Net Income (Loss) Per Share

9 Months Ended

Sep. 30, 2024

Net income (loss) per share is computed using the two-class method. Basic net income (loss) per share is computed using the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per share reflects the effect of the assumed exercise of any stock options, the vesting of any restricted stock units, the exercise of any warrants (including the Public Warrants and the Private Warrants), the conversion of any convertible debt (including the Notes), and the conversion of any convertible preferred stock, in each case only in the periods in which such effect would have been dilutive.

For the three and nine months ended September 30, 2024 and 2023, net income (loss) per share amounts were the same for Class A and Class B common stock because the holders of each class are entitled to equal per share dividends. There were no shares of Class C common stock outstanding for any period presented.

The table below presents the computation of basic and diluted net income (loss) per share:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Net income (loss) from continuing operations	$	1,968	$	(12,049)	$	(31,084)	$	(63,920)
Net income (loss) from discontinued operations, net of tax	166		(1,883)		(9,924)		(14,109)

Less: net income (loss) attributable to noncontrolling interests	45		(210)		119		(470)
Net income (loss) attributable to holders of Class A and Class B common stock	$	2,089	$	(13,722)	$	(41,127)	$	(77,559)

Amounts attributable to BuzzFeed, Inc. for net income (loss) per common share, basic and diluted:
Net income (loss) from continuing operations	1,923		(11,839)		(31,203)		(63,450)
Net income (loss) from discontinued operations, net of tax	166		(1,883)		(9,924)		(14,109)
Net income (loss) attributable to BuzzFeed, Inc.	$	2,089	$	(13,722)	$	(41,127)	$	(77,559)

Denominator:
Weighted average common shares outstanding, basic	37,949		36,263		37,181		35,646
Weighted average common shares outstanding, diluted	38,608		36,263		37,181		35,646

Net income (loss) per common share, basic:
Continuing operations	$	0.05	$	(0.33)	$	(0.84)	$	(1.78)
Discontinued operations	0.00		(0.05)		(0.27)		(0.40)
Net income (loss) per common share, basic, attributable to BuzzFeed, Inc.1	$	0.06	$	(0.38)	$	(1.11)	$	(2.18)

Net income (loss) per common share, diluted
Continuing operations	$	0.05	$	(0.33)	$	(0.84)	$	(1.78)
Discontinued operations	0.00		(0.05)		(0.27)		(0.40)
Net income (loss) per common share, diluted, attributable to BuzzFeed, Inc.1	$	0.05	$	(0.38)	$	(1.11)	$	(2.18)

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(1)Net income (loss) per share information is presented on a rounded basis using actual amounts. Minor differences in totals may exist due to rounding.

The numerator for net income (loss) per basic and diluted common share from continuing operations excludes the impact of net income (loss) attributable to the noncontrolling interests for all periods presented.

The table below presents the details of securities that were excluded from the calculation of diluted income (loss) per share as the effect would have been anti-dilutive:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Stock options	7,288	869	7,288	869
Restricted stock units	—	2,878	1,498	2,878
Warrants	2,469	2,469	2,469	2,469
Convertible notes	2,375	3,000	2,375	3,000