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Operator : Good day, and thank you for standing by. Welcome to the LendingTree, Inc. Second Quarter 2026 Earnings Conference Call. Please be advised today's conference is being recorded. I would now like to hand the conference over to your speaker today, Andrew Wessel. Please go ahead.
Andrew Wessel : Thank you, Kevin, and hello to everyone joining us on the call to discuss LendingTree's second quarter 2026 financial results. On with us today are Scott Peyree, President and CEO; and Jason Bengel, CFO. This afternoon, we posted a detailed letter to shareholders on our Investor Relations website. We've also posted a new investor presentation that we would encourage everyone to look at. For the purposes of today's discussion, we will assume that listeners have gone through those materials and we'll focus on Q&A. Before I hand the call over to Scott for his remarks, I remind everyone that during this call, we may discuss LendingTree's expectations for future performance. Any forward-looking statements that we make are subject to risks and uncertainties, and LendingTree's actual results could differ materially from the views expressed today. Many, but not all of the risks we face are described in our periodic reports filed with the SEC. We will also discuss a variety of non-GAAP measures on the call, and I refer you to today's press release and shareholder letter, both available on our website for the comparable GAAP definitions and full reconciliations of non-GAAP measures to GAAP. With that, Scott, please go ahead.
Scott Peyree : Thank you, Andrew, and thank you, everyone, for joining the call today. We had a good quarter with strong growth led by insurance, our insurance business. Revenue was up 25% year-over-year, and our adjusted EBITDA was up 11% year-over-year. Also, I'd like to call out that our adjusted EBITDA as a percentage of VMD was up 225 basis points year-over-year to 40%, steadily moving toward our 45% to 50% long-term goal on that important metric. Stepping back for a second, from 2023 to 2026, we have roughly doubled our revenue and adjusted EBITDA, showing extremely consistent growth and consistency. Our diversity of product lines in this company has supported resilient and consistent growth regardless of certain industries such as mortgage being in a multiyear trough due to high interest rates. Insurance is the standout. Revenue was up 42% and segment profit was up 25% year-on-year on strong carrier demand. In our Home business, revenue was up 9% year-over-year and our segment profit was up 13% sequentially. I feel we are continuing to perform well in what remains near trough earnings power from a macro environment with high interest rates, continuing to provide strong products to a strong client base and positioned well for long-term growth as that industry comes back. Our OpEx held flat year-over-year, both AI-driven efficiency and just what I would call operational efficiency in general is converting growth into earnings. …
