Prepaid expenses
and other current
assets and prepaid
expenses and other
assets 4,795 2,540 2,361
Accounts payable 19,258 11,582 3,546
Deferred rent - - (4,456)
Accrued
compensation (18,088) (5,663) 2,307
Accrued expenses,
other current
liabilities and
other liabilities (12,619) (2,841) (1,847)
Lease liabilities (23,421) (23,249) -
Deferred revenue (6,946) 7,154 (5,759)
-------- -------- --------
Cash provided by (used
in) operating activities
from continuing
operations 589 597 (22,043)
Net cash (used in)
provided by operating
activities from
discontinued operations (6,692) (8,454) 22,840
-------- -------- --------
Net cash flow (used in)
provided by operating
activities (6,103) (7,857) 797
-------- -------- --------
Investing activities:
Business acquisitions,
net of cash acquired - - (189,885)
Capital expenditures (964) (5,424) (4,983)
Capitalization of
internal-use software (13,934) (12,361) (11,039)
Proceeds from sale of
asset 175 500 -
Cash of disposed
subsidiaries, less
proceeds on disposition - - (2,121)
-------- -------- --------
Cash used in investing
activities from
continuing operations (14,723) (17,285) (208,028)
Cash (used in) provided
by investing activities
from discontinued
operations - - -
-------- -------- --------
Cash used in investing
activities (14,723) (17,285) (208,028)
-------- -------- --------
Financing activities:
Proceeds from reverse
recapitalization, net of
costs - - (11,652)
Proceeds from issuance of
common stock - - 35,000
Payment for shares
withheld for employee
taxes (451) (1,698) -
Deferred reverse
recapitalization costs - $(585.SI)$ -
Proceeds from issuance of
convertible notes, net
of issuance costs - - 143,806
Proceeds from exercise of
stock options 29 459 6,975
Proceeds from the
issuance of common stock
in connection with
at-the-market offering,
net of issuance costs 902 - -
Borrowings on Revolving
Credit Facility 2,128 5,000 9,000
Payments on Revolving
Credit Facility (1,796) - (1,306)
-------- -------- --------
Cash provided by
financing activities 812 3,176 181,823
Effect of currency
translation on cash and
cash equivalents (123) (1,993) (985)
-------- -------- --------
Net decrease in cash and
cash equivalents (20,137) (23,959) (26,393)
-------- -------- --------
Cash, cash and cash
equivalents and
restricted cash at
beginning of year 55,774 79,733 106,126
-------- -------- --------
Cash, cash and cash
equivalents and
restricted cash at end
of year $ 35,637 $ 55,774 $ 79,733
======== ======== ========
BUZZFEED, INC.
Reconciliation of GAAP to Non-GAAP
(Unaudited, USD in thousands)
Three Months Ended
December 31, Year Ended December 31,
-------------------------- ---------------------------
2023 2022 2023 2022
------ ------- --- ------- --------
Net income (loss)
from continuing
operations $ 3,531 $(60,685) $(60,332) $(140,483)
Income tax provision
(benefit) 1,437 (168) 1,602 2,703
Interest expense,
net 4,267 4,558 16,085 15,591
Other (income)
expense, net (1,372) (2,254) 2,990 3,076
Depreciation and
amortization 5,545 6,079 21,941 24,263
Stock-based
compensation 1,054 2,301 5,579 19,169
Change in fair value
of warrant
liabilities (83) (1,579) 11 (4,543)
Change in fair value
of derivative
liability (30) (1,170) (180) (4,695)
Restructuring(1) -- 5,372 6,761 10,199
Impairment
expense(2) -- 64,304 -- 66,464
Transaction-related
costs(3) 800 -- 800 5,132
Litigation costs(4) -- -- -- 1,920
Public company
readiness costs(5) -- -- -- 1,522
------ ------- --- ------- --------
Adjusted EBITDA $15,149 $ 16,758 $ (4,743) $ 318
====== ======= === ======= ========
Adjusted EBITDA
margin(6) 20.0% 16.5% (1.9)% 0.1%
Net income (loss) as
a percentage of
revenue 4.7% (59.7)% (23.9)% (41.0)%
(1) 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 comparison to our past operating performance.
(2) Reflects aggregate non-cash impairment expenses recorded during the year ended December 31, 2022 associated with goodwill impairment of $64.3 million and $2.2 million related to certain long-lived assets of our former corporate headquarters, which was fully subleased during the third quarter of 2022.
(3) 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 IT systems.
(4) Reflects costs related to litigation that are outside the ordinary course of our business. We believe it is useful to exclude such charges because we do not consider such amounts to be part of the ongoing operations of our business and because of the singular nature of the claims underlying the matter.
(5) Reflects one-time initial set-up costs associated with the establishment of our public company structure and processes.
(6) Net income (loss) as a percentage of revenue is included as the most comparable GAAP measure to Adjusted EBITDA margin, which is a Non-GAAP measure.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240325395163/en/
CONTACT: Media Contact
Juliana Clifton, BuzzFeed: juliana.clifton@buzzfeed.com
Investor Relations Contact
Amita Tomkoria, BuzzFeed: investors@buzzfeed.com
(END) Dow Jones Newswires
March 25, 2024 16:32 ET (20:32 GMT)
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