BuzzFeed, Inc. Q3 FY2024 earnings call

• Primary focus in 2024 has been stabilizing the business. Sold Complex in Q1 to raise cash for debt paydown, restructuring, and working capital improvement. Reorganized around Programmatic Advertising and Affiliate Commerce. Q3 saw 13% QOQ and 2% YOY growth in audience time spent to 80 million hours. Revenues grew 7% YOY to $64 million. Adjusted EBITDA was approximately $11 million, nearly fourfold increase vs Q2. Cash balance increased by $8 million vs Q2 to $54 million.

In Q3 2024, overall revenues grew 7% year-over-year to $64.3 million. Programmatic Advertising revenues grew 9% year-over-year to $17.3 million. Content revenue declined 7% year-over-year to $17.4 million. Commerce and other revenues of $20.9 million grew 45% year-over-year. Audience time spent grew 13% versus Q2 and 2% year-over-year to 80 million hours, outpacing peers according to Comscore.

• In coming weeks, will share update on debt, balance sheet, Q4 financial outlook, and results of strategic review process initiated last year with financial advisors.