BuzzFeed, Inc. (BZFD) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the BuzzFeed Inc first-quarter 2026 earnings conference call.

各位好，感謝您稍候。歡迎參加 BuzzFeed Inc 2026 年第一季財報電話會議。

I would now like to hand the conference over to your first speaker today, Juliana Clifton, VP of Communications. Please go ahead.

現在我想把會議交給今天的第一位講者，傳播副總裁 Juliana Clifton。請開始。

Hi, everyone. Welcome to BuzzFeed Inc.'s first-quarter 2026 earnings conference call. I'm Juliana Clifton, VP of Communications for BuzzFeed. Joining me first today are CEO, Jonah Peretti; and CFO, Matt Omer. Before we get started, I'd like to take this opportunity to remind you that our remarks today include forward-looking statements. Actual results may differ materially from those contemplated by these forward-looking statements.

各位好。歡迎參加 BuzzFeed Inc 2026 年第一季財報電話會議。我是 BuzzFeed 傳播副總裁 Juliana Clifton。今天首先與我一同出席的有執行長 Jonah Peretti，以及財務長 Matt Omer。在開始之前，我想藉此機會提醒各位，我們今天的發言包含前瞻性陳述。實際結果可能與這些前瞻性陳述所預期者有重大差異。

Factors that could cause these results to differ materially are set forth in today's press release Form 10-Q filed with the SEC. 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.

可能導致實際結果出現重大差異的因素，已載明於我們今日發布的新聞稿以及向美國證券交易委員會（SEC）提交的 Form 10-Q 中。我們在本次電話會議中所作的任何前瞻性陳述，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任何義務。

During this call, we present both GAAP and non-GAAP financial measures, including adjusted EBITDA and adjusted EBITDA margin. The use of non-GAAP financial measures allows us to measure the operational strength and performance of 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. A reconciliation of these GAAP to non-GAAP measures is included in today's earnings press release. Please refer to our investor relations website to find today's press release.

在本次電話會議中，我們將同時呈現 GAAP 與非 GAAP 財務衡量指標，包括調整後 EBITDA 與調整後 EBITDA 利潤率。使用非 GAAP 財務衡量指標可讓我們衡量業務的營運實力與表現。我們認為調整後 EBITDA 與調整後 EBITDA 利潤率對投資人而言具相關性且有用，因為它們使投資人能以與管理層使用方法相近的方式檢視績效。GAAP 與非 GAAP 指標之間的調節表已包含於今日的財報新聞稿中。請至我們的投資人關係網站查閱今日的新聞稿。

Now I'm going to hand the call over to Jonah.

現在我把電話會議交給 Jonah。

Thank you. Good afternoon, everyone, and thanks for joining us. Today marks an important milestone for BuzzFeed. On behalf of the Board and management team, I want to welcome Byron Allen, who will become Chairman and Chief Executive Officer of BuzzFeed upon the completion of a transaction agreement we entered into earlier today.

謝謝。各位下午好，感謝加入我們。今天對 BuzzFeed 而言是一個重要里程碑。我代表董事會與管理團隊，歡迎 Byron Allen；在我們今天稍早簽訂的交易協議完成後，他將出任 BuzzFeed 的董事長兼執行長。

Byron Allen has agreed to make a significant investment out of his family office into BuzzFeed, and we are very excited about his vision for the company and our iconic brands, BuzzFeed and HuffPost. We have entered into a transaction agreement that we expect to close within the month, subject to customary closing conditions.

Byron Allen 已同意透過其家族辦公室對 BuzzFeed 進行一筆可觀投資；我們對他對公司以及我們具代表性的品牌 BuzzFeed 與 HuffPost 的願景感到非常振奮。我們已簽訂一項交易協議，預期在符合慣常交割條件的前提下，於一個月內完成交割。

Byron is one of the most accomplished media entrepreneurs and leaders in the industry, having built a global media platform with a strong track record of content creation, distribution, advertising sales, and strategic growth across television, digital, streaming, and local media assets. His vision, operational experience and long-term commitment to premium content makes him exceptionally well position to lead BuzzFeed and HuffPost into our next phase of growth and innovation. Byron has spent 30-plus years building distribution infrastructure, identifying strategic assets and scaling them into something much greater.

Byron 是業界最傑出的媒體企業家與領導者之一，打造了全球媒體平台，並在內容創作、發行、廣告銷售，以及橫跨電視、數位、串流與地方媒體資產的策略性成長方面擁有亮眼實績。他的願景、營運經驗與對高品質內容的長期承諾，使他特別適合帶領 BuzzFeed 與 HuffPost 進入下一階段的成長與創新。Byron 在 30 多年的時間裡建立發行基礎設施、辨識策略性資產，並將其擴大成為更宏大的事業。

To prepare for Byron's arrival, we expect to make significant changes to build the best possible foundation for his ambitious vision. This includes planning cost reductions aimed at making our core business more efficient so we can build new initiatives on top of a profitable core. We also plan to set up BuzzFeed Studios as a new independent entity to house our premium studio, vertical micro-drama and digital video businesses, which we expect will create new opportunities for these assets, bring operational focus to BuzzFeed Inc and generate new liquidity.

為迎接 Byron 的到來，我們預期將進行重大調整，以建立最能支撐其宏大願景的基礎。這包括規劃成本削減，旨在提升核心業務效率，使我們能在具獲利能力的核心之上打造新計畫。我們也計畫將 BuzzFeed Studios 設立為新的獨立實體，用以承載我們的高端製作工作室、垂直微短劇與數位影音業務；我們預期此舉將為這些資產創造新機會，讓 BuzzFeed Inc 的營運更聚焦，並帶來新的流動性。

Once this transaction is completed, I will shift my focus to a newly created role as President of BuzzFeed AI. Over the past couple of years, I've become convinced that AI will fundamentally transform the media industry and empower creative people to build in new ways. This vision came into sharper focus over the last several months, and I believe the opportunity is enormous.

交易完成後，我將把重心轉向新設立的職務——BuzzFeed AI 總裁。過去幾年，我愈發確信 AI 將從根本上改變媒體產業，並賦能創意工作者以全新方式創作。這個願景在過去幾個月變得更加清晰，我相信其中的機會非常巨大。

After my 20 years as CEO of BuzzFeed, I'm excited to switch my focus to a more hands-on role developing products and technology that are only possible because of recent advances in AI. I'm confident I can have a bigger impact and create more value in this new capacity.

在擔任 BuzzFeed 執行長 20 年後，我很期待把重心轉向更親力親為的角色，開發只有因近期 AI 進展才成為可能的產品與技術。我有信心在這個新職務上能帶來更大的影響並創造更多價值。

I'm excited that Byron is joining us today to share some brief remarks about the extraordinary new opportunity, partnership, and vision.

我很高興 Byron 今天與我們一同出席，分享一些關於這個非凡新機會、合作關係與願景的簡短談話。

Thank you, Jonah, and the entire BuzzFeed and HuffPost team. Today marks the beginning of an exciting new chapter for BuzzFeed and HuffPost. I am honored to step into the role of Chairman and CEO upon this transaction closing.

謝謝你，Jonah，也謝謝整個 BuzzFeed 與 HuffPost 團隊。今天標誌著 BuzzFeed 與 HuffPost 令人振奮的新篇章開始。我很榮幸在本次交易完成交割後，接任董事長兼執行長一職。

Our vision is to build on the iconic foundation of BuzzFeed and HuffPost and expand into free streaming video, audio, and user-generated content, competing at scale with the largest tech platforms globally. As of this moment, BuzzFeed is officially chasing YouTube. BuzzFeed is the perfect platform to deliver free streaming globally using proprietary software and artificial intelligence.

我們的願景是以 BuzzFeed 與 HuffPost 的標誌性基礎為根基，擴展至免費串流影音、音訊與使用者生成內容，並在全球範圍內以規模與最大的科技平台競爭。此時此刻，BuzzFeed 正式把 YouTube 作為追趕目標。BuzzFeed 是運用自有軟體與人工智慧在全球提供免費串流的完美平台。

BuzzFeed will expand its ability to aggregate, curate, and deliver premium video and audio content. Building on that foundation, these iconic brands will provide super hyper local, national, and international news. BuzzFeed will pursue growth organically and through strategic acquisitions. Jonah will lead our team in AI innovation and user-generated content. These initiatives on top of our e-commerce, news, and content businesses will position BuzzFeed to be a valuable platform for consumers and digital advertisers worldwide.

BuzzFeed 將擴大其彙整、策展並傳遞高品質影音與音訊內容的能力。在此基礎上，這些標誌性品牌將提供超級在地、全國及國際新聞。BuzzFeed 將透過有機成長與策略性併購追求成長。Jonah 將帶領團隊推動 AI 創新與使用者生成內容。這些計畫疊加在我們的電商、新聞與內容業務之上，將使 BuzzFeed 成為全球消費者與數位廣告主的有價值平台。

I also want to take a moment here to recognize Jonah Peretti, whose vision and creativity over the last 20 years built BuzzFeed into one of the most powerful and recognizable digital media brands in the world. Jonah will continue to play an important leadership role as President of BuzzFeed AI, where he will focus on advancing the company's AI-driven strategies.

我也想在此刻表揚 Jonah Peretti。過去 20 年，他的願景與創意將 BuzzFeed 打造成全球最具影響力且最廣為人知的數位媒體品牌之一。Jonah 將以 BuzzFeed AI 總裁身分持續扮演重要領導角色，專注推進公司以 AI 驅動的策略。

Together, we have an exceptional leadership team focused on operational excellence, AI, digital innovation, and a commitment to work diligently to create shareholder value. We are committed to the iconic brands of BuzzFeed and HuffPost and honoring their long tradition of reinventing and adapting to create the future of media. We are very excited about this extraordinary opportunity.

我們共同擁有一支卓越的領導團隊，聚焦營運卓越、AI、數位創新，並承諾勤勉努力以創造股東價值。我們致力於 BuzzFeed 與 HuffPost 這些標誌性品牌，並延續其長久以來不斷重塑與適應、以創造媒體未來的傳統。我們對這個非凡機會感到非常振奮。

Thank you for allowing us to share some of our vision.

感謝各位讓我們分享部分願景。

Thank you, Byron. Our focus now is on supporting a smooth transition through the closing process and positioning BuzzFeed for long-term growth from day one.

謝謝你，Byron。我們目前的重點是支持在交割流程中的順利交接，並自第一天起就讓 BuzzFeed 站穩長期成長的定位。

Now I'll hand over to Matt Omer to walk through the first quarter 2026 financial results.

接下來我把時間交給 Matt Omer，帶大家回顧 2026 年第一季財務結果。

Thanks, Jonah. BuzzFeed delivered Q1 2026 revenues of $31.6 million, declining 12.4% compared to the first quarter of 2025. Breaking down each revenue line. Advertising revenue declined 19.8% year over year to $17.1 million. Content revenue increased by $3.1 million or 69% to $7.5 million. And commerce and other revenues declined 32% year over year to $6.9 million.

謝謝你，Jonah。BuzzFeed 2026 年第一季營收為 3,160 萬美元，較 2025 年第一季下降 12.4%。分項來看各營收線：廣告營收年減 19.8% 至 1,710 萬美元。內容營收增加 310 萬美元（或 69%）至 750 萬美元。電商及其他營收年減 32% 至 690 萬美元。

Net loss was $15.1 million for Q1 2026, compared to a net loss of $12.5 million in Q1 2025. Adjusted EBITDA was negative $7.8 million for Q1 2026, compared to negative $5.9 million in Q1 2025. On time spent, our primary audience engagement metric, Q1 2026 was 60.6 million hours, compared to 67.9 million hours in Q1 2025, a decrease of 10.7% year over year.

2026 年第一季淨損為 1,510 萬美元，較 2025 年第一季淨損 1,250 萬美元擴大。2026 年第一季調整後 EBITDA 為負 780 萬美元，較 2025 年第一季負 590 萬美元惡化。就使用時間（time spent）而言，這是我們主要的受眾互動指標；2026 年第一季為 6,060 萬小時，較 2025 年第一季的 6,790 萬小時年減 10.7%。

Given the ongoing transaction and the strategic work underway, we are withholding full-year guidance at this time. We expect to provide a full update on both our strategic direction and financial outlook following the close of the transaction. We will not be taking questions today, but we look forward to discussing our post-closing strategy and financial outlook in greater detail once the transaction is complete.

鑑於交易仍在進行以及相關策略工作正在推進中，我們目前暫不提供全年財測指引。我們預期在交易完成交割後，將就策略方向與財務展望提供完整更新。我們今天不開放提問，但在交易完成後，我們期待就交割後策略與財務展望進行更深入的討論。

Now, I'll hand the call back over to the operator.

現在我把電話會議交回給接線員。

And this concludes today's program. Thank you for participating. You may now disconnect.

今天的議程到此結束。感謝各位參與。您現在可以掛線。