BuzzFeed Inc. ENTERTAINMENT BuzzFeed News IHUFFPOSTI Investor Presentation | May 2022 Note to recipient: disclaimer Forward-Looking Statements Certain statements in this presentation (this "Presentation") 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. BuzzFeed, Inc.'s ("BuzzFeed" or the "Company") forward- ...

BuzzFeed, Inc. (NASDAQ:BZFD) Q1 2022 Earnings Conference Call May 16, 2022 5:00 PM ET Company Participants Amita Tomkoria – Senior Vice President-Investor Relations Jonah Peretti – Founder and Chief Executive Officer Felicia DellaFortuna – Chief Financial Officer Conference Call Participants John Blackledge – Cowen Jason Kreyer – Craig-Hallum Brent Navon – Bank of America Operator Good afternoon and welcome to BuzzFeed Inc's First Quarter 2022 Earnings Conference Call. At this time, all participants are in ...

Financial Performance - Total revenue for the three months ended March 31, 2022, was $91,558,000, an increase of 26% compared to $72,648,000 for the same period in 2021[21] - Net loss for the three months ended March 31, 2022, was $44,566,000, compared to a net loss of $11,325,000 for the same period in 2021, representing a 295% increase in losses[22] - For the three months ended March 31, 2022, the company reported a net loss of $44.6 million, compared to a net loss of $11.3 million for the same period in 2021[29] - Total revenue for the three months ended March 31, 2022, was $91.6 million, an increase from $72.6 million in the same period in 2021, representing a growth of approximately 26.1%[175] - The net loss for the three months ended March 31, 2022, was $44.6 million, compared to a net loss of $11.3 million for the same period in 2021, indicating a significant increase in losses[175] - Adjusted EBITDA for the three months ended March 31, 2022, was $(16.8) million, worsening from $(4.3) million in the same period in 2021[175] Assets and Liabilities - Total current assets decreased to $199,400,000 as of March 31, 2022, from $251,659,000 as of December 31, 2021, a decline of approximately 21%[16] - Total liabilities increased to $321,264,000 as of March 31, 2022, from $262,333,000 as of December 31, 2021, an increase of about 22%[16] - Cash and cash equivalents decreased to $74,540,000 as of March 31, 2022, down from $79,733,000 as of December 31, 2021, a decrease of approximately 6%[16] - The company’s accumulated deficit increased to $(367,000,000) as of March 31, 2022, from $(322,106,000) as of December 31, 2021[24] - Total stockholders' equity decreased to $332,053,000 as of March 31, 2022, from $372,587,000 as of December 31, 2021, a decline of approximately 11%[16] Revenue Breakdown - Advertising revenue reached $48,668 million in Q1 2022, up 26% from $38,649 million in Q1 2021[79] - Content revenue rose by $12.7 million, or 65%, primarily due to the acquisition of Complex Networks, contributing $12.1 million[193] - Commerce and other revenue decreased by $3.8 million, or 27%, reflecting a decline in purchases compared to heightened activity in Q1 2021 due to COVID-19[194] - Total revenue for the quarter ended March 31, 2022, was $91.6 million, a 26% increase from $72.6 million in the same quarter of 2021[192] Expenses - Research and development expenses increased to $7,192,000 for the three months ended March 31, 2022, compared to $6,699,000 for the same period in 2021, reflecting an increase of about 7%[21] - Cost of revenue increased by $18.7 million, or 44%, totaling $60.8 million, with costs related to Complex Networks accounting for $8.9 million[196] - Sales and marketing expenses rose by $6.4 million, or 56%, totaling $17.8 million, driven by a $5.3 million increase in compensation costs[197] - General and administrative expenses increased by $8.9 million, or 37%, primarily due to a $4.6 million increase in compensation costs and a $1.5 million increase in rent related to the Complex Networks acquisition[198] Acquisitions - The Company completed the acquisition of Complex Networks for a total consideration of $294.166 million, which includes $197.966 million in cash and $96.200 million in share consideration[67] - The Company acquired HuffPost for a total consideration of $23.574 million, which includes the fair value of common stock issued and working capital adjustments[75] - The fair value of common stock issued for the HuffPost acquisition was $24.064 million, based on 8,625,234 shares valued at $2.79 per share[75] Stock and Shares - The company reported a total of 136,425,000 weighted average common shares outstanding for the three months ended March 31, 2022, compared to 15,188,000 for the same period in 2021[21] - The company raised $150.0 million through unsecured convertible notes due 2026 in connection with the business combination[38] - The company’s stock began trading on the Nasdaq under the symbols "BZFD" and "BZFDW" on December 6, 2021[45] Cash Flow and Financing - Cash provided by operating activities was $1.1 million, a decrease from $9.5 million in the prior year[29] - The company expects operating cash flows and available cash to meet working capital and capital expenditure requirements for at least the next 12 months[214] - The company may need to raise additional funds in the future, which could dilute existing stockholders' ownership or impose additional restrictions on operations[215] Other Financial Metrics - The basic and diluted net loss per common share for the three months ended March 31, 2022, was $(0.33), an improvement from $(0.75) in the prior year[124] - Total stock-based compensation expense for the three months ended March 31, 2022, was $3,940 million, significantly higher than $138 million in the same period of 2021[121] - The company's effective tax rate for the three months ended March 31, 2022, was (0.8)%, compared to 29.8% for the same period in 2021[126]

Part I [Business](index=5&type=section&id=Item%201.%20Business) BuzzFeed is a digital media company targeting Gen Z and Millennial audiences through a portfolio of brands, generating revenue via advertising, content, and commerce - BuzzFeed's business model is centered on three revenue streams: Advertising (display, programmatic, video), Content (branded, syndicated, studio), and Commerce (affiliate marketplace, IP licensing)[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) - The company's portfolio includes iconic brands like BuzzFeed, Tasty, BuzzFeed News, HuffPost (acquired Feb 2021), and Complex Networks (acquired Dec 2021)[16](index=16&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) - In 2021, BuzzFeed's audience consumed nearly **800 million hours of content**, which drove approximately **$600 million in attributable e-commerce transactions**[17](index=17&type=chunk) - As of December 31, 2021, the company had **1,522 employees**, with approximately 10% unionized; **38.7% of the U.S. workforce are BIPOC employees**, and **58.8% of the global population identifies as female**[60](index=60&type=chunk)[67](index=67&type=chunk) - The company holds significant intellectual property, including **205 registered trademarks in the U.S.** and **527 in foreign jurisdictions** as of December 31, 2021[73](index=73&type=chunk) [Risk Factors](index=13&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from its dependence on third-party platforms, a history of operating losses, and a multi-class stock structure concentrating voting power - A significant portion of traffic comes from third-party platforms (e.g., Facebook, Google, YouTube); changes in their algorithms or policies could adversely affect business[93](index=93&type=chunk)[109](index=109&type=chunk) - The company has a history of **significant operating losses** and may not be able to sustain recent revenue levels or achieve consistent profitability[98](index=98&type=chunk)[135](index=135&type=chunk) - Legacy BuzzFeed identified **material weaknesses in its internal control over financial reporting** related to the financial close process, lack of experienced staff, and IT general controls, which are under remediation[101](index=101&type=chunk)[185](index=185&type=chunk) - The multi-class stock structure concentrates **over 65% of voting power with CEO Jonah Peretti**, limiting other stockholders' influence on major corporate decisions[107](index=107&type=chunk)[253](index=253&type=chunk) - The company's warrants are accounted for as liabilities, and changes in their fair value could materially affect financial results[100](index=100&type=chunk)[178](index=178&type=chunk) [Unresolved Staff Comments](index=41&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that it has no unresolved staff comments from the SEC - None[288](index=288&type=chunk) [Properties](index=41&type=section&id=Item%202.%20Properties) The company leases office space globally, with its New York City headquarters lease expiring in 2026, and is currently re-evaluating its real estate needs - The main corporate headquarters is a **113,000 sq. ft. facility in New York City**, with a lease expiring in 2026[289](index=289&type=chunk) - The company is re-evaluating its office space requirements due to a flexible work model and the Complex Networks acquisition, with potential plans to sublease some properties[290](index=290&type=chunk) [Legal Proceedings](index=41&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in various legal proceedings which are not expected to have a material adverse effect on its financial position - The company is party to various lawsuits and claims in the ordinary course of business but does not expect them to have a material adverse effect on its financial position[291](index=291&type=chunk) [Mine Safety Disclosures](index=41&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's business - Not applicable[292](index=292&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=41&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's stock trades on Nasdaq, it does not plan to pay dividends, and it recently issued $150 million in convertible notes - Class A Common Stock and public warrants trade on Nasdaq under symbols **'BZFD' and 'BZFDW'**[294](index=294&type=chunk) - The company has never declared or paid cash dividends and does not plan to in the foreseeable future[295](index=295&type=chunk) - On December 3, 2021, the company issued **$150 million in aggregate principal amount of unsecured convertible notes** due in 2026, bearing interest at 8.50% per annum[301](index=301&type=chunk) [[Reserved]](index=43&type=section&id=Item%206.%20%5BReserved%5D) This item is reserved [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=43&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Revenue grew 24% to $397.6 million in 2021, driven by acquisitions and advertising, resulting in net income of $25.9 million despite challenges in commerce revenue Financial Highlights (in thousands) | Metric | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | **Total Revenue** | $397,564 | $321,324 | $317,923 | | **Net Income (Loss)** | $25,876 | $11,156 | $(36,919) | | **Adjusted EBITDA** | $41,516 | $30,813 | $(8,361) | - The company completed its business combination with 890 5th Avenue Partners, Inc. and the acquisition of Complex Networks on December 3, 2021[317](index=317&type=chunk) - The acquisition of HuffPost was completed on February 16, 2021, for which BuzzFeed issued 2.6 million shares of Class C common stock; a subsequent restructuring resulted in approximately **$3.6 million in severance costs**[314](index=314&type=chunk)[315](index=315&type=chunk) - The COVID-19 pandemic initially boosted commerce revenue in 2020, but this growth decelerated in 2021 as consumer behavior shifted and retailers faced supply chain issues[323](index=323&type=chunk) [Results of Operations](index=47&type=section&id=Results%20of%20Operations) Total 2021 revenue rose 24% to $397.6 million, driven by advertising growth from acquisitions, though higher operating expenses led to an operating loss Revenue by Type (in thousands) | Revenue Type | 2021 | 2020 | % Change (YoY) | | :--- | :--- | :--- | :--- | | Advertising | $205,794 | $149,704 | 37% | | Content | $130,200 | $119,846 | 9% | | Commerce and other | $61,570 | $51,774 | 19% | | **Total Revenue** | **$397,564** | **$321,324** | **24%** | - Advertising revenue growth in 2021 was driven by a **54% increase on owned and operated properties**, with the HuffPost and Complex Networks acquisitions contributing **$24.7 million and $4.1 million**, respectively[346](index=346&type=chunk) - Cost of revenue increased by 48% in 2021, primarily due to a **$30.0 million increase in compensation costs** related to acquisitions and stock-based compensation[352](index=352&type=chunk) - General and administrative expenses increased by 36% in 2021, driven by a **$19.8 million increase in compensation costs** and **$14.3 million in non-recurring expenses** associated with the Business Combination[359](index=359&type=chunk) [Non-GAAP Financial Measures](index=53&type=section&id=Non-GAAP%20Financial%20Measures) Adjusted EBITDA, a key non-GAAP metric, increased to $41.5 million in 2021 from $30.8 million in 2020 Reconciliation of Net Income (Loss) to Adjusted EBITDA (in thousands) | Reconciliation Item | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | **Net income (loss)** | **$25,876** | **$11,156** | **$(36,919)** | | Income tax (benefit) provision | $(26,404) | $941 | $(358) | | Interest expense/income, net | $2,885 | $923 | $(1,393) | | Depreciation and amortization | $22,860 | $17,486 | $19,450 | | Stock-based compensation | $23,565 | $1,189 | $2,813 | | Change in fair value of warrant liabilities | $(4,740) | — | — | | Change in fair value of derivative liability | $(26,745) | — | — | | Restructuring | $3,645 | — | $9,644 | | Transaction costs | $15,295 | — | — | | **Adjusted EBITDA** | **$41,516** | **$30,813** | **$(8,361)** | [Liquidity and Capital Resources](index=54&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains liquidity through cash from operations, a revolving credit facility, and proceeds from a $150 million convertible note issuance Cash Flow Summary (in thousands) | Cash Flow Activity | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $797 | $27,553 | $(20,243) | | Net cash (used in) provided by investing activities | $(208,028) | $(14,803) | $16,363 | | Net cash provided by financing activities | $181,823 | $19,455 | $195 | - The company has a **$50.0 million revolving credit facility**, of which **$28.5 million was drawn** and **$5.4 million remained available** as of Dec 31, 2021[393](index=393&type=chunk)[396](index=396&type=chunk) - In connection with the Business Combination, the company issued **$150.0 million of unsecured convertible notes** due 2026 with an 8.50% interest rate[397](index=397&type=chunk) [Critical Accounting Policies and Estimates](index=56&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) Critical accounting policies involve significant judgment, particularly in revenue recognition, business combinations, income taxes, and goodwill impairment testing - Key critical accounting policies include Revenue Recognition, Business Combinations, Income Taxes, Stock-Based Compensation, Common Stock Valuations (pre-IPO), and Goodwill impairment[414](index=414&type=chunk) - For programmatic advertising revenue from third-party intermediaries, where the end-customer price is unknown, revenue is recognized as the net amount remitted to the company[418](index=418&type=chunk) - Goodwill is tested for impairment annually on October 1; the 2021 qualitative assessment concluded that impairment was not more likely than not[431](index=431&type=chunk)[432](index=432&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=59&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks including foreign currency exchange fluctuations, variable interest rates on its debt, and equity investment risk - The company is exposed to foreign currency exchange risk, as it generates revenue and incurs costs in currencies like the British Pound, Japanese Yen, and Canadian Dollar[443](index=443&type=chunk) - Interest rate risk exists due to the variable interest component on the Revolving Credit Facility[444](index=444&type=chunk) [Financial Statements and Supplementary Data](index=61&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the audited consolidated financial statements and related notes for the fiscal year ended December 31, 2021 Consolidated Balance Sheet Data (in thousands) | Account | Dec 31, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$637,214** | **$279,192** | | Total Current Assets | $251,659 | $208,521 | | Goodwill | $194,881 | $0 | | **Total Liabilities** | **$262,333** | **$97,310** | | Total Current Liabilities | $94,146 | $57,228 | | Debt | $141,878 | $20,396 | | **Total Stockholders' Equity (Deficit)** | **$372,587** | **$(313,803)** | Consolidated Statement of Operations Data (in thousands) | Account | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | **Revenue** | **$397,564** | **$321,324** | **$317,923** | | Total costs and expenses | $422,718 | $309,186 | $358,191 | | (Loss) income from operations | $(25,154) | $12,138 | $(40,268) | | **Net income (loss)** | **$25,876** | **$11,156** | **$(36,919)** | [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=96&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no disagreements with its accountants on any matter of accounting principles or practices - None[667](index=667&type=chunk) [Controls and Procedures](index=96&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded disclosure controls were not effective as of year-end 2021 due to identified material weaknesses in internal control over financial reporting - Disclosure controls and procedures were deemed **not effective** as of December 31, 2021[672](index=672&type=chunk) - **Material weaknesses** were identified in internal controls related to: (a) formalized controls and segregation of duties in financial close, (b) lack of staff with public company/technical accounting experience, and (c) IT general controls[669](index=669&type=chunk) - Management excluded a report on internal control over financial reporting for 2021, as permitted by SEC guidance, due to the recent timing of the Business Combination[676](index=676&type=chunk) [Other Information](index=97&type=section&id=Item%209B.%20Other%20Information) The company reports no other information for this item - None[679](index=679&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspection](index=97&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspect) This item is not applicable to the company - Not applicable[680](index=680&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=97&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Required information regarding directors, officers, and governance is incorporated by reference from the company's 2022 proxy statement - Information is incorporated by reference from the proxy statement for the 2022 Annual Meeting of Stockholders[682](index=682&type=chunk) [Executive Compensation](index=97&type=section&id=Item%2011.%20Executive%20Compensation) Required information regarding executive compensation is incorporated by reference from the company's 2022 proxy statement - Information is incorporated by reference from the proxy statement for the 2022 Annual Meeting of Stockholders[683](index=683&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=98&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Required information regarding security ownership is incorporated by reference from the company's 2022 proxy statement - Information is incorporated by reference from the proxy statement for the 2022 Annual Meeting of Stockholders[687](index=687&type=chunk) [Certain Relationships and Related Transactions and Director Independence](index=98&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%20and%20Director%20Independence) Required information regarding related party transactions and director independence is incorporated by reference from the company's 2022 proxy statement - Information is incorporated by reference from the proxy statement for the 2022 Annual Meeting of Stockholders[688](index=688&type=chunk) [Principal Accounting Fees and Services](index=98&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Required information regarding principal accountant fees and services is incorporated by reference from the company's 2022 proxy statement - Information is incorporated by reference from the proxy statement for the 2022 Annual Meeting of Stockholders[689](index=689&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=98&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the exhibits filed as part of the report, including key agreements and incentive plans - The consolidated financial statements are included in Part II, Item 8[692](index=692&type=chunk) - A list of all exhibits filed with the report is provided, including merger agreements, debt agreements, and equity plans[691](index=691&type=chunk) [Form 10-K Summary](index=100&type=section&id=Item%2016.%20Form%2010-K%20Summary) This item is not applicable - Not applicable[700](index=700&type=chunk)

BuzzFeed, Inc. (NASDAQ:BZFD) Q4 2021 Earnings Conference Call March 22, 2022 8:30 AM ET Company Participants Jonah Peretti - Founder & CEO Felicia DellaFortuna - CFO Amita Tomkoria - SVP, IR Conference Call Participants Jason Kreyer - Craig-Hallum John Blackledge - Cowen & Company Brent Navon - Bank of America Securities Operator Good morning, and welcome to the BuzzFeed Inc.’s First Earnings Conference Call. At this time, all participants are on a listen-only mode. later, we will conduct a question-and-ans ...

BuzzFeed Inc. BuzzFeed News IHUFFPOSTI Investor Presentation | March 2022 Note to recipient: disclaimer Forward-Looking Statements Certain statements in this presentation (this "Presentation") 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 (the "Exchange Act"), which statements involve substantial risks and uncertainties. Our forward-looking statements include, but ar ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 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 890 5th Avenue Partners, Inc. (Exact name of registrant as specified in its charter) Delaware 85-30 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 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 890 5th Avenue Partners, Inc. (Exact name of registrant as specified in its charter) Delaware 85-3022075 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 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 890 5th Avenue Partners, Inc. (Exact name of registrant as specified in its charter) Delaware 85-302207 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the year ended December 31, 2020 Commission File Number 001-39877 890 5th Avenue Partners, Inc. (Exact name of registrant as specified in its charter) Delaware 85-3022075 (State or Other Jurisdiction of Incorporation) (I.R.S. Employer Identification No.) 14 Elm Place, Suite 206 Rye, NY 10580 (Address of principal executive offices) (zip ...