Name: BuzzFeed, Inc. Q4 2024 Earnings Call
Start: 2025-03-13T21:01:00.000Z

Executive Summary

Q4 revenue of $56.2M declined 20% YoY but landed in line with December outlook; Adjusted EBITDA of $10.9M exceeded the prior $4–$9M guide, aided by strong affiliate commerce and cost discipline .
Mix shift continued: direct-sold Advertising and Content contracted, while high‑margin Programmatic (~~$18.0M) and Affiliate Commerce (~~$20.8M) were resilient/strong in Q4 .
FY25 guidance initiated: revenue $195–$210M (+3–10% YoY) and Adjusted EBITDA $10–$20M, reflecting continued focus on tech-enabled revenues and opex discipline .
Strategic transformation progressed: ~$153.8M of 2024 debt repayments, cash of $38.6M > remaining debt at year-end, positioning for BF Island investment and profitability expansion in 2025 .

What Went Well and What Went Wrong

What Went Well
- Mix and margin: Affiliate commerce +39% YoY to $20.8M in Q4; Programmatic ~$18.0M flat YoY; Adjusted EBITDA margin expanded to 19.5% in Q4 (vs 16.4% in Q3) .
- Balance sheet repair: Repaid ~$153.8M of debt in 2024, ending with cash of $38.6M and current debt of $25.5M; CFO emphasized reduced interest burden and improved liquidity .
- Engagement: Time Spent +10% YoY in Q4 to 79.3M hours; loyal users reached ~48%, the highest in 2 years, underscoring product/tech improvements .
What Went Wrong
- Topline pressure: Total Q4 revenue down 20% YoY to $56.2M, driven by deliberate deemphasis of lower‑margin direct‑sold Advertising and Content; Content down 59% YoY with studio comp in Q4’23 .
- Profitability vs prior year: Adjusted EBITDA fell to $10.9M from $13.0M in Q4’23 on a lower revenue base despite mix improvements .
- GAAP earnings: Net loss from continuing ops of $(3.8)M in Q4 vs +$4.4M in Q4’23; diluted EPS from continuing ops was $(0.10) vs $0.13 YoY .

Financial Results

Quarterly trend (sequential) – headline P&L

Metric	Q2 2024	Q3 2024	Q4 2024
Revenue ($M)	$46.9	$64.3	$56.2
Net (Loss) Income from Continuing Ops ($M)	$(6.5)	$2.0	$(3.8)
Diluted EPS – Continuing Ops ($)	$(0.18)	$0.05	$(0.10)
Adjusted EBITDA ($M)	$2.7	$10.5	$10.9
Adjusted EBITDA Margin (%)	5.7%	16.4%	19.5%
Net (Loss) Income Margin – Continuing Ops (%)	(13.8)%	3.1%	(6.7)%

Q4 YoY and vs estimates

Metric	Q4 2023	Q4 2024	Vs YoY	Consensus
Revenue ($M)	$70.1	$56.2	(20%)	N/A (S&P Global consensus unavailable)
Diluted EPS – Continuing Ops ($)	$0.13	$(0.10)	Down	N/A (S&P Global consensus unavailable)
Adjusted EBITDA ($M)	$13.0	$10.9	(16%)	N/A (S&P Global consensus unavailable)

Segment revenue (mix shift)

Segment ($M)	Q4 2023	Q3 2024	Q4 2024
Advertising	$31.6	$26.1	$25.4
- of which Programmatic	—	$17.3	~$18.0
Content	$23.2	$17.4	$9.4
Commerce & Other	$15.3	$20.9	$21.3
Total Revenue	$70.1	$64.3	$56.2

KPIs and operating metrics

KPI	Q2 2024	Q3 2024	Q4 2024
Time Spent (million hours)	71	80	79.3
Loyal Users (% of BF web/app)	—	—	~48%
Programmatic Advertising ($M)	$16.0	$17.3	~$18.0
Affiliate Commerce ($M)	$10.4	$19.6	$20.8
Cash & Equivalents ($M)	$45.5 (6/30)	$53.7 (9/30)	$38.6 (12/31)
Current Debt ($M)	$101.5 (6/30)	$102.9 (9/30)	$25.5 (12/31)

Notes:

All figures reflect continuing operations; Complex and First We Feast are in discontinued operations .
Consensus estimates were unavailable via S&P Global due to access limits at the time of analysis; comparisons to consensus are therefore N/A.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance/Actual	Change
Revenue ($M)	Q4 2024	$54–$58 (Dec 12, 2024)	$56.2 actual	In line
Adjusted EBITDA ($M)	Q4 2024	$4–$9 (Dec 12, 2024)	$10.9 actual	Above range (beat)
Revenue ($M)	FY 2025	—	$195–$210	Initiated
Adjusted EBITDA ($M)	FY 2025	—	$10–$20	Initiated

Earnings Call Themes & Trends

Topic	Previous Mentions (Q2 2024)	Previous Mentions (Q3 2024)	Current Period (Q4 2024)	Trend
AI/technology initiatives	Built AI platform; personalization; AI copilots; interactive generators; increased programmatic monetization	Continued AI-enabled engagement; revenue growth in Programmatic/Affiliate	Framing AI as a new compute platform; application-layer focus; ~$10M BF Island engineering investment	Increasing strategic emphasis
BF Island (new social platform)	Not discussed	Not discussed	Private beta in Q2; target 5% conversion of 34M MAUs; ARPU in low double digits; aim for positive EBITDA in first full year post-monetization	New initiative/catalyst
Programmatic Advertising	Returned to YoY growth +3% in Q2	+9% YoY; $17.3M	~$18.0M; flat YoY; stabilizing as mix focus	Stable to improving
Affiliate Commerce	+9% YoY in Q2	+53% YoY; $19.6M; record Prime Day	+39% YoY; $20.8M; strong holiday	Strong, sustained
Direct-sold Advertising/Content	Headwinds from smaller sales team; deemphasis	Advertising -3% YoY; Content -7% YoY	Advertising -19% YoY; Content -59% YoY; Q4’23 studio comp	Structural decline per strategy
Engagement/Time Spent	Q2 Time Spent +5% QoQ; loyalty rising	Time Spent 80M (+2% YoY, +13% QoQ)	Time Spent 79.3M (+10% YoY); loyal users ~48%	Improving
Balance sheet/deleveraging	Using asset sale proceeds to pay down debt	Cash +$8M QoQ to $54M	Repaid ~$153.8M in 2024; YE cash $38.6M; current debt $25.5M	Materially strengthened

Management Commentary

“2024 was a transformational year as we strengthened our fundamentals, streamlined operations, and scaled our high-margin revenue streams. By leveraging AI… and explore R&D for BF Island, we have positioned BuzzFeed for long-term success in the AI era.” — Jonah Peretti, CEO .
“With a leaner, more focused operation, we’re prioritizing high-margin, tech-enabled revenue streams like programmatic advertising, affiliate commerce, and AI-driven innovation.” — Matt Omer, CFO .
“Our goal is to convert 5% of BuzzFeed’s 34 million monthly users to BF Island… modeling ARPU in the low double digits per year… expect to produce positive EBITDA in the first full year post monetization.” — Jonah Peretti .
“We repaid a total of $153.8 million in debt [in 2024]… and have fortified our balance sheet entering 2025 with a cash balance that exceeds our remaining debt.” — Jonah Peretti .

Q&A Highlights

The transcript provided contains prepared remarks and a closing without a Q&A session; no analyst Q&A was included in the published transcript .
Notably, management announced a shift to annual (not quarterly) guidance going forward to focus on long-term execution .

Estimates Context

S&P Global consensus for Q4’24 revenue and EPS was unavailable at the time of analysis due to access limits; therefore, vs-consensus comparisons could not be included. Instead, we benchmarked against the company’s December Q4 guidance, which revenue met and Adjusted EBITDA exceeded .
Where estimates are not shown, note that comparative figures to consensus are N/A (S&P Global data unavailable at query time).

Key Takeaways for Investors

Mix is the story: Direct-sold Advertising/Content continue to contract by design, but Affiliate Commerce and Programmatic are stabilizing/expanding and supporting double-digit EBITDA margins in seasonally strong quarters .
Execution beat: Q4 Adjusted EBITDA was above the guided range on lower YoY revenue, highlighting operating leverage and cost takeout effectiveness; watch sustainability into non-holiday quarters .
FY25 setup: Guidance implies modest topline growth (+3–10%) with EBITDA improvement (+~$10M at midpoint), reflecting continued focus on high‑margin lines and opex control .
Balance sheet risk reduced: ~$153.8M of debt repaid in 2024; YE cash $38.6M vs current debt $25.5M improves flexibility for BF Island and ongoing operations .
New product optionality: BF Island is a high-upside but execution‑dependent catalyst; initial KPIs (conversion, time spent, ARPU) will be key to watch in 2H’25+ .
Engagement tailwinds: Time Spent and loyalty improved (79.3M hours; ~48% loyal users), supporting Programmatic monetization and Affiliate conversions .
Near-term trading: Absence of consensus comps may mute immediate “beat/miss” narratives; however, the EBITDA beat vs company guide and FY25 outlook initiation are potential positive catalysts, balanced by ongoing revenue headwinds in direct-sold channels .

BuzzFeed, Inc. (BZFD)·Q4 2024 Earnings Summary