Buzzfeed, Inc. · NASDAQ:BZFD
Buzzfeed — 890 5th Avenue Partners — SPAC Merger (September 2021)
33 slides from Buzzfeed's SPAC merger presentation, Sep 30, 2021
Slide 1: BuzzFeed Analyst Day Presentation
BuzzFeed BuzzFeed Analyst Day Presentation September 2021
Slide 2: Business Combination Presentation: BuzzFeed Company Information
Business Combination Presen t a t i o n 890 BuzzFeed C ompa ny In f o rma t i o n
Slide 3: Notice to Recipient: Disclaimer (Cont'd)
BuzzFeed Notice to Recipient: Disclaimer (Cont'd) Forward-Looking Statements (Cont'd) New risks and uncertainties and itis Include, but are not limited to, 1d other risks, uncertainties and factors set forth in the section entitled “Risk Factors” and “Cautionary Note "in 890's final its initial ted
Slide 4: Notice to Recipient: Disclaimer (Cont'd)
BuzzFeed Notice to Recipient: Disclaimer (Cont'd) Participants in the Solicitation 890, proxies list ofthe ames of 890's ctectors and executive officers and a scien ech ILE comalned In 690" on Form $-4, which SEC and is available free of charge at the SEC's web site jor by to , Inc. 14 Elm Place, Su
Slide 5: Today's Agenda
Today’s Agenda Introduction About BuzzFeed or w™ ‘ yr? Foundations for Growth S Financial Highlights of Appendix
Slide 6: Introduction
©) Introduction
Slide 7: Presenters
\ | | aA Ui Jonah Peretti Co-Founder & Chief Executive Officer Dao Nguyen Publisher Felicia DellaFortuna Chief Financial Officer 890 5th Avenue Partners Michael Del Nin Chief Financial Officer & Chief Operating Officer STRICTLY PRIVATE AND CONFIDENTIAL
Slide 8: About BuzzFeed
©) About BuzzFeed
Slide 9: Brands that are Defining Culture
Brands that are Defining Culture
Slide 10: Leading Platform for Digital Content and Commerce
Leading Platform for Digital Content and Commerce Source: Management, company estimates. Financials are Pro Forma for Complex, excludes go90. (1) Comscore, August 2020 when compared to Core competitor set. Core competitor set includes Vox Media, Group Nine Media, Complex, POPSUGAR Media, Vice Media,
Slide 11: Expansion and Diversification of Business Model
Expansion and Diversification of Business Model Note: Adj. EBITDA excludes stock - based compensation and other net income/expense. Revenue growth rate and Adj. EBITDA include Complex, excludes go90. (1) Deal signed in March 2021 and expected to close in connection with the proposed transaction. (2)
Slide 12: Highly Attractive Acquisition of Complex
Highly Attractive Acquisition of Complex • • • • Source: Complex Management and publicly available information. (1) Complex materials and reports. (2) Represents 2020 O&O original output and published content, both posts and videos. (3) Comscore, August 2021 and Facebook API. (4) Refers to Black/Afr
Slide 13: Aligned with Massive Secular Trends
Video & Social High Quality Content eC o m m erce Source: Company filings; S&P Global Market Intelligence Global Advertising Forecasts Jun 2020; eMarketer Oct 2020; Wyzowl Video Marketing Statistics 2020 report; Wall Street research. Aligned with Massive Secular Trends
Slide 14: Foundations for Growth
Foundations for Growth
Slide 15: Portfolio of Premium and Emerging Digital Content Brands
Portfolio of Premium and Emerging Digital Content Brands Source: Comscore, Aug 2021, Nielsen Digital Content Ratings, Monthly Data, Oct 2020, Complex materials and reports, BuzzFeed internal survey conducted via Qualtrics, Apr 2020, BuzzFeedNews.com, YouTube.com, Multi - Platform, Key Measures, Oct
Slide 16: Machine Learning Powers a Scaled Tech Stack
Machine Learning Powers a Scaled Tech Stack Source: BuzzFeed Client Event Tracking Data, August 2021.
Slide 17: Growth Flywheel is Highly Scalable Across Platforms
Growth Flywheel is Highly Scalable Across Platforms 1 3 4 2
Slide 18: High Growth Commerce Opportunity
High Growth Commerce Opportunity BuzzFeed editorial posts inspire travel Audience clicks travel and content ads with links Audience transacts directly with hotel OTA
Slide 19: Powering Organic Growth of Brands
Source: Tubular Intelligence, Oct 2020, BuzzFeed Looker Data, NiemanLab, Jan 2017, Nielsen Digital Content Ratings, Monthly Data, Aug 2020. Facebook Followers BuzzFeed Formats Applied to Cooking E x pe r i m e nta t ion & Social Media Feedback / Data Loop Audience E x pans ion Iterations for Expansi
Slide 20: Proven Consolidation Platform
Source: Comscore, Feb 2020, Comscore, Aug 2021, Complex materials and reports. Monthly Minutes and Minutes Spent by Average Unique Visitor represent total audience. • • • • • Key Stats HuffPost Acquisition Rationale • • • • Key Stats Complex Acquisition Rationale Proven Consolidation Platfor
Slide 21: Consolidation Strategy Driving Accretive Results
Consolidation Strategy Driving Accretive Results
Slide 22: Scaled Model Powered Network Effects Creating Competitive Barriers
Our Scaled Model has Powered Network Effects Creating Competitive Barriers and Driving Growth (1) Nielsen Digital Content Ratings, Monthly Data, Oct 2020. (2) Represents estimated total number of hours spent on our O&O properties, on our content on YouTube as reported by ComScore, and on our content
Slide 23: Financial Highlights
©) Financial Highlights
Slide 24: Accelerating Growth Profile with Continued Diversification
Note: FY2021E and beyond includes HuffPost. Pro Forma figures include Complex, excludes go90 revenue of $55M, $25M, and $7M in 2019A, 2020A, and 2021E, respectively. Accelerating Growth Profile with Continued Diversification % YoY Growth 1H’21A YoY Growth +45% (4%) +92%
Slide 25: Time Spent
Note: Figures represent estimated total number of hours spent on our O&O properties, and on our content on YouTube as reported by ComScore, and on our content on Facebook, as reported by Facebook. Time Spent % YoY Growth
Slide 26: Profitability At Scale
Profitability At Scale Note: Dollars in millions. Pro Forma figures include Complex, excludes go90 Adj. EBITDA of $29M, $14M, and $4M in 2019A, 2020A, and 2021E, respectively. (1) Please refer to Adj. EBITDA reconciliation on p.34. (2) Excludes D&A, SBC, Tax and other one - time non - recurring expe
Slide 27: 2H'21 Financial Outlook
Note: 2020A excludes HuffPost revenue and Adj. EBITDA. Pro Forma includes Complex, excludes go90 revenue of $16M, $9M, $0M and $7M and Adj. EBITDA of $6M, $8M, $0M, and $4M in 1H’20A, 2H’20A, 1H’21A, and 2H’21A, respectively. Values subject to rounding. (1) Please refer to Adj. EBITDA reconciliation
Slide 28: BuzzFeed
BuzzFeed a? 2
Slide 29: Appendix
Appendix
Slide 30: Revenue Seasonality
35 - 38% 23 - 24% 19 - 23% 18 - 20% Note: Figures include Complex, exclude go90 revenue. Revenue ranges are based on quarterly revenue mix from 2019A, 2020A, and 2021E. Revenue Seasonality
Slide 31: BuzzFeed Standalone Statement of Operations
BuzzFeed Standalone Statement of Operations ($ in millions) Note: Values subject to rounding. Figures exclude Complex. (1) Excludes minority interest adjustment relating to noncontrolling interests.
Slide 32: BuzzFeed Standalone Net Income to Adj. EBITDA Reconciliation
BuzzFeed Standalone Net Income to Adj. EBITDA Reconciliation ($ in millions) Note: Values subject to rounding. Figures exclude Complex. (1) Excludes minority interest adjustment relating to noncontrolling interests.
Slide 33: Pro Forma BuzzFeed GAAP / Non-GAAP Reconciliation (Adj. EBITDA)
Pro Forma BuzzFeed GAAP / Non - GAAP Reconciliation (Adj. EBITDA) ($ in millions) Source: Publicly available sources and Complex management presentation. Note: Values subject to rounding. Pro Forma includes Complex. (1) Excludes minority interest adjustment relating to noncontrolling interests.
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