BuzzFeed(BZFD) - 2024 Q4 - Annual Results

Revenue Performance - BuzzFeed reported full year 2024 revenues of $189.9 million, an 18% decline compared to 2023[5] - Advertising revenue decreased by 17% year-over-year to $94.4 million, reflecting a strategic shift away from lower-margin direct sold advertising[5] - Commerce and other revenues grew by 23% year-over-year to $61.7 million, driven by strong affiliate commerce performance, which increased by 26% to $59.6 million[5] - In Q4 2024, revenues were $56.2 million, a 20% decline compared to Q4 2023, with advertising revenue down 19% to $25.4 million[8] - Total revenue for Q4 2024 was $56.2 million, a decrease of 20% compared to $70.1 million in Q4 2023[27] - Advertising revenue decreased by 19% year-over-year, from $31.6 million in Q4 2023 to $25.4 million in Q4 2024[27] - Content revenue saw a significant decline of 59%, dropping from $23.2 million in Q4 2023 to $9.4 million in Q4 2024[27] - Commerce and other revenue increased by 39%, rising from $15.3 million in Q4 2023 to $21.3 million in Q4 2024[27] Profitability and Loss - Net loss from continuing operations improved to $34.0 million, compared to a net loss of $55.7 million in 2023, due to successful cost savings and operational efficiencies[5] - The net loss from continuing operations for the year 2024 was $34.0 million, an improvement of 39% compared to a loss of $55.7 million in 2023[31] - For the year ended December 31, 2024, the net loss from continuing operations was $33,956 thousand, compared to a net loss of $55,712 thousand in 2023, indicating an improvement of approximately 39.4%[37] - The company reported a net income of $31.0 million for Q4 2024, compared to a net loss of $11.3 million in Q4 2023[31] Adjusted EBITDA - Adjusted EBITDA for 2024 was positive at $5.5 million, an improvement of $17.1 million year-over-year[5] - Adjusted EBITDA for Q4 2024 was $10.9 million, down 16% from $13.0 million in Q4 2023[27] - Adjusted EBITDA for the year ended December 31, 2024, was $5,451 thousand, a significant increase from a loss of $11,645 thousand in 2023[37] - The adjusted EBITDA margin for the year ended December 31, 2024, was 2.9%, compared to a negative margin of 5.1% in 2023, reflecting a positive trend in operational efficiency[37] Cash and Assets - Total assets decreased from $411.5 million in 2023 to $221.4 million in 2024[29] - Current liabilities decreased significantly from $227.8 million in 2023 to $96.8 million in 2024[29] - Cash and cash equivalents increased from $35.6 million in 2023 to $38.6 million in 2024[29] - Cash and cash equivalents at the end of 2024 were $38,648 thousand, up from $35,637 thousand at the end of 2023, marking a net increase of $3,011 thousand[35] - The company reported a net increase in cash and cash equivalents of $3,011 thousand for the year ended December 31, 2024, contrasting with a decrease of $20,137 thousand in 2023[35] Debt and Expenses - The company incurred interest expense of $6,782 thousand for the year ended December 31, 2024, compared to $6,468 thousand in 2023, reflecting a slight increase[37] - Payments on the Revolving Credit Facility totaled $33,837 thousand in 2024, significantly higher than $1,796 thousand in 2023, indicating a strategic shift in debt management[35] - The company recognized stock-based compensation expenses of $5,531 thousand for the year ended December 31, 2024, compared to $5,282 thousand in 2023, indicating ongoing investment in employee incentives[37] User Engagement - Audience time spent with BuzzFeed content totaled 297.9 million hours in 2024, reflecting a 3% decline year-over-year[8] - The percentage of loyal users on BuzzFeed.com reached approximately 48%, the highest level in the last two years[8] Future Outlook - BuzzFeed expects overall revenues in 2025 to be between $195 million and $210 million, representing a 3-10% increase from 2024[15] - The company plans to begin private beta testing of its new social platform, BF Island, in Q2 2025[2]