BuzzFeed, Inc. Completes Strategic and Organizational Changes Following a Transformative 2024

Rhea-AI Summary

BuzzFeed (NASDAQ: BZFD) reported its Q4 and full-year 2024 financial results, showing mixed performance in its transformation efforts. Full-year revenue declined 18% to $189.9 million, while net loss improved to $34.0 million from $55.7 million in 2023.

Key highlights include:

• Advertising revenue fell 17% to $94.4 million
• Content revenue decreased 49% to $33.9 million
• Commerce revenue grew 23% to $61.7 million
• Achieved positive Adjusted EBITDA of $5.5 million

The company announced development of BF Island, a new social platform set for Q2 beta testing. For 2025, BuzzFeed projects revenue between $195-210 million (3-10% growth) and Adjusted EBITDA of $10-20 million. The company ended 2024 with $38.6 million in cash, up $3.0 million from 2023.

Positive

• Positive Adjusted EBITDA of $5.5M for 2024
• Commerce revenue grew 23% YoY to $61.7M
• Cash position improved by $3.0M to $38.6M
• Projected 3-10% revenue growth for 2025
• Reduced net loss from $55.7M to $34.0M

Negative

• Total revenue declined 18% YoY to $189.9M
• Advertising revenue fell 17% to $94.4M
• Content revenue dropped 49% to $33.9M
• Time Spent declined 3% YoY to 297.9M hours
• Q4 net loss of $3.8M vs $4.4M profit in Q4 2023

Insights

Financial Analyst

BuzzFeed's Q4/FY2024 results reveal a strategic transformation that's starting to deliver meaningful financial improvements despite headline revenue challenges. While total revenue declined 18% to $189.9 million, this reflects an intentional pivot away from lower-margin business lines toward more profitable revenue streams.

The financial improvements are substantial: net loss narrowed by $21.7 million to $34.0 million, and the company achieved positive Adjusted EBITDA of $5.5 million – a $17.1 million improvement year-over-year. Most importantly, BuzzFeed has strengthened its balance sheet, reducing debt and increasing cash to $38.6 million.

The revenue mix transformation is particularly noteworthy. High-margin commerce revenue grew 23% to $61.7 million, now representing nearly a third of total revenue. Meanwhile, programmatic advertising remained resilient at $64.9 million despite overall advertising declines, showing the effectiveness of the company's tech optimization.

Q4 results suggest accelerating improvements, with Time Spent up 10% year-over-year and loyal user metrics reaching two-year highs. The $500 million in attributable transactions for commerce partners demonstrates the growing monetization potential of BuzzFeed's audience.

The 2025 guidance projecting 3-10% revenue growth and doubled Adjusted EBITDA at midpoint indicates management's confidence that the strategic transformation is yielding sustainable improvements. The development of BF Island represents a longer-term bet on creating more direct audience relationships and potentially unlocking new revenue streams beyond traditional digital media models.

Tech Industry Expert

BuzzFeed's technology-driven transformation shows substantial progress in the metrics that matter most for digital media sustainability. The company is effectively pivoting to tech-enabled, high-margin revenue streams while optimizing audience engagement through data and AI.

The 26% growth in affiliate commerce revenue to $59.6 million demonstrates successful implementation of recommendation algorithms and content optimization. Meanwhile, programmatic advertising has remained resilient at $64.9 million despite broader advertising declines, indicating effective audience targeting and inventory management technologies.

Audience engagement metrics validate BuzzFeed's technical approach to content distribution. The 10% year-over-year improvement in Q4 Time Spent and the 48% loyal user retention rate (highest in two years) suggest their content recommendation systems are successfully driving deeper engagement. Particularly impressive is outpacing competitors in Time Spent metrics while simultaneously improving monetization efficiency.

The BF Island initiative represents an ambitious attempt to create a proprietary social platform in a crowded landscape. While details remain , the Q2 beta timeline suggests development is well underway. Success will depend on creating distinctive user experiences that leverage BuzzFeed's content creation expertise while delivering unique social interactions not available on established platforms.

BuzzFeed's technology investments address two critical industry challenges: reducing platform dependency and capitalizing on first-party data. By strengthening direct audience relationships, the company is building resilience against third-party algorithm changes while developing valuable data assets that will become increasingly important as third-party cookies disappear.

Company Strengthens Balance Sheet, Grows High-Margin Revenue Streams, and Expands AI-Driven Innovation

NEW YORK--(BUSINESS WIRE)-- BuzzFeed, Inc.’s (“BuzzFeed” or the “Company”) (Nasdaq: BZFD) fourth quarter and full year (ended December 31, 2024) financial results were in line with its outlook shared in December, demonstrating progress in stabilizing operations and positioning the business for long-term growth. Following a strategic transformation in 2024, BuzzFeed is optimistic about the year ahead and is committed to bettering operational efficiency and improving monetization across the Company’s owned and operated sites and apps.

“BuzzFeed has always been at the forefront of digital media, evolving with industry shifts and embracing new technologies,” said Jonah Peretti, BuzzFeed Founder & CEO. “2024 was a transformational year as we strengthened our fundamentals, streamlined operations, and scaled our high-margin revenue streams. By leveraging AI to optimize our tech and advertising, enhance audience engagement, and explore R&D for BF Island, we have positioned BuzzFeed for long-term success in the AI era.”

As part of this strategy, BuzzFeed recently announced the development of BF Island, a new social platform designed to reimagine how people create, share, and engage with content. This ambitious long-term investment aligns with the Company’s vision of fostering creativity and fun while building a more direct relationship with audiences. The Company plans to begin private beta testing BF Island with users in Q2.

“We’ve significantly reduced our debt and strengthened our balance sheet, putting us in a much stronger financial position heading into 2025,” said Matt Omer, BuzzFeed CFO. “With a leaner, more focused operation, we’re prioritizing high-margin, tech-enabled revenue streams like programmatic advertising, affiliate commerce, and AI-driven innovation. These moves give us the flexibility to invest in long-term growth while driving sustainable profitability.”

2024 Full Year Financial and Operational Highlights for Continuing Operations¹

• BuzzFeed delivered Full Year 2024 revenues of $189.9 million, declining 18% compared to 2023.
  • ○ Advertising revenue declined 17% year-over-year to $94.4 million, reflecting an intentional shift away from lower-margin, direct-sold advertising.
    • Programmatic advertising remained relatively flat year-over-year at $64.9 million.
  • Content revenue declined 49% year-over-year to $33.9 million, primarily due to a decrease in direct-sold deals and fewer studio projects.
  • Commerce and other revenues grew 23% year-over-year to $61.7 million, driven by strong affiliate commerce performance.
    • Affiliate commerce increased 26% year-over-year to $59.6 million.
• Net loss from continuing operations improved to $34.0 million, compared to a net loss from continuing operations of $55.7 million in 2023, a result of successful cost savings and operational efficiencies.
• Adjusted EBITDA² improved by $17.1 million year-over-year, achieving positive Adjusted EBITDA of $5.5 million for the full year 2024.
• In 2024, audience Time Spent³ with our content totaled 297.9 million hours, reflecting a 3% decline year-over-year, though we continue to outpace the competition.
• BuzzFeed ended the period with cash and cash equivalents of approximately $38.6 million, an increase of $3.0 million compared to 2023.

Fourth Quarter 2024 Financial and Operational Highlights for Continuing Operations

• BuzzFeed delivered Q4 revenues of $56.2 million, declining 20% compared to the fourth quarter of 2023, in line with the Company’s outlook shared in December.
  • Advertising revenue declined 19% year-over-year to $25.4 million, reflecting a deemphasis of direct sold advertising and into higher-margin programmatic advertising.
    • Programmatic advertising remained relatively flat year-over-year at $18.0 million.
  • Content revenue declined 59% year-over-year to $9.5 million, driven by a reduction in direct-sold content deals and studio revenue.
  • Commerce and other revenues increased 39% year-over-year to $21.3 million, supported by strong affiliate performance.
    • Affiliate commerce grew 39% year-over-year to $20.8 million.
• Net loss from continuing operations was $3.8 million, compared to net income from continuing operations of $4.4 million in the fourth quarter of 2023.
• Adjusted EBITDA for Q4 2024 was $10.9 million, compared to Adjusted EBITDA of $13.0 million in the fourth quarter of 2023.
• Time Spent improved approximately 10% year-over-year to 79.3 million hours, and BuzzFeed continues to outpace the competition.

Business and Content Highlights

• In Q4, audiences spent more time consuming BuzzFeed content — both overall and among its core demographic of Millennial and Gen Z — than that of any other digital media company in its competitive set,⁴ reinforcing the Company’s strong tech optimization and engagement strategies.
• The Company achieved significant year-over-year growth in affiliate commerce revenue from both July’s Amazon Prime Day and October’s Prime Big Deal Day, demonstrating strong momentum as we continue to expand high-margin affiliate commerce.
  • Further, the Company drove more than $500 million in attributable transactions in 2024 for our commerce partners.
• In Q4 2024, the percentage of loyal users across BuzzFeed.com’s web and app (those who return more than once within a 7-day period) reached approximately 48%, the highest level in the last 2 years.

Full Year 2025 Financial Outlook

The following financial outlook is on a continuing operations basis and includes our planned investment in BF Island for the year ahead.

• We expect overall revenues in the range of $195 million to $210 million, or 3-10% higher than 2024.
• We expect Adjusted EBITDA in the range of $10 million to $20 million, an improvement of approximately $10 million year-over-year at the midpoint.

These statements are forward-looking and actual results may differ materially as a result of many factors. Refer to “Forward-Looking Statements” below for information on factors that could cause our actual results to differ materially from these forward-looking statements.

Refer to “Non-GAAP Financial Measures” below for a description of how Adjusted EBITDA is calculated. While Adjusted EBITDA is a non-GAAP financial measure, we have not provided guidance for the most directly comparable GAAP financial measure — net (loss) income from continuing operations — due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary to forecast such a measure. Accordingly, a reconciliation of non-GAAP guidance for Adjusted EBITDA to the corresponding GAAP measure is not available.

Quarterly Conference Call

BuzzFeed’s management team will hold a conference call to discuss our fourth quarter and full year 2024 results today, March 13, at 5PM ET. The call will be available via webcast at investors.buzzfeed.com under the heading News and Events, and parties interested in participating must register in advance at the same location. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique PIN that can be used to access the call. While it is not required, it is recommended you join 5 minutes prior to the event start time. A replay of the call will be made available at the same URL.

We have used, and intend to continue to use, the Investor Relations section of our website at investors.buzzfeed.com as a means of disclosing material nonpublic information and for complying with our disclosure obligations under Regulation FD.

Definitions

BuzzFeed reports revenues across three primary business lines: Advertising, Content and Commerce and other. The definition of “Time Spent” is also set forth below.

• Advertising revenues are primarily generated from advertisers, both programmatically and directly, for ads distributed against our editorial and news content, including display, pre-roll and mid-roll video products. We distribute these ad products across our owned and operated sites as well as third-party platforms, primarily YouTube and Apple News.
• Content revenues are primarily generated from clients for custom assets, including both long-form and short-form content, from branded quizzes to Instagram takeovers to sponsored content. Studio generally includes revenue from films, content licensing, TV projects, and other projects inspired by BuzzFeed IP.
• Commerce and other revenues consist primarily of affiliate commissions earned on transactions initiated from our editorial shopping content. Revenues from our product licensing businesses are also included here.
• Time Spent captures the time audiences spend engaging with our content across our owned and operated sites, as well as YouTube and Apple News, as measured by Comscore. This metric excludes time spent with our content on platforms for which we have minimal advertising capabilities that contribute to our Advertising revenues, including Instagram, TikTok, Facebook, Snapchat, and X (formerly Twitter). There are inherent challenges in measuring the total actual number of hours spent with our content across all platforms; however, we consider the data reported by Comscore to represent industry-standard estimates of the time actually spent on our largest distribution platforms with our most significant monetization opportunities. Time Spent presented above excludes time spent on Complex Networks, as Complex Networks is presented as a discontinued operation herein. Time Spent on Complex Networks, as reported by Comscore, was approximately 10.0 million hours through the date of the Complex Disposition, February 21, 2024, and 76 million and 126 million hours for the years ended December 31, 2023 and 2022, respectively. Time Spent on Complex Networks, as reported by Comscore, historically included Time Spent on First We Feast, as First We Feast was historically under the Complex Networks’ measurement portfolio of Comscore. It was previously determined that Time Spent on First We Feast cannot be reasonably bifurcated from Time Spent on Complex Networks. As such, we have excluded Time Spent on First We Feast from our measure of Time Spent disclosed above.

About BuzzFeed, Inc.

BuzzFeed, Inc. is home to the best of the Internet. Across pop culture, entertainment, shopping, food and news, our brands drive conversation and inspire what audiences watch, read, and buy now—and into the future. Born on the Internet in 2006, BuzzFeed is committed to making it better: providing trusted, quality, brand-safe news and entertainment to hundreds of millions of people; making content on the Internet more inclusive, empathetic, and creative; and inspiring our audience to live better lives.

Non-GAAP Financial Measures

Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures and represent key metrics used by management and our board of directors to measure the operational strength and performance of our business, to establish budgets, and to develop operational goals for managing our business. We define Adjusted EBITDA as net (loss) income from continuing operations, excluding the impact of net income (loss) attributable to noncontrolling interests, income tax (benefit) provision, interest expense, net, other expense (income), net, depreciation and amortization, stock-based compensation, change in fair value of warrant liabilities, change in fair value of derivative liability, restructuring costs, impairment expense, transaction-related costs, certain litigation costs, public company readiness costs, and other non-cash and non-recurring items that management believes are not indicative of ongoing operations. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenue for the same period.

We believe Adjusted EBITDA and Adjusted EBITDA margin are relevant and useful information for investors because they allow investors to view performance in a manner similar to the method used by our management. There are limitations to the use of Adjusted EBITDA and Adjusted EBITDA margin, and our Adjusted EBITDA and Adjusted EBITDA margin may not be comparable to similarly titled measures of other companies. Other companies, including companies in our industry, may calculate non-GAAP financial measures differently than we do, limiting the usefulness of those measures for comparative purposes.

Adjusted EBITDA and Adjusted EBITDA margin should not be considered a substitute for measures prepared in accordance with GAAP. Reconciliations of non-GAAP financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data.

Forward-Looking Statements

Certain statements in this press release may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Our forward-looking statements include, but are not limited to, statements regarding our management team’s expectations, hopes, beliefs, intentions, or strategies regarding the future. In addition, any statements that refer to projections, forecasts (including our outlook for 2025), or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “affect,” “anticipate,” “believe,” “can,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this press release are based on current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to: (1) macroeconomic factors including: adverse economic conditions in the United States and globally, including the potential onset of recession; potential government shutdowns or failure to raise the U.S. federal debt ceiling; current global supply chain disruptions; the ongoing conflicts between Russia and Ukraine and between Israel and Hamas and any related sanctions and geopolitical tensions, and further escalation of trade tensions between the U.S. and its trading partners; tariffs; the inflationary environment; and the competitive labor market; (2) developments relating to our competitors and the digital media industry, including overall demand of advertising in the markets in which we operate; (3) demand for our products and services or changes in traffic or engagement with our brands and content; (4) changes in the business and competitive environment in which we and our current and prospective partners and advertisers operate; (5) our future capital requirements, including, but not limited to, our ability to obtain additional capital in the future, to repurchase our $30.0 million aggregate principal amount of unsecured convertible notes due 2026 (i.e., the “Notes”) upon a fundamental change such as the delisting of our Class A common stock, at their maturity, or upon the holders of the Notes requiring repayment of their Notes on or after March 31, 2025 (or, if we pay a specified fee, May 31, 2025), any restrictions imposed by, or commitments under, the indenture governing the Notes or agreements governing any future indebtedness, and any restrictions on our ability to access our cash and cash equivalents; (6) developments in the law and government regulation, including, but not limited to, revised foreign content and ownership regulations, and the outcomes of legal proceedings, regulatory disputes or governmental investigations to which we are subject; (7) the benefits of our restructuring; (8) our success divesting of companies, assets, or brands we sell or in integrating and supporting the companies we acquire; (9) our success in launching new products or platforms, including any new social media platform; (10) technological developments including artificial intelligence; (11) our success in retaining or recruiting, or changes required in, officers, other key employees, or directors; (12) use of content creators and on-camera talent and relationships with third parties managing certain of our branded operations outside of the United States; (13) the security of our information technology systems or data; (14) disruption in our service, or by our failure to timely and effectively scale and adapt our existing technology and infrastructure; (15) our ability to maintain the listing of our Class A common stock and warrants on The Nasdaq Stock Market LLC; and (16) those factors described under the sections entitled “Risk Factors” in the Company’s annual and quarterly filings with the Securities and Exchange Commission.

Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. There may be additional risks that we consider immaterial or which are unknown. It is not possible to predict or identify all such risks. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

1 The historical financial results of Complex Networks and First We Feast have been reflected as discontinued operations in our consolidated financial statements. Amounts presented throughout this press release are on a continuing operations basis.

2 As used throughout, Adjusted EBITDA is a non-GAAP financial measure. Refer to “Non-GAAP Financial Measures” below for a description of how it is calculated and the tables at the back of this earnings release for a reconciliation of our GAAP and non-GAAP results.

3 Refer to the definition of “Time Spent” below.

4 Source: Comscore Media Trend, A18+, December 2024; Comps include Condé Nast Digital, Vox Media, People, Bustle Digital Group, Dot Dash Meredith

BUZZFEED, INC.
Financial Highlights
(Unaudited, dollars in thousands)
	Three Months Ended December 31,					Year Ended December 31,
	2024		2023		% Change	2024		2023		% Change
Advertising	$	25,427	$	31,581	(19)%	$	94,362	$	113,642	(17)%
Content		9,449		23,206	(59)%		33,875		66,748	(49)%
Commerce and other		21,319		15,284	39%		61,650		50,051	23%
Total revenue	$	56,195	$	70,071	(20)%	$	189,887	$	230,441	(18)%
Income (loss) from continuing operations	$	3,949	$	6,092	(35)%	$	(23,535)	$	(44,821)	47%
Net (loss) income from continuing operations	$	(3,768)	$	4,374	NM	$	(33,956)	$	(55,712)	39%
Adjusted EBITDA	$	10,931	$	13,030	(16)%	$	5,451	$	(11,645)	NM
NM: Not Meaningful

BUZZFEED, INC.
Consolidated Balance Sheets
(Unaudited, dollars and shares in thousands, except per share amounts)
	December 31, 2024		December 31, 2023
Assets
Current assets
Cash and cash equivalents	$	38,648	$	35,637
Accounts receivable (net of allowance for doubtful accounts of $1,039, and $1,424 as at December 31, 2024 and 2023, respectively)		48,944		70,969
Prepaid expenses and other current assets		13,294		20,710
Current assets of discontinued operations		-		5,473
Total current assets		100,886		132,789
Property and equipment, net		6,195		11,856
Right-of-use assets		28,562		46,715
Capitalized software costs, net		22,653		22,292
Intangible assets, net		11,751		12,914
Goodwill		43,304		43,304
Prepaid expenses and other assets		8,047		9,508
Noncurrent assets of discontinued operations		-		132,098
Total assets	$	221,398	$	411,476
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable	$	14,251	$	45,709
Accrued expenses		18,881		15,515
Deferred revenue		555		1,739
Accrued compensation		11,668		12,225
Current lease liabilities		22,084		21,659
Current debt		25,518		124,977
Other current liabilities		3,879		4,401
Current liabilities of discontinued operations		-		1,570
Total current liabilities		96,836		227,795
Noncurrent lease liabilities		15,138		37,820
Debt		-		33,837
Warrant liabilities		1,778		406
Other liabilities		704		435
Noncurrent liabilities of discontinued operations		-		-
Total liabilities		114,456		300,293
Commitments and contingencies
Stockholders’ equity
Class A Common stock, $0.0001 par value; 700,000 shares authorized; 37,025 and 35,035 shares issued and outstanding at December 31, 2024 and 2023, respectively		3		3
Class B Common stock, $0.0001 par value; 20,000 shares authorized; 1,343 and 1,368 shares issued and outstanding at December 31, 2024 and 2023, respectively		1		1
Additional paid-in capital		730,369		723,092
Accumulated deficit		(621,864)		(611,768)
Accumulated other comprehensive loss		(3,735)		(2,500)
Total BuzzFeed, Inc. stockholders’ equity		104,774		108,828
Noncontrolling interests		2,168		2,355
Total stockholders’ equity		106,942		111,183
Total liabilities and stockholders’ equity	$	221,398	$	411,476

BUZZFEED, INC.
Consolidated Statements of Operations
(Unaudited, dollars and shares in thousands, except per share amounts)
	For the Three Months Ended December 31,				For the Year Ended December 31,
	2024		2023		2024		2023
Revenue	$	56,195	$	70,071	$	189,887	$	230,441
Costs and Expenses
Cost of revenue, excluding depreciation and amortization		27,915		31,493		105,065		129,782
Sales and marketing		3,783		7,970		19,729		35,942
General and administrative		13,628		17,109		58,627		78,026
Research and development		2,323		2,264		10,855		11,179
Depreciation and amortization		4,597		5,143		19,146		20,333
Total costs and expenses		52,246		63,979		213,422		275,262
Income (loss) from continuing operations		3,949		6,092		(23,535)		(44,821)
Other (expense) income, net		(5,443)		1,372		(1,605)		(2,990)
Interest expense, net		(1,595)		(1,766)		(6,782)		(6,468)
Change in fair value of warrant liabilities		(790)		83		(1,372)		(11)
Change in fair value of derivative liability		-		30		-		180
(Loss) income from continuing operations before income taxes		(3,879)		5,811		(33,294)		(54,110)
Income tax (benefit) provision		(111)		1,437		662		1,602
Net (loss) income from continuing operations		(3,768)		4,374		(33,956)		(55,712)
Net income (loss) from discontinued operations, net of tax		34,851		(15,667)		24,028		(33,610)
Net income (loss)		31,083		(11,293)		(9,928)		(89,322)
Less: net income (loss) attributable to the noncontrolling interests		49		(273)		168		(743)
Net income (loss) attributable to BuzzFeed, Inc.	$	31,034	$	(11,020)	$	(10,096)	$	(88,579)
Net (loss) income from continuing operations attributable to holders of Class A, Class B and Class C common stock:
Basic	$	(3,817)	$	4,647	$	(34,124)	$	(54,969)
Diluted	$	(3,817)	$	4,647	$	(34,124)	$	(54,969)
Net (loss) income from continuing operations per Class A, Class B and Class C common share:
Basic	$	(0.10)	$	0.13	$	(0.91)	$	(1.54)
Diluted	$	(0.10)	$	0.13	$	(0.91)	$	(1.54)
Weighted average common shares outstanding:
Basic		38,200		36,357		37,386		35,766
Diluted		38,200		36,453		37,386		35,766

BUZZFEED, INC.
Consolidated Statements of Cash Flows
(Unaudited, USD in thousands)
	For the Year Ended December 31,
	2024		2023		2022
Operating activities:
Net loss	$	(9,928)	$	(89,322)	$	(201,326)
Less: net (income) loss from discontinued operations, net of tax		(24,028)		33,610		83,767
Net loss from continuing operations		(33,956)		(55,712)		(117,559)
Adjustments to reconcile net loss from continuing operations to net cash used in operating activities:
Depreciation and amortization		19,146		20,333		22,655
Unrealized (gain) loss on foreign currency		(872)		(1,088)		5,389
Stock-based compensation		5,531		5,282		18,580
Change in fair value of warrants		1,372		11		(4,543)
Change in fair value of derivative liability		-		(180)		(4,695)
Amortization of debt discount and deferred issuance costs		6,086		1,766		1,535
Deferred income tax		(304)		3,236		(1,594)
Gain on disposition of assets		(1,250)		(175)		(500)
Loss (gain) on investment		-		3,500		(1,260)
Provision for doubtful accounts		(385)		(581)		785
Impairment expense		-		-		50,546
Noncash lease expense		18,123		20,017		19,870
Changes in operating assets and liabilities:
Accounts receivable		25,816		40,568		27,462
Prepaid expenses and other current assets and prepaid expenses and other assets		6,124		4,577		3,508
Accounts payable		(30,464)		19,149		11,179
Accrued compensation		(474)		(18,257)		(5,440)
Accrued expenses, other current liabilities and other liabilities		3,288		(12,619)		(2,841)
Lease liabilities		(22,222)		(23,421)		(23,249)
Deferred revenue		(1,245)		(7,098)		7,154
Cash (used in) provided by operating activities from continuing operations		(5,686)		(692)		6,982
Net cash used in operating activities from discontinued operations		(14,993)		(5,411)		(14,839)
Net cash flow used in operating activities		(20,679)		(6,103)		(7,857)
Investing activities:
Capital expenditures		(691)		(964)		(5,424)
Capitalization of internal-use software		(12,078)		(13,934)		(12,361)
Proceeds from sale of asset		350		175		500
Cash used in investing activities from continuing operations		(12,419)		(14,723)		(17,285)
Cash provided by investing activities from discontinued operations		191,075		-		-
Cash provided by (used in) investing activities		178,656		(14,723)		(17,285)
Financing activities:
Payment for shares withheld for employee taxes		(394)		(451)		(1,698)
Deferred reverse recapitalization costs		-		-		(585)
Proceeds from exercise of stock options		1		29		459
Proceeds from the issuance of common stock in connection with at-the-market offering, net of issuance costs		1,030		902		-
Borrowings on Revolving Credit Facility		-		2,128		5,000
Payments on Revolving Credit Facility		(33,837)		(1,796)		-
Payment on Convertible Notes		(120,000)		-		-
Payment of early termination fee for Revolving Credit Facility		(500)		-		-
Payment of consent solicitation fee for Convertible Notes		(900)		-		-
Cash (used in) provided by financing activities		(154,600)		812		3,176
Effect of currency translation on cash and cash equivalents		(366)		(123)		(1,993)
Net increase (decrease) in cash and cash equivalents		3,011		(20,137)		(23,959)
Cash and cash equivalents at beginning of year		35,637		55,774		79,733
Cash and cash equivalents at end of year	$	38,648	$	35,637	$	55,774

BUZZFEED, INC.
Reconciliation of GAAP to Non-GAAP
(Unaudited, USD in thousands)
	Three Months Ended December 31,				Year Ended December 31,
	2024		2023		2024		2023
Net (loss) income from continuing operations	$	(3,768)	$	4,374	$	(33,956)	$	(55,712)
Income tax (benefit) provision		(111)		1,437		662		1,602
Interest expense, net		1,595		1,766		6,782		6,468
Other expense (income), net		5,443		(1,372)		1,605		2,990
Depreciation and amortization		4,597		5,143		19,146		20,333
Stock-based compensation		1,438		995		5,531		5,282
Change in fair value of warrant liabilities		790		(83)		1,372		11
Change in fair value of derivative liability		—		(30)		—		(180)
Restructuring1		—		—		3,179		6,761
Transaction-related costs2		497		800		680		800
Litigation costs3		450		—		450		—
Adjusted EBITDA	$	10,931	$	13,030	$	5,451	$	(11,645)
Adjusted EBITDA margin4		19.5%		18.6%		2.9%		(5.1)%
Net (loss) income from continuing operations as a percentage of revenue		(6.7)%		6.2%		(17.9)%		(24.2)%

(1) We exclude restructuring expenses from our non-GAAP measures because we believe they do not reflect expected future operating expenses, they are not indicative of our core operating performance, and they are not meaningful in comparison to our past operating performance.
(2) Reflects transaction-related costs and other items which are either not representative of our underlying operations or are incremental costs that result from an actual or contemplated transaction and include professional fees, integration expenses, and certain costs related to integrating and converging IT systems.
(3) Reflects costs related to litigation that are outside the ordinary course of our business. We believe it is useful to exclude such charges because we do not consider such amounts to be part of the ongoing operations of our business and because of the singular nature of the claims underlying the matter.
(4) Net (loss) income from continuing operations as a percentage of revenue is included as the most comparable GAAP measure to Adjusted EBITDA margin, which is a Non-GAAP measure.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250313679528/en/

Media Contact: juliana.clifton@buzzfeed.com

Investor Relations: investors@buzzfeed.com

Source: BuzzFeed

FAQ

What were BuzzFeed's (BZFD) key financial metrics for full-year 2024?

BuzzFeed reported $189.9M in revenue (-18% YoY), $34.0M net loss (improved from $55.7M), and positive Adjusted EBITDA of $5.5M.

How did BuzzFeed's (BZFD) commerce revenue perform in 2024?

Commerce revenue grew 23% to $61.7M, with affiliate commerce increasing 26% to $59.6M.

What is BuzzFeed's (BZFD) revenue guidance for 2025?

BuzzFeed expects 2025 revenue between $195-210M, representing 3-10% growth from 2024.

What is BF Island and when will BuzzFeed (BZFD) launch it?

BF Island is a new social platform for content creation and sharing, with private beta testing planned for Q2 2025.

How much cash does BuzzFeed (BZFD) have at the end of 2024?

BuzzFeed ended 2024 with $38.6M in cash and cash equivalents, up $3.0M from 2023.