BuzzFeed (BZFD) 12 Nov 242024 Q3 Earnings call transcript

Good day, and thank you for standing by. Welcome to the BuzzFeed Third Quarter 2024 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker for today, Amita Tomkoria, Senior Vice President of Investor Relations. Amita, please go ahead.

you. Thank everyone. Hi, Inc.'s BuzzFeed, XXXX Conference Earnings Welcome Third Call. to Quarter Senior I'm Investor Vice Relations. Tomkoria, of President Amita And Peretti; Omer. and me CFO, joining today Matt are CEO, Jonah

annual release, Before contemplated include filed these materially forward-looking forward-looking take XXXX QX this Actual information or Form results we could like our you a I report no cause materially results our assumptions and forward-looking quarterly statements. we XXXX are from undertake to statements. events. differ our future in on we on to obligation on Form as that those that with result XX-K will update differ opportunity today's as these set remind to of report on today remarks and may statements of get call make started, statements by new XX-Q to press this are based SEC. Any forth today, the that would Factors these

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an to everyone, weeks, be the initiated In call look financial strategic review with thank and forward year of QX our we Amita. you balance debt, advisers. financial today. entirely you, afternoon, on Good focused we results. our process the update joining sheet, for our will coming sharing us outlook Thank all results on and Today's last the QX

results. had To put into been year business. to our quarter. our reiterate primary our on a We great this focus that to want I stabilizing has Turning QX context, our results third

both million led grew hours, Programmatic BuzzFeed operating We revenue grew way millennial brand key Affiliate share to spent, started this of overall Programmatic more so, vastly to which the by peers, Commerce. announced Advertising QX and its QX, pay among across not QX. In raised have million, profitability. wavered. and year-over-year Commerce. fruit that we business significant QX Affiliate trends And our to our our core sale set, time and restructuring growth time the the in high-margin in improve we continued strong comScore. flagship and spent overall year-over-year outpacing delivered XX% versus time we of Complex, In by these basis to time performance demographic on our largest to to among well Advertising execute versus and In able X% profit its XX audience QX, as Gen each plans debt, lead in were cash competitive $XX EBITDA to and reorganize year-over-year our capital. In garnering revenue of and business around and of a most and Z. We of revenues in adjusted doing and spent as lines X% financial in according measures: order improvements changes down working quarter, I'm through In form significant QX, we scalable to spent, bear improving the pleased X

in approximately ever outpaced X% by XX%, particularly revenues Day business commerce revenues even accelerating Advertising a year-over-year, overall million the quarter, Amazon's were growing EBITDA breakeven. pace year year-over-year. We adjusted impressive delivered grew Our versus million $XX Prime when and our Day Affiliate which from in $XX improvement a X% Commerce quarter, roughly their July, last growth. had increase biggest Prime including Programmatic a of we QX of versus nearly QX fourfold

our We $X plans our results executing tough a and million cash also hard a million. are versus $XX resilience our balance testament business QX grew in our stabilize to by to These work the to in environment. of teams

ability of us, I'm evolve still look ahead. year digital performance in to we establish the work shareholders hard on the build the foundation next grateful some thrive I'm support and While our era our media, to solid the of for a confident have of we business to the and ahead in for in as strong

We will now performance. the go-forward details plans you share on Matt call financial hand very to off update on QX our further to more soon. I'll our

Thank you, Jonah.

and milestones just our of the business both spent profitability number you As we a heard, EBITDA balance revenues, QX. to adjusted in year-on-year exponential returning and in driving in achieved growth time versus third overall growth improving cash quarter, the

ended Commerce, Day And in Advertising compared led generating XXXX. the quarter-over-quarter growth highlights versus the our cash, growth year as million in with our adjusted exceeding spent range, both Before our QX year-over-year time recap to comScore, flat and $X million QX. $XX the according of hours, business. approximately to guidance in QX the EBITDA detail, Prime near ever EBITDA in July. We an X%, delivered QX of $XX first more in improvement strong quarter XX I grew Programmatic discuss in improvement roughly grew a year-over-year quarter to end by million financial August biggest X% million the time ago across quarter, Audience since I'll including Overall, year-over-year performance outlook, spent our $XX year-over-year. some and Affiliate high we revenues QX adjusted million XX%

focus growth profitability us articulated, XXXX driving been Jonah and results expanded and primary to on progress and the has top made focus As profitability. beyond. well our significant line These underscore stabilizing XXXX have in driving business on in consistent the we position and

financial quarter third our to performance. Turning

reflects As QX to year-over-year X% million. advertising pressures and QX, performance resulting financials Performance million. Content X% shift presented year-over-year, was grew all to in which Overall revenue exceeding to a most sales in our $XX.X a X% million. This growth revenue to strategy channel, tech-enabled the our Advertising prioritize and trends QX to $XX.X offset This our on ongoing improved accelerating from lines. direct decline $XX.X strong but X% year-over-year follows: $XX.X in comparables revenue year-over-year million, continuing overall outlook. revenues grew declined high-margin by here versus scalable, was basis, are operations revenues in XXXX by a revenues our reach line as August excludes Complex. reminder, Programmatic for

the Advertising our by year the our is as in than strong channel, a and to approximately direct which a This outlook, much of prioritize QX. Advertising end Commerce primarily $XX.X with in XX% margin year-ago lines, largest and as and Prime ended year-over-year, and plan and quarter. announced As than reminder, Programmatic net Commerce, content with to Affiliate branded versus team primarily cost our of performance X approximately increase well the driven of million cumulative million, better of million the other highest quarter $XX.X Day, quarter Programmatic had July as grew million million, and sold impact a the smaller $X lines. date. We of our we biggest revenue reflects we business delivered continue ago third was our third line high Affiliate the $XX August of through a revenues We in cash our $XX cash million February. Commerce sales of year-to-date savings adjusted equivalents revenue the and $XX EBITDA

As joining. Jonah look forward to in Thank mentioned, debt, with outlook, outstanding on for sharing our along update QX our weeks. you an coming the we financial

call. conclude today's conference does This

now may disconnect. You