BuzzFeed, Inc. (NASDAQ:BZFD) Q2 2023 Results Conference Call August 8, 2023 5:00 PM ET Company Participants Amita Tomkoria - SVP of IR Jonah Peretti - Founder, Chairman & CEO Marcela Martin - President Felicia DellaFortuna - CFO Operator Good day, ladies and gentlemen. Thank you for standing by. Welcome to BuzzFeed's Second Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator ...

6. Property and Equipment, net Table of Contents In June 2021, in connection with the entry into the merger agreement pursuant to which Business Combination was consummated, the Company entered into subscription agreements with certain investors to sell $150.0 million aggregate principal amount of unsecured convertible notes due 2026 (i.e., the Notes). In connection with closing of the the Business Combination, the Company issued, and those investors purchased, the Notes. The Notes bear interest at a rate o ...

BuzzFeed Inc. (NASDAQ:BZFD) Q1 2023 Results Conference Call May 9, 2023 5:00 PM ET Company Participants Amita Tomkoria - SVP of IR Jonah Peretti - Founder, Chairman & CEO Marcela Martin - President Felicia DellaFortuna - CFO Operator Good afternoon, and welcome to the BuzzFeed, Inc. First Quarter 2023 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Amita Tomkoria, Senior Vice President, Investor Relations. Please go ...

Table of Contents For the Transition Period from to Commission file number: 001-39877 ______________________________________________________________ BuzzFeed, Inc. (Exact Name of Registrant as Specified in Its Charter) ______________________________________________________________ Delaware 85-3022075 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 229 West 43rd Street New York, New York 10036 (Address of principal executive offices) (Zip Code) (646) 397-20 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________ For the fiscal year ended December 31, 2022 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact Name of Registrant as Specified in Its Charter) _____________________________________________ Securities registered pursuant to Section 12(b) of the Act: PART II 2 • demand for products and services and changes in traffic; • our success in retaining ...

Financial Data and Key Metrics Changes - Overall revenues for Q4 2022 declined 8% year-over-year to $134.6 million, primarily due to a softening digital ad environment [41][35] - Advertising revenues decreased 27% year-over-year to $50.5 million, attributed to a decline in time spent on Facebook and broader macroeconomic conditions [21][35] - Content revenues fell 9% year-over-year to $54.8 million, with the incremental revenues from Complex Networks not offsetting the weak digital advertising market [42][35] - Commerce and other revenues grew 76% to $29.3 million, benefiting from advised shopping and experiential events [75] Business Line Data and Key Metrics Changes - The Tasty team executed a vertical video recipe series that drove significant audience engagement, with creators growing their audiences by over 40% [38] - BuzzFeed Quizzes saw over 1 billion views globally, with the integration of generative AI marking a significant change to the format [19] - The restructuring plan executed in December 2022 aimed to optimize the cost structure while preserving cash for long-term growth [16] Market Data and Key Metrics Changes - Time spent on owned and operated properties declined 27% year-over-year to 135 million hours, driven by decreased Facebook traffic [125] - The company experienced three consecutive quarters of improvement in time spent on its properties, despite the overall decline [125] Company Strategy and Development Direction - The company is focusing on creator-led and AI-powered content to drive long-term growth and monetization [30][10] - A strategic shift towards short-form vertical video content is underway, with significant output increases across platforms like TikTok and Instagram [8][28] - The integration of Complex Networks is expected to enhance the combined brand portfolio, although operational challenges have impacted revenue performance [68][35] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging operating environment for digital media, with clients tightening ad budgets due to macroeconomic conditions [27][112] - The company anticipates Q1 2023 revenues to be 27% to 33% lower than the previous year, reflecting ongoing market challenges [47] - Management expressed optimism about the potential of AI and creator-led content to enhance audience engagement and drive monetization [12][40] Other Important Information - The company ended Q4 2022 with cash and cash equivalents of approximately $56 million [43] - A noncash goodwill impairment charge of $102.3 million was incurred due to a decline in stock price [75] Q&A Session Summary Question: How should we think about the revenue trends at the three segments for Q1 2023? - Management expects trends in Q1 to align with Q4, with advertising revenues facing price concessions [51] Question: When should we start to see the usage of generative AI technology rolled out at scale? - The rollout of generative AI tools is expected to enhance content creation, with initial applications in quizzes already showing strong user engagement [53][86] Question: What are the long-term benefits of AI for BuzzFeed? - AI is seen as enabling new forms of content creation and personalization, enhancing user engagement and operational efficiency [60][91] Question: Is there any impact from the recent Silicon Valley Bank situation on operations? - Management reported no immediate impact on operations or customer relationships from the Silicon Valley Bank situation [64] Question: Are there more opportunities for cost reduction? - Management indicated that while restructuring has been executed, they remain open to further efficiency improvements as needed [130]

BuzzFeed, Inc. (NASDAQ:BZFD) Q3 2022 Results Conference Call November 14, 2022 5:00 PM ET Company Participants Amita Tomkoria - Senior Vice President of Investor Relations Jonah Peretti - Founder, Chairman and CEO Marcela Martin - President Felicia DellaFortuna - CFO Conference Call Participants Jason Kreyer - Craig-Hallum James Kopelman - Cowen and Company Brent Navon - Bank of America Operator Good afternoon, and welcome to the BuzzFeed Inc Third Quarter 2022 Earnings Conference Call. [Operator Instructio ...

[PART I: FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) [Item 1: Financial Statements (unaudited)](index=5&type=section&id=Item%201%20Financial%20Statements%20(unaudited)) This section presents BuzzFeed's unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2022 [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of September 30, 2022, total assets decreased to **$618.0 million** from **$637.2 million**, while total liabilities increased to **$320.3 million** from **$262.3 million**, leading to a decline in stockholders' equity Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2022 (Unaudited) | Dec 31, 2021 | | :--- | :--- | :--- | | Cash and cash equivalents | $59,136 | $79,733 | | Total current assets | $182,654 | $251,659 | | Total assets | $617,979 | $637,214 | | Total current liabilities | $110,325 | $94,146 | | Total liabilities | $320,264 | $262,333 | | Total stockholders' equity | $297,715 | $372,587 | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q3 2022, revenue increased **15%** to **$103.7 million**, but total costs and expenses grew **34%** to **$121.8 million**, widening the net loss to **$26.9 million** Q3 & Nine Months Statement of Operations (in thousands, except per share) | Metric | Q3 2022 | Q3 2021 | Nine Months 2022 | Nine Months 2021 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $103,733 | $90,096 | $302,051 | $251,848 | | Loss from operations | $(18,085) | $(881) | $(78,271) | $(17,817) | | Net loss attributable to BuzzFeed, Inc. | $(26,856) | $(3,786) | $(95,515) | $(15,735) | | Net loss per share (Basic & Diluted) | $(0.19) | $(0.20) | $(0.69) | $(0.90) | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2022, the company used **$7.9 million** in cash from operating activities, a significant shift from **$10.9 million** provided in 2021, with reduced cash from financing activities Cash Flow Summary for Nine Months Ended Sep 30 (in thousands) | Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | $(7,897) | $10,898 | | Net cash used in investing activities | $(13,774) | $(4,900) | | Net cash provided by financing activities | $3,105 | $34,277 | | **Net (decrease) increase in cash** | **$(20,597)** | **$39,471** | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the Complex Networks acquisition, COVID-19 impact on commerce, revenue disaggregation, debt, and the adoption of ASC 842, recognizing **$77.8 million** in right-of-use assets and **$96.0 million** in lease liabilities - The company's revenue is primarily derived from advertising, content, and commerce, operating as a single reportable segment[33](index=33&type=chunk) - The COVID-19 pandemic initially boosted online commerce revenue in 2020, but growth decelerated in 2021 and 2022 as consumer behavior shifted back to in-store shopping[38](index=38&type=chunk) - On January 1, 2022, the company adopted the new lease accounting standard ASC 842, recording right-of-use assets of **$77.8 million** and lease liabilities of **$96.0 million**[49](index=49&type=chunk) - In Q3 2022, the company recorded a non-cash impairment charge of **$2.2 million** related to its former corporate headquarters, which was subleased during the quarter[158](index=158&type=chunk) [Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q3 2022 financial performance, noting a **15%** revenue increase to **$103.7 million**, but Adjusted EBITDA declined to negative **$2.4 million** due to higher operating expenses [Results of Operations](index=35&type=section&id=Results%20of%20Operations) Q3 2022 revenue increased **15%** YoY to **$103.7 million**, primarily from **45%** Content revenue growth due to the Complex Networks acquisition, while total costs and expenses rose **34%** to **$121.8 million**, resulting in an **$18.1 million** operating loss Revenue by Type (in thousands) | Revenue Type | Q3 2022 | Q3 2021 | % Change | | :--- | :--- | :--- | :--- | | Advertising | $50,404 | $50,240 | 0% | | Content | $38,416 | $26,483 | 45% | | Commerce and other | $14,913 | $13,373 | 12% | | **Total revenue** | **$103,733** | **$90,096** | **15%** | - The **45% increase in Content revenue** was largely driven by the acquisition of Complex Networks, which contributed **$13.6 million** of content revenue in Q3 2022[200](index=200&type=chunk) - Cost of revenue increased by **25% in Q3 2022**, primarily due to **$8.8 million** in increased costs related to Complex Networks and a **$5.6 million** increase in other costs of sales[204](index=204&type=chunk) - General and administrative expenses rose **37% in Q3 2022**, driven by increased stock-based compensation (**$2.4 million**), rent from Complex Networks (**$1.5 million**), public company insurance costs (**$1.4 million**), and professional fees (**$1.1 million**)[209](index=209&type=chunk) [Non-GAAP Financial Measure](index=40&type=section&id=Non-GAAP%20Financial%20Measure) Adjusted EBITDA for Q3 2022 was negative **$2.4 million**, a significant downturn from positive **$6.0 million** in Q3 2021, attributed to higher operating costs, restructuring, and transaction expenses Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | Metric | Q3 2022 | Q3 2021 | Nine Months 2022 | Nine Months 2021 | | :--- | :--- | :--- | :--- | :--- | | Net loss | $(26,993) | $(3,582) | $(95,140) | $(15,696) | | **Adjusted EBITDA** | **$(2,396)** | **$5,992** | **$(17,067)** | **$7,307** | [Liquidity and Capital Resources](index=41&type=section&id=Liquidity%20and%20Capital%20Resources) As of September 30, 2022, BuzzFeed had **$59.1 million** in cash, a **$50.0 million** revolving credit facility with **$1.0 million** remaining capacity, and **$150.0 million** in unsecured convertible notes due 2026 - Cash and cash equivalents totaled **$59.1 million** at September 30, 2022, down from **$79.7 million** at December 31, 2021[234](index=234&type=chunk) - The company has a **$50.0 million revolving credit facility** with **$33.5 million** in outstanding borrowings and **$1.0 million** in remaining borrowing capacity as of September 30, 2022[238](index=238&type=chunk)[240](index=240&type=chunk) - The company has **$150.0 million** of unsecured convertible notes due 2026, bearing interest at **8.50% per annum**[241](index=241&type=chunk) [Item 3: Quantitative and Qualitative Disclosures About Market Risk](index=45&type=section&id=Item%203%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks include foreign currency exchange risk from international operations, interest rate risk on its variable-rate credit facility, and equity investment risk - The company is exposed to foreign currency fluctuations, particularly from the British pound, Japanese yen, and Canadian dollar, which could negatively affect reported revenue and results[270](index=270&type=chunk) - Interest rate risk exists due to the variable interest component on the Revolving Credit Facility, which may become more material with rising inflation and interest rates[271](index=271&type=chunk) [Item 4: Controls and Procedures](index=45&type=section&id=Item%204%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were ineffective as of September 30, 2022, due to material weaknesses in internal control over financial reporting, including a lack of formalized controls and insufficient public company experience - Management identified material weaknesses in internal control over financial reporting related to: (a) lack of formalized controls and segregation of duties, (b) insufficient staff with public company experience, and (c) deficiencies in control activities, including IT general controls[275](index=275&type=chunk) - Due to these material weaknesses, the Chief Executive Officer and Chief Financial Officer concluded that disclosure controls and procedures were not effective as of September 30, 2022[278](index=278&type=chunk) [PART II: OTHER INFORMATION](index=46&type=section&id=PART%20II%20OTHER%20INFORMATION) [Item 1: Legal Proceedings](index=46&type=section&id=Item%201%20Legal%20Proceedings) The company is involved in mass arbitrations by former employees regarding stock conversion and a class action lawsuit alleging Video Privacy Protection Act violations, but does not expect a material adverse financial effect - In March 2022, **91 former employees** initiated mass arbitrations alleging they were harmed by an inability to sell shares on the first day of trading post-business combination[283](index=283&type=chunk) - On October 28, 2022, the Delaware Court of Chancery granted the company's motion to permanently enjoin the employee arbitration claims[284](index=284&type=chunk) - A putative class action complaint was filed in September 2022 against HuffPost, alleging violations of the federal Video Privacy Protection Act related to sharing user data with Facebook[285](index=285&type=chunk) [Item 1A: Risk Factors](index=47&type=section&id=Item%201A%20Risk%20Factors) Key risks include adverse macroeconomic conditions, potential need for additional capital, stock price declines from large share sales, and the risk of Nasdaq delisting - Adverse macroeconomic conditions, including potential recession and inflation, could negatively affect demand for advertising and content, impacting business results[287](index=287&type=chunk)[288](index=288&type=chunk) - A significant portion of outstanding shares are no longer restricted from resale, which could cause the market price of Class A common stock to drop if sold in large quantities[296](index=296&type=chunk)[297](index=297&type=chunk) - The company faces a risk of being delisted from Nasdaq if its stock price fails to meet the minimum bid price requirement, which could limit liquidity and subject the stock to 'penny stock' rules[304](index=304&type=chunk)[305](index=305&type=chunk) - The company's multi-class stock structure concentrates over **75% of voting power** with CEO Jonah Peretti, limiting other stockholders' influence[307](index=307&type=chunk)[308](index=308&type=chunk) [Other Items (Items 2, 3, 4, 5, 6)](index=51&type=section&id=Other%20Items) This section confirms no information to report for unregistered sales of equity securities, defaults upon senior securities, mine safety disclosures, or other material information, and lists filed exhibits - There were no unregistered sales of equity securities, defaults upon senior securities, or other material information to report under Items 2, 3, 4, and 5[316](index=316&type=chunk)[317](index=317&type=chunk)[318](index=318&type=chunk)[319](index=319&type=chunk)

BuzzFeed, Inc. (NASDAQ:BZFD) Q2 2022 Earnings Conference Call August 9, 2022 5:00 PM ET Company Participants Amita Tomkoria - Senior Vice President-Investor Relations Jonah Perett - Founder and Chief Executive Officer Felicia DellaFortuna - Chief Financial Officer Marcela Martin - President Conference Call Participants Brent Navon - Bank of America Jason Kreyer - Craig-Hallum John Blackledge - Cowen Operator Good afternoon, and welcome to the BuzzFeed Inc. Second Quarter 2022 Earnings Conference Call. [Oper ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission file number: 001-39877 BuzzFeed, Inc. (Exact Name of Registrant as Specified in Its Charter) | --- | --- | |------------------------------ ...