist it in future. brace bar not anyone this with the hefty $18 billion pension legal responsibility which is greater than that of similar organizations.

IBM can live Saved

listed here, I actually gain neglected other considerations that I raised within the outdated article. These considerations encompass the slowing growth, thinning margins, and the improved competitors from corporations dote Alibaba, Amazon, and Google.

whereas issues emerge sorrowful for IBM, I accept as legal with that it can furthermore live saved. other historic technology agencies gain bar not anyone been in the selfsame condition dote IBM and recovered. before Satya Nadella, Microsoft was death. in a similar way, before Steve Jobs, Apple was dying.

an outstanding vicinity for IBM to dawn is to prize that it's in problem. After this, it is going to dawn through establishing the explanation for the issue. I reckon that the explanation for IBM’s issues was its lateness in the cloud computing business. This lengthen allowed Amazon and different corporations to enter the trade and purchase customers. In cloud, the churn expense is so low that when a company acquires a consumer, it will possibly figure certain that the company will no longer defect to its opponents.

subsequent, as with different tech agencies which gain recovered, IBM should quiet disagree with altering its management. The reality is that Verginia Rometty has now not been a worthy CEO. beneath her leadership, the company’s stock has declined through more than 30% as proven beneath. at the identical time, she has been paid more than $one hundred twenty million. If Rometty has now not changed the enterprise in 6+ years, what makes the board assured that she will live able to flip it around in future?

next, as mentioned above, IBM should quiet disagree with giving up the acquisition of crimson Hat. while this could attract a hefty divorce bill, it can live worth than the catastrophe that awaits if the deal goes on. recall that 83% of bar not anyone M&A offers fail and there is no explanation why this may live successful. To live clear, IBM will requisite to figure acquisitions to compete with Amazon. truly, with the $34 billion, the company can figure preference investments. as an example, it can expend about $three billion to purchase a company dote box (field) that counts 61% of Fortune 500 organizations as shoppers.

more desirable, it may possibly employ its ventures arm to set aside money into miniature startups in an identical approach that Google has executed it with Google Ventures. As shown below, IBM Ventures has now not made any meaningful investments in the fresh previous.

supply: Crunchbase

finally, IBM should quiet believe divesting its international company options (GBS) segment. here is a aspect that offers consulting, software administration, and global process services. In 2017, the segment generated $sixteen.38 billion in revenues, which turned into lower than $sixteen.7 billion in 2016. The section’s margins are the least among the different segments.

The obscene margins are 25%. here is very nearly comparable to different agencies in the sector dote Accenture (CAN), Wipro (WIT), and Cognizant applied sciences (CTSH) which gain obscene margins of 30%, 30%, and 39%. hence, on a sum-of parts foundation, this aspect alone will furthermore live charge greater than $30 billion if you chance to evaluate it with its friends.

it is estimated that GBS has more than 120K personnel. therefore, divesting the section will aid the enterprise reduce the headcount and help margins.

ultimate ideas

IBM’s inventory has persevered to decline after the announcement of the pink Hat acquisition. As I even gain explained, the enterprise continues to mug famous headwinds if you want to probably snare it lessen. however, I reckon that the directors can serve the company neatly by pass of getting out of the RHT deal and finding improved acquisition objectives, changing the CEO, investing in early stage cloud groups via IBM Ventures arm, and diversifying the world business capabilities arm.

Disclosure: i'm/we're long AAPL, box.

I wrote this article myself, and it expresses my very own opinions. i am not receiving compensation for it (other than from in the hunt for Alpha). I don't gain any company relationship with any business whose inventory is outlined listed here.


IBM looks to Disrupt Scientific research on the Blockchain | killexams.com real Questions and Pass4sure dumps

The employ instances for distributed ledger expertise are on the upward push, as evidenced by pass of IBM’s most contemporaneous patent software for open scientific analysis on the blockchain.

The tech mammoth envisions a device in which a blockchain represents an experiment with individual blocks made out of mission add-ons together with research data, statistics analysis and effects in addition to post-statistics analysis and extra bar not anyone with block-linking capabilities to mirror the fame of modifications. The patent, which changed into filed with the U.S. Patent and Trademark workplace at 12 months-conclusion 2017, comes on the heels of a divorce blockchain patent filed by IBM with an augmented truth and gaming focal point.

The scientific research group has been plagued with a requisite of transparency for facts collection tied to the evaluation system, in line with which the blockchain is a probable antidote. Chief among the many issues is a scarcity of “faithful records” and conserving suggestions from unauthorized adjustments, bar not anyone of which the blockchain solves with facets dote immutability and facts protection.

IBM isn’t the simplest entity that is looking to disrupt this system amid what has been described as a “reproducibility disaster in research” and falsified information. however previously, other solutions involving the blockchain gain fallen brief in addressing key elements surrounding confidentiality, accessibility, using algorithms for projects reminiscent of “computerized correction” and extra, bar not anyone of which IBM takes on in its patent utility. The enterprise additionally facets to “restrained systems that permit for sharing information about scientific analysis and showing pellucid facts collection and evaluation steps,” which interferes with researchers getting credit for the drudgery they’ve performed.

IBM’s admit includes a agile computing environment for experiments on the blockchain, one which depends closely on but is not restrained to a cloud computing mannequin through which records uploaded to public databases will furthermore live tracked. They record a blockchain system that is two-pronged, made out of each “the trustworthiness of the blockchain thought with open scientific research.” Their expertise accomplishes this through inserting scientific experiments on the blockchain, together with “records accumulated, evaluation carried out and/or results achieved and in doing so bolsters the “trustworthiness and reproducibility of the facts and outcomes” amid the immutable nature of the blockchain.

IBM describes a “first shroud of analysis information and a 2nd shroud of evaluation data representing a log of an evaluation performed on the analysis data.” The technology isn’t for static information as the records can furthermore live analyzed for the “reliability and provenance” of the counsel.

usual, the know-how is designed to hasten up the scientific research technique, giving the analysis neighborhood greater equipment to compile, analyze, draw conclusions and figure corrections on their work, a manner that furthermore spills into peer reports, replicating experiments and evaluating the relevance of information bar not anyone with the improvement of facts protection that's inherent with the blockchain.

Featured image from Shutterstock.

The post IBM looks to Disrupt Scientific analysis on the Blockchain seemed first on CCN.




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LendingTree Inc (TREE) Q3 2018 Earnings Conference muster Transcript | killexams.com real questions and Pass4sure dumps

Logo of jester cap with thought bubble.© The Motley Fool Logo of jester cap with thought bubble.

LendingTree Inc  (NASDAQ: TREE)

Q3 2018 Earnings Conference Call

Nov. 01, 2018, 9:00 a.m. ET

Contents:
  • Prepared Remarks
  • Questions and Answers
  • Call Participants
  • Prepared Remarks:

    Operator

    Good day ladies and gentlemen, and welcome to the LendingTree Incorporated Third Quarter 2018 Earnings Conference Call. At this time, bar not anyone participants are in a listen-only mode. Following management's prepared remarks, they will gain a question-and-answer session, and instructions will live given at that time. (Operator Instructions) As a reminder, today's conference is being recorded for replay purposes.

    It is now my joy to turn the conference over to your host, Mr. Doug Lebda, Chief Executive Officer. gladden travel ahead.

    Douglas Lebda -- Chairman and Chief Executive Officer

    Thank you, operator and respectable morning to everyone joining the muster today. I want to employ my time with you to tender my thoughts on the business, hasten through the progress we're making on key initiatives, and provide some context on what we're seeing in the broader market. J.D. will then cover the quarter's financials and their updated guidance.

    Before they jump in, let me provide the accustomed disclaimer. During today's call, they may contend LendingTree's plans, expectations, outlooks or forecast for future performance. Forward-looking statements are typically preceded by words such as they expect, they believe, they anticipate, or other similar statements. These forward-looking statements are theme to risks and uncertainties, and LendingTree's actual results could vary materially from the views expressed today. Many, but not bar not anyone of the risks they mug are described in LendingTree's fitful reports filed with the SEC.

    On this call, they will contend a number of non-GAAP measures, and I mention you to today's press release available on their website at investors.lendingtree.com for the comparable GAAP measure, definitions and full reconciliations of GAAP measures or non-GAAP measures to GAAP. With that, let's collect into it.

    Overall, I'm pleased to report that LendingTree once again delivered a record quarter in terms of revenue, variable marketing margin and adjusted EBITDA. I am even more pleased with the strategic and operational successes we've had during this quarter. There are a few key areas I'd dote to focus on today. One, the success of their diversification strategy. Two, what we're seeing in the mortgage market. Three, their track record in M&A. And four, their progress on My LendingTree.

    So first, let's talk about the diversification of their product portfolio. Five years ago they consciously set out to expand into fresh loan categories. Although they always had a variety of loan types through their network, they first set aside real focused endeavor on growing their personal loans business. Next with miniature business loans, then student loans, and credit cards, both organically and through acquisitions. Then followed by deposits, credit services, and most recently insurance. These fresh product offerings gain truly transformed the entire business. And on top of that, they continue to sustain solid growth. Five years ago, if someone told me that the coalesce of their revenues would flip flop from roughly 80% mortgage to roughly 80% non-mortgage, and then live five times their size, I would gain had a arduous time believing it myself. Their diversified product coalesce enabled us to weather the storm, various market shifts and credit cycles in individual products. And with each fresh product offering, we're able to deliver increasingly more value to customers, engage with consumers more frequently and in fresh and different ways.

    Now let's talk about what we've diversified away from: mortgage. Clearly, mortgage will always live an incredibly famous and meaningful fragment of their business. As I'm sure you're aware, the overall industry is struggling with higher interest rates, rising home prices, low housing inventory and declining volume, but they are working closely with their lenders to ensure that they can navigate this market profitably. Those long-standing relationships are one reason why their mortgage business continues to carry out so well, continuing -- considering the industry headwinds.

    Even though mortgage revenues are down sequentially, I'd dote to travel through some of the reasons why they remain very optimistic on their mortgage business over the intermediate and long-term. Obviously, the pool of borrowers that can benefit from refinancing changes with interest rates. And because consumers enter the market at different times, that pool of borrowers that can benefit furthermore fluctuates. According to industry estimates, the pool of homeowners who would qualify for and benefit from a refinance is that is -- is at its lowest point since 2008 with only an estimated 1.5 million households that topple into that category. However, as they drudgery toward fully understanding the customer journey, we're finding their presence in mortgage as actually driving traffic and revenue to their other loan products. Given rising interest rates, many consumers who initially approach to LendingTree for a mortgage aren't seeing the financial benefit of a refinance, and thus are increasingly finding their pass to another LendingTree product.

    In fact, since 2016, the likelihood of reengagement has by most measures internally doubled. Just this year the percentage of consumers who initially shopped with LendingTree for a mortgage, and then reengaged with LendingTree on a non-mortgage product in the selfsame quarter is up 53%. They furthermore track the unique deportment of the mortgage customer who filled out a figure and organize multiple matches versus a very different deportment of the borrower who is not able to find a match given their fragile credit. And the respectable word is that, cohorts are finding their pass to other LendingTree products.

    Additionally, they are making worthy strides on their fresh mortgage experience. When they first began testing on the fresh platform, they focused only on refinance. In the third quarter, they launched purchase on the fresh mortgage experience. We're releasing fresh features every lone day, aimed at helping consumers and simplifying the process. Additionally, they gain a robust pipeline of more than 20 lenders in the queue. And what is especially encouraging is that we're now able to track fresh types of lenders who historically gain not been able to effectively operate on comparison shopping platforms, including mammoth banks and fresh mortgage companies. And the ascend of the fully digital mortgage companies are furthermore seeing worthy success on their fresh sustain as well.

    We've increased mortgage traffic to the fresh sustain now at approximately 6%, which costs roughly $1 million of adjusted EBITDA per month because of the disagreement in monetization. And as they continue to optimize and enhance the experience, we'll ramp up traffic as they help monetization. Overall, I'm very excited for this game changing sustain and believe this will transform the mortgage sustain for both consumers and lenders on LendingTree.

    Finally, despite the third quarter challenges they faced in mortgage and the seasonality they hope to approach into play in Q4, we're furthermore seeing some signs of life in October that are very encouraging. Considering the consumer tryst and the traction with the fresh mortgage experience, I'm looking forward to their opportunities in mortgage over the next few months, and they will travel into greater details during their Investor Day in December.

    Moving on to M&A. Since 2016, we've completed eight transactions for a total consideration value of just over $680 million, including potential deserve outs. Five of these acquisitions gain been for less than $40 million. Prior to QuoteWizard, which just closed yesterday, their largest acquisition was CompareCards in November of 2016. This transaction was faultfinding to their diversification strategy. In many ways, QuoteWizard is very similar. It gives us a strong presence in an famous and great category, and it was evaluated using the selfsame approach they applied to each opportunity. They snare careful strategic and disciplined approach to transactions, and they are always looking for revenue synergies and ways to strengthen both the platform and the consumer offering. I'm incredibly haughty of the team and what we've been able to accomplish in this area.

    Next I'd dote to finger on the progress we're seeing with My LendingTree. They now gain over 9 million users, and the contribution from this product continues to climb, growing 68% year-over-year. They continue to help their alert functionality, and their feedback from consumers continues to improve. They are enrolling fresh customers from opt-ins across the LendingTree platform gain ramped up app installs to over 8,000 a week, and gain a robust pipeline of syndication deals very similar to their deal with H&R Block. Overall, I am thrilled with their progress on LendingTree -- My LendingTree.

    And now I'd dote to turn the muster over to J.D. for more details on their financial progress.

    J.D. Moriarty -- Chief financial Officer

    Thanks Doug, and thanks to everyone for joining this morning.

    With Doug having given his thoughts, I'd dote to provide further color on their financial results and some additional context on their guidance for the residuum of the year.

    As Doug said, their third quarter results demonstrate many of the selfsame themes they discussed in the second quarter. The macro pressure facing mortgage and more specifically the margin pressure felt at their lender partners remains persistent. But despite the sustained pressure in mortgage, the overall business continues to execute incredibly well as their non-mortgage categories scale. Margins expanded significantly, and they once again grew variable marketing margin and adjusted EBITDA by more than 30%.

    Total revenue for the quarter of $197.1 million was up 15% year-over-year. While a 25% decline in mortgage revenue weighed down overall revenue growth, their collective non-mortgage revenue grew 45% to $141.8 million, and now accounts for 72% of total revenues. And importantly, more than 80% of total variable marketing dollars.

    Several non-mortgage verticals produced standout performance in the third quarter. First, their personal loans business generated $38.6 million of revenue, up 52% year-over-year. While this is a category that is certainly benefiting from growth in the nigh market, the fundamentals of the business continue to help as they view increasing claim among both the newer entrant non-bank lenders and traditional banks. Although they gain seen reports of certain lenders citing credit concerns and moderating their growth expectations, the aggregate claim among their lender network is as strong as ever.

    Second, you may recall that after a challenging second quarter they indicated that they saw some signs that their credit card business was stabilizing. Well, we're fortunate to report the revenue and the contribution from cards rebounded nicely, growing 8% year-on-year, and an impressive 10% sequentially to $42.7 million. Their efforts to diversify their issuer base and aligned with those partners during the first half of the year are providing for a more stable and predictable revenue stream, and we're starting to interject more innovative ad units beyond traditional cost per approval arrangements.

    Third, their Other category continues to grow in both revenue and contribution. In fact, Q3 was the first quarter in which Other, the aggregate of those businesses aside from mortgage card and personal loans was larger in both revenue and contribution than any of those great businesses individually. Other, in total grew 84% year-on-year.

    As Doug pointed out, their diversification has been facilitated through both organic efforts and acquisitions. Most recently, they are fortunate to report the acquisition of Student Loan Hero, and we're pleased to report that the early results from their now scaled student business were very strong in Q3. The traditional in-school student lending business is very seasonal, and Q3 is critical. They are confident that the acquisition of Student Loan Hero helped their already strong SimpleTuition business executed in Q3. And bar not anyone indications are that Student Loan Hero should benefit materially from being fragment of the LendingTree platform.

    Small business, deposits, and credit services continue to live stand-outs among their non-mortgage category. And while these are areas where they gain made acquisitions, they were in two of these three categories prior. Most of their acquisitions gain been small, as Doug pointed out earlier, but they've helped us to scale and in turn become more faultfinding to their partners. From there they execute a playbook. They travel deeper with existing lenders and partners, expand the network, and unlock incremental traffic sources.

    Finally, let's contend mortgage. Revenue of $55.3 million was down 25% compared to an exceptional third quarter last year. It should not live a amaze that the abate was entirely driven by softness in refinance activity where industry originations continue their decline. In this difficult environment, we're focused on maintaining vigorous relationships with their lenders, many of whom are struggling. We're focused on lender economics and they are consciously optimizing their marketing efforts to deliver towering attribute traffic for their lenders, at times to the detriment of increasing volume. While the current environment is certainly a challenging one, they are encouraged that the energy in their other products are enabling us to weather this epoch while staying focused on improving their mortgage offering and continuing to deliver results for shareholders.

    Now let's scoot on to margins, which are the myth once again this quarter. As we've been saying consistently, they hasten the business to optimize for variable marketing margin dollars, and grow adjusted EBITDA. In the third quarter, they delivered $76.8 million of VMD, up 30% year-over-year. Even including the expensing of a sequence of offline advertising test hasten in the quarter, their Variable Marketing Margin as a result -- as a percent of revenue improved to 39%, the highest such measure since the first quarter of 2015. While they are managing to the percentage, you can prize that their efforts to drive more traffic from organic or near organic sources are dawn to really materialize, and they are clearly benefiting from the continued expansion of their product offerings.

    Most importantly for shareholders, adjusted EBITDA grew 31% to $45.3 million. After a few quarters of accelerated headcount growth to scale the business, they are returning to demonstrating operating leverage in the portion of the cost structure beneath variable marketing expense. From a GAAP perspective, net income from continuing operations came in at $28.4 million or $2.05 per diluted share. And adjusted net income per share, which excludes certain items expensed under GAAP was $1.92, up 64% year-over-year. With that context in hand, let me provide some color around their revised guidance for the residuum of the year.

    With QuoteWizard just closed yesterday, we're layering some upside onto their adjust -- pre-existing outlook to account for the two months of repercussion the deal will gain on their reported financials. With that, they are increasing their full-year revenue guidance to $765 million to $775 million. This reflects softness in the mortgage business, coupled with seasonality, offset by an estimated contribution from the fresh insurance vertical. VMD is now expected in the compass of $283 million to $288 million, up from $275 million to $285 million. While mortgage continues to present challenges on the top line revenue, they remain confident in their aptitude to generate VMD at levels consistent with what we've promised bar not anyone year. And adjusted EBITDA is now expected to live $152 million to $155 million for the year, an augment from $148 million to $152 million, and now representing year-over-year growth of 32% to 35%.

    Having just closed the acquisition yesterday, we're not in a position to provide a worthy deal of context on insurance today, but they scrutinize forward to doing that and updating you on -- updating you bar not anyone on their outlook for 2019 at their Investor Day in fresh York on December 4th.

    With that, I'll hand it back to Doug.

    Douglas Lebda -- Chairman and Chief Executive Officer

    And with that, operator, let's open it up to questions.

    Questions and Answers:

    Operator

    Thank you. (Operator Instructions) Their first question comes from note Mahaney of RBC. Your line is now open.

    Mark Mahaney -- RBC Capital Markets -- Analyst

    Great. Thank you. Two questions, please. One, could you talk about the credit card segment, scrutinize dote that recovered a exiguous bit in Q2, but talk -- I'm sorry, in Q3, but talk about that going forward the sustainability of that recovery that you saw? And in terms of the Q4 guidance, could you just swear how much of that guidance augment is simply due to the acquisition of QuoteWizard or it -- is the organic -- is there an organic reduction in revenue kind of offset by that increase? Just quantify the QuoteWizard contribution. Thank you.

    J.D. Moriarty -- Chief financial Officer

    Sure, Mark. It's J.D., I'll start with credit card. As you recall, last quarter, they talked about -- they talked about some signs of stabilization, and they in fact broke it down by month. And they indicated that May was really the difficult month, and that they saw some signs of stabilization in June, and as they began the third quarter. Simply set aside that played out.

    One of the things they talked about was, they were getting closer with their issuer partners. We're fortunate to report that not only gain they gotten closer with many of them and seen expanding wallet share there, but we're actually -- we've actually grown the issuer network in the third quarter as well. And then the economics gain just improved. We've done a better job managing the marketing mix. sustain in intelligence there are two ongoing transformations since the CompareCards acquisition. One is the diversification of issuers, and the other is layering on different marketing channels into their card mix, and so we're seeing real benefit from both, it's driven by both.

    We talk about the sequential growth, the contribution in the quarter, just the sequential contribution, improvement was in excess of 30%. So, card really did deliver for the bottom line in the third quarter, and we're excited about that business travel forward. Now, that's against the backdrop by the way, where -- they talked about this total coalesce between reward cards and balance transfer. It is not in the broader environment for card, we've not seen in the channel the balance transfer cards become prominent again. So we're executing in a a little challenging environment for card, and the growth that we're delivering -- the sequential growth that they are delivering is a duty of execution, not the external environment. We've not yet seen the issuers approach back with balance transfer cards. So that's the card business. And they are encouraged that -- if they can execute in that environment, at some point those balance transfer cards are going to approach back, they collect paid more for those, they are more valuable for the issuers, and so we're just going to continue the playbook of expanding the network, improving the marketing mix, and being there when that market recovers. But if they can deliver growth in this environment, it's a pretty respectable indication for 2019. So that's card.

    Your second question was with admiration to, how much of their contribution. They talked last -- when they announced the acquisition, they got asked the question about seasonality in insurance. It does not gain unique seasonality. But dote their business, November and December are always months that we're a little conservative with projections. So we're getting two months of QuoteWizard, we've layered on, I assume confiscate upside effectively to their full-year plan. They modestly adjusted for mortgage downward on revenue-only not on VMD and EBITDA, just to live clear, just dote last quarter, they can deliver the bottom line, but they did adjust the revenue sheperd for mortgage modestly. And the reason for that, as you scrutinize at the aggregate year, scrutinize at the fourth quarter, it is the most significant decline in refi, it's expected to live down 38%. So in that environment they thought it was confiscate to snare the revenue from mortgage-only down just modestly.

    Mark Mahaney -- RBC Capital Markets -- Analyst

    Okay. Thank you, J.D.

    Operator

    Thank you. Their next question comes from Nat Schindler of Bank of America Merrill Lynch. Your line is now open.

    Nathaniel Schindler -- Bank of America Merrill Lynch -- Analyst

    Yes, hi guys. Thank you. Can you aid me out on the mortgage business. It means -- the gap between you and the industry looks dote its narrowed in this quarter. Was that conscious on your time in that you decided that it wasn't worth as much to fight in refi if it wasn't going to carry out as well, so you shifted marketing dollars mid-quarter or is there something more fundamental going on?

    Douglas Lebda -- Chairman and Chief Executive Officer

    Yeah. So it's a worthy question. And everything they carry out is conscious, and we've talked before about the flywheel and this ultimately boils down to what they muster CPL and RPL, Revenue Per Lead and Cost Per Lead. And they just -- in the mortgage environment they gain where lenders are -- where there's not enough refinance volume as they're switching over to purchase, they adjust their marketing expend to live in tune with whatever those revenue per leads are. In a purchase customer, if you remember, monetize about half of a refinance customer, so you drive more purchase volume from organic sources, SEO, and just people knowing about LendingTree, TV et cetera, and so that's really the switch over that we're seeing. So I wouldn't snare any alert with it, because we're basically just maximizing their VMD every lone day. And as I said in October, we're seeing unit revenue improve, which is giving us a lot more self-confidence going into Q4. We're furthermore seeing -- importantly the Cost Per Lead is coming down as, they always say, there's two sides to this equation as mortgage companies increasingly focus on their most profitable channels, they're going to live doing more business with LendingTree and less direct marketing on research and other things, so that helps out their marketing expense.

    Nathaniel Schindler -- Bank of America Merrill Lynch -- Analyst

    Great. And furthermore just a quick follow-up. Can you crash out the various growth rates between purchase and refi as you done in the past? Is that possible?

    Douglas Lebda -- Chairman and Chief Executive Officer

    It's possible, but I don't know that we've done that. For J.D., carry out they --

    J.D. Moriarty -- Chief financial Officer

    No, we're not. Now we're not breaking that down. We've talked about their revenue relative to the industry, but the actual refi activity.

    Douglas Lebda -- Chairman and Chief Executive Officer

    But the decline in business. The revenue -- the top line decline in mortgage is a 100% refi driven and offset by some growth in purchase.

    J.D. Moriarty -- Chief financial Officer

    As we've -- now, I guess one of things we've talked already, the purchase business is just -- it's a harder business, they collect paid less for it because of conversion rates as we've talked about in the past. privilege now we're in an environment where that refi activity is de minimis. And so we're having to execute in the lower margin product effectively. And now, just dote they talked about at the nigh of Q2 in card, we're internally seeing some signs, as Doug pointed out, particularly on the cost side in mortgage, they are dawn to live encouraging, but that's against a backdrop where we're expecting a 38% decline in broader refi activity in Q4 coupled with Q1 being a tough comparison for mortgage. As you remember, they were able to drive RPLs double digits in Q1, that was the last quarter where they had RPL expansion. So we're seeing respectable signs internally in mortgage, but only internally. The cost equation is getting better and that's great. But we're going into a tough -- we're in a tough fourth quarter for refi, and they carry out gain one difficult comparison ahead of us in Q1 of next year. But importantly, those initial signs that the coalesce between RPL and CPL is improving are there.

    Douglas Lebda -- Chairman and Chief Executive Officer

    And then the only other thing I'd add, increasingly over time we're going to live looking at the total platform revenue. The individual products are important. But as I said earlier, we're seeing a lot of crossover from mortgage where people traditionally may click on a mortgage ads and they approach in and they swear there's no benefit, they pop over to a personal loan, et cetera. And then the other thing I would add is that the fresh mortgage sustain completely changes the game on conversion rates as they help that monetization. And just one encouraging note they are seeing, lenders locking loans at about a four times higher clip on the fresh mortgage sustain than the current mortgage experience, and the net promoter scores are very, very towering on that. So as they drudgery to sort of automate the intelligence of the loan officer on the site and they collect the monetization equal, then that's going to really change the game in the mortgage business and hopefully give us a fresh leg of growth.

    Nathaniel Schindler -- Bank of America Merrill Lynch -- Analyst

    Great. Thank you.

    Operator

    Thank you. Their next question comes from John Campbell of Stephens. Your line is now open.

    John Campbell -- Stephens, Inc. -- Analyst

    Hey guys, respectable morning.

    Douglas Lebda -- Chairman and Chief Executive Officer

    Good morning.

    J.D. Moriarty -- Chief financial Officer

    Hey, John.

    John Campbell -- Stephens, Inc. -- Analyst

    Hi. Doug, you mentioned flipping of a mortgage to about 20% of rev, clearly you guys gain the addition of QuoteWizard, that's going to I guess pushed mortgage coalesce shift a exiguous bit lower. But just looking at the forecast, if they stuck with that, if they just kind of went with that 20% mix, I'm thinking you might gain to view mortgage down again next year. I know you guys mentioned the tough comp in 1Q of '19, and I'm sure you guys will talk about this more at Analyst Day, but am I thinking about the phasing of that mortgage revenue right? And is it pretty difficult to grow mortgage revenue next year?

    Douglas Lebda -- Chairman and Chief Executive Officer

    No. They are definitely planning on growing mortgage next year, and the percentage coalesce just changes based on the individual growth rates. Some of the other businesses are growing faster, but mortgage they absolutely hope to grow significantly next year.

    John Campbell -- Stephens, Inc. -- Analyst

    Okay, that's worthy to hear. And then on the broadcast spent, can you talk just kind of broadly how that looked year-over-year. And if you guys maybe intend on stepping on -- accelerated a exiguous bit more as you collect into next year?

    Douglas Lebda -- Chairman and Chief Executive Officer

    Yeah, I'll hit it at a towering level. And I'll let J.D. observation as well. Their broadcast spent, we've been testing, they gain been running decent amount of TV, we're furthermore running ads now increasingly on their non-mortgage products, particularly credit card, including some ads on the CompareCards brand, which are either running or they're in-process. And so year-over-year marketing expend offline is down because of the mortgage environment, you just don't want to market into lower revenue per lead if you can't carry out it profitably, but yes, they gain a -- we'll talk more about in December. They gain a significant offline expend anticipated for next year, and they hope to live able to carry out that very profitably.

    J.D. Moriarty -- Chief financial Officer

    Yeah, John, I'll let add is, interestingly, I mean, clearly offline expend is down in 2018. It's down in fragment because very intentionally, as Doug points out, in mortgage specifically the RPLs didn't necessarily justify that TV spend. But it's furthermore down because we've been going through an evaluation of how they should live spending those dollars. We've got a fresh logo that you might gain noticed, they -- as Doug pointed out, are going to advertise not just broad LendingTree but specific products. And in Q3, It was actually up meaningfully relative to Q2, because they were testing, and that's what we're referencing. We're testing different ad units in regional markets. So in Q3 it was actually up, but in a testing format. They will roll it out more specifically at Investor Day what their aim is, but it should live up meaningfully.

    Douglas Lebda -- Chairman and Chief Executive Officer

    And the only other thing I'd add is well on the marketing flywheel effect. They gain built over the last brace of years a significant SEO business, now tracking to roughly 20% of their revenue, and that's from almost zero a few years ago.

    John Campbell -- Stephens, Inc. -- Analyst

    That's worthy color. Thanks guys.

    J.D. Moriarty -- Chief financial Officer

    Thanks, John.

    Operator

    Thank you. Their next question comes from Jed Kelly of Oppenheimer. Your line is now open.

    Jed Kelly -- Oppenheimer & Co. -- Analyst

    Hi. Yeah. Just following up on the advertising discussion. Online advertising, I guess it continues to actually grow faster than your revenue this year. Does that become harder to leverage in 2019 as you halt -- as you start to comp some of the lower -- really I guess, the lower expenses or the lower expend you made in broadcast TV? I guess, how should they assume how you're optimizing for your online advertising spend?

    Douglas Lebda -- Chairman and Chief Executive Officer

    So the online advertising expend is optimized in minute if you will. So it's -- in real time we're constantly looking at the supply and claim equation and marketing up to the last profitable dollar anywhere they can find it. So you're looking at the claim from your lenders, looking at the availability of inventory, making sure you can carry out it cost effectively, and you optimizing online stuff in real time.

    The offline spend, this year we've done a lot of analytics and data tracking. It does figure money over the epoch of, let's say, six months, but you sort of travel negative and then you travel positive for many amount of ad spend, and they can draw those curves out fairly precisely, and it gives us a lot of self-confidence to live able to market into next year. Particularly, as you're getting increasing monetization from My LendingTree and people are buying multiple products, that does nothing but help your lifetime value and gives even more juice to travel market against.

    Jed Kelly -- Oppenheimer & Co. -- Analyst

    And then on the digital mortgage, can you give us an update just how consumers' throughput is doing? And as they scoot through a purchase environment, how much outreach is going to live -- asked to live done on your fragment to educate lenders on how to manage leads and better drive on -- I guess on a product that's harder to transmogrify converter that has a longer sales cycle?

    Douglas Lebda -- Chairman and Chief Executive Officer

    Yeah. So on mortgage -- could you reiterate your first question, Jed?

    Jed Kelly -- Oppenheimer & Co. -- Analyst

    How's the (inaudible) throughput are not digital mortgages? (Multiple Speakers)

    Douglas Lebda -- Chairman and Chief Executive Officer

    Okay, yeah. So -- got it. Yeah. So the digital mortgage sustain -- so first off, LendingTree in the fresh model takes a consumer from inquiry, which is filling out the form, assume about dote a search query, shows you the results and then LendingTree helps you figure a -- helps you figure a selection. Once you select a lender, you either deal with that lender "manually" even though manual today is very, very automated or there are some lenders better mortgage is a respectable example, who gain a non-human touch, fully digitized sustain once you fill out the actual application and then actually lock online. So the advent of the digital mortgage experience, whether it's the Rocket Mortgage of Quicken Loans, the things that loanDepot and many others are doing, and that technology is becoming more and more available. But it's really sort of a click over to a fully digital application, assume of it dote the personal loans product. It reduces a lot of friction, and we're helping lenders collect increasingly automated.

    To your second point, the notion of finger points particularly on purchase, assume of a -- and you've heard me talk about the intelligence of the loan officer. The logged in sustain of LendingTree needs to overtime emulate what a loan officer would talk to you about, what are your goals, let's view what products they have, how long are you going to linger in that house, et cetera, et cetera. With purchase, you layer on the fact you requisite to sustain a realtor in the loop, and the time lag between the time a customer comes in and the time they ultimately close, it could sometimes live as long as six months. During that period, you requisite to incubate them, and they carry out that mostly through technology. They were -- they had to carry out this when they own LendingTree loan, so we're bringing those that muscle tone back so that they know how to interact with customers, but most of it they are not doing over the phone, most of it's coming through text, email and then the online experience, plus alerts telling you that rates are changing, et cetera, et cetera. So as that incubation process gets better and more automated, they assume -- they actually assume that purchase will live easier in the fresh mortgage sustain than refi, because that similar -- because basically we'll live running the selfsame incubation process across bar not anyone of their lenders, and we'll live doing that ones as opposed each of their lenders doing at five times.

    Jed Kelly -- Oppenheimer & Co. -- Analyst

    Thank you.

    Operator

    Thank you. Their next question comes from Mike Grondahl of Northland Securities. Your line is now open.

    Michael Grondahl -- Northland Securities -- Analyst

    Yeah, thanks guys. Two quick questions. One is, how is the home equity business doing? And secondly, outside of mortgage, could you rank your sort of products from best visibility to maybe least visibility?

    Douglas Lebda -- Chairman and Chief Executive Officer

    So let me observation on home equity. The home equity business is doing fine, but I would say, it has not reached the ramming hasten of several years ago, and I'll talk about why that is, but that's starting to change. Before 2008 you had lenders, mostly banks, doing home equity loans and keeping them on their balance sheets and they did them in a highly automated pass with drive-by appraisals and most of it done online. Very, very towering conversion rates just dote they view in personal loans. The banks gain not yet brought that process back, and there is not really a liquid secondary market for home equity dote there used to live pre-crisis. So with that, the home equity business is growing more slowly. But as technology automation happens and we've got some exciting things on the docket for next year, then they collect the RPL up, and then they can market into that.

    The other thing I would swear about home equity, you furthermore collect a lot of business where people approach in for a home equity loan then they can collect a full refinance on their home. So you furthermore pickup some refinance business through home equity. But overall, I would say, we're waiting for and helping the automation home equity to happen, so that they can then market into it.

    J.D. Moriarty -- Chief financial Officer

    Yeah, Mike, it's J.D. bar not anyone I would swear is, we've traditionally called out home equity, but it wasn't about calling out home equity, it was taking that non-mortgage category, and away from those individual businesses dote card NPL that are mammoth enough that they requisite to identify the absolute dollar number -- the dollar amount, they obviously for competitive reasons they don't want to give individual business scale, but they carry out want to give you and investors a sense for what's driving the broad -- increasingly broad non-mortgage category. And so they always highlight those that gain contributed most, and that's why we're in this quarter -- home equity just wasn't among the top three that they pointed out grew in excess of 100%. The business is fine, but the percentage growth rates are not as overwhelming partially because a year ago that business was probably inflated by lenders who were buying home equity leads to transmogrify them into a refi product.

    Douglas Lebda -- Chairman and Chief Executive Officer

    And the only other thing I'd add on product visibility. It's kind of intriguing is they got ready -- as we're getting ready for a fresh TV ad campaign, obviously, they carry out a lot of research. Consumers quiet assume of LendingTree as primarily a mortgage business, as a mortgage comparison shopping service, and they are going to change that next year with their fresh ad campaign, and I assume it's bar not anyone upside. If people are thinking about us for a mortgage and it's not a significant fragment of their business, once they realize oh, wow! LendingTree does bar not anyone of that too. They collect much more enthusiasm about the brand and they can disclose that myth very easily through advertising.

    Michael Grondahl -- Northland Securities -- Analyst

    It will live respectable to view that at the Investor Day. Thanks.

    Operator

    Thank you. Their next question comes from Michael Tarkan of Compass Point. Your line is now open.

    Michael Tarkan -- Compass Point Research & Trading LLC -- Analyst

    Thanks for taking my question. Just a technical one here. I saw on the VMM calc on the back page, you had 3.6 million cost of advertising resold to third-parties. Can you just provide a exiguous color on that? And if that flew through to revenue in some figure or another.

    Douglas Lebda -- Chairman and Chief Executive Officer

    Yeah. No, absolutely. So, they -- we've talked in the past -- over the last year about business progress partnerships and so -- and the media side, they own a just -- respectable amount of inventory with CNN and MSN that they employ for their own properties, and periodically they settle to resell that inventory. And so, rather than -- so they classify that differently from accounting perspective as cost of revenue rather than traditional classification for their own business. So we're just making -- drawing the distinction. So that when they sell it to a third-party, and it's not a LendingTree sale, but sold to another publisher.

    Michael Tarkan -- Compass Point Research & Trading LLC -- Analyst

    Is that the -- Sorry, travel ahead.

    Douglas Lebda -- Chairman and Chief Executive Officer

    And gain you -- and conceptually if you assume about it, basically, we've done a partnership with a partner, and instead of running LendingTree appearance -- LendingTree ads or units are rate tables constantly, you attain a point of where are with the consumer and then they shift that inventory of to other ad buyers through bar not anyone the ad networks in an highly automated fashion. So it's -- and over time as their other products -- as that inventory can live better spent on LendingTree products, they will simply carry out that.

    Michael Tarkan -- Compass Point Research & Trading LLC -- Analyst

    Is that activity that they should hope to continue or is this sort of a one-time situation or just sort of temporary? How carry out they assume about the sustainability of that?

    Douglas Lebda -- Chairman and Chief Executive Officer

    So I would assume about it in terms of just revenue, because if that they weren't reselling that inventory, we'd live running on LendingTree ad and it would live in LendingTree revenue, so it will fluctuate up and down depending on those deals. But I would just -- it's effectively taking revenue from one LendingTree product and sticking it in another one. So I wouldn't assume of it is dote a huge growth engine of the business. It's more of just a supplement or a substitution for other LendingTree product revenue.

    Michael Tarkan -- Compass Point Research & Trading LLC -- Analyst

    Okay, great. And then question on sort of pricing versus volume. In the past you've talked, I think, directionally about how mortgage you had, pricing power, and then you're sort of flat now, is that the road being a exiguous bit on the pricing side? And then selfsame question on personal loans, are you quiet able to snare pricing up on your lender base?

    Douglas Lebda -- Chairman and Chief Executive Officer

    Yeah. Let me snare mortgage, and I'll give J.D. personal. And so, pricing power, if you assume about it, it really comes from lenders conversion rate. So they set aside in effectively a bid or what they're willing to pay for a given customer introduction or a lead. And we've -- and that's where the pricing power comes from. And in October we've actually seen pricing scoot up with some of their significant lenders, because conversion rates are better, they've worked through some of the -- the switchover costs from refinance to purchase, and they're able to transmogrify better. And because of that they up their bids, because of that they can then market into it. So we're actually seeing pricing energy in Q4 a exiguous bit.

    Michael Tarkan -- Compass Point Research & Trading LLC -- Analyst

    Thank you.

    Douglas Lebda -- Chairman and Chief Executive Officer

    And by the pass the other nice thing about that, that tends to stick as you travel through another cycle. So if you assume -- set aside yourself in the intelligence of a lender, you're cutting every unprofitable marketing channel back. And your LendingTree channel, which is generally sustainable and very profitable for lenders, and they can toggle the volume up and down, that tends to live the last channel they turn off. And then not only does that aid their revenue per lead, but on the cost per lead side, as I mentioned, as lenders draw out of direct advertising, that improves their economics online as well.

    Operator

    Thank you. Their next question comes from Youssef Squali of SunTrust. Your line is now open.

    Youssef Squali -- SunTrust Robinson Humphrey -- Analyst

    Hi, thank you very much for taking the question. Maybe you can just speak to the -- your guidance or particularly what's the implied VMM growth relative to revenue growth looks like, maybe at the midpoint, that's about $79 million as to VMM for Q4. Maybe you can just aid us assume through that and furthermore the contribution of QuoteWizard to VMM if you can aid share that. Thanks.

    J.D. Moriarty -- Chief financial Officer

    Sure. We've seen an ongoing -- they obviously gain reached a recent peak here in the third quarter with respect to VMM percentage at 39% as they pointed out. QuoteWizard operates at a very similar margin profile to LendingTree business, it's one of the things that attracted us to it. We'll collect two months of it in the quarter. Their -- as I pointed out earlier, they did -- the only number aside from QuoteWizard, the only adjustment made was for mortgage revenue, not for VMD in that sheperd and not for EBITDA. So we'll continue to view strong VMD and EBITDA. There shouldn't live a huge differential in terms of that growth rate in Q4, and QuoteWizard's contribution is similar with respect to percentage.

    Youssef Squali -- SunTrust Robinson Humphrey -- Analyst

    I assume on a percentage basis, at the midpoint I'd assume some deterioration on the margin side. Is that just seasonal or what's going on there?

    J.D. Moriarty -- Chief financial Officer

    There's always a exiguous bit of seasonal in there, yes, every quarter, that has nothing to carry out with QuoteWizard.

    Youssef Squali -- SunTrust Robinson Humphrey -- Analyst

    Got it.

    J.D. Moriarty -- Chief financial Officer

    And we're operating off of it. If you want to talk about, it's sequential, we're coming off of a 39%, a peak number there.

    Youssef Squali -- SunTrust Robinson Humphrey -- Analyst

    Okay. And then just quiet on the cost side. Can you may live shed some more light on the cost of revenue jump in the third quarter? And how they should assume about it going forward?

    J.D. Moriarty -- Chief financial Officer

    It's what they just discussed on the advertising side that Doug just went into detail on, that's the cost of revenue increase.

    Youssef Squali -- SunTrust Robinson Humphrey -- Analyst

    Got it. Okay. bar not anyone right. Thank you.

    J.D. Moriarty -- Chief financial Officer

    Thank you very much.

    Operator

    Thank you. Their next question comes from Stephen Sheldon of William Blair. Your line is now open.

    Stephen Sheldon -- William Blair -- Analyst

    Yeah. Hi, respectable morning. So you've gotten a lot of questions on mortgage, but just given the degree of the decline this quarter, I just wanted to inquire of if anything has changed in your view within the competitive environment that has had any repercussion there?

    Douglas Lebda -- Chairman and Chief Executive Officer

    No, I don't assume it -- I don't assume it has. They -- obviously we're in a -- the same, I would muster it selfsame competitive environment with the other aggregators. They continue -- they believe they continue to snare share from -- on the lender side, they continue to view worthy growth there. And so, I gain not seen -- they gain not seen any significant competitive pressure. There's always innovation in the business. But the respectable word there is, a tough mortgage market benefits LendingTree, I would say, disproportionately than others, because they quiet gain the aptitude to travel out in market because of their deep lender network. And then as I said, once they gain a fresh mortgage sustain up and running, that's a game changer with respect to capacity. So for example, their lenders will view roughly -- we'll view many fewer leads coming in the front door, but they will live much more highly qualified, which means they will open up the floodgates, augment demand, and then we'll live able to market into that, and that's why we're putting so much endeavor on that fresh experience.

    Stephen Sheldon -- William Blair -- Analyst

    Got it. That's helpful. And then I know you will provide more at the Investor Day, but just at a towering even and more qualitatively, how are you thinking about adjusted EBITDA margins heading into 2019, kind of excluding the repercussion from QuoteWizard. Would you hope some draw back next year given the boost you've gotten this year from layer -- lower variable marketing expenses as a percentage of revenue, which could travel up next year, and a potentially more propitious claim environment, or what the leverage from headcount additions this year and marketing efficiencies, maybe let adjusted EBITDA margins quiet trend up some next year. Thanks.

    J.D. Moriarty -- Chief financial Officer

    Yeah. So Stephen, it's a respectable question. I assume we're certainly not -- they will definitely collect some operating leverage, which will live great. As they pointed out, they hope mortgage to grow. They but this is not -- when you scrutinize at their margins being in excess of 20%, they may travel up modestly, but that's not a deliberate strategy. You shouldn't, they collect inquire of the question bar not anyone the time, what's the natural margin in the business. I don't assume that what you're seeing this year is necessarily something that you should pencil out as an improvement into next year. We're quiet very much in market share gain mode. And so we're going to travel after dollars, as we've talked about, that may not necessarily translate into -- we're going to operate the business in the selfsame EBITDA margin zip code that they gain for some time. So, we'll collect some operating leverage share, but they will live in growth mode and their margins will live what their traditional margins gain been. fragment of this is that, we've obviously made marketing decisions in the light of the macro environment in mortgage. And so that's -- that is resulting in a year in which maybe the top line growth is not as strong, but the margin expansion is there. They scrutinize forward to getting back to an environment where we're going to view top line growth.

    Stephen Sheldon -- William Blair -- Analyst

    Great. Thank you.

    Douglas Lebda -- Chairman and Chief Executive Officer

    And by the way, that is -- just to add on to that. That is a -- you'll view -- if you scrutinize at LendingTree over the years, you will view some variation in margin percentages as the macro environment changes, because you only -- because you market up to your last profitable dollar, and -- however the VMM dollars and EBITDA dollars sustain climbing through that, so that's -- those are the numbers that I attend to scrutinize at, because individual percentage margins can vary based on channel coalesce and individual claim and individual products.

    Operator

    Thank you. Their next question comes from Eric Wasserstrom of UBS. Your line is now open.

    Eric Wasserstrom -- UBS -- Analyst

    Thanks. Hi, how are you. Just one more question on mortgage, which is similar to the question I asked last quarter, which is, just about the relative debt of this transition for the lender base versus prior cycles, and I assume your response last quarter was that, it is -- it's a deeper and therefore maybe longer lasting, and I just wanted to view if anything about that perspective has changed?

    Douglas Lebda -- Chairman and Chief Executive Officer

    Yeah, I don't -- the longer lasting -- I'm not sure I would say, this is definitely "deeper" given the statistic I set aside about consumer benefit. If you approach in for a refinance, and you're -- you can rescue money either in a lower payment or you guys can always -- most the time you could rescue my lower payments stretch out your term, probably not the best consumer idea, but if you don't gain a financial benefit, obviously there's -- doesn't figure sense to refinance and those numbers gain been pass down.

    The respectable word though in mortgage, and I've seen this play out over 20 years, it's not the absolute value of interest rates that drive refinance and purchase volume, it's more the -- refinance volume, it's the rate of change. So you can gain low interest rates. And when the tenure knocks down a exiguous bit, you collect a flood of refinance volume, because consumers can rescue money from the outmoded -- from there, now towering -- "high rates". So even historically low rates, you can quiet collect respectable refinance volume as those rates bump up and down, and you just adjust your marketing mix. I've said before, the mortgage business functions very much dote the hotel business in travel, lenders will fill up capacity, they will -- if they've got excess capacity inside of their shops, they want more volume, if they can carry out it profitably, then they sustain their bids down. But as they help their conversion rates in their technology, those bids scoot up as they're doing in October. And then as I said, they market into it.

    Eric Wasserstrom -- UBS -- Analyst

    So just in terms of the ending of shiver out (ph), what would live your assessment?

    Douglas Lebda -- Chairman and Chief Executive Officer

    The ending, I express time frame or --?

    Eric Wasserstrom -- UBS -- Analyst

    Yeah. dote the -- the baseball referenced to dote which innings?

    Douglas Lebda -- Chairman and Chief Executive Officer

    Good question. I gain given their predicting interest rates. And so I assume I'm going to maintain that. I gain absolutely no clue. bar not anyone I know is that the playbook for us changes from one interest rate cycle to another, and they can -- they flip the switch very strongly. But if you've got to read on where rates are going, gladden let me know, because it -- foster warning always helps.

    J.D. Moriarty -- Chief financial Officer

    Eric, the only thing I add to that -- sorry, some of the fresh experiences we're going through should change who on the lender side, benefits and can operate on the network. And thus, they don't gain -- you don't gain to muster the bottom of the cycle for their traditional lender client, they should benefit from that network expansion before that occurs.

    Eric Wasserstrom -- UBS -- Analyst

    Right, got it. (Multiple Speakers) question which was then -- what is the 10X driving your expectation about next year, and it sounds dote it's more the transitions that you set aside in place, it's not so much an expectation about a bottoming of the broader cycle. Is that correct?

    J.D. Moriarty -- Chief financial Officer

    That is correct.

    Eric Wasserstrom -- UBS -- Analyst

    Great. Thanks very much.

    Douglas Lebda -- Chairman and Chief Executive Officer

    We typically -- they typically set their mortgage procedure based on what the NBA looks dote and they requisite that to set the numbers, but the other VMM can grow through both cycles as long as they continue to figure conversion rate improvements. And then to J.D.'s point that he just said to about fresh types of lenders and broadened base. As they switch over the mortgage experience, it levels the competitive playing domain on the network side, and that's basically what you view is that, these less automated lenders can actually compete against the Quickens and the loanDepots et cetera who gain highly automated factory has been doing this for 20 years. And then that helps to help their conversion rates, which really improves aggregate conversion rates, because it's very similar to the long tail effect that you saw with search engines, and the more you can boost up the lenders who are in sort of that long tail, you then help your economics overall.

    Eric Wasserstrom -- UBS -- Analyst

    Got it. Great. Thanks very much.

    Operator

    Thank you. Their next question comes from Kunal Madhukar of Deutsche Bank. Your line is now open.

    Kunal Madhukar -- Deutsche Bank -- Analyst

    Hi, thanks for taking the question. Question on My LendingTree, and the growth there slowed down on a quarter-over-quarter basis, and the comp was tougher, but the annualized revenue per My LendingTree account declined significantly sequentially. What's behind that? Is there some seasonality there, or is that the promotions are not as attractive?

    Douglas Lebda -- Chairman and Chief Executive Officer

    Oh, no. I think, I mean, their growth rate declined from, I think, dote 100% to dote 70% sequentially, and I assume it's simply more of a factor of your -- we're marketing less, so therefore you've got less traffic flowing through the system and a lot of their track -- a lot of the My LendingTree signups are coming through, you know, note ups from the core LendingTree platform, and so that growth rate is -- we're incredibly fortunate with it. And then as the monetization improves, you can continue to carry out marketing. And as I said, we've got a really, really robust pipeline of syndication deals and hope to hear more from that in the coming weeks and months. But, no, I'm very, very encouraged about the progress we've made with My LendingTree and I wouldn't -- I wouldn't sweat the growth rate difference.

    J.D. Moriarty -- Chief financial Officer

    Yeah. And Kunal, the only thing I'd add to that is, just snare a scrutinize at -- the thing that we're encouraged by is the app downloads, and if you scrutinize at their presence in the app store that's improving, the downloads are improving dramatically, the attribute overall of the people opting in. What they want this to ultimately live is not just a base of members, but furthermore people engaging in the app. And so, from a attribute perspective, they assume it improved dramatically in the quarter.

    Kunal Madhukar -- Deutsche Bank -- Analyst

    Great, thanks. And a quick follow-up on the guide. I know you've discussed the revenue sheperd previously, but by my math and my math maybe off, I'm getting dote a mid-single digit pro forma year-over-year revenue growth for the fourth quarter. Is that the trough that they should expect?

    J.D. Moriarty -- Chief financial Officer

    From a growth rate perspective, yeah, they don't -- they certainly carry out not. That is -- that is up against a difficult comparison from the fourth quarter a year ago with a very robust mortgage business. They certainly are not operating a -- that kind of growth business leeway in aggregate. So in that respect, in terms of revenue growth, yes. It is a unique comparison, both the third and fourth quarter are tough comparisons when you reckon the change in the revenue base for the mortgage business.

    Kunal Madhukar -- Deutsche Bank -- Analyst

    Great. Thank you so much.

    Operator

    Thank you. Their next question comes from Rob Wildhack of Autonomous Research. Your line is now open.

    Robert Wildhack -- Autonomous Research -- Analyst

    Hi guys. J.D., from your commentary earlier it sounded dote they could infer that variable marketing dollars in mortgage were up year-over-year. Is that correct?

    J.D. Moriarty -- Chief financial Officer

    Variable marketing dollars year-over-year, no. We've seen -- I'm not sure which commentary you're referring to, I apologize. Which statement you're referring to?

    Robert Wildhack -- Autonomous Research -- Analyst

    I assume I'd gain to travel back and check, but they can carry out that offline. Maybe more broadly I wanted to inquire of about the sale of ad inventory. carry out you reckon that to live dote a "lever" that you gain one flexing marketing spend. And if you do, how far down the list of options is a determination dote this?

    J.D. Moriarty -- Chief financial Officer

    Yeah. On the ad selling, I would, again, that is a sort of a substitute/complement, not really a lever. Basically you carry out a syndication deal with, let's say, a CNN, where we're going to set aside LendingTree rate tables, widgets, app downloads, opportunities, et cetera, et cetera on a site dote CNN. You set aside the LendingTree applicable units there until the last profitable dollar and then whenever you can, and then whenever it's not profitable, it's smooth to sell that excess inventory out to third parties. So I wouldn't view it as a lever. And quite frankly it's not something that I necessarily really focus on, because over time as LendingTree monetization improves, those ad units will live absorbed by LendingTree.

    Robert Wildhack -- Autonomous Research -- Analyst

    Got it. Thank you.

    Douglas Lebda -- Chairman and Chief Executive Officer

    And, Rob, to admit -- to try to admit your first question just because they always want to carry out that. No, the dollars from mortgage and aggregate were certainly down. The percentage is flat quarter -- from Q3 of last year.

    Operator

    Thank you. Their next question comes from Hamed Khorsand of BWS Financial. Your line is now open.

    Hamed Khorsand -- BWS Financial, Inc. -- Analyst

    Hi, respectable morning. Could you talk about how snappily you can on board these acquisitions? Are they quickly generating traffic and revenue from -- coming onto your platform, how -- or are they quiet on a stand-alone basis?

    Douglas Lebda -- Chairman and Chief Executive Officer

    Hamed, worthy question, I really prize that, and it's something they probably used to focus on. They are able to, for the most part, forecast what synergies were going to collect before they even carry out the deal, because they can view what either changing the brand designation is going to carry out or, for example, with -- they bought one SEO business and those guys are now running SEO across the total company. So we're seeing synergies chance very, very fast, and I got it travel hats off to their team here who really, really digs in everywhere from HR to Finance to Operations, and they dote to muster it the entrepreneur without the headaches. Every time they bring one of these guys in, they swear listen, we'll handle your capital, we're going to handle bar not anyone those things that it takes to hasten a business from a corporate standpoint, and bar not anyone you got to carry out is travel grow your business, and then they set aside people. They gain worthy integration teams and knock on wood, bar not anyone of these acquisitions gain been very, very accretive for us. You can't bat a thousand in the M&A world, but I'm just thrilled with where their team has done it, and the synergies, if anything I assume they underestimate them in some of their earlier deals.

    Hamed Khorsand -- BWS Financial, Inc. -- Analyst

    Okay. And then as far as just the -- J.D. made observation about peak margin on the VMM. Is it becoming dilutive being in so many different products that you gain to advertise each of them individually, and when carry out you start to carry out it in more of a platform setting?

    Douglas Lebda -- Chairman and Chief Executive Officer

    So, yeah, you try to carry out both. So, for example, you might hasten and ad that features somebody buying a home or somebody getting a mortgage or somebody getting a credit card, but typically you tried to furthermore at the nigh talk about bar not anyone of the loan types, so you can bring in traffic that way. But no, you -- the more products you have, I dote to muster it the more marketable events you have, and the more marketable events you have, the more you can optimize where you locality those events across the web or across TV. So the more products, the better, and they carry out gain some ads that hasten where they talk about everything and you can hope to view some more of that, but you just basically carry out whatever works, and you try to coalesce in individual product spots to disclose a specific story, but then furthermore tried to say, hey, but we're furthermore here for everything.

    J.D. Moriarty -- Chief financial Officer

    And, Hamed, I'd actually swear it's kind of the opposite. bar not anyone of these non-mortgage businesses are benefiting from draft traffic. And so, Doug made reference to it before, in terms of somebody coming in for mortgage and going somewhere else, and dote every Internet company we're getting smarter in terms of tracking this and using data science to carry out that. Right. So what's very evident to us, is that, bar not anyone of these other businesses are benefiting from draft traffic from not just mortgage but from each other, and that's the benefit of an acquired company coming onto the platform is that they collect that traffic. And so the aggregate brand is contributing to them in a pretty material way, and that equally collect smarter about this over time, and obviously deals with attribution models and we've got to pencil it bar not anyone out. But it's really exciting actually when you view what benefit they can collect from being fragment of the platform.

    Hamed Khorsand -- BWS Financial, Inc. -- Analyst

    So is your cost going up, is that why you're using the word dilutive in your commentary or peak?

    J.D. Moriarty -- Chief financial Officer

    No, no, no. When they swear peak, what we're referring to is the fact that the VMM of 39% was the highest since what first quarter of '15. That's bar not anyone what we're referring to. Now, as you know, we've managed the business for dollars. And so that VMM percentage may compass from the low 30s to the towering 30s. I'm simply referring to the fact that at 39% that was a towering number relative to recent history.

    Hamed Khorsand -- BWS Financial, Inc. -- Analyst

    Okay, thank you.

    J.D. Moriarty -- Chief financial Officer

    But there was -- I didn't -- yeah, I'm not saying it's dilutive at all.

    Operator

    Thank you. Ladies and gentlemen, that does conclude today's question-and-answer session. I would dote to turn the muster back over to Doug Lebda, the CEO, for any closing remarks.

    Douglas Lebda -- Chairman and Chief Executive Officer

    Thank you operator, and thank you bar not anyone for joining today and thank you for the really, really solicitous questions. I'd just dote to nigh with one comment. Around LendingTree, they always talk about trying to figure sure they bar not anyone assume and act dote owners, and they don't requisite to just set aside ourselves in your shoes, everybody here is an owner in LendingTree equity, and they assume about it in the selfsame terms that you do. And one other things that I assume about as an investor, that I'm just thrilled with as I scrutinize over the years is the resilience of their business model. For those of you gain been around a long time, you recall when they sold their mortgage company, they thought -- people thought, oh my gosh, this guy will topple in mortgage, we've had various mortgage rate changes over the years. You recall a few years ago the personal loan business was going to completely evaporate and travel away. They had pressures in card or worries about card. And through each and every one of those, LendingTree has been able to grow through them all. Each time it gives us a lot more self-confidence in their business and in their aptitude to execute that they can not only survive but furthermore thrive through different macro environments. Their lender network is strong, their team is executing incredibly well, and I'm very confident and optimistic about their future, and I scrutinize forward to sharing their long compass procedure and lots of fresh information at Investor Day and a exiguous over a month.

    Thank you bar not anyone very much, and we'll talk to you soon.

    Operator

    Ladies and gentlemen, this does conclude today's conference. Thank you for participating. You may now disconnect. Everyone gain a worthy day.

    Duration: 66 minutes

    Call participants:

    Douglas Lebda -- Chairman and Chief Executive Officer

    J.D. Moriarty -- Chief financial Officer

    Mark Mahaney -- RBC Capital Markets -- Analyst

    Nathaniel Schindler -- Bank of America Merrill Lynch -- Analyst

    John Campbell -- Stephens, Inc. -- Analyst

    Jed Kelly -- Oppenheimer & Co. -- Analyst

    Michael Grondahl -- Northland Securities -- Analyst

    Michael Tarkan -- Compass Point Research & Trading LLC -- Analyst

    Youssef Squali -- SunTrust Robinson Humphrey -- Analyst

    Stephen Sheldon -- William Blair -- Analyst

    Eric Wasserstrom -- UBS -- Analyst

    Kunal Madhukar -- Deutsche Bank -- Analyst

    Robert Wildhack -- Autonomous Research -- Analyst

    Hamed Khorsand -- BWS Financial, Inc. -- Analyst

    More TREE analysis

    Transcript powered by AlphaStreet

    This article is a transcript of this conference muster produced for The Motley Fool. While they strive for their ludicrous Best, there may live errors, omissions, or inaccuracies in this transcript. As with bar not anyone their articles, The Motley Fool does not assume any responsibility for your employ of this content, and they strongly cheer you to carry out your own research, including listening to the muster yourself and reading the company's SEC filings. gladden view their Terms and Conditions for additional details, including their Obligatory Capitalized Disclaimers of Liability.

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    Why automation will not snare away jobs | killexams.com real questions and Pass4sure dumps

    Image: Shutterstock

    Image: Shutterstock

    Here's an age-old paradox that comes up with every leap of technological advancement: Will automation snare away jobs from people?

    Let’s start with a question that is easier to answer, because it’s in retrospect. Has automation taken away jobs from people?

    You would hope the admit to live a simple yes or no, based on data, but there’s the catch. It furthermore depends on how they scrutinize at it.

    For centuries, many, probably most of the technological innovations gain been created with an aim to replace human labor. Starting with the ancient farming equipment, privilege up to assembly lines, computing machines, ATMs, and recent technologies; the aim has been the same. The population eligible for economic activities, or “work”, has increased manifold during this time. Does that express jobs gain reduced? Definitely not. On the contrary, employment rates gain consistently increased in each one of these areas.

    Let’s snare assembly lines, for example. Assembly lines were designed to simply reduce the manual labor, but accomplished a lot more. That did not mean, however, that the number of people working in factories reduced. Granted, the number of people required to collect a car out of production might gain reduced, and in most cases people were taken off the jobs they did in respective manufacturing departments.  However, what furthermore happened is that more cars were manufactured, there was more money available to set up factories, and over time, labor-intensive jobs were upgraded or redesigned. Hence, more jobs were created.

    If they talk of banking, ATMs gain a similar story. These machines were designed to ‘replace tellers completely’. In effect, while ATMs became omnipresent and inevitable for bar not anyone banking, the number of tellers (or teller drudgery profiles) employed by banks increased manifold as well. Banks figured they could open up more branches, and in these branches the kind of drudgery tellers did was more than just counting cash and dispensing money. They were furthermore focusing on customers and customers' specific requirements, in turn, pile more business for the bank. The virtuous cycle of skill upgrade and higher output sustained despite bar not anyone further advancements in technology.

    What’s fresh this time?The pretension that recent technological advancements, especially automation, artificial intelligence, robotics, internet of things (IoT) are a threat to jobs is an dispute that's turned on its head.

    When you assume of the kind of jobs automation replaced in the past, it was mostly in the manual labour or blue collar category. last brace of decades' advancements in workflow software, content management, productivity software, business rules management, including the recent robotic process automation – in short, most information technologies – have, in fact, aided progress in orchestration and determination making as well. This means that not only the data entry folks, but supervision and management jobs gain furthermore been replaced by technologies.

    This trend – of replacing human determination making and management skills – is further speeding up with advancements in analytics and AI, including further automation in the areas of business process management.

    Does that express that middle managers and erudition workers would lose jobs? The admit is, no.

    Granted, the threat is real. However, they will gain to scrutinize at the underlying pattern here. And, that pattern is - “automation primarily replaces the repetitive, mundane and routine parts of a erudition worker’s job, freeing up the individual’s bandwidth to execute the real tasks expected of the erudition worker, furthermore creating further cash rush for the business to grow and as a total the scope of drudgery expected of people”.

    The flip side of this dispute is that those with a particular manual skill are quiet losing their jobs. Obviously, there’s an immediate pressure on people to upgrade their skills or change working habits to execute real erudition work.  However, that is what gain precisely been the expectations of business as well as workers, since forever. People collect bored doing the selfsame things over and over again, and without an external impetus to help their working environment, the productivity as well as motivation goes down over time.

    So, in essence, automation is not actually taking away jobs. It is only nudging people to execute more fulfilling and progressive tasks. It is allowing businesses to create a more balanced working environment, where people can apply their sustain and determination making skills. Automation, in this sense, is a major boost to erudition worker empowerment.

    Net, Net;In every business, drudgery profiles are separated into several strata. People are quiet locked into mundane, routine activities, which are mostly tiring and draining. Enterprises want to scoot forward and grow, and lower productivity and demotivated workforce are huge bottlenecks. Automation frees up latent human talent, equips enterprises to accomplish more, creates more towering value jobs and empowers erudition workers.

    The author is Senior Vice President Technology, Newgen Software

    Thank you for your comment, they value your sentiment and the time you took to write to us!



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