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Cheetah Mobile Announces First Quarter 2024 Unaudited Consolidated Financial Results

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BEIJING, June 7, 2024 /PRNewswire/ — Cheetah Mobile Inc. (NYSE: CMCM) (“Cheetah Mobile” or the “Company”), a China-based IT company, today announced its unaudited consolidated financial results for the first quarter ended March 31, 2024.

Management Commentary

Mr. Sheng Fu, Cheetah Mobile’s Chairman and Chief Executive Officer, remarked, “Cheetah Mobile is transforming from a consumer-facing company to an enterprise-facing company. Our acquisition of Beijing OrionStar Technology Co., Ltd. (“Beijing OrionStar”) was an important step in our transformation, bringing us an experienced 2B sales team, strong connections with business customers, and comprehensive large language model (LLM) capabilities. We are strategically focused on developing customized LLM-based apps for enterprises and using these apps to further enhance our enterprise-facing service robots. Our robust AI capabilities and proven success in product development position us well to commercialize the once-in-a-generation opportunity presented by LLMs.”

Mr. Thomas Ren, Cheetah Mobile’s Chief Financial Officer, commented, “We are pleased with our financial performance for the first quarter of 2024, which was largely driven by the successful integration of Beijing OrionStar and robust growth in the AI and others segment. Total revenues increased by 11.6% year over year, reaching RMB190.3 million, with a 62.1% increase in the AI and others segment. Our strategic investments in LLMs and enhancements in operational efficiencies position us well for continued revenue growth and improved margins in the coming quarters.”

First Quarter 2024 Consolidated Financial Results

Total revenues increased by 11.6% year over year and 13.7% quarter over quarter to RMB190.3 million (US$26.4 million) in the first quarter of 2024.

Revenues from the Company’s internet business decreased by 9.4% year over year but increased by 1.2% quarter-over-quarter to RMB109.0 million (US$15.1 million) in the first quarter of 2024. The year-over-year decrease was mainly due to the Company’s proactive approach to shifting its focus from the internet business to enterprise-facing large language-related business. As a result, the Company continued to review its consumer-facing product portfolio and removed products and product features that did not address user’s pain points in the quarter. In the first quarter of 2024, revenues generated from the internet business accounted for 57.3% of total revenues, compared to 70.6% in the same period last year and 64.4% in the previous quarter.Revenues from AI and others increased by 62.1% year over year and 36.3% quarter over quarter to RMB81.3 million (US$11.3 million) in the first quarter of 2024. The growth was primarily driven by an increase in the delivery of the Company’s service robots, following the acquisition of a controlling stake in Beijing OrionStar. In the first quarter of 2024, revenues generated from AI and others accounted for 42.7% of total revenues, compared to 29.4% in the same period last year and 35.6% in the previous quarter.

Cost of revenues increased by 37.0% year over year and 12.8% quarter over quarter to RMB77.0 million (US$10.7 million) in the first quarter of 2024. The increases were primarily attributable to the rise in the hardware-related costs for the Company’s service robots. Non-GAAP cost of revenues increased by 37.1% year over year and 12.7% quarter over quarter to RMB76.9 million (US$10.6 million) in the first quarter of 2024.

Total operating expenses increased by 23.9% year over year and 21.2% quarter over quarter to RMB193.9 million (US$26.9 million) in the first quarter of 2024. The increases primarily resulted from the acquisition of a controlling stake in Beijing OrionStar. Total non-GAAP operating expenses increased by 15.3% year over year and 21.3% quarter over quarter to RMB179.8 million (US$24.9 million) in the first quarter of 2024.

Research and development expenses increased by 26.2% year over year and 44.8% quarter over quarter to RMB57.3 million (US$7.9 million) in the first quarter of 2024, primarily due to higher personnel-related expenses as the Company expanded its R&D team following the acquisition of a controlling stake in Beijing OrionStar. Non-GAAP research and development expenses increased by 11.8% year over year and 41.7% quarter over quarter to RMB50.9 million (US$7.0 million) in the first quarter of 2024.Selling and marketing expenses decreased by 0.5% year over year but increased by 19.7% quarter over quarter to RMB67.9 million (US$9.4 million) in the first quarter of 2024. The quarter-over-quarter increase was primarily due to 1) increased marketing and promotion expenses related to our user acquisition for certain products of our internet business; and 2) increased personnel-related expenses as the Company increased its sales personnel following the acquisition of a controlling stake in Beijing OrionStar. Non-GAAP selling and marketing expenses decreased by 0.8% year over year but increased by 19.8% to RMB67.5 million (US$9.4 million) in the first quarter of 2024.General and administrative expenses increased by 56.7% year over year and 8.9% quarter over quarter to RMB69.1 million (US$9.6 million) in the first quarter of 2024, primarily due to 1) increased personnel-related expenses as the Company increased the number of its G&A personnel following the acquisition of a controlling stake in Beijing OrionStar, 2) increased share-based compensation expenses for our key employees. Non-GAAP general and administrative expenses increased by 42.1% year over year and 11.0% quarter over quarter to RMB61.9 million (US$8.6 million) in the first quarter of 2024.

Operating loss was RMB80.6 million (US$11.2 million) in the first quarter of 2024, compared to RMB42.3 million in the same period last year and RMB60.9 million in the previous quarter. Non-GAAP operating loss was RMB66.4 million (US$9.2 million) in the first quarter of 2024, compared to RMB41.5 million in the same period last year and RMB49.1 million in the previous quarter. The Company widened its operating loss in the quarter because of: 1) its increased personnel-related expenses, and 2) hardware-related costs, which in turn resulted from the acquisition of a controlling stake in Beijing OrionStar.

Share-based compensation expenses were RMB7.6 million (US$1.1 million) in the first quarter of 2024, compared to RMB0.8 million in the same period last year and RMB7.4 million in the previous quarter.

By segment, operating margin excluding share-based compensation expense for internet business was 7.9% in the first quarter of 2024, which improved from 3.1% in the same period last year, but slightly decreased from 8.8% in the previous quarter.

Other expenses, net were RMB7.6 million (US$1.1 million) in the first quarter of 2024, primarily due to loss from the disposal of its subsidiary outside of China.

Net loss attributable to Cheetah Mobile shareholders was RMB80.0 million (US$11.1 million) in the first quarter of 2024, compared to RMB18.6 million in the same period last year and RMB301.2 million in the previous quarter. Non-GAAP net loss attributable to Cheetah Mobile shareholders was RMB65.8 million (US$9.1 million) in the first quarter of 2024, compared to RMB17.8 million in the same period last year and RMB289.4 million in the previous quarter.

Diluted loss per ADS was RMB2.8 (US$0.4) in the first quarter of 2024, compared to RMB0.6 in the same period last year and RMB 10.3 in the previous quarter. Non-GAAP diluted loss per ADS was RMB2.3 (US$0.3) in the first quarter of 2024, compared to RMB0.6 in the same period last year and RMB9.9 in the previous quarter.

Balance Sheet

As of March 31, 2024, the Company had cash and cash equivalents and short-term investments of RMB1,793.2 million (US$248.4 million).

Conference Call Information

The Company will hold a conference call on June 7th, 2024, at 7:00 a.m. Eastern Time (or 7:00 p.m. Beijing Time) to discuss its financial results. Listeners may access the call by dialing the following numbers:

Main Line:
International: 1-412-317-6061
United States Toll Free: 1-888-317-6003
Mainland China Toll Free: 4001-206115
Hong Kong Toll Free: 800-963976
Conference ID: 8764416

English Translation:

International: 1-412-317-6061
United States Toll Free: 1-888-317-6003
Mainland China Toll Free: 4001-206115
Hong Kong Toll Free: 800-963976
Conference ID: 0625357

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at http://ir.cmcm.com.  

Exchange Rate

This press release contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars in this press release were made at a rate of RMB7.2203 to US$1.00, the exchange rate in effect as of March 29, 2024, as set forth in the H.10 statistical release of the Federal Reserve Board. Such translations should not be construed as representations that RMB amounts could be converted into U.S. dollars at that rate or any other rate, or to be the amounts that would have been reported under accounting principles generally accepted in the United States of America (“U.S. GAAP”).

About Cheetah Mobile Inc.

Cheetah Mobile is a China-based IT company with a commitment to AI innovation. It has attracted hundreds of millions of users through an array of internet products and services on PCs and mobile devices. At the same time, it actively engages in the independent research and development of its AI technologies, including LLM technologies. Cheetah Mobile provides advertising services to advertisers worldwide, value-added services including the sale of premium membership to its users, multi-cloud management platform to companies globally, as well as service robots to international clients. Cheetah Mobile is also committed to leveraging its cutting-edge AI technologies, including LLM technologies, to empower its products and make the world smarter. It has been listed on the New York Stock Exchange since May 2014.

Safe Harbor Statement

This press release contains forward-looking statements. These statements, including management quotes and business outlook, constitute forward-looking statements under the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Such statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in the forward-looking statements, including but are not limited to the following: Cheetah Mobile’s growth strategies; Cheetah Mobile’s ability to retain and increase its user base and expand its product and service offerings; Cheetah Mobile’s ability to monetize its platform; Cheetah Mobile’s future business development, financial condition and results of operations; competition with companies in a number of industries including internet companies that provide online marketing services and internet value-added services; expected changes in Cheetah Mobile’s revenues and certain cost or expense items; and general economic and business condition globally and in China. Further information regarding these and other risks is included in Cheetah Mobile’s filings with the U.S. Securities and Exchange Commission. Cheetah Mobile does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

Use of Non-GAAP Financial Measures

This release contains non-GAAP financial measures, including but not limited to: 

Non-GAAP cost of revenues excludes share-based compensation expensesNon-GAAP gross profit excludes share-based compensation expensesNon-GAAP gross margin excludes share-based compensation expenses.Total non-GAAP operating expenses exclude share-based compensation expenses and amortization of intangible assets resulting from business acquisitions.Non-GAAP research and development expenses exclude share-based compensation expenses and amortization of intangible assets resulting from business acquisitions.Non-GAAP selling and marketing expenses exclude share-based compensation expenses and amortization of intangible assets resulting from business acquisitions.Non-GAAP general and administrative expenses exclude share-based compensation expenses.Non-GAAP operating profit/loss excludes share-based compensation expenses and amortization of intangible assets resulting from business acquisitions.Non-GAAP net income/loss attributable to Cheetah Mobile shareholders excludes share-based compensation expenses and amortization of intangible assets resulting from business acquisitions.Non-GAAP diluted earnings/losses per ADS excludes share-based compensation expenses and amortization of intangible assets resulting from business acquisitions.Non-GAAP adjusted EBITDA represents net income/loss attributable to Cheetah Mobile shareholders excluding share-based compensation, amortization of intangible assets resulting from business acquisitions, interest income, depreciation and amortization, net income attributable to noncontrolling interests, other income, net and income tax expenses

The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measures for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance without the effect of share-based compensation expenses and amortization of intangible assets resulting from business acquisitions, which have been and will continue to be significant recurring expenses in its business. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measure in isolation from or as an alternative to the financial measure prepared in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the tables captioned “Cheetah Mobile Inc. Reconciliation of GAAP and Non-GAAP Results”.

 

 

 

CHEETAH MOBILE INC.

Condensed Consolidated Balance Sheets

(Unaudited, amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))

As of

December 31, 2023

March 31, 2024

RMB

RMB

USD

ASSETS

Current assets:

Cash and cash equivalents

2,020,191

1,792,907

248,315

Short-term investments

1,023

328

45

Accounts receivable, net

401,064

438,596

60,745

Prepayments and other current assets, net

973,127

1,231,793

170,601

Due from related parties, net

71,505

77,408

10,721

Total current assets

3,466,910

3,541,032

490,427

Non-current assets:

Property and equipment, net

53,884

49,531

6,860

Operating lease right-of-use assets

30,451

27,636

3,828

Intangible assets, net

218,559

211,376

29,275

Goodwill

576,989

576,989

79,912

Long-term investments

937,460

933,011

129,221

Deferred tax assets

188,503

189,775

26,284

Other non-current assets

160,428

89,950

12,458

Total non-current assets

2,166,274

2,078,268

287,838

Total assets

5,633,184

5,619,300

778,265

LIABILITIES, MEZZANINE EQUITY
AND SHAREHOLDERS’ EQUITY

Current liabilities:

Bank loans

5,000

5,000

692

Accounts payable

170,185

172,150

23,842

Accrued expenses and other current liabilities

2,437,210

2,400,597

332,479

Due to related parties

84,147

84,508

11,704

Income tax payable

31,603

34,417

4,767

Total current liabilities

2,728,145

2,696,672

373,484

Non-current liabilities:

Deferred tax liabilities

54,540

53,281

7,379

Other non-current liabilities

189,943

180,297

24,971

Total non-current liabilities

244,483

233,578

32,350

Total liabilities

2,972,628

2,930,250

405,834

Mezzanine equity:

Redeemable noncontrolling interests

105,978

183,690

25,441

Shareholders’ equity:

Ordinary shares

244

244

34

Additional paid-in capital

2,711,875

2,716,181

376,187

Accumulated deficit

(613,102)

(693,137)

(95,998)

Accumulated other comprehensive income

356,854

380,940

52,760

Total Cheetah Mobile shareholders’ equity

2,455,871

2,404,228

332,983

Noncontrolling interests

98,707

101,132

14,007

Total equity

2,554,578

2,505,360

346,990

Total liabilities, mezzanine equity and equity

5,633,184

5,619,300

778,265

 

 

 

CHEETAH MOBILE INC.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Unaudited, amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”), except for number of shares and per
share(or ADS) data)

For The Three Months Ended

March 31, 2023

December 31, 2023

March 31, 2024

March 31, 2024

RMB

RMB

RMB

USD

Revenues

170,434

167,314

190,288

26,354

     Internet business

120,309

107,711

109,020

15,099

     AI and others

50,125

59,603

81,268

11,255

Cost of revenues (a)

(56,163)

(68,243)

(76,952)

(10,658)

Gross profit

114,271

99,071

113,336

15,696

Operating income and expenses:

Research and development (a)

(45,428)

(39,583)

(57,331)

(7,940)

Selling and marketing (a)

(68,266)

(56,746)

(67,940)

(9,410)

General and administrative (a)

(44,126)

(63,502)

(69,145)

(9,576)

Other operating income/(expense), net

1,271

(185)

508

70

Total operating income and expenses

(156,549)

(160,016)

(193,908)

(26,856)

Operating loss

(42,278)

(60,945)

(80,572)

(11,160)

Other income/(expenses):

Interest income, net

12,342

15,829

15,316

2,121

Foreign exchange gains/ (losses)

14,463

17,407

(3,277)

(454)

Other expense, net

(1,801)

(321,244)

(7,595)

(1,052)

Loss before taxes

(17,274)

(348,953)

(76,128)

(10,545)

Income tax (expenses)/ benefits

(178)

47,760

(198)

(27)

Net loss

(17,452)

(301,193)

(76,326)

(10,572)

Less: net income attributable to noncontrolling interests

1,147

18

3,709

514

Net loss attributable to Cheetah Mobile shareholders

(18,599)

(301,211)

(80,035)

(11,086)

Net loss per share

Basic

(0.0126)

(0.2056)

(0.0549)

(0.0076)

Diluted

(0.0129)

(0.2056)

(0.0550)

(0.0076)

Net loss per ADS

Basic

(0.6300)

(10.2800)

(2.7450)

(0.3800)

Diluted

(0.6450)

(10.2800)

(2.7500)

(0.3800)

Weighted average number of shares outstanding

Basic

1,449,518,133

1,493,550,095

1,494,213,830

1,494,213,830

Diluted

1,449,518,133

1,493,550,095

1,494,213,830

1,494,213,830

Weighted average number of ADSs outstanding

Basic

28,990,363

29,871,002

29,884,277

29,884,277

Diluted

28,990,363

29,871,002

29,884,277

29,884,277

Other comprehensive (loss)/income , net of tax of nil

Foreign currency translation adjustments

(40,018)

(29,112)

21,031

2,913

Unrealized gains on available-for-sale securities, net

–

–

1,772

245

Other comprehensive (loss)/ income

(40,018)

(29,112)

22,803

3,158

Total comprehensive loss

(57,470)

(330,305)

(53,523)

(7,414)

Less: Total comprehensive income attributable to
noncontrolling interests

913

687

2,426

336

Total comprehensive loss attributable to Cheetah Mobile
shareholders

(58,383)

(330,992)

(55,949)

(7,750)

For The Three Months Ended

March 31,
2023

December 31,
2023

March 31,
2024

March 31,
2024

(a) Share-based compensation expenses

RMB

RMB

RMB

USD

Cost of revenues

119

70

92

13

Research and development

(88)

(426)

292

40

Selling and marketing

196

72

(44)

(6)

General and administrative

552

7,714

7,245

1,003

Total

779

7,430

7,585

1,050

 

 

 

CHEETAH MOBILE INC.

Reconciliation of GAAP and Non-GAAP Results

(Unaudited, amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”), except for per share data)

For The Three Months Ended March 31, 2024

GAAP

Share-based

Amortization of

Non-GAAP

Result

Compensation

intangible assets*

Result

RMB

RMB

RMB

RMB

USD

Revenues

190,288

–

–

190,288

26,354

Cost of revenues

(76,952)

92

–

(76,860)

(10,645)

Gross profit

113,336

92

–

113,428

15,709

Research and development

(57,331)

292

6,156

(50,883)

(7,047)

Selling and marketing

(67,940)

(44)

469

(67,515)

(9,351)

General and administrative

(69,145)

7,245

–

(61,900)

(8,573)

Other operating income, net

508

–

–

508

70

Total operating income and expenses

(193,908)

7,493

6,625

(179,790)

(24,901)

Operating loss

(80,572)

7,585

6,625

(66,362)

(9,192)

Net loss attributable to Cheetah Mobile shareholders

(80,035)

7,585

6,625

(65,825)

(9,118)

Diluted losses per ordinary share (RMB)

(0.0550)

0.0052

0.0043

(0.0455)

Diluted losses per ADS (RMB)

(2.7500)

0.2600

0.2150

(2.2750)

Diluted losses per ADS (USD)

(0.3800)

0.0360

0.0289

(0.3151)

 

For The Three Months Ended December 31, 2023

GAAP

Share-based

Amortization of

Non-GAAP

Result

Compensation

intangible assets*

Result

RMB

RMB

RMB

RMB

Revenues

167,314

–

–

167,314

Cost of revenues

(68,243)

70

–

(68,173)

Gross profit

99,071

70

–

99,141

Research and development

(39,583)

(426)

4,104

(35,905)

Selling and marketing

(56,746)

72

313

(56,361)

General and administrative

(63,502)

7,714

–

(55,788)

Other operating expense, net

(185)

–

–

(185)

Total operating income and expenses

(160,016)

7,360

4,417

(148,239)

Operating loss

(60,945)

7,430

4,417

(49,098)

Net loss attributable to Cheetah Mobile shareholders

(301,211)

7,430

4,417

(289,364)

Diluted losses per ordinary share (RMB)

(0.2056)

0.0051

0.0029

(0.1976)

Diluted losses per ADS (RMB)

(10.2800)

0.2550

0.1450

(9.8800)

 

For The Three Months Ended March 31, 2023

GAAP

Share-based

Non-GAAP

Result

Compensation

Result

RMB

RMB

RMB

Revenues

170,434

–

170,434

Cost of revenues

(56,163)

119

(56,044)

Gross profit

114,271

119

114,390

Research and development

(45,428)

(88)

(45,516)

Selling and marketing

(68,266)

196

(68,070)

General and administrative

(44,126)

552

(43,574)

Other operating income, net

1,271

–

1,271

Total operating income and expenses

(156,549)

660

(155,889)

Operating loss

(42,278)

779

(41,499)

Net loss attributable to Cheetah Mobile shareholders

(18,599)

779

(17,820)

Diluted losses per ordinary share (RMB)

(0.0129)

0.0006

(0.0123)

Diluted losses per ADS (RMB)

(0.6450)

0.0300

(0.6150)

* This represents amortization of intangible assets resulting from business acquisitions.

 

 

 

CHEETAH MOBILE INC.

Information about Segment

(Unaudited, amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”), except for percentage)

For The Three Months Ended March 31, 2024

Internet Business

AI and others

Unallocated*

Consolidated

RMB

RMB

RMB

RMB

USD

Revenue

109,020

81,268

–

190,288

26,354

Operating profit/(loss)

8,662

(81,649)

(7,585)

(80,572)

(11,160)

Operating margin

7.9 %

(100.5) %

–

(42.3) %

(42.3) %

 

For The Three Months Ended December 31, 2023

Internet Business

AI and others

Unallocated*

Consolidated

RMB

RMB

RMB

RMB

Revenue

107,711

59,603

–

167,314

Operating profit/(loss)

9,489

(63,004)

(7,430)

(60,945)

Operating margin

8.8 %

(105.7) %

–

(36.4) %

 

For The Three Months Ended March 31, 2023

Internet Business

AI and others

Unallocated*

Consolidated

RMB

RMB

RMB

RMB

Revenue

120,309

50,125

–

170,434

Operating profit/(loss)

3,755

(45,254)

(779)

(42,278)

Operating margin

3.1 %

(90.3) %

–

(24.8) %

*Unallocated expenses refer to SBC expenses that are not allocated to individual segments.

 

 

 

CHEETAH MOBILE INC.

Reconciliation from Net Income Attributable to Cheetah Mobile Shareholders to Adjusted EBITDA (Non-GAAP)

(Unaudited, amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))

For The Three Months Ended

March 31, 2023

December 31, 2023

March 31, 2024

March 31, 2024

RMB

RMB

RMB

USD

Net loss attributable to Cheetah Mobile shareholders

(18,599)

(301,211)

(80,035)

(11,086)

Add:

Income tax expenses/ (benefits)

178

(47,760)

198

27

Interest income, net

(12,342)

(15,829)

(15,316)

(2,121)

Depreciation and other amortization(1)

8,833

11,275

12,312

1,705

Net income attributable to noncontrolling interests

1,147

18

3,709

514

Other (income)/ expense, net

(12,662)

303,837

10,872

1,506

Share-based compensation

779

7,430

7,585

1,050

Amortization of intangible assets(2)

–

4,417

6,625

918

Adjusted EBITDA

(32,666)

(37,823)

(54,050)

(7,487)

(1) This represents depreciation and other amortization exclude amortization of intangible assets resulting from
business acquisitions. 

(2) This represents amortization of intangible assets resulting from business acquisitions. 

 

 

 

View original content:https://www.prnewswire.com/news-releases/cheetah-mobile-announces-first-quarter-2024-unaudited-consolidated-financial-results-302166969.html

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Truemed and Highmark Benefits Administration Partner to Expand Access to Root‑Cause Healthcare and Enable Employers to Reach Benefits Goals

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5 hours ago

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May 1, 2026

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AUSTIN, Texas, May 1, 2026 /PRNewswire/ — Truemed, the leading platform enabling qualified health purchases with HSA and FSA dollars, today announced a strategic partnership with Highmark Benefits Administration, a trusted provider of comprehensive, compliance‑driven solutions committed to providing A+ benefits administration services to clients nationwide.

The partnership aligns two organizations focused on delivering innovative, cost-effective solutions that help clients achieve business goals while empowering employees to use their benefits confidently and proactively. By integrating Truemed’s medically-necessary qualification process with Highmark’s service‑driven administrative infrastructure, employers can offer a broader range of eligible health interventions while maintaining clarity, compliance, and operational efficiency.

Through this collaboration, eligible Highmark participants can use pre‑tax HSA and FSA funds on evidence‑based, root‑cause health solutions— including fitness and movement programs, nutrition and supplement options, stress‑management tools, and other medically‑necessary interventions designed to help employees proactively improve their health.

“At Highmark Benefits Administration, we understand that managing employee benefits and plan compliance can be a daunting task, but it doesn’t have to be,” said Dan Bearden, Founder and Director of Highmark. “Partnering with Truemed expands what’s possible with HSA and FSA dollars while maintaining the clarity and compliance confidence our clients rely on. We’re excited to help participants access more meaningful health solutions.”

“Highmark has built a reputation for exceptional service and operational excellence,” said Justin Mares, CEO of Truemed. “This partnership builds on that foundation by giving eligible participants access to root‑cause health interventions that have been shown to improve health outcomes and chronic condition management. Together, we’re helping employers offer benefits that are simple, compliant, and truly impactful.”

Learn more at: truemed.com/a/highmark

Truemed is for qualified customers. See terms at truemed.com/disclosures.

About Truemed

Truemed partners with consumer health brands and benefits administrators to enable HSA and FSA payments for root‑cause healthcare expenses. Through licensed practitioner review and IRS‑aligned documentation, Truemed helps qualified individuals invest in medically necessary products and services using pre‑tax dollars. Learn more at truemed.com.

About Highmark Benefits Administration

Highmark Benefits Administration provides comprehensive, cost‑effective benefits administration services designed to simplify complexity and support employer goals. With expertise in enrollment and eligibility management, COBRA administration, FSA/HSA/HRA programs, compliance reporting, carrier billing, and employee communication, Highmark delivers exceptional service backed by modern technology solutions. Learn more at highmarkbenadmin.com.

Media Contact:
Tom Dahl
tom@truemed.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/truemed-and-highmark-benefits-administration-partner-to-expand-access-to-rootcause-healthcare-and-enable-employers-to-reach-benefits-goals-302760163.html

SOURCE Truemed

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DistrictWON’s uReport Partners with KOIN to Usher Back Local Sports Coverage to Every Community

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May 1, 2026

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PORTLAND, Ore., May 1, 2026 /PRNewswire/ — KOIN 6 is proud to announce a groundbreaking partnership with uReport, bringing comprehensive, community-driven sports coverage to every high school across the entire metro Portland and southwestern Washington markets.

Through this initiative, KOIN is offering uReport, a human-powered, AI-assisted platform widely endorsed across high schools and colleges nationwide, fully-funded to all high schools in the region. uReport is ISTE EdTech Index Approved and listed in the ISTE Learning Technology Directory, a vetted resource used by educators to identify high-quality digital learning tools.

This partnership empowers schools, students, and communities to create and share stories, highlights, and updates across all sports, while amplifying that content across KOIN.com. uReport is already endorsed by leading organizations including the National Interscholastic Athletic Administrators Association, College Sports Communicators and other groups representing over 17,000 high schools and colleges.

“Local sports coverage has historically reached the biggest schools and the biggest games. uReport flips that. Every school in our market — from the 6A powerhouse to the 1A program with 80 kids — now has a dedicated platform on KOIN.com,” said Tom Keeler, Vice President & General Manager of KOIN.

Key benefits for each school & community include:

A dedicated content platform for every school.The ability to cover every game, every sport at every level and include unlimited pictures and videos.Every school will also be featured on KOIN.com, allowing all schools to consistently make the news!Schools also distribute content onto their own social channels, creating an amazing content library Real-world training for student journalism and responsible use of AI in storytellingA free fan-powered mobile app for real-time contributions from the communityFull customer support for the platform, all year. 

Check out a quick explainer video here: KOIN – Supercharging Your Coverage

KOIN will host three short webinars for Portland market school administrators to learn more. Any administrator is encouraged to participate (administrator, teacher, coach or other, click below to attend):
Tuesday 5/5: 9am PT
Wednesday 5/6: 8am PT
Thursday 5/7: 12pm PT
Schools can self-start and sign-up right now to cover spring events and continue to have access for the entire 2026–27 academic year. Self-start sign-up is easy here: www.ureport.com/koin. 

For more information, contact uReport Director of Customer Success, Dan McGrath: 216-647-3857; dmcgrath@districtwon.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/districtwons-ureport-partners-with-koin-to-usher-back-local-sports-coverage-to-every-community-302760179.html

SOURCE DistrictWON

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Fuutura Outlines Architecture Built for the Cross-Border Stablecoin Corridors the IMF Now Tracks

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5 hours ago

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May 1, 2026

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As the IMF’s April 2026 Global Financial Stability Report calls for enhanced regulatory oversight of cross-border stablecoin flows to emerging markets, Fuutura’s compliance-first architecture across identity, payments, and trading is built to support exactly this kind of regulatory oversight

PANAMA CITY, Panama, May 1, 2026 /PRNewswire/ — Fuutura, a blockchain infrastructure company building a compliance-first financial ecosystem for the global market, today set out its position on rising cross-border stablecoin flows to emerging markets, following the IMF’s call for enhanced regulatory oversight in its April 2026 Global Financial Stability Report.

 

 

The IMF’s findings reflect a structural shift in how money moves across emerging economies. Cross-border flows of the two largest dollar-pegged stablecoins, Tether and USD Coin, rose from approximately $12 billion in early 2020 to $316 billion by early 2025, outpacing flows of Bitcoin and Ethereum. A significant share of those flows has been directed toward emerging markets, with cumulative net inflows accelerating since late 2023. The IMF’s concern is that rapid stablecoin adoption in emerging markets, absent appropriate regulation and backstops, could lead to currency substitution, weaken the transmission of monetary policy, increase capital flow volatility, and create challenges for capital flow management measures.

The IMF report also acknowledges that stablecoins, with adequate regulation, could offer improved settlement efficiency, faster cross-border payments, increased competition in the payment space, and broader access to digital finance. The same flows that warrant enhanced oversight also reflect genuine demand for financial services that legacy infrastructure has consistently failed to deliver in emerging markets.

Fuutura is being built to make both possible at once. A compliance by design approach facilitates the very regulatory oversight the IMF is advocating. That same architecture allows the platform to serve users in markets unreached by legacy financial infrastructure. What that looks like in practice is best described by the people who have built it.

“The IMF’s findings lay bare something that anyone working in cross-border financial services across emerging markets has been seeing for years. The flows are real, the demand is structural, and the existing infrastructure has not been built to give regulators the kind of visibility they need to do their work properly. That is the gap our infrastructure is built to address, across cross-border payments, identity verification, and the trading layer that connects users to the global financial system. Compliance is not something we have layered on top of an existing platform. It is part of how the system functions at every level.”

Ellis McGrath, Co-founder and Chief Technology Officer, Fuutura

The architectural choice that defines Fuutura is the integration of compliance at a foundational level. Most digital asset platforms operate perimeter compliance, with KYC and AML conducted at onboarding and transaction monitoring sitting on top of an existing technology stack. Fuutura’s design records verified KYC and AML attestations on-chain and ties them to the user’s wallet, so that every interaction with the platform is gated by the presence of that attestation at the smart contract level. This applies across the entire ecosystem. Whether a user is opening a wallet, executing a trade on the exchange, or moving funds across borders, the same compliance design governs every interaction. The result is infrastructure where compliance is enforceable on every transaction and auditable by regulators at the on-chain level.

“The platforms that earn regulators’ trust will be the ones that make their work easier. The IMF’s call for proportionate monitoring of stablecoin flows reflects a broader truth about the relationship between innovators and regulators in this industry. Architecture that is open to inspection by default. A company posture that welcomes the questions responsible oversight requires. We believe the future of digital finance depends on builders and regulators working together, and we have designed Fuutura to support that relationship across every product on the platform.”

Oliver Cook KC, Co-founder and Chief Legal Officer, Fuutura

Fuutura is building for a market where existing financial infrastructure has consistently failed to deliver. The cross-border stablecoin corridors identified by the IMF are one part of that market. The broader scope is the millions of people and businesses across emerging economies who require digital identity, secure custody, and access to global financial markets in a single connected environment. The company’s launch marks the beginning of a phased rollout, with further ecosystem development planned as the platform scales across the markets it was designed to serve.

About Fuutura

Fuutura is a blockchain infrastructure company building a compliance-first financial ecosystem facilitating participation in the global financial system from underserved markets with a focus on the Global-South. The platform combines digital identity verification, a wallet, and a trading exchange into one unified ecosystem, giving users access to crypto and tokenised real-world assets through a single environment. Fuutura is pursuing licensing in multiple jurisdictions. Built with KYC and AML integrated at an architectural level, Fuutura is designed to be open to regulatory oversight by design. Fuutura is building infrastructure to extend digital finance to markets that legacy banking has not reached.

Media Contact
Fuutura
pr@fuutura.com

Forward-Looking Statements and Risk Disclosures

Digital asset risk. Digital assets are high-risk and their value may fall as well as rise. Trading digital assets involves significant risk and may not be suitable for all investors. Past performance is not a reliable indicator of future results.

Forward-looking statements. This press release contains forward-looking statements regarding Fuutura, its technology, products, business plans and future conduct, including statements relating to the phased rollout of the ecosystem, regulatory engagement and licensing outcomes, geographic expansion, and market ambitions. Forward-looking statements are identifiable by words such as “building,” “plans,” “intends,” “expects,” “designed to,” “anticipates” and similar expressions, as well as by statements regarding future outcomes, ambitions or strategic direction.

Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that could cause actual outcomes to differ materially from those expressed. These include, without limitation, changes in the regulatory environment across jurisdictions; the availability and timing of licensing or authorisation; developments in digital asset markets; technological and cybersecurity risks; operational risks; counterparty and third-party risks; the pace of product development; and other factors beyond Fuutura’s control.

No offer or advice. Nothing in this press release constitutes an offer to sell, a solicitation to purchase, investment advice, or a recommendation in respect of any digital asset, crypto-asset, token, security, or financial product or instrument. Fuutura’s products and services may not be available in all jurisdictions and may be subject to regulatory restrictions. Access to Fuutura’s platform is restricted to residents of jurisdictions where its services are permitted.

No duty to update. Fuutura undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

This release is not for distribution in the United States, the United Kingdom, the European Union, or in any other jurisdiction where such distribution would be unlawful.

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View original content:https://www.prnewswire.co.uk/news-releases/fuutura-outlines-architecture-built-for-the-cross-border-stablecoin-corridors-the-imf-now-tracks-302760188.html

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