Connect with us

Technology

LENDINGTREE REPORTS SECOND QUARTER 2024 RESULTS

Published

2 years ago

on

Insurance Segment Continues Strong Rebound Driving 15% Revenue Growth

Consolidated revenue of $210.1 millionGAAP net income of $7.8 million or $0.58 per diluted shareVariable marketing margin of $70.9 millionAdjusted EBITDA of $23.5 millionAdjusted net income per share of $0.54

CHARLOTTE, N.C., July 25, 2024 /PRNewswire/ — LendingTree, Inc. (NASDAQ: TREE), operator of LendingTree.com, the nation’s leading online financial services marketplace, today announced results for the quarter ended June 30, 2024.

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

“Our Insurance segment generated exceptional growth in the second quarter with revenue more than doubling from the prior year period.  We expect our leading market position will result in meaningfully larger revenue generation through the remainder of this year,” said Doug Lebda, Chairman and CEO.  “Our company continues to benefit from the diversity of our business model.  As Insurance continues to grow both revenue and VMD, we are leaning into our highest margin Consumer segment to acquire more high-intent customers for our lender partners.”

Scott Peyree, President and COO, commented, “The growth in our Insurance business during the quarter well surpassed our expectations, and led us to beat the high end of our quarterly revenue guidance.  For most of the last two years, our team focused on matching the highest quality consumers searching for insurance policies with limited carrier demand.  We are now seeing the benefit of that focus.  We have been employing that same strategy in our Consumer business, improving our relationship with our network lenders by helping them close more loans with our consumers to position ourselves ahead of any future improvement in lending conditions.”

Jason Bengel, CFO, added, “I am very excited to assume CFO responsibilities at LendingTree.  Having previously served as the leader of our Finance department, as well as driving our efficiency and internal strategy initiatives, I know our team is well positioned to continue improving our balance sheet and harvesting operating leverage by operating with focus and discipline. During the quarter we were able to repurchase $161 million of our 2025 convertible notes for $152 million, capturing a $9 million discount.  The combination of cash on the balance sheet,  future free cash flow and the remaining $50M of debt available from our Apollo financing will allow us to comfortably retire these notes by maturity next year.”

Second Quarter 2024 Business Results

Home segment revenue of $32.2 million decreased 23% over second quarter 2023 and produced segment profit of $9.3 million, down 30% over the same period.Within Home, revenue from Home Equity of $22.0 million decreased 13% over prior year.Consumer segment revenue of $55.9 million declined 32% over second quarter 2023.Within Consumer, personal loans revenue of $26.9 million declined 4% over prior year.Revenue from our small business offering decreased 12% over prior year.Insurance segment revenue of $122.1 million increased 109% over second quarter 2023 and translated into segment profit of $36.4 million, up 47% over the same period.

 

LendingTree Summary Financial Metrics

(In millions, except per share amounts)

Three Months Ended
June 30,

Y/Y

Three Months Ended
March 31,

Q/Q

2024

2023

% Change

2024

% Change

Total revenue

$     210.1

$    182.5

15 %

$                     167.8

25 %

Income before income taxes

$         9.4

$        0.1

— %

$                         1.6

— %

Income tax expense

$       (1.6)

$       (0.2)

— %

$                        (0.6)

— %

Net income (loss)

$         7.8

$       (0.1)

— %

$                         1.0

— %

Net income (loss) % of revenue

4 %

— %

1 %

Income (loss) per share

Basic

$       0.58

$    (0.01)

$                       0.08

Diluted

$       0.58

$    (0.01)

$                       0.08

Variable marketing margin

Total revenue

$     210.1

$    182.5

15 %

$                     167.8

25 %

Variable marketing expense (1) (2)

$   (139.2)

$  (106.0)

31 %

$                     (98.4)

41 %

Variable marketing margin (2)

$       70.9

$      76.5

(7) %

$                       69.4

2 %

Variable marketing margin % of revenue (2)

34 %

42 %

41 %

Adjusted EBITDA (2)

$       23.5

$      26.7

(12) %

$                       21.6

9 %

Adjusted EBITDA % of revenue (2)

11 %

15 %

13 %

Adjusted net income (2)

$         7.2

$      14.7

(51) %

$                         9.2

(22) %

Adjusted net income per share (2)

$       0.54

$      1.14

(53) %

$                       0.70

(23) %

(1)

Represents the portion of selling and marketing expense attributable to variable costs paid for advertising, direct marketing and related expenses.  Excludes overhead, fixed costs and personnel-related expenses. 

(2)

Variable marketing expense, variable marketing margin, variable marketing margin % of revenue, adjusted EBITDA, adjusted EBITDA % of revenue, adjusted net income and adjusted net income per share are non-GAAP measures. Please see “LendingTree’s Reconciliation of Non-GAAP Measures to GAAP” and “LendingTree’s Principles of Financial Reporting” below for more information.

 

LendingTree Segment Results

(In millions)

Three Months Ended
June 30,

Y/Y

Three Months Ended
March 31,

Q/Q

2024

2023

% Change

2024

% Change

Home (1)

Revenue

$       32.2

$      41.6

(23) %

$                       30.4

6 %

Segment profit

$         9.3

$      13.3

(30) %

$                         9.6

(3) %

Segment profit % of revenue

29 %

32 %

32 %

Consumer (2)

Revenue

$       55.9

$      82.5

(32) %

$                       51.5

9 %

Segment profit

$       26.9

$      40.7

(34) %

$                       27.4

(2) %

Segment profit % of revenue

48 %

49 %

53 %

Insurance (3)

Revenue

$     122.1

$      58.4

109 %

$                       85.9

42 %

Segment profit

$       36.4

$      24.8

47 %

$                       33.4

9 %

Segment profit % of revenue

30 %

42 %

39 %

Other (4)

Revenue

$          —

$          —

— %

$                           —

— %

(Loss)

$       (0.1)

$       (0.3)

67 %

$                           —

— %

Total revenue

$     210.1

$    182.5

15 %

$                     167.8

25 %

Total segment profit

$       72.5

$      78.5

(8) %

$                       70.5

3 %

     Brand marketing expense (5)

$       (1.6)

$       (2.0)

(20) %

$                        (1.1)

45 %

Variable marketing margin

$       70.9

$      76.5

(7) %

$                       69.4

2 %

Variable marketing margin % of revenue

34 %

42 %

41 %

(1)

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

(2)

The Consumer segment includes the following products: credit cards, personal loans, small business loans, student loans, auto loans, deposit accounts and debt settlement. We ceased offering credit repair with the closing of Ovation at the end of Q2 2023.

(3)

The Insurance segment consists of insurance quote products and sales of insurance policies.

(4)

The Other category primarily includes marketing revenue and related expenses not allocated to a specific segment.

(5)

Brand marketing expense represents the portion of selling and marketing expense attributable to variable costs paid for advertising, direct marketing and related expenses that are not assignable to the segments’ products. This measure excludes overhead, fixed costs and personnel-related expenses.

Financial Outlook*

Today we are updating our outlook for full-year 2024 and introducing our outlook for the third quarter.

Full-year 2024:

Revenue of $830 – $870 million compared to the prior range of $690 – $720 millionVariable Marketing Margin of $280 – $300 millionAdjusted EBITDA of $85 – $95 million

Third-quarter 2024:

Revenue: $230 – $260 millionVariable Marketing Margin: $73 – $80 millionAdjusted EBITDA: $23 – $27 million

*LendingTree is not able to provide a reconciliation of projected variable marketing margin or adjusted EBITDA to the most directly comparable expected GAAP results due to the unknown effect, timing and potential significance of the effects of legal matters and tax considerations. Expenses associated with legal matters and tax considerations have in the past, and may in the future, significantly affect GAAP results in a particular period.   

Quarterly Conference Call

A conference call to discuss LendingTree’s second quarter 2024 financial results will be webcast live today, July 25, 2024 at 5:00 PM Eastern Time (ET). The live audiocast is open to the public and will be available on LendingTree’s investor relations website at investors.lendingtree.com. Following completion of the call, a recorded replay of the webcast will be available on the website.

LENDINGTREE’S RECONCILIATION OF NON-GAAP MEASURES TO GAAP

Variable Marketing Expense

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

Three Months Ended

June 30,
2024

March 31,
2024

June 30,
2023

(in thousands)

Selling and marketing expense

$      148,387

$      108,176

$      116,065

Non-variable selling and marketing expense (1)

(9,140)

(9,855)

(10,107)

Variable marketing expense

$      139,247

$        98,321

$      105,958

(1)

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

LENDINGTREE’S RECONCILIATION OF NON-GAAP MEASURES TO GAAP

Variable Marketing Margin

Below is a reconciliation of net income (loss), the most directly comparable table GAAP measure, to variable marketing margin and net income (loss) % of revenue to variable marketing margin % of revenue. See “LendingTree’s Principles of Financial Reporting” for further discussion of the Company’s use of these non-GAAP measures.

Three Months Ended

June 30,
2024

March 31,
2024

June 30,
2023

(in thousands, except percentages)

Net income (loss)

$          7,752

$          1,016

$          (115)

Net income (loss) % of revenue

4 %

1 %

— %

Adjustments to reconcile to variable marketing margin:

Cost of revenue

8,411

8,545

9,302

Non-variable selling and marketing expense (1)

9,140

9,855

10,107

General and administrative expense

27,118

25,796

29,160

Product development

10,374

11,857

10,601

Depreciation

4,601

4,667

4,684

Amortization of intangibles

1,467

1,489

1,982

Restructuring and severance

202

23

3,558

Litigation settlements and contingencies

(7)

36

488

Interest expense (income), net

1,201

6,638

6,940

Other income

(1,052)

(1,034)

(439)

Income tax expense

1,686

559

227

Variable marketing margin

$        70,893

$        69,447

$        76,495

Variable marketing margin % of revenue

34 %

41 %

42 %

(1)

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

LENDINGTREE’S RECONCILIATION OF NON-GAAP MEASURES TO GAAP

Adjusted EBITDA

Below is a reconciliation of net income (loss), the most directly comparable table GAAP measure, to adjusted EBITDA and net income (loss) % of revenue to adjusted EBITDA % of revenue. See “LendingTree’s Principles of Financial Reporting” for further discussion of the Company’s use of these non-GAAP measures.

Three Months Ended

June 30,
2024

March 31,
2024

June 30,
2023

(in thousands, except percentages)

Net income (loss)

$          7,752

$          1,016

$          (115)

Net income (loss) % of revenue

4 %

1 %

— %

Adjustments to reconcile to adjusted EBITDA:

Amortization of intangibles

1,467

1,489

1,982

Depreciation

4,601

4,667

4,684

Restructuring and severance

202

23

3,558

Loss on impairments and disposal of assets

413

368

140

Loss on impairment of investments

—

—

1,440

Non-cash compensation

7,437

7,789

9,204

Acquisition expense

—

—

4

Litigation settlements and contingencies

(7)

36

488

Interest expense (income), net

1,201

6,638

6,940

Dividend income

(1,225)

(1,034)

(1,879)

Income tax expense

1,686

559

227

Adjusted EBITDA

$        23,527

$        21,551

$        26,673

Adjusted EBITDA % of revenue

11 %

13 %

15 %

LENDINGTREE’S RECONCILIATION OF NON-GAAP MEASURES TO GAAP

Adjusted Net Income

Below is a reconciliation of net income (loss), the most directly comparable table GAAP measure, to adjusted net income and net income (loss) per diluted share to adjusted net income per share. See “LendingTree’s Principles of Financial Reporting” for further discussion of the Company’s use of these non-GAAP measures.

Three Months Ended

June 30,
2024

March 31,
2024

June 30,
2023

(in thousands, except per share amounts)

Net income (loss)

$          7,752

$          1,016

$          (115)

Adjustments to reconcile to adjusted net income:

Restructuring and severance

202

23

3,558

Loss on impairments and disposal of assets

413

368

140

Loss on impairment of investments

—

—

1,440

Non-cash compensation

7,437

7,789

9,204

Acquisition expense

—

—

4

Litigation settlements and contingencies

(7)

36

488

Gain on extinguishment of debt

(8,619)

—

—

Adjusted net income

$          7,178

$          9,232

$        14,719

Net income (loss) per diluted share

$            0.58

$            0.08

$         (0.01)

Adjustments to reconcile net income (loss) to adjusted net income

(0.04)

0.62

1.15

Adjustments to reconcile effect of dilutive securities

—

—

—

Adjusted net income per share

$            0.54

$            0.70

$            1.14

Adjusted weighted average diluted shares outstanding

13,407

13,276

12,928

Effect of dilutive securities

—

—

13

Weighted average diluted shares outstanding

13,407

13,276

12,915

Effect of dilutive securities

150

176

—

Weighted average basic shares outstanding

13,257

13,100

12,915

LENDINGTREE’S PRINCIPLES OF FINANCIAL REPORTING

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

Variable marketing expenseVariable marketing marginVariable marketing margin % of revenueEarnings Before Interest, Taxes, Depreciation and Amortization, as adjusted for certain items discussed below (“Adjusted EBITDA”)Adjusted EBITDA % of revenueAdjusted net incomeAdjusted net income per share

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

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

Adjusted net income and adjusted net income per share supplement GAAP net income and GAAP net income per diluted share by enabling investors to make period to period comparisons of those components of the most directly comparable GAAP measures that management believes better reflect the underlying financial performance of the Company’s business operations during particular financial reporting periods. Adjusted net income and adjusted net income per share exclude certain amounts, such as non-cash compensation, non-cash asset impairment charges, gain/loss on disposal of assets, gain/loss on investments, restructuring and severance, litigation settlements and contingencies, acquisition and disposition income or expenses including with respect to changes in fair value of contingent consideration, gain/loss on extinguishment of debt, contributions to the LendingTree Foundation, one-time items which are recognized and recorded under GAAP in particular periods but which might be viewed as not necessarily coinciding with the underlying business operations for the periods in which they are so recognized and recorded, the effects to income taxes of the aforementioned adjustments, any excess tax benefit or expense associated with stock-based compensation recorded in net income in conjunction with FASB pronouncement ASU 2016-09, and income tax (benefit) expense from a full valuation allowance. LendingTree believes that adjusted net income and adjusted net income per share are useful financial indicators that provide a different view of the financial performance of the Company than adjusted EBITDA (the primary metric by which LendingTree evaluates the operating performance of its businesses) and the GAAP measures of net income and GAAP net income per diluted share.

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

Definition of LendingTree’s Non-GAAP Measures

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

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

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

Adjusted net income is defined as net income (loss) excluding (1) non-cash compensation expense, (2) non-cash impairment charges, (3) gain/loss on disposal of assets, (4) gain/loss on investments, (5) restructuring and severance expenses, (6) litigation settlements and contingencies, (7) acquisitions and dispositions income or expense (including with respect to changes in fair value of contingent consideration), (8) gain/loss on extinguishment of debt, (9) contributions to the LendingTree Foundation, (10) one-time items, (11) the effects to income taxes of the aforementioned adjustments, (12) any excess tax benefit or expense associated with stock-based compensation recorded in net income in conjunction with FASB pronouncement ASU 2016-09, and (13) income tax (benefit) expense from a full valuation allowance.

Adjusted net income per share is defined as adjusted net income divided by the adjusted weighted average diluted shares outstanding. For periods which the Company reports GAAP loss from continuing operations, the effects of potentially dilutive securities are excluded from the calculation of net loss per diluted share from continuing operations because their inclusion would have been anti-dilutive. In periods where the Company reports GAAP loss from continuing operations but reports positive non-GAAP adjusted net income, the effects of potentially dilutive securities are included in the denominator for calculating adjusted net income per share if their inclusion would be dilutive.

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

One-Time Items

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

Non-Cash Expenses That Are Excluded From LendingTree’s Adjusted EBITDA and Adjusted Net Income

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

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

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

The matters contained in the discussion above may be considered to be “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations or anticipations of LendingTree and members of our management team. Factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include the following: adverse conditions in the primary and secondary mortgage markets and in the economy, particularly interest rates and inflation; default rates on loans, particularly unsecured loans; demand by investors for unsecured personal loans; the effect of such demand on interest rates for personal loans and consumer demand for personal loans; seasonality of results; potential liabilities to secondary market purchasers; changes in the Company’s relationships with network partners, including dependence on certain key network partners; breaches of network security or the misappropriation or misuse of personal consumer information; failure to provide competitive service; failure to maintain brand recognition; ability to attract and retain consumers in a cost-effective manner; the effects of potential acquisitions of other businesses, including the ability to integrate them successfully with LendingTree’s existing operations; accounting rules related to excess tax benefits or expenses on stock-based compensation that could materially affect earnings in future periods; ability to develop new products and services and enhance existing ones; competition; effects of changing laws, rules or regulations on our business model; allegations of failure to comply with existing or changing laws, rules or regulations, or to obtain and maintain required licenses; failure of network partners or other affiliated parties to comply with regulatory requirements; failure to maintain the integrity of systems and infrastructure; liabilities as a result of privacy regulations; failure to adequately protect intellectual property rights or allegations of infringement of intellectual property rights; and changes in management. These and additional factors to be considered are set forth under “Risk Factors” in our Annual Report on Form 10-K for the period ended December 31, 2023, in our Quarterly Report on Form 10-Q for the period ended March 31, 2024, and in our other filings with the Securities and Exchange Commission. LendingTree undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results or expectations.

About LendingTree, Inc.

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

LendingTree is one of the nation’s largest, most experienced online financial platforms, created to give consumers the power to win financially.  LendingTree provides customers with access to the best offers on loans, credit cards, insurance and more through its network of approximately 400 financial partners.  Since its founding, LendingTree has helped millions of customers obtain financing, save money, and improve their financial and credit health in their personal journeys. With a portfolio of innovative products and tools and personalized financial recommendations, LendingTree helps customers achieve everyday financial wins.

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

Investor Relations Contact:
investors@lendingtree.com

Media Contact:
press@lendingtree.com         

View original content to download multimedia:https://www.prnewswire.com/news-releases/lendingtree-reports-second-quarter-2024-results-302207024.html

SOURCE LendingTree, Inc.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

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

Published

21 minutes ago

on

May 1, 2026

By

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

Continue Reading

Technology

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

Published

21 minutes ago

on

May 1, 2026

By

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

Continue Reading

Technology

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

Published

21 minutes ago

on

May 1, 2026

By

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.

Photo:  https://mma.prnewswire.com/media/2970890/Fuutura.jpg
Logo:   https://mma.prnewswire.com/media/2965342/5949163/Fuutura_Logo.jpg

 

 

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

Continue Reading

Trending