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Image result for ibm

Introduction

In September, I wrote a piece of writing that chronicled the tedious decline of exotic 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 luxuriate in 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 fragile tech businesses enjoy Oracle (ORCL), Microsoft (MSFT), Apple (AAPL), and Cisco (CSCO) which luxuriate in a yardstick 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 – luxuriate in invested within the enterprise, hoping that it is going to obtain a turnaround. they luxuriate in faultless been disillusioned as the company’s stock has endured to eye lessen 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 leaven if you want to capture the stock greater. This analysis might breathe a commemorate as much as the previous article and will spotlight extra complications that the huge blue is dealing with and the route it may likewise breathe saved.

Elephant in the Room: RHT

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

Two weeks ago, the industry introduced that it would spend $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 microscopic thing in regards to the cloud market. BM will develop into the world's #1 hybrid cloud company, providing agencies the most effectual open cloud respond in an exertion to unencumber the entire 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 industry chief positioned to carry in any fiscal atmosphere and aid their purchasers in using productiveness. This deal capitalizes on the current cycle in oil and gasoline while additionally strengthening their Place for the market recovery. As they fade 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 breathe forward to carrying on with a seamless integration for their purchasers.

what's diverse in the two statements is that Immelt turned into reform 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 advocate IBM capture an better market participate 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 evolution 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 likewise 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 delay 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, faultless this doesn't warrant 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 precipitate 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 participate of 6%, which is miniscule in comparison to Amazon’s forty six% market share.

in brief, IBM is following the identical vogue adopted by route 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 faultless 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 industry 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 account 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 luxuriate in a debt to GDP ratio of 0.8867, 1.527, 1.068, and nil.59 respectively. Their customary is 1.01. hence, this can worsen when the enterprise considerations extra debt to finance the acquisition.

this would now not breathe a problem for an organization this is becoming. unfortunately, as I wrote before, the enterprise’s multiply 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 preserve in mind, IBM under Rometty has become a huge fiscal engineering business. To enhance self-possession out there, the industry has borrowed closely to finance buybacks. during the past ten years, the enterprise has spent greater than $40 billion in participate buybacks. The chart beneath shows the cutting back participate 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 multiply its debt although RHT’s free money circulate is expanding. this can feasible 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. pair faultless this with the hefty $18 billion pension legal responsibility which is greater than that of similar organizations.

IBM can breathe Saved

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

whereas issues flaunt shady for IBM, I accept as righteous with that it can likewise breathe saved. other historic technology agencies luxuriate in faultless been in the same condition enjoy 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 genesis is to prize that it's in problem. After this, it is going to genesis through establishing the explanation for the issue. I account 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 achieve unavoidable that the company will no longer defect to its opponents.

subsequent, as with different tech agencies which luxuriate in recovered, IBM should still harmonize with altering its management. The reality is that Verginia Rometty has now not been a considerable 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 breathe able to flip it around in future?

next, as mentioned above, IBM should still harmonize with giving up the acquisition of crimson Hat. while this could attract a hefty divorce bill, it can breathe worth than the catastrophe that awaits if the deal goes on. recollect that 83% of faultless M&A offers fail and there is no explanation why this may breathe successful. To breathe clear, IBM will requisite to achieve acquisitions to compete with Amazon. truly, with the $34 billion, the company can achieve altenative investments. as an example, it can spend about $three billion to purchase a company enjoy box (field) that counts 61% of Fortune 500 organizations as shoppers.

more desirable, it may possibly exercise its ventures arm to Place money into diminutive 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 still believe divesting its international company options (GBS) segment. here is a facet 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 primitive margins are 25%. here is very nearly comparable to different agencies in the sector enjoy Accenture (CAN), Wipro (WIT), and Cognizant applied sciences (CTSH) which luxuriate in primitive margins of 30%, 30%, and 39%. hence, on a sum-of parts foundation, this facet solitary will likewise breathe charge greater than $30 billion if you betide 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 better margins.

ultimate ideas

IBM’s inventory has persevered to decline after the announcement of the pink Hat acquisition. As I even luxuriate in explained, the enterprise continues to countenance significant headwinds if you want to probably capture it lessen. however, I account that the directors can serve the company neatly by route 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 industry 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 luxuriate in any company relationship with any industry whose inventory is outlined listed here.


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

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

The tech great 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 faultless 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 sunder blockchain patent filed by IBM with an augmented verisimilitude 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, faultless of which the blockchain solves with facets enjoy 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 calamity in research” and falsified information. however previously, other solutions involving the blockchain luxuriate in fallen brief in addressing key elements surrounding confidentiality, accessibility, using algorithms for projects reminiscent of “computerized correction” and extra, faultless 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 clear facts collection and evaluation steps,” which interferes with researchers getting credit for the labor they’ve performed.

IBM’s respond 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 likewise breathe tracked. They characterize 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 block of analysis information and a 2nd block 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 likewise breathe analyzed for the “reliability and provenance” of the counsel.

usual, the know-how is designed to precipitate up the scientific research technique, giving the analysis neighborhood greater equipment to compile, analyze, draw conclusions and achieve corrections on their work, a manner that likewise spills into peer reports, replicating experiments and evaluating the relevance of information faultless 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.


000-438 Applying Fundamentals of Tivoli industry Automation Management 2008

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LendingTree Inc (TREE) Q3 2018 Earnings Conference convoke Transcript | killexams.com true 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, faultless participants are in a listen-only mode. Following management's prepared remarks, they will luxuriate in a question-and-answer session, and instructions will breathe given at that time. (Operator Instructions) As a reminder, today's conference is being recorded for replay purposes.

    It is now my joy to whirl the conference over to your host, Mr. Doug Lebda, Chief Executive Officer. please fade ahead.

    Douglas Lebda -- Chairman and Chief Executive Officer

    Thank you, operator and noble morning to everyone joining the convoke today. I want to exercise my time with you to present my thoughts on the business, Run 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 argue 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 matter to risks and uncertainties, and LendingTree's actual results could vary materially from the views expressed today. Many, but not faultless of the risks they countenance are described in LendingTree's occasional reports filed with the SEC.

    On this call, they will argue 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 complete reconciliations of GAAP measures or non-GAAP measures to GAAP. With that, let's derive 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 enjoy 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 Place true focused exertion on growing their personal loans business. Next with diminutive industry 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 luxuriate in truly transformed the entire business. And on top of that, they continue to undergo solid growth. Five years ago, if someone told me that the mix of their revenues would flip flop from roughly 80% mortgage to roughly 80% non-mortgage, and then breathe five times their size, I would luxuriate in had a difficult time believing it myself. Their diversified product mix 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 breathe an incredibly significant and meaningful participate of their business. As I'm certain 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 understanding why their mortgage industry continues to execute so well, continuing -- considering the industry headwinds.

    Even though mortgage revenues are down sequentially, I'd enjoy to fade through some of the reasons why they remain very optimistic on their mortgage industry 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 likewise 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 Fall into that category. However, as they labor 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 fiscal benefit of a refinance, and thus are increasingly finding their route 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 same quarter is up 53%. They likewise track the unique conduct of the mortgage customer who filled out a shape and organize multiple matches versus a very different conduct of the borrower who is not able to find a match given their fragile credit. And the noble tidings is that, cohorts are finding their route to other LendingTree products.

    Additionally, they are making considerable 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 separate day, aimed at helping consumers and simplifying the process. Additionally, they luxuriate in 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 luxuriate in not been able to effectively operate on comparison shopping platforms, including great banks and fresh mortgage companies. And the climb of the fully digital mortgage companies are likewise seeing considerable success on their fresh undergo as well.

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

    Finally, despite the third quarter challenges they faced in mortgage and the seasonality they expect to approach into play in Q4, we're likewise seeing some signs of life in October that are very encouraging. Considering the consumer assignation 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 fade 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 earn outs. Five of these acquisitions luxuriate in 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 critical to their diversification strategy. In many ways, QuoteWizard is very similar. It gives us a stalwart presence in an significant and great category, and it was evaluated using the same approach they applied to each opportunity. They capture 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 enjoy to paw on the progress we're seeing with My LendingTree. They now luxuriate in over 9 million users, and the contribution from this product continues to climb, growing 68% year-over-year. They continue to better their alert functionality, and their feedback from consumers continues to improve. They are enrolling fresh customers from opt-ins across the LendingTree platform luxuriate in ramped up app installs to over 8,000 a week, and luxuriate in 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 enjoy to whirl the convoke over to J.D. for more details on their fiscal progress.

    J.D. Moriarty -- Chief fiscal Officer

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

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

    As Doug said, their third quarter results demonstrate many of the same 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 industry continues to achieve 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 industry 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 industry continue to better as they note increasing exact among both the newer entrant non-bank lenders and traditional banks. Although they luxuriate in seen reports of unavoidable lenders citing credit concerns and moderating their growth expectations, the aggregate exact among their lender network is as stalwart as ever.

    Second, you may recall that after a challenging second quarter they indicated that they saw some signs that their credit card industry was stabilizing. Well, we're tickled 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 interpose 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 tickled to report the acquisition of Student Loan Hero, and we're pleased to report that the early results from their now scaled student industry were very stalwart in Q3. The traditional in-school student lending industry is very seasonal, and Q3 is critical. They are confident that the acquisition of Student Loan Hero helped their already stalwart SimpleTuition industry executed in Q3. And faultless indications are that Student Loan Hero should benefit materially from being participate of the LendingTree platform.

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

    Finally, let's argue mortgage. Revenue of $55.3 million was down 25% compared to an exceptional third quarter ultimate year. It should not breathe a astonish that the lessen was entirely driven by softness in refinance activity where industry originations continue their decline. In this difficult environment, we're focused on maintaining hardy 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 elevated 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 force in their other products are enabling us to weather this age while staying focused on improving their mortgage offering and continuing to deliver results for shareholders.

    Now let's slither on to margins, which are the epic once again this quarter. As we've been saw consistently, they Run the industry 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 succession of offline advertising test Run 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 genesis 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 unavoidable 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 remainder 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 luxuriate in 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 faultless year. And adjusted EBITDA is now expected to breathe $152 million to $155 million for the year, an multiply 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 considerable deal of context on insurance today, but they eye forward to doing that and updating you on -- updating you faultless 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, eye enjoy that recovered a microscopic 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 philosophize how much of that guidance multiply is simply due to the acquisition of QuoteWizard or it -- is the organic -- is there an organic reduction in revenue kindhearted of offset by that increase? Just quantify the QuoteWizard contribution. Thank you.

    J.D. Moriarty -- Chief fiscal Officer

    Sure, Mark. It's J.D., I'll start with credit card. As you recall, ultimate 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 Place that played out.

    One of the things they talked about was, they were getting closer with their issuer partners. We're tickled to report that not only luxuriate in they gotten closer with many of them and seen expanding wallet participate there, but we're actually -- we've actually grown the issuer network in the third quarter as well. And then the economics luxuriate in just improved. We've done a better job managing the marketing mix. preserve in sarcasm 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 true 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 industry fade forward. Now, that's against the backdrop by the way, where -- they talked about this entire mix 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 well challenging environment for card, and the growth that we're delivering -- the sequential growth that they are delivering is a function 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 derive 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 noble indication for 2019. So that's card.

    Your second question was with esteem to, how much of their contribution. They talked ultimate -- when they announced the acquisition, they got asked the question about seasonality in insurance. It does not luxuriate in unique seasonality. But enjoy their business, November and December are always months that we're well conservative with projections. So we're getting two months of QuoteWizard, we've layered on, I assume arrogate upside effectively to their full-year plan. They modestly adjusted for mortgage downward on revenue-only not on VMD and EBITDA, just to breathe clear, just enjoy ultimate quarter, they can deliver the bottom line, but they did adjust the revenue usher for mortgage modestly. And the understanding for that, as you eye at the aggregate year, eye at the fourth quarter, it is the most significant decline in refi, it's expected to breathe down 38%. So in that environment they thought it was arrogate to capture 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 advocate me out on the mortgage business. It means -- the gap between you and the industry looks enjoy 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 execute 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 considerable question. And everything they execute is conscious, and we've talked before about the flywheel and this ultimately boils down to what they convoke CPL and RPL, Revenue Per Lead and Cost Per Lead. And they just -- in the mortgage environment they luxuriate in where lenders are -- where there's not enough refinance volume as they're switching over to purchase, they adjust their marketing spend to breathe 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 capture any tocsin with it, because we're basically just maximizing their VMD every separate day. And as I said in October, we're seeing unit revenue improve, which is giving us a lot more self-possession going into Q4. We're likewise 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 breathe doing more industry 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 likewise just a quick follow-up. Can you burst 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., execute they --

    J.D. Moriarty -- Chief fiscal 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 fiscal Officer

    As we've -- now, I guess one of things we've talked already, the purchase industry is just -- it's a harder business, they derive 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 enjoy 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 genesis to breathe 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 ultimate quarter where they had RPL expansion. So we're seeing noble 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 execute luxuriate in one difficult comparison ahead of us in Q1 of next year. But importantly, those initial signs that the mix 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 breathe 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 philosophize 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 undergo completely changes the game on conversion rates as they better that monetization. And just one encouraging note they are seeing, lenders locking loans at about a four times higher clip on the fresh mortgage undergo than the current mortgage experience, and the net promoter scores are very, very elevated on that. So as they labor to sort of automate the sarcasm of the loan officer on the site and they derive the monetization equal, then that's going to really change the game in the mortgage industry 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, noble morning.

    Douglas Lebda -- Chairman and Chief Executive Officer

    Good morning.

    J.D. Moriarty -- Chief fiscal Officer

    Hey, John.

    John Campbell -- Stephens, Inc. -- Analyst

    Hi. Doug, you mentioned flipping of a mortgage to about 20% of rev, clearly you guys luxuriate in the addition of QuoteWizard, that's going to I guess pushed mortgage mix shift a microscopic bit lower. But just looking at the forecast, if they stuck with that, if they just kindhearted of went with that 20% mix, I'm thinking you might luxuriate in to note mortgage down again next year. I know you guys mentioned the tough comp in 1Q of '19, and I'm certain 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 mix just changes based on the individual growth rates. Some of the other businesses are growing faster, but mortgage they absolutely expect to grow significantly next year.

    John Campbell -- Stephens, Inc. -- Analyst

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

    Douglas Lebda -- Chairman and Chief Executive Officer

    Yeah, I'll hit it at a elevated level. And I'll let J.D. remark as well. Their broadcast spent, we've been testing, they luxuriate in been running decent amount of TV, we're likewise 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 spend offline is down because of the mortgage environment, you just don't want to market into lower revenue per lead if you can't execute it profitably, but yes, they luxuriate in a -- we'll talk more about in December. They luxuriate in a significant offline spend anticipated for next year, and they expect to breathe able to execute that very profitably.

    J.D. Moriarty -- Chief fiscal Officer

    Yeah, John, I'll let add is, interestingly, I mean, clearly offline spend is down in 2018. It's down in participate because very intentionally, as Doug points out, in mortgage specifically the RPLs didn't necessarily warrant that TV spend. But it's likewise down because we've been going through an evaluation of how they should breathe spending those dollars. We've got a fresh logo that you might luxuriate in 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 kick is, but it should breathe 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 luxuriate in built over the ultimate pair 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 considerable color. Thanks guys.

    J.D. Moriarty -- Chief fiscal 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 desist -- as you start to comp some of the lower -- really I guess, the lower expenses or the lower spend 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 spend is optimized in minute if you will. So it's -- in true time we're constantly looking at the supply and exact equation and marketing up to the ultimate profitable dollar anywhere they can find it. So you're looking at the exact from your lenders, looking at the availability of inventory, making certain you can execute it cost effectively, and you optimizing online stuff in true time.

    The offline spend, this year we've done a lot of analytics and data tracking. It does achieve money over the age of, let's say, six months, but you sort of fade negative and then you fade positive for many amount of ad spend, and they can draw those curves out fairly precisely, and it gives us a lot of self-possession to breathe 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 better your lifetime value and gives even more juice to fade 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 slither through a purchase environment, how much outreach is going to breathe -- asked to breathe done on your participate to educate lenders on how to manage leads and better drive on -- I guess on a product that's harder to metamorphose 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 undergo -- so first off, LendingTree in the fresh model takes a consumer from inquiry, which is filling out the form, assume about enjoy a search query, shows you the results and then LendingTree helps you achieve a -- helps you achieve 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 noble example, who luxuriate in a non-human touch, fully digitized undergo 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 enjoy the personal loans product. It reduces a lot of friction, and we're helping lenders derive increasingly automated.

    To your second point, the notion of paw points particularly on purchase, assume of a -- and you've heard me talk about the sarcasm of the loan officer. The logged in undergo of LendingTree needs to overtime emulate what a loan officer would talk to you about, what are your goals, let's note 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 preserve 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 breathe as long as six months. During that period, you requisite to incubate them, and they execute that mostly through technology. They were -- they had to execute 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 breathe easier in the fresh mortgage undergo than refi, because that similar -- because basically we'll breathe running the same incubation process across faultless of their lenders, and we'll breathe 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 industry 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 remark on home equity. The home equity industry is doing fine, but I would say, it has not reached the ramming precipitate 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 route with drive-by appraisals and most of it done online. Very, very elevated conversion rates just enjoy they note in personal loans. The banks luxuriate in not yet brought that process back, and there is not really a liquid secondary market for home equity enjoy there used to breathe pre-crisis. So with that, the home equity industry is growing more slowly. But as technology automation happens and we've got some exciting things on the docket for next year, then they derive the RPL up, and then they can market into that.

    The other thing I would philosophize about home equity, you likewise derive a lot of industry where people approach in for a home equity loan then they can derive a complete refinance on their home. So you likewise pickup some refinance industry 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 fiscal Officer

    Yeah, Mike, it's J.D. faultless I would philosophize 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 enjoy card NPL that are great 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 industry scale, but they execute 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 luxuriate in 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 industry is fine, but the percentage growth rates are not as overwhelming partially because a year ago that industry was probably inflated by lenders who were buying home equity leads to metamorphose 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 kindhearted of gripping is they got ready -- as we're getting ready for a fresh TV ad campaign, obviously, they execute a lot of research. Consumers still 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 faultless upside. If people are thinking about us for a mortgage and it's not a significant participate of their business, once they realize oh, wow! LendingTree does faultless of that too. They derive much more enthusiasm about the brand and they can betray that epic very easily through advertising.

    Michael Grondahl -- Northland Securities -- Analyst

    It will breathe noble to note 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 microscopic color on that? And if that flew through to revenue in some shape or another.

    Douglas Lebda -- Chairman and Chief Executive Officer

    Yeah. No, absolutely. So, they -- we've talked in the past -- over the ultimate year about industry evolution partnerships and so -- and the media side, they own a just -- noble amount of inventory with CNN and MSN that they exercise for their own properties, and periodically they determine 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, fade ahead.

    Douglas Lebda -- Chairman and Chief Executive Officer

    And luxuriate in 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 faultless the ad networks in an highly automated fashion. So it's -- and over time as their other products -- as that inventory can breathe better spent on LendingTree products, they will simply execute that.

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

    Is that activity that they should expect to continue or is this sort of a one-time situation or just sort of temporary? How execute 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 breathe running on LendingTree ad and it would breathe 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 enjoy 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 microscopic bit on the pricing side? And then same question on personal loans, are you still able to capture pricing up on your lender base?

    Douglas Lebda -- Chairman and Chief Executive Officer

    Yeah. Let me capture 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 Place 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 slither 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 metamorphose better. And because of that they up their bids, because of that they can then market into it. So we're actually seeing pricing force in Q4 a microscopic bit.

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

    Thank you.

    Douglas Lebda -- Chairman and Chief Executive Officer

    And by the route the other nice thing about that, that tends to stick as you fade through another cycle. So if you assume -- Place yourself in the sarcasm 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 breathe the ultimate channel they whirl off. And then not only does that advocate their revenue per lead, but on the cost per lead side, as I mentioned, as lenders haul 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 converse 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 advocate us assume through that and likewise the contribution of QuoteWizard to VMM if you can advocate participate that. Thanks.

    J.D. Moriarty -- Chief fiscal Officer

    Sure. We've seen an ongoing -- they obviously luxuriate in 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 derive 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 usher and not for EBITDA. So we'll continue to note stalwart VMD and EBITDA. There shouldn't breathe 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 fiscal Officer

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

    Youssef Squali -- SunTrust Robinson Humphrey -- Analyst

    Got it.

    J.D. Moriarty -- Chief fiscal 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 still on the cost side. Can you may breathe 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 fiscal 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. faultless right. Thank you.

    J.D. Moriarty -- Chief fiscal 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, noble 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 put a question to 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 convoke it same competitive environment with the other aggregators. They continue -- they believe they continue to capture participate from -- on the lender side, they continue to note considerable growth there. And so, I luxuriate in not seen -- they luxuriate in not seen any significant competitive pressure. There's always innovation in the business. But the noble tidings there is, a tough mortgage market benefits LendingTree, I would say, disproportionately than others, because they still luxuriate in the aptitude to fade out in market because of their profound lender network. And then as I said, once they luxuriate in a fresh mortgage undergo up and running, that's a game changer with respect to capacity. So for example, their lenders will note roughly -- we'll note many fewer leads coming in the front door, but they will breathe much more highly qualified, which means they will open up the floodgates, multiply demand, and then we'll breathe able to market into that, and that's why we're putting so much exertion 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 elevated plane and more qualitatively, how are you thinking about adjusted EBITDA margins heading into 2019, kindhearted of excluding the repercussion from QuoteWizard. Would you expect some haul back next year given the boost you've gotten this year from layer -- lower variable marketing expenses as a percentage of revenue, which could fade up next year, and a potentially more benign exact environment, or what the leverage from headcount additions this year and marketing efficiencies, maybe let adjusted EBITDA margins still trend up some next year. Thanks.

    J.D. Moriarty -- Chief fiscal Officer

    Yeah. So Stephen, it's a noble question. I assume we're certainly not -- they will definitely derive some operating leverage, which will breathe great. As they pointed out, they expect mortgage to grow. They but this is not -- when you eye at their margins being in excess of 20%, they may fade up modestly, but that's not a deliberate strategy. You shouldn't, they derive put a question to the question faultless 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 still very much in market participate gain mode. And so we're going to fade after dollars, as we've talked about, that may not necessarily translate into -- we're going to operate the industry in the same EBITDA margin zip code that they luxuriate in for some time. So, we'll derive some operating leverage share, but they will breathe in growth mode and their margins will breathe what their traditional margins luxuriate in been. participate 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 eye forward to getting back to an environment where we're going to note 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 note -- if you eye at LendingTree over the years, you will note some variation in margin percentages as the macro environment changes, because you only -- because you market up to your ultimate profitable dollar, and -- however the VMM dollars and EBITDA dollars preserve climbing through that, so that's -- those are the numbers that I mind to eye at, because individual percentage margins can vary based on channel mix and individual exact 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 ultimate quarter, which is, just about the relative debt of this transition for the lender base versus prior cycles, and I assume your response ultimate quarter was that, it is -- it's a deeper and therefore maybe longer lasting, and I just wanted to note if anything about that perspective has changed?

    Douglas Lebda -- Chairman and Chief Executive Officer

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

    The noble tidings 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 luxuriate in low interest rates. And when the tenure knocks down a microscopic bit, you derive a flood of refinance volume, because consumers can reclaim money from the fragile -- from there, now elevated -- "high rates". So even historically low rates, you can still derive noble refinance volume as those rates bump up and down, and you just adjust your marketing mix. I've said before, the mortgage industry functions very much enjoy the hotel industry 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 execute it profitably, then they preserve their bids down. But as they better their conversion rates in their technology, those bids slither 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 shudder out (ph), what would breathe your assessment?

    Douglas Lebda -- Chairman and Chief Executive Officer

    The ending, I breathe significant time frame or --?

    Eric Wasserstrom -- UBS -- Analyst

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

    Douglas Lebda -- Chairman and Chief Executive Officer

    Good question. I luxuriate in given their predicting interest rates. And so I assume I'm going to maintain that. I luxuriate in absolutely no clue. faultless 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, please let me know, because it -- further warning always helps.

    J.D. Moriarty -- Chief fiscal 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 luxuriate in -- you don't luxuriate in to convoke 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 enjoy it's more the transitions that you Place in place, it's not so much an expectation about a bottoming of the broader cycle. Is that correct?

    J.D. Moriarty -- Chief fiscal 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 diagram based on what the NBA looks enjoy and they requisite that to set the numbers, but the other VMM can grow through both cycles as long as they continue to achieve 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 sphere on the network side, and that's basically what you note is that, these less automated lenders can actually compete against the Quickens and the loanDepots et cetera who luxuriate in highly automated factory has been doing this for 20 years. And then that helps to better their conversion rates, which really improves aggregate conversion rates, because it's very similar to the long tail sequel 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 better 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, enjoy 100% to enjoy 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 tickled with it. And then as the monetization improves, you can continue to execute marketing. And as I said, we've got a really, really robust pipeline of syndication deals and expect 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 fiscal Officer

    Yeah. And Kunal, the only thing I'd add to that is, just capture a eye at -- the thing that we're encouraged by is the app downloads, and if you eye 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 breathe is not just a base of members, but likewise 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 usher previously, but by my math and my math maybe off, I'm getting enjoy 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 fiscal Officer

    From a growth rate perspective, yeah, they don't -- they certainly execute 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 ilk of growth industry scope 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 account 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 enjoy they could infer that variable marketing dollars in mortgage were up year-over-year. Is that correct?

    J.D. Moriarty -- Chief fiscal Officer

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

    Robert Wildhack -- Autonomous Research -- Analyst

    I assume I'd luxuriate in to fade back and check, but they can execute that offline. Maybe more broadly I wanted to put a question to about the sale of ad inventory. execute you account that to breathe enjoy a "lever" that you luxuriate in one flexing marketing spend. And if you do, how far down the list of options is a determination enjoy this?

    J.D. Moriarty -- Chief fiscal Officer

    Yeah. On the ad selling, I would, again, that is a sort of a substitute/complement, not really a lever. Basically you execute a syndication deal with, let's say, a CNN, where we're going to Place LendingTree rate tables, widgets, app downloads, opportunities, et cetera, et cetera on a site enjoy CNN. You Place the LendingTree applicable units there until the ultimate profitable dollar and then whenever you can, and then whenever it's not profitable, it's light to sell that excess inventory out to third parties. So I wouldn't note 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 breathe absorbed by LendingTree.

    Robert Wildhack -- Autonomous Research -- Analyst

    Got it. Thank you.

    Douglas Lebda -- Chairman and Chief Executive Officer

    And, Rob, to respond -- to try to respond your first question just because they always want to execute that. No, the dollars from mortgage and aggregate were certainly down. The percentage is flat quarter -- from Q3 of ultimate 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, noble morning. Could you talk about how expeditiously you can on board these acquisitions? Are they quickly generating traffic and revenue from -- coming onto your platform, how -- or are they still on a stand-alone basis?

    Douglas Lebda -- Chairman and Chief Executive Officer

    Hamed, considerable 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 derive before they even execute the deal, because they can note what either changing the brand name is going to execute or, for example, with -- they bought one SEO industry and those guys are now running SEO across the entire company. So we're seeing synergies betide very, very fast, and I got it fade hats off to their team here who really, really digs in everywhere from HR to Finance to Operations, and they enjoy to convoke it the entrepreneur without the headaches. Every time they bring one of these guys in, they philosophize listen, we'll exploit your capital, we're going to exploit faultless those things that it takes to Run a industry from a corporate standpoint, and faultless you got to execute is fade grow your business, and then they Place people. They luxuriate in considerable integration teams and knock on wood, faultless of these acquisitions luxuriate in 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 remark about peak margin on the VMM. Is it becoming dilutive being in so many different products that you luxuriate in to advertise each of them individually, and when execute you start to execute it in more of a platform setting?

    Douglas Lebda -- Chairman and Chief Executive Officer

    So, yeah, you try to execute both. So, for example, you might Run and ad that features somebody buying a home or somebody getting a mortgage or somebody getting a credit card, but typically you tried to likewise at the nigh talk about faultless of the loan types, so you can bring in traffic that way. But no, you -- the more products you have, I enjoy to convoke it the more marketable events you have, and the more marketable events you have, the more you can optimize where you Place those events across the web or across TV. So the more products, the better, and they execute luxuriate in some ads that Run where they talk about everything and you can expect to note some more of that, but you just basically execute whatever works, and you try to mix in individual product spots to betray a specific story, but then likewise tried to say, hey, but we're likewise here for everything.

    J.D. Moriarty -- Chief fiscal Officer

    And, Hamed, I'd actually philosophize it's kindhearted of the opposite. faultless 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 enjoy every Internet company we're getting smarter in terms of tracking this and using data science to execute that. Right. So what's very evident to us, is that, faultless 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 derive that traffic. And so the aggregate brand is contributing to them in a pretty material way, and that equally derive smarter about this over time, and obviously deals with attribution models and we've got to pencil it faultless out. But it's really exciting actually when you note what benefit they can derive from being participate 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 fiscal Officer

    No, no, no. When they philosophize 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 faultless what we're referring to. Now, as you know, we've managed the industry for dollars. And so that VMM percentage may compass from the low 30s to the elevated 30s. I'm simply referring to the fact that at 39% that was a elevated number relative to recent history.

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

    Okay, thank you.

    J.D. Moriarty -- Chief fiscal Officer

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

    Operator

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

    Douglas Lebda -- Chairman and Chief Executive Officer

    Thank you operator, and thank you faultless for joining today and thank you for the really, really attentive questions. I'd just enjoy to nigh with one comment. Around LendingTree, they always talk about trying to achieve certain they faultless assume and act enjoy owners, and they don't requisite to just Place ourselves in your shoes, everybody here is an owner in LendingTree equity, and they assume about it in the same terms that you do. And one other things that I assume about as an investor, that I'm just thrilled with as I eye over the years is the resilience of their industry model. For those of you luxuriate in been around a long time, you recollect when they sold their mortgage company, they thought -- people thought, oh my gosh, this guy will Fall in mortgage, we've had various mortgage rate changes over the years. You recollect a few years ago the personal loan industry was going to completely evaporate and fade 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-possession in their industry and in their aptitude to execute that they can not only survive but likewise 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 eye forward to sharing their long compass diagram and lots of fresh information at Investor Day and a microscopic over a month.

    Thank you faultless 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 luxuriate in a considerable day.

    Duration: 66 minutes

    Call participants:

    Douglas Lebda -- Chairman and Chief Executive Officer

    J.D. Moriarty -- Chief fiscal 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

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    This article is a transcript of this conference convoke produced for The Motley Fool. While they strive for their preposterous Best, there may breathe errors, omissions, or inaccuracies in this transcript. As with faultless their articles, The Motley Fool does not assume any responsibility for your exercise of this content, and they strongly inspirit you to execute your own research, including listening to the convoke yourself and reading the company's SEC filings. please note their Terms and Conditions for additional details, including their Obligatory Capitalized Disclaimers of Liability.

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    Why automation will not capture away jobs | killexams.com true 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 capture 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 expect the respond to breathe a simple yes or no, based on data, but there’s the catch. It likewise depends on how they eye at it.

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

    Let’s capture 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 derive a car out of production might luxuriate in reduced, and in most cases people were taken off the jobs they did in respective manufacturing departments.  However, what likewise 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 luxuriate in a similar story. These machines were designed to ‘replace tellers completely’. In effect, while ATMs became omnipresent and inevitable for faultless banking, the number of tellers (or teller labor profiles) employed by banks increased manifold as well. Banks figured they could open up more branches, and in these branches the kindhearted of labor tellers did was more than just counting cash and dispensing money. They were likewise focusing on customers and customers' specific requirements, in turn, edifice more industry for the bank. The virtuous cycle of skill upgrade and higher output sustained despite faultless further advancements in technology.

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

    When you assume of the kindhearted of jobs automation replaced in the past, it was mostly in the manual labour or blue collar category. ultimate pair of decades' advancements in workflow software, content management, productivity software, industry 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 luxuriate in likewise 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 industry process management.

    Does that breathe significant that middle managers and erudition workers would lose jobs? The respond is, no.

    Granted, the threat is real. However, they will luxuriate in to eye 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 achieve the true tasks expected of the erudition worker, likewise creating further cash current for the industry to grow and as a entire the scope of labor expected of people”.

    The flip side of this controversy is that those with a particular manual skill are still losing their jobs. Obviously, there’s an immediate pressure on people to upgrade their skills or change working habits to achieve true erudition work.  However, that is what luxuriate in precisely been the expectations of industry as well as workers, since forever. People derive bored doing the same things over and over again, and without an external impetus to better 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 achieve more fulfilling and progressive tasks. It is allowing businesses to create a more balanced working environment, where people can apply their undergo and determination making skills. Automation, in this sense, is a major boost to erudition worker empowerment.

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

    The author is Senior Vice President Technology, Newgen Software

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



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