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Table of Contents
美国
证券交易委员会
华盛顿特区20549
______________________________________________________________
形式 10-Q
______________________________________________________________
x根据1934年证券交易法第13或15(d)条款的季度报告。
截至季度结束 2024年9月30日
或
o根据1934年证券交易法第13或15(d)条款的过渡报告
从      到 的过渡期
委员会档案编号： 001-39877
______________________________________________________________
BuzzFeed, Inc.
（根据其组织宪章规定的正式名称）
______________________________________________________________
特拉华州85-3022075
(成立地或组织其他管辖区)（联邦税号）
229西43街 纽约, 纽约
10036
(总部办公地址)(邮递区号)
(646) 397-2039
(注册人电话号码，包括区号)
根据法案第12(b)条规定注册的证券：
每种类别的名称交易标的（s）每个注册交易所的名称
每股面值为0.0001美元的A类普通股BZFD纳斯达克股票市场LLC
可赎回的warrants，每整数凭证可以行使以约46.00美元每股的行使价交易一股A类普通股。BZFDW纳斯达克股票市场有限责任公司
请标示勾选项，以表示以下事项：（1）本登记申请人在过去12个月内（或在本申请人必须提交此类报告的较短期间内）已提交证券交易所法案第13或15（d）条所要求提交的所有报表，和（2）本申请人在过去90天内一直受到此类提交要求的限制。 Yes x 否 o
在前12个月内（或公司需要提交这些文件的较短时间内），公司是否已通过选中标记表明已阅读并提交了应根据S-t法规第405条规定（本章第232.405条）提交的所有互动式数据文件？ Yes x 否 o
请在方框内勾选申报者是否为大型快速申报者、快速申报者、非快速申报者、较小型报告公司或新兴成长公司。在《交易所法》第120亿2条中，请查看「大型快速申报者」、「快速申报者」、「较小型报告公司」和「新兴成长公司」的定义。
大型加速归档人o加速归档人o
非加速归档人x小型报告公司x
新兴成长型企业x
如果一家新兴成长型公司，请用勾选标记表示该申报人已选择不使用根据证交所法案13(a)条款提供的任何新的或修订过的财务会计准则的延长过渡期。 o
请打勾表示该注册人是否为壳公司（如证交所法规120亿2所定义）。是 o 否 x
截至2024年11月8日，有 36,657,702 已发行的登记者A类普通股的股份数为， 1,343,299 其主体B类普通股已发行股数和 截至2024年9月30日和2023年的三个或九个月，与这个信用额度相关的费用均为无。 已发行的登记者C类普通股的股份数为。
1
Table of Contents
嗡嗡嗡新闻媒体有限公司
目 录
页面
2
Table of Contents
关于前瞻性声明的注意事项
本季度报告表格10-Q中的某些陈述可能被视为向前看的陈述，这些陈述涉及1933年修订版《证券法》第27A条和1934年修订版《交易法》第21E条的意义，在其中，这些陈述牵涉重大风险和不确定性。我们的向前看的陈述包括但不限于有关我们管理团队对未来期望、希望、信念、意图或策略的陈述。此外，所有涉及对未来事件或情况的预测、预测或其他特征描述的陈述，包括任何基本假设，在法律上都被视为向前看的陈述。"影响"、"预期"、"相信"、"可以"、"考虑"、"继续"、"可能"、"估计"、"期望"、"预测"、"打算"、"可能"、"设法"、"潜在"、"预测"、"项目"、"寻找"、"应该"、"目标"、"将"、"将会"等类似表达方式可能标识向前看的陈述，但没有这些字眼不表示陈述不是向前看的。向前看的陈述包括所有不是历史事实的事项。
本季度报告Form 10-Q中的前瞻性陈述是基于对未来发展及其对我们潜在影响的目前期望和信念。无法保证未来对我们产生影响的发展将是我们预期的发展。这些前瞻性陈述涉及多项风险（其中一些超出我们的控制范围）、不确定性或其他假设，可能导致实际结果或绩效与这些前瞻性陈述所表达或暗示的内容有显著差异。这些风险和不确定性包括但不限于：
•与我们的竞争对手和数字媒体行业相关的发展，包括我们所在市场的广告整体需求；
•对我们产品和服务的需求，或者品牌和内容的流量或参与度的变化；
•我们及我们现有和潜在合作伙伴和广告客户运营的业务环境和竞争环境发生了变化；
•宏观经济因素包括：美国（"U.S."）及全球的不利经济状况，包括潜在的衰退开始；当前全球供应链干扰；潜在的政府关闭或未能提高美国联邦国债上限或为联邦政府提供资金；俄乌之间的持续冲突，以及以色列与哈马斯之间的冲突及任何相关的制裁和地缘政治紧张关系，以及美国与中国之间进一步加剧的交易紧张情势；通胀环境；高失业率；高利率期货、货币波动；以及竞争激烈的劳动市场；
•我们未来的资本需求，包括但不限于我们未来获得额外资本的能力，解决未来我们的无担保可转换票据转换、以现金赎回票据、当我们的A类普通股从名单中除牌后，或是在其到期时以现金偿还票据，包括于2024年12月3日后票据持有人要求偿还其票据时，计划中的票据或任何未来负债协议所设定的任何限制或义务以及对我们存取现金及现金等价物的限制；
•由于可能无法在2024年11月22日及以后按照债券持有人要求偿还债券，导致我们的A类普通股交易出现了显著的波动。
•法律和政府监管方面的发展，包括但不限于修订的外国内容和所有权规定，以及我们所受到的法律诉讼、监管争端或政府调查的结果；
•我们成本节约措施的好处；
•我们成功地脱售公司、资产或品牌，或者是在整合和支持我们收购的公司时。
•技术发展包括人工智能;
•激进股东活动对我们的战略方向产生了影响；
•我们在留任或招聘、或对其他关键员工或董事需要做出的调整；
•利用内容创作者和镜头前的人才以及与第三方合作伙伴建立关系，管理我们在美国以外的某些品牌业务。
•我们信息科技系统或数据的安防-半导体;
3
目录
•服务中断，或由于我们未能及时有效地扩展和调整现有的科技和制造行业；
•我们能否维持我们的A类普通股和warrants在纳斯达克资本市场（“纳斯达克”）上市；和
•本年度截至2023年12月31日的年度报告、2024年6月30日止季度的季度报告以及本季度的季度报告中所述的其他因素的详细信息，请参阅标题为“风险因素”的部分。
Freshfields Bruckhaus Deringer US LLP的意见。
本季度10-Q表格的季度报告包含了关于我们行业、业务以及我们产品和服务市场的估计和信息，包括我们对市场地位的一般期望、市场增长预测、市场机会和我们参与的市场规模，这些信息基于行业出版物、调查以及独立第三方准备的报告。这些信息涉及多个假设和局限，建议您不要过分重视这些估计。尽管我们尚未独立核实这些行业出版物、调查和报告中所包含的数据的准确性或完整性，但我们认为这些出版物、调查和报告通常是可靠的，尽管此类信息在本质上存在不确定性和不精确性。我们所在行业面临高度不确定性和风险，原因有多种，包括但不限于我们2023年12月31日结束的年度10-K报告、我们2024年6月30日季度的10-Q报告以及本季度的10-Q报告中所述的“风险因素”部分中描述的因素。这些和其他因素可能导致结果与这些出版物和报告中所表达的不同。
投资者和其他人应注意，我们可能会使用我们的投资者关系网站(https://investors.buzzfeed.com)、美国证券交易委员会的文件、网络研讨会、新闻发布、电话会议等方式，向投资者公布重要的业务和财务信息。我们利用这些媒介与投资者和公众沟通，介绍有关公司、产品和服务以及其他问题。我们提供的信息可能被视为重要信息。因此，我们鼓励投资者、媒体和其他对我们公司感兴趣的人审阅我们在投资者关系网站上发布的信息。
4
目录
第一部分: 财务信息
项目1：基本报表（未经审计）
BUZZFEED，INC。
简明合并资产负债表
(千美元和千股，除每股金额外)
2024年9月30日
（未经审计）		12月31日,
2023
资产
流动资产
现金及现金等价物$53,723 $35,637 
应收账款（扣除呆账准备金$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 
预付费用和其他流动资产17,572 21,460 
已停止运营部门的流动资产— — 
总流动资产120,920 132,789 
资产和设备，净值7,662 11,856 
使用权资产33,313 46,715 
资本化的软件成本，净额22,704 22,292 
无形资产, 净额24,531 26,665 
商誉57,562 57,562 
预付款项和其他资产9,851 9,508 
已停业非流动资产— 104,089 
总资产$276,543 $411,476 
负债和股东权益
流动负债
应付账款$15,008 $46,378 
应计费用20,592 15,515 
递延营业收入1,313 1,895 
应计的薪资14,486 12,970 
Non-underlying items22,804 21,659 
当前债务102,929 124,977 
其他流动负债3,212 4,401 
已停止运营的流动负债— — 
流动负债合计180,344 227,795 
非流动租赁负债20,360 37,820 
债务— 33,837 
认股权负债988 406 
其他负债781 435 
已停用业务的非流动负债— — 
总负债202,473 300,293 
承诺和 contingencies
股东权益
A类普通股，$0.0005股，截至2024年4月30日和2024年1月31日，授权股票0.0005股；0.0001 面值； 700,000 股份授权； 36,610 和 35,035 而9月30日和2023年12月31日分别发行和流通的股份
3 3 
B类普通股，$0.000030.0001 面值； 20,000 股份授权； 1,344 和 1,368 而9月30日和2023年12月31日分别发行和流通的股份
1 1 
额外实收资本728,525 723,092 
累积赤字(652,895)(611,768)
累计其他综合损失(3,954)(2,500)
BuzzFeed，Inc.股东权益总额71,680 108,828 
非控制权益2,390 2,355 
股东权益总额74,070 111,183 
负债和股东权益总额$276,543 $411,476 
附注是这些简明综合财务报表的一部分。
5
目录
BUZZFEED，INC。
简明合并利润表
（未经审计，以美元和股份表示 i以千为单位，除每股金额外)
截至9月30日的三个月截至9月30日的九个月
2024202320242023
营业收入$64,320 $59,978 $156,007 $177,014 
成本和费用
营业成本，不包括折旧和摊销费用33,697 31,902 89,761 108,106 
销售与市场营销4,754 8,253 18,408 30,300 
总务和行政14,698 18,747 44,999 60,922 
研发2,581 2,442 8,532 8,921 
折旧与摊销5,011 5,366 15,755 16,396 
总成本和费用60,741 66,710 177,455 224,645 
持续经营利润（损失）3,579 (6,732)(21,448)(47,631)
其他收入（费用），净额2,226 (1,307)3,838 (4,362)
利息费用，净额(4,034)(4,089)(12,496)(11,818)
认股权证负债的公允价值变化87 104 (582)(94)
衍生负债公允价值变动— 30 — 150 
持续经营部门税前收入（损失） 1,858 (11,994)(30,688)(63,755)
所得税（收益）费用(110)55 396 165 
持续经营活动的净利润（亏损）1,968 (12,049)(31,084)(63,920)
终止营业收入（税后净损失）166 (1,883)(9,924)(14,109)
净利润（亏损）2,134 (13,932)(41,008)(78,029)
净利润（损失）归属于非控股权益的减少45 (210)119 (470)
归属BuzzFeed，Inc.的净利润（损失）$2,089 $(13,722)$(41,127)$(77,559)
归属A类和B类普通股持有人的持续经营净利润（损失）:
Basic$1,923 $(11,839)$(31,203)$(63,450)
稀释$1,923 $(11,839)$(31,203)$(63,450)
持续经营净利润（亏损）每A类和B类普通股股份：
基本$0.05 $(0.33)$(0.84)$(1.78)
摊薄$0.05 $(0.33)$(0.84)$(1.78)
加权平均流通股数:
基本37,94936,26337,18135,646
摊薄38,60836,26337,18135,646
附注是这些简明综合财务报表的一部分。
6
目录
BUZZFEED，INC。
基本报表综合损益表
(未经审计，以千为单位)
截至9月30日的三个月截至9月30日的九个月
2024202320242023
净利润（损失）$2,134 $(13,932)$(41,008)$(78,029)
其他综合（损失）收益
外币翻译调整(457)511 (1,475)(191)
其他综合（损失）收益(457)511 (1,475)(191)
综合收益（损失）1,677 (13,421)(42,483)(78,220)
归属于非控制权益的综合收益（损失）45 (210)119 (470)
归属于非控股权益的外币翻译调整270 (83)(21)(383)
归属于BuzzFeed公司的综合收益（损失）$1,362 $(13,128)$(42,581)$(77,367)
附注是这些简明综合财务报表的一部分。
7
目录
BUZZFEED，INC。
股东权益的简明合并报表
(未经审计，以千为单位)
截至2024年9月30日三个月和九个月的财务信息
普通股票 -
Class A		普通股票 -
B类		普通股票 -
C类		资本超额收益
资本		累计
赤字		累计
其他
全面
损失		合计
BuzzFeed，Inc。
股东的
股权		Noncontrolling
利益		合计
股东的
股权
股份金额股份金额股份金额
2024年1月1日的余额35,035 $3 1,368 $1 — $— $723,092 $(611,768)$(2,500)$108,828 $2,355 $111,183 
净亏损— — — — — — — (35,729)— (35,729)(53)(35,782)
基于股票的薪酬— — — — — — 776 — — 776 — 776 
与基于股份计划的股票发行相关联45 — — — — — — — — — — — 
员工税款代扣的股份(1)— — — — — — — — — — — 
其他全面损失— — — — — — — — (177)(177)(160)(337)
2024年3月31日结存余额35,079 $3 1,368 $1 — $— $723,868 $(647,497)$(2,677)$73,698 $2,142 $75,840 
净（损失）收入— — — — — — — (7,487)— (7,487)127 (7,360)
基于股票的薪酬— — — — — — 1,747 — — 1,747 — 1,747 
与基于股份计划的股票发行相关联883 — — — — — — — — — — — 
员工税款预扣股份(92)— — — — — (229)— — (229)— (229)
其他全面损失— — — — — — — — (550)(550)(131)(681)
B类普通股转为A类普通股9 — (9)— — — — — — — — — 
2024年6月30日余额35,879 $3 1,359 $1 — $— $725,386 $(654,984)$(3,227)$67,179 $2,138 $69,317 
净利润— — — — — — — 2,089 — 2,089 45 2,134 
基于股票的薪酬— — — — — — 1,739 — — 1,739 — 1,739 
在与股权计划相关的普通股发行258 — — — — — — — — — — — 
员工税款预扣股份和其他(22)— — — — — 1 — — 1 (63)(62)
发行普通股与市场相关联，扣除发行成本净额480 — — — — — 1,399 — — 1,399 — 1,399 
其他综合（损失）收益— — — — — — — — (727)(727)270 (457)
B类普通股转为A类普通股15 — (15)— — — — — — — — — 
2024年9月30日的余额36,610 $3 1,344 $1 — $— $728,525 $(652,895)$(3,954)$71,680 $2,390 $74,070 
8
目录
2023年9月30日止三个月和九个月
普通股票 -
Class A		普通股票 -
B类		普通股票 -
C类		其他
实收资本
资本		累积
赤字		累积
其他
综合
损失		合计
BuzzFeed，Inc。
股东的
股权		Noncontrolling
利益		合计
股东的
股权
股份金额股份金额股份金额
2023年1月1日余额31,597$3 1,670$1 1,620$— $716,244 $(523,063)$(1,968)$191,217 $3,337 $194,554 
会计变更累计影响———————(126)—(126)—(126)
净亏损———————(36,001)—(36,001)(260)(36,261)
基于股票的薪酬——————1,122——1,122—1,122
在与股权计划相关的普通股发行128—————29——29—29
员工税款预扣股份(30)—————(193)——(193)—(193)
其他全面损失————————(701)(701)(58)(759)
将C类普通股转换为A类普通股1,620$— —$— (1,620)———————
2023年3月31日的余额33,315$3 1,670$1 —$— $717,202 $(559,190)$(2,669)$155,347 $3,019 $158,366 
净亏损———————(27,836)—(27,836)—(27,836)
基于股票的薪酬——————2,257——2,257—2,257
在行使股票期权时发行普通股423———————————
员工税款预扣股份(13)—————(27)——(27)—(27)
其他全面收益（亏损）————————299299(242)57
发行普通股与市场相关联，扣除发行成本净额429—————810——810—810
2023年6月30日的余额34,154$3 1,670$1 —$— $720,242 $(587,026)$(2,370)$130,850 $2,777 $133,627 
净亏损———————(13,722)—(13,722)(210)(13,932)
基于股票的薪酬——————1,799——1,799—1,799
在与股权计划相关的普通股发行398———————————
员工税款预扣股份(90)—————(187)——(187)(187)
其他全面收益（亏损）————————594594(83)511
发行普通股与市场相关联，扣除发行成本净额89—————137——137—137
2023年9月30日财务状况表34,551$3 1,670$1 —$— $721,991 $(600,748)$(1,776)$119,471 $2,484 $121,955 
附注是这些简明综合财务报表的一部分。
9
目录
BUZZFEED，INC。
现金流量表简明综合报表
(未经审计，以千为单位)
截至9月30日的九个月
20242023
经营活动：
净损失$(41,008)$(78,029)
扣除：终止经营的净损失，净税后9,924 14,109 
持续经营中的净损失(31,084)(63,920)
调整为净损失到经营活动现金流量净使用：
折旧和摊销15,755 16,396 
未实现外币（收益）损失(1,923)30 
以股票为基础的报酬4,238 4,524 
权证公允价值变动582 94 
衍生负债公允价值变动— (150)
债务折让和递延发行成本的摊销4,052 3,542 
递延所得税(462)404 
应收账款减值准备(355)(10)
投资损益— 3,500 
资产处置收益 (1,250)(175)
非现金租赁费用13,528 15,460 
经营性资产和负债变动:
应收账款27,815 54,823 
预付费用和其他流动资产以及预付费用和其他资产3,783 (1,540)
应付账款(30,710)14,421 
应计的薪资1,528 (16,299)
应计费用、其他流动负债和其他负债 4,181 (10,451)
租赁负债(16,469)(18,028)
递延营收(581)(569)
持续经营活动中的经营活动产生的现金（使用）(7,372)2,052 
停止经营活动产生的经营活动使用的现金(8,752)(4,415)
经营活动使用的现金(16,124)(2,363)
投资活动：
资本支出(500)(761)
资本化内部软件(9,294)(10,920)
资产出售所得350 175 
持续经营中的投资活动使用的现金(9,444)(11,506)
终止经营中的投资活动提供的现金108,575 — 
投资活动产生的现金流量净额99,131 (11,506)
筹资活动：
行使股票期权所得1 29 
支付用于员工税款代扣的股份 (291)(407)
续存信贷授信额度的借款— 2,128 
续存信贷授信额度的归还款项(33,837)(1,796)
可转换票据的支付(31,233)— 
与市场交易相关的普通股发行收益，减去发行成本660 902 
提前终止循环信贷设施的费用支付(500)— 
筹资活动提供的现金（流出）(65,200)856 
汇兑对现金及现金等价物的影响279 (291)
现金及现金等价物的净增加（减少）18,086 (13,304)
期初现金及现金等价物余额35,637 55,774 
期末现金及现金等价物$53,723 $42,470 
附注是这些简明综合财务报表的一部分。
10
目录
BUZZFEED，INC。
简明财务报表注解
(未经审计，表格中的金额和股数以千为单位，除每股金额外)
1. 业务描述
BuzzFeed, Inc.（以下统称其子公司为“BuzzFeed”或“公司”）是一家优秀的数字媒体公司，服务于历史上最多样化、最具在线活跃度和社会联系的几代人。我们的品牌在娱乐、资讯、食品、普普文化和商业领域推动对话，激励观众观看、阅读和买入的内容——以及面向未来。公司的标志性品牌包括BuzzFeed、HuffPost、Tasty和First We Feast（包括Hot Ones）。BuzzFeed的营业收入主要来自广告、内容、商业及其他向领先品牌销售的产品。公司有 一个基本报表。
2021年12月3日，我们完成了与890 5th Avenue Partners, Inc.（“890”）、890的某些全资子公司以及特拉华州公司BuzzFeed, Inc.（“Legacy BuzzFeed”）的业务合并（“业务合并”）。与业务合并有关，我们收购了 100％Cm Partners, LLC的会员权益。Cm Partners, LLC与Complex Media, Inc.共同被称为“Complex Networks。”在业务合并完成后，890更名为“BuzzFeed, Inc。”
此外，在与进行企业合并协议的同时，公司发行，以及某些投资者购买了$150.0 亿美元的无担保可转换债券，到2026年到期（“债券”），与企业合并的交易完成同时进行。由于出售与Complex Networks业务相关的特定资产（在本文内第19条款中讨论的“处置”），公司于2024年3月7日偿还了约$30.9 亿美元的债券。公司还于2024年6月21日偿还了约$0.3 亿美元的债券，截至2024年9月30日，尚有约$118.8 亿美元的债券未偿还。有关更多细节，请参阅本文第19条款。
流动性和持续经营
简明综合基本报表已按照美国通用会计准则（“美国通用会计准则”）根据持续经营基础编制，该基础预示在业务正常过程中实现资产和满足负债。截至随附简明综合基本报表发布日期（“发布日期”），以下不利条件的重要性已按照美国通用会计准则评估。与公司财务控件相关的以下风险和不确定性可能会对公司在发布日期后的未来12个月内维持运营能力造成不利影响。
自成立以来，公司普遍出现了重大亏损，并利用营运活动净现金流来发展其拥有和经营的资产以及其标志性品牌。2024年9月30日结束的九个月中，公司录得了净损失$41.0百万美元（继续经营的净损失为$31.1百万美元），并利用了来自其经营活动的净现金流$16.1百万美元（继续经营的经营活动中使用的净现金为$7.4百万美元）。此外，截至2024年9月30日，公司拥有无限制的现金及现金等价物$53.7百万用于资助其企业活动以及累积赤字$652.9百万。
根据本文第8节的描述，公司于2024年3月7日和2024年6月21日分别偿还了约$30.9百万美元和百万美元。截至2024年9月30日，尚未认领的股份补偿费用总额约为$0.3百万的债券，截至2024年9月30日，剩余约百万美元的债券本金未偿还。根据本文第8节的描述，每张债券持有人根据管理债券的托管协议有权要求公司以现金回购其持有的全部或部分债券，分别为：118.8（i）在2024年12月3日或之后的任何时间，以回购价格等于本金加上应计及未支付的利息，或（ii）在基本变更（如托管协议所定义）发生之前（即2026年12月3日之前）以回购价格等于 101%的本金加上应计及未支付的利息。此外，除非提前转换、赎回或回购，公司将必须在到期日以现金偿还债券。根据2024年10月28日托管协议的第三次修正，我们通知我们进行自愿赎回所需的提前通知期限已经修改，即（i）如果在2024年11月22日或之后给出此类通知（“回售通知”），该持有人应有权要求我们在2024年12月3日回购该持有人的债券，以及（ii）如果此类通知在2024年11月22日之后，该持有人应有权要求我们在该通知后第五个工作日回购该持有人的债券。公司预计债券持有人将在2024年11月22日（或之后不久）各自提交回售通知，届时将有$118.8百万的未偿还本金和约
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$4.7应付利息未偿规模达到某个数额后，利息将到期并需偿付。在支付日期前，公司将需要与票据持有人重新协商约束票据的条款和/或寻求替代融资来偿还票据。不能保证公司在任何情况下都会成功，这将触发票据约束条款下的违约事件，并允许票据持有人加快票据的到期，并要求偿还。目前公司没有足够的现金或预期现金流来偿还票据。关于票据偿还的不确定性可能导致我们A类普通股交易出现显著波动。
此外，公司于2024年2月28日修订了管理债券的契约，规定，除其他事项外， 95未来资产出售所得款项的百分之x必须用于偿还债券。
为满足其资本需求，并如上所述，公司可能会探讨重新构建其未偿债务的选择，并正在与顾问合作，以优化其简化合并资产负债表。然而，公司无法保证将从运营中产生足够的现金流入，或者成功获取这种新融资，或以必要的方式优化其简化合并资产负债表，以在未来12个月内超过发行日应付款项的到期。此外，公司可能实施额外的成本节约行动，并寻求其他外部资金来源，以补充到期的资金需求，这可能包括在市场上销售其A类普通股的附加期权（如本文第9条所述）。截至发行日期，并未确保或可能获得其他外部资金来源，除了公司的市场上销售，该销售受到与Craig-Hallum Capital Group LLC于2023年6月20日签订的市场销售协议中规定的条件约束。公司无法保证能够成功产生足够的流动性，以在未来12个月内满足其运营资金需求，或者必要时获得额外的外部资本（包括通过公司的市场上销售）或实施额外成本节约。
此外，公司正在持续评估其业务的战略变化，包括资产剥离、重组或停止不盈利的业务线。任何此类交易可能对公司的业务、财务状况和经营业绩产生重大影响。任何此类变化的性质和时间取决于各种因素，包括适用时点：公司的现金、流动性和营运绩效；其承诺和义务；其资本需求；在信贷安排下施加的限制；以及整体市场环境。截至发行日期，公司继续与外部顾问合作，优化其简化合并资产负债表并评估其资产。
这些不确定因素严重怀疑公司能否作为持续经营主体继续存在。随附的简明综合财务报表是基于公司将继续作为持续经营主体而编制的，即公司将能够在可预见的未来正常业务过程中实现资产并清偿负债和承诺。因此，随附的简明综合财务报表不包括可能由这些不确定因素结果导致的任何调整。
2. 重要会计政策之摘要
基本报表的基础和合并原则
附注未经审计的简明合并基本报表已按照美国通用会计准则（U.S. GAAP）和美国证券交易委员会有关中期财务报告的适用规定编制。根据这些规定，部分可能包括在按照U.S. GAAP编制的财务报表中的信息和附注披露被省略。因此，应阅读附带的简明合并基本报表和相关附注，结合截至2023年12月31日的公司合并基本报表和相关附注，如披露在截至2023年12月31日的公司10-k表格年度报告中。
综合简明财务报表包含所有正常循环调整，据管理层意见，这些调整是必要的，以公正呈现所列中期时段的结果。中期结果未必能反映截至2024年12月31日的年度成果。
简明综合财务报表包括BuzzFeed，Inc.及其完全拥有和大部分拥有的子公司的账户，以及公司是主要受益人的任何可变利益实体。所有公司间余额和交易在合并中已予以消除。
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股票拆细
公司于2024年4月25日（“2024年度股东大会”）召开了2024年度股东大会，并在该会议上，股东们批准了授予公司董事会自由裁量权的提案，以(1) 修改公司已修改的二次修正章程，使公司A类普通股和公司B类普通股的未结算股份合并为更少数量的A类普通股和B类普通股的未结算股份，比率在1比2到最多1比25的区间内，具体比率由公司董事会自行决定;并且(2)在公司股东批准提案之日起一年内（即2025年4月25日之前），实施这种股票的拆分，如果有的话。
公司董事会随后批准了进行股票合并，生效日期为2024年5月6日，并确定了股票合并比例为1比4。2024年4月26日，公司向特拉华州州务卿提交了有关公司章程的修正案（“修正案书”）。修正案书实施了A类普通股和B类普通股的股票合并比例为1比4（“股票合并”），生效日期为2024年5月6日东部时间凌晨12:01。A类普通股于2024年5月6日在纳斯达克以已有的“BZFD”标的进行了拆分调整后开始交易，但该证券的新CUSIP编号为12430A300。公开认购证（在本文第4条中定义）继续以“BZFDW”标的交易，公开认购证的CUSIP标识符保持不变。
作为反向股票拆分的结果，公司的A类普通股和B类普通股在反向股票拆分之前递发和挂出的每四股，被转换为一股A类普通股和B类普通股，具体情况视情况而定，在反向股票拆分后。反向股票拆分均应用于所有A类普通股和B类普通股持有人，不会改变任何股东在公司的持股百分比，除非反向股票拆分导致部分股东拥有碎股。在反向股票拆分中，没有发行碎股，因为所有碎股都被圆整到最接近的整数股。根据规定公共和私人权证的协议条款，A类普通股的碎股不会在行使权证时发行，如果权证持有人在行使权证时应有权获得A类普通股股份的碎股，公司将按最接近的整数向下取整以发行给该持有人的A类普通股股份。
除非另有说明，所有A类普通股和B类普通股的股份，包括本公司的公开认股权证和私人认股权证（如本报告第4条所定义的），股票期权，限制性股票单位和债券，本公司股权激励计划中授予的A类普通股股份，公司市场定向发行的A类普通股股份和可供出售的A类普通股，以及在简明合并财务报表中所有已调整至1比4的每股倒数及转换比率、行权价格和每股信息，均已根据1比4的逆向分拆进行了追溯调整，就像分拆发生在本季度报告表格10-Q中呈现的最早期间的开始。
已停止运营和待售
当具有批准行动权限的管理层承诺出售业务，并且在未来12个月内以与其当前公允价值相对合理的价格发生出售，以及满足特定其他标准时，将业务分类为待售。将待售业务按照（i）其账面价值和（ii）估计的公允价值减去出售成本中较低的金额进行记录。当业务的账面价值超过估计的公允价值减去出售成本时，将确认损失，并根据需要在每个报告期进行更新。
将分类为待售的业务的营运结果，若处置代表会对实体的运营和财务结果产生重大影响，将其作为中止操作进行报告。当确定要进行中止操作报告的业务时：(i)根据需要，以回顾性方式重分类之前期间的结果为中止操作；(ii)将营运结果以税后净额单行报告于简明综合损益表中；以及(iii)在将业务分类为待售的期间，将资产和负债报告为待售于简明综合资产负债表中。
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公司于2023年12月31日，决定将复杂网络业务的资产，不包括First We Feast品牌，归类为持有待售状态，并符合分类标准。此外，公司确定了于2024年2月21日进行的处置（即处置），代表了对我们业务和财务业绩产生重大影响的战略转变。因此，在呈现的全部期间的财务报告中，复杂网络的结果（不包括First We Feast）被呈现为已中止的业务。往期已经调整以符合当前呈现方式。复杂网络的资产在截至2023年12月31日的资产负债表中已作为已中止的业务的资产反映。请参阅本文第19节以获取更多详细信息。
使用估计
基本报表的准备要符合美国通用会计准则，这需要管理层对一定会影响资产和负债报告金额、基本报表日期时的或有资产和负债披露以及报告期间经营结果的估计和假设进行。由于财务报告过程中使用了估计，实际结果可能会与这些估计不同。
关键估计和假设主要涉及营业收入确认、企业合并中获取的无形资产的公允价值、递延所得税资产的减值准备、应收账款减值准备、固定资产的预期使用寿命以及资本化软件成本。
现金及现金等价物和受限制现金
可能使公司面临信用风险集中的金融工具包括现金及现金等价物。公司认为在购买时的原始到期日不超过三个月的工具为现金等价物。公司的现金及现金等价物包括存款在金融机构和货币市场基金中的投资。存放在这些金融机构的存款金额可能超过这些存款所覆盖的保险金额。通过与信用良好的金融机构合作，相关的风险集中得到了缓解。
公司将所有因合同条款而限制使用的现金归类为受限现金。 在2024年第一季度，公司用现金担保了15.5百万美元的信用证，这些信用证在循环信贷设施（在本附注8中定义）下尚未到期，金额为17.1百万美元。因此，截止到2024年3月31日，这笔17.1百万美元被归类为受限现金。然而，在2024年第二季度，公司终止了循环信贷设施下未到期的信用证，因此截至2024年9月30日的压缩合并资产负债表上没有受限现金的分类。
会计准则
作为一家新兴增长公司，该公司选择利用证券法修正案第7(a)(2)(B)节中规定的延长过渡期的好处，以符合新颁布或修订的会计准则，从而允许公司推迟采纳某些会计准则，直到这些准则否则适用于私人公司。
尚未采用的会计声明
2023年11月，FASB发布了ASU 2023-07，“分部报告（主题280）：报告段披露的改进”，旨在通过加强关于重要段费用的披露，主要是通过改善报告段的基本报表披露要求，使财务报表用户更好地了解各报告段的利润或损失的元件，以评估潜在未来现金流量，包括对每个报告段和整个实体的评估。修订通过要求披露定期向首席经营决策者（CODM）提供的重大段费用来扩展上市实体的段披露，澄清了实体何时可以报告一个或多个额外措施以评估段绩效，要求增加临时披露，为仅有一个报告段的实体提供新的披露要求，并要求其他新的披露。修订自2023年12月15日后开始的财政年度生效，以及2024年12月15日后开始的财政年度内的中期时段，允许提前采纳。公司预计采用这一新标准不会对其简明综合财务报表产生实质影响。
2023年12月，FASB发布了ASU 2023-09，“所得税（第740号课题）：改进所得税披露”，旨在提高所得税透明度、决策效用和有效性。
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披露。 此ASU中的修订要求公众实体披露具有具体类别的税率对账表，使用百分比和货币。公开公司还需要对构成州和地方所得税类别影响主要的州和地方辖区提供定性描述，并按照联邦、州和外国税收以及个别辖区分别提供支付的所得税净额。修改还删除了一些不再被视为成本有利的披露。 修订是在2024年12月15日后开始的年度期间远景性有效，允许提前采纳和追溯性应用。公司正在评估采纳此指南对简明综合财务报表的影响。
3. 收入确认
收入分解
下表显示了公司根据其安排性质进行细分的营业收入。管理层使用这些收入类别来评估其业务的表现，并评估其财务结果和预测。
截至9月30日的三个月截至9月30日的九个月
2024202320242023
广告$26,066 $26,915 $71,303 $83,720 
内容17,357 18,616 41,833 56,606 
商业和其他20,897 14,447 42,871 36,688 
合计$64,320 $59,978 $156,007 $177,014 
以下表格显示了公司按地理位置细分的营业收入：
截至9月30日的三个月截至9月30日的九个月
2024202320242023
收入：
美国$61,672 $53,659 $146,910 $161,908 
国际2,648 6,319 9,097 15,106 
总计$64,320 $59,978 $156,007 $177,014 
合同余额
营业收入确认的时间、账单和现金收款可能导致已开具的应收账款、未开具的营业收入（合同资产）和递延收入（合同负债）。公司合同中的付款条款和条件根据类型而异，但绝大多数要求客户按月或季度支付服务费，因为服务正在提供中。当营业收入确认的时间与客户支付的时间不同时，公司会确认未开具的营业收入（当服务性能先于开票日期）或递延收入（当客户预先付款而未提供服务时）。公司已确定其合同通常不包括重大的融资成分。
公司的合同资产在附注的简明合并资产负债表中以预付款和其他流动资产形式列示，截至2024年9月30日和2023年12月31日分别合计$6.9 百万美元和$8.3 百万美元。这些金额涉及在各期间确认的营业收入，预计将在将来期间开具发票并收回。
公司的合同责任在附表的递延营业收入中记录，预计将在随后的12个月内作为营业收入确认。递延收入总额为$1.3 百万美元和$1.9 百万。
2024年9月30日结束的九个月期间确认的营业收入金额，包括2023年12月31日未来收入余额中的部分，为$1.8百万美元。
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分配给剩余履行义务的交易价格
公司与特定许可合同签订了具有最低保证和超过一年的期限。剩余履约义务相关的应识别营业收入为$2.1 截至2024年9月30日，预计将在未来几年实现的营业收入为 一个 至 三年。此金额不包括：(i) 原始预期期限为一年或更短的合同，如广告合同；(ii) 以销售为基础的变量考虑因素；或(iii) 完全分配给完全未履行的履约义务的变量考虑因素。
对于每份合同，公司估计是否受到合同条款下的变量考虑，并根据预期价值法在交易价格中包含其变量考虑的估计，受到限制，并在基于历史经验和趋势认为实现可能的情况下。公司在每个报告期更新其交易价格的估计，变量考虑对交易价格的影响将作为对营业收入的调整而按累计追溯方式确认。
4. 公允价值衡量
公司的金融资产和负债是以重估及公平价值计量的方式进行归纳:
2024年9月30日
一级第2级三级合计
资产：
现金等价物：
货币市场基金$16,404 $— $— $16,404 
总额$16,404 $— $— $16,404 
负债：
衍生品负债$— $— $— $— 
其他非流动负债:
公共认股权证981 — — 981 
认股权证— 7 — 7 
总额$981 $7 $— $988 
2023年12月31日
一级第2级三级合计
资产：
现金等价物：
货币市场基金$25,306 $— $— $25,306 
总数$25,306 $— $— $25,306 
负债：
衍生品负债$— $— $— $— 
其他非流动负债:
公共认股权证402——402
认股权证—4—4
总数$402 $4 $— $406 
公司对货币市场基金的投资按摊销成本计量，该成本接近公允价值。
截至2024年9月30日和2023年12月31日，公司的权证负债包括最初由890发行但随后由公司承担的公共和私人权证（分别称为“公共权证”和“私人权证”），这些权证以公平价值记录在资产负债表上。账面价值会在每个资产负债表日期进行复核。在每次复核时，账面
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金额已调整为公允价值，公允价值变动已在公司的综合收支表中确认。
公开认股权证在“BZFDW”标的下公开交易，公开认股权证在特定日期的公允价值由该日期的公开认股权证收盘价确定。因此，公开认股权证被分类为公允价值层级1内。公开认股权证的收盘价为$0.10 和$0.04 于2024年9月30日和2023年12月31日。
从历史上看，三级工具由公司与票据相关的衍生负债组成。归入第三级的公允价值衡量标准对用于确定公允价值的假设或方法的变化很敏感，此类变化可能导致公允价值的显著增加或减少。为了衡量衍生负债的公允价值，公司将票据的计算价值与主工具（定义为票据的直接债务部分）的指示价值进行了比较。直接债务主体工具的价值与票据的公允价值之间的差异导致了衍生负债的价值。直债主工具的价值是根据二项式格子模型估算的，其中不包括转换选项和转换时的整额付款。截至2023年12月31日，公司确定衍生负债的公允价值并不重要，因为 (i) 我们的A类普通股的收盘价为美元1.00 自2023年12月29日起，（ii）每位票据持有人都有权要求公司在2024年12月3日当天或之后的任何时候以现金回购该持有人持有的全部或部分票据（更多细节见此处附注8）。截至2024年9月30日，嵌入式衍生品的公允价值仍然微不足道。
截至2023年7月31日，续借贷款协议下未偿还的借款额为任何 在截至2024年9月30日的三个月和九个月内，资产进行公允价值计量水平之间的转移。
权益投资
对于公司无法行使重大影响力的实体的股权投资，如果该投资的公允价值不容易判断，则按成本核算，并根据随后可观察到的价格变化进行调整。如果投资的公允价值可以容易判断，则按公允价值核算。公司会在每个期末审查无法容易判断公允价值的股权投资，以判断其是否已遭受减记。
截至2024年9月30日和2023年12月31日，公司投资了一家私人持有公司的股票，且该股票没有明确可确定的公允价值。该投资的总账面金额包括在资产负债表中的预付款及其他资产中，金额为$0.8 截至2024年9月30日和2023年12月31日，A轮的总清算优先权为$百万美元。
5. 物业和设备，净值
净固定资产包括以下内容:
2024年9月30日2023年12月31日
租赁改良$47,944 $49,007 
2,5513,645 3,910 
计算机设备2,566 3,057 
视频设备381 439 
总数54,536 56,413 
减：累计折旧(46,874)(44,557)
净账面价值$7,662 $11,856 
折旧总额为$1.5 百万美元和$1.6 分别为截至2024年和2023年9月30日的三个月的百万美元，以及分别为截至2024年和2023年9月30日的九个月的$4.7 百万 和 $5.0 百万 分别为截至2024年9月30日和2023年的九个月，在折旧和摊销费用中
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6. 资本化的软件成本，净额
大写软件成本，净额如下所示：
2024年9月30日2023年12月31日
网站和内部使用的软件$89,582 $82,138 
减少：累计摊销(66,878)(59,846)
净账面价值$22,704 $22,292 
公司在2023年6月30日和2022年6月30日的三个和六个月内将$百万的授予股票-based报酬支出资本化为软件成本，分别相比$   百万2.9 百万和$3.2 分别为截至2024年和2023年9月30日的三个月的百万美元，以及分别为截至2024年和2023年9月30日的九个月的$9.3 百万美元和美元10.9 分别为截至2024年9月30日和2023年9月30日的九个月，包括已资本化的软件成本净额。公司分期摊销了美元2.8 百万美元和美元2.7 分别为截至2024年9月30日和2023年9月30日的三个月，分别为美元8.9 百万美元和美元8.1 截至2024年和2023年9月30日的九个月，分别包括在折旧和摊销费用中，为百万美元。
7. 无形资产，净额
以下表格展示了呈现期间的无形资产细节以及加权平均剩余使用寿命：
2024年9月30日2023年12月31日
Weighted-
平均
未行权期限平均
预计有用寿命
（年）		总收入
账面价值
价值		累积
摊销		净额
价值		Weighted-
平均
未行权期限平均
预计有用寿命
（年）		总账面
价值		累积
摊销		净账面价值
已获得科技0$5,500 $5,500 $— 0$5,500 $5,271 $229 
商标和商号名称1228,550 6,132 22,418 1328,550 4,704 23,846 
商标和商号名称不确定1,368 — 1,368 不确定1,368 — 1,368 
客户关系12,550 1,805 745 22,550 1,328 1,222 
总数$37,968 $13,437 $24,531 $37,968 $11,303 $26,665 
关于无形资产，公司摊销了$0.6 百万美元和美元1.1 分别为截至2024年9月30日和2023年9月30日的三个月，分别为美元2.1 百万和$3.3 截至2024年和2023年9月30日的九个月，分别包括在折旧和摊销费用中，为百万美元。
截至2023年11月30日的未来预计摊销费用如下（单位：千美元）： 2024年9月30日 （金额单位：千元）
2024年余下的时间$635 
20252,488 
20261,903 
20271,903 
20281,903 
以后14,331 
总数$23,163 
商誉减值
公司每年在10月1日审查商誉减值，如果事件或情况变化表明可能存在减值（“触发事件”），则会更频繁地进行审查。截至2024年9月30日，公司的资产负债表上录有$57.6 百万的商誉。公司得出结论，在2024年9月30日结束的三个月和九个月内，不存在任何减值触发事件。
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8. 债务
循环信贷额度
2020年12月30日，公司签订了一份，其后在2021年12月3日与业务合并结束相关的文件中对此进行了修订和重签，之后又在2022年12月15日进行了修订和重签，并分别在2023年6月29日和9月26日进行了修订（即，循环信用设施协议）。 三年, $50.0 旋转贷款和备用信用证授信设施协议，授权金额为美元百万，该协议于2021年3月31日结束并确保在2021年3月31日完全使用。15.5 用于向公司的某些房东发行的优先信用函，于2021年3月31日结束并确保在2021年3月31日完全使用，总共签发了百万美元的备用信用证。15.5 2023年12月31日，公司在循环授信额度下已签发未决信用额度为百万美元（后文将详细描述）。无 如下所述，在2024年9月30日结算结束，公司在循环授信额度下的未决信用额度为百万美元。
2024年2月21日，关于本文第19条讨论中提到的处置，公司终止了循环信贷设施，除了尚有的1000万美元信用证。15.5然而，在2024年第二季度，公司终止了1亿美元信用证，导致循环信贷设施全部终止。15.5然而，在2024年第二季度，公司终止了1亿美元信用证，导致循环信贷设施全部终止。
备用信用证
在2024年第二季度，公司与一家金融机构达成协议，为标准信用状提供了 $15.5百万美元。这些信用状于2024年第二季度发行，支持了公司的某些房东，并截止至2024年9月30日仍未偿还。
可转换债券
2021年6月，公司与合并协议签署相关，进行了业务合并，公司与某些投资者签署了认购协议，以卖出$150.0 百万美元总本金未担保到期2026年可转换票据（即Notes）。与业务合并结束相关，公司发行了这些投资者购买的Notes，受2021年12月3日日起的一则信托契约管理，该契约分别于2023年7月10日，2024年2月28日和2024年10月28日进行了修改。这些Notes可以按照约$的转换价转换为本公司A类普通股，并以每年约%的利率支付半年度利息。这些Notes将于2026年12月3日到期。截至2024年9月30日，这些Notes可转换为约50.00 ，并以每年%的年息率，半年付息。到期日为2026年12月3日。截至2024年9月30日，Notes可以转换为约 8.50，截至2024年9月30日，这些Notes可以转换为约 2,375,347 股本公司的A类普通股。
每个债券持有人根据管理债券的契约有权要求公司以现金购回其持有的全部或部分债券，即(i)自2024年12月3日或之后的任何时间（即债券发行三周年日），以等于本金加应计未付利息的购回价，或(ii)发生基本变更（在契约中定义）之前（即2026年12月3日）购回价等于本金额加应计未付利息。 101％本金额加应计未付利息。根据2024年10月28日契约的第三次修正，对于可选赎回的提前通知期限进行了修改，即(i)若于2024年11月22日发出该等通知（“赎回通知”），则该持有人有权要求公司在2024年12月3日购回该持有人的债券，及(ii)若通知在2024年11月22日之后，该持有人有权要求公司在通知后第五个营业日购回其债券。公司预计债券持有人每位将于2024年11月22日（或之后不久）发出赎回通知，之后交付了$118.8百万美元的未偿本金金额和约$4.7应付利息未偿规模达到某个数额后，利息将到期并需偿付。在支付日期前，公司将需要与票据持有人重新协商约束票据的条款和/或寻求替代融资来偿还票据。不能保证公司在任何情况下都会成功，这将触发票据约束条款下的违约事件，并允许票据持有人加快票据的到期，并要求偿还。目前公司没有足够的现金或预期现金流来偿还票据。关于票据偿还的不确定性可能导致我们A类普通股交易出现显著波动。
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.
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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.
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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.
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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.
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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.
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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
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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.
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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 
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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
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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，衡平法院对公司的简易判决动议和原告的反动议进行口头辩论。2024年5月15日，特拉华州衡平法院裁定，AAA将判断对于那些提供包含仲裁条款的雇佣协议的原告，是否可以仲裁该事项。2024年6月13日，公司向AAA写信请求继续暂停仲裁，因为仍然存在未证明拥有包含仲裁条款的雇佣协议的原告， 六 因此，特拉华州衡平法院保留管辖权以裁定这些 六 索赔。原告表示反对，并且在2024年6月18日，AAA表示计划针对 85 其索赔已被特拉华州衡平法院解决的原告推进仲裁，尽管仍有 六 原告仍在该法院。2024年9月9日，BuzzFeed媒体企业公司向特拉华州最高法院提交了2024年5月15日特拉华州衡平法院的裁决的上诉通知。此事仍在进行中。
加利福尼亚州隐私侵权法
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2024 年 4 月 11 日，一场名为 Chih-Yuan Chang 的诉讼 等人。 诉BuzzFeed, Inc.在纽约南区对该公司提起诉讼，指控该公司通过在网站访问者的互联网浏览器上安装Sharethrough、iQM和Dotomi跟踪器，在未经访客同意的情况下收集访问者的个人识别信息，违反了《加州入侵隐私法》（CIPA）。此外，原告还寻求集体认证。此事已于2024年7月9日和解，该案现已结案。
纳斯达克上市合规
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.
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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 
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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 $108.6 million in cash. The Company disposed of Complex Networks in order to refocus its business around scalable, high-margin, and tech-led revenue streams. As such, the Company concluded the ultimate disposal (i.e., the Disposition), represented a strategic shift that had a major effect on the Company’s operations and financial results. Therefore, the historical results of Complex Networks, excluding the First We Feast brand, are classified as discontinued operations for all periods presented herein.
Details of net income (loss) from discontinued operations, net of tax, were as follows:
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Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Revenue$— $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:
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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.

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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.”
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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.
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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
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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.
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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.
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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)
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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 
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(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.
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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:
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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.
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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)%
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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.

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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.

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(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-
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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
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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
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$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
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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
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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
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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.
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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
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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.
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ITEM 5. OTHER INFORMATION
Not applicable.
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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
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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.
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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
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