BuzzFeed, Inc. First Quarter 2024 Financial Results in Line With March Outlook
BuzzFeed (Nasdaq: BZFD) announced its first quarter 2024 financial results, aligning with its March outlook. Revenue fell to $44.8 million, an 18% year-over-year decline, with advertising and content revenues down 22% and 19% respectively. The net loss from continuing operations improved slightly to $26.6 million from $29.4 million in Q1 2023, while adjusted EBITDA loss saw a $7 million improvement to $11.3 million. Despite these financial declines, direct traffic to BuzzFeed's owned properties increased by 3% compared to Q4, and engagement among loyal users deepened. BuzzFeed's programmatic advertising revenue grew for the third consecutive quarter, and the introduction of the AI Content Generator showed significant user engagement. Second quarter 2024 revenue is projected to be between $44 and $49 million, a 21% to 30% year-over-year decline, with adjusted EBITDA ranging from a $4 million loss to a $1 million gain.
- Direct traffic to BuzzFeed's owned properties increased by 3% in Q1 compared to Q4.
- Engagement among BuzzFeed's most loyal audience deepened, with increasing page views per site visitor.
- BuzzFeed's programmatic advertising revenue grew for the third consecutive quarter.
- The AI Content Generator, Make Your Own Emoji, became one of the top 10 most engaged BuzzFeed posts of all time.
- Adjusted EBITDA loss improved by $7 million, from $18.1 million in Q1 2023 to $11.3 million in Q1 2024.
- Overall revenue decreased by 18% year-over-year to $44.8 million.
- Advertising revenue declined by 22% year-over-year to $21.4 million.
- Content revenue dropped by 19% year-over-year to $13.1 million.
- Commerce and other revenues fell by 9% year-over-year to $10.2 million.
- Net loss from continuing operations was $26.6 million, only a slight improvement from the $29.4 million loss in Q1 2023.
- Time spent on BuzzFeed content declined by 16% year-over-year to 67 million hours.
- Second quarter 2024 revenue is expected to decline by 21% to 30% year-over-year.
Insights
The recent financial results from BuzzFeed, Inc. show a mixed bag for investors. On one hand, the company reported revenues of
On the brighter side, BuzzFeed managed to reduce its net loss from continuing operations to
For retail investors, this presents a dual scenario: cost reduction efforts are bearing fruit, but revenue growth remains a challenge. Investors should keep an eye on how effectively the company can leverage its new AI initiatives and increase direct traffic to sustain growth and profitability.
BuzzFeed's strategic pivot toward a model focused on its owned and operated (O&O) platforms seems to be showing early signs of success, with a
However, BuzzFeed's overall user engagement metrics are still under pressure. The time spent on BuzzFeed's platforms is down
Retail investors should closely monitor these metrics over the next few quarters. If BuzzFeed can sustain and build on these gains in direct traffic and user engagement, it could translate into more stable and potentially higher revenue streams.
The integration of AI into BuzzFeed's content creation, highlighted by the success of the 'Make Your Own Emoji' feature, showcases the company's commitment to innovation. This move could potentially revolutionize how content is generated and consumed, offering a competitive edge in the digital media space. The idea is to drive deeper user engagement through interactive and personalized content, which could lead to higher user retention and more valuable advertising inventory.
However, the true impact of these AI initiatives will depend on their scalability and ability to consistently engage audiences. Retail investors should be cautious and look for sustained success across multiple AI-driven projects before considering this a definitive growth driver for the company.
Company Completes Transformation to O&O-Led Platform
Flagship BuzzFeed Properties Show Early Momentum with
“We closed the first quarter of 2024 with exciting momentum in our business, completing the biggest step in our transformation, which was to refocus the company on our owned and operated sites and apps, and away from the platform-dependent model of distribution,” said Jonah Peretti, BuzzFeed Founder & CEO. “Today, our direct audience is our largest source of traffic to BuzzFeed’s websites and apps, and this audience is growing, which represents a huge opportunity for us to drive deeper engagement with several new content initiatives in our pipeline.”
Peretti continued, "Our flagship BuzzFeed brand continues to lead digital media in time spent. We're poised to further extend this leadership with the integration of AI, driving both creative storytelling and the evolution of our business."
First Quarter 2024 Financial and Operational Highlights for Continuing Operations (excluding Complex)2
-
BuzzFeed delivered Q1 revenues of
$44.8 million 18% compared to the first quarter of 2023-
Advertising revenue declined
22% year-over-year to$21.4 million -
Content revenue declined
19% year-over-year to$13.1 million -
Commerce and other revenues declined
9% year-over-year to$10.2 million
-
Advertising revenue declined
-
Net loss from continuing operations was
$(26.6) million $(29.4) million -
Adjusted EBITDA3 loss was
$(11.3) million $(18.1) million $7 million -
Time Spent4 declined
16% year-over-year to 67 million hours
First Quarter 2024 Business and Content Highlights
- Programmatic advertising revenues grew year-over-year across the BuzzFeed and HuffPost websites and apps for the third consecutive quarter.
-
Direct traffic referrals are our largest source of traffic: in Q1,
90% of audience time spent with our content was on our owned and operated properties. -
We are starting to see that audience grow: in Q1, direct traffic across the BuzzFeed web and app properties increased
3% versus Q4. - Engagement deepened among our most loyal audience, with the number of pageviews per site visitor growing for four consecutive months since December 2023.
- Our new AI Content Generator, Make Your Own Emoji, skyrocketed to the top 10 most engaged BuzzFeed posts of all time.
Second Quarter 2024 Financial Outlook
-
We expect overall revenues in the range of
$44 $49 million 21% to30% lower than second quarter of 2023 -
We expect Adjusted EBITDA3 in the range of
$(4) million $1 million
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.
Please see “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 income (loss) 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 first quarter 2024 results today, May 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 10 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 for ads distributed against our editorial and news content, including display, pre-roll and mid-roll video products sold directly to brands and also programmatically. 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 and content licensing. Revenues for film and TV projects are also included here.
- 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 in the
U.S. 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 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 within our condensed consolidated financial statements. Time Spent on Complex Networks, as reported by Comscore, was approximately 10.0 million and 28.7 million hours for the three months ended March 31, 2024 and 2023, respectively (through the date of disposition, February 21, 2024, for the three months ended March 31, 2024). Time Spent on Complex Networks, as reported by Comscore, previously included Time Spent on First We Feast, as First We Feast was historically under the Complex Networks’ measurement portfolio of Comscore. However, the historical Time Spent on First We Feast cannot be reasonably bifurcated from Time Spent on Complex Networks. Accordingly, for comparability of Time Spent, we have excluded Time Spent on First We Feast from our measure of Time Spent for all periods presented above and for future reporting of Time Spent.
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 from continuing operations, excluding the impact of net loss attributable to noncontrolling interests, income tax 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, 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 Q2 2024) 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. Forward-looking statements include all matters that are not historical facts. 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, (some of which are beyond our control) uncertainties 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) developments relating to our competitors and the digital media industry, including overall demand of advertising in the markets in which we operate; (2) demand for our products and services or changes in traffic or engagement with our brands and content; (3) changes in the business and competitive environment in which we and our current and prospective partners and advertisers operate; (4) macroeconomic factors including: adverse economic conditions in
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 "BuzzFeed” or the “Company”
2 The Company determined the assets of Complex Networks, excluding the First We Feast brand, met the classification for “held for sale.” Additionally, the Company concluded the disposal, which occurred on February 21, 2024, represented a strategic shift that had a major effect on our operations and financial results. As such, the historical financial results of Complex Networks have been reflected as discontinued operations in our condensed consolidated financial statements. Amounts presented throughout this press release are on a continuing operations basis (i.e., excluding Complex Networks).
3 Adjusted EBITDA is a non-GAAP financial measure. Please 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.
4 Excludes Complex Networks and First We Feast; see definition of “Time Spent” below.
BUZZFEED, INC. |
||||||||||
Financial Highlights |
||||||||||
(Unaudited, dollars in thousands) |
||||||||||
| Three Months Ended March 31, | ||||||||||
|
2024 |
|
|
2023 |
|
%Change | ||||
| Advertising | $ |
21,423 |
|
$ |
27,393 |
|
(22 |
)% |
||
| Content |
|
13,107 |
|
|
16,251 |
|
(19 |
)% |
||
| Commerce and other |
|
10,225 |
|
|
11,263 |
|
(9 |
)% |
||
| Total revenue | $ |
44,755 |
|
$ |
54,907 |
|
(18 |
)% |
||
| Loss from continuing operations | $ |
(20,813 |
) |
$ |
(24,480 |
) |
15 |
% |
||
| Net loss from continuing operations | $ |
(26,569 |
) |
$ |
(29,392 |
) |
10 |
% |
||
| Adjusted EBITDA | $ |
(11,264 |
) |
$ |
(18,089 |
) |
38 |
% |
||
BUZZFEED, INC. |
|||||||
Consolidated Balance Sheets |
|||||||
(Unaudited, dollars and shares in thousands, except per share amounts) |
|||||||
| March 31, 2024 (Unaudited) |
December 31, 2023 |
||||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ |
44,457 |
|
$ |
35,637 |
|
|
| Restricted cash |
|
17,050 |
|
|
- |
|
|
| Accounts receivable (net of allowance for doubtful accounts of |
|
50,982 |
|
|
75,692 |
|
|
| Prepaid expenses and other current assets |
|
20,424 |
|
|
21,460 |
|
|
| Current assets of discontinued operations |
|
- |
|
|
- |
|
|
| Total current assets |
|
132,913 |
|
|
132,789 |
|
|
| Property and equipment, net |
|
10,324 |
|
|
11,856 |
|
|
| Right-of-use assets |
|
42,430 |
|
|
46,715 |
|
|
| Capitalized software costs, net |
|
22,142 |
|
|
22,292 |
|
|
| Intangible assets, net |
|
25,801 |
|
|
26,665 |
|
|
| Goodwill |
|
57,562 |
|
|
57,562 |
|
|
| Prepaid expenses and other assets |
|
7,865 |
|
|
9,508 |
|
|
| Noncurrent assets of discontinued operations |
|
- |
|
|
104,089 |
|
|
| Total assets | $ |
299,037 |
|
$ |
411,476 |
|
|
| Liabilities and Stockholders' Equity | |||||||
| Current liabilities | |||||||
| Accounts payable | $ |
22,544 |
|
$ |
46,378 |
|
|
| Accrued expenses |
|
16,532 |
|
|
15,515 |
|
|
| Deferred revenue |
|
2,401 |
|
|
1,895 |
|
|
| Accrued compensation |
|
19,002 |
|
|
12,970 |
|
|
| Current lease liabilities |
|
22,476 |
|
|
21,659 |
|
|
| Current debt |
|
100,435 |
|
|
124,977 |
|
|
| Other current liabilities |
|
6,347 |
|
|
4,401 |
|
|
| Current liabilities of discontinued operations |
|
- |
|
|
- |
|
|
| Total current liabilities |
|
189,737 |
|
|
227,795 |
|
|
| Noncurrent lease liabilities |
|
31,858 |
|
|
37,820 |
|
|
| Debt |
|
- |
|
|
33,837 |
|
|
| Warrant liabilities |
|
442 |
|
|
406 |
|
|
| Other liabilities |
|
1,160 |
|
|
435 |
|
|
| Noncurrent liabilities of discontinued operations |
|
- |
|
|
- |
|
|
| Total liabilities |
|
223,197 |
|
|
300,293 |
|
|
| Commitments and contingencies | |||||||
| Stockholders’ equity | |||||||
| Class A common stock, |
|
3 |
|
|
3 |
|
|
| Class B common stock, |
|
1 |
|
|
1 |
|
|
| Additional paid-in capital |
|
723,868 |
|
|
723,092 |
|
|
| Accumulated deficit |
|
(647,497 |
) |
|
(611,768 |
) |
|
| Accumulated other comprehensive loss |
|
(2,677 |
) |
|
(2,500 |
) |
|
| Total BuzzFeed, Inc. stockholders’ equity |
|
73,698 |
|
|
108,828 |
|
|
| Noncontrolling interests |
|
2,142 |
|
|
2,355 |
|
|
| Total stockholders’ equity |
|
75,840 |
|
|
111,183 |
|
|
| Total liabilities and stockholders’ equity | $ |
299,037 |
|
$ |
411,476 |
|
|
BUZZFEED, INC. |
|||||||
Consolidated Statements of Operations |
|||||||
(Unaudited, dollars and shares in thousands, except per share amounts) |
|||||||
| Three Months Ended March 31, | |||||||
2024 |
2023 |
||||||
| Revenue | $ |
44,755 |
|
$ |
54,907 |
|
|
| Costs and Expenses | |||||||
| Cost of revenue, excluding depreciation and amortization |
|
31,063 |
|
|
37,237 |
|
|
| Sales and marketing |
|
9,145 |
|
|
11,908 |
|
|
| General and administrative |
|
16,249 |
|
|
21,410 |
|
|
| Research and development |
|
3,230 |
|
|
3,128 |
|
|
| Depreciation and amortization |
|
5,881 |
|
|
5,704 |
|
|
| Total costs and expenses |
|
65,568 |
|
|
79,387 |
|
|
| Loss from continuing operations |
|
(20,813 |
) |
|
(24,480 |
) |
|
| Other (expense) income, net |
|
(556 |
) |
|
620 |
|
|
| Interest expense, net |
|
(4,481 |
) |
|
(3,787 |
) |
|
| Change in fair value of warrant liabilities |
|
(37 |
) |
|
(593 |
) |
|
| Change in fair value of derivative liability |
|
- |
|
|
(1,005 |
) |
|
| Loss from continuing operations before income taxes |
|
(25,887 |
) |
|
(29,245 |
) |
|
| Income tax provision |
|
682 |
|
|
147 |
|
|
| Net loss from continuing operations |
|
(26,569 |
) |
|
(29,392 |
) |
|
| Net loss from discontinued operations, net of tax |
|
(9,213 |
) |
|
(6,869 |
) |
|
| Net loss |
|
(35,782 |
) |
|
(36,261 |
) |
|
| Less: net loss attributable to noncontrolling interests |
|
(53 |
) |
|
(260 |
) |
|
| Net loss attributable to BuzzFeed, Inc. | $ |
(35,729 |
) |
$ |
(36,001 |
) |
|
| Net loss from continuing operations attributable to holders of Class A and Class B common stock: | |||||||
| Basic and diluted | $ |
(26,516 |
) |
$ |
(29,132 |
) |
|
| Net loss from continuing operations per Class A and Class B common share: | |||||||
| Basic and diluted | $ |
(0.72 |
) |
$ |
(0.83 |
) |
|
| Weighted average common shares outstanding: | |||||||
| Basic and diluted |
|
36,578 |
|
|
35,176 |
|
|
BUZZFEED, INC. |
|||||||
Consolidated Statements of Cash Flows |
|||||||
(Unaudited, USD in thousands) |
|||||||
| Three Months Ended March 31, | |||||||
2024 |
2023 |
||||||
| Operating activities: | |||||||
| Net (loss) | $ |
(35,782 |
) |
$ |
(36,261 |
) |
|
| Less: net (loss) from discontinued operations, net of tax |
|
9,213 |
|
|
6,869 |
|
|
| Net loss from continuing operations |
|
(26,569 |
) |
|
(29,392 |
) |
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
- |
|
|
- |
|
|
| Depreciation and amortization |
|
5,881 |
|
|
5,704 |
|
|
| Unrealized gain on foreign currency |
|
(46 |
) |
|
(958 |
) |
|
| Stock based compensation |
|
752 |
|
|
687 |
|
|
| Change in fair value of warrants |
|
37 |
|
|
593 |
|
|
| Change in fair value of derivative liability |
|
- |
|
|
1,005 |
|
|
| Amortization of debt discount and deferred issuance costs |
|
1,226 |
|
|
1,064 |
|
|
| Deferred income tax |
|
493 |
|
|
(21 |
) |
|
| Provision for doubtful accounts |
|
(74 |
) |
|
223 |
|
|
| Gain on disposition of assets |
|
- |
|
|
(175 |
) |
|
| Non-cash lease expense |
|
4,261 |
|
|
5,034 |
|
|
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable |
|
26,101 |
|
|
43,837 |
|
|
| Prepaid expenses and other current assets and prepaid expenses and other assets |
|
1,037 |
|
|
1,979 |
|
|
| Accounts payable |
|
(23,123 |
) |
|
(95 |
) |
|
| Accrued compensation |
|
6,062 |
|
|
(12,772 |
) |
|
| Accrued expenses, other current liabilities and other liabilities |
|
3,315 |
|
|
(5,183 |
) |
|
| Lease liabilities |
|
(5,116 |
) |
|
(5,862 |
) |
|
| Deferred revenue |
|
505 |
|
|
(2,395 |
) |
|
| Cash used in (provided by) operating activities from continuing operations |
|
(5,258 |
) |
|
3,273 |
|
|
| Cash used in operating activities from discontinued operations |
|
(8,041 |
) |
|
(3,452 |
) |
|
| Cash used in operating activities |
|
(13,299 |
) |
|
(179 |
) |
|
| Investing activities: | |||||||
| Capital expenditures |
|
(88 |
) |
|
(402 |
) |
|
| Capitalization of internal-use software |
|
(3,330 |
) |
|
(3,974 |
) |
|
| Proceeds from sale of asset |
|
- |
|
|
175 |
|
|
| Cash used in investing activities from continuing operations |
|
(3,418 |
) |
|
(4,201 |
) |
|
| Cash provided by investing activities from discontinued operations |
|
108,575 |
|
|
- |
|
|
| Cash provided by (used in) investing activities |
|
105,157 |
|
|
(4,201 |
) |
|
| Financing activities: | |||||||
| Proceeds from exercise of stock options |
|
- |
|
|
29 |
|
|
| Payment for shares withheld for employee taxes |
|
- |
|
|
(193 |
) |
|
| Payments on Revolving Credit Facility |
|
(33,837 |
) |
|
(1,317 |
) |
|
| Payment on Convertible Notes |
|
(30,900 |
) |
|
- |
|
|
| Payment of early termination fee for Revolving Credit Facility |
|
(500 |
) |
|
- |
|
|
| Payment of deferred issuance costs |
|
(591 |
) |
|
- |
|
|
| Cash used in financing activities |
|
(65,828 |
) |
|
(1,481 |
) |
|
| Effect of currency translation on cash and cash equivalents |
|
(160 |
) |
|
34 |
|
|
| Net increase (decrease) in cash and cash equivalents |
|
25,870 |
|
|
(5,827 |
) |
|
| Cash and cash equivalents and restricted cash at beginning of period |
|
35,637 |
|
|
55,774 |
|
|
| Cash and cash equivalents and restricted cash at end of period | $ |
61,507 |
|
$ |
49,947 |
|
|
BUZZFEED, INC. |
|||||||
Reconciliation of GAAP to Non-GAAP |
|||||||
(Unaudited, USD in thousands) |
|||||||
| Three Months Ended March 31, | |||||||
2024 |
2023 |
||||||
| Net loss from continuing operations | $ |
(26,569 |
) |
$ |
(29,392 |
) |
|
| Income tax provision |
|
682 |
|
|
147 |
|
|
| Interest expense, net |
|
4,481 |
|
|
3,787 |
|
|
| Other expense (income), net |
|
556 |
|
|
(620 |
) |
|
| Depreciation and amortization |
|
5,881 |
|
|
5,704 |
|
|
| Stock-based compensation |
|
752 |
|
|
687 |
|
|
| Change in fair value of warrant liabilities |
|
37 |
|
|
593 |
|
|
| Change in fair value of derivative liability |
|
— |
|
|
1,005 |
|
|
| Restructuring(1) |
|
2,916 |
|
|
— |
|
|
| Adjusted EBITDA | $ |
(11,264 |
) |
$ |
(18,089 |
) |
|
| Adjusted EBITDA margin |
|
(25.2 |
)% |
|
(32.9 |
)% |
|
| Net loss from continuing operations as a percentage of revenue(2) |
|
(59.4 |
)% |
|
(53.5 |
)% |
|
__________________________________
(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 comparisons to our past operating performance.
(2) Net loss 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/20240513030918/en/
Media
Juliana Clifton, BuzzFeed: juliana.clifton@buzzfeed.com
Investor Relations
Amita Tomkoria, BuzzFeed: investors@buzzfeed.com
Source: BuzzFeed, Inc.
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