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LENDINGTREE REPORTS THIRD QUARTER 2024 RESULTS

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Revenue Growth of 68% Powered by Strong Insurance Performance, Strengthening Consumer Segment

Consolidated revenue of $260.8 millionGAAP net loss of $(58.0) million or $(4.34) per diluted share, including $(58.4) million of non-cash impairment of equity investmentsVariable marketing margin of $77.2 millionAdjusted EBITDA of $26.9 millionAdjusted net income per share of $0.80

CHARLOTTE, N.C., Oct. 31, 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 September 30, 2024.

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

“Our Insurance segment had another quarter of tremendous growth, as revenue increased 210% compared to the prior year period.  Improving results in personal loans and a 32% YoY increase in small business revenue drove 6% sequential growth in the Consumer segment revenue,” said Doug Lebda, Chairman and CEO.  “As we look forward to next year, we believe the company is positioned to improve performance across all three of our reportable segments.”

Scott Peyree, President and COO, commented, “Our Insurance business is generating record levels of revenue and VMD and should maintain momentum into 2025 as segment margin has stabilized.  We are optimistic forecasted easing of interest rates by the Fed, along with a stable economy, will benefit our Consumer and Home segments next year.”

Jason Bengel, CFO, added, “Our outlook for continued growth, coupled with ongoing expense discipline and targeted investment initiatives, lays the groundwork for improving financial results.  As our balance sheet continues to strengthen and leverage declines, we will evaluate optimizing our capital structure to lower interest expense.”

Third Quarter 2024 Business Results

Home segment revenue of $32.2 million decreased 4% over third quarter 2023 and produced segment profit of $9.3 million, down 18% over the same period.Within Home, revenue from Home Equity of $21.0 million increased 5% over prior year.Consumer segment revenue of $59.5 million declined 12% over third quarter 2023, and grew 6% sequentially.Within Consumer, personal loans revenue of $27.8 million increased 5% over prior year.Revenue from our small business offering increased 32% over prior year.Insurance segment revenue of $169.1 million increased 210% over third quarter 2023 and translated into record segment profit of $41.4 million, up 77% over the same period.

LendingTree Summary Financial Metrics

(In millions, except per share amounts)

Three Months Ended

September 30,

Y/Y

Three Months Ended
June 30,

Q/Q

2024

2023

% Change

2024

% Change

Total revenue

$     260.8

$    155.2

68 %

$                     210.1

24 %

(Loss) income before income taxes

$     (57.5)

$  (152.0)

62 %

$                         9.4

— %

Income tax (expense) benefit

$       (0.5)

$        3.5

(114) %

$                        (1.6)

69 %

Net (loss) income

$     (58.0)

$  (148.5)

61 %

$                         7.8

— %

Net (loss) income % of revenue

(22) %

(96) %

4 %

(Loss) income per share

Basic

$     (4.34)

$  (11.43)

$                       0.58

Diluted

$     (4.34)

$  (11.43)

$                       0.58

Variable marketing margin

Total revenue

$     260.8

$    155.2

68 %

$                     210.1

24 %

Variable marketing expense (1) (2)

$   (183.6)

$    (87.5)

110 %

$                   (139.2)

32 %

Variable marketing margin (2)

$       77.2

$      67.7

14 %

$                       70.9

9 %

Variable marketing margin % of revenue (2)

30 %

44 %

34 %

Adjusted EBITDA (2)

$       26.9

$      21.8

23 %

$                       23.5

14 %

Adjusted EBITDA % of revenue (2)

10 %

14 %

11 %

Adjusted net income (2)

$       10.9

$        7.9

38 %

$                         7.2

51 %

Adjusted net income per share (2)

$       0.80

$      0.61

31 %

$                       0.54

48 %

(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

September 30,

Y/Y

Three Months Ended
June 30,

Q/Q

2024

2023

% Change

2024

% Change

Home (1)

Revenue

$       32.2

$      33.4

(4) %

$                       32.2

— %

Segment profit

$         9.3

$      11.3

(18) %

$                         9.3

— %

Segment profit % of revenue

29 %

34 %

29 %

Consumer (2)

Revenue

$       59.5

$      67.3

(12) %

$                       55.9

6 %

Segment profit

$       28.0

$      34.4

(19) %

$                       26.9

4 %

Segment profit % of revenue

47 %

51 %

48 %

Insurance (3)

Revenue

$     169.1

$      54.5

210 %

$                     122.1

38 %

Segment profit

$       41.4

$      23.4

77 %

$                       36.4

14 %

Segment profit % of revenue

24 %

43 %

30 %

Other (4)

Revenue

$          —

$          —

— %

$                           —

— %

(Loss)

$          —

$         —

— %

$                        (0.1)

100 %

Total revenue

$     260.8

$    155.2

68 %

$                     210.1

24 %

Total segment profit

$       78.6

$      69.1

14 %

$                       72.5

8 %

     Brand marketing expense (5)

$       (1.4)

$       (1.4)

— %

$                        (1.6)

(13) %

Variable marketing margin

$       77.2

$      67.7

14 %

$                       70.9

9 %

Variable marketing margin % of revenue

30 %

44 %

34 %

(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.

(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, which implies the following fourth quarter outlook:

Full-year 2024:

Revenue of $870 – $880 million versus the prior range of $830 – $870 millionVariable Marketing Margin of $287 – $292 million, compared to $280 – $300 million previouslyAdjusted EBITDA of $92 – $95 million versus $85 – $95 million previously

Fourth-quarter 2024:

Revenue: $231 – $241 millionVariable Marketing Margin: $69 – $74 millionAdjusted EBITDA: $20 – $23 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 third quarter 2024 financial results will be webcast live today, October 31, 2024 at 4:30 PM Eastern Time (ET). The live webcast 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

September 30,
2024

June 30,
2024

September 30,
2023

(in thousands)

Selling and marketing expense

$      193,542

$      148,387

$        97,244

Non-variable selling and marketing expense (1)

(9,976)

(9,140)

(9,805)

Variable marketing expense

$      183,566

$      139,247

$        87,439

(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 (loss) income, the most directly comparable table GAAP measure, to variable marketing margin and net (loss) income % 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

September 30,
2024

June 30,
2024

September 30,
2023

(in thousands, except percentages)

Net (loss) income

$     (57,978)

$          7,752

$  (148,465)

Net (loss) income % of revenue

(22) %

4 %

(96) %

Adjustments to reconcile to variable marketing margin:

Cost of revenue

9,372

8,411

7,570

Non-variable selling and marketing expense (1)

9,976

9,140

9,805

General and administrative expense

26,680

27,118

26,380

Product development

11,190

10,374

10,840

Depreciation

4,584

4,601

4,760

Amortization of intangibles

1,466

1,467

1,981

Goodwill impairment

—

—

38,600

Restructuring and severance

273

202

1,955

Litigation settlements and contingencies

3,762

(7)

(150)

Interest expense (income), net

10,060

1,201

7,097

Other expense (income)

57,391

(1,052)

110,910

Income tax expense (benefit)

447

1,686

(3,534)

Variable marketing margin

$        77,223

$        70,893

$        67,749

Variable marketing margin % of revenue

30 %

34 %

44 %

(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 (loss) income, the most directly comparable table GAAP measure, to adjusted EBITDA and net (loss) income % 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

September 30,
2024

June 30,
2024

September 30,
2023

(in thousands, except percentages)

Net (loss) income

$     (57,978)

$          7,752

$  (148,465)

Net (loss) income % of revenue

(22) %

4 %

(96) %

Adjustments to reconcile to adjusted EBITDA:

Amortization of intangibles

1,466

1,467

1,981

Depreciation

4,584

4,601

4,760

Restructuring and severance

273

202

1,955

Loss on impairments and disposal of assets

6

413

88

Loss on impairment of equity investments

58,376

—

113,064

Goodwill impairment

—

—

38,600

Non-cash compensation

6,859

7,437

8,592

Litigation settlements and contingencies

3,762

(7)

(150)

Interest expense (income), net

10,060

1,201

7,097

Dividend income

(982)

(1,225)

(2,154)

Income tax expense (benefit)

447

1,686

(3,534)

Adjusted EBITDA

$        26,873

$        23,527

$        21,834

Adjusted EBITDA % of revenue

10 %

11 %

14 %

LENDINGTREE’S RECONCILIATION OF NON-GAAP MEASURES TO GAAP

Adjusted Net Income

Below is a reconciliation of net (loss) income, the most directly comparable table GAAP measure, to adjusted net income and net (loss) income 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

September 30,
2024

June 30,
2024

September 30,
2023

(in thousands, except per share amounts)

Net (loss) income

$     (57,978)

$          7,752

$  (148,465)

Adjustments to reconcile to adjusted net income:

Restructuring and severance

273

202

1,955

Goodwill impairment

—

—

38,600

Loss on impairments and disposal of assets

6

413

88

Loss on impairment of equity investments

58,376

—

113,064

Non-cash compensation

6,859

7,437

8,592

Litigation settlements and contingencies

3,762

(7)

(150)

Gain on extinguishment of debt

(416)

(8,619)

—

Income tax expense (benefit) from adjusted items

—

—

(5,764)

Adjusted net income

$        10,882

$          7,178

$          7,920

Net (loss) income per diluted share

$         (4.34)

$            0.58

$       (11.43)

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

5.16

(0.04)

12.04

Adjustments to reconcile effect of dilutive securities

(0.02)

—

—

Adjusted net income per share

$            0.80

$            0.54

$            0.61

Adjusted weighted average diluted shares outstanding

13,555

13,407

12,999

Effect of dilutive securities

206

—

6

Weighted average diluted shares outstanding

13,349

13,407

12,993

Effect of dilutive securities

—

150

—

Weighted average basic shares outstanding

13,349

13,257

12,993

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 June 30, 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

Neopets Turns 25: A Virtual World that Shaped Generations

Published

2 minutes ago

on

November 25, 2024

By

Childhood Dreams Become Reality as Gaming Icon Comes to Life

LOS ANGELES, Nov. 25, 2024 /PRNewswire/ — Neopets, the virtual universe that defined countless millennial childhoods, is breaking through screens and into reality as it celebrates its 25th anniversary! Fans are invited to dive back into the magical world of Neopia like never before. In honor of 25 years of shared joy, Neopets is launching a vibrant lineup of real-world events, pop-up gatherings, and tasty collaborations, sparking what fans are calling “The Neopian Renaissance.” These festivities offer a unique opportunity for devoted fans – who have kept the spirit of Neopia alive for a quarter-century – to connect face-to-face. It’s an open invitation for both old longtime players and new friends to unite and create new memories together.

(Download Full Media Pack & Detailed List of the Cities Here)

Dominic Law, CEO of Neopets, shared his thoughts on this milestone: “As Neopets marks its 25th anniversary, I can’t help but marvel at my own journey. Once, I was just another kid trading items and staying up late for quests, using Neopets to keep bonds alive with friends across oceans as I moved from Canada to Hong Kong. Today, I’m living a childhood dream, stewarding the very world that shaped my youth. This milestone celebrates more than just a game – it honors millions of friendships forged in Neopia, countless adventures shared, and a community that has made this virtual world feel like home. As we look to the next 25 years, I’m grateful to our passionate fans and partners who keep the magic of Neopets alive.

Virtual to Reality: Neopets Transforms 25-years of Digital Friendships

With fans spread across the globe; we are thrilled to support offline events throughout November. The love and enthusiasm from our community have been truly overwhelming, with close to 300 dedicated fans applying to host gatherings around the globe. These local celebrations have brought Neopets’ magic off the computer and into the real-world, creating a unique opportunity for fans to meet in person, many for the first time ever, bonding over the special place Neopets has in their heart. It’s heartwarming to see people who grew up exploring Neopia together reconnect, reliving cherished childhood memories while making new ones with their lifelong virtual companions. Participants bonded over cosplay contests, trivia challenges, and gaming sessions, crafting unforgettable experiences that elevated shared nostalgia to a whole new level.

These gatherings have become more than just meetups; they’re a phenomenon transcending online friendships from screens to long-lasting connections. They also stand as a testament to the enduring power of Neopets as a virtual companion in people’s lives for 25 years. With over 5,000 attendees across 40 cities, the response has been nothing short of extraordinary, bringing fans together to share stories and unforgettable memories. We have heard many incredibly heartwarming stories, but one that has stood out to us the most have been from our San Jose event host and Community Ambassador, Kay. She shared that Neopets has always been more than just a game; it’s a community that feels like family. Her daily interactions with her guildmates in Omneo have brought laughter, support, and friendships. “They make me laugh, they support me, they are lifelong friends. Many of them I’ve met in real life, but I leapt at the opportunity to get to know my Neopian neighbors better”. This event was also a touching tribute to a family tradition that began when her little sister introduced her to Neopets in 2000, “I’ve been making neofriends ever since”.

The incredible response from our meetups has inspired us to keep the celebrations going, with the next big gathering set for Asia at the Anime Festival Asia (AFA) – the largest anime convention in the region – this November in Singapore. Building on the success of our fan-led events, we’re bringing the celebratory spirit overseas, giving more fans the chance to be part of the magic. At AFA, Neopets will come to life with interactive experiences, exclusive merchandise, and spaces for fans to connect in person, celebrating their shared love for the game in a festive and immersive setting. It’s a chance to celebrate, shop, and meet others who share a love for the game.

From Pixels to Plates: Neopets Takes Over Fan-Favorite F&B brands

For fans who missed out on in-person events, or those craving even more ways to celebrate, Neopets has teamed up with some of the most popular food, and beverage spots to add a dash of Neopia to daily life. Get ready to set Instagram feeds ablaze with cult-favorite food spots to create photo-worthy experiences that are already generating waitlists:

Tsun Scoops (November 17 – December 14) in Garden Grove, CA, will serve limited-edition ice cream flavors inspired by Neopia, alongside Neopets-branded cups, spoons, and collectible merchandise.Yifang Taiwan Fruit Tea (November 25 – December 25) will transform nine California locations into Neopian outposts with themed drinksand exclusive cup sleeves, featuring characters like Kacheek and Aisha.It’s Boba Time (May 2025) in 100 locations across the US will feature Neopets-themed décor and giveaways, making every visit a mini Neopian party with collectible pins and stickers.

These partnerships are designed to be more than a simple treat; they’re a chance for fans to live in the world of Neopets in a whole new way and make every sip, spoonful, or visit a small, delightful toast to the game.

As Neopets celebrates 25 years, this milestone year shows how much love the community has for the brand, and it’s just the beginning. From local fan-led events and global conventions to delicious treats, Neopets is building on its iconic IP to bring the Neopian experience into everyday life. With a renewed focus on being the ultimate virtual companion and a source of joy and nostalgia, Neopets is here to stay, ready to grow and inspire the next generation of fans for years to come.

About Neopets

Founded in 1999, Neopets is the first digital native virtual pet platform that has captured the hearts of over 150 million players worldwide. Under new leadership since July 2023, Neopets has launched a robust revival, bringing back 100+ classic mini-games, introducing new storylines, and expanding into mobile gaming. Through strategic partnerships in collectibles, merchandise, and tabletop gaming, Neopets bridges digital and physical experiences while maintaining its core values of creativity and community. Now celebrating its 25th anniversary, Neopets continues to evolve as an inclusive entertainment brand that connects generations of players through shared adventures in Neopia.

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Plus Power Battery Storage Project Wins Public Service Company of New Mexico Award

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November 25, 2024

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The 150 MW / 600 MWh project will support grid reliability and economic development in New Mexico, while moving New Mexico toward its clean energy goals
Win represents Plus Power’s 6th announced market and 3rd large tolling agreement

THE WOODLANDS, Texas, Nov. 25, 2024 /PRNewswire/ — Today, Plus Power announced that its 150 MW / 600 MWh Corazon Energy Storage project was awarded a 20-year contract by Public Service Company of New Mexico (PNM), subject to regulatory approvals, in response to the utility’s 2026-2028 Generation Resources Request for Proposals. The RFP was issued in 2022 and sought projects that will help serve growing energy demand in New Mexico as it transitions to zero-carbon energy by 2045. PNM filed with the New Mexico Public Regulation Commission for approval of the project on Nov. 22, 2024.

If approved, Corazon Energy Storage, located in Albuquerque, will begin construction in 2026, with an anticipated commercial operation date in late 2027. The facility will enhance grid reliability by storing excess energy and injecting it back into the grid during peak hours in the evening, weather events, and unexpected demand. Plus Power and PNM signed a tolling agreement, by which Plus Power retains ownership of the facility while PNM can charge and dispatch energy according to its needs.

Corazon Energy Storage will help integrate New Mexico wind and solar energy. PNM, the largest utility in New Mexico, has identified battery energy storage as a key component in its plan to make its electric generation 100-percent carbon-free by 2040, five years ahead of the state’s goal. Corazon will interconnect to the grid at Pajarito Substation, which is located centrally to PNM’s system, to store and dispatch energy from renewable resources.

Corazon Energy Storage will also provide much-needed capacity to support PNM’s customer load requirements.

“We are excited to support PNM customers’ energy demand needs while it works to transition to clean, affordable energy. Our project will help to ensure the reliability and sustainability of New Mexico’s electricity system,” said Brandon Keefe, executive chairman and CEO of Plus Power. “We look forward to a long partnership with PNM and the surrounding community.”

With Corazon Energy Storage, Plus Power is expanding its presence in the Southwest and entering its sixth state market. An industry-leading developer, owner, and operator of standalone battery energy storage assets, the company’s portfolio includes 10 GW of projects in 28 states and Canada. It owns seven operating facilities located in Arizona, Texas, and Hawaii, and two facilities under construction in Maine and Massachusetts, that total 1,650 MW / 4,150 MWh.

Plus Power’s 185 MW / 565 MWh Kapolei Energy Storage facility on Oahu, Hawaii is the most advanced grid-scale battery energy storage system in the world and is helping Hawaiian Electric replace the capacity of a retired coal power plant less than a mile away. Its 250 MW / 1,000 MWh Sierra Estrella Energy Storage facility, located in Avondale, AZ, is currently the largest standalone battery in Arizona and its Rodeo Ranch Energy Storage facility, sized up to 300 MW / 600 MWh, is the largest standalone battery in ERCOT.

About Plus Power

The Plus Power team is accelerating the deployment of transmission-connected battery energy storage throughout the United States. Plus Power develops, owns, and operates standalone battery energy storage systems that provide capacity, energy, and ancillary services, enabling the rapid integration of renewable generation resources. Headquartered near Houston, with offices in San Francisco, Chicago, and Miami, Plus Power operates at the nexus of energy, technology, and finance. For more information, visit www.pluspower.com.

Contact:
Polly Shaw
pshaw@pluspower.com
+1-415-577-5763

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Open Networking & Edge Summit 2025 Heads to London, Alongside KubeCon + CloudNativeCon Europe, March 31 – April 1, 2025

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November 25, 2024

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Celebrating over a decade of thought leadership in open networking, the Open Networking and Edge Summit (ONE Summit) has served tens of thousands of attendees from across 5 continents and 200+ countries, from Enterprise, Cloud and Telecom EcosystemsLF Networking will also host the Cloud Native Telco Day on April 1 as part of KubeCon + CloudNativeCon EuropeThe open networking & edge industry will gather alongside the cloud native ecosystem to shape the future of Domain-specific AI, LLMs, Edge/IoT, Open RAN, Enhanced Connectivity / Access, Enterprise and Multi-Cloud Networking, 5G/6G, Security, and more

SAN FRANCISCO, Nov. 25, 2024 /PRNewswire/ — LF Networking, the facilitator of collaboration and operational excellence across open source networking projects, announced the next Open Networking & Edge Summit event will take place March 31 in London ahead of KubeCon + CloudNativeCon Europe. The event will be followed by a half-day “Cloud Native Telco Day” event officially co-located with KubeCon + CloudNativeCon. Attendees are encouraged to attend both events at the same venue over two days to get the full experience.

The Open Networking & Edge Summit has been a pivotal event for the open networking and edge industry, bringing together leaders, innovators, and stakeholders from across the globe to drive advancements in open networking and edge computing. Since its inception over 10 years ago, the summit has served as a premier platform to discuss, develop, and showcase transformative technologies that define the future of connectivity and infrastructure. Discussion topics range across the stack, including: Domain-specific AI, LLMs, Edge/IoT, Open RAN, Enhanced Connectivity / Access, Enterprise and Multi-Cloud Networking, 5G/6G, Security, and more.

“Hosting Open Networking & Edge Summit alongside KubeCon + CloudNativeCon creates an unparalleled opportunity for collaboration across the open source ecosystem,” said Arpit Joshipura, general manager, Networking, Edge and IoT at the Linux Foundation. “Bringing together the vibrant open networking community under the same roof as the cloud native community will empower attendees to extend their knowledge and maximize their time while also shaping the next wave of innovation.”

Each year, the Open Networking & Edge Summit continues to be a catalyst for technological innovation and industry growth, shaping the path forward in a rapidly evolving digital landscape. Through collaborative sessions, keynote speeches, and hands-on demonstrations, the summit empowers the ecosystem to address key challenges, exchange insights, and accelerate the adoption of open source solutions. This event has been instrumental in fostering a community dedicated to advancing cloud-native networking, edge computing, and IoT, with a focus on real-world applications that enhance performance, reduce costs, and create a more interconnected world.

Registration & CFPs

Registration for Open Networking & Edge Summit will open. Registration for Cloud Native Telco Day is a free add-on to KubeCon + CloudNativeCon registration and includes access to the full event beyond Cloud Native Telco Day. Registration for KubeCon + CloudNativeCon EU is not yet open, but details will be available here shortly.

Open Networking and Edge Summit will be a curated event and agenda details will be available in 2025; meanwhile, the Call for Proposals (CFP) for Cloud Native Telco Day is now open through December 4, 2024.  Developers, architects, engineers and others are encouraged to submit technical topics to be considered for the half-day event.

Sponsorship

Open Networking & Edge Summit is made possible thanks to our generous sponsors. For information on becoming an event sponsor, view the sponsorship prospectus, or email the team for more information.

Sponsorships for Cloud Native Telco Day are available through the CNCF sponsorship team; learn more here.

About the Linux Foundation

The Linux Foundation is the world’s leading home for collaboration on open source software, hardware, standards, and data. Linux Foundation projects are critical to the world’s infrastructure including Linux, Kubernetes, Node.js, ONAP, OpenChain, OpenSSF, PyTorch, RISC-V, SPDX, Zephyr, and more. The Linux Foundation focuses on leveraging best practices and addressing the needs of contributors, users, and solution providers to create sustainable models for open collaboration. For more information, please visit us at linuxfoundation.org.

The Linux Foundation has registered trademarks and uses trademarks. For a list of trademarks of The Linux Foundation, please see our trademark usage page: https://www.linuxfoundation.org/trademark-usage. Linux is a registered trademark of Linus Torvalds.

Media Contact
Jill Lovato
The Linux Foundation
jlovato@linuxfoundaiton.org

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SOURCE LF Networking

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