BuzzFeed(US:BZFD)2022-05-15 16:00Financial 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]