BuzzFeed Inc

NASDAQ:BZFDUnited States

Nov 12, 2024

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• DJ BuzzFeed Shares Fall 5.7% Following Earnings Call, from 7:18PM ET on Tuesday Nov 12, 2024 by Dow Jones

  7:18PM ET on Tuesday Nov 12, 2024 by Dow Jones
  Companies Mentioned: BZFD
  
  By Kailyn Rhone
  
  Shares of BuzzFeed declined after executives said during a conference call the company would provide an update on its finances and the results of its strategic review process in the coming weeks.
  

• DJ BuzzFeed 3Q Revenue Rises on Prime Day Performance -- Update, from 6:46PM ET on Tuesday Nov 12, 2024 by Dow Jones

  6:46PM ET on Tuesday Nov 12, 2024 by Dow Jones
  Companies Mentioned: BZFD
  
  By Kailyn Rhone
  
  BuzzFeed posted higher revenue in the third quarter, driven by affiliate link performance tied to Amazon's Prime Day.
  
  Shares fell after the digital media company's earnings call, which didn't offer guidance for the fourth quarter. The stock was down 8% to $2.75 in after-hours trading on Tuesday.
  

• DJ BuzzFeed 3Q Revenue Rises on Prime Day Performance, from 5:06PM ET on Tuesday Nov 12, 2024 by Dow Jones

  5:06PM ET on Tuesday Nov 12, 2024 by Dow Jones
  Companies Mentioned: BZFD
  
  By Kailyn Rhone
  
  BuzzFeed posted higher revenue in the third quarter driven by its Prime Day performance.
  
  The New York digital media company on Tuesday posted net income of $2 million, or 5 cents a share, compared with a loss of $12 million, or 33 cents a share, in the prior-year period.
  

• -- Earnings Flash (BZFD) BUZZFEED Reports Q3 Revenue $64.3M, from 4:41PM ET on Tuesday Nov 12, 2024 by MT Newswires

  4:41PM ET on Tuesday Nov 12, 2024 by MT Newswires
  Companies Mentioned: BZFD
  04:41 PM EST, 11/12/2024 (MT Newswires) -- ...

• BuzzFeed, Inc. Delivers Strong Q3 Financial Results, from 4:40PM ET on Tuesday Nov 12, 2024 by Dow Jones

  4:40PM ET on Tuesday Nov 12, 2024 by Dow Jones
  Companies Mentioned: BZFD
  Loss (gain) on investment - 3,500 Gain on disposition of assets (1,250) (175) Non-cash lease expense 13,528 15,460 Changes in operating assets and liabilities: Accounts receivable 27,815 54,823 Prepaid expenses and other current assets and prepaid expenses and other assets 3,783 (1,540) Accounts payable (30,710) 14,421 Accrued compensation 1,528 (16,299) Accrued expenses, other current liabilities and other liabilities 4,181 (10,451) Lease liabilities (16,469) (18,028) Deferred revenue (581) (569) ------------- ------------ Cash (used in) provided by operating activities from continuing operations (7,372) 2,052 Cash used in operating activities from discontinued operations (8,752) (4,415) ------------- ------------ Cash used in operating activities (16,124) (2,363) ------------- ------------ Investing activities: Capital expenditures (500) (761) Capitalization of internal-use software (9,294) (10,920) Proceeds from sale of asset 350 175 ------------- ------------ Cash used in investing activities from continuing operations (9,444) (11,506) Cash provided by investing activities from discontinued operations 108,575 - ------------- ------------ Cash provided by (used in) investing activities 99,131 (11,506) ------------- ------------ Financing activities: Proceeds from exercise of stock options 1 29 Payment for shares withheld for employee taxes (291) (407) Borrowings on Revolving Credit Facility - 2,128 Payments on Revolving Credit Facility (33,837) (1,796) Payment on Convertible Notes (31,233) - Proceeds from the issuance of common stock in connection with the at-the-market offering, net of issuance costs 660 902 Payment of early termination fee for Revolving Credit Facility (500) - ------------- ------------ Cash (used in) provided by financing activities (65,200) 856 ------------- ------------ Effect of currency translation on cash and cash equivalents 279 (291) ------------- ------------ Net increase (decrease) in cash and cash equivalents 18,086 (13,304) Cash and cash equivalents at beginning of period 35,637 55,774 ------------- ------------ Cash and cash equivalents at end of period $ 53,723 $ 42,470 ============= ============ BUZZFEED, INC. Reconciliation of GAAP to Non-GAAP (Unaudited, USD in thousands) Three Months Ended September Nine Months Ended September 30, 30, ---------------------------- ----------------------------- 2024 2023 2024 2023 ------------- ------------- -------------- ------------- Net income (loss) from continuing operations $ 1,968 $(12,049) $(31,084) $(63,920) Income tax (benefit) provision (110) 55 396 165 Interest expense, net 4,034 4,089 12,496 11,818 Other (income) expense, net (2,226) 1,307 (3,838) 4,362 Depreciation and amortization 5,011 5,366 15,755 16,396 Stock-based compensation 1,739 1,707 4,238 4,524 Change in fair value of warrant liabilities (87) (104) 582 94 Change in fair value of derivative liability -- (30) -- (150) Restructuring(1) -- -- 3,179 6,761 Transaction-related costs(2) 211 -- 211 -- Adjusted EBITDA $10,540 $ 341 $ 1,935 $(19,950) ====== ==== ======= === ======= ==== ======= Adjusted EBITDA margin 16.4% 0.6% 1.2% (11.3)% Net income (loss) from continuing operations as a percentage of revenue(3) 3.1% (20.1)% (19.9)% (36.1)%