BuzzFeed(US:BZFD)2024-11-12 21:46Financial Performance - BuzzFeed reported Q3 2024 revenues of $64.3 million, a 7% increase year-over-year[2]. - Adjusted EBITDA reached $10.5 million, a nearly four-fold increase compared to Q2 2024 and a $10 million improvement year-over-year[3]. - Net income from continuing operations was $2 million, a $14 million improvement from a net loss of $12 million in Q3 2023[2]. - Total revenue for Q3 2024 was $64,320, a 7% increase from $59,978 in Q3 2023[17]. - Net income from continuing operations improved to $1,968, a 116% increase from a loss of $12,049 in Q3 2023[20]. - Adjusted EBITDA for Q3 2024 was $10,540, compared to $341 in Q3 2023, marking a significant improvement[17]. - The company reported a 15% decline in total revenue for the nine months ended September 30, 2024, compared to the same period in 2023[17]. - Net loss from continuing operations for the nine months ended September 30, 2024, was $31,084 thousand, a significant improvement from a loss of $63,920 thousand in the same period of 2023, representing a 51% reduction[21]. - Adjusted EBITDA for the three months ended September 30, 2024, was $10,540 thousand, with an adjusted EBITDA margin of 16.4%, compared to 0.6% in the same period of 2023[22]. - The net income (loss) from continuing operations as a percentage of revenue for the nine months ended September 30, 2024, was (19.9)%, an improvement from (36.1)% in the same period of 2023[22]. Revenue Breakdown - Affiliate commerce revenues grew 53% year-over-year to $19.6 million, driven by the most successful Prime Day in July[2]. - Programmatic advertising revenues increased by 9% year-over-year to $17.3 million[2]. - Advertising revenue declined by 3% year-over-year to $26.1 million, while content revenue fell by 7% to $17.4 million[2]. - Commerce and other revenue increased by 45% to $20,897, up from $14,447 in Q3 2023[17]. Cash and Assets - Total current assets decreased to $120,920 from $132,789 at the end of 2023[19]. - Total liabilities decreased to $202,473 from $300,293 at the end of 2023[19]. - Cash and cash equivalents increased to $53,723 from $35,637 at the end of 2023[19]. - Cash used in operating activities from continuing operations was $7,372 thousand for the nine months ended September 30, 2024, compared to cash provided of $2,052 thousand in the same period of 2023[21]. - The company reported a net increase in cash and cash equivalents of $18,086 thousand for the nine months ended September 30, 2024, compared to a decrease of $13,304 thousand in the same period of 2023[21]. Strategic Outlook - The company aims to deliver consistent topline growth and expanded profitability in 2025 and beyond[2]. - BuzzFeed's strategy focuses on scalable, tech-driven revenue lines to stabilize the business[2]. - The company plans to share updates on its debt, balance sheet, and Q4 financial outlook in the coming weeks[4]. Other Financial Metrics - Stock-based compensation for the nine months ended September 30, 2024, was $4,238 thousand, slightly down from $4,524 thousand in the same period of 2023[22]. - The company experienced a significant change in fair value of warrants, reporting a gain of $582 thousand for the nine months ended September 30, 2024, compared to a gain of $94 thousand in the same period of 2023[22]. - Cash provided by investing activities from discontinued operations was $108,575 thousand for the nine months ended September 30, 2024, with no comparable figure for the same period of 2023[21]. - The company incurred capital expenditures of $500 thousand for the nine months ended September 30, 2024, down from $761 thousand in the same period of 2023[21]. - The company reported a loss on investment of $3,500 thousand in the nine months ended September 30, 2023, with no comparable figure for the same period of 2024[21].