000182897212-312024Q3false0.50.50.040.040.250.25P1Yxbrli:sharesiso4217:USDiso4217:USDxbrli:sharesbzfd:segmentxbrli:pureutr:Dbzfd:votebzfd:individualbzfd:arbitrationbzfd:claimantiso4217:GBP00018289722024-01-012024-09-300001828972us-gaap:CommonClassAMember2024-01-012024-09-300001828972bzfd:RedeemableWarrantsEachWholeWarrantExercisableForOneShareOfClassACommonStockAtAnExercisePriceOf46.00PerShareMember2024-01-012024-09-300001828972us-gaap:CommonClassAMember2024-11-080001828972us-gaap:CommonClassBMember2024-11-080001828972us-gaap:CommonClassCMember2024-11-0800018289722024-09-3000018289722023-12-310001828972us-gaap:CommonClassAMember2023-12-310001828972us-gaap:CommonClassAMember2024-09-300001828972us-gaap:CommonClassBMember2024-09-300001828972us-gaap:CommonClassBMember2023-12-3100018289722024-07-012024-09-3000018289722023-07-012023-09-3000018289722023-01-012023-09-300001828972us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-12-310001828972us-gaap:CommonStockMemberus-gaap:CommonClassBMember2023-12-310001828972us-gaap:CommonStockMemberus-gaap:CommonClassCMember2023-12-310001828972us-gaap:AdditionalPaidInCapitalMember2023-12-310001828972us-gaap:RetainedEarningsMember2023-12-310001828972us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001828972us-gaap:ParentMember2023-12-310001828972us-gaap:NoncontrollingInterestMember2023-12-310001828972us-gaap:RetainedEarningsMember2024-01-012024-03-310001828972us-gaap:ParentMember2024-01-012024-03-310001828972us-gaap:NoncontrollingInterestMember2024-01-012024-03-3100018289722024-01-012024-03-310001828972us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310001828972us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-01-012024-03-310001828972us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310001828972us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-03-310001828972us-gaap:CommonStockMemberus-gaap:CommonClassBMember2024-03-310001828972us-gaap:CommonStockMemberus-gaap:CommonClassCMember2024-03-310001828972us-gaap:AdditionalPaidInCapitalMember2024-03-310001828972us-gaap:RetainedEarningsMember2024-03-310001828972us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310001828972us-gaap:ParentMember2024-03-310001828972us-gaap:NoncontrollingInterestMember2024-03-3100018289722024-03-310001828972us-gaap:RetainedEarningsMember2024-04-012024-06-300001828972us-gaap:ParentMember2024-04-012024-06-300001828972us-gaap:NoncontrollingInterestMember2024-04-012024-06-3000018289722024-04-012024-06-300001828972us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-300001828972us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-04-012024-06-300001828972us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-04-012024-06-300001828972us-gaap:CommonStockMemberus-gaap:CommonClassBMember2024-04-012024-06-300001828972us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-06-300001828972us-gaap:CommonStockMemberus-gaap:CommonClassBMember2024-06-300001828972us-gaap:CommonStockMemberus-gaap:CommonClassCMember2024-06-300001828972us-gaap:AdditionalPaidInCapitalMember2024-06-300001828972us-gaap:RetainedEarningsMember2024-06-300001828972us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300001828972us-gaap:ParentMember2024-06-300001828972us-gaap:NoncontrollingInterestMember2024-06-3000018289722024-06-300001828972us-gaap:RetainedEarningsMember2024-07-012024-09-300001828972us-gaap:ParentMember2024-07-012024-09-300001828972us-gaap:NoncontrollingInterestMember2024-07-012024-09-300001828972us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300001828972us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-07-012024-09-300001828972us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300001828972us-gaap:CommonStockMemberus-gaap:CommonClassBMember2024-07-012024-09-300001828972us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-09-300001828972us-gaap:CommonStockMemberus-gaap:CommonClassBMember2024-09-300001828972us-gaap:CommonStockMemberus-gaap:CommonClassCMember2024-09-300001828972us-gaap:AdditionalPaidInCapitalMember2024-09-300001828972us-gaap:RetainedEarningsMember2024-09-300001828972us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300001828972us-gaap:ParentMember2024-09-300001828972us-gaap:NoncontrollingInterestMember2024-09-300001828972us-gaap:CommonStockMemberus-gaap:CommonClassAMember2022-12-310001828972us-gaap:CommonStockMemberus-gaap:CommonClassBMember2022-12-310001828972us-gaap:CommonStockMemberus-gaap:CommonClassCMember2022-12-310001828972us-gaap:AdditionalPaidInCapitalMember2022-12-310001828972us-gaap:RetainedEarningsMember2022-12-310001828972us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001828972us-gaap:ParentMember2022-12-310001828972us-gaap:NoncontrollingInterestMember2022-12-3100018289722022-12-310001828972srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMember2022-12-310001828972srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:ParentMember2022-12-310001828972srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2022-12-310001828972us-gaap:RetainedEarningsMember2023-01-012023-03-310001828972us-gaap:ParentMember2023-01-012023-03-310001828972us-gaap:NoncontrollingInterestMember2023-01-012023-03-3100018289722023-01-012023-03-310001828972us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310001828972us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-01-012023-03-310001828972us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310001828972us-gaap:CommonStockMemberus-gaap:CommonClassCMember2023-01-012023-03-310001828972us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-03-310001828972us-gaap:CommonStockMemberus-gaap:CommonClassBMember2023-03-310001828972us-gaap:CommonStockMemberus-gaap:CommonClassCMember2023-03-310001828972us-gaap:AdditionalPaidInCapitalMember2023-03-310001828972us-gaap:RetainedEarningsMember2023-03-310001828972us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310001828972us-gaap:ParentMember2023-03-310001828972us-gaap:NoncontrollingInterestMember2023-03-3100018289722023-03-310001828972us-gaap:RetainedEarningsMember2023-04-012023-06-300001828972us-gaap:ParentMember2023-04-012023-06-3000018289722023-04-012023-06-300001828972us-gaap:AdditionalPaidInCapitalMember2023-04-012023-06-300001828972us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-04-012023-06-300001828972us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-012023-06-300001828972us-gaap:NoncontrollingInterestMember2023-04-012023-06-300001828972us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-06-300001828972us-gaap:CommonStockMemberus-gaap:CommonClassBMember2023-06-300001828972us-gaap:CommonStockMemberus-gaap:CommonClassCMember2023-06-300001828972us-gaap:AdditionalPaidInCapitalMember2023-06-300001828972us-gaap:RetainedEarningsMember2023-06-300001828972us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300001828972us-gaap:ParentMember2023-06-300001828972us-gaap:NoncontrollingInterestMember2023-06-3000018289722023-06-300001828972us-gaap:RetainedEarningsMember2023-07-012023-09-300001828972us-gaap:ParentMember2023-07-012023-09-300001828972us-gaap:NoncontrollingInterestMember2023-07-012023-09-300001828972us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300001828972us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-07-012023-09-300001828972us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001828972us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-09-300001828972us-gaap:CommonStockMemberus-gaap:CommonClassBMember2023-09-300001828972us-gaap:CommonStockMemberus-gaap:CommonClassCMember2023-09-300001828972us-gaap:AdditionalPaidInCapitalMember2023-09-300001828972us-gaap:RetainedEarningsMember2023-09-300001828972us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300001828972us-gaap:ParentMember2023-09-300001828972us-gaap:NoncontrollingInterestMember2023-09-3000018289722023-09-300001828972bzfd:CmPartnersLlcMember2021-12-030001828972bzfd:UnsecuredConvertibleNotesDue2026Member2021-12-030001828972us-gaap:ConvertibleDebtMember2024-03-072024-03-070001828972us-gaap:ConvertibleDebtMember2024-06-212024-06-210001828972us-gaap:ConvertibleDebtMember2024-09-300001828972us-gaap:ConvertibleDebtMember2021-06-012021-06-300001828972srt:ScenarioForecastMemberus-gaap:ConvertibleDebtMember2024-11-220001828972us-gaap:ConvertibleDebtMember2024-02-282024-02-280001828972us-gaap:LetterOfCreditMember2024-03-310001828972us-gaap:CommonClassAMembersrt:MinimumMember2024-04-252024-04-250001828972us-gaap:CommonClassBMembersrt:MinimumMember2024-04-252024-04-250001828972us-gaap:CommonClassAMembersrt:MaximumMember2024-04-252024-04-250001828972us-gaap:CommonClassBMembersrt:MaximumMember2024-04-252024-04-250001828972us-gaap:CommonClassBMember2024-05-062024-05-060001828972us-gaap:CommonClassAMember2024-05-062024-05-060001828972us-gaap:AdvertisingMember2024-07-012024-09-300001828972us-gaap:AdvertisingMember2023-07-012023-09-300001828972us-gaap:AdvertisingMember2024-01-012024-09-300001828972us-gaap:AdvertisingMember2023-01-012023-09-300001828972bzfd:ContentMember2024-07-012024-09-300001828972bzfd:ContentMember2023-07-012023-09-300001828972bzfd:ContentMember2024-01-012024-09-300001828972bzfd:ContentMember2023-01-012023-09-300001828972bzfd:CommerceAndOtherMember2024-07-012024-09-300001828972bzfd:CommerceAndOtherMember2023-07-012023-09-300001828972bzfd:CommerceAndOtherMember2024-01-012024-09-300001828972bzfd:CommerceAndOtherMember2023-01-012023-09-300001828972country:US2024-07-012024-09-300001828972country:US2023-07-012023-09-300001828972country:US2024-01-012024-09-300001828972country:US2023-01-012023-09-300001828972us-gaap:NonUsMember2024-07-012024-09-300001828972us-gaap:NonUsMember2023-07-012023-09-300001828972us-gaap:NonUsMember2024-01-012024-09-300001828972us-gaap:NonUsMember2023-01-012023-09-3000018289722024-10-012024-09-3000018289722024-10-01srt:MinimumMember2024-09-3000018289722024-10-01srt:MaximumMember2024-09-300001828972us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001828972us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001828972us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001828972us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001828972us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001828972us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001828972us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001828972us-gaap:FairValueMeasurementsRecurringMember2024-09-300001828972us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberbzfd:PublicWarrantsMember2024-09-300001828972us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberbzfd:PublicWarrantsMember2024-09-300001828972us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberbzfd:PublicWarrantsMember2024-09-300001828972us-gaap:FairValueMeasurementsRecurringMemberbzfd:PublicWarrantsMember2024-09-300001828972us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberbzfd:PrivateWarrantsMember2024-09-300001828972us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberbzfd:PrivateWarrantsMember2024-09-300001828972us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberbzfd:PrivateWarrantsMember2024-09-300001828972us-gaap:FairValueMeasurementsRecurringMemberbzfd:PrivateWarrantsMember2024-09-300001828972us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001828972us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001828972us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001828972us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001828972us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001828972us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001828972us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001828972us-gaap:FairValueMeasurementsRecurringMember2023-12-310001828972us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberbzfd:PublicWarrantsMember2023-12-310001828972us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberbzfd:PublicWarrantsMember2023-12-310001828972us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberbzfd:PublicWarrantsMember2023-12-310001828972us-gaap:FairValueMeasurementsRecurringMemberbzfd:PublicWarrantsMember2023-12-310001828972us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberbzfd:PrivateWarrantsMember2023-12-310001828972us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberbzfd:PrivateWarrantsMember2023-12-310001828972us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberbzfd:PrivateWarrantsMember2023-12-310001828972us-gaap:FairValueMeasurementsRecurringMemberbzfd:PrivateWarrantsMember2023-12-310001828972bzfd:PublicWarrantsMember2024-09-300001828972bzfd:PublicWarrantsMember2023-12-310001828972us-gaap:CommonClassAMember2023-12-290001828972us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2023-12-310001828972us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2024-09-300001828972us-gaap:LeaseholdImprovementsMember2024-09-300001828972us-gaap:LeaseholdImprovementsMember2023-12-310001828972us-gaap:FurnitureAndFixturesMember2024-09-300001828972us-gaap:FurnitureAndFixturesMember2023-12-310001828972us-gaap:ComputerEquipmentMember2024-09-300001828972us-gaap:ComputerEquipmentMember2023-12-310001828972bzfd:VideoEquipmentMember2024-09-300001828972bzfd:VideoEquipmentMember2023-12-310001828972us-gaap:TechnologyBasedIntangibleAssetsMember2024-09-300001828972us-gaap:TechnologyBasedIntangibleAssetsMember2023-12-310001828972us-gaap:TrademarksAndTradeNamesMember2024-09-300001828972us-gaap:TrademarksAndTradeNamesMember2023-12-310001828972us-gaap:TrademarksAndTradeNamesMember2024-09-300001828972us-gaap:TrademarksAndTradeNamesMember2023-12-310001828972us-gaap:CustomerRelationshipsMember2024-09-300001828972us-gaap:CustomerRelationshipsMember2023-12-310001828972us-gaap:RevolvingCreditFacilityMember2020-12-302020-12-300001828972us-gaap:RevolvingCreditFacilityMember2020-12-300001828972us-gaap:LetterOfCreditMember2020-12-3000018289722024-02-210001828972us-gaap:LetterOfCreditMember2024-06-300001828972us-gaap:ConvertibleDebtMember2021-06-300001828972us-gaap:ConvertibleDebtMember2024-09-302024-09-300001828972us-gaap:ConvertibleDebtMember2024-03-070001828972us-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMemberbzfd:ComplexNetworksExcludingTheFirstWeFeastBrandMember2024-03-072024-03-070001828972us-gaap:ConvertibleDebtMember2024-07-012024-09-300001828972us-gaap:ConvertibleDebtMember2023-07-012023-09-300001828972us-gaap:ConvertibleDebtMember2024-01-012024-09-300001828972us-gaap:ConvertibleDebtMember2023-01-012023-09-300001828972us-gaap:ConvertibleDebtMember2023-12-310001828972us-gaap:CommonClassCMember2024-09-300001828972bzfd:EquityIncentivePlan2015Member2023-12-310001828972bzfd:EquityIncentivePlan2015Member2023-01-012023-12-310001828972bzfd:EquityIncentivePlan2015Member2024-01-012024-09-300001828972bzfd:EquityIncentivePlan2015Member2024-09-300001828972us-gaap:EmployeeStockOptionMember2024-09-300001828972us-gaap:EmployeeStockOptionMember2024-01-012024-09-300001828972us-gaap:RestrictedStockUnitsRSUMember2023-12-310001828972us-gaap:RestrictedStockUnitsRSUMember2024-01-012024-09-300001828972us-gaap:RestrictedStockUnitsRSUMember2024-09-300001828972us-gaap:CostOfSalesMember2024-07-012024-09-300001828972us-gaap:CostOfSalesMember2023-07-012023-09-300001828972us-gaap:CostOfSalesMember2024-01-012024-09-300001828972us-gaap:CostOfSalesMember2023-01-012023-09-300001828972us-gaap:SellingAndMarketingExpenseMember2024-07-012024-09-300001828972us-gaap:SellingAndMarketingExpenseMember2023-07-012023-09-300001828972us-gaap:SellingAndMarketingExpenseMember2024-01-012024-09-300001828972us-gaap:SellingAndMarketingExpenseMember2023-01-012023-09-300001828972us-gaap:GeneralAndAdministrativeExpenseMember2024-07-012024-09-300001828972us-gaap:GeneralAndAdministrativeExpenseMember2023-07-012023-09-300001828972us-gaap:GeneralAndAdministrativeExpenseMember2024-01-012024-09-300001828972us-gaap:GeneralAndAdministrativeExpenseMember2023-01-012023-09-300001828972us-gaap:ResearchAndDevelopmentExpenseMember2024-07-012024-09-300001828972us-gaap:ResearchAndDevelopmentExpenseMember2023-07-012023-09-300001828972us-gaap:ResearchAndDevelopmentExpenseMember2024-01-012024-09-300001828972us-gaap:ResearchAndDevelopmentExpenseMember2023-01-012023-09-3000018289722023-03-212023-03-210001828972bzfd:ATMOfferingAgreementMember2023-06-202023-06-200001828972bzfd:ATMOfferingAgreementMember2024-07-310001828972bzfd:ATMOfferingAgreementMember2023-06-202024-09-300001828972bzfd:ATMOfferingAgreementMember2024-09-300001828972us-gaap:CommonClassCMember2023-09-300001828972us-gaap:EmployeeStockOptionMember2024-07-012024-09-300001828972us-gaap:EmployeeStockOptionMember2023-07-012023-09-300001828972us-gaap:EmployeeStockOptionMember2024-01-012024-09-300001828972us-gaap:EmployeeStockOptionMember2023-01-012023-09-300001828972us-gaap:RestrictedStockUnitsRSUMember2024-07-012024-09-300001828972us-gaap:RestrictedStockUnitsRSUMember2023-07-012023-09-300001828972us-gaap:RestrictedStockUnitsRSUMember2024-01-012024-09-300001828972us-gaap:RestrictedStockUnitsRSUMember2023-01-012023-09-300001828972us-gaap:WarrantMember2024-07-012024-09-300001828972us-gaap:WarrantMember2023-07-012023-09-300001828972us-gaap:WarrantMember2024-01-012024-09-300001828972us-gaap:WarrantMember2023-01-012023-09-300001828972us-gaap:ConvertibleDebtSecuritiesMember2024-07-012024-09-300001828972us-gaap:ConvertibleDebtSecuritiesMember2023-07-012023-09-300001828972us-gaap:ConvertibleDebtSecuritiesMember2024-01-012024-09-300001828972us-gaap:ConvertibleDebtSecuritiesMember2023-01-012023-09-300001828972bzfd:A2024WorkforceReductionMember2024-02-012024-02-290001828972bzfd:A2024WorkforceReductionMember2024-01-012024-09-300001828972us-gaap:CostOfSalesMemberbzfd:A2024WorkforceReductionMember2024-01-012024-09-300001828972us-gaap:SellingAndMarketingExpenseMemberbzfd:A2024WorkforceReductionMember2024-01-012024-09-300001828972us-gaap:GeneralAndAdministrativeExpenseMemberbzfd:A2024WorkforceReductionMember2024-01-012024-09-300001828972bzfd:CommerceMediaHoldingsLLCMember2024-02-212024-02-210001828972bzfd:A2023WorkforceReductionMember2023-04-012023-04-300001828972bzfd:A2023WorkforceReductionMember2023-01-012023-09-300001828972us-gaap:CostOfSalesMemberbzfd:A2023WorkforceReductionMember2023-01-012023-09-300001828972us-gaap:SellingAndMarketingExpenseMemberbzfd:A2023WorkforceReductionMember2023-01-012023-09-300001828972us-gaap:GeneralAndAdministrativeExpenseMemberbzfd:A2023WorkforceReductionMember2023-01-012023-09-300001828972us-gaap:ResearchAndDevelopmentExpenseMemberbzfd:A2023WorkforceReductionMember2023-01-012023-09-3000018289722022-07-082022-07-080001828972us-gaap:LetterOfCreditMember2022-07-082022-07-080001828972bzfd:ViolationOfVideoPrivacyProtectionActBuzzFeedcomWebsiteMember2023-08-042023-08-040001828972bzfd:ViolationOfVideoPrivacyProtectionActMember2023-08-042023-08-040001828972bzfd:ViolationOfVideoPrivacyProtectionActHuffPostcomWebsiteMember2023-08-152023-08-150001828972bzfd:ViolationOfVideoPrivacyProtectionActBuzzFeedcomWebsiteMember2023-08-152023-08-150001828972bzfd:ViolationOfVideoPrivacyProtectionActMember2023-08-152023-08-150001828972bzfd:ViolationOfVideoPrivacyProtectionActHuffPostcomWebsiteMember2023-10-312023-10-310001828972bzfd:ViolationOfVideoPrivacyProtectionActMember2023-10-312023-10-310001828972bzfd:MassArbitrationsMember2022-03-150001828972bzfd:MassArbitrationsMember2022-03-152022-03-150001828972us-gaap:PendingLitigationMember2024-06-132024-06-130001828972bzfd:MassArbitrationsMember2024-06-130001828972us-gaap:SettledLitigationMember2024-06-182024-06-180001828972us-gaap:PendingLitigationMember2024-06-182024-06-1800018289722023-05-3100018289722024-05-170001828972bzfd:NBCUniversalMediaLLCMember2023-07-012023-09-300001828972bzfd:NBCUniversalMediaLLCMember2024-01-012024-09-300001828972bzfd:NBCUniversalMediaLLCMember2023-01-012023-09-300001828972us-gaap:RelatedPartyMemberbzfd:NBCUniversalMediaLLCMember2023-07-012023-09-300001828972us-gaap:RelatedPartyMemberbzfd:NBCUniversalMediaLLCMember2024-01-012024-09-300001828972us-gaap:RelatedPartyMemberbzfd:NBCUniversalMediaLLCMember2023-01-012023-09-300001828972us-gaap:RelatedPartyMemberbzfd:NBCUniversalMediaLLCMember2023-12-310001828972us-gaap:RelatedPartyMemberbzfd:VerizonVenturesLLCMember2024-07-012024-09-300001828972us-gaap:RelatedPartyMemberbzfd:VerizonVenturesLLCMember2023-07-012023-09-300001828972us-gaap:RelatedPartyMemberbzfd:VerizonVenturesLLCMember2024-01-012024-09-300001828972us-gaap:RelatedPartyMemberbzfd:VerizonVenturesLLCMember2023-01-012023-09-300001828972us-gaap:RelatedPartyMemberbzfd:VerizonVenturesLLCMember2024-09-300001828972us-gaap:RelatedPartyMemberbzfd:VerizonVenturesLLCMember2023-12-3100018289722023-01-012023-12-310001828972us-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMemberbzfd:ComplexNetworksExcludingTheFirstWeFeastBrandMember2024-02-212024-02-210001828972us-gaap:ConvertibleDebtMember2024-02-212024-02-210001828972us-gaap:RevolvingCreditFacilityMember2024-02-212024-02-210001828972us-gaap:LetterOfCreditMember2024-02-210001828972us-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMemberbzfd:ComplexNetworksExcludingTheFirstWeFeastBrandMember2024-07-012024-09-300001828972us-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMemberbzfd:ComplexNetworksExcludingTheFirstWeFeastBrandMember2023-07-012023-09-300001828972us-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMemberbzfd:ComplexNetworksExcludingTheFirstWeFeastBrandMember2024-01-012024-09-300001828972us-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMemberbzfd:ComplexNetworksExcludingTheFirstWeFeastBrandMember2023-01-012023-09-300001828972us-gaap:ConvertibleDebtMember2024-02-210001828972us-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMemberbzfd:ComplexNetworksExcludingTheFirstWeFeastBrandMember2023-12-310001828972bzfd:CommerceMediaHoldingsLLCMember2024-01-012024-09-300001828972bzfd:CommerceMediaHoldingsLLCMember2024-07-012024-09-300001828972bzfd:IndependentDigitalNewsAndMediaLimitedMember2024-03-282024-03-280001828972srt:MinimumMemberbzfd:IndependentDigitalNewsAndMediaLimitedMember2024-04-010001828972srt:MaximumMemberbzfd:IndependentDigitalNewsAndMediaLimitedMember2024-04-010001828972srt:MinimumMemberbzfd:IndependentDigitalNewsAndMediaLimitedMember2024-09-300001828972srt:MaximumMemberbzfd:IndependentDigitalNewsAndMediaLimitedMember2024-09-300001828972bzfd:IndependentDigitalNewsAndMediaLimitedMember2024-04-012024-04-010001828972us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberbzfd:BringMeMember2024-06-130001828972us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberbzfd:BringMeMember2024-06-132024-09-300001828972us-gaap:ConvertibleDebtMember2024-06-132024-06-130001828972bzfd:BringMeMemberus-gaap:ConvertibleDebtMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2024-06-212024-06-21
Table of Contents
美國
證券交易委員會
華盛頓特區20549
______________________________________________________________
形式 10-Q
______________________________________________________________
x根據1934年證券交易法第13或15(d)條款的季度報告。
截至季度結束 2024年9月30日
或
o根據1934年證券交易法第13或15(d)條款的過渡報告
從      到 的過渡期
委員會檔案編號： 001-39877
______________________________________________________________
BuzzFeed, Inc.
（根據其組織憲章規定的正式名稱）
______________________________________________________________
特拉華州85-3022075
(成立地或組織其他管轄區)（聯邦稅號）
229西43街 紐約, 紐約
10036
(總部辦公地址)(郵遞區號)
(646) 397-2039
(註冊人電話號碼，包括區號)
根據法案第12(b)條規定註冊的證券：
每種類別的名稱交易標的（s）每個註冊交易所的名稱
每股面值為0.0001美元的A類普通股BZFD納斯達克股票市場LLC
可贖回的warrants，每整數憑證可以行使以約46.00美元每股的行使價交易一股A類普通股。BZFDW納斯達克股票市場有限責任公司
請標示勾選項，以表示以下事項：（1）本登記申請人在過去12個月內（或在本申請人必須提交此類報告的較短期間內）已提交證券交易所法案第13或15（d）條所要求提交的所有報表，和（2）本申請人在過去90天內一直受到此類提交要求的限制。 Yes x 否 o
在前12個月內（或公司需要提交這些文件的較短時間內），公司是否已通過選中標記表明已閱讀並提交了應根據S-t法規第405條規定（本章第232.405條）提交的所有互動式數據文件？ Yes x 否 o
請在方框內勾選申報者是否為大型快速申報者、快速申報者、非快速申報者、較小型報告公司或新興成長公司。在《交易所法》第120億2條中，請查看「大型快速申報者」、「快速申報者」、「較小型報告公司」和「新興成長公司」的定義。
大型加速歸檔人o加速歸檔人o
非加速歸檔人x小型報告公司x
新興成長型企業x
如果一家新興成長型公司，請用勾選標記表示該申報人已選擇不使用根據證交所法案13(a)條款提供的任何新的或修訂過的財務會計準則的延長過渡期。 o
請打勾表示該註冊人是否為殼公司（如證交所法規120億2所定義）。是 o 否 x
截至2024年11月8日，有 36,657,702 已發行的登記者A類普通股的股份數為， 1,343,299 其主體B類普通股已發行股數和 截至2024年9月30日和2023年的三個或九個月，與這個信用額度相關的費用均為無。 已發行的登記者C類普通股的股份數為。
1
Table of Contents
嗡嗡嗡新聞媒體有限公司
目 錄
頁面
2
Table of Contents
關於前瞻性聲明的注意事項
本季度報告表格10-Q中的某些陳述可能被視為向前看的陳述，這些陳述涉及1933年修訂版《證券法》第27A條和1934年修訂版《交易法》第21E條的意義，在其中，這些陳述牽涉重大風險和不確定性。我們的向前看的陳述包括但不限於有關我們管理團隊對未來期望、希望、信念、意圖或策略的陳述。此外，所有涉及對未來事件或情況的預測、預測或其他特徵描述的陳述，包括任何基本假設，在法律上都被視為向前看的陳述。"影響"、"預期"、"相信"、"可以"、"考慮"、"繼續"、"可能"、"估計"、"期望"、"預測"、"打算"、"可能"、"設法"、"潛在"、"預測"、"項目"、"尋找"、"應該"、"目標"、"將"、"將會"等類似表達方式可能標識向前看的陳述，但沒有這些字眼不表示陳述不是向前看的。向前看的陳述包括所有不是歷史事實的事項。
本季度報告Form 10-Q中的前瞻性陳述是基於對未來發展及其對我們潛在影響的目前期望和信念。無法保證未來對我們產生影響的發展將是我們預期的發展。這些前瞻性陳述涉及多項風險（其中一些超出我們的控制範圍）、不確定性或其他假設，可能導致實際結果或績效與這些前瞻性陳述所表達或暗示的內容有顯著差異。這些風險和不確定性包括但不限於：
•與我們的競爭對手和數字媒體行業相關的發展，包括我們所在市場的廣告整體需求；
•對我們產品和服務的需求，或者品牌和內容的流量或參與度的變化；
•我們及我們現有和潛在合作夥伴和廣告客戶運營的業務環境和競爭環境發生了變化；
•宏觀經濟因素包括：美國（"U.S."）及全球的不利經濟狀況，包括潛在的衰退開始；當前全球供應鏈干擾；潛在的政府關閉或未能提高美國聯邦國債上限或為聯邦政府提供資金；俄烏之間的持續衝突，以及以色列與哈馬斯之間的衝突及任何相關的制裁和地緣政治緊張關係，以及美國與中國之間進一步加劇的交易緊張情勢；通脹環境；高失業率；高利率期貨、貨幣波動；以及競爭激烈的勞動市場；
•我們未來的資本需求，包括但不限於我們未來獲得額外資本的能力，解決未來我們的無擔保可轉換票據轉換、以現金贖回票據、當我們的A類普通股從名單中除牌後，或是在其到期時以現金償還票據，包括於2024年12月3日後票據持有人要求償還其票據時，計劃中的票據或任何未來負債協議所設定的任何限制或義務以及對我們存取現金及現金等價物的限制；
•由於可能無法在2024年11月22日及以後按照債券持有人要求償還債券，導致我們的A類普通股交易出現了顯著的波動。
•法律和政府監管方面的發展，包括但不限於修訂的外國內容和所有權規定，以及我們所受到的法律訴訟、監管爭端或政府調查的結果；
•我們成本節約措施的好處；
•我們成功地脫售公司、資產或品牌，或者是在整合和支持我們收購的公司時。
•技術發展包括人工智能;
•激進股東活動對我們的戰略方向產生了影響；
•我們在留任或招聘、或對其他關鍵員工或董事需要做出的調整；
•利用內容創作者和鏡頭前的人才以及與第三方合作伙伴建立關係，管理我們在美國以外的某些品牌業務。
•我們信息科技系統或數據的安防-半導體;
3
目錄
•服務中斷，或由於我們未能及時有效地擴展和調整現有的科技和製造行業；
•我們能否維持我們的A類普通股和warrants在納斯達克資本市場（「納斯達克」）上市；和
•本年度截至2023年12月31日的年度報告、2024年6月30日止季度的季度報告以及本季度的季度報告中所述的其他因素的詳細信息，請參閱標題爲「風險因素」的部分。
Freshfields Bruckhaus Deringer US LLP的意見。
本季度10-Q表格的季度報告包含了關於我們行業、業務以及我們產品和服務市場的估計和信息，包括我們對市場地位的一般期望、市場增長預測、市場機會和我們參與的市場規模，這些信息基於行業出版物、調查以及獨立第三方準備的報告。這些信息涉及多個假設和侷限，建議您不要過分重視這些估計。儘管我們尚未獨立核實這些行業出版物、調查和報告中所包含的數據的準確性或完整性，但我們認爲這些出版物、調查和報告通常是可靠的，儘管此類信息在本質上存在不確定性和不精確性。我們所在行業面臨高度不確定性和風險，原因有多種，包括但不限於我們2023年12月31日結束的年度10-K報告、我們2024年6月30日季度的10-Q報告以及本季度的10-Q報告中所述的「風險因素」部分中描述的因素。這些和其他因素可能導致結果與這些出版物和報告中所表達的不同。
投資者和其他人應注意，我們可能會使用我們的投資者關係網站(https://investors.buzzfeed.com)、美國證券交易委員會的文件、網絡研討會、新聞發佈、電話會議等方式，向投資者公佈重要的業務和財務信息。我們利用這些媒介與投資者和公衆溝通，介紹有關公司、產品和服務以及其他問題。我們提供的信息可能被視爲重要信息。因此，我們鼓勵投資者、媒體和其他對我們公司感興趣的人審閱我們在投資者關係網站上發佈的信息。
4
目錄
第一部分: 財務信息
項目1：基本報表（未經審計）
BUZZFEED，INC。
簡明合併資產負債表
(千美元和千股，除每股金額外)
2024年9月30日
（未經審計）		12月31日,
2023
資產
流動資產
現金及現金等價物$53,723 $35,637 
應收賬款（扣除呆賬準備金$47,996）1,069 截至2024年9月30日和$1,424 截至2023年12月31日)
49,625 75,692 
預付費用和其他流動資產17,572 21,460 
已停止運營部門的流動資產— — 
總流動資產120,920 132,789 
資產和設備，淨值7,662 11,856 
使用權資產33,313 46,715 
資本化的軟件成本，淨額22,704 22,292 
無形資產, 淨額24,531 26,665 
商譽57,562 57,562 
預付款項和其他資產9,851 9,508 
已停業非流動資產— 104,089 
總資產$276,543 $411,476 
負債和股東權益
流動負債
應付賬款$15,008 $46,378 
應計費用20,592 15,515 
遞延營業收入1,313 1,895 
應計的薪資14,486 12,970 
Non-underlying items22,804 21,659 
當前債務102,929 124,977 
其他流動負債3,212 4,401 
已停止運營的流動負債— — 
流動負債合計180,344 227,795 
非流動租賃負債20,360 37,820 
債務— 33,837 
認股權負債988 406 
其他負債781 435 
已停用業務的非流動負債— — 
總負債202,473 300,293 
承諾和 contingencies
股東權益
A類普通股，$0.0005股，截至2024年4月30日和2024年1月31日，授權股票0.0005股；0.0001 面值； 700,000 股份授權； 36,610 和 35,035 而9月30日和2023年12月31日分別發行和流通的股份
3 3 
B類普通股，$0.000030.0001 面值； 20,000 股份授權； 1,344 和 1,368 而9月30日和2023年12月31日分別發行和流通的股份
1 1 
額外實收資本728,525 723,092 
累積赤字(652,895)(611,768)
累計其他綜合損失(3,954)(2,500)
BuzzFeed，Inc.股東權益總額71,680 108,828 
非控制權益2,390 2,355 
股東權益總額74,070 111,183 
負債和股東權益總額$276,543 $411,476 
附註是這些簡明綜合財務報表的一部分。
5
目錄
BUZZFEED，INC。
簡明合併利潤表
（未經審計，以美元和股份表示 i以千爲單位，除每股金額外)
截至9月30日的三個月截至9月30日的九個月
2024202320242023
營業收入$64,320 $59,978 $156,007 $177,014 
成本和費用
營業成本，不包括折舊和攤銷費用33,697 31,902 89,761 108,106 
銷售與市場營銷4,754 8,253 18,408 30,300 
總務和行政14,698 18,747 44,999 60,922 
研發2,581 2,442 8,532 8,921 
折舊與攤銷5,011 5,366 15,755 16,396 
總成本和費用60,741 66,710 177,455 224,645 
持續經營利潤（損失）3,579 (6,732)(21,448)(47,631)
其他收入（費用），淨額2,226 (1,307)3,838 (4,362)
利息費用，淨額(4,034)(4,089)(12,496)(11,818)
認股權證負債的公允價值變化87 104 (582)(94)
衍生負債公允價值變動— 30 — 150 
持續經營部門稅前收入（損失） 1,858 (11,994)(30,688)(63,755)
所得稅（收益）費用(110)55 396 165 
持續經營活動的淨利潤（虧損）1,968 (12,049)(31,084)(63,920)
終止營業收入（稅後淨損失）166 (1,883)(9,924)(14,109)
淨利潤（虧損）2,134 (13,932)(41,008)(78,029)
淨利潤（損失）歸屬於非控股權益的減少45 (210)119 (470)
歸屬BuzzFeed，Inc.的淨利潤（損失）$2,089 $(13,722)$(41,127)$(77,559)
歸屬A類和B類普通股持有人的持續經營淨利潤（損失）:
Basic$1,923 $(11,839)$(31,203)$(63,450)
稀釋$1,923 $(11,839)$(31,203)$(63,450)
持續經營淨利潤（虧損）每A類和B類普通股股份：
基本$0.05 $(0.33)$(0.84)$(1.78)
攤薄$0.05 $(0.33)$(0.84)$(1.78)
加權平均流通股數:
基本37,94936,26337,18135,646
攤薄38,60836,26337,18135,646
附註是這些簡明綜合財務報表的一部分。
6
目錄
BUZZFEED，INC。
基本報表綜合損益表
(未經審計，以千爲單位)
截至9月30日的三個月截至9月30日的九個月
2024202320242023
淨利潤（損失）$2,134 $(13,932)$(41,008)$(78,029)
其他綜合（損失）收益
外幣翻譯調整(457)511 (1,475)(191)
其他綜合（損失）收益(457)511 (1,475)(191)
綜合收益（損失）1,677 (13,421)(42,483)(78,220)
歸屬於非控制權益的綜合收益（損失）45 (210)119 (470)
歸屬於非控股權益的外幣翻譯調整270 (83)(21)(383)
歸屬於BuzzFeed公司的綜合收益（損失）$1,362 $(13,128)$(42,581)$(77,367)
附註是這些簡明綜合財務報表的一部分。
7
目錄
BUZZFEED，INC。
股東權益的簡明合併報表
(未經審計，以千爲單位)
截至2024年9月30日三個月和九個月的財務信息
普通股票 -
Class A		普通股票 -
B類		普通股票 -
C類		資本超額收益
資本		累計
赤字		累計
其他
全面
損失		合計
BuzzFeed，Inc。
股東的
股權		Noncontrolling
利益		合計
股東的
股權
股份金額股份金額股份金額
2024年1月1日的餘額35,035 $3 1,368 $1 — $— $723,092 $(611,768)$(2,500)$108,828 $2,355 $111,183 
淨虧損— — — — — — — (35,729)— (35,729)(53)(35,782)
基於股票的薪酬— — — — — — 776 — — 776 — 776 
與基於股份計劃的股票發行相關聯45 — — — — — — — — — — — 
員工稅款代扣的股份(1)— — — — — — — — — — — 
其他全面損失— — — — — — — — (177)(177)(160)(337)
2024年3月31日結存餘額35,079 $3 1,368 $1 — $— $723,868 $(647,497)$(2,677)$73,698 $2,142 $75,840 
淨（損失）收入— — — — — — — (7,487)— (7,487)127 (7,360)
基於股票的薪酬— — — — — — 1,747 — — 1,747 — 1,747 
與基於股份計劃的股票發行相關聯883 — — — — — — — — — — — 
員工稅款預扣股份(92)— — — — — (229)— — (229)— (229)
其他全面損失— — — — — — — — (550)(550)(131)(681)
B類普通股轉爲A類普通股9 — (9)— — — — — — — — — 
2024年6月30日餘額35,879 $3 1,359 $1 — $— $725,386 $(654,984)$(3,227)$67,179 $2,138 $69,317 
淨利潤— — — — — — — 2,089 — 2,089 45 2,134 
基於股票的薪酬— — — — — — 1,739 — — 1,739 — 1,739 
在與股權計劃相關的普通股發行258 — — — — — — — — — — — 
員工稅款預扣股份和其他(22)— — — — — 1 — — 1 (63)(62)
發行普通股與市場相關聯，扣除發行成本淨額480 — — — — — 1,399 — — 1,399 — 1,399 
其他綜合（損失）收益— — — — — — — — (727)(727)270 (457)
B類普通股轉爲A類普通股15 — (15)— — — — — — — — — 
2024年9月30日的餘額36,610 $3 1,344 $1 — $— $728,525 $(652,895)$(3,954)$71,680 $2,390 $74,070 
8
目錄
2023年9月30日止三個月和九個月
普通股票 -
Class A		普通股票 -
B類		普通股票 -
C類		其他
實收資本
資本		累積
赤字		累積
其他
綜合
損失		合計
BuzzFeed，Inc。
股東的
股權		Noncontrolling
利益		合計
股東的
股權
股份金額股份金額股份金額
2023年1月1日餘額31,597$3 1,670$1 1,620$— $716,244 $(523,063)$(1,968)$191,217 $3,337 $194,554 
會計變更累計影響———————(126)—(126)—(126)
淨虧損———————(36,001)—(36,001)(260)(36,261)
基於股票的薪酬——————1,122——1,122—1,122
在與股權計劃相關的普通股發行128—————29——29—29
員工稅款預扣股份(30)—————(193)——(193)—(193)
其他全面損失————————(701)(701)(58)(759)
將C類普通股轉換爲A類普通股1,620$— —$— (1,620)———————
2023年3月31日的餘額33,315$3 1,670$1 —$— $717,202 $(559,190)$(2,669)$155,347 $3,019 $158,366 
淨虧損———————(27,836)—(27,836)—(27,836)
基於股票的薪酬——————2,257——2,257—2,257
在行使股票期權時發行普通股423———————————
員工稅款預扣股份(13)—————(27)——(27)—(27)
其他全面收益（虧損）————————299299(242)57
發行普通股與市場相關聯，扣除發行成本淨額429—————810——810—810
2023年6月30日的餘額34,154$3 1,670$1 —$— $720,242 $(587,026)$(2,370)$130,850 $2,777 $133,627 
淨虧損———————(13,722)—(13,722)(210)(13,932)
基於股票的薪酬——————1,799——1,799—1,799
在與股權計劃相關的普通股發行398———————————
員工稅款預扣股份(90)—————(187)——(187)(187)
其他全面收益（虧損）————————594594(83)511
發行普通股與市場相關聯，扣除發行成本淨額89—————137——137—137
2023年9月30日財務狀況表34,551$3 1,670$1 —$— $721,991 $(600,748)$(1,776)$119,471 $2,484 $121,955 
附註是這些簡明綜合財務報表的一部分。
9
目錄
BUZZFEED，INC。
現金流量表簡明綜合報表
(未經審計，以千爲單位)
截至9月30日的九個月
20242023
經營活動：
淨損失$(41,008)$(78,029)
扣除：終止經營的淨損失，淨稅後9,924 14,109 
持續經營中的淨損失(31,084)(63,920)
調整爲淨損失到經營活動現金流量淨使用：
折舊和攤銷15,755 16,396 
未實現外幣（收益）損失(1,923)30 
以股票爲基礎的報酬4,238 4,524 
權證公允價值變動582 94 
衍生負債公允價值變動— (150)
債務折讓和遞延發行成本的攤銷4,052 3,542 
遞延所得稅(462)404 
應收賬款減值準備(355)(10)
投資損益— 3,500 
資產處置收益 (1,250)(175)
非現金租賃費用13,528 15,460 
經營性資產和負債變動:
應收賬款27,815 54,823 
預付費用和其他流動資產以及預付費用和其他資產3,783 (1,540)
應付賬款(30,710)14,421 
應計的薪資1,528 (16,299)
應計費用、其他流動負債和其他負債 4,181 (10,451)
租賃負債(16,469)(18,028)
遞延營收(581)(569)
持續經營活動中的經營活動產生的現金（使用）(7,372)2,052 
停止經營活動產生的經營活動使用的現金(8,752)(4,415)
經營活動使用的現金(16,124)(2,363)
投資活動：
資本支出(500)(761)
資本化內部軟件(9,294)(10,920)
資產出售所得350 175 
持續經營中的投資活動使用的現金(9,444)(11,506)
終止經營中的投資活動提供的現金108,575 — 
投資活動產生的現金流量淨額99,131 (11,506)
籌資活動：
行使股票期權所得1 29 
支付用於員工稅款代扣的股份 (291)(407)
續存信貸授信額度的借款— 2,128 
續存信貸授信額度的歸還款項(33,837)(1,796)
可轉換票據的支付(31,233)— 
與市場交易相關的普通股發行收益，減去發行成本660 902 
提前終止循環信貸設施的費用支付(500)— 
籌資活動提供的現金（流出）(65,200)856 
匯兌對現金及現金等價物的影響279 (291)
現金及現金等價物的淨增加（減少）18,086 (13,304)
期初現金及現金等價物餘額35,637 55,774 
期末現金及現金等價物$53,723 $42,470 
附註是這些簡明綜合財務報表的一部分。
10
目錄
BUZZFEED，INC。
簡明財務報表註解
(未經審計，表格中的金額和股數以千爲單位，除每股金額外)
1. 業務描述
BuzzFeed, Inc.（以下統稱其子公司爲「BuzzFeed」或「公司」）是一家優秀的數字媒體公司，服務於歷史上最多樣化、最具在線活躍度和社會聯繫的幾代人。我們的品牌在娛樂、資訊、食品、普普文化和商業領域推動對話，激勵觀衆觀看、閱讀和買入的內容——以及面向未來。公司的標誌性品牌包括BuzzFeed、HuffPost、Tasty和First We Feast（包括Hot Ones）。BuzzFeed的營業收入主要來自廣告、內容、商業及其他向領先品牌銷售的產品。公司有 一個基本報表。
2021年12月3日，我們完成了與890 5th Avenue Partners, Inc.（「890」）、890的某些全資子公司以及特拉華州公司BuzzFeed, Inc.（「Legacy BuzzFeed」）的業務合併（「業務合併」）。與業務合併有關，我們收購了 100％Cm Partners, LLC的會員權益。Cm Partners, LLC與Complex Media, Inc.共同被稱爲「Complex Networks。」在業務合併完成後，890更名爲「BuzzFeed, Inc。」
此外，在與進行企業合併協議的同時，公司發行，以及某些投資者購買了$150.0 億美元的無擔保可轉換債券，到2026年到期（「債券」），與企業合併的交易完成同時進行。由於出售與Complex Networks業務相關的特定資產（在本文內第19條款中討論的「處置」），公司於2024年3月7日償還了約$30.9 億美元的債券。公司還於2024年6月21日償還了約$0.3 億美元的債券，截至2024年9月30日，尚有約$118.8 億美元的債券未償還。有關更多細節，請參閱本文第19條款。
流動性和持續經營
簡明綜合基本報表已按照美國通用會計準則（「美國通用會計準則」）根據持續經營基礎編制，該基礎預示在業務正常過程中實現資產和滿足負債。截至隨附簡明綜合基本報表發佈日期（「發佈日期」），以下不利條件的重要性已按照美國通用會計準則評估。與公司財務控件相關的以下風險和不確定性可能會對公司在發佈日期後的未來12個月內維持運營能力造成不利影響。
自成立以來，公司普遍出現了重大虧損，並利用營運活動淨現金流來發展其擁有和經營的資產以及其標誌性品牌。2024年9月30日結束的九個月中，公司錄得了淨損失$41.0百萬美元（繼續經營的淨損失爲$31.1百萬美元），並利用了來自其經營活動的淨現金流$16.1百萬美元（繼續經營的經營活動中使用的淨現金爲$7.4百萬美元）。此外，截至2024年9月30日，公司擁有無限制的現金及現金等價物$53.7百萬用於資助其企業活動以及累積赤字$652.9百萬。
根據本文第8節的描述，公司於2024年3月7日和2024年6月21日分別償還了約$30.9百萬美元和百萬美元。截至2024年9月30日，尚未認領的股份補償費用總額約爲$0.3百萬的債券，截至2024年9月30日，剩餘約百萬美元的債券本金未償還。根據本文第8節的描述，每張債券持有人根據管理債券的託管協議有權要求公司以現金回購其持有的全部或部分債券，分別爲：118.8（i）在2024年12月3日或之後的任何時間，以回購價格等於本金加上應計及未支付的利息，或（ii）在基本變更（如託管協議所定義）發生之前（即2026年12月3日之前）以回購價格等於 101%的本金加上應計及未支付的利息。此外，除非提前轉換、贖回或回購，公司將必須在到期日以現金償還債券。根據2024年10月28日託管協議的第三次修正，我們通知我們進行自願贖回所需的提前通知期限已經修改，即（i）如果在2024年11月22日或之後給出此類通知（「回售通知」），該持有人應有權要求我們在2024年12月3日回購該持有人的債券，以及（ii）如果此類通知在2024年11月22日之後，該持有人應有權要求我們在該通知後第五個工作日回購該持有人的債券。公司預計債券持有人將在2024年11月22日（或之後不久）各自提交回售通知，屆時將有$118.8百萬的未償還本金和約
11
目錄
$4.7應付利息未償規模達到某個數額後，利息將到期並需償付。在支付日期前，公司將需要與票據持有人重新協商約束票據的條款和/或尋求替代融資來償還票據。不能保證公司在任何情況下都會成功，這將觸發票據約束條款下的違約事件，並允許票據持有人加快票據的到期，並要求償還。目前公司沒有足夠的現金或預期現金流來償還票據。關於票據償還的不確定性可能導致我們A類普通股交易出現顯著波動。
此外，公司於2024年2月28日修訂了管理債券的契約，規定，除其他事項外， 95未來資產出售所得款項的百分之x必須用於償還債券。
爲滿足其資本需求，並如上所述，公司可能會探討重新構建其未償債務的選擇，並正在與顧問合作，以優化其簡化合並資產負債表。然而，公司無法保證將從運營中產生足夠的現金流入，或者成功獲取這種新融資，或以必要的方式優化其簡化合並資產負債表，以在未來12個月內超過發行日應付款項的到期。此外，公司可能實施額外的成本節約行動，並尋求其他外部資金來源，以補充到期的資金需求，這可能包括在市場上銷售其A類普通股的附加期權（如本文第9條所述）。截至發行日期，並未確保或可能獲得其他外部資金來源，除了公司的市場上銷售，該銷售受到與Craig-Hallum Capital Group LLC於2023年6月20日簽訂的市場銷售協議中規定的條件約束。公司無法保證能夠成功產生足夠的流動性，以在未來12個月內滿足其運營資金需求，或者必要時獲得額外的外部資本（包括通過公司的市場上銷售）或實施額外成本節約。
此外，公司正在持續評估其業務的戰略變化，包括資產剝離、重組或停止不盈利的業務線。任何此類交易可能對公司的業務、財務狀況和經營業績產生重大影響。任何此類變化的性質和時間取決於各種因素，包括適用時點：公司的現金、流動性和營運績效；其承諾和義務；其資本需求；在信貸安排下施加的限制；以及整體市場環境。截至發行日期，公司繼續與外部顧問合作，優化其簡化合並資產負債表並評估其資產。
這些不確定因素嚴重懷疑公司能否作爲持續經營主體繼續存在。隨附的簡明綜合財務報表是基於公司將繼續作爲持續經營主體而編制的，即公司將能夠在可預見的未來正常業務過程中實現資產並清償負債和承諾。因此，隨附的簡明綜合財務報表不包括可能由這些不確定因素結果導致的任何調整。
2. 重要會計政策之摘要
基本報表的基礎和合並原則
附註未經審計的簡明合併基本報表已按照美國通用會計準則（U.S. GAAP）和美國證券交易委員會有關中期財務報告的適用規定編制。根據這些規定，部分可能包括在按照U.S. GAAP編制的財務報表中的信息和附註披露被省略。因此，應閱讀附帶的簡明合併基本報表和相關附註，結合截至2023年12月31日的公司合併基本報表和相關附註，如披露在截至2023年12月31日的公司10-k表格年度報告中。
綜合簡明財務報表包含所有正常循環調整，據管理層意見，這些調整是必要的，以公正呈現所列中期時段的結果。中期結果未必能反映截至2024年12月31日的年度成果。
簡明綜合財務報表包括BuzzFeed，Inc.及其完全擁有和大部分擁有的子公司的帳戶，以及公司是主要受益人的任何可變利益實體。所有公司間餘額和交易在合併中已予以消除。
12
目錄
股票拆細
公司於2024年4月25日（「2024年度股東大會」）召開了2024年度股東大會，並在該會議上，股東們批准了授予公司董事會自由裁量權的提案，以(1) 修改公司已修改的二次修正章程，使公司A類普通股和公司B類普通股的未結算股份合併爲更少數量的A類普通股和B類普通股的未結算股份，比率在1比2到最多1比25的區間內，具體比率由公司董事會自行決定;並且(2)在公司股東批准提案之日起一年內（即2025年4月25日之前），實施這種股票的拆分，如果有的話。
公司董事會隨後批准了進行股票合併，生效日期爲2024年5月6日，並確定了股票合併比例爲1比4。2024年4月26日，公司向特拉華州州務卿提交了有關公司章程的修正案（「修正案書」）。修正案書實施了A類普通股和B類普通股的股票合併比例爲1比4（「股票合併」），生效日期爲2024年5月6日東部時間凌晨12:01。A類普通股於2024年5月6日在納斯達克以已有的「BZFD」標的進行了拆分調整後開始交易，但該證券的新CUSIP編號爲12430A300。公開認購證（在本文第4條中定義）繼續以「BZFDW」標的交易，公開認購證的CUSIP標識符保持不變。
作爲反向股票拆分的結果，公司的A類普通股和B類普通股在反向股票拆分之前遞發和掛出的每四股，被轉換爲一股A類普通股和B類普通股，具體情況視情況而定，在反向股票拆分後。反向股票拆分均應用於所有A類普通股和B類普通股持有人，不會改變任何股東在公司的持股百分比，除非反向股票拆分導致部分股東擁有碎股。在反向股票拆分中，沒有發行碎股，因爲所有碎股都被圓整到最接近的整數股。根據規定公共和私人權證的協議條款，A類普通股的碎股不會在行使權證時發行，如果權證持有人在行使權證時應有權獲得A類普通股股份的碎股，公司將按最接近的整數向下取整以發行給該持有人的A類普通股股份。
除非另有說明，所有A類普通股和B類普通股的股份，包括本公司的公開認股權證和私人認股權證（如本報告第4條所定義的），股票期權，限制性股票單位和債券，本公司股權激勵計劃中授予的A類普通股股份，公司市場定向發行的A類普通股股份和可供出售的A類普通股，以及在簡明合併財務報表中所有已調整至1比4的每股倒數及轉換比率、行權價格和每股信息，均已根據1比4的逆向分拆進行了追溯調整，就像分拆發生在本季度報告表格10-Q中呈現的最早期間的開始。
已停止運營和待售
當具有批准行動權限的管理層承諾出售業務，並且在未來12個月內以與其當前公允價值相對合理的價格發生出售，以及滿足特定其他標準時，將業務分類爲待售。將待售業務按照（i）其賬面價值和（ii）估計的公允價值減去出售成本中較低的金額進行記錄。當業務的賬面價值超過估計的公允價值減去出售成本時，將確認損失，並根據需要在每個報告期進行更新。
將分類爲待售的業務的營運結果，若處置代表會對實體的運營和財務結果產生重大影響，將其作爲中止操作進行報告。當確定要進行中止操作報告的業務時：(i)根據需要，以回顧性方式重分類之前期間的結果爲中止操作；(ii)將營運結果以稅後淨額單行報告於簡明綜合損益表中；以及(iii)在將業務分類爲待售的期間，將資產和負債報告爲待售於簡明綜合資產負債表中。
13
目錄
公司於2023年12月31日，決定將複雜網絡業務的資產，不包括First We Feast品牌，歸類爲持有待售狀態，並符合分類標準。此外，公司確定了於2024年2月21日進行的處置（即處置），代表了對我們業務和財務業績產生重大影響的戰略轉變。因此，在呈現的全部期間的財務報告中，複雜網絡的結果（不包括First We Feast）被呈現爲已中止的業務。往期已經調整以符合當前呈現方式。複雜網絡的資產在截至2023年12月31日的資產負債表中已作爲已中止的業務的資產反映。請參閱本文第19節以獲取更多詳細信息。
使用估計
基本報表的準備要符合美國通用會計準則，這需要管理層對一定會影響資產和負債報告金額、基本報表日期時的或有資產和負債披露以及報告期間經營結果的估計和假設進行。由於財務報告過程中使用了估計，實際結果可能會與這些估計不同。
關鍵估計和假設主要涉及營業收入確認、企業合併中獲取的無形資產的公允價值、遞延所得稅資產的減值準備、應收賬款減值準備、固定資產的預期使用壽命以及資本化軟件成本。
現金及現金等價物和受限制現金
可能使公司面臨信用風險集中的金融工具包括現金及現金等價物。公司認爲在購買時的原始到期日不超過三個月的工具爲現金等價物。公司的現金及現金等價物包括存款在金融機構和貨幣市場基金中的投資。存放在這些金融機構的存款金額可能超過這些存款所覆蓋的保險金額。通過與信用良好的金融機構合作，相關的風險集中得到了緩解。
公司將所有因合同條款而限制使用的現金歸類爲受限現金。 在2024年第一季度，公司用現金擔保了15.5百萬美元的信用證，這些信用證在循環信貸設施（在本附註8中定義）下尚未到期，金額爲17.1百萬美元。因此，截止到2024年3月31日，這筆17.1百萬美元被歸類爲受限現金。然而，在2024年第二季度，公司終止了循環信貸設施下未到期的信用證，因此截至2024年9月30日的壓縮合並資產負債表上沒有受限現金的分類。
會計準則
作爲一家新興增長公司，該公司選擇利用證券法修正案第7(a)(2)(B)節中規定的延長過渡期的好處，以符合新頒佈或修訂的會計準則，從而允許公司推遲採納某些會計準則，直到這些準則否則適用於私人公司。
尚未採用的會計聲明
2023年11月，FASB發佈了ASU 2023-07，「分部報告（主題280）：報告段披露的改進」，旨在通過加強關於重要段費用的披露，主要是通過改善報告段的基本報表披露要求，使財務報表用戶更好地了解各報告段的利潤或損失的元件，以評估潛在未來現金流量，包括對每個報告段和整個實體的評估。修訂通過要求披露定期向首席經營決策者（CODM）提供的重大段費用來擴展上市實體的段披露，澄清了實體何時可以報告一個或多個額外措施以評估段績效，要求增加臨時披露，爲僅有一個報告段的實體提供新的披露要求，並要求其他新的披露。修訂自2023年12月15日後開始的財政年度生效，以及2024年12月15日後開始的財政年度內的中期時段，允許提前採納。公司預計採用這一新標準不會對其簡明綜合財務報表產生實質影響。
2023年12月，FASB發佈了ASU 2023-09，「所得稅（第740號課題）：改進所得稅披露」，旨在提高所得稅透明度、決策效用和有效性。
14
目錄
披露。 此ASU中的修訂要求公衆實體披露具有具體類別的稅率對賬表，使用百分比和貨幣。公開公司還需要對構成州和地方所得稅類別影響主要的州和地方轄區提供定性描述，並按照聯邦、州和外國稅收以及個別轄區分別提供支付的所得稅淨額。修改還刪除了一些不再被視爲成本有利的披露。 修訂是在2024年12月15日後開始的年度期間遠景性有效，允許提前採納和追溯性應用。公司正在評估採納此指南對簡明綜合財務報表的影響。
3. 收入確認
收入分解
下表顯示了公司根據其安排性質進行細分的營業收入。管理層使用這些收入類別來評估其業務的表現，並評估其財務結果和預測。
截至9月30日的三個月截至9月30日的九個月
2024202320242023
廣告$26,066 $26,915 $71,303 $83,720 
內容17,357 18,616 41,833 56,606 
商業和其他20,897 14,447 42,871 36,688 
合計$64,320 $59,978 $156,007 $177,014 
以下表格顯示了公司按地理位置細分的營業收入：
截至9月30日的三個月截至9月30日的九個月
2024202320242023
收入：
美國$61,672 $53,659 $146,910 $161,908 
國際2,648 6,319 9,097 15,106 
總計$64,320 $59,978 $156,007 $177,014 
合同餘額
營業收入確認的時間、賬單和現金收款可能導致已開具的應收賬款、未開具的營業收入（合同資產）和遞延收入（合同負債）。公司合同中的付款條款和條件根據類型而異，但絕大多數要求客戶按月或季度支付服務費，因爲服務正在提供中。當營業收入確認的時間與客戶支付的時間不同時，公司會確認未開具的營業收入（當服務性能先於開票日期）或遞延收入（當客戶預先付款而未提供服務時）。公司已確定其合同通常不包括重大的融資成分。
公司的合同資產在附註的簡明合併資產負債表中以預付款和其他流動資產形式列示，截至2024年9月30日和2023年12月31日分別合計$6.9 百萬美元和$8.3 百萬美元。這些金額涉及在各期間確認的營業收入，預計將在將來期間開具發票並收回。
公司的合同責任在附表的遞延營業收入中記錄，預計將在隨後的12個月內作爲營業收入確認。遞延收入總額爲$1.3 百萬美元和$1.9 百萬。
2024年9月30日結束的九個月期間確認的營業收入金額，包括2023年12月31日未來收入餘額中的部分，爲$1.8百萬美元。
15
目錄
分配給剩餘履行義務的交易價格
公司與特定許可合同簽訂了具有最低保證和超過一年的期限。剩餘履約義務相關的應識別營業收入爲$2.1 截至2024年9月30日，預計將在未來幾年實現的營業收入爲 一個 至 三年。此金額不包括：(i) 原始預期期限爲一年或更短的合同，如廣告合同；(ii) 以銷售爲基礎的變量考慮因素；或(iii) 完全分配給完全未履行的履約義務的變量考慮因素。
對於每份合同，公司估計是否受到合同條款下的變量考慮，並根據預期價值法在交易價格中包含其變量考慮的估計，受到限制，並在基於歷史經驗和趨勢認爲實現可能的情況下。公司在每個報告期更新其交易價格的估計，變量考慮對交易價格的影響將作爲對營業收入的調整而按累計追溯方式確認。
4. 公允價值衡量
公司的金融資產和負債是以重估及公平價值計量的方式進行歸納:
2024年9月30日
一級第2級三級合計
資產：
現金等價物：
貨幣市場基金$16,404 $— $— $16,404 
總額$16,404 $— $— $16,404 
負債：
衍生品負債$— $— $— $— 
其他非流動負債:
公共認股權證981 — — 981 
認股權證— 7 — 7 
總額$981 $7 $— $988 
2023年12月31日
一級第2級三級合計
資產：
現金等價物：
貨幣市場基金$25,306 $— $— $25,306 
總數$25,306 $— $— $25,306 
負債：
衍生品負債$— $— $— $— 
其他非流動負債:
公共認股權證402——402
認股權證—4—4
總數$402 $4 $— $406 
公司對貨幣市場基金的投資按攤銷成本計量，該成本接近公允價值。
截至2024年9月30日和2023年12月31日，公司的權證負債包括最初由890發行但隨後由公司承擔的公共和私人權證（分別稱爲「公共權證」和「私人權證」），這些權證以公平價值記錄在資產負債表上。賬面價值會在每個資產負債表日期進行復核。在每次複覈時，賬面
16
目錄
金額已調整爲公允價值，公允價值變動已在公司的綜合收支表中確認。
公開認股權證在「BZFDW」標的下公開交易，公開認股權證在特定日期的公允價值由該日期的公開認股權證收盤價確定。因此，公開認股權證被分類爲公允價值層級1內。公開認股權證的收盤價爲$0.10 和$0.04 於2024年9月30日和2023年12月31日。
從歷史上看，三級工具由公司與票據相關的衍生負債組成。歸入第三級的公允價值衡量標準對用於確定公允價值的假設或方法的變化很敏感，此類變化可能導致公允價值的顯著增加或減少。爲了衡量衍生負債的公允價值，公司將票據的計算價值與主工具（定義爲票據的直接債務部分）的指示價值進行了比較。直接債務主體工具的價值與票據的公允價值之間的差異導致了衍生負債的價值。直債主工具的價值是根據二項式格子模型估算的，其中不包括轉換選項和轉換時的整額付款。截至2023年12月31日，公司確定衍生負債的公允價值並不重要，因爲 (i) 我們的A類普通股的收盤價爲美元1.00 自2023年12月29日起，（ii）每位票據持有人都有權要求公司在2024年12月3日當天或之後的任何時候以現金回購該持有人持有的全部或部分票據（更多細節見此處附註8）。截至2024年9月30日，嵌入式衍生品的公允價值仍然微不足道。
截至2023年7月31日，續借貸款協議下未償還的借款額爲任何 在截至2024年9月30日的三個月和九個月內，資產進行公允價值計量水平之間的轉移。
權益投資
對於公司無法行使重大影響力的實體的股權投資，如果該投資的公允價值不容易判斷，則按成本覈算，並根據隨後可觀察到的價格變化進行調整。如果投資的公允價值可以容易判斷，則按公允價值覈算。公司會在每個期末審查無法容易判斷公允價值的股權投資，以判斷其是否已遭受減記。
截至2024年9月30日和2023年12月31日，公司投資了一傢俬人持有公司的股票，且該股票沒有明確可確定的公允價值。該投資的總賬面金額包括在資產負債表中的預付款及其他資產中，金額爲$0.8 截至2024年9月30日和2023年12月31日，A輪的總清算優先權爲$百萬美元。
5. 物業和設備，淨值
淨固定資產包括以下內容:
2024年9月30日2023年12月31日
租賃改良$47,944 $49,007 
2,5513,645 3,910 
計算機設備2,566 3,057 
視頻設備381 439 
總數54,536 56,413 
減：累計折舊(46,874)(44,557)
淨賬面價值$7,662 $11,856 
折舊總額爲$1.5 百萬美元和$1.6 分別爲截至2024年和2023年9月30日的三個月的百萬美元，以及分別爲截至2024年和2023年9月30日的九個月的$4.7 百萬 和 $5.0 百萬 分別爲截至2024年9月30日和2023年的九個月，在折舊和攤銷費用中
17
目錄
6. 資本化的軟件成本，淨額
大寫軟件成本，淨額如下所示：
2024年9月30日2023年12月31日
網站和內部使用的軟件$89,582 $82,138 
減少：累計攤銷(66,878)(59,846)
淨賬面價值$22,704 $22,292 
公司在2023年6月30日和2022年6月30日的三個和六個月內將$百萬的授予股票-based報酬支出資本化爲軟件成本，分別相比$   百萬2.9 百萬和$3.2 分別爲截至2024年和2023年9月30日的三個月的百萬美元，以及分別爲截至2024年和2023年9月30日的九個月的$9.3 百萬美元和美元10.9 分別爲截至2024年9月30日和2023年9月30日的九個月，包括已資本化的軟件成本淨額。公司分期攤銷了美元2.8 百萬美元和美元2.7 分別爲截至2024年9月30日和2023年9月30日的三個月，分別爲美元8.9 百萬美元和美元8.1 截至2024年和2023年9月30日的九個月，分別包括在折舊和攤銷費用中，爲百萬美元。
7. 無形資產，淨額
以下表格展示了呈現期間的無形資產細節以及加權平均剩餘使用壽命：
2024年9月30日2023年12月31日
Weighted-
平均
未行權期限平均
預計有用壽命
（年）		總收入
賬面價值
價值		累積
攤銷		淨額
價值		Weighted-
平均
未行權期限平均
預計有用壽命
（年）		總賬面
價值		累積
攤銷		淨賬面價值
已獲得科技0$5,500 $5,500 $— 0$5,500 $5,271 $229 
商標和商號名稱1228,550 6,132 22,418 1328,550 4,704 23,846 
商標和商號名稱不確定1,368 — 1,368 不確定1,368 — 1,368 
客戶關係12,550 1,805 745 22,550 1,328 1,222 
總數$37,968 $13,437 $24,531 $37,968 $11,303 $26,665 
關於無形資產，公司攤銷了$0.6 百萬美元和美元1.1 分別爲截至2024年9月30日和2023年9月30日的三個月，分別爲美元2.1 百萬和$3.3 截至2024年和2023年9月30日的九個月，分別包括在折舊和攤銷費用中，爲百萬美元。
截至2023年11月30日的未來預計攤銷費用如下（單位：千美元）： 2024年9月30日 （金額單位：千元）
2024年餘下的時間$635 
20252,488 
20261,903 
20271,903 
20281,903 
以後14,331 
總數$23,163 
商譽減值
公司每年在10月1日審查商譽減值，如果事件或情況變化表明可能存在減值（「觸發事件」），則會更頻繁地進行審查。截至2024年9月30日，公司的資產負債表上錄有$57.6 百萬的商譽。公司得出結論，在2024年9月30日結束的三個月和九個月內，不存在任何減值觸發事件。
18
目錄
8. 債務
循環信貸額度
2020年12月30日，公司簽訂了一份，其後在2021年12月3日與業務合併結束相關的文件中對此進行了修訂和重籤，之後又在2022年12月15日進行了修訂和重籤，並分別在2023年6月29日和9月26日進行了修訂（即，循環信用設施協議）。 三年, $50.0 旋轉貸款和備用信用證授信設施協議，授權金額爲美元百萬，該協議於2021年3月31日結束並確保在2021年3月31日完全使用。15.5 用於向公司的某些房東發行的優先信用函，於2021年3月31日結束並確保在2021年3月31日完全使用，總共簽發了百萬美元的備用信用證。15.5 2023年12月31日，公司在循環授信額度下已簽發未決信用額度爲百萬美元（後文將詳細描述）。無 如下所述，在2024年9月30日結算結束，公司在循環授信額度下的未決信用額度爲百萬美元。
2024年2月21日，關於本文第19條討論中提到的處置，公司終止了循環信貸設施，除了尚有的1000萬美元信用證。15.5然而，在2024年第二季度，公司終止了1億美元信用證，導致循環信貸設施全部終止。15.5然而，在2024年第二季度，公司終止了1億美元信用證，導致循環信貸設施全部終止。
備用信用證
在2024年第二季度，公司與一家金融機構達成協議，爲標準信用狀提供了 $15.5百萬美元。這些信用狀於2024年第二季度發行，支持了公司的某些房東，並截止至2024年9月30日仍未償還。
可轉換債券
2021年6月，公司與合併協議簽署相關，進行了業務合併，公司與某些投資者簽署了認購協議，以賣出$150.0 百萬美元總本金未擔保到期2026年可轉換票據（即Notes）。與業務合併結束相關，公司發行了這些投資者購買的Notes，受2021年12月3日日起的一則信託契約管理，該契約分別於2023年7月10日，2024年2月28日和2024年10月28日進行了修改。這些Notes可以按照約$的轉換價轉換爲本公司A類普通股，並以每年約%的利率支付半年度利息。這些Notes將於2026年12月3日到期。截至2024年9月30日，這些Notes可轉換爲約50.00 ，並以每年%的年息率，半年付息。到期日爲2026年12月3日。截至2024年9月30日，Notes可以轉換爲約 8.50，截至2024年9月30日，這些Notes可以轉換爲約 2,375,347 股本公司的A類普通股。
每個債券持有人根據管理債券的契約有權要求公司以現金購回其持有的全部或部分債券，即(i)自2024年12月3日或之後的任何時間（即債券發行三週年日），以等於本金加應計未付利息的購回價，或(ii)發生基本變更（在契約中定義）之前（即2026年12月3日）購回價等於本金額加應計未付利息。 101％本金額加應計未付利息。根據2024年10月28日契約的第三次修正，對於可選贖回的提前通知期限進行了修改，即(i)若於2024年11月22日發出該等通知（「贖回通知」），則該持有人有權要求公司在2024年12月3日購回該持有人的債券，及(ii)若通知在2024年11月22日之後，該持有人有權要求公司在通知後第五個營業日購回其債券。公司預計債券持有人每位將於2024年11月22日（或之後不久）發出贖回通知，之後交付了$118.8百萬美元的未償本金金額和約$4.7應付利息未償規模達到某個數額後，利息將到期並需償付。在支付日期前，公司將需要與票據持有人重新協商約束票據的條款和/或尋求替代融資來償還票據。不能保證公司在任何情況下都會成功，這將觸發票據約束條款下的違約事件，並允許票據持有人加快票據的到期，並要求償還。目前公司沒有足夠的現金或預期現金流來償還票據。關於票據償還的不確定性可能導致我們A類普通股交易出現顯著波動。
In addition, a failure to comply with the other provisions of the indenture governing our Notes could trigger an event of default under the indenture, which would also allow the holders of the Notes to accelerate the maturity of the Notes and require the Company to repay the Notes prior to their maturity. Moreover, the Company will be required to repay the Notes, in cash, at their maturity, unless earlier converted, redeemed, or repurchased.
19
Table of Contents
The Company may, at its election, force conversion of the Notes after December 3, 2024 (i.e., after the third anniversary of the issuance of the Notes), subject to a holder’s prior right to convert and the satisfaction of certain other conditions, if the volume-weighted average trading price of our Class A common stock is greater than or equal to 130% of the conversion price for more than 20 trading days during a period of 30 consecutive trading days, which has yet to occur. In the event that a holder of the Notes elects to convert its Notes prior to December 3, 2024, the Company will be obligated to pay an amount in cash equal to 12 month’s interest declining ratably on a monthly basis to zero month’s interest, in each case, on the aggregate principal amount of the Notes so converted. Without limiting a holder’s right to convert the Notes at its option, interest will cease to accrue on the Notes during any period in which the Company would otherwise be entitled to force conversion of the Notes, but is not permitted to do so solely due to the failure of a trading volume condition specified in the indenture governing the Notes.
The indenture governing the Notes includes restrictive covenants that, among other things, limit the Company’s ability to incur additional debt or liens, make restricted payments or investments, dispose of significant assets, transfer specified intellectual property, or enter into transactions with affiliates. Additionally, pursuant to the second amendment of the indenture on February 28, 2024, done in connection with the Disposition, 95% of the net proceeds of future asset sales must be used to repay the Notes.
On March 7, 2024, in connection with the Disposition, the Company repaid approximately $30.9 million of the Notes. In connection with the repayment, the Company determined the modified debt terms were not substantially different from the original terms and applied modification accounting. The Company derecognized approximately 20.6% of the unamortized debt discount and issuance costs, which resulted in an approximately $4.9 million loss on partial debt extinguishment that was attributed to the discontinued operation. Additionally, on June 21, 2024, the Company repaid approximately $0.3 million of the Notes in connection with an asset sale (refer to Note 19 herein for additional details). As of September 30, 2024, there was approximately $118.8 million aggregate principal amount of Notes outstanding.
In accounting for the Notes, the Company bifurcated a derivative liability representing the conversion option, with a fair value at issuance of $31.6 million. To measure the fair value of the derivative liability, the Company compared the calculated value of the Notes with the indicated value of the host instrument, defined as the straight-debt component of the Notes. The difference between the value of the straight-debt host instrument and the fair value of the Notes resulted in the value of the derivative liability. The value of the straight-debt host instrument was estimated based on a binomial lattice model, excluding the conversion option and the make-whole payment upon conversion. The derivative liability is remeasured at each reporting date with the resulting gain or loss recorded in change in fair value of derivative liability within the condensed consolidated statements of operations. As of December 31, 2023, the Company determined the fair value of the derivative liability was immaterial as (i) the closing share price of our Class A common stock was $1.00 as of December 29, 2023, and (ii) each holder of a Note has the right to require the Company to repurchase, for cash, all or a portion of the Notes held by such holder at any time on or after December 3, 2024 (i.e., the third anniversary of the issuance of the Notes), at a repurchase price equal the principal amount plus accrued and unpaid interest. The fair value of the embedded derivative continues to be immaterial as of September 30, 2024.
Interest expense on the Notes is recognized at an effective interest rate of 16% and totaled $4.0 million and $3.8 million for the three months ended September 30, 2024 and 2023, respectively, and $11.5 million and $11.2 million for the nine months ended September 30, 2024 and 2023, respectively, of which amortization of the debt discount and issuance costs comprised $1.5 million and $1.3 million for the three months ended September 30, 2024 and 2023, respectively, and $4.0 million and $3.6 million for the nine months ended September 30, 2024 and 2023, respectively. The effective interest rate of 16% was remeasured in connection with the aforementioned modification accounting and assumes a maturity date of December 3, 2026.
The net carrying amount of the Notes as of September 30, 2024 and December 31, 2023 was:
September 30, 2024December 31, 2023
Principal outstanding$118,767 $150,000 
Unamortized debt discount and issuance costs(15,838)(25,023)
Net carrying value$102,929 $124,977 
The fair value of the Notes was approximately $99.2 million and $112.8 million as of September 30, 2024 and December 31, 2023, respectively. The fair value of the Notes was estimated using Level 3 inputs.
20
Table of Contents
9. Stockholders’ Equity
Common Stock
The Company is authorized to issue 700,000,000 shares of Class A common stock, par value $0.0001 per share, 20,000,000 shares of Class B common stock, par value $0.0001 per share, and 10,000,000 shares of Class C common stock, par value $0.0001 per share. Each share of Class A common stock is entitled to one vote and each share of Class B common stock is entitled to fifty votes. Class C common stock is non-voting.
Preferred Stock
The Company is authorized to issue 50,000,000 shares of preferred stock, par value $0.0001 per share. The Company’s board of directors is authorized, without further stockholder approval, to issue such preferred stock in one or more series, to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. There were no issued and outstanding shares of preferred stock as of September 30, 2024 or December 31, 2023.
Stock-Based Compensation
Stock Options
A summary of the stock option activity under the Company’s equity incentive plans is presented below:
Number of
Shares		Weighted
Average
Exercise
Price		Weighted
Average
Remaining
Term		Aggregate
Intrinsic
Value
Balance as of December 31, 2023845$24.98 1.71$— 
Granted7,213 2.18 — — 
Exercised— 3.00 — — 
Forfeited(159)4.71 — — 
Expired(611)23.98 — — 
Balance as of September 30, 20247,288$2.94 9.49$3,438 
Expected to vest at September 30, 20247,288$2.94 9.49$3,438 
Exercisable at September 30, 2024178$31.54 4.47$1 
As of September 30, 2024, the total share-based compensation costs not yet recognized related to unvested stock options was $9.1 million, which is expected to be recognized over the weighted-average remaining requisite service period of 1.3 years.
Restricted Stock Units
A summary of restricted stock unit (“RSU”) activity is presented below:
SharesWeighted Average Grant-
Date Fair Value
Outstanding as of December 31, 20232,190$3.74 
Granted928 1.38 
Vested(1,135)3.79 
Forfeited(485)3.73 
Outstanding as of September 30, 20241,498$2.25 
As of September 30, 2024, there were approximately $2.4 million of unrecognized compensation costs related to RSUs.
21
Table of Contents
Stock-Based Compensation Expense
The following table summarizes stock-based compensation expense included in the condensed consolidated statements of operations:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Cost of revenue, excluding depreciation and amortization$430 $220 $1,006 $744 
Sales and marketing203 236 404 681 
General and administrative971 1,184 2,518 3,320 
Research and development1
135 67 310 (221)
Total$1,739 $1,707 $4,238 $4,524 
________________________________
(1) The negative stock-based compensation expense for the nine months ended September 30, 2023 for research and development was due to forfeitures.
RSUs settle into shares of common stock upon vesting. Upon the vesting of the RSUs, for certain employees, the Company net-settles the RSUs and withholds a portion of the shares to satisfy minimum statutory employee withholding tax requirements. Total payment of the employees’ tax obligations to the tax authorities is reflected as a financing activity within the condensed consolidated statements of cash flows.
At-The-Market Offering
On March 21, 2023, the Company filed a shelf registration statement on Form S-3 (the “Shelf Registration Statement”) under which the Company may, from time to time, sell securities in one or more offerings having an aggregate offering price of up to $150.0 million. The Shelf Registration Statement was declared effective as of April 5, 2023. On June 20, 2023, the Company entered into an At-The-Market Offering Agreement with Craig-Hallum Capital Group LLC pursuant to which the Company was able to sell up to 3,316,503 shares of its Class A common stock. In July 2024, the Company increased the size of the offering available under the At-The-Market-Offering Agreement to $150.0 million and filed a prospectus supplement with respect to such increase. As of September 30, 2024, the Company had sold, in the aggregate, 996,897 shares of its Class A common stock, at an average price of $2.26 per share, for aggregate net proceeds of $2.3 million after deducting commissions and offering expenses. The Company used the aggregate net proceeds for general corporate purposes.
10. Net Income (Loss) Per Share
Net income (loss) per share is computed using the two-class method. Basic net income (loss) per share is computed using the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per share reflects the effect of the assumed exercise of any stock options, the vesting of any restricted stock units, the exercise of any warrants (including the Public Warrants and the Private Warrants), the conversion of any convertible debt (including the Notes), and the conversion of any convertible preferred stock, in each case only in the periods in which such effect would have been dilutive.
For the three and nine months ended September 30, 2024 and 2023, net income (loss) per share amounts were the same for Class A and Class B common stock because the holders of each class are entitled to equal per share dividends. There were no shares of Class C common stock outstanding for any period presented.
22
Table of Contents
The table below presents the computation of basic and diluted net income (loss) per share:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Numerator:
Net income (loss) from continuing operations$1,968 $(12,049)$(31,084)$(63,920)
Net income (loss) from discontinued operations, net of tax166 (1,883)(9,924)(14,109)
Less: net income (loss) attributable to noncontrolling interests45 (210)119 (470)
Net income (loss) attributable to holders of Class A and Class B common stock$2,089 $(13,722)$(41,127)$(77,559)
Amounts attributable to BuzzFeed, Inc. for net income (loss) per common share, basic and diluted:
Net income (loss) from continuing operations1,923 (11,839)(31,203)(63,450)
Net income (loss) from discontinued operations, net of tax166 (1,883)(9,924)(14,109)
Net income (loss) attributable to BuzzFeed, Inc.$2,089 $(13,722)$(41,127)$(77,559)
Denominator:
Weighted average common shares outstanding, basic37,94936,26337,18135,646
Weighted average common shares outstanding, diluted38,60836,26337,18135,646
Net income (loss) per common share, basic:
Continuing operations$0.05 $(0.33)$(0.84)$(1.78)
Discontinued operations0.00 (0.05)(0.27)(0.40)
Net income (loss) per common share, basic, attributable to BuzzFeed, Inc.1
$0.06 $(0.38)$(1.11)$(2.18)
Net income (loss) per common share, diluted
Continuing operations$0.05 $(0.33)$(0.84)$(1.78)
Discontinued operations0.00 (0.05)(0.27)(0.40)
Net income (loss) per common share, diluted, attributable to BuzzFeed, Inc.1
$0.05 $(0.38)$(1.11)$(2.18)
_________________________________
(1)Net income (loss) per share information is presented on a rounded basis using actual amounts. Minor differences in totals may exist due to rounding.
23
Table of Contents
The numerator for net income (loss) per basic and diluted common share from continuing operations excludes the impact of net income (loss) attributable to the noncontrolling interests for all periods presented.
The table below presents the details of securities that were excluded from the calculation of diluted income (loss) per share as the effect would have been anti-dilutive:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Stock options7,2888697,288869
Restricted stock units— 2,8781,4982,878
Warrants2,4692,4692,4692,469
Convertible notes 2,3753,0002,3753,000
11. Income Taxes
The Company’s tax provision or benefit from income taxes for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any. Each quarter the Company updates its estimate of the annual effective tax rate and makes a year-to-date adjustment to the provision.
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Income tax (benefit) provision $(110)$55 $396 $165 
Effective tax rate(5.9)%(0.4)%(1.3)%(0.2)%

For the three and nine months ended September 30, 2024, the Company’s effective tax rate on continuing operations differed from the U.S. federal statutory income tax rate of 21% primarily due to limited tax benefits provided for against its current year pre-tax operating loss, as the Company maintains a full valuation allowance against its U.S. deferred tax assets that are not realizable on a more-likely-than-not basis and the discrete impact of finalization of Canadian tax return filings.
For the three and nine months ended September 30, 2023, the Company’s effective tax rate on continuing operations differed from the U.S. federal statutory income tax rate of 21% primarily due to limited tax benefits provided for against its current year pre-tax operating loss as the Company maintains a full valuation allowance against its U.S. deferred tax assets that are not realizable on a more-likely-than-not basis.
The Company, or one of its subsidiaries, files its tax returns in the U.S. and certain state and foreign income tax jurisdictions with varying statute of limitations. The major jurisdictions in which the Company is subject to potential examination by tax authorities are the U.S., the United Kingdom, Japan, and Canada.
12. Restructuring Costs
In February 2024, the Company announced plans to reduce expenses by implementing an approximately 16% reduction in the then-current workforce (after the Disposition, as discussed within Note 19 herein). In doing so, the Company reduced the size of its centralized operations to enable its individual brands to operate with more autonomy and deliver against their differentiated value propositions for advertisers. The reduction in workforce plan was intended to position the Company to be more agile, sustainable, and profitable. The Company incurred approximately $2.9 million of restructuring costs for the nine months ended September 30, 2024, comprised mainly of severance and related benefits costs, of which $1.2 million were included in cost of revenue, excluding depreciation and amortization, $1.5 million were included in sales and marketing, and $0.2 million were included in general and administrative.
Additionally, in accordance with the Asset Purchase Agreement (the “Complex Sale Agreement”), dated as of February 21, 2024 between a wholly-owned subsidiary of the Company and Commerce Media Holdings, LLC., pursuant to which the Disposition was consummated, Commerce Media reimbursed the Company for approximately $1.8 million in payments related to “Non-Transferring Employees” (as defined in the Complex Sale Agreement), including severance. The
24
Table of Contents
amount of these severance and related charges are not included within the restructuring charges noted above. The Company treated the reimbursement as an expense reimbursement.
In April 2023, the Company announced plans to reduce expenses by implementing an approximately 15% reduction in the then-current workforce. The reduction in workforce plan was part of a broader strategic reprioritization across the Company in order to improve upon profitability and cash flow. The Company incurred approximately $6.8 million of restructuring costs for the nine months ended September 30, 2023, comprised mainly of severance and related benefit costs, of which $4.3 million were included in cost of revenue, excluding depreciation and amortization, $1.3 million were included in sales and marketing, $0.4 million were included in general and administrative, and $0.8 million were included in research and development.
13. Leases
The Company leases office space under non-cancelable operating leases with various expiration dates through 2029. The Company accounts for leases under Accounting Standards Update 2016-02, Leases (Topic 842) (“ASC 842”) by recording right-of-use assets and liabilities. The right-of-use asset represents the Company’s right to use underlying assets for the lease term and the lease liability represents the Company’s obligation to make lease payments under the lease. The Company determines if an arrangement is, or contains, a lease at contract inception and exercises judgment and applies certain assumptions when determining the discount rate, lease term, and lease payments. ASC 842 requires a lessee to record a lease liability based on the discounted unpaid lease payments using the interest rate implicit in the lease or, if the rate cannot be readily determined, the incremental borrowing rate. Generally, the Company does not have knowledge of the rate implicit in the lease and, therefore, uses its incremental borrowing rate for a lease. The lease term includes the non-cancelable period of the lease plus any additional periods covered by an option to extend that the Company is reasonably certain to exercise. The Company’s lease agreements generally do not contain any material residual value guarantees or material restrictive covenants. Certain of the Company’s lease agreements include escalating lease payments. Additionally, certain lease agreements contain renewal provisions and other provisions which require the Company to pay taxes, insurance, or maintenance costs.
The Company subleases certain leased office space to third parties when it determines there is excess leased capacity. On July 8, 2022, the Company entered into a sublease with a third party with respect to substantially all of the Company’s then-existing corporate headquarters. The sublease commenced on August 26, 2022 and expires on May 30, 2026, unless terminated sooner in accordance with the provisions of the sublease. Pursuant to the terms of the sublease, the subtenant pays a fixed monthly rent of $0.8 million, subject to periodic increases. In-lieu of a cash security deposit, the Company received a letter of credit from Citibank for approximately $4.5 million. On February 21, 2024, in connection with the Disposition, the Company licensed the use of office space in the Company’s corporate headquarters. Refer to Note 19 herein for further details on this arrangement.
Sublease rent income is recognized as an offset to rent expense on a straight-line basis over the lease term. In addition to sublease rent, other costs such as common-area maintenance, utilities, and real estate taxes are charged to subtenants over the duration of the lease for their proportionate share of these costs.
The following illustrates the lease costs for the three and nine months ended September 30, 2024 and 2023:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Operating lease cost$6,041 $7,557 $18,334 $22,620 
Sublease income(4,410)(3,926)(12,932)(11,778)
Total lease cost$1,631 $3,631 $5,402 $10,842 
All components of total lease cost are recorded within general and administrative expenses within the condensed consolidated statement of operations. The Company does not have material short-term or variable lease costs.
25
Table of Contents
The following amounts were recorded in the Company’s condensed consolidated balance sheets related to operating leases:
September 30, 2024December 31, 2023
Assets
Right-of-use assets$33,313 $46,715 
Liabilities
Current lease liabilities22,804 21,659 
Noncurrent lease liabilities20,360 37,820 
Total lease liabilities$43,164 $59,479 
Other information related to leases was as follows:
Nine Months Ended
September 30, 2024		Nine Months Ended
September 30, 2023
Supplemental cash flow information:
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows for operating lease liabilities21,183 25,369 
September 30, 2024December 31, 2023
Weighted average remaining lease term (years)2.02.7
Weighted average discount rate14.0 %13.9 %
Maturities of lease liabilities as of September 30, 2024 were as follows:
YearOperating Leases
Remainder of 2024$7,109 
202525,607 
202612,787 
20272,469 
2028870 
Thereafter571 
Total lease payments49,413 
Less: imputed interest(6,249)
Total$43,164 
26
Table of Contents
Sublease receipts to be received in the future under noncancelable subleases as of September 30, 2024 were as follows:
YearAmount
Remainder of 2024$4,413 
202516,536 
20264,692 
2027— 
Thereafter— 
Total$25,641 
14. Commitments and Contingencies
Guarantees
In the course of its business, the Company both provides and receives indemnities which are intended to allocate certain risks associated with business transactions. Similarly, the Company may remain contingently liable for various obligations of a business that has been divested in the event that a third party does not fulfill its obligations under an indemnification obligation. The Company records a liability for indemnification obligations and other contingent liabilities when probable and reasonably estimable.
Legal Matters
The Company is party to various lawsuits and claims in the ordinary course of business. Although the outcome of such matters cannot be predicted with certainty and the impact that the final resolution of such matters will ultimately have on the Company’s condensed consolidated financial statements is not known, the Company does not believe that the resolution of these matters will have a material adverse effect on the Company’s future results of operations or cash flows.
The Company settled or resolved certain legal matters during the three and nine months ended September 30, 2024 and 2023 that did not individually or in the aggregate have a material impact on the Company’s business or its condensed consolidated financial position, results of operations, or cash flows.
Video Privacy Protection Act:
On May 16, 2023, a lawsuit titled Hunthausen v. BuzzFeed, Inc. was filed against the Company in the United States District Court for the Southern District of California, asserting class action claims for alleged violation of the Video Privacy Protection Act (“VPPA”) based on the claimed transmission of personally identifying information via the Meta pixel, Google Analytics, and the TikTok pixel, all of which are purportedly connected to posts on the BuzzFeed.com website. The putative class plaintiff was seeking an injunction to stop further alleged wrongful conduct, to recover unspecified compensatory damages and an award of costs, and any further appropriate relief. The matter was settled on January 4, 2024 and is now disposed.
On August 4, 2023, the Company received 8,927 individual demands for JAMS arbitration in California, all of which allege that the Company violated the VPPA by transmitting personally identifying information via the Meta pixel, purportedly connected to posts on the BuzzFeed website. Each claimant was seeking to recover damages in the amount of $2,500 (actual dollars) for each alleged violation of the VPPA. The Company provisionally settled these claims on January 29, 2024 as part of an agreed class action settlement in the matter titled Peters v. BuzzFeed, Inc., pending in the Circuit Court of the 17th Judicial Circuit in Broward County, Florida (the “Circuit Court”). On October 18, 2024, the Circuit Court entered its final judgment and the matter was dismissed with prejudice in accordance with the terms of the parties’ settlement agreement.
On August 15, 2023, the Company received (1) 5,247 individual demands for JAMS arbitration in California, all of which allege that the Company violated the VPPA by transmitting personally identifying information via the use of various pixels purportedly in connection with the HuffPost.com website; and (2) 12,176 individual demands for JAMS arbitration in California, all of which allege that the Company violated the VPPA by transmitting personal identifying information via the use of various pixels purportedly in connection with the BuzzFeed.com website. Each claimant was
27
Table of Contents
seeking to recover damages in the amount of $2,500 (actual dollars) for each alleged violation of the VPPA, as well as punitive damages, attorneys’ fees and costs, and equitable relief. The Company settled these claims on January 16, 2024 and the settlement has since been paid.
On October 31, 2023, the Company received 590 individual demands for JAMS arbitration in California, all of which allege that the Company violated the VPPA by transmitting personally identifying information via the use of various pixels purportedly in connection with the BuzzFeed.com website. Each claimant was seeking to recover damages in the amount of $2,500 (actual dollars) for each alleged violation of the VPPA. The Company provisionally settled these claims on January 29, 2024 as part of an agreed class action settlement in the matter titled Peters v. BuzzFeed, Inc., pending in the Circuit Court. On October 18, 2024, the Circuit Court entered its final judgment and the matter was dismissed with prejudice in accordance with the terms of the parties’ settlement agreement.
Mass Arbitrations:
Two mass arbitrations (the “Arbitrations”) were initiated before the American Arbitration Association (the “AAA”) on March 15, 2022 against the Company and certain of its executive officers and directors (together, the “BuzzFeed Defendants”) and Continental Stock Transfer Corporation by 91 individuals previously employed by Legacy BuzzFeed (the “Claimants”). The Claimants alleged that they were harmed when they were allegedly unable to convert their shares of Class B common stock to Class A common stock and sell those shares on December 6, 2021, the first day of trading following the Business Combination, and asserted claims for negligence, misrepresentation, breach of fiduciary duty, and violation of Section 11 of the Securities Act. The Claimants sought to recover unspecified compensatory damages, an award of costs, and any further appropriate relief.
On April 21, 2022, the BuzzFeed Defendants filed a complaint in the Delaware Court of Chancery seeking to enjoin the Arbitrations on the grounds that, inter alia, the Claimants’ purported causes of action arise from their rights as shareholders of the Company, are governed by the Company’s charter, including its forum selection provision, and are therefore not arbitrable (the “Delaware Action”). The complaint sought declaratory and injunctive relief. A hearing on the merits of the Delaware Action was held on July 26, 2022. On October 28, 2022, the Court of Chancery granted the Company’s motion to permanently enjoin the Claimants’ arbitration claims.
On January 17, 2023, the Claimants filed amended statements of claim in the Arbitrations against BuzzFeed Media Enterprises, Inc., a wholly-owned subsidiary of the Company, and Continental Stock Transfer & Trust Corporation, the transfer agent for 890 and, later, the Company. The amended statements of claim likewise allege that the Claimants were harmed when they were allegedly unable to convert their shares of Class B common stock to Class A common stock and sell those shares on the first day of trading following the Business Combination. The Claimants allege claims for breach of contract and the covenant of good faith and fair dealing, misrepresentation, and negligence, and seek to recover unspecified compensatory damages, an award of costs, and any further appropriate relief.
On March 29, 2023, BuzzFeed Media Enterprises, Inc., filed a complaint in the Delaware Court of Chancery seeking to enjoin the Arbitrations on the grounds that, inter alia, the Claimants’ purported causes of action arise from their rights as shareholders of the Company, are governed by the Company’s charter, including its forum selection provision, and are therefore not arbitrable. The complaint seeks declaratory and injunctive relief. The parties cross-moved for summary judgment.
在2023年11月20日，衡平法院對公司的簡易判決動議和原告的反動議進行口頭辯論。2024年5月15日，特拉華州衡平法院裁定，AAA將判斷對於那些提供包含仲裁條款的僱傭協議的原告，是否可以仲裁該事項。2024年6月13日，公司向AAA寫信請求繼續暫停仲裁，因爲仍然存在未證明擁有包含仲裁條款的僱傭協議的原告， 六 因此，特拉華州衡平法院保留管轄權以裁定這些 六 索賠。原告表示反對，並且在2024年6月18日，AAA表示計劃針對 85 其索賠已被特拉華州衡平法院解決的原告推進仲裁，儘管仍有 六 原告仍在該法院。2024年9月9日，BuzzFeed媒體企業公司向特拉華州最高法院提交了2024年5月15日特拉華州衡平法院的裁決的上訴通知。此事仍在進行中。
加利福尼亞州隱私侵權法
28
目錄
2024 年 4 月 11 日，一場名爲 Chih-Yuan Chang 的訴訟 等人。 訴BuzzFeed, Inc.在紐約南區對該公司提起訴訟，指控該公司通過在網站訪問者的互聯網瀏覽器上安裝Sharethrough、iQM和Dotomi跟蹤器，在未經訪客同意的情況下收集訪問者的個人識別信息，違反了《加州入侵隱私法》（CIPA）。此外，原告還尋求集體認證。此事已於2024年7月9日和解，該案現已結案。
納斯達克上市合規
Minimum Bid Requirement
On May 31, 2023, as expected, the Company received a letter from Nasdaq’s Listing Qualifications Department (the “Nasdaq Staff”) notifying the Company that, for the previous 30 consecutive business days, the bid price for the Company’s Class A common stock had closed below the minimum $1.00 per share requirement for continued listing on The Nasdaq Global Market under Nasdaq Listing Rule 5550(a)(2) (the “Bid Price Requirement”). In connection with the Company’s application to obtain additional time to regain compliance, as of the opening of business November 30, 2023, the Company’s Class A common stock and warrants were transferred to The Nasdaq Capital Market, which operates in substantially the same manner as The Nasdaq Global Market, where they continue to trade under the symbols “BZFD” and “BZFDW,” respectively. As disclosed in Note 2 herein, to increase the bid price of our Class A common stock, the Company effected the Reverse Stock Split on May 6, 2024. As of May 17, 2024, the closing bid price of the Company’s Class A common stock had been over $1.00 per share for at least 10 consecutive business days. On May 20, 2024, the Nasdaq Staff confirmed that the Company had regained compliance with the Bid Price Requirement.
Audit Committee Requirement
Patrick Kerins, who was a member of the Company’s board of directors and its audit committee immediately prior to the 2024 Annual Meeting, did not stand for re-election as a director of the Company at that meeting. On April 26, 2024, as expected, the Company received a letter from the Nasdaq Staff notifying the Company that it was no longer in compliance with Nasdaq Listing Rule 5605(c)(2)(A), which requires that the audit committees of listed companies have a minimum of three members that satisfy certain criteria for service on the committee (the “Nasdaq Audit Committee Requirement”). The Nasdaq Staff also notified the Company that it had until the earlier of its 2025 annual meeting of stockholders and April 25, 2025 (i.e., one year from the date on which the Company ceased to be compliant) to regain compliance. On June 11, 2024, Gregory Coleman, already a member of the Company’s board of directors, was appointed to the audit committee of the board. Following the Company’s notice to the Nasdaq Staff of Mr. Coleman’s appointment to the audit committee, the Nasdaq Staff determined that the Company had regained compliance with the Nasdaq Audit Committee Requirement.
15. Segment Information
Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the CODM, in deciding how to allocate resources and in assessing performance.
The Company has determined that its chief executive officer is its CODM who makes resource allocation decisions and assesses performance based upon financial information at the consolidated level. The Company manages its operations as a single segment for the purpose of assessing and making operating decisions. Since the Company operates in one operating segment, all required financial segment information can be found in the condensed consolidated financial statements.
16. Related Party Transactions
The Company recognized revenue from NBCUniversal Media, LLC (“NBCU”), previously a holder of 5% or more of our Class A common stock, of $1.9 million for the three months ended September 30, 2023, and $0.6 million and $2.6 million for the nine months ended September 30, 2024 and 2023, respectively. The Company recognized expenses under contractual obligations from NBCU of $nil for the three months ended September 30, 2023, and $nil and $nil for the nine months ended September 30, 2024 and 2023, respectively. The Company had outstanding receivable balances of $0.2 million from NBCU as of December 31, 2023. The Company had an outstanding payable balance of $0.2 million to NBCU as of December 31, 2023. During the second quarter of 2024, NBCU ceased to be a holder of 5% or more of our Class A common stock, and as such, activity for the nine months ended September 30, 2024 only includes activity through the second quarter of 2024.
29
Table of Contents
Verizon Ventures LLC (“Verizon”), collectively with its affiliates, is a holder of 5% or more of the Company’s Class A common stock. Verizon is the landlord for the Company’s corporate headquarters, and the Company transacts with Verizon in the normal course of business, such as with agency advertising deals and for certain utilities. The Company recognized revenue from Verizon of $1.2 million and $nil for the three months ended September 30, 2024 and 2023, respectively, and $1.8 million and $0.1 million for the nine months ended September 30, 2024 and 2023, respectively. The Company recognized expenses under contractual obligations from Verizon of $1.5 million and $1.5 million for the three months ended September 30, 2024 and 2023, respectively, and $4.4 million and $4.5 million nine months ended September 30, 2024 and 2023, respectively. The Company had an outstanding receivable balance from Verizon of $1.4 million as of September 30, 2024 (none as of December 31, 2023), and no outstanding payables to Verizon as of September 30, 2024 or December 31, 2023.
17. Supplemental Disclosures
Film Costs
Film costs, which were included in prepaid and other assets on the condensed consolidated balance sheets, were as follows:
September 30, 2024December 31, 2023
Individual Monetization:
Feature films$1,712 $1,707 
Total$1,712 $1,707 
The Company had no material amortization of film costs for the three and nine months ended September 30, 2024 or 2023.
Governmental Assistance
Production tax incentives reduced capitalized film costs by $0.7 million as of December 31, 2023 (no material change as of September 30, 2024). The Company had receivables related to our production tax credits of $2.2 million and $3.5 million as of September 30, 2024 and December 31, 2023, respectively, included in prepaid and other current assets in our condensed consolidated balance sheet.
Supplemental Cash Flow Disclosures
Nine Months Ended September 30,
20242023
Cash paid for income taxes, net$77 $1,126 
Cash paid for interest6,750 9,599 
Non-cash investing and financing activities:
Accounts payable and accrued expenses related to property and equipment217 245 
Accrued deferred offering costs83 597 
Exchange of accounts receivable for investment in equity securities— 750 
30
Table of Contents
18. Other Income (Expense), net
Other income (expense), net consisted of the following for the three and nine months ended September 30, 2024 and 2023:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Exchange gain (loss)
$1,654 $(1,224)$1,642 $(314)
Gain (loss) on investment
— 90 — (3,500)
Other expense(30)(182)(692)(769)
Other income602 9 1,638 221 
Gain on disposition of assets
— — 1,250 — 
Total$2,226 $(1,307)$3,838 $(4,362)
19. Held for Sale, Discontinued Operations, Disposals, and Licenses
Disposal of Complex Networks
Complex Sale
On February 21, 2024, a wholly-owned subsidiary of the Company entered into the Complex Sale Agreement with Commerce Media, providing for the sale of certain assets relating to the business of Complex Networks (i.e., the Disposition). Pursuant to the Complex Sale Agreement, Commerce Media purchased certain assets, and assumed certain liabilities, related to the business of Complex Networks, excluding the business operating under the First We Feast brand and as otherwise set forth in the Complex Sale Agreement, for an aggregate purchase price of $108.6 million, which was paid in cash on February 21, 2024.
In connection with the Disposition, the Company was required to repay (i) approximately $30.9 million to holders of the Notes and (ii) approximately $33.8 million outstanding under the Revolving Credit Facility, plus accrued and unpaid interest of $0.7 million (such amounts were repaid shortly after the Disposition). The Company terminated the Revolving Credit Facility, except for the $15.5 million in letters of credit then-outstanding. The Company incurred a $0.5 million early termination fee and a standby letter of credit fee of $0.5 million, both of which were paid upon closing of the Disposition on February 21, 2024. Additionally, as described in Note 8 herein, on February 28, 2024, the indenture governing the Notes was amended to, among other things, provide that 95% of the net proceeds of future asset sales must be used to repay the Notes.
Concurrent with the closing of the Disposition, the Company and Commerce Media entered into a space sharing agreement whereby Commerce Media paid the Company a one-time license fee of approximately $2.8 million for use of the certain office space in the Company’s corporate headquarters from February 21, 2024 until on June 30, 2025 (or such earlier date that the underlying sublease or master lease earlier expires or is terminated).
Held for Sale and Discontinued Operations
As of December 31, 2023, the Company determined the assets of Complex Networks, excluding the First We Feast brand, met the criteria for classification as held for sale. On February 21, 2024, the Company completed the Disposition for approximately $108.6 million in cash. The Company disposed of Complex Networks in order to refocus its business around scalable, high-margin, and tech-led revenue streams. As such, the Company concluded the ultimate disposal (i.e., the Disposition), represented a strategic shift that had a major effect on the Company’s operations and financial results. Therefore, the historical results of Complex Networks, excluding the First We Feast brand, are classified as discontinued operations for all periods presented herein.
Details of net income (loss) from discontinued operations, net of tax, were as follows:
31
Table of Contents
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Revenue$— $13,321 $2,115 $41,339 
Costs and Expenses
Cost of revenue, excluding depreciation and amortization— 7,934 3,500 29,581 
Sales and marketing— 2,047 1,046 9,436 
General and administrative— 333 225 1,516 
Research and development— 373 344 1,673 
Depreciation and amortization— 2,702 — 8,107 
Total costs and expenses— 13,389 5,115 50,313 
Loss from discontinued operations— (68)(3,000)(8,974)
Loss on partial debt extinguishment— — (4,919)— 
Gain on remeasurement of classification to held for sale— — 854 — 
Other (expense) income, net— — (292)— 
Interest expense, net— (1,815)(1,230)(5,135)
Loss from discontinued operations before income taxes — (1,883)(8,587)(14,109)
Income tax (benefit) provision(166)— 1,337 — 
Net income (loss) from discontinued operations, net of tax$166 $(1,883)$(9,924)$(14,109)
The results for the three and nine months ended September 30, 2024 includes activity only from January 1, 2024 through the date of Disposition (i.e., February 21, 2024), except for the income tax adjustments described below. Allocated general corporate overhead costs do not meet the criteria to be presented within net income (loss) from discontinued operations, net of tax, and were excluded from all figures presented in the table above.
For the three months ended September 30, 2024, there was tax benefit related to discontinued operations as a result of refinement to state taxes based on the finalization of its U.S. tax return filings which generated additional state net operating loss carryforwards. For the nine months ended September 30, 2024, there was tax expense related to discontinued operations as a result of non-deductible permanent differences and state taxes related to the Disposition, offset with release in valuation allowance and excess tax benefits related to foreign derived intangible income (i.e., FDII).
For the three and nine months ended September 30, 2023, there was no income tax provision / (benefit) in discontinued operations, as a result of the valuation allowance against net deferred tax assets that were not realizable on a more-likely-than-not basis.
As part of the Disposition, the Company was required to repay approximately $33.8 million outstanding under the Revolving Credit Facility and $30.9 million of the $150.0 million then-outstanding under the Notes (i.e., approximately 20.6% of the aggregate principal then-outstanding was repaid). The Company derecognized approximately 20.6% of the unamortized debt discount costs, which resulted in an approximately $4.9 million loss on partial debt extinguishment that was attributed to the discontinued operation. All historical interest expense associated with the Revolving Credit Facility and 20.6% of the historical interest expense associated with the Notes were allocated to the discontinued operation.
Details of the assets of discontinued operations were as follows:
32
Table of Contents
December 31, 2023
Intangible assets, net$79,481 
Goodwill34,070 
Valuation allowance(9,462)
Noncurrent assets of discontinued operations, net of valuation allowance$104,089 
The Company recorded a valuation allowance against the assets held for sale to reflect the write-down of the carrying value to fair value less estimated costs to sell. The non-cash valuation allowance of $9.5 million was recorded within loss from classification to held for sale in the summarized financial information of discontinued operations for the year ended December 31, 2023. The Company completed the Disposition during the nine months ended September 30, 2024 and recorded a final gain on remeasurement of classification to held for sale of $0.9 million after recording final transaction and related expenses (for a total loss on disposal of approximately $8.6 million).
There were no current assets, current liabilities, or noncurrent liabilities of discontinued operations for the year ended December 31, 2023, as the disposal group consisted of intangible assets, net, and goodwill.
The Company had continuing involvement with Commerce Media through a transition services agreement, pursuant to which the Company and Commerce Media provided certain services to each other for a period of time following the Disposition (specifically, from February 21, 2024 until August 31, 2024). For the three and nine months ended September 30, 2024, the Company collected a total of $1.5 million related to the transition services agreement.
Additionally, the Company and Commerce Media entered into a space sharing agreement whereby Commerce Media paid the Company a one-time fee of approximately $2.8 million for the use of certain office space in the Company’s corporate headquarters from February 21, 2024 until June 30, 2025 (or such earlier date that the underlying sublease or master lease either expires or is terminated).
License of BuzzFeed, Tasty, and HuffPost’s U.K. Operations
On March 28, 2024, BuzzFeed Media Enterprises, Inc., BuzzFeed UK Ltd., and TheHuffingtonPost.com, Inc., all of which are wholly-owned subsidiaries of the Company, entered into a license agreement and an ancillary asset purchase and employee transfer agreement and IT services agreement with Independent Digital News and Media Limited (“IDNM”). Under the license agreement, the above-referenced entities have granted IDNM a license to use the intellectual property, websites, social media accounts, and content of the BuzzFeed, Tasty and HuffPost brands in the U.K. The initial term is five years, unless earlier terminated pursuant to the terms of the license agreement. All employees who support the BuzzFeed, Tasty and HuffPost brands were transferred to IDNM as of April 1, 2024. Pursuant to the license agreement, IDNM will pay an annual license fee of between £0.3 million and £0.5 million (or approximately between $0.3 million and $0.6 million as of September 30, 2024), plus a net revenue share of 25% if certain criteria are met, as set forth in the license agreement.
Sale of BringMe Brand
On June 13, 2024, the Company sold 100% of the assets related to the digital media brand known as BringMe for approximately $1.3 million in cash consideration, which is payable in installments through 2028 ($0.4 million of which was paid as of September 30, 2024). As disclosed in Note 8 herein, the Company is required to repay 95% of the net proceeds for any asset sales to the holders of the Notes. As such, approximately $0.3 million was repaid on June 21, 2024, and the remainder will be repaid in-line with the aforementioned installment schedule). BringMe did not have a material impact on the Company’s net loss for any period presented herein.
20. Subsequent Events
Refer to Note 8 herein for a discussion on an amendment to the indenture governing the Notes, which occurred on October 28, 2024. Additionally, refer to Notes 1 and 8 herein for a discussion of the Company’s expectation that holders of the Notes will each deliver a Put Notice on November 22, 2024 (or soon thereafter), which would require the repayment of the Notes, plus accrued interest thereon.

33
Table of Contents
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the condensed consolidated financial statements of BuzzFeed and related notes thereto included elsewhere in this Quarterly Report on Form 10-Q. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” included elsewhere in this Quarterly Report on Form 10-Q and in our other filings with the Securities and Exchange Commission. Additionally, our historical results are not necessarily indicative of the results that may be expected for any period in the future.
Company Overview
BuzzFeed is a premier digital media company for the most diverse, most online, and most socially connected generations the world has ever seen. Across entertainment, news, food, pop culture and commerce, our brands drive conversation and inspire what audiences watch, read, and buy now — and into the future. Our iconic, globally-loved brands include BuzzFeed, HuffPost, Tasty, and First We Feast (including Hot Ones). Today, our flagship BuzzFeed brand continues to be the biggest player in digital media, with vastly more time spent than widely known digital and legacy brands like Vox, Bustle, and People.
BuzzFeed’s mission is to spread truth, joy, and creativity on the Internet. We are committed to making the Internet better: providing trusted, high-quality, brand-safe entertainment and news; making content on the Internet more inclusive, empathetic and creative; and inspiring our audience to live better lives.
BuzzFeed curates the Internet, and acts as an “inspiration engine,” driving both online and real-world action and transactions. Our strong audience signal and powerful content flywheel have enabled us to build category-leading brands, a deep, two-way connection with our audiences, and an engine for high-quality content at massive scale and low cost. As a result, each of our brands has a large, loyal, highly-engaged audience that is very attractive to advertisers, and through our rich first party data offering and contextual marketing solutions, we are able to help both advertisers and creators effectively and efficiently reach their target audiences. In 2023, our audiences consumed more than 300 million hours of content and drove over $500 million in attributable transactions.
Our strength has always been to adapt our business model to the evolution of the digital landscape. Founded by Jonah Peretti in 2006, BuzzFeed started as a lab in New York City’s Chinatown, experimenting with how the Internet could change how content is consumed, distributed, interacted with, and shared. This pioneering work was followed by a period of significant growth, during which BuzzFeed became a household name. Over the last few years, we have focused on revenue diversification and profitability (on an Adjusted EBITDA-basis, a non-GAAP financial measure, as discussed below). Our data-driven approach to content creation and our cross-platform distribution network have enabled us to monetize our content by delivering a comprehensive suite of digital advertising products and services and introducing new, complementary revenue streams.
As of December 31, 2023, we determined that the assets of Complex Networks, excluding the First We Feast brand, met the criteria for classification as held for sale. Additionally, we concluded the ultimate disposal, which took place on February 21, 2024 (the “Disposition”), represented a strategic shift that had 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 condensed consolidated financial statements. Refer to Note 19 to the condensed consolidated financial statements included elsewhere within this Quarterly Report on Form 10-Q for additional details.
The Business Combination
On December 3, 2021, we consummated a business combination (the “Business Combination”) with 890 5th Avenue Partners, Inc. (“890”), certain wholly-owned subsidiaries of 890, and BuzzFeed, Inc., a Delaware corporation (“Legacy BuzzFeed”). In connection with the Business Combination, we acquired 100% of the membership interests of CM Partners, LLC. CM Partners, LLC, together with Complex Media, Inc., is referred to herein as “Complex Networks.” Following the closing of the Business Combination, 890 was renamed “BuzzFeed, Inc.”
34
Table of Contents
Additionally, pursuant to subscription agreements entered into in connection with the entry into the merger agreement pursuant to which the Business Combination was consummated, we issued, and certain investors purchased, $150.0 million aggregate principal amount of unsecured convertible notes due 2026 (the “Notes”) concurrently with the closing of the Business Combination. On March 7, 2024, we repaid approximately $30.9 million to holders of the Notes. Additionally, we repaid approximately $0.3 million to the holders of the Notes on June 21, 2024, leaving approximately $118.8 million aggregate principal amount of Notes outstanding as of September 30, 2024. Refer to Notes 8 and 19 to the condensed consolidated financial statements included elsewhere within this Quarterly Report on Form 10-Q for additional details.
Restructuring
In February 2024, we announced plans to reduce expenses by implementing an approximately 16% reduction in the then-current workforce (after the Disposition). In doing so, we reduced the size of our centralized operations to enable our individual brands to operate with more autonomy and deliver against their differentiated value propositions for advertisers. The reduction in workforce plan was intended to position us to be more agile, sustainable, and profitable. We incurred approximately $2.9 million of restructuring costs for the nine months ended September 30, 2024, comprised mainly of severance and related benefits costs, of which $1.2 million were included in cost of revenue, excluding depreciation and amortization, $1.5 million were included in sales and marketing, and $0.2 million were included in general and administrative.
Additionally, in accordance with the Asset Purchase Agreement (the “Complex Sale Agreement”), dated as of February 21, 2024 between a wholly-owned subsidiary of the Company and Commerce Media Holdings, LLC., pursuant to which the Disposition was consummated, Commerce Media reimbursed us for approximately $1.8 million in payments related to “Non-Transferring Employees” (as defined in the Complex Sale Agreement), including severance. The amount of these severance and related charges are not included within the restructuring charges noted above. We treated the reimbursement as an expense reimbursement.
In April 2023, we announced plans to reduce expenses by implementing an approximately 15% reduction in the then-current workforce. The reduction in workforce plan was part of a broader strategic reprioritization across the Company in order to improve upon profitability and cash flow. We incurred approximately $6.8 million of restructuring costs for the nine months ended September 30, 2023, comprised mainly of severance and related benefit costs, of which $4.3 million were included in cost of revenue, excluding depreciation and amortization, $1.3 million were included in sales and marketing, $0.4 million were included in general and administrative, and $0.8 million were included in research and development.
Effects of Current Economic Conditions
Macroeconomic conditions have a direct impact on overall advertising and marketing expenditures in the United States (the “U.S.”). As advertising and marketing budgets are often discretionary in nature, they can be easier to reduce in the short-term as compared to other corporate expenses. Additionally, economic downturns and recessionary fears may also negatively impact our ability to capture advertising dollars. Consequently, we believe advertising and content budgets have been, and may continue to be, affected by macroeconomic factors, such as ongoing macroeconomic uncertainty and elevated interest rates, which has contributed to reduced spending from advertising and content customers. These macroeconomic factors have adversely impacted our advertising and content revenue in 2023 and to date in 2024, and we expect these factors will continue to adversely affect our revenue in 2024. In addition, uncertainty surrounding macroeconomic factors in the U.S. and globally characterized by inflationary pressure, elevated interest rates, geopolitical issues or other factors may result in a recession, which could have a material adverse effect on our business. Refer to Part I, Item 1A “Risk Factors” within our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 for additional details.
35
Table of Contents
Executive Overview
The following table sets forth our operational highlights for the periods presented (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
GAAP
Total revenue$64,320 $59,978 $156,007 $177,014 
Income (loss) from continuing operations
3,579 (6,732)(21,448)(47,631)
Net income (loss) from continuing operations
1,968 (12,049)(31,084)(63,920)
Non-GAAP   
Adjusted EBITDA(1)
$10,540 $341 $1,935 $(19,950)
Non-Financial    
Time Spent(2)
80,325 78,454 218,630 233,820 
—% on owned and operated properties91 %89 %90 %87 %
—% on third-party platforms9 %11 %10 %13 %
_________________________________
(1)See “Reconciliation from Net income (loss) from continuing operations to Adjusted EBITDA” for a reconciliation of Adjusted EBITDA to the most directly comparable financial measure in accordance with accounting principles generally accepted in the U.S (“GAAP”).
(2)We define Time Spent as the estimated total number of hours spent by users on our owned and operated U.S. properties, our content on Apple News in the U.S., and our content on YouTube in the U.S., in each case, as reported by Comscore. Time Spent does not reflect time spent with our content across all platforms, including some on which we generated a portion of our advertising revenue, and excludes time spent with our content on platforms for which we have minimal advertising capabilities that contribute to our advertising revenue, 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. We use Time Spent to evaluate the level of engagement of our audience. Trends in Time Spent affect our revenue and financial results by influencing the number of ads we are able to show. However, increases or decreases in Time Spent may not directly correspond to increases or decreases in our revenue. For example, the number of programmatic impressions served by third-party platforms can vary based on the advertising revenue optimization strategies of these platforms and, as a result, an increase or decrease in Time Spent does not necessarily correlate with a corresponding increase or decrease in the number of programmatic impressions served, but Time Spent can be a key indicator for our programmatic advertising revenue when the third-party platforms optimize revenue over programmatic impressions. Our definition of Time Spent is not based on any standardized industry methodology and is not necessarily defined in the same manner, or comparable to, similarly titled measures presented by other companies. For the three months ended September 30, 2024, Time Spent increased by 2%. For the nine months ended September 30, 2024, Time Spent decreased by 6%, consistent with broader industry trends, amongst our competitive set, according to Comscore. Time Spent presented above excludes time spent on Complex Networks, as Complex Networks is presented as a discontinued operation herein (refer to Note 19 to the condensed consolidated financial statements included elsewhere within this Quarterly Report on Form 10-Q for additional details). Time Spent on Complex Networks, as reported by Comscore, was approximately 10.0 million hours through the date of Disposition, February 21, 2024, and 13.4 million and 63.4 million hours for the three and nine months ended September 30, 2023, respectively. Time Spent on Complex Networks, as reported by Comscore, historically included Time Spent on First We Feast, as First We Feast was historically under the Complex Networks’ measurement portfolio of Comscore. At this time, Time Spent on First We Feast cannot be reasonably bifurcated from Time Spent on Complex Networks. As such, in order to have a more comparable measure of Time Spent, we have excluded Time Spent on First We Feast from our measure of Time Spent presented above, and we will exclude Time Spent on First We Feast in the future.
Content Performance Metrics
36
Table of Contents
We use certain metrics to assess the operational and financial performance of our business. Specifically, we monitor the performance of our branded content advertisers through retention and average trailing 12-month revenue per branded content advertiser. Net branded content advertiser revenue retention is an indicator of our ability to retain the spend of our existing customers year-over-year, which we view as a reflection of the effectiveness of our services. In addition, we monitor the number of branded content advertisers and the net average branded content advertiser revenue, as defined below, as these metrics provide further details with respect to the majority of our reported content revenue and influence our business planning decisions. Our use of net branded content advertiser revenue retention, branded content advertisers, and net average branded content advertiser revenue have limitations as analytical tools, and investors should not consider them in isolation. Additionally, the aforementioned metrics do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. Pro forma amounts for acquisitions and dispositions are calculated as if the acquisitions and / or dispositions occurred on the first day of the applicable period.
The following table sets forth certain operating metrics for our branded content revenue for the three months ended September 30, 2024 and 2023 (on a trailing 12-month basis):
September 30,
20242023
Net branded content advertiser revenue retention(1)
61 %62 %
Branded content advertisers(2)
>45
>60
Net average branded content advertiser revenue(3)
$0.9 $0.9 
_________________________________
(1)Net branded content advertiser revenue retention is calculated by dividing the branded content revenue for the trailing 12 months from the close of the applicable reporting period, from advertisers who were also advertisers at the close of the same period in the prior year (the “base period”), by the branded content revenue for the trailing 12 months from the close of the base period. This analysis only considers branded content advertisers who spent greater than $250,000 (actual dollars) in the trailing 12 months from the close of the base period, and is pro forma for acquisitions and dispositions. This metric also excludes revenues derived from joint ventures and from deals not included in the branded content definition below. In both periods presented, this represents the significant majority of branded content advertiser revenue.
(2)Represents the actual number of branded content advertisers, excluding branded content advertisers that spent less than $250,000 (actual dollars) during the trailing 12 months at the close of the current reporting period, and is pro forma for acquisitions and dispositions. This does not mean an included advertiser spent $250,000 (actual dollars) in any given quarter.
(3)Represents the net branded content revenue (dollars in millions) generated by branded content customers (as defined in footnote (2) above) during the trailing 12 months at the close of the current reporting period divided by the number of branded content advertisers during that period, and is pro forma for acquisitions and dispositions. This does not mean an included advertiser spent $250,000 (actual dollars) in any given quarter.
37
Table of Contents
Components of Results of Operations
Revenue: The majority of our revenue is generated through the following types of arrangements:
•Advertising: Consists of display, programmatic, and video advertising on our owned and operated sites and applications and social media platforms. The majority of our advertising revenue is monetized on a per-impression basis; however, we also generate revenue from advertising products that are not monetized on a per-impression basis (for example, page takeovers that are monetized on a per-day basis). Advertising revenue is recognized in the period that the related impression or non-impression based metric is delivered. Programmatic impressions on third-party platforms, such as YouTube, are controlled by the individual platforms, and the respective advertising revenue optimization strategies of these platforms have an impact on the number of programmatic impressions that these platforms serve. These optimization strategies change from time to time and have varying impacts on the numbers of programmatic impressions served. Additionally, there is a component of our advertising revenue derived from sources where we are unable to obtain impression data. We generate an immaterial portion of our advertising revenue on platforms excluded from our measurement of Time Spent.
•Content: Includes revenue generated from creating content, including promotional content, and customer advertising (herein referred to as “branded content”). Additionally, includes revenue from feature films and content licensing. Content revenue is recognized when the content, or the related action (click or view), is delivered.
•Commerce and other: Includes affiliate marketplace revenue and licensing of intellectual property. We participate in multiple marketplace arrangements with third parties whereby we provide affiliate links which redirect the audience to purchase products and / or services from the third parties. When the participant purchases a product and / or service, we receive a commission fee for that sale from the third party. Affiliate marketplace revenue is recognized when a successful sale is made and the commission is earned.
Cost of revenue, excluding depreciation and amortization: Consists primarily of compensation-related expenses and costs incurred for the creation of editorial, promotional, and news content across all platforms, as well as amounts due to third-party websites and platforms to fulfill customers’ advertising campaigns. Web hosting and advertising serving platform costs are also included in cost of revenue, excluding depreciation and amortization.
Sales and marketing: Consists primarily of compensation-related expenses for sales employees. In addition, sales and marketing expenses include advertising costs and market research.
General and administrative: Consists of compensation-related expenses for corporate employees. Also, it consists of expenses for facilities, professional services fees, insurance costs, and other general overhead costs.
Research and development: Consists primarily of compensation-related expenses incurred for the development of, enhancements to, and maintenance of our website, technology platforms, data collection and infrastructure. Research and development expenses that do not meet the criteria for capitalization are expensed as incurred.
Depreciation and amortization: Represents depreciation of property and equipment and amortization of intangible assets and capitalized software costs.
Other income (expense), net: Consists of foreign exchange gains and losses, gains and losses on investments, gains and losses on dispositions of subsidiaries, gains and losses on disposition of assets, income from transition service agreements, and other miscellaneous income and expenses.
Interest expense, net: Consists of interest expense incurred on our borrowings, net of interest income on interest bearing checking accounts.
Change in fair value of warrant liabilities: Reflects the changes in warrant liabilities, which is primarily based on the market price of our Public Warrants listed on The Nasdaq Capital Market under the symbol “BZFDW.” Refer to Note 4 to the condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional details.
38
Table of Contents
Change in fair value of derivative liability: In December 2021, we issued a $150.0 million aggregate principal amount of unsecured convertible notes due 2026 (i.e., the Notes) that contain redemption features which we determined were embedded derivatives to be recognized as liabilities and measured at fair value. At the end of each reporting period, changes in the estimated fair value during the period are recorded as a change in the fair value of derivative liability. During the year ended December 31, 2023, we determined the fair value of the derivative liability was immaterial; refer to Note 4 to the condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional details. On March 7, 2024 and June 21, 2024, we repaid approximately $30.9 million and $0.3 million, respectively, to holders of the Notes, leaving approximately $118.8 million aggregate principal amount of Notes outstanding as of September 30, 2024.
Income tax (benefit) provision: Represents federal, state, and local taxes based on income in multiple domestic and international jurisdictions.
Results of Operations:
Comparison of results for the three and nine months ended September 30, 2024 and 2023
The following tables set forth our condensed consolidated statement of operations data for each of the periods presented (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Revenue$64,320 $59,978 $156,007 $177,014 
Costs and Expenses
Cost of revenue, excluding depreciation and amortization33,697 31,902 89,761 108,106 
Sales and marketing4,754 8,253 18,408 30,300 
General and administrative14,698 18,747 44,999 60,922 
Research and development2,581 2,442 8,532 8,921 
Depreciation and amortization5,011 5,366 15,755 16,396 
Total costs and expenses60,741 66,710 177,455 224,645 
Income (loss) from continuing operations3,579 (6,732)(21,448)(47,631)
Other income (expense), net2,226 (1,307)3,838 (4,362)
Interest expense, net(4,034)(4,089)(12,496)(11,818)
Change in fair value of warrant liabilities87 104 (582)(94)
Change in fair value of derivative liability— 30 — 150 
Income (loss) from continuing operations before income taxes 1,858 (11,994)(30,688)(63,755)
Income tax (benefit) provision(110)55 396 165 
Net income (loss) from continuing operations1,968 (12,049)(31,084)(63,920)
Net income (loss) from discontinued operations, net of tax166 (1,883)(9,924)(14,109)
Net income (loss)2,134 (13,932)(41,008)(78,029)
Less: net income (loss) attributable to noncontrolling interests45 (210)119 (470)
Net income (loss) attributable to BuzzFeed, Inc.$2,089 $(13,722)$(41,127)$(77,559)
39
Table of Contents
Costs and expenses included in stock-based compensation expense are included in the condensed consolidated statements of operations as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Cost of revenue, excluding depreciation and amortization$430 $220 $1,006 $744 
Sales and marketing203 236 404 681 
General and administrative971 1,184 2,518 3,320 
Research and development(1)
135 67 310 (221)
Total$1,739 $1,707 $4,238 $4,524 
_________________________________
(1)The negative stock-based compensation expense for the nine months ended September 30, 2023 for research and development was due to forfeitures.
The following table sets forth our condensed consolidated statement of operations data for each of the periods presented as a percentage of revenue(1):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Revenue100 %100 %100 %100 %
Costs and Expenses
Cost of revenue, excluding depreciation and amortization52 %53 %58 %61 %
Sales and marketing7 %14 %12 %17 %
General and administrative23 %31 %29 %34 %
Research and development4 %4 %5 %5 %
Depreciation and amortization8 %9 %10 %9 %
Total costs and expenses94 %111 %114 %126 %
Income (loss) from continuing operations6 %(11)%(14)%(26)%
Other income (expense), net3 %(2)%2 %(2)%
Interest expense, net(6)%(7)%(8)%(7)%
Change in fair value of warrant liabilities— %— %— %— %
Change in fair value of derivative liability— %— %— %— %
Income (loss) from continuing operations before income taxes3 %(20)%(20)%(35)%
Income tax (benefit) provision — %— %— %— %
Net income (loss) from continuing operations3 %(20)%(20)%(35)%
Net income (loss) from discontinued operations, net of tax— %(3)%(6)%(8)%
Net income (loss)3 %(23)%(26)%(43)%
Net income (loss) attributable to noncontrolling interests— %— %— %— %
Net income (loss) attributable to BuzzFeed, Inc.3 %(23)%(26)%(43)%
_________________________________
(1)Percentages have been rounded for presentation purposes and may differ from unrounded results.
40
Table of Contents
Revenue
Total revenue was as follows (in thousands):
Three Months Ended September 30,% Change Nine Months Ended September 30,% Change
2024202320242023
Advertising$26,066 $26,915 (3)%$71,303 $83,720 (15)%
Content17,357 18,616 (7)%41,833 56,606 (26)%
Commerce and other20,897 14,447 45 %42,871 36,688 17 %
Total revenue$64,320 $59,978 7 %$156,007 $177,014 (12)%
Advertising revenue decreased by $0.8 million, or 3%, for the three months ended September 30, 2024, due to a $2.2 million decline in direct sold advertising products, partially offset by a $1.4 million increase in programmatic advertising revenue reflecting improved pricing on our owned and operated properties. For the three months ended September 30, 2024 and 2023, direct sold advertising was $8.8 million and $11.0 million, respectively, and programmatic advertising revenue was $17.3 million and $15.9 million, respectively. The decline in direct sold advertising revenue reflects a shift in our strategy to focus more on programmatic advertising and broader macroeconomic headwinds.
Advertising revenue decreased by $12.4 million, or 15%, for the nine months ended September 30, 2024, due to a $12.2 million decline in direct sold advertising products and a $0.2 million decline in programmatic advertising revenue, primarily on distributed platforms. For the nine months ended September 30, 2024 and 2023, direct sold advertising was $23.2 million and $35.4 million, respectively, and programmatic advertising was $48.1 million and $48.3 million, respectively.
Content revenue decreased by $1.3 million, or 7%, for the three months ended September 30, 2024, primarily driven by a $0.8 million decrease in revenue associated with non-recurring custom content campaigns that were delivered during the three months ended September 30, 2023, with no comparable revenue during the current three-month period. We expect content revenue to continue to decline in 2024, as compared to the prior year, as we focus on programmatic advertising and affiliate revenue products.
Content revenue decreased by $14.8 million, or 26%, for the nine months ended September 30, 2024, primarily driven by a decrease in the number of branded content customers due to the continued softness in direct sold content demand and the broader macroeconomic environment, and a $4.5 million decrease in revenue associated with non-recurring custom content campaigns that were delivered during the nine months ended September 30, 2023, with no comparable revenue in the current nine-month period.
Commerce and other increased by $6.5 million, or 45%, for the three months ended September 30, 2024, driven by a $6.8 million increase in affiliate commission revenue principally reflecting a strong Amazon Prime Day in July 2024, partially offset by a $0.3 million decline in other products. For the three months ended September 30, 2024 and 2023, affiliate commerce revenue was $19.6 million and $12.8 million, respectively, and other revenue, such as product licensing, was $1.3 million and $1.6 million, respectively.
Commerce and other increased $6.2 million, or 17%, for the nine months ended September 30, 2024, driven by a $6.6 million increase in affiliate commerce revenue, partially offset by a $0.4 million decline in other products. For the nine months ended September 30, 2024 and 2023, affiliate commerce revenue was $38.8 million and $32.2 million, respectively, and other revenue was $4.1 million and $4.5 million, respectively.
Cost of revenue, excluding depreciation and amortization:
41
Table of Contents
Three Months Ended September 30,% Change Nine Months Ended September 30,% Change
2024202320242023
Cost of revenue, excluding depreciation and amortization
33,697 31,902 6 %89,761 108,106 (17)%
As a percentage of revenue52 %53 %58 %61 %
Cost of revenue, excluding depreciation and amortization, increased by $1.8 million, or 6%, for the three months ended September 30, 2024, driven by a $3.9 million increase in variable costs of revenue due to changes in the revenue mix, partially offset by a $1.6 million decrease in compensation expense reflecting our previous cost savings actions and a $0.6 million decrease in consulting expenses.
Cost of revenue, excluding depreciation and amortization, decreased by $18.3 million, or 17%, for the nine months ended September 30, 2024, driven by an $8.3 million decrease in compensation expense reflecting our previous cost savings actions, a $3.7 million decrease in variable costs of revenue due to changes in the revenue mix and the decline in revenue year-over-year, and a $3.1 million decrease in restructuring expenses.
Sales and marketing:
Three Months Ended September 30,% Change Nine Months Ended September 30,% Change
2024202320242023
Sales and marketing4,754 8,253 (42)%18,408 30,300 (39)%
As a percentage of revenue7 %14 %12 %17 %
Sales and marketing expenses decreased by $3.5 million, or 42%, for the three months ended September 30, 2024, driven by a $2.7 million decrease in compensation and related expenses reflecting our previous cost savings actions and a $0.3 million decrease in consulting expenses.
Sales and marketing expenses decreased by $11.9 million, or 39%, for the nine months ended September 30, 2024, driven by a $9.8 million decrease in compensation and related expenses reflecting our previous cost savings actions and a $0.9 million decrease in consulting expenses.
General and administrative:
Three Months Ended September 30,% Change Nine Months Ended September 30,% Change
2024202320242023
General and administrative14,698 18,747 (22)%44,999 60,922 (26)%
As a percentage of revenue23 %31 %29 %34 %
General and administrative expenses decreased by $4.0 million, or 22%, for the three months ended September 30, 2024, driven by a $1.6 million decrease in rent expense, a $0.7 million decrease in compensation expenses reflecting our previous cost savings actions, a $0.6 million decrease in insurance, a $0.5 million decrease in professional fees, , and a $0.5 million increase in sublease income.
General and administrative expenses decreased by $15.9 million, or 26%, for the nine months ended September 30, 2024, driven by a $4.9 million decrease in rent expense, a $1.9 million decrease in compensation expenses reflecting our previous cost savings actions, a $1.8 million decrease in professional fees, a $1.6 million decrease in insurance, a $1.3 million decrease in software expenses, a $1.2 million increase in sublease income, a $0.8 million decrease in stock-based compensation expense, a $0.7 million decrease in general facilities’ expenses, and a $0.6 million decrease in consulting expenses.
42
Table of Contents
Research and development:
Three Months Ended September 30,% Change Nine Months Ended September 30,% Change
2024202320242023
Research and development2,581 2,442 6 %8,532 8,921 (4)%
As a percentage of revenue4 %4 %5 %5 %
Research and development expenses increased by $0.1 million, or 6%, for the three months ended September 30, 2024.
Research and development expenses decreased by $0.4 million, or 4%, for the nine months ended September 30, 2024, driven by a $0.8 million decrease in restructuring expenses, partially offset by a $0.5 million increase in stock-based compensation expense.
Depreciation and amortization:
Three Months Ended September 30,% Change Nine Months Ended September 30,% Change
2024202320242023
Depreciation and amortization5,011 5,366 (7)%15,755 16,396 (4)%
As a percentage of revenue8 %9 %10 %9 %
For the three months ended September 30, 2024, depreciation and amortization expenses decreased by $0.4 million, or 7%.
For the nine months ended September 30, 2024, depreciation and amortization expenses decreased by $0.6 million, or 4%.
Other income (expense), net:
Three Months Ended September 30,% Change Nine Months Ended September 30,% Change
2024202320242023
Other income (expense), net
2,226 (1,307)(270)%3,838 (4,362)(188)%
As a percentage of revenue3 %(2)%2 %(2)%
We recorded other income, net of $2.2 million for the three months ended September 30, 2024, compared to other expense, net of $1.3 million for the three months ended September 30, 2023. The change of $3.5 million was primarily driven by a $2.9 million increase in exchange gain (primarily unrealized) and a $0.6 million increase in other income principally reflecting transition services’ income from the purchaser of Complex Networks.
We recorded other income, net of $3.8 million for the nine months ended September 30, 2024, compared to other expense, net of $4.4 million for the nine months ended September 30, 2023. The change of $8.2 million was primarily driven by the comparison against a $3.5 million loss on investment recorded during the nine months ended September 30, 2023 (with no comparable loss in the current-year period), a $2.0 million increase in exchange gain (primarily unrealized), a $1.4 million increase in other income principally reflecting transition services’ income from the purchaser of Complex Networks, and a $1.3 million increase in gain on disposition of an asset.
Interest expense, net:
Three Months Ended September 30,% Change Nine Months Ended September 30,% Change
2024202320242023
Interest expense, net(4,034)(4,089)(1)%(12,496)(11,818)6 %
As a percentage of revenue(6)%(7)%(8)%(7)%
43
Table of Contents
For the three months ended September 30, 2024, interest expense, net remained relatively flat year-over-year.
Interest expense, net increased by $0.7 million, or 6%, for the nine months ended September 30, 2024.
Change in fair value of warrant liabilities:
Three Months Ended September 30,% Change Nine Months Ended September 30,% Change
2024202320242023
Change in fair value of warrant liabilities87 104 (16)%(582)(94)519 %
As a percentage of revenue— %— %— %— %
For the three and nine months ended September 30, 2024, we recorded a gain of $0.1 million and a loss of $0.6 million, respectively, on the change in fair value of warrant liabilities.
Change in fair value of derivative liability:
Three Months Ended September 30,% Change Nine Months Ended September 30,% Change
2024202320242023
Change in fair value of derivative liability
— 30 (100)%— 150 (100)%
As a percentage of revenue— %— %— %— %
We recorded gains of $nil and $0.2 million on the change in fair value of derivative liability for the three and nine months ended September 30, 2023, respectively, with no comparable gains in the current three and nine month period.
Income tax (benefit) provision:
Three Months Ended September 30,% Change Nine Months Ended September 30,% Change
2024202320242023
Income tax (benefit) provision
(110)55 (300)%396 165 140 %
As a percentage of revenue— %— %— %— %

For the and nine three months ended September 30, 2024, the Company’s effective tax rate on continuing operations differed from the U.S. federal statutory income tax rate of 21% primarily due to limited tax benefits provided for against its current year pre-tax operating loss, as the Company maintains a full valuation allowance against its U.S. deferred tax assets that are not realizable on a more-likely-than-not basis, and the discrete impact of finalization of Canadian tax return filings.

For the three and nine months ended September 30, 2023, the Company’s effective tax rate on continuing operations differed from the U.S. federal statutory income tax rate of 21% primarily due to limited tax benefits provided for against its current year pre-tax operating loss as the Company maintains a full valuation allowance against its U.S. deferred tax assets that are not realizable on a more-likely-than-not basis.

Net income (loss) from discontinued operations, net of tax:

For the three months ended September 30, 2024, we recorded net income from discontinued operations, net of tax, of $0.2 million, compared to net loss from discontinued operations, net of tax, of $1.9 million, for the three months ended September 30, 2023. The change of $2.0 million, or 109%, was principally due to timing. Specifically, except for the income tax adjustments described in Note 19 to the condensed consolidated financial statements included elsewhere within this Quarterly Report on Form 10-Q and for the income tax adjustments that may be expected for the remainder of 2024, net income (loss) from discontinued operations, net of tax, was final as of February 21, 2024, the date of Disposition.

44
Table of Contents
For the nine months ended September 30, 2024, net loss from discontinued operations, net of tax, decreased by $4.2 million, or 30%, reflecting a $6.0 million improvement in loss from discontinued operations, a $3.9 million improvement in interest expense, net, and a $0.9 million final gain on remeasurement of classification as held for sale. These were partially offset by a $4.9 million loss on partial debt extinguishment and a $1.3 million increase in income tax provision. Apart from the income tax adjustments described in Note 19 to the condensed consolidated financial statements included elsewhere within this Quarterly Report on Form 10-Q, the results for the nine months ended September 30, 2024 includes activity only from January 1, 2024 through the date of Disposition (i.e., February 21, 2024).
Non-GAAP Financial Measure
Adjusted EBITDA
Adjusted EBITDA is a non-GAAP financial measure and represents a key metric 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 income (loss) attributable to noncontrolling interests, income tax (benefit) provision, 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, transaction-related costs, and other non-cash and non-recurring items that management believes are not indicative of ongoing operations.
We believe Adjusted EBITDA is relevant and useful information for investors because it allows investors to view performance in a manner similar to the method used by our management. However, there are limitations to the use of Adjusted EBITDA and our definition of Adjusted EBITDA 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 should not be considered a substitute for income (loss) from continuing operations, net income (loss), or net income (loss) attributable to BuzzFeed, Inc. that we have reported in accordance with GAAP.
Reconciliation from Net income (loss) from continuing operations to Adjusted EBITDA
The following table reconciles consolidated net income (loss) from continuing operations to Adjusted EBITDA for the periods presented:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Net income (loss) from continuing operations$1,968 $(12,049)$(31,084)$(63,920)
Income tax (benefit) provision (110)55 396 165 
Interest expense, net4,034 4,089 12,496 11,818 
Other (income) expense, net(2,226)1,307 (3,838)4,362 
Depreciation and amortization5,011 5,366 15,755 16,396 
Stock-based compensation1,739 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)
_________________________________
(1)Refer to elsewhere above in Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” herein for a discussion of the distinct restructuring activities during the nine months ended September 30, 2024 and 2023. 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 comparisons to our past operating performance.

45
Table of Contents
(2)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 information technology systems.
Liquidity and Capital Resources
Our principal sources of liquidity are our cash and cash equivalents and cash generated from continuing operations. Our cash and cash equivalents consist of demand deposits with financial institutions and investments in money market funds.
The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. As of the date the accompanying condensed consolidated financial statements were issued (the “issuance date”), the significance of the following adverse conditions were evaluated in accordance with U.S. GAAP. The presence of the following risks and uncertainties associated with our financial condition may adversely affect our ability to sustain our operations over the next 12 months beyond the issuance date.
Since our inception, we have generally incurred significant losses and used net cash flows from operations to grow our owned and operated properties and our iconic brands. During the nine months ended September 30, 2024, we incurred a net loss of $41.0 million (and a net loss of $31.1 million from continuing operations) and used net cash flows from its operations of $16.1 million (and net cash used in operating activities from continuing operations was $7.4 million). Additionally, as of September 30, 2024, we had unrestricted cash and cash equivalents of $53.7 million to fund its operations and an accumulated deficit of $652.9 million.
As described in Note 8 to the condensed consolidated financial statements included elsewhere within this Quarterly Report on Form 10-Q, we repaid approximately $30.9 million and $0.3 million of the Notes on March 7, 2024 and June 21, 2024, respectively, leaving approximately $118.8 million aggregate principal amount of Notes outstanding as of September 30, 2024. As described in Note 8 to the condensed consolidated financial statements included elsewhere within this Quarterly Report on Form 10-Q, each holder of a Note has the right under the indenture governing the Notes to require us to repurchase, for cash, all or a portion of the Notes held by such holder (i) at any time on or after December 3, 2024, at a repurchase price equal to the principal amount plus accrued and unpaid interest, or (ii) upon the occurrence of a fundamental change (as defined in the indenture) before the maturity date (i.e., December 3, 2026), at a repurchase price equal to 101% of the principal amount plus accrued and unpaid interest. Moreover, we will be required to repay the Notes, in cash, at their maturity, unless earlier converted, redeemed, or repurchased. In the event some or all of the holders of the Notes exercise their call rights, we currently do not have sufficient cash on hand or projected cash flows to fund the potential call. Our failure to comply with the provisions of the indenture governing the Notes, including our failure to repurchase the Notes, as required by the indenture, could trigger an event of default under the indenture, which would allow the holders of the Notes to accelerate the maturity of the Notes and require us to repay the Notes prior to their maturity. In addition, on February 28, 2024, we amended the indenture governing the Notes to provide that, among other things, 95% of the net proceeds of future asset sales must be used to repay the Notes. Refer to “-Convertible Notes,” below.
To address our capital needs, and as described under “-Convertible Notes,” below, we may explore options to restructure our outstanding debt, and we are working with advisors to optimize our condensed consolidated balance sheet. However, we can provide no assurance that we will generate sufficient cash inflows from operations, or that we will be successful in obtaining such new financing, or in optimizing our condensed consolidated balance sheet in a manner necessary to fund our obligations as they become due over the next 12 months beyond the issuance date. Additionally, we may implement incremental cost savings actions and pursue additional sources of outside capital to supplement our funding obligations as they become due, which may include additional offerings of our Class A common stock under the at-the-market offering (refer to Note 9 to the condensed consolidated financial statements included elsewhere within this Quarterly Report on Form 10-Q for additional details). As of the issuance date, no additional sources of outside capital have been secured or were deemed probable of being secured, other than our at-the-market-offering, which is subject to the conditions contained in the At-The-Market Offering Agreement dated June 20, 2023 with Craig-Hallum Capital Group LLC. We can provide no assurance we will successfully generate sufficient liquidity to fund our operations for the next 12 months beyond the issuance date, or if necessary, secure additional outside capital (including through our at-the-market-
46
Table of Contents
offering) implement incremental cost savings, or repay the Notes, if they become due as described in “”-Convertible Notes,” below.
Moreover, on an ongoing basis, we are evaluating strategic changes to our operations, including asset divestitures, restructuring, or the discontinuance of unprofitable lines of business. Any such transaction could be material to our business, financial condition and results of operations. The nature and timing of any such changes depend on a variety of factors, including, as of the applicable time, our available cash, liquidity and operating performance; our commitments and obligations; our capital requirements; limitations imposed under our credit arrangements; and overall market conditions. As of the issuance date, we continue to work with our external advisors to optimize our condensed consolidated balance sheet and evaluate our assets.
These uncertainties raise substantial doubt about our ability to continue as a going concern. The accompanying condensed consolidated financial statements have been prepared on the basis that we will continue to operate as a going concern, which contemplates that we will be able to realize assets and settle liabilities and commitments in the normal course of business for the foreseeable future. Accordingly, the accompanying condensed consolidated financial statements do not include any adjustments that may result from the outcome of these uncertainties.
Revolving Credit Facility
On December 30, 2020, we entered into a three-year, $50.0 million, revolving loan and standby letter of credit facility agreement, which was amended and restated on December 3, 2021 in connection with the closing of the Business Combination, further amended and restated on December 15, 2022, and amended on each of June 29, 2023 and September 26, 2023 (i.e., the Revolving Credit Facility). Among other things, the Revolving Credit Facility provided for the issuance of up to $15.5 million of standby letters of credit, which were issued during the three months ended March 31, 2021 in favor of certain of our landlords. We had outstanding letters of credit of $15.5 million under the Revolving Credit Facility at December 31, 2023 (none at September 30, 2024, as described below).
On February 21, 2024, in connection with the Disposition discussed within Note 19 to the condensed consolidated financial statements included elsewhere within this Quarterly Report on Form 10-Q, we terminated the Revolving Credit Facility, except for the $15.5 million in letters of credit then-outstanding. However, during the second quarter of 2024, we terminated the $15.5 million in letters of credit outstanding under the Revolving Credit Facility, resulting in the full termination of the Revolving Credit Facility.
Standby Letters of Credit
During the second quarter of 2024, we entered into an agreement with a financial institution for standby letters of credit in the amount of $15.5 million, which were issued during the second quarter of 2024 in favor of certain of our landlords and remain outstanding as of September 30, 2024.
Convertible Notes
In June 2021, in connection with the entry into the merger agreement pursuant to which the Business Combination was consummated, we entered into subscription agreements with certain investors to sell $150.0 million aggregate principal amount of unsecured convertible notes due 2026 (i.e., the Notes). In connection with the closing of the Business Combination, we issued, and those investors purchased, the Notes, which are governed by an indenture, dated December 3, 2021, which was amended on each of July 10, 2023, February 28, 2024, and October 28, 2024. The Notes are convertible into shares of our Class A common stock at a conversion price of approximately $50.00 and bear interest at a rate of 8.50% per annum, payable semi-annually. The Notes mature on December 3, 2026. As of September 30, 2024, the Notes were convertible into approximately 2,375,347 shares of our Class A common stock.
Each holder of a Note has the right under the indenture governing the Notes to require us to repurchase, for cash, all or a portion of the Notes held by such holder (i) at any time on or after December 3, 2024 (i.e., the third anniversary of the issuance of the Notes), at a repurchase price equal to the principal amount plus accrued and unpaid interest, or (ii) upon the occurrence of a fundamental change (as defined in the indenture) before the maturity date (i.e., December 3, 2026), at a repurchase price equal to 101% of the principal amount plus accrued and unpaid interest. Pursuant to the third amendment of the indenture on October 28, 2024, the period of advance notice to us required for an optional redemption was amended so that (i) if such notice (the “Put Notice”) is given on November 22, 2024, such holder shall have the right to require us to repurchase such holder’s Notes on December 3, 2024, and (ii) if such notice is after November 22, 2024, such holder shall have the right to require us to repurchase such holder's Notes on the fifth business day following such notice. We expect
47
Table of Contents
the holders of the Notes to each deliver a Put Notice on November 22, 2024 (or soon thereafter), upon which $118.8 million of outstanding principal amount and approximately $4.7 million of accrued interest thereon will become due and payable. Prior to such payment date,we will be required to renegotiate the terms of the indenture governing the Notes with the holders of the Notes and / or seek alternative financing to repay the Notes. There is no assurance that we will be successful in either case, which would trigger an Event of Default under the indenture governing the Notes and allow the holders of the Notes to accelerate the maturity of the Notes and require repayment. We currently do not have sufficient cash on hand or projected cash flows to fund the repayment of the Notes. Uncertainty concerning the repayment of the Notes could cause significant volatility in the trading of our Class A common stock.
In addition, a failure to comply with the other provisions of the indenture governing our Notes could also trigger an event of default under the indenture, which would also allow the holders of the Notes to accelerate the maturity of the Notes and require us to repay the Notes prior to their maturity. Moreover, we will be required to repay the Notes, in cash, at their maturity, unless earlier converted, redeemed, or repurchased. We may not have enough available cash or be able to obtain financing at the time we are required to make repurchases of such Notes surrendered or pay cash with respect to such Notes being converted.
We may, at our election, force conversion of the Notes after December 3, 2024 (i.e., after the third anniversary of the issuance of the Notes), subject to a holder’s prior right to convert and the satisfaction of certain other conditions, if the volume-weighted average trading price of our Class A common stock is greater than or equal to 130% of the conversion price for more than 20 trading days during a period of 30 consecutive trading days, which has yet to occur. In the event that a holder of the Notes elects to convert its Notes prior to December 3, 2024, we will be obligated to pay an amount in cash equal to 12 month’s interest declining ratably on a monthly basis to zero month’s interest, in each case, on the aggregate principal amount of the Notes so converted. Without limiting a holder’s right to convert the Notes at its option, interest will cease to accrue on the Notes during any period in which we would otherwise be entitled to force conversion of the Notes, but are not permitted to do so solely due to the failure of a trading volume condition specified in the indenture governing the Notes.
The indenture governing the Notes includes restrictive covenants that, among other things, limit our ability to incur additional debt or liens, make restricted payments or investments, dispose of significant assets, transfer specified intellectual property, or enter into transactions with affiliates. Additionally, pursuant to the second amendment of the indenture on February 28, 2024, done in connection with the Disposition, 95% of the net proceeds of future asset sales must be used to repay the Notes.
We repaid approximately $30.9 million and $0.3 million of the Notes on March 7, 2024 and June 21, 2024, respectively, leaving approximately $118.8 million aggregate principal amount of Notes outstanding as of September 30, 2024. Refer to Notes 8 and 19 to the condensed consolidated financial statements included elsewhere within this Quarterly Report on Form 10-Q for details.
Cash flows (used in) provided by operating, investing and financing activities from continuing operations were as follows for the periods presented:
Nine Months Ended September 30,
20242023
Cash (used in) provided by operating activities from continuing operations$(7,372)$2,052 
Cash used in investing activities from continuing operations(9,444)(11,506)
Cash (used in) provided by financing activities(65,200)856 
At-The-Market-Offering
On March 21, 2023, we filed a shelf registration statement on Form S-3 (the “Shelf Registration Statement”) under which we may, from time to time, sell securities in one or more offerings having an aggregate offering price of up to $150.0 million. The Shelf Registration Statement was declared effective as of April 5, 2023. On June 20, 2023, we entered into an At-The-Market Offering Agreement with Craig-Hallum Capital Group LLC pursuant to which we were able to sell up to 3,316,503 shares of our Class A common stock. In July 2024, we increased the size of the offering available under the At-The-Market-Offering Agreement to $150.0 million and filed a prospectus supplement with respect to such increase. As of September 30, 2024, we sold, in the aggregate, 996,897 shares of our Class A common stock, at an average price of
48
Table of Contents
$2.26 per share, for aggregate net proceeds of $2.3 million after deducting commissions and offering expenses. We used the aggregate net proceeds for general corporate purposes.
Operating Activities
For the nine months ended September 30, 2024, cash used in operating activities from continuing operations was $7.4 million compared to cash provided by operating activities from continuing operations of $2.1 million for the nine months ended September 30, 2023. The change was primarily driven by a $23.4 million improvement in net loss, adjusted for non-cash items, an $17.8 million increase in the change in accrued compensation, a $14.6 million increase in the change in accrued expenses, other current liabilities and other liabilities, a $5.3 million increase in the change in prepaid expenses and other current assets and prepaid expenses and other assets, and a $1.6 million increase in the change in lease liabilities. These were partially offset by a $45.1 million decrease in the change in accounts payable and a $27.0 million decrease in the change in accounts receivable.
Investing Activities
For the nine months ended September 30, 2024, cash used in investing activities from continuing operations was $9.4 million, which consisted of $9.3 million of capital expenditures on internal-use software and $0.5 million of other capital expenditures, partially offset by $0.4 million in proceeds from the sale of an asset. For the nine months ended September 30, 2024, net cash provided by investing activities from discontinued operations was $108.6 million, which represents the cash received for the sale of certain assets relating to the business of Complex Networks (i.e., the Disposition) and is non-recurring in nature.
For the nine months ended September 30, 2023, cash used in investing activities from continuing operations was $11.5 million, which consisted of $10.9 million of capital expenditures on internal-use software and $0.8 million of other capital expenditures, partially offset by a $0.2 million gain on the sale of an asset.
Financing Activities
For the nine months ended September 30, 2024, cash used in financing activities was $65.2 million, which consisted of a $33.8 million full repayment of the Revolving Credit Facility, $31.2 million in partial repayments on the Notes, and a $0.5 million early termination payment for the Revolving Credit Facility, partially offset by $0.7 million of net proceeds from the sale of common stock pursuant to our at-the-market offering after deducting commissions and fees.
For the nine months ended September 30, 2023, cash provided by financing activities was $0.9 million, which consisted of $2.1 million of borrowings on the Revolving Credit Facility and $0.9 million of net proceeds from the sale of common stock pursuant to our at-the-market offering after deducting commissions and fees, partially offset by a $1.8 million repayment on the Revolving Credit Facility and a $0.4 million payment for withholding taxes on the vesting of certain restricted stock units.
Contractual Obligations
Our principal commitments consist of obligations for repayment of borrowings under the Notes obligations for office space under non-cancelable operating leases with various expiration dates through 2029. Refer to Notes 8 and 13 to the condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional details.
Critical Accounting Policies and Estimates
We prepare our condensed consolidated financial statements and related notes in accordance with U.S. GAAP. In doing so, we have to make estimates and assumptions that affect our reported amounts of assets, liabilities, revenues, expenses, and related disclosures. We evaluate our estimates and assumptions on an ongoing basis. Our estimates are based on historical experience and other assumptions that we believe are reasonable under the circumstances. To the extent that there are material differences between these estimates and actual results, our financial condition or operating results would be affected.
We consider an accounting judgment, estimate, or assumption to be critical when (1) the estimate or judgment is complex in nature or requires a high degree of judgment and (2) the use of different judgments, estimates, or assumptions
49
Table of Contents
could have a material impact on our condensed consolidated financial statements. Refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 for a more complete discussion of our critical accounting policies and estimates.
Recently Adopted and Issued Accounting Pronouncements
Refer to Note 2 to the condensed consolidated financial statements included elsewhere within this Quarterly Report on Form 10-Q for additional details.
Emerging Growth Company Accounting Election
Section 102 of the Jumpstart Our Business Startups Act (the “JOBS Act”) provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended (the “Securities Act”), for complying with new or revised accounting standards. We are an emerging growth company and have elected to take advantage of the extended transition period. As a result, the condensed consolidated financial statements of BuzzFeed, Inc. may not be comparable to companies that comply with new or revised accounting standards as of public company effective dates.
In addition, we intend to rely on the other exemptions and reduced reporting requirements provided by the JOBS Act. Specifically, subject to the satisfaction of certain conditions set forth in the JOBS Act, we are not required to, and do not intend to, among other things: (i) provide an auditor’s attestation report on our system of internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002; (ii) provide all of the compensation disclosure that may be required of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act; (iii) comply with the requirement of the Public Company Accounting Oversight Board regarding the communication of critical audit matters in the auditor’s report on the financial statements; and (iv) disclose certain executive compensation-related items, such as the correlation between executive compensation, and performance and comparisons of the Chief Executive Officer’s compensation to median employee compensation.
We will remain an emerging growth company under the JOBS Act until the earliest of: (i) the last day of our first fiscal year following the fifth anniversary of 890’s initial public offering (i.e., December 31, 2026); (ii) the last date of our fiscal year in which we have total annual gross revenue of at least $1.235 billion; (iii) the date on we are deemed to be a “large accelerated filer” under the rules of the U.S. Securities and Exchange Commission with at least $700.0 million of outstanding securities held by non-affiliates; and (iv) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the previous three years.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We have operations both within the U.S. and internationally, and we are exposed to market risks in the ordinary course of our business. These risks include primarily foreign currency exchange, interest rate fluctuation and equity investment risks.
Foreign Currency Exchange Risk
We transact business in various foreign currencies and obtain international revenue, as well as incur costs denominated in foreign currencies — primarily the British pound, Japanese yen, and Canadian dollar. This exposes us to the risk of fluctuations in foreign currency exchange rates. Accordingly, changes in exchange rates could negatively affect our revenue and results of operations as expressed in U.S. dollars. Fluctuations in foreign currency rates adversely affects our revenue growth in terms of the amounts that we report in U.S. dollars after converting our foreign currency results into U.S. dollars. In addition, currency variations can adversely affect margins on sales of our products and services in countries outside of the U.S. Generally, our reported revenues and operating results are adversely affected when the U.S. dollar strengthens relative to other currencies. The Company does not enter into foreign currency forward exchange contracts or other derivative financial instruments to hedge the effects of adverse fluctuations in foreign currency exchange rates.
Interest Rate Fluctuation Risk
We are exposed to market risks, which primarily include changes in interest rates. We receive interest payments on our cash and cash equivalents, including on our money market accounts. Changes in interest rates may impact the
50
Table of Contents
interest income we recognize in the future. The effect of a hypothetical 10% change in interest rates applicable to our business would not have a material impact on our condensed consolidated financial statements for the three and nine months ended September 30, 2024 or 2023.
Equity Investment Risk
We hold an investment in equity securities of a privately-held company without a readily determinable fair value. We elected to account for this investment using the measurement alternative, which is cost, less any impairment, adjusted for changes in fair value resulting from observable transactions for identical or similar investments of the same issuer. We perform a qualitative assessment at each reporting date to determine whether there are triggering events for impairment. The qualitative assessment considers factors such as, but not limited to: the investee’s financial performance and business prospects; industry performance; economic environment; and other relevant events and factors affecting the investee. Valuations of our equity investment are complex due to the lack of readily available market data and observable transactions. The carrying value of our investment was $0.8 million as of both September 30, 2024 and December 31, 2023. Refer to Note 4 to the condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional details.
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Disclosure controls and procedures are designed to ensure that information required to be disclosed by us in our reports under the Securities Exchange Act of 1934, as amended ( the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the U.S. Securities and Exchange Commission, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
In connection with the audit of our consolidated financial statements as of, and for the year ended, December 31, 2023, 2022 and 2021, we identified material weaknesses in our internal control over financial reporting, which remain unremediated. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. The material weaknesses identified in our internal control over financial reporting related to: (i) a lack of formalized internal controls and segregation of duties surrounding our financial statement close process, and (ii) a lack of formalized information technology (“IT”) general controls in the area of change management and logical security controls over financial IT systems. The remediation of these deficiencies has required, and will continue to require, a significant amount of time and resources from management and other personnel.
(i) A Lack of Formalized Internal Controls and Segregation of Duties Surrounding our Financial Statement Close Process:
During 2023 and continuing into 2024, with the oversight of the audit committee of our board of directors, we began implementing remediation plans and enhanced controls within the financial statement close process, including documentation improvements for certain higher risk and material balance sheet reconciliation schedules and supporting financial calculations and analyses. However, certain business process controls were not designed, or did not operate at the appropriate level of precision, to prevent or detect a material misstatement, and conflicts with respect to segregation of duties were identified across our end-to-end financial statement close process. Our management will continue to implement remediation plans to define control procedures, enhance documentation, and enforce segregation of duties to ensure controls are adequately designed and operate sufficiently including, but not limited to: enhancing certain higher risk balance sheet reconciliation schedules, completeness and accuracy, and related review procedures; enhancing review procedures with respect to financial results and supporting financial calculations; designing processes and controls to adequately segregate job responsibilities; redesigning workflow approval routing and security permissions; and reducing reliance on manual controls.
(ii) A Lack of Formalized Information Technology General Controls in the Area of Change Management and Logical Security Controls Over Financial Information Technology Systems:
During 2023 and continuing into 2024, our management began implementing remediation plans to address certain control deficiencies around system development and change management and IT security, including formalizing the
51
Table of Contents
processes and controls around security administration and implementing user access reviews for certain key financial systems. However, we did not have sufficient resources with technical expertise to centralize certain IT functions and to provide adequate IT oversight over financial systems.
Our management intends to revisit its IT sustainment plan to further support and provide appropriate oversight over key financial systems, and intends to implement remediation plans, including, but not limited to: centralizing the change management and security administration function; implementing policies and procedures with respect to change management, system development, and application-level security; documenting test procedures and approvals relating to changes made to production; maintaining separate development, test, and production environments; formalizing controls around security administration; and implementing real-time monitoring.
The material weaknesses will not be considered remediated until the applicable controls operate for a sufficient period of time, and we have concluded, through testing, that the newly implemented and enhanced controls are operating effectively. Our management will continue to monitor the effectiveness of our remediation plans in 2024 and will make the changes we determine to be appropriate.
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of the end of the period covered by this report. In making this evaluation, management considered the material weakness in our internal control over financial reporting described above. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of September 30, 2024, the period covered in this report, our disclosure controls and procedures were not effective.
Notwithstanding the assessment that our disclosure controls and procedures are not effective, we believe that we have performed sufficient supplementary procedures to ensure that the condensed consolidated financial statements contained in this filing fairly present our financial position, results of operations and cash flows for the reporting periods covered herein in all material respects.
Changes in Internal Control over Financial Reporting
There were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the quarter ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Part II. Other Information
ITEM 1. LEGAL PROCEEDINGS
From time to time, we may become involved in legal proceedings and claims arising in the ordinary course of business, including, but not limited to, disputes in the areas of contracts, securities, privacy, data protection, content regulation, intellectual property, consumer protection, e-commerce, marketing, advertising, messaging, rights of publicity, libel and defamation, health and safety, employment and labor, product liability, accessibility, competition, and taxation. We record a liability when we believe that it is probable that a loss will be incurred by us and the amount of that loss can be reasonably estimated. Based on our current knowledge, we do not believe that there is a reasonable probability that the final adjudication of any such pending or threatened legal proceedings to which we are a party, will, either individually or in the aggregate, have a material adverse effect on our financial position, results of operations, or cash flows. Although the outcome of litigation and other legal matters is inherently subject to uncertainties, we feel comfortable with the adequacy of our insurance coverage.
Video Privacy Protection Act
On May 16, 2023, a lawsuit titled Hunthausen v. BuzzFeed, Inc. was filed against us in the United States District Court for the Southern District of California, asserting class action claims for alleged violation of the Video Privacy Protection Act (“VPPA”) based on the claimed transmission of personally identifying information via the Meta pixel, Google Analytics, and the TikTok pixel, all of which are purportedly connected to posts on the BuzzFeed.com website. The putative class plaintiff was seeking an injunction to stop further alleged wrongful conduct, to recover unspecified compensatory damages and an award of costs, and any further appropriate relief. The matter was settled on January 4, 2024 and is now disposed.
52
Table of Contents
On August 4, 2023, we received 8,927 individual demands for JAMS arbitration in California, all of which allege that we violated the VPPA by transmitting personally identifying information via the Meta pixel, purportedly connected to posts on the BuzzFeed website. Each claimant was seeking to recover damages in the amount of $2,500 (actual dollars) for each alleged violation of the VPPA. We provisionally settled these claims on January 29, 2024 as part of an agreed class action settlement in the matter titled Peters v. BuzzFeed, Inc., pending in the Circuit Court of the 17th Judicial Circuit in Broward County, Florida (the “Circuit Court”). On October 18, 2024, the Circuit Court entered its final judgment and the matter was dismissed with prejudice in accordance with the terms of the parties’ settlement agreement.
On August 15, 2023, we received (1) 5,247 individual demands for JAMS arbitration in California, all of which allege that we violated the VPPA by transmitting personally identifying information via the use of various pixels purportedly in connection with the HuffPost.com website; and (2) 12,176 individual demands for JAMS arbitration in California, all of which allege that we violated the VPPA by transmitting personal identifying information via the use of various pixels purportedly in connection with the BuzzFeed.com website. Each claimant was seeking to recover damages in the amount of $2,500 (actual dollars) for each alleged violation of the VPPA, as well as punitive damages, attorneys’ fees and costs, and equitable relief. The Company settled these claims on January 16, 2024 and the settlement has since been paid.
On October 31, 2023, we received 590 individual demands for JAMS arbitration in California, all of which allege that we violated the VPPA by transmitting personally identifying information via the use of various pixels purportedly in connection with the BuzzFeed.com website. Each claimant was seeking to recover damages in the amount of $2,500 (actual dollars) for each alleged violation of the VPPA. We provisionally settled these claims on January 29, 2024 as part of an agreed class action settlement in the matter titled Peters v. BuzzFeed, Inc., pending in the Circuit Court. On October 18, 2024, the Circuit Court entered its final judgment and the matter was dismissed with prejudice in accordance with the terms of the parties’ settlement agreement.
Mass Arbitrations
Two mass arbitrations (the “Arbitrations”) were initiated before the American Arbitration Association (the “AAA”) on March 15, 2022 against us and certain of our executive officers and directors (together, the “BuzzFeed Defendants”) and Continental Stock Transfer Corporation by 91 individuals previously employed by Legacy BuzzFeed (the “Claimants”). The Claimants alleged that they were harmed when they were allegedly unable to convert their shares of Class B common stock to Class A common stock and sell those shares on December 6, 2021, the first day of trading following the Business Combination, and asserted claims for negligence, misrepresentation, breach of fiduciary duty, and violation of Section 11 of the Securities Act. The Claimants sought to recover unspecified compensatory damages, an award of costs, and any further appropriate relief.
On April 21, 2022, the BuzzFeed Defendants filed a complaint in the Delaware Court of Chancery seeking to enjoin the Arbitrations on the grounds that, inter alia, the Claimants’ purported causes of action arise from their rights as our shareholders, are governed by our charter, including its forum selection provision, and are therefore not arbitrable (the “Delaware Action”). The complaint sought declaratory and injunctive relief. A hearing on the merits of the Delaware Action was held on July 26, 2022. On October 28, 2022, the Court of Chancery granted our motion to permanently enjoin the Claimants’ arbitration claims.
On January 17, 2023, the Claimants filed amended statements of claim in the Arbitrations against BuzzFeed Media Enterprises, Inc., our wholly-owned subsidiary, and Continental Stock Transfer & Trust Corporation, the transfer agent for 890 and, later, our transfer agent. The amended statements of claim likewise allege that the Claimants were harmed when they were allegedly unable to convert their shares of Class B common stock to Class A common stock and sell those shares on the first day of trading following the Business Combination. The Claimants allege claims for breach of contract and the covenant of good faith and fair dealing, misrepresentation, and negligence, and seek to recover unspecified compensatory damages, an award of costs, and any further appropriate relief.
On March 29, 2023, BuzzFeed Media Enterprises, Inc., filed a complaint in the Delaware Court of Chancery seeking to enjoin the Arbitrations on the grounds that, inter alia, the Claimants’ purported causes of action arise from their rights as our shareholders, are governed by our charter, including its forum selection provision, and are therefore not arbitrable. The complaint seeks declaratory and injunctive relief. The parties cross-moved for summary judgment.
On November 20, 2023, the Court of Chancery heard oral arguments on our motion for summary judgment and the Claimants’ cross-motion to dismiss our complaint. On May 15, 2024, the Delaware Chancery Court ruled that the AAA was to determine whether the matter was arbitrable for those claimants who had produced employment agreements containing arbitration clauses. On June 13, 2024, we wrote to the AAA requesting that it continue to stay the arbitrations
53
Table of Contents
because there remained six claimants who had not established that they had employment agreements containing arbitration clauses and, therefore, the Delaware Chancery Court retained jurisdiction to adjudicate those six claims. Claimants opposed and, on June 18, 2024, the AAA indicated that it planned to move the arbitration forward with respect to the 85 claimants whose claims had been resolved by the Delaware Chancery Court, notwithstanding that six claimants still remained before that court. On September 9, 2024, BuzzFeed Media Enterprises, Inc., filed a notice of appeal of the May 15, 2024 decision of the Delaware Chancery Court with the Supreme Court of the State of Delaware. The matter is ongoing.
California Invasion of Privacy Act
On April 11, 2024, a lawsuit titled Chih-Yuan Chang et al. v. BuzzFeed, Inc. was filed against us in the Southern District of New York, alleging that we, by causing the Sharethrough, IQM, and Dotomi trackers to be installed on website visitors’ internet browsers, are collecting visitors’ personal identifying information without their consent, in violation of the California Invasion of Privacy Act (CIPA). Plaintiff, additionally, sought class certification. This matter was settled on July 9, 2024 and the case is now disposed.
For information regarding other legal proceedings in which we are involved, refer to Note 14 to the condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional details.
ITEM 1A. RISK FACTORS
Disclosure about our existing risk factors is set forth in Item 1A, “Risk Factors,” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2024. Other than as described below, our risk factors have not changed materially since June 30, 2024.
We expect the holders of the Notes will deliver a Put Notice (as defined below) on or around November 22, 2024, and we may be unable to renegotiate the terms of the indenture governing the Notes and / or seek alternative financing to repay the Notes.
Each holder of a Note issued has the right under the indenture governing the Notes to require us to repurchase, for cash, all or a portion of the Notes held by such holder (i) at any time on or after December 3, 2024 (i.e., the third anniversary of the issuance of the Notes), at a repurchase price equal to the principal amount plus accrued and unpaid interest, or (ii) upon the occurrence of a fundamental change (as defined in the indenture) before the maturity date (i.e., December 3, 2026), at a repurchase price equal to 101% of the principal amount plus accrued and unpaid interest. Pursuant to the third amendment of the indenture on October 28, 2024, the period of advance notice to us required for an optional redemption was amended so that (i) if such notice (the “Put Notice”) is given on November 22, 2024, such holder shall have the right to require us to repurchase such holder’s Notes on December 3, 2024, and (ii) if such notice is after November 22, 2024, such holder shall have the right to require us to repurchase such holder's Notes on the fifth business day following such notice. We expect the holders of the Notes to each deliver a Put Notice on November 22, 2024 (or soon thereafter), upon which $118.8 million of outstanding principal amount and approximately $4.7 million of accrued interest thereon will become due and payable. Prior to such payment date, we will be required to renegotiate the terms of the indenture with the holders of the Notes and / or seek alternative financing to repay the Notes. There is no assurance that we will be successful in either case which would trigger an Event of Default under the indenture governing the Notes and allow the holders of the Notes to accelerate the maturity of the Notes and require repayment. We currently do not have sufficient cash on hand or projected cash flows to fund the repayment of the Notes. Uncertainty concerning the repayment of the Notes could cause significant volatility in the trading of our Class A common stock.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
Not applicable.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
54
Table of Contents
ITEM 5. OTHER INFORMATION
Not applicable.
55
Table of Contents
ITEM 6. EXHIBITS
Exhibit
Number		Description
2.1
2.2
2.3†*
2.4
2.5
3.1
3.2
3.3
3.4
3.5
4.1
4.2
4.3
4.4
4.5
4.6
56
Table of Contents
4.7
10.1
10.2
10.3
31.1
31.2
32.1#
32.2#
101.INSXBRL Instance Document.
101.SCHXBRLTaxonomy Extension Schema Document.
101.CAL XBRLTaxonomy Extension Calculation Linkbase Document.
101.DEF XBRLTaxonomy Extension Definition Linkbase Document.
101.LAB XBRLTaxonomy Extension Label Linkbase Document.
101.PRE XBRLTaxonomy Extension Presentation Linkbase Document.
104Cover Page Interactive Data File (formatted as Inline XBRL and included in Exhibit 101).
_________________________________
† Schedules and exhibits to this Exhibit omitted pursuant to Regulation S-K Item 601(b)(2). The Registrant agrees to furnish supplementally a copy of any omitted schedule or exhibit to the SEC upon request.

* The Registrant has omitted portions of this Exhibit as permitted under Item 601(b)(1) of Regulation S-K.

# This certification is deemed not filed for purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.
57
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
BuzzFeed, Inc.
By:/s/ Matt Omer
Chief Financial Officer
(Principal Financial Officer and Duly Authorized Officer)
Date:
November 12, 2024
58