BuzzFeed, Inc. (NASDAQ: BZFD), the home of the best of the Internet, released its fourth-quarter and full-year 2021 financial results before the market opened on Tuesday, March 22, 2022.
BuzzFeed held its first earnings call since going public on Nasdaq and acquiring Complex Networks in December 2021. This followed BuzzFeed’s acquisition of HuffPost in February 2021.
EPS – $0.19
Revenue – $133.26 million
2021 Full-Year Financial and Operational Highlights
- BuzzFeed increased revenues by 24% year-over-year to $397.6 million.
- Net Income increased 132% year-over-year to $25.9 million.
- Adjusted EBITDA grew by 35% to $41.5 million, or 10.4% of revenues.
- BuzzFeed ended the year with cash and cash equivalents of approximately $80 million.
- Its trusted commerce content drove approximately $600 million in attributable transactions in 2021, up almost ten-fold since we first launched this business in 2016; BuzzFeed’s revenue from those transactions was more than $60 million in 2021, up from $4 million in 2016
2021 Fourth-Quarter Financial and Operational Highlights
- Revenue increased 18% year-over-year to $145.7 million
- Net Income increased 29% year-over-year to $41.6 million
- Adjusted EBITDA declined 12% to $34.2 million, or 23.5% of revenues
- Time spent declined 4% to 186 million hours
First Quarter 2022 Financial Outlook
- On a pro forma basis, including Complex Networks in the year ago first quarter, we expect revenues to be down by a low single-digit percentage year-over-year
- On a reported basis, excluding Complex Networks in the year ago first quarter, we expect revenues to grow by approximately 30%
- We expect Adjusted EBITDA losses in the range of $15 to $20 million for the combined company.
- Additionally, we expect stock-based compensation expenses in the range of $3.5 to $4.5 million
“2021 was a year of significant milestones for BuzzFeed. We became the first publicly traded digital media company, delivered double-digit growth in revenues and profits, and completed the acquisitions of HuffPost and Complex Networks – both of which are already making important contributions to the company’s financial performance.”Jonah Peretti, BuzzFeed Founder & CEO.
BuzzFeed, Inc. is a leading digital media company for the world’s most diverse, online, and socially engaged generation. Our brands drive conversation and inspire what audiences watch, read, buy, and obsess about next in food, news, pop culture, and commerce. BuzzFeed, Inc., founded in 2006 on the Internet, is dedicated to improving it by providing trusted, quality, brand-safe news, and entertainment to hundreds of millions of people; making Internet content more inclusive, empathetic, and creative; and inspiring our audience to live better lives.