BuzzFeed Inc (BZFD) 2025 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the BuzzFeed Inc third quarter 2025 earnings conference call. I would now like to hand the conference over to your first speaker today, Juliana Clifton, Vice President of communications. Please go ahead.

大家好，感謝各位的耐心等待。歡迎參加 BuzzFeed 公司 2025 年第三季財報電話會議。現在，我將把會議交給今天的第一位發言人，傳播副總裁朱莉安娜·克利夫頓女士。請開始吧。

Hi everyone and welcome to BuzzFeed Inc's third quarter of 2025 earnings conference call. I'm Juliana Clifton, VP of communications for BuzzFeed. Joining me today, our CEO, Jonah Peretti; and CFO, Matt Omer. Before we begin, please note that our remarks today will include forward-looking statements. Actual results may differ materially from those contemplated by these statements.

大家好，歡迎參加 BuzzFeed 公司 2025 年第三季財報電話會議。我是 BuzzFeed 的傳播副總裁 Juliana Clifton。今天與我一同出席的還有我們的執行長 Jonah Peretti 和財務長 Matt Omer。在會議開始之前，請注意，我們今天的演講將包含一些前瞻性陳述。實際結果可能與這些陳述所預期的結果有重大差異。

Risks and factors that could cause actual results to differ materially are described in our Q3 2025 earnings release. And in our filings with the SEC, including our most recent annual report on Form 10-K and our Q3 2025 quarterly report on Form 10-Q filed with the SEC.

可能導致實際結果與預期結果有重大差異的風險和因素已在我們的2025年第三季財報中有所描述。此外，這些風險和因素也已在提交給美國證券交易委員會（SEC）的文件中有所描述，包括我們最新的10-K表格年度報告和提交給SEC的2025年第三季度10-Q表格季度報告。

Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements, as a result of new information or future events. During this call, we present both GAAP and non-GAAP financial measures, including adjusted EBITDA and adjusted EBITDA margin.

我們在本次電話會議中所做的任何前瞻性陳述均基於截至今日的假設，我們不承擔因新資訊或未來事件而更新這些陳述的義務。在本次電話會議中，我們將提供GAAP和非GAAP財務指標，包括調整後EBITDA和調整後EBITDA利潤率。

The use of non-GAAP financial measures allows us to measure the operational strength and performance of our business. To establish budgets and to develop operational goals for managing our business. We believe adjusted EBITDA and adjusted EBITDA margin are relevant and useful information for investors, because they allow investors to view performance in a manner similar to the method used by our management.

使用非公認會計準則（非GAAP）財務指標有助於我們衡量業務的營運實力和業績，並制定預算和營運目標以管理業務。我們認為，調整後EBITDA和調整後EBITDA利潤率對投資者而言是相關且有用的信息，因為它們能讓投資者以與管理層類似的方式看待業績。

A reconciliation of these GAAP to non-GAAP measures is included in today's earnings properly, which is available now on our investor relations website.

今天的獲利報告中包含了這些 GAAP 指標與非 GAAP 指標的調整表，該報告現已發佈在我們的投資者關係網站上。

I'll turn the call over to Jonah now.

我現在把電話交給喬納。

Thank you and good afternoon, everyone. Q3 was a challenging quarter with near-term headwinds that impact our results. Revenue decline, driven by soccer advertising demand, it's decrease in affiliate partner bonuses, and tougher [comparisons] against last year's Presidential election site. But despite a revenue decline, we still expect to deliver positive adjustment EBITDA for the full year would they step-up in Q4 driven by seasonal strength and commerce and advertise.

謝謝大家，下午好。第三季充滿挑戰，短期內面臨許多不利因素，影響了我們的業績。收入下滑主要受足球廣告需求下降、聯盟夥伴獎金減少以及與去年總統選舉網站相比基數較高等因素影響。但儘管營收下滑，我們仍預期全年調整後EBITDA將為正，前提是第四季在季節性因素和商業及廣告業務的推動下成長。

This is a direct result of the transformative work we've done, build a leaner, more resilient business model. Our audience metrics continue to show strength. But [BuzzFeed, Inc] remained number one among Gen Z and millennials in our competitive set with 10.7 million hours of Time Spent with this audience Q3, up 25% for Q2.

這直接得益於我們所做的變革性工作，也就是建構一個更精簡、更具韌性的商業模式。我們的受眾指標持續保持強勁勢頭。但在我們的競爭對手中，[BuzzFeed, Inc.] 在 Z 世代和千禧世代群體中依然保持領先地位，第三季度用戶在該群體中花費的時間達到 1070 萬小時，比第二季度增長 25%。

Our flagship Buzzy brand also remains the number one brand in our competitive set in Q3, generating 37.2 million hours of US Time Spent growing 4% year-over-year. Among Gen Z and millennial audiences, BuzzFeed was up 6% from Q2. Direct traffic, direct visits, internal referrals, and app uses now accounts for 63% of BuzzFeed.com traffic, up from 61% in Q2, reinforcing our reduced platform dependency.

在第三季度，我們的旗艦品牌 BuzzFeed 依然穩居競爭對手之首，用戶在美國的訪問時長達 3720 萬小時，同比增長 4%。在 Z 世代和千禧世代用戶中，BuzzFeed 的用戶量較第二季成長了 6%。直接存取、直接存取、內部推薦和應用程式使用量目前佔 BuzzFeed.com 總流量的 63%，高於第二季的 61%，這進一步印證了我們降低對平台依賴性的優勢。

Similarly, the HuffPost homepage drives exceptional traffic. Home page -- page views and referrals now account for 75% of total HuffPost.com traffic, up from 70% a year ago. We're also making significant progress on various R&D projects. I've been spending more of my time in the lab, and I'm excited to get a larger update on the next recording call on what we've been building with (technical difficulty).

同樣，HuffPost 的首頁流量也異常出色。首頁的頁面瀏覽量和推薦流量目前佔 HuffPost.com 總流量的 75%，高於一年前的 70%。我們在多個研發項目上也取得了顯著進展。我最近花了很多時間在實驗室，很期待在下次錄音會議上詳細報告我們目前的研究進展（由於技術原因）。

Now pass to Matt, who will walk you through the Q3 finances.

現在請馬特為大家講解第三季的財務狀況。

Thank you, Jonah. As Jonah mentioned, Q3 was a challenging quarter, and I want to provide some additional context to the numbers before walking through the details. Total revenue for the quarter was $46.3 million down 17% year-over-year from $55.6 million in Q3 2024. This decline was driven by three factors. [Continued software] and direct sold advertising and content.

謝謝喬納。正如喬納所說，第三季充滿挑戰，在詳細分析數據之前，我想先提供一些背景資訊。本季總營收為 4,630 萬美元，年減 17%，而 2024 年第三季為 5,560 萬美元。收入下降主要受三個因素影響：[持續軟體]以及直接銷售的廣告和內容。

A decline in affiliate bonuses from a commerce Partners, and a difficult year-over-year comparisons given the elevated engagement and spend during the Presidential election cycle in Q3 2024. Despite these revenue headwinds, we've maintained our focus and cost discipline and operational efficiency.

由於電商合作夥伴的聯盟獎金下降，以及2024年第三季總統選舉週期期間用戶參與度和支出大幅上升，同比數據難以比較，儘管面臨這些收入方面的不利因素，我們仍然保持了專注、成本控制和營運效率。

Adjusted EBITDA for the quarter was [$753,000] compared to $8.1 million in Q3 2024. While this represents a significant decline, it's important to note that we made adjusting EBITDA positive despite the decline, a testament to the lean operating structure we've built.

本季調整後 EBITDA 為 75.3 萬美元，而 2024 年第三季為 810 萬美元。雖然這代表著大幅下降，但值得注意的是，儘管出現下降，我們仍然實現了調整後 EBITDA 為正值，這證明了我們建立的精簡營運結構的成功。

Now, let me walk through the revenue categories in more detail. Advertising revenues totaled $22.2 million compared to $24.8 million in Q3 2024, down 11%. Direct sold advertising declined to $5.1 million driven by continued market softness in this category.

現在，讓我更詳細地介紹一下各項收入類別。廣告收入總計2,220萬美元，而2024年第三季為2,480萬美元，較去年同期下降11%。直接銷售廣告收入降至510萬美元，主要原因是該類別市場持續疲軟。

Content revenue totaled $7.2 million compared to $10.7 million in Q3 '24, a decline of 33%. Direct sold content [sale] fell by $2.6 million at $5.9 million reflect the new demand for brand content -- branded content partnerships. Studio revenue declined modestly to $1.3 million.

內容收入總計720萬美元，而2024年第三季為1,070萬美元，較去年同期下降33%。直接銷售內容收入下降260萬美元至590萬美元，反映市場對品牌內容（即品牌內容合作）的新需求。工作室收入小幅下降至130萬美元。

And it's worth noting that in Q3 2024 included a non-recurring data license deal, which makes year-over- year comparison particularly difficult. In studio revenue will continue to vary quarter-to-quarter based on project timing and delivery schedules, but we remain confident in the long-term trajectory of this business, as we build out our [ID] portfolio.

值得注意的是，2024 年第三季包含一項非經常性資料授權協議，這使得年比資料比較變得特別困難。工作室收入將繼續根據專案進度和交付計劃而出現季度波動，但隨著我們不斷拓展 [ID] 產品組合，我們對這項業務的長期發展前景依然充滿信心。

Commerce and other revenues totaled $17 million compared to $20.1 million in Q3 '24, a decline of 15%. Organic affiliate commerce declined by $2.8 million to $16.8 million. This was primarily driven by a decline in supplemental bonuses from affiliate partners, including Amazon, as they continue to refine the commission methodologies.

商業及其他收入總計1700萬美元，而2024年第三季為2010萬美元，年減15%。自然流量聯盟行銷收入下降280萬美元至1680萬美元。這主要是由於聯盟合作夥伴（包括亞馬遜）的額外獎金減少，因為他們仍在不斷改進佣金計算方法。

It's worth noting, however, that year-to-date organic affiliate revenues is essentially flat year-over-year. On the audience engagement side. Total US Time Spent across our properties with 68.5 million hours compared to 80.3 million hours in Q3 '24.

值得注意的是，今年迄今的自然聯盟行銷收入與去年同期基本持平。在用戶互動方面，美國用戶在我們旗下所有平台上的總觀看時間為 6,850 萬小時，而 2024 年第三季為 8,030 萬小時。

This decline was largely expected as Q3 '24 benefits significantly from elevated news consumption during the Presidential election cycle. A sequential basis, Time Spent was relatively stable compared to Q2 2025, as we continue to see strong engagement metrics among our most loyal users.

這一下滑基本上在預期之內，因為2024年第三季受益於總統選舉週期期間新聞消費量的顯著增長。與2025年第二季相比，用戶停留時間季比相對穩定，因為我們持續看到最忠實用戶群保持著強勁的參與度。

Looking at the first nine months of 2025, total revenues reached $128.7 million compared to $133.7 million in the first nine months of 2024. The decline of 4%. Net loss from continued operations was $30.5 million compared to $29.8 million in the same period last year.

2025年前九個月，總收入達1.287億美元，而2024年前九個月為1.337億美元，下降4%。持續經營業務的淨虧損為3,050萬美元，去年同期為2,980萬美元。

And adjusted EBITDA losses improved at $3.2 million compared to losses of $5.5 million in the first nine months of 2024, an improvement of 42%. This year to day performance reflects the ongoing transformation of our revenue mix with growing (technical difficulty) and programmatic advertising and studio revenue partially offset by a client in direct sold categories.

經過調整後的 EBITDA 虧損額為 320 萬美元，較 2024 年前九個月的 550 萬美元虧損額改善了 42%。今年的業績反映了我們收入結構的持續轉型，其中程序化廣告和工作室收入的成長（技術難題）部分被一位直接銷售客戶的虧損所抵消。

Looking ahead, we are reducing our full year '25 guidance by approximately $10 million to reflect the softness in Q3 and our cautious approach to Q4 2024 results. We now expect revenue in the range of $185 million to $195 million. And now the adjusted EBITDA on the range of breakeven to $10 million. This revised outlook reflects the near-term challenges in advertising and commerce, as well as a lumpiness in the studio project timing.

展望未來，鑑於第三季業績疲軟以及我們對2024年第四季業績的謹慎預期，我們將2025年全年業績預期下調約1,000萬美元。我們目前預計營收將在1.85億美元至1.95億美元之間。調整後EBITDA預計在損益兩平點至1,000萬美元之間。此次調整後的預期反映了廣告和電商領域近期面臨的挑戰，以及工作室專案進度安排的不穩定性。

However, we remain committed to improving that income from continuing operations and achieving adjusting EBITDA profitability for the full year. And we continue to believe that our strategic focus use on earnings distribution and scalable revenue streams, and new innovative -- innovation on initiatives position us well for long-term value creation.

然而，我們仍致力於提升持續經營業務的收入，並實現全年調整後 EBITDA 獲利。我們依然堅信，我們專注於收益分配、可擴展的收入來源以及創新舉措的策略，將使我們在長期價值創造方面佔據有利地位。

As we head into Q4, we're focused on executing against our seasonal strengths, particularly in affiliate commerce during key shopping windows like Black Friday and Cyber Monday. We continue to invest in the foundations for future growth. Thank you for joining us today

進入第四季度，我們將專注於發揮自身季節性優勢，尤其是在黑色星期五和網路星期一等關鍵購物季的聯盟行銷方面。我們將繼續投資於未來成長的基礎建設。感謝您今天參與我們的活動。

I'll hand the call back to the operator now.

我現在把電話轉回給接線生。

Thank you for your participation in today's conference. This concludes the program. You may now disconnect.

感謝您參加今天的會議。會議到此結束，您可以斷開連線了。