Company Renews Focus on High-Margin Revenue
Streams and Owned & Operated Properties and Strengthens Balance
Sheet for 2024
Sale of Complex Marks an Important Milestone
for BuzzFeed, Inc.
BuzzFeed, Inc.’s (“BuzzFeed” or the “Company”) (Nasdaq: BZFD)
fourth quarter and full year (ended December 31, 2023) financial
results were in line with its revised outlook shared in February,
but fell short of its initial expectations. Looking ahead,
following key strategic organizational changes, BuzzFeed is
optimistic about 2024 with a commitment to high-margin revenue
streams and a renewed focus on its owned and operated websites and
apps.
“Three months into 2024, it’s clear BuzzFeed and digital media
are at an inflection point,” said Jonah Peretti, BuzzFeed
Founder & CEO. “We’ve restructured our business to focus on
our scalable, high-margin, and tech-led revenue streams. We are
leveraging AI tools to optimize our owned and operated platforms,
accelerate innovation, and make our sites and apps more engaging,
more personalized and more rewarding for all. Despite challenges
over the past year, I’m optimistic about BuzzFeed's trajectory in
2024. I believe we have a tremendous opportunity in front of us to
build the defining media company for the AI era.”
2023 Full Year Financial and
Operational Highlights for Continuing Operations (excluding
Complex)1
- BuzzFeed delivered Full Year 2023 revenues of $252.7
million, declining 26% compared to 2022
- Advertising revenue declined 31% year-over-year to
$115.6 million
- Content revenue declined 31% year-over-year to $83.6
million
- Commerce and other revenues were relatively flat
year-over-year at $53.4 million
- Net loss from continuing operations was $60.3 million,
compared to a net loss of $140.5 million in 2022
- Adjusted EBITDA2 loss was $4.7 million, compared to
Adjusted EBITDA of $0.3 million in 2022
- In 2023, audience Time Spent3 with our content was 306
million hours. Time Spent on our owned and operated
properties grew 3% year-over-year, while Time Spent with
our content on third-party platforms declined 32%
year-over-year
- BuzzFeed ended the period with cash and cash equivalents
of approximately $36 million
_________________________________
1The Company determined the assets of
Complex Networks, excluding the First We Feast brand, met the
classification for “held for sale.” Additionally, the Company
concluded the disposal, which occurred on February 21, 2024, will
represent a strategic shift that will have a major effect on our
operations and financial results. As such, the historical financial
results of Complex Networks have been reflected as discontinued
operations in our consolidated financial statements. Amounts
presented throughout this press release are on a continuing
operations basis.
2Adjusted EBITDA is a non-GAAP financial
measure. Please refer to “Non-GAAP Financial Measures” below for a
description of how it is calculated and the tables at the back of
this earnings release for a reconciliation of our GAAP and non-GAAP
results.
3Excludes Complex Networks and Facebook;
see definition of “Time Spent” below.
Fourth Quarter 2023 Financial and
Operational Highlights for Continuing Operations (excluding
Complex)1
- BuzzFeed delivered Q4 revenues of $75.7 million, declining
26% compared to the fourth quarter of 2022, in line with the
Company’s revised outlook shared in February
- Advertising revenue declined 25% year-over-year to $31.9
million
- Content revenue declined 34% year-over-year to $27.0
million
- Commerce and other revenues declined 8% year-over-year
to $16.7 million
- Net income from continuing operations was $3.5 million,
compared to a net loss of $60.7 million in the fourth quarter of
2022
- Adjusted EBITDA2 was $15.1 million, compared to
Adjusted EBITDA of $16.8 million in the fourth quarter of 2022,
also in line with the Company’s February outlook,
- Time Spent3 declined 12% year-over-year to 72 million
hours, though we continue to outpace the competition
- In Q4, audiences once again spent more time consuming our
content than that of any other digital media company in our
competitive set4
First Quarter 2024 Financial
Outlook
- We expect overall revenues in the range of $42 to $44
million, or 20% to 23% lower than first quarter 2023
- We expect Adjusted EBITDA losses in the range of
$10 to $12 million, an improvement of approximately
$7 million year-over-year at the midpoint
These statements are forward-looking and actual results may
differ materially as a result of many factors. Refer to
“Forward-Looking Statements” below for information on factors that
could cause our actual results to differ materially from these
forward-looking statements.
Please see “Non-GAAP Financial Measures” below for a description
of how Adjusted EBITDA is calculated. While Adjusted EBITDA is a
non-GAAP financial measure, we have not provided guidance for the
most directly comparable GAAP financial measure — net income (loss)
from continuing operations — due to the inherent difficulty in
forecasting and quantifying certain amounts that are necessary to
forecast such a measure. Accordingly, a reconciliation of non-GAAP
guidance for Adjusted EBITDA to the corresponding GAAP measure is
not available.
________________________________
4Source: Comscore Media Trend, A18+,
December 2023; Comps include Condé Nast Digital, Vox Media, People,
Bustle Digital Group, Dot Dash Meredith
Quarterly Conference
Call
BuzzFeed’s management team will hold a conference call to
discuss our fourth quarter and full year 2023 results today, March
25, at 5PM ET. The call will be available via webcast at
investors.buzzfeed.com under the heading News and Events, and
parties interested in participating must register in advance at the
same location. Upon registration, all telephone participants will
receive a confirmation email detailing how to join the conference
call, including the dial-in number along with a unique PIN that can
be used to access the call. While it is not required, it is
recommended you join 10 minutes prior to the event start time. A
replay of the call will be made available at the same URL.
We have used, and intend to continue to use, the Investor
Relations section of our website at investors.buzzfeed.com as a
means of disclosing material nonpublic information and for
complying with our disclosure obligations under Regulation FD.
Definitions
BuzzFeed reports revenues across three primary business lines:
Advertising, Content and Commerce and other. The definition of
“Time Spent” is also set forth below.
- Advertising revenues are primarily generated from
advertisers for ads distributed against our editorial and news
content, including display, pre-roll and mid-roll video products
sold directly to brands and also programmatically. We distribute
these ad products across our owned and operated sites as well as
third-party platforms, primarily YouTube and Apple News.
- Content revenues are primarily generated from clients
for custom assets, including both long-form and short-form content,
from branded quizzes to Instagram takeovers to sponsored content
and content licensing. Revenues for film and TV projects are also
included here.
- Commerce and other revenues consist primarily of
affiliate commissions earned on transactions initiated from our
editorial shopping content. Revenues from our product licensing
businesses are also included here.
- Time Spent captures the time audiences spend engaging
with our content across our owned and operated sites, as well as
YouTube and Apple News, as measured by Comscore. This metric
excludes time spent with our content on platforms for which we have
minimal advertising capabilities that contribute to our Advertising
revenues, including Instagram, TikTok, Facebook, Snapchat and
Twitter. There are inherent challenges in measuring the total
actual number of hours spent with our content across all platforms;
however, we consider the data reported by Comscore to represent
industry-standard estimates of the time actually spent on our
largest distribution platforms with our most significant
monetization opportunities. Effective January 1, 2023, we exclude
time spent on Facebook from our measure of Time Spent as our
monetization strategy is increasingly focused on advertising on our
owned and operated properties, and Facebook now contributes an
immaterial amount of advertising revenue. Time Spent on Facebook,
as reported by Facebook, was approximately 58 and 184 million hours
for the years ended December 31, 2023 and 2022, respectively.
Additionally, Time Spent presented above excludes time spent on
Complex Networks, as Complex Networks is presented as a
discontinued operation within our consolidated financial
statements. Time Spent on Complex Networks, as reported by
Comscore, was approximately 76 million and 126 million hours for
the years ended December 31, 2023 and 2022, respectively. Time
Spent on Complex Networks, as reported by Comscore, previously
included Time Spent on First We Feast, as First We Feast was
historically under the Complex Networks’ measurement portfolio of
Comscore. However, the historical Time Spent on First We Feast
cannot be reasonably bifurcated from Time Spent on Complex
Networks. Accordingly, for comparability of Time Spent, we have
excluded Time Spent on First We Feast from our measure of Time
Spent for all periods presented above and for future reporting of
Time Spent.
About BuzzFeed, Inc.
BuzzFeed, Inc. is home to the best of the Internet. Across pop
culture, entertainment, shopping, food and news, our brands drive
conversation and inspire what audiences watch, read, and buy
now—and into the future. Born on the Internet in 2006, BuzzFeed is
committed to making it better: providing trusted, quality,
brand-safe news and entertainment to hundreds of millions of
people; making content on the Internet more inclusive, empathetic,
and creative; and inspiring our audience to live better lives.
Non-GAAP Financial Measures
Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP
financial measures and represent key metrics used by management and
our board of directors to measure the operational strength and
performance of our business, to establish budgets, and to develop
operational goals for managing our business. We define Adjusted
EBITDA as net income (loss) from continuing operations, excluding
the impact of net (loss) income attributable to noncontrolling
interests, income tax provision (benefit), interest expense, net,
other (income) expense, net, depreciation and amortization,
stock-based compensation, change in fair value of warrant
liabilities, change in fair value of derivative liability,
restructuring costs, impairment expense, transaction-related costs,
certain litigation costs, public company readiness costs, and other
non-cash and non-recurring items that management believes are not
indicative of ongoing operations. Adjusted EBITDA margin is
calculated by dividing Adjusted EBITDA by revenue for the same
period.
We believe Adjusted EBITDA and Adjusted EBITDA margin are
relevant and useful information for investors because they allow
investors to view performance in a manner similar to the method
used by our management. There are limitations to the use of
Adjusted EBITDA and Adjusted EBITDA margin and our Adjusted EBITDA
and Adjusted EBITDA margin may not be comparable to similarly
titled measures of other companies. Other companies, including
companies in our industry, may calculate non-GAAP financial
measures differently than we do, limiting the usefulness of those
measures for comparative purposes.
Adjusted EBITDA and Adjusted EBITDA margin should not be
considered a substitute for measures prepared in accordance with
GAAP. Reconciliations of non-GAAP financial measures to the most
directly comparable financial results as determined in accordance
with GAAP are included at the end of this press release following
the accompanying financial data.
Forward-Looking Statements
Certain statements in this press release 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. Our forward-looking
statements include, but are not limited to, statements regarding
our management team’s expectations, hopes, beliefs, intentions or
strategies regarding the future. In addition, any statements that
refer to projections, forecasts (including our outlook for Q1 2024)
or other characterizations of future events or circumstances,
including any underlying assumptions, are forward-looking
statements. The words “affect,” “anticipate,” “believe,” “can,”
“contemplate,” “continue,” “could,” “estimate,” “expect,”
“forecast,” “intend,” “may,” “might,” “plan,” “possible,”
“potential,” “predict,” “project,” “seek,” “should,” “target,”
“will,” “would” and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. The forward-looking
statements contained in this press release are based on current
expectations and beliefs concerning future developments and their
potential effects on us. There can be no assurance that future
developments affecting us will be those that we have anticipated.
These forward-looking statements involve a number of risks,
uncertainties (some of which are beyond our control) or other
assumptions that may cause actual results or performance to be
materially different from those expressed or implied by these
forward-looking statements. These risks and uncertainties include,
but are not limited to: (1) macroeconomic factors including:
adverse economic conditions in the United States and globally,
including the potential onset of recession; potential government
shutdowns or failure to raise the U.S. federal debt ceiling;
current global supply chain disruptions; the ongoing conflicts
between Russia and Ukraine and between Israel and Hamas and any
related sanctions and geopolitical tensions, and further escalation
of trade tensions between the U.S. and China; the inflationary
environment; and the competitive labor market; (2) developments
relating to our competitors and the digital media industry,
including overall demand of advertising in the markets in which we
operate; (3) demand for our products and services or changes in
traffic or engagement with our brands and content; (4) changes in
the business and competitive environment in which we and our
current and prospective partners and advertisers operate; (5) our
future capital requirements, including, but not limited to, our
ability to obtain additional capital in the future, to settle
conversions of our outstanding convertible notes, repurchase the
notes upon a fundamental change or repay the notes in cash at their
maturity any restrictions imposed by, or commitments under, the
indenture governing our unsecured notes or the facility governing
any future indebtedness, and any restrictions on our ability to
access our cash and cash equivalents; (6) developments in the law
and government regulation, including, but not limited to, revised
foreign content and ownership regulations, and the outcomes of
legal proceedings, regulatory disputes or governmental
investigations to which we are subject; (7) the benefits of our
restructuring; (8) our success divesting of companies, assets or
brands we sell or in integrating and supporting the companies we
acquire; (9) technological developments including artificial
intelligence; (10) our success in retaining or recruiting, or
changes required in, officers, other key employees or directors;
(11) use of content creators and on-camera talent and relationships
with third parties managing certain of our branded operations
outside of the United States; (12) the security of our information
technology systems or data; (13) disruption in our service, or by
our failure to timely and effectively scale and adapt our existing
technology and infrastructure; (14) our ability to maintain the
listing of our Class A common stock and warrants on The Nasdaq
Stock Market LLC ; and (15) those factors described under the
sections entitled “Risk Factors” in the Company’s annual and
quarterly filings with the Securities and Exchange Commission.
Should one or more of these risks or uncertainties materialize,
or should any of our assumptions prove incorrect, actual results
may vary in material respects from those projected in these
forward-looking statements. There may be additional risks that we
consider immaterial or which are unknown. It is not possible to
predict or identify all such risks. We do not undertake any
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws.
BUZZFEED, INC. Financial
Highlights (Unaudited, dollars in thousands)
Three Months Ended December 31, Year Ended
December 31,
2023
2022
% Change
2023
2022
% Change
Advertising
$
31,900
$
42,643
(25
)%
$
115,620
$
166,934
(31
)%
Content
27,036
40,910
(34
)%
83,642
121,541
(31
)%
Commerce and other
16,727
18,098
(8
)%
53,415
54,079
(1
)%
Total revenue
$
75,663
$
101,651
(26
)%
$
252,677
$
342,554
(26
)%
Income (loss) from continuing operations
$
7,750
$
(61,298
)
113
%
$
(39,824
)
$
(128,351
)
69
%
Net income (loss) from continuing operations
$
3,531
$
(60,685
)
106
%
$
(60,332
)
$
(140,483
)
57
%
Adjusted EBITDA
$
15,149
$
16,758
(10
)%
$
(4,743
)
$
318
NM
NM: Not Meaningful
BUZZFEED, INC. Consolidated
Balance Sheets (Unaudited, dollars and shares in thousands, except
per share amounts)
December 31,2023 December 31,2022
Assets Current assets Cash and cash equivalents
$
35,637
$
55,774
Accounts receivable (net of allowance for doubtful accounts of
$1,424, and $1,879 as at December 31, 2023 and 2022)
75,692
116,460
Prepaid expenses and other current assets
21,460
26,373
Current assets of discontinued operations
-
-
Total current assets
132,789
198,607
Property and equipment, net
11,856
17,774
Right-of-use assets
46,715
66,581
Capitalized software costs, net
22,292
19,259
Intangible assets, net
26,665
31,038
Goodwill
57,562
57,562
Prepaid expenses and other assets
9,508
14,790
Noncurrent assets of discontinued operations
104,089
124,361
Total assets
$
411,476
$
529,972
Liabilities and Stockholders' Equity Current
liabilities Accounts payable
$
46,378
$
29,329
Accrued expenses
15,515
26,357
Deferred revenue
1,895
8,836
Accrued compensation
12,970
31,052
Current lease liabilities
21,659
23,398
Current debt
124,977
-
Other current liabilities
4,401
3,900
Current liabilities of discontinued operations
-
-
Total current liabilities
227,795
122,872
Noncurrent lease liabilities
37,820
59,315
Debt
33,837
152,253
Derivative liability
-
180
Warrant liabilities
406
395
Other liabilities
435
403
Noncurrent liabilities of discontinued operations
-
-
Total liabilities
300,293
335,418
Commitments and contingencies Stockholders’ equity
Class A Common stock, $0.0001 par value; 700,000 shares authorized;
140,138 and 126,387 shares issued and outstanding at December 31,
2023 and 2022, respectively
14
13
Class B Common stock, $0.0001 par value; 20,000 shares authorized;
5,474 and 6,678 shares issued and outstanding at December 31, 2023
and 2022, respectively
1
1
Class C Common stock, $0.0001 par value; 10,000 shares authorized;
0 and 6,478 shares issued and outstanding at December 31, 2023 and
2022, respectively
-
1
Additional paid-in capital
723,081
716,233
Accumulated deficit
(611,768
)
(523,063
)
Accumulated other comprehensive loss
(2,500
)
(1,968
)
Total BuzzFeed, Inc. stockholders’ equity
108,828
191,217
Noncontrolling interests
2,355
3,337
Total stockholders’ equity
111,183
194,554
Total liabilities and stockholders' equity
$
411,476
$
529,972
BUZZFEED, INC. Consolidated
Statements of Operations (Unaudited, dollars and shares in
thousands, except per share amounts)
For the Three Months Ended December 31, For the
Year Ended December 31,
2023
2022
2023
2022
Revenue
$
75,663
$
101,651
$
252,677
$
342,554
Costs and Expenses Cost of revenue, excluding depreciation and
amortization
34,295
49,404
142,366
194,348
Sales and marketing
8,700
13,141
38,989
47,293
General and administrative
17,109
23,840
78,026
111,437
Research and development
2,264
6,181
11,179
27,100
Depreciation and amortization
5,545
6,079
21,941
24,263
Impairment expense
-
64,304
-
66,464
Total costs and expenses
67,913
162,949
292,501
470,905
Income (loss) from continuing operations
7,750
(61,298
)
(39,824
)
(128,351
)
Other income (expense), net
1,372
2,254
(2,990
)
(3,076
)
Interest expense, net
(4,267
)
(4,558
)
(16,085
)
(15,591
)
Change in fair value of warrant liabilities
83
1,579
(11
)
4,543
Change in fair value of derivative liability
30
1,170
180
4,695
Income (loss) from continuing operations before income taxes
4,968
(60,853
)
(58,730
)
(137,780
)
Income tax provision (benefit)
1,437
(168
)
1,602
2,703
Net income (loss) from continuing operations
3,531
(60,685
)
(60,332
)
(140,483
)
Net loss from discontinued operations, net of tax
(14,824
)
(45,501
)
(28,990
)
(60,843
)
Net loss
(11,293
)
(106,186
)
(89,322
)
(201,326
)
Less: net income attributable to the redeemable noncontrolling
interest
-
-
-
164
Less: net loss attributable to the noncontrolling interests
(273
)
(744
)
(743
)
(533
)
Net loss attributable to BuzzFeed, Inc.
(11,020
)
(105,442
)
(88,579
)
(200,957
)
Net income (loss) from continuing operations attributable to
holders of Class A, Class B and Class C common stock: Basic
$
3,804
$
(59,941
)
$
(59,589
)
$
(140,114
)
Diluted
$
3,804
$
(59,941
)
$
(59,589
)
$
(140,114
)
Net income (loss) from continuing operations per Class A, Class B
and Class C common share: Basic
$
0.03
$
(0.43
)
$
(0.42
)
$
(1.01
)
Diluted
$
0.03
$
(0.43
)
$
(0.42
)
$
(1.01
)
Weighted average common shares outstanding: Basic
145,428
139,685
143,062
138,148
Diluted
145,813
139,685
143,062
138,148
BUZZFEED, INC.Consolidated Statements of Cash Flows(Unaudited,
USD in thousands) For the Year Ended December 31,
2023
2022
2021
Operating activities: Net (loss) income
$
(89,322
)
$
(201,326
)
$
25,876
Less: net loss (income) from continuing operations
28,990
60,843
(22,006
)
Net (loss) income from continuing operations
(60,332
)
(140,483
)
3,870
Adjustments to reconcile net (loss) income from continuing
operations to net cash (used in) provided by operating activities:
Depreciation and amortization
21,941
24,263
22,093
Unrealized (gain) loss on foreign currency
(1,088
)
5,389
1,824
Stock based compensation
5,579
19,169
23,565
Change in fair value of warrants
11
(4,543
)
(4,740
)
Change in fair value of derivative liability
(180
)
(4,695
)
(26,745
)
Issuance costs allocated to derivative liability
-
-
1,424
Amortization of debt discount and deferred issuance costs
4,945
4,268
259
Deferred income tax
3,236
(1,594
)
(28,087
)
Loss on disposition of subsidiaries
-
-
1,234
(Gain) loss on disposition of assets
(175
)
(500
)
220
Loss (gain) on investment
3,500
(1,260
)
-
Provision for doubtful accounts
(581
)
785
(161
)
Impairment expense
-
66,464
-
Noncash lease expense
20,017
19,870
-
Changes in operating assets and liabilities:
Accounts receivable
40,737
23,941
(12,951
)
Prepaid expenses and other current assets and prepaid expenses and
other assets
4,795
2,540
2,361
Accounts payable
19,258
11,582
3,546
Deferred rent
-
-
(4,456
)
Accrued compensation
(18,088
)
(5,663
)
2,307
Accrued expenses, other current liabilities and other liabilities
(12,619
)
(2,841
)
(1,847
)
Lease liabilities
(23,421
)
(23,249
)
-
Deferred revenue
(6,946
)
7,154
(5,759
)
Cash provided by (used in) operating activities from continuing
operations
589
597
(22,043
)
Net cash (used in) provided by operating activities from
discontinued operations
(6,692
)
(8,454
)
22,840
Net cash flow (used in) provided by operating activities
(6,103
)
(7,857
)
797
Investing activities: Business acquisitions, net of
cash acquired
-
-
(189,885
)
Capital expenditures
(964
)
(5,424
)
(4,983
)
Capitalization of internal-use software
(13,934
)
(12,361
)
(11,039
)
Proceeds from sale of asset
175
500
-
Cash of disposed subsidiaries, less proceeds on disposition
-
-
(2,121
)
Cash used in investing activities from continuing operations
(14,723
)
(17,285
)
(208,028
)
Cash (used in) provided by investing activities from discontinued
operations
-
-
-
Cash used in investing activities
(14,723
)
(17,285
)
(208,028
)
Financing activities: Proceeds from reverse
recapitalization, net of costs
-
-
(11,652
)
Proceeds from issuance of common stock
-
-
35,000
Payment for shares withheld for employee taxes
(451
)
(1,698
)
-
Deferred reverse recapitalization costs
-
(585
)
-
Proceeds from issuance of convertible notes, net of issuance costs
-
-
143,806
Proceeds from exercise of stock options
29
459
6,975
Proceeds from the issuance of common stock in connection with
at-the-market offering, net of issuance costs
902
-
-
Borrowings on Revolving Credit Facility
2,128
5,000
9,000
Payments on Revolving Credit Facility
(1,796
)
-
(1,306
)
Cash provided by financing activities
812
3,176
181,823
Effect of currency translation on cash and cash equivalents
(123
)
(1,993
)
(985
)
Net decrease in cash and cash equivalents
(20,137
)
(23,959
)
(26,393
)
Cash, cash and cash equivalents and restricted cash at beginning of
year
55,774
79,733
106,126
Cash, cash and cash equivalents and restricted cash at end of year
$
35,637
$
55,774
$
79,733
BUZZFEED, INC. Reconciliation
of GAAP to Non-GAAP (Unaudited, USD in thousands)
Three Months Ended December 31, Year Ended
December 31,
2023
2022
2023
2022
Net income (loss) from continuing operations
$
3,531
$
(60,685
)
$
(60,332
)
$
(140,483
)
Income tax provision (benefit)
1,437
(168
)
1,602
2,703
Interest expense, net
4,267
4,558
16,085
15,591
Other (income) expense, net
(1,372
)
(2,254
)
2,990
3,076
Depreciation and amortization
5,545
6,079
21,941
24,263
Stock-based compensation
1,054
2,301
5,579
19,169
Change in fair value of warrant liabilities
(83
)
(1,579
)
11
(4,543
)
Change in fair value of derivative liability
(30
)
(1,170
)
(180
)
(4,695
)
Restructuring1
—
5,372
6,761
10,199
Impairment expense2
—
64,304
—
66,464
Transaction-related costs3
800
—
800
5,132
Litigation costs4
—
—
—
1,920
Public company readiness costs5
—
—
—
1,522
Adjusted EBITDA
$
15,149
$
16,758
$
(4,743
)
$
318
Adjusted EBITDA margin6
20.0
%
16.5
%
(1.9
)%
0.1
%
Net income (loss) as a percentage of revenue
4.7
%
(59.7
)%
(23.9
)%
(41.0
)%
(1) We exclude restructuring expenses from our non-GAAP measures
because we believe they do not reflect expected future operating
expenses, they are not indicative of our core operating
performance, and they are not meaningful in comparison to our past
operating performance.
(2) Reflects aggregate non-cash impairment expenses recorded
during the year ended December 31, 2022 associated with goodwill
impairment of $64.3 million and $2.2 million related to certain
long-lived assets of our former corporate headquarters, which was
fully subleased during the third quarter of 2022.
(3) Reflects transaction-related costs and other items which are
either not representative of our underlying operations or are
incremental costs that result from an actual or contemplated
transaction and include professional fees, integration expenses,
and certain costs related to integrating and converging IT
systems.
(4) Reflects costs related to litigation that are outside the
ordinary course of our business. We believe it is useful to exclude
such charges because we do not consider such amounts to be part of
the ongoing operations of our business and because of the singular
nature of the claims underlying the matter.
(5) Reflects one-time initial set-up costs associated with the
establishment of our public company structure and processes.
(6) Net income (loss) as a percentage of revenue is included as
the most comparable GAAP measure to Adjusted EBITDA margin, which
is a Non-GAAP measure.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240325395163/en/
Media Contact Juliana Clifton, BuzzFeed:
juliana.clifton@buzzfeed.com
Investor Relations Contact Amita Tomkoria, BuzzFeed:
investors@buzzfeed.com
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