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LENDINGTREE REPORTS SECOND QUARTER 2024 RESULTS

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9 months ago

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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         

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SOURCE LendingTree, Inc.

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Technology

Bybit and St. Paul American Scholars School Furthers Partnership Commitment in Bybit’s HQ Visit

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May 3, 2025

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DUBAI, UAE, May 3, 2025 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, extended a warm welcome to an international delegation from the St. Paul American Scholars (SPAS), a top international school in Korea on Monday. The visit is part of a joint initiative between Bybit and SPAS dedicated to fostering the next generation of blockchain innovators through a series of academic and educational programs.

Ryan Kim, Head of SPAS, and Jinny Kim, Director of SPAS, were greeted by Helen Liu, COO of Bybit at the Bybit headquarters in Dubai. The official visit underscores the institutions’ shared commitment to building the partnership from the ground up, and creating a knowledge base to prepare SPAS students for the future of technology and the blockchain-enabled economy.

In the academic year of 2025/26, Bybit has committed a $100,000 scholarship to 300 SPAS students of St. Paul American Scholars (SPAS). The broader theme of the collaboration centers on collective learning and community sharing, which aligns with SPAS’s philosophy of building a closely knitted community for educators, parents, and students. Bybit will organize interactive educational sessions on campus to fill the knowledge gap between the demands for future-ready skills and traditional academic resources.

The fast moving blockchain landscape is central to a changing world. Parents and students today are increasingly aware of the possibilities and potential challenges of the dawning on-chain economy. The new dynamics will require creators and contributors to be equipped with understanding of blockchain technologies, to develop their passion, and to project their creativity onto positive causes. Through workshops and interactive events, the Bybit and SPAS initiative stands to leave a profound impact on blockchain education for international students in SPAS. 

SPAS representatives boarded the crypto express to the world of digital assets at the Bybit headquarters, sharing unique perspectives as educators and first-hand insights from Liu at the frontier of the digital economy.

“We are proud to welcome the SPAS family to Bybit’s headquarters, and we hope this will become the starting point of SPAS students’ blockchain journey. The value of blockchain education is not only giving students a headstart in understanding the digital economy, but also to inspire them to think about changing the world for the better with a powerful technology that will one day be entirely at their disposal,” said Helen Liu, COO of Bybit.

“It is a great honor for Saint Paul International School to establish a meaningful partnership with Bybit, a global leader in blockchain technology. This visit to Bybit’s headquarters in Dubai was more than just a meeting; it was a precious opportunity to build a foundation of deep mutual trust,” said Ryan Kim, Head of SPAS. “Bybit’s warm-hearted commitment to providing scholarships for Saint Paul International School students and planning continuous social contribution programs deeply moved us all. We firmly believe that, with its sincere vision and values, Bybit will continue to shine as a world-leading company,” he said.

The SPAS delegation toured the Bybit Crypto Ark Experience Store, a new venue at Bybit’s Dubai headquarters that showcases blockchain innovation and provides an open space for crypto collaborations. Since opening, the store has attracted hundreds of visitors, entrepreneurs, and crypto enthusiasts contributing to the regional ecosystem.

Established in 2015, SPAS operates four campuses across Korea’s major metropolitan areas and is recognized as a leading American educational institution with full accreditation from multiple organizations. SPAS also offers international exchange programs through partnerships with schools in New York, Canada, and the UK, providing students with opportunities to experience diverse cultures and global perspectives.

#Bybit / #TheCryptoArk

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: media@bybit.com
For updates, please follow: Bybit’s Communities and Social Media

Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

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Google Cloud AI Helps Formula E in Groundbreaking ‘Mountain Recharge’ Energy Feat

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1 hour ago

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May 3, 2025

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GENBETA car completes Monaco E-Prix lap powered solely by regenerative braking after AI-planned mountain descent; the feat was filmed and produced by Red Bull Media House

MONTE CARLO, Monaco and LONDON, May 3, 2025 /PRNewswire/ — In a daring demonstration enabled by Google Cloud’s AI capabilities, Formula E successfully charged its GENBETA prototype race car using only regenerative braking during a 1,000-vertical-meter mountain descent – generating enough energy to complete a full lap of the iconic Circuit de Monaco. Leveraging the Gemini API via Google AI Studio, Formula E planned the optimal “Mountain Recharge” route down a French alpine pass, analyzing data in real time to maximize energy recuperation.

The groundbreaking “Mountain Recharge” project, undertaken in collaboration with Google Cloud, Formula E’s Official Cloud Technology Services Partner and Official Cloud Security Partner, highlights the significant energy efficiency of Formula E vehicles. During races, the competing cars must regenerate approximately 40% of their required energy through braking. 

The challenge involved the GENBETA car descending the Col de Braus mountain road in “free-wheel mode”, starting with only minimal energy for system power-up. Driven by Formula E Test Driver James Rossiter, the car successfully generated the 1.6 to 2.0 kWh needed for the 3.337 km Monaco lap solely through gravity and optimized braking – equivalent to fully charging nearly 60 Google Pixel 9 Pro XL devices. The feat was filmed and produced by Red Bull Media House.

To determine the feasibility and plan the execution of the “Mountain Recharge” Formula E utilized several Google Cloud technologies:

Google AI Studio: The Gemini API via Google AI Studio was used to analyze the complex variables of the descent. The AI model helped identify and analyze optimal braking zones, calculate the impact of speed-to-weight ratios and gravitational forces, and refine driving angles to maximize energy regeneration.BigQuery: Google Cloud’s unified, serverless data to AI platform collected, stored, and analyzed real-time telemetry data transmitted from the car during the descent, providing crucial insights for verification and analysis.Firebase: Google Cloud’s application development platform, Firebase was used to rapidly build and host the intuitive dashboard application that allowed race engineers to visualize real-time car telemetry data from BigQuery on their Chromebooks and Pixel devices.NotebookLM: Google’s AI-powered research and writing assistant, NotebookLM, was used throughout the project lifecycle to consolidate technical specifications, logistical plans, and engineering data, streamlining collaboration between Formula E and Google Cloud teams.

Alex Aidan, VP Marketing, Formula E said: 

“This isn’t just another attention grabbing racing story – it’s a case study in how high-efficiency regeneration and cloud-based AI can revolutionise how we think about mobility, energy optimisation and sustainability. The challenge we faced illustrates the kind of real-world problems Google Cloud’s technology and that of our wider partner group can solve – whether it’s regenerative braking for road cars, dynamic route planning for delivery fleets, or efficient energy management in smart cities. It’s about developing technology that is designed to handle everyday circumstances and engineered to outrun. 

“At Formula E and with the GENBETA project, we’re all about pushing the boundaries of what’s possible and doing things others have never dreamed of. The way our partnership with Google Cloud has rapidly evolved and our longstanding relationship with ABB not only shows the potential for technology to transform racing, but how global brands are bringing their narratives and products to life through impactful collaboration.

Guillaume Roques, Senior Director, EMEA Marketing, Google Cloud said: “Google Cloud thrives on helping partners solve unique challenges with data and AI, and the ‘Mountain Recharge’ project is a fantastic demonstration of how AI can tackle complex, real-world challenges. Using our technologies, we were able to model the intricate physics of the descent and precisely calculate the regeneration potential. This isn’t just about race cars; it’s about how our AI capabilities can help any organization optimize for efficiency and sustainability by turning data into actionable insights.”

For more information you can watch the video here and read more in our blog post here. 

Supporting Partners:
The GENBETA project and the ‘Mountain Recharge’ were also supported by GENBETA partners ABB, Hankook and SABIC.

About Formula E and the ABB FIA Formula E World Championship: 

As the world’s first all-electric FIA World Championship and the only sport certified net zero carbon since inception, the ABB FIA Formula E World Championship brings dramatic racing to the heart of some of the world’s most iconic cities providing an elite motorsport platform for the world’s leading automotive manufacturers to accelerate electric vehicle innovation. 

The Formula E network of teams, manufacturers, partners, broadcasters, and host cities are united by a passion for the sport and belief in its potential to accelerate sustainable human progress and create a better future for people and planet. 

www.FIAFormulaE.com 

About ABB: 

ABB is a global technology leader in electrification and automation, enabling a more sustainable and resource-efficient future. By connecting its engineering and digitalization expertise, ABB helps industries run at high performance, while becoming more efficient, productive and sustainable so they outperform. At ABB, we call this ‘Engineered to Outrun’. The company has over 140 years of history and more than 105,000 employees worldwide. ABB’s shares are listed on the SIX Swiss Exchange (ABBN) and Nasdaq Stockholm (ABB). www.abb.com 

About Google Cloud

Google Cloud is the new way to the cloud, providing AI, infrastructure, developer, data, security, and collaboration tools built for today and tomorrow. Google Cloud offers a powerful, fully integrated and optimized AI stack with its own planet-scale infrastructure, custom-built chips, generative AI models and development platform, as well as AI-powered applications, to help organizations transform. Customers in more than 200 countries and territories turn to Google Cloud as their trusted technology partner.

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Poets&Quants™ Names Best & Brightest MBAs of 2025

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2 hours ago

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May 3, 2025

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Annual feature celebrates graduating business students for achievement and influence

SAN FRANCISCO, May 3, 2025 /PRNewswire/ — Poets&Quants, the leading news source for graduate business education, has released its 11th annual Best & Brightest MBAs feature, which honors 100 of the most accomplished full-time MBAs from the Class of 2025.

“This year’s class could be described as more female and more international, with a stronger military presence,” says Jeff Schmitt, Poets&Quants’ senior writer, who launched the series in 2015. “What really distinguished Best & Brightest students this year was that they built things. They launched ventures early in their careers or started clubs or events at their business schools. They weren’t trying to maintain what already existed or follow the usual paths. They were creating something new – and they provided others with enrichment and opportunities as a result.”

This 2025 class features MBA graduates including Wharton School’s Simi Shah, a successful entrepreneur who has been invited to the White House twice and made the 2025 Forbes “30 Under 30” in Media. Mark O’Connell, a graduate of the University of Michigan’s Ross School, helped re-write the U.S. Maines combat training curriculum – and Ohio State’s Kyle Schembechler did the same for the U.S. Field Artillery School. At the University of Virginia’s Darden School, Amanda Golden has transitioned from covering the 2020 presidential election for NBC News to becoming a venture capitalist. By the same token, Evan Rizvi made the leap from opera singer to strategist at Boston University’s Questrom School.

To compile this year’s Best & Brightest MBAs, Poets&Quants reached out to 82 top graduate business schools worldwide to nominate their best candidates for the honor. Responses were judged by P&Q editorial according to four criteria: extracurricular involvement, academic and professional achievements, insightful responses, and faculty recommendations. Ultimately, P&Q received 220 nominations, including submissions from elite institutions ranging from INSEAD to the University of Chicago’s Booth School. By gender, Best & Brightest women outnumber men by a 60-to-40 margin, with 54 students hailing from outside the United States. The Boston Consulting Group also hired 8 Best & Brightest MBAs from the Class of 2025, the most of any employer.

As part of this feature, each MBA receives an in-depth profile, which covers subjects ranging from their proudest achievement to their favorite business movie. Over the coming months, Best & Brightest will also spotlight the best student responses related topics like their favorite faculty members, biggest school myths, and most interesting school traditions. 

The “Best & Brightest MBAs” is the second of a four-part series recognizing the world’s top business students. In April, Poets&Quants For Undergrads unveiled its 100 Best & Brightest Undergraduate Business Majors of 2025. This summer, Poets&Quants will also recognize its “Best & Brightest Executive MBAs” and “Best & Brightest Online MBAs.” In the fall, P&Q will continue its “Meet the Class” series that highlights the top incoming full-time MBA students at over 40 top business schools.

To read about the “100 Best & Brightest MBAs: Class of 2025”, CLICK HERE.

Poets&Quants, a part of Times Higher Education, is the leading resource for complete coverage of graduate business education. We feature multiple tools and authoritative content, including consolidated business school rankings, news and in-depth features, videos, podcasts, searchable directories, and events, empowering our community with information needed to make decisions along their journey from pre- to post-MBA.

Media Contact: Sat Sharma
Chief Revenue Officer
Poets & Quants
(917) 763-4088

This press release was issued through 24-7PressRelease.com. For further information, visit http://www.24-7pressrelease.com.

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