Good day, and thank you for standing by. Welcome to the BuzzFeed, Inc. Fourth Quarter 2024 Earnings Conference Call. At this time, all participants are in listen-only mode. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Juliana Clifton, VP of Communications. Please go ahead.

Hi, everyone. Welcome to BuzzFeed, Inc. Fourth Quarter and Full Year 2024 Earnings Conference Call. I'm Juliana Clifton, VP of Communications for BuzzFeed. Joining me today are CEO, Jonah Peretti, and CFO, Matt Omer. Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward-looking statements. Actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially are set forth in today's press release, our 2024 Annual Report on Form 10-K, to be filed with the SEC, and our 2024 Quarterly Reports on Form 10-Q. 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. 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 peers. 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. Now, I'll pass the call over to Jonah Peretti.

Thank you. Good afternoon, everyone, and thank you for joining us today. I'd like to begin with an update on where artificial intelligence is heading, and the opportunity for our business. Over the past year, we've been pleased to see several companies release capable and affordable AI models, including open-weight models that can be hosted freely. We expect the proliferation of powerful models and the reduction in cost of capacity to continue for the foreseeable future, giving us the capabilities we need to transform our business. We've built our services so that we can easily integrate new models with our data and applications, seamlessly switching the back end to the most current and affordable model. These developments support our strategy of building the application layer on top of AI, a place where value and profits will increasingly flow. Fundamentally, AI is a new computing platform that enables applications that weren't previously possible. This continues a well-known cycle in technology where each computing platform gives birth to new applications. Mainframe computers enabled accounting software, PCs enabled word processors, spreadsheets, and games, and the mobile phone enabled apps like Instagram and Uber. The most successful applications use the strengths of the computing platform to unlock value by creating totally new types of software that leverage those strengths. AI will follow the same pattern, and we are excited to build AI-native applications that have the potential to transform our business and the market. Our initial steps to build on AI platforms only took us part of the way there, bringing increased efficiency to our existing publishing business. For example, our writers use AI to track online trends, organize their research, and content, freeing up more time for them to focus on human creativity. Our advertisements are targeted more effectively as our Lighthouse product…

Thank you, Jonah. I want to echo Jonah's remarks regarding the increased strength in our go-forward business. With two strong asset sales behind us and our restructuring complete, we believe we are positioned to be a more stable and more profitable business. As a reminder, all financial results are on a continuing operations basis, excluding Complex Networks and First We Feast. We have mainly reduced our go-forward headcount and cash cost structure. As a result of paying down debt, we have also reduced our future cash interest expense. We have made strides in strengthening our balance sheet and improving overall liquidity. Despite revenue declines in advertising and content, which are primarily driven by our direct sales channel, commerce and other revenues increased 23% year over year. And as a reminder, the restructure announced in Q1 2024 significantly reduced our sales team, contributing to declines in direct sold advertising and content but aligning with our pivot toward programmatic advertising and affiliate commerce. For the full year ended December 31, 2024, advertising revenues declined 17% year over year to $94.4 million, reflecting a shift away from direct sold advertising. However, programmatic advertising remained relatively flat year over year at $64.9 million. Content revenue declined 49% year over year to $33.9 million, driven by a decrease in direct sold deals and fewer studio projects in 2024. Commerce revenues increased by $11.6 million or 23%, reflecting strong affiliate commerce performance in key retail moments. Affiliate commerce increased 26% year over year to $59.6 million, and we experienced our most successful Amazon Prime Day to date in July 2024, with strong double-digit growth, outpacing Amazon's overall Prime Day growth. Our cost-saving measures are in full effect. Despite an overall revenue decline of $40.6 million, our net loss from continuing operations improved by $21.8 million. Additionally,…

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