BuzzFeed Inc. Investment Presentation
Note to recipient: disclaimer (continued)
Non-GAAP Financial Measures
This Presentation includes certain non-GAAP financial measures-Adjusted EBITDA and Adjusted EBITDA margin (including on a forward-looking basis).
These non-GAAP measures are an addition, and not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP and
should not be considered as an alternative to their nearest GAAP equivalent or any other performance measures derived in accordance with GAAP. The
Company defines Adjusted EBITDA as net income (loss), excluding the impact of net income (loss) attributable to noncontrolling interests, income tax
provision (benefit), interest expense, interest income, other income, net, depreciation and amortization, stock-based compensation, change in fair value of
warrant liabilities, change in fair value of derivative liability, restructuring costs, public company readiness costs, and other non-cash and non-recurring items
that management believes are not indicative of ongoing operations. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenue for the
same period.
A reconciliation of the non-GAAP financial measures used in this Presentation to their nearest GAAP equivalent is included in the appendix to this
Presentation. BuzzFeed believes that these non-GAAP measures of financial results (including on a forward-looking basis) provide useful supplemental
information to investors about the Company. BuzzFeed's management uses forward-looking non-GAAP measures to evaluate BuzzFeed's projected financials
and operating performance. However, there are a number of limitations related to the use of these non-GAAP measures and their nearest GAAP equivalents,
including that they exclude significant expenses that are required by GAAP to be recorded in BuzzFeed's financial measures. In addition, other companies
may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore, BuzzFeed's non-GAAP
measures may not be directly comparable to similarly titled measures of other companies. Additionally, to the extent that forward-looking non-GAAP financial
measures are provided, they are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP measures due to the inherent
difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations.
Additional Information and Where to Find It
Investors and others should note that we may announce material business and financial information to our investors using our investor relations website
(https://investors.buzzfeed.com/), SEC filings, webcasts, press releases, and conference calls. We use these mediums to communicate with investors and the
general public about our Company, our products and services, and other issues. It is possible that the information that we make available may be deemed to
be material information. We therefore encourage investors, the media, and others interested in our company to review the information that we post on our
investor relations website.
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