Finance
Fluent Announces First Quarter 2022 Financial Results
-
Q1 2022 income of $89.1 million, up 27% over Q1 2021
-
Web lack of $2.0 million, or $0.02 per share
-
Gross revenue (unique of depreciation and amortization) of $21.5 million, a rise of 12% over Q1 2021 and representing 24.1% of income for the three months ended March 31, 2022
-
Media margin of $26.0 million, up 4% over Q1 2021 and representing 29.1% of income for the three months ended March 31, 2022
-
Adjusted EBITDA of $4.8 million, representing 5.3% of income for the three months ended March 31, 2022
-
Adjusted web revenue of $1.1 million, or $0.01 per share
NEW YORK, Might 09, 2022 (GLOBE NEWSWIRE) — Fluent, Inc. (NASDAQ: FLNT), a number one data-driven efficiency advertising firm, at present reported monetary outcomes for the primary quarter ended March 31, 2022.
Don Patrick, Fluent’s Chief Govt Officer, commented, “Our First Quarter outcomes symbolize the continued progress we’re making in the direction of our long-term strategic progress plan – targeted on constructing prime quality digital experiences for shoppers whereas creating simpler, environment friendly, and scalable buyer acquisition options for entrepreneurs. We proceed to lean into alternatives the place we are able to set up and leverage Fluent model credentials within the market.
We stay assured that this consumer-centric technique represents the profitable highway ahead and enhances our aggressive benefit, and in the end constructing enterprise worth for our stakeholders. It’s foundational that Fluent creates significant downstream experiences for our shoppers and increasing {our relationships} with world-class manufacturers in key business verticals; whereas efficiently positioning us as leaders in an business setting that continues to quickly evolve.”
First Quarter Monetary Abstract
-
Q1 2022 income of $89.1 million, up 27% over Q1 2021
-
Web lack of $2.0 million or $0.02 per share, in comparison with web lack of $6.3 million, or $0.08 per share, in Q1 2021
-
Gross revenue (unique of depreciation and amortization) of $21.5 million, a rise of 12% over Q1 2021 and representing 24.1% of income for the three months ended March 31, 2022
-
Media margin of $26.0 million, a rise of 4% over Q1 2021 and representing 29.1% of income for the three months ended March 31, 2022
-
Adjusted EBITDA of $4.8 million, representing 5.3% of income for the three months ended March 31, 2022
-
Adjusted web revenue of $1.1 million, or $0.01 per share
Media margin, adjusted EBITDA and adjusted web revenue are non-GAAP monetary measures, as outlined and reconciled under.
Enterprise Outlook
-
Strategic shopper relationships driving sturdy demand within the Fluent efficiency market
-
Monetization, as measured by media margin per registration, is up 50% in Q1’22 vs. Q1’21 enabled by improved high quality of visitors, enhanced CRM capabilities and investments in know-how and analytics
-
Growing media footprint whereas extending our attain into new media channels growth to supply extra related content material and presents for shoppers and our manufacturers
-
Newer income streams are producing incremental progress alternatives and enhancing lifetime worth of shoppers on our platform, decreasing reliance on visitors quantity for income progress
-
We anticipate continued progress, with enhanced shopper experiences and media optimizations yielding margin growth over time
Convention Name
Fluent, Inc. will host a convention name on Monday, Might 9, 2022, at 4:30 PM ET to debate its 2022 first quarter monetary outcomes. To hearken to the convention name in your phone, please dial (844) 200-6205 (US), (226) 828-7575 (Canada), or +1 (929) 526-1599 for worldwide callers, and use the participant entry code 796097. To entry the reside audio webcast, go to the Fluent web site at buyers.fluentco.com. Please login a minimum of quarter-hour previous to the beginning of the decision to make sure sufficient time for any downloads that could be required. Following completion of the earnings name, a recorded replay of the webcast might be obtainable for these unable to take part. To hearken to the phone replay, please dial (929) 458-6194 (US), (226) 828-7578 (Canada) or +44 204-525-0658 with the replay passcode 911823. The replay will even be obtainable for one week on the Fluent web site at buyers.fluentco.com.
About Fluent, Inc.
Fluent (NASDAQ: FLNT) is a number one data-driven efficiency advertising firm with experience in creating significant connections between shoppers and types. Leveraging our proprietary first-party database of opted-in shopper profiles, Fluent drives clever progress methods that ship superior outcomes. Based in 2010, the corporate is headquartered in New York Metropolis. For extra data, go to www.fluentco.com.
Secure Harbor Assertion Below the Personal Securities Litigation Reform Act of 1995
The issues contained on this press launch could also be thought-about to be “forward-looking statements” inside the which means of the Securities Act of 1933 and the Securities Change Act of 1934. These statements embrace statements relating to the intent, perception or present expectations or anticipations of Fluent and members of our administration crew. Components at the moment identified to administration that would trigger precise outcomes to vary materially from these in forward-looking statements embrace the next:
-
Compliance with a major variety of governmental legal guidelines and laws, together with these legal guidelines and laws relating to privateness and knowledge;
-
The result of litigation, regulatory investigations or different authorized proceedings during which we’re concerned or could change into concerned; failure to safeguard the non-public data and different knowledge contained in our database;
-
Failure to adequately defend mental property rights or allegations of infringement of mental property rights;
-
Unfavorable world financial circumstances, together with on account of well being and security considerations across the ongoing COVID-19 pandemic;
-
Dependence on our key personnel;
-
Dependence on third-party service suppliers;
-
Administration of the expansion of our operations, together with worldwide growth and the mixing of acquired enterprise models or personnel;
-
The influence of the Visitors High quality Initiative, together with our means to exchange decrease high quality shopper visitors with visitors that meets our high quality necessities;
-
Means to compete and handle media prices in an business characterised by rapidly-changing web media and promoting know-how, evolving business requirements;
-
Regulatory uncertainty, and altering consumer and shopper calls for; administration of unfavorable publicity and damaging public notion about our business;
-
Failure to compete successfully towards different on-line advertising and promoting firms;
-
The competitors we face for net visitors;
-
Dependence on third-party publishers, web search suppliers and social media platforms for a good portion of tourists to our web sites;
-
Dependence on emails, textual content messages and phone calls, amongst different channels, to achieve customers for advertising functions;
-
Legal responsibility associated to actions of third-party publishers;
-
Limitations on our or our third-party publishers’ means to gather and use knowledge derived from consumer actions;
-
Means to stay aggressive with the shift to cellular functions;
-
Failure to detect click-through or different fraud on commercials;
-
The influence of elevated success prices;
-
Failure to fulfill our purchasers’ efficiency metrics or altering wants;
-
Compliance with the covenants of our credit score settlement; and
-
The potential for failures in our inner management over monetary reporting.
These and extra elements to be thought-about are set forth below “Threat Components” in our Annual Report on Kind 10-Okay for the fiscal yr ended December 31, 2021 and in our different filings with the Securities and Change Fee. Fluent undertakes no obligation to replace or revise forward-looking statements to mirror modified assumptions, the incidence of unanticipated occasions or modifications to future working outcomes or expectations.
FLUENT, INC. |
||||||||
March 31, |
December 31, |
|||||||
ASSETS: |
||||||||
Money and money equivalents |
$ |
28,944 |
$ |
34,467 |
||||
Accounts receivable, web of allowance for uncertain accounts of $368 and $313, respectively |
65,023 |
70,228 |
||||||
Pay as you go bills and different present property |
2,138 |
2,505 |
||||||
Complete present property |
96,105 |
107,200 |
||||||
Property and tools, web |
1,298 |
1,457 |
||||||
Working lease right-of-use property |
6,369 |
6,805 |
||||||
Intangible property, web |
34,938 |
35,747 |
||||||
Goodwill |
166,180 |
165,088 |
||||||
Different non-current property |
1,905 |
1,885 |
||||||
Complete property |
$ |
306,795 |
$ |
318,182 |
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY: |
||||||||
Accounts payable |
$ |
12,782 |
$ |
16,130 |
||||
Accrued bills and different present liabilities |
28,823 |
33,932 |
||||||
Deferred income |
701 |
651 |
||||||
Present portion of long-term debt |
5,000 |
5,000 |
||||||
Present portion of working lease legal responsibility |
2,228 |
2,227 |
||||||
Complete present liabilities |
49,534 |
57,940 |
||||||
Lengthy-term debt, web |
39,147 |
40,329 |
||||||
Working lease legal responsibility |
5,213 |
5,692 |
||||||
Different non-current liabilities |
726 |
811 |
||||||
Complete liabilities |
94,620 |
104,772 |
||||||
Contingencies (Notice 10) |
||||||||
Shareholders’ fairness: |
||||||||
Most well-liked inventory — $0.0001 par worth, 10,000,000 Shares licensed; Shares excellent — 0 shares for each intervals |
— |
— |
||||||
Frequent inventory — $0.0005 par worth, 200,000,000 Shares licensed; Shares issued — 83,983,587 and 83,057,083, respectively; and Shares excellent — 79,683,435 and 78,965,260, respectively (Notice 7) |
42 |
42 |
||||||
Treasury inventory, at price — 4,300,152 and 4,091,823 Shares, respectively (Notice 7) |
(11,171 |
) |
(10,723 |
) |
||||
Further paid-in capital |
420,285 |
419,059 |
||||||
Accrued deficit |
(196,981 |
) |
(194,968 |
) |
||||
Complete shareholders’ fairness |
212,175 |
213,410 |
||||||
Complete liabilities and shareholders’ fairness |
$ |
306,795 |
$ |
318,182 |
FLUENT, INC. |
||||||||
Three Months Ended March 31, |
||||||||
2022 |
2021 |
|||||||
Income |
$ |
89,063 |
$ |
70,170 |
||||
Prices and bills: |
||||||||
Value of income (unique of depreciation and amortization) |
67,562 |
50,990 |
||||||
Gross sales and advertising |
3,852 |
2,961 |
||||||
Product improvement |
4,556 |
3,434 |
||||||
Basic and administrative |
11,287 |
11,699 |
||||||
Depreciation and amortization |
3,307 |
3,373 |
||||||
Write-off of intangible property |
128 |
— |
||||||
Complete prices and bills |
90,692 |
72,457 |
||||||
Loss from operations |
(1,629 |
) |
(2,287 |
) |
||||
Curiosity expense, web |
(384 |
) |
(1,008 |
) |
||||
Loss on early extinguishment of debt |
— |
(2,964 |
) |
|||||
Loss earlier than revenue taxes |
(2,013 |
) |
(6,259 |
) |
||||
Earnings tax profit |
— |
1 |
||||||
Web loss |
$ |
(2,013 |
) |
$ |
(6,258 |
) |
||
Fundamental and diluted loss per share: |
||||||||
Fundamental |
$ |
(0.02 |
) |
$ |
(0.08 |
) |
||
Diluted |
$ |
(0.02 |
) |
$ |
(0.08 |
) |
||
Weighted common variety of shares excellent: |
||||||||
Fundamental |
80,889,052 |
81,892,593 |
||||||
Diluted |
80,889,052 |
81,892,593 |
FLUENT, INC. |
||||||||
Three Months Ended March 31, |
||||||||
2022 |
2021 |
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
||||||||
Web loss |
$ |
(2,013 |
) |
$ |
(6,258 |
) |
||
Changes to reconcile web loss to web money (utilized in) supplied by working actions: |
||||||||
Depreciation and amortization |
3,307 |
3,373 |
||||||
Non-cash mortgage amortization expense |
68 |
202 |
||||||
Share-based compensation expense |
988 |
1,231 |
||||||
Non-cash loss on early extinguishment of debt |
— |
2,198 |
||||||
Non-cash accrued compensation expense for Put/Name Consideration |
— |
1,746 |
||||||
Write-off of intangible property |
128 |
— |
||||||
Provision for dangerous debt |
81 |
(99 |
) |
|||||
Modifications in property and liabilities, web of enterprise acquisition: |
||||||||
Accounts receivable |
5,127 |
4,764 |
||||||
Pay as you go bills and different present property |
451 |
(868 |
) |
|||||
Different non-current property |
(13 |
) |
(196 |
) |
||||
Working lease property and liabilities, web |
(42 |
) |
(45 |
) |
||||
Accounts payable |
(3,348 |
) |
5,792 |
|||||
Accrued bills and different present liabilities |
(6,251 |
) |
(7,393 |
) |
||||
Deferred income |
(174 |
) |
562 |
|||||
Different |
(85 |
) |
(32 |
) |
||||
Web money (utilized in) supplied by working actions |
(1,776 |
) |
4,977 |
|||||
CASH FLOWS FROM INVESTING ACTIVITIES: |
||||||||
Capitalized prices included in intangible property |
(1,071 |
) |
(816 |
) |
||||
Enterprise acquisition, web of money acquired |
(971 |
) |
— |
|||||
Acquisition of property and tools |
(7 |
) |
(20 |
) |
||||
Web money utilized in investing actions |
(2,049 |
) |
(836 |
) |
||||
CASH FLOWS FROM FINANCING ACTIVITIES: |
||||||||
Proceeds from issuance of long-term debt, web of debt financing prices |
— |
49,624 |
||||||
Repayments of long-term debt |
(1,250 |
) |
(41,736 |
) |
||||
Train of inventory choices |
— |
934 |
||||||
Prepayment penalty on debt extinguishment |
— |
(766 |
) |
|||||
Taxes paid associated to web share settlement of vesting of restricted inventory models |
(448 |
) |
(624 |
) |
||||
Web money (utilized in) supplied by financing actions |
(1,698 |
) |
7,432 |
|||||
Web (lower) improve in money, money equivalents and restricted money |
(5,523 |
) |
11,573 |
|||||
Money, money equivalents and restricted money at starting of interval |
34,467 |
22,567 |
||||||
Money, money equivalents and restricted money at finish of interval |
$ |
28,944 |
$ |
34,140 |
||||
Definitions, Reconciliations and Makes use of of Non-GAAP Monetary Measures
The next non-GAAP measures are used on this launch:
Media margin is outlined as that portion of gross revenue (unique of depreciation and amortization) reflecting variable prices paid for media and associated bills and excluding non-media price of income. Gross revenue (unique of depreciation and amortization) represents income minus price of income (unique of depreciation and amortization). Media margin can be introduced as proportion of income.
Adjusted EBITDA is outlined as web (loss) revenue excluding (1) revenue taxes, (2) curiosity expense, web, (3) depreciation and amortization, (4) share-based compensation expense, (5) loss on early extinguishment of debt, (6) accrued compensation expense for Put/Name Consideration, (7) goodwill impairment, (8) write-off of intangible property, (9) acquisition-related prices, (10) restructuring and different severance prices, and (11) sure litigation and different associated prices.
Adjusted web revenue is outlined as web (loss) revenue excluding (1) share-based compensation expense, (2) loss on early extinguishment of debt, (3) accrued compensation expense for Put/Name Consideration, (4) goodwill impairment, (5) write-off of intangible property, (6) acquisition-related prices, (7) restructuring and different severance prices, and (8) sure litigation and different associated prices. Adjusted web revenue can be introduced on a per share (primary and diluted) foundation.
Under is a reconciliation of media margin from web loss, which we imagine is probably the most immediately comparable GAAP measure.
Three Months Ended March 31, |
||||||||
2022 |
2021 |
|||||||
Income |
$ |
89,063 |
$ |
70,170 |
||||
Much less: Value of income (unique of depreciation and amortization) |
67,562 |
50,990 |
||||||
Gross revenue (unique of depreciation and amortization) |
$ |
21,501 |
$ |
19,180 |
||||
Gross revenue (unique of depreciation and amortization) % of income |
24 |
% |
27 |
% |
||||
Non-media price of income (1) |
4,449 |
5,690 |
||||||
Media margin |
$ |
25,950 |
$ |
24,870 |
||||
Media margin % of income |
29.1 |
% |
35.4 |
% |
(1) Represents the portion of price of income (unique of depreciation and amortization) not attributable to variable prices paid for media and associated bills.
Under is a reconciliation of adjusted EBITDA from web loss, which we imagine is probably the most immediately comparable GAAP measure.
Three Months Ended March 31, |
||||||||
2022 |
2021 |
|||||||
Web loss |
$ |
(2,013 |
) |
$ |
(6,258 |
) |
||
Earnings tax expense (profit) |
— |
(1 |
) |
|||||
Curiosity expense, web |
384 |
1,008 |
||||||
Depreciation and amortization |
3,307 |
3,373 |
||||||
Share-based compensation expense |
988 |
1,231 |
||||||
Loss on early extinguishment of debt |
— |
2,964 |
||||||
Accrued compensation expense for Put/Name Consideration |
— |
1,746 |
||||||
Write-off of intangible property |
128 |
— |
||||||
Acquisition-related prices (1) |
558 |
— |
||||||
Sure litigation and different associated prices |
1,402 |
668 |
||||||
Adjusted EBITDA |
$ |
4,754 |
$ |
4,731 |
(1) Contains compensation expense associated to the non-competition agreements entered into on account of an acquisition.
Under is a reconciliation of adjusted web revenue and adjusted web revenue per share from web (loss) revenue, which we imagine is probably the most immediately comparable GAAP measure.
Three Months Ended March 31, |
||||||||
(In hundreds, besides share knowledge) |
2022 |
2021 |
||||||
Web loss |
$ |
(2,013 |
) |
$ |
(6,258 |
) |
||
Share-based compensation expense |
988 |
1,231 |
||||||
Loss on early extinguishment of debt |
— |
2,964 |
||||||
Accrued compensation expense for Put/Name Consideration |
— |
1,746 |
||||||
Write-off of intangible property |
128 |
— |
||||||
Acquisition-related prices (1) |
558 |
— |
||||||
Sure litigation and different associated prices |
1,402 |
668 |
||||||
Adjusted web revenue |
$ |
1,063 |
$ |
351 |
||||
Adjusted web revenue per share: |
||||||||
Fundamental |
$ |
0.01 |
$ |
0.00 |
||||
Diluted |
$ |
0.01 |
$ |
0.00 |
||||
Weighted common variety of shares excellent: |
||||||||
Fundamental |
80,889,052 |
81,892,593 |
||||||
Diluted |
80,889,052 |
84,144,209 |
(1) Contains compensation expense associated to the non-competition agreements entered into on account of an acquisition.
We current media margin, as a proportion of income, adjusted EBITDA, adjusted web revenue and adjusted web revenue per share as supplemental measures of our monetary and working efficiency as a result of we imagine they supply helpful data to buyers. Extra particularly:
Media margin, as outlined above, is a measure of the effectivity of the Firm’s working mannequin. We use media margin and the associated measure of media margin as a proportion of income as main metrics to measure the monetary return on our media and associated prices, particularly to measure the diploma by which the income generated from our digital advertising providers exceeds the associated fee to draw the shoppers to whom presents are made by means of our providers. Media margin is used extensively by our administration to handle our working efficiency, together with evaluating operational efficiency towards budgeted media margin and understanding the effectivity of our media and associated expenditures. We additionally use media margin for efficiency evaluations and compensation choices relating to sure personnel.
Adjusted EBITDA, as outlined above, is one other main metric by which we consider the working efficiency of our enterprise, on which sure working expenditures and inner budgets are primarily based and by which, along with media margin and different elements, our senior administration is compensated. The primary three changes symbolize the standard definition of EBITDA, and the remaining changes are objects acknowledged and recorded below GAAP particularly intervals however is likely to be considered as not essentially coinciding with the underlying enterprise operations for the intervals during which they’re so acknowledged and recorded. These changes embrace sure litigation and different associated prices related to authorized issues exterior the unusual course of enterprise, together with prices and accruals associated to the Tax Division, NY AG and FTC issues. Gadgets are thought-about one-time in nature if they’re non-recurring, rare or uncommon and haven’t occurred previously two years or aren’t anticipated to recur within the subsequent two years, in accordance with SEC guidelines. There have been no changes for one-time objects within the intervals introduced.
Adjusted web revenue, as outlined above, and the associated measure of adjusted web revenue per share exclude sure objects which are acknowledged and recorded below GAAP particularly intervals however is likely to be considered as not essentially coinciding with the underlying enterprise operations for the intervals during which they’re so acknowledged and recorded. We imagine adjusted web revenue affords buyers a distinct view of the general monetary efficiency of the Firm than adjusted EBITDA and the GAAP measure of web (loss) revenue.
Media margin, adjusted EBITDA, adjusted web revenue and adjusted web revenue per share are non-GAAP monetary measures with sure limitations relating to their usefulness. They don’t mirror our monetary ends in accordance with GAAP, as they don’t embrace the influence of sure bills which are mirrored in our condensed consolidated statements of operations. Accordingly, these metrics aren’t indicative of our general outcomes or indicators of previous or future monetary efficiency. Additional, they don’t seem to be monetary measures of profitability and are neither supposed for use as a proxy for the profitability of our enterprise nor to indicate profitability. The way in which we measure media margin, adjusted EBITDA and adjusted web revenue is probably not akin to equally titled measures introduced by different firms and is probably not an identical to corresponding measures utilized in our varied agreements.
Contact Info:
Investor Relations
Fluent, Inc.
(212) 785-0431
InvestorRelations@fluentco.com
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Finance
California high schools will require personal finance course for graduation under new bill
![California high schools will require personal finance course for graduation under new bill](https://newsroom.ocde.us/wp-content/uploads/2021/09/CA-state-capitol-1024x643.jpg)
Beginning with the graduating class of 2031, high school students in California will be required to complete one semester of a personal finance course before receiving their diplomas.
On Thursday, Gov. Gavin Newsom signed legislation to require personal finance education for high school graduates after the state Senate and Assembly passed Assembly Bill 2927. This makes California the 26th state to require finance-related instruction for graduating high school seniors.
The standalone course, which would teach students to expand their financial literacy through topics like minimizing bank fees and managing credit scores, would be offered early as the 2027-28 school year.
“Our young people need and deserve a clear understanding of personal finance so that they can make educated financial choices and build stable, successful futures for themselves and their future families,” State Superintendent Tony Thurmond said in a press release. “By adding personal finance to our high school graduation requirements, we acknowledge that managing household finances and building financial stability are essential life skills.”
Superintendent Thurmond, who sponsored the bill, said that “every child should have the opportunity to build these essential skills before navigating adult financial choices.” The content considered for the personal finance curriculum would also include budgeting principles, investment options and consumer protection awareness.
High schoolers may be able to substitute the new personal finance course for their semester-long economics course, which is currently required for graduation throughout the state. School districts and charter schools may also provide students the option to complete a yearlong course to further expand their financial literacy.
In order to enhance the creation of this curriculum, State Superintendent Thurmond announced efforts in March to build a personal finance task force that would support the implementation of these required courses for K-12 students throughout California.
Superintendent Thurmond and the California Department of Education plan to work with education experts from the Instructional Quality Commission to develop a curriculum guide and resources, expected to be adopted in 2026.
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There’s one critical part of employee wellbeing that bosses are forgetting
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The cost of living crisis is weighing on employees. And as companies roll out more unique benefit offerings designed to support staffers, they should spend some time thinking about the financial benefits that workers actually want.
Two out of three U.S. employees ranked financial well-being as the top area within well-being overall in which they want support from their bosses over the next three years, according to a new report from Willis Towers Watson (WTW), an insurance services company. That beat out all other well-being subcategories, including a supportive company culture, mental, emotional, and physical health benefits, and workplace connections.
About 88% of workers are worried about covering their living costs, with 73% concerned about paying for food, 72% distressed about healthcare, 69% fretting over housing, and 66% troubled over transportation, according to the report. Around one in five American employees expect their financial situation to get worse over the next year.
In the past, retirement benefits were the main financial perk that employers would offer to their workers, Mark Smrecek, financial well-being market leader at WTW, tells Fortune. But as costs rise and workplace expectations shift, there’s been an increased emphasis on other meaningful employee benefits.
“As we look at broader lifestyle needs and concerns, the inventory on the employer side is far less equipped to serve its employee base,” he says.
Employers also seem unclear about how much workers actually prize financial well-being benefits. While 66% of U.S. workers want their employer to help them with their financial wellness over the next three years, only 23% of bosses prioritized financial wellness as an aspect of their well-being program.
When it comes to the kind of support they would like to see from employers, around 47% of U.S. workers say they want help growing their savings and wealth, according to the report. That’s followed by 35% who want help getting the most out of the benefits they already have, 33% who would like access to money in an emergency, and 21% want help managing debt. Around 21% want financial insurance, and 11% want help managing student loans.
Smrecek says that growing savings and wealth, as well as getting the most out of benefits, are two relatively traditional requests that employers are comfortable with. But others are more outside their wheelhouse.
“Providing access to money in emergencies and helping manage employee debt are two that are far more emerging from an employee demand point of view,” he says.
Smrecek adds that in addition to fulfilling workers’ specific financial benefit demands, employers need to do three things to best support staffers. He recommends bosses provide solutions that are relevant and accessible to their workforce, like financial literacy coaching and direct access to liquidity. Employers should also supplement those solutions with other less monetary-focused programs like affordable and effective healthcare plans. And companies should be proactive about connecting employees with these benefits.
“As employers look to really address the core need of the employee, how that relates to their business, and how they create value from their benefits, those aspects will drive a lot of the results that they’re looking for,” he says.
Emma Burleigh
emma.burleigh@fortune.com
Around the Table
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Watercooler
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Finance
Philippine finance app allows transfers from US banks to GCash accounts
![Philippine finance app allows transfers from US banks to GCash accounts](https://cdn.i-scmp.com/sites/default/files/styles/og_image_scmp_generic/public/d8/images/canvas/2024/06/27/e904dfe9-842e-474a-a99e-855ce40fa821_fb596d38.jpg?itok=FlCeT46Q&v=1719462666)
[The content of this article has been produced by our advertising partner.]
GCash, the Philippines’ leading finance app and largest cashless ecosystem, brought the spirit of Filipino independence to overseas communities this month. From the vibrant streets of New York City to the sun-kissed shores of California and the cosmopolitan hub of Dubai, GCash connected with Filipino communities to celebrate a mutual heritage and foster stronger ties with the Philippines.
GCash took part in Philippine Independence Day celebrations in New York City, California and Dubai, where it shared important new developments that aim to make digital financial services more accessible and efficient for Filipinos living and working outside their home country.
“At GCash, when we say that ‘finance for all’ is our vision, it means we are driven to go beyond the Philippines and reach as many Filipinos as we can around the globe,” says Paul Albano, general manager, GCash International. “We are honoured to join our community in this distinctly Filipino celebration, and we’re eager to share all the ways GCash has been continuously innovating and enhancing our services to meet the needs of our kababayan [fellow Filipinos] overseas.”
As GCash continues to expand its reach, Filipinos worldwide can look forward to more responsive services, greater financial empowerment and connectivity – bridging the gap between continents and reinforcing the bonds of community and culture.
Coast-to-coast celebrations
This year’s Philippine Independence Day celebrations in the US – marking 126 years of liberation – included a June 2 parade in New York City – the largest outside the Philippines. The Philippine Independence Day Council Inc. (PIDCI), a non-profit umbrella organisation of the National Federation of Filipino-American Associations up and down the US East Coast, hosted the event. Now in its 34th year, the parade has grown to become an annual celebration of Filipino culture and a display of national pride, strengthening familial and community ties.
At a booth set up during a street fair in New York City celebrating independence, GCash showcased its partnerships with financial institutions such as Meridian, an instant payment technology company headquartered in New York. The collaboration effectively synergises US-based financial services and the mobile wallets that have become part of daily life across the Philippines.
On June 8, over on the US West Coast, the city of Carson, California held a day of festivities for its own Philippine Independence Day celebrations. The community event, held at Veterans Park, featured food booths, a parade and cultural presentations – all showcasing Filipino culture, as well as offering individuals the opportunity to come together with family and friends.
GCash also set up booths to share the latest updates about its financial services, including its international expansion and its position as a seamless digital financial solution for Filipinos overseas. The app is now available for download in the US using a US mobile phone number. Cashing in and sending money have been made easier and more convenient through direct cash-ins.
![GCash booths in the city of Carson, California, with attendees learning about the company’s fintech solutions via its app, as well as its recent partnership with Meridian.](https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2024/06/27/8c47ce50-8565-4db6-a265-fb7b2cccc2c2_3a0915fa.jpg)
Collaboration enables international transfers
GCash’s partnership with Meridian has enabled the direct in-app transfer of American-based user funds from more than 12,000 banks to GCash accounts. Upon cash-ins, which come with a US$1 fee per transaction, the service automatically converts dollar amounts into Philippine pesos, with competitive foreign exchange rates.
“At GCash, we want to help with the most important thing for our countrymen abroad: how they can care for their families and maintain connections with their loved ones despite the distance,” Albano says. “With GCash’s international expansion, this is exactly what we are doing. We’re making it possible for Filipinos overseas to take better control of their finances, and sending money to the Philippines is more convenient with our competitive rates.”
Celebrating Philippine-UAE partnerships
In the United Arab Emirates (UAE), the Filipino community gathered at the Independence Day celebrations held at the Dubai World Trade Centre. The event, which featured cultural presentations and tributes to Filipino traditions, celebrated the continuous contributions of overseas Filipinos towards nation-building efforts between the two countries. It also honoured 50 years of diplomatic relations between the UAE and the Philippines.
At the event’s bazaar, GCash showcased its global expansion efforts to Filipinos who have made a second home in the UAE, sharing its latest innovations that aim to empower members of the Filipino community working overseas by giving them more control of their finances via the app.
![GCash staff and brand ambassadors showcase the company’s latest innovations and international expansion drive to the Filipino community at the 126th Kalayaan 2024 celebrations held at the Dubai World Trade Centre.](https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2024/06/27/50db9307-da13-4954-b34a-d07b07d05a4e_3a6d37ea.jpg)
International expansion to reach millions of Filipinos overseas
GCash announced in March that it has expanded its international reach and fully launched its global push following approval from the Bangko Sentral ng Pilipinas, the central bank of the Philippines, in 14 territories. Users in the US, Canada, Italy, the UK, Australia, Japan, the UAE, Qatar, South Korea, Taiwan, Hong Kong, Spain, Germany and Singapore can now use international mobile numbers to sign up for the GCash app. Approval for Kuwait and Saudi Arabia is expected to follow in the second half of this year.
With its expansion outside the Philippines, GCash is able to serve and empower more Filipinos, wherever they may be based. In addition to free real-time money transfers between GCash wallets for convenient access to funds, as well as the ability to buy prepaid credits for loved ones back home, GCash users abroad can now directly pay their bills, including utilities, tuition fees and government bills such as taxes, as well as making payments to more than 1,900 Philippine merchants.
To access GCash outside the Philippines, users with an active international SIM card can download the app from Google Play, App Store or Huawei AppGallery.
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