[PART I Financial Information](index=4&type=section&id=PART%20I%20Financial%20Information) [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents The New York Times Company's unaudited condensed consolidated financial statements for Q3 2024, covering balance sheets, income, equity, and cash flows, with detailed accounting notes [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2024 (Unaudited) | Dec 31, 2023 | | :--- | :--- | :--- | | **Total Current Assets** | $794,980 | $781,653 | | **Total Assets** | **$2,762,101** | **$2,714,595** | | **Total Current Liabilities** | $589,598 | $611,559 | | **Total Liabilities** | $910,049 | $951,376 | | **Total Stockholders' Equity** | **$1,852,052** | **$1,763,219** | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q3 2024 vs Q3 2023 Statement of Operations (in thousands, except per share data) | Metric | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | **Total Revenues** | **$640,178** | **$598,345** | | Subscription | $453,327 | $418,577 | | Advertising | $118,370 | $117,113 | | **Operating Profit** | **$76,727** | **$63,567** | | **Net Income** | **$64,143** | **$53,615** | | **Diluted EPS** | **$0.39** | **$0.32** | Nine Months 2024 vs 2023 Statement of Operations (in thousands, except per share data) | Metric | Nine Months 2024 | Nine Months 2023 | | :--- | :--- | :--- | | **Total Revenues** | **$1,859,290** | **$1,749,937** | | Subscription | $1,321,654 | $1,225,709 | | Advertising | $341,244 | $341,124 | | **Operating Profit** | **$204,456** | **$147,242** | | **Net Income** | **$170,100** | **$122,510** | | **Diluted EPS** | **$1.03** | **$0.74** | [Condensed Consolidated Statements of Comprehensive Income](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) - Comprehensive income attributable to common stockholders was **$72.6 million** for Q3 2024, an increase from **$54.4 million** in Q3 2023 For the first nine months, comprehensive income was **$181.2 million** in 2024, up from **$129.5 million** in 2023[11](index=11&type=chunk) [Condensed Consolidated Statements of Changes In Stockholders' Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20In%20Stockholders'%20Equity) - Total stockholders' equity increased to **$1.852 billion** as of September 30, 2024, from **$1.763 billion** at the end of 2023 The increase was primarily driven by net income of **$170.1 million**, partially offset by dividends paid (**$65.0 million**) and share repurchases (**$60.7 million**)[15](index=15&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary for the Nine Months Ended Sep 30 (in thousands) | Cash Flow Category | 2024 | 2023 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | **$258,816** | **$224,100** | | Net cash used in investing activities | ($197,459) | ($97,288) | | Net cash used in financing activities | ($144,641) | ($111,816) | | **Net (decrease)/increase in cash** | **($83,284)** | **$14,996** | [Notes to the Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) - The company operates under two reportable segments: **The New York Times Group ("NYTG")** and **The Athletic**[20](index=20&type=chunk) Revenue Breakdown by Type (Q3 2024 vs Q3 2023, in thousands) | Revenue Type | Q3 2024 | Q3 2023 | % Change | | :--- | :--- | :--- | :--- | | Subscription | $453,327 | $418,577 | 8.3% | | Advertising | $118,370 | $117,113 | 1.1% | | Other | $68,481 | $62,655 | 9.3% | | **Total** | **$640,178** | **$598,345** | **7.0%** | Subscription Revenue Breakdown (Q3 2024 vs Q3 2023, in thousands) | Subscription Type | Q3 2024 | Q3 2023 | % Change | | :--- | :--- | :--- | :--- | | Digital-only | $322,198 | $282,228 | 14.2% | | Print | $131,129 | $136,349 | -3.8% | | **Total** | **$453,327** | **$418,577** | **8.3%** | Advertising Revenue Breakdown (Q3 2024 vs Q3 2023, in thousands) | Advertising Type | Q3 2024 | Q3 2023 | % Change | | :--- | :--- | :--- | :--- | | Digital | $81,564 | $75,001 | 8.8% | | Print | $36,806 | $42,112 | -12.6% | | **Total** | **$118,370** | **$117,113** | **1.1%** | - The company filed a lawsuit against Microsoft and OpenAI on December 27, 2023, for copyright infringement and other violations related to the use of its content in generative AI products[78](index=78&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q3 2024 financial performance, highlighting strong digital-only subscriber and revenue growth, increased operating profit, and analysis of revenue, costs, segment performance, liquidity, and capital resources - Added approximately **260,000** net digital-only subscribers in Q3 2024, reaching a total of **10.47 million** digital-only subscribers[81](index=81&type=chunk) - Total digital-only Average Revenue Per User (ARPU) increased **1.8%** year-over-year to **$9.45**, driven by subscribers graduating from promotional pricing and price increases for tenured subscribers[81](index=81&type=chunk)[93](index=93&type=chunk) Q3 2024 Financial Highlights vs. Q3 2023 | Metric | Q3 2024 | Q3 2023 | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $640.2M | $598.3M | +7.0% | | Total Subscription Revenues | $453.3M | $418.6M | +8.3% | | Digital-only Subscription Revenues | $322.2M | $282.2M | +14.2% | | Operating Profit | $76.7M | $63.6M | +20.7% | | Adjusted Operating Profit | $104.2M | $89.8M | +16.1% | [Results of Operations](index=28&type=section&id=Results%20of%20Operations) Digital-Only Subscribers by Category (in thousands) | Category | Sep 30, 2024 | Sep 30, 2023 | | :--- | :--- | :--- | | Bundle and multiproduct | 5,120 | 3,790 | | News-only | 2,110 | 3,020 | | Other single-product | 3,240 | 2,600 | | **Total digital-only subscribers** | **10,470** | **9,410** | - Digital advertising revenue increased **8.8%** YoY in Q3 2024, driven by higher open-market programmatic revenues and direct-sold display advertising Print advertising revenue declined **12.6%** YoY, reflecting ongoing secular trends[95](index=95&type=chunk)[96](index=96&type=chunk) - Cost of revenue increased **6.7%** in Q3 2024, primarily due to higher journalism costs (**$14.5 million**) from increased compensation and headcount, as well as higher subscriber servicing and digital content delivery costs[100](index=100&type=chunk) - The Athletic segment reported an adjusted operating profit of **$2.6 million** in Q3 2024, a significant improvement from a loss of **$7.9 million** in Q3 2023, driven by a **29.8%** increase in revenue[112](index=112&type=chunk)[120](index=120&type=chunk) [Liquidity and Capital Resources](index=44&type=section&id=Liquidity%20and%20Capital%20Resources) - As of September 30, 2024, the company had cash, cash equivalents, and marketable securities totaling **$820.4 million**[130](index=130&type=chunk) - During the first nine months of 2024, the company repurchased approximately **$60.3 million** of its Class A shares As of September 30, 2024, approximately **$190.2 million** remained under the 2023 share repurchase authorization[130](index=130&type=chunk) Free Cash Flow (Nine Months Ended Sep 30, in thousands) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $258,816 | $224,100 | | Less: Capital expenditures | ($21,115) | ($16,539) | | **Free cash flow** | **$237,701** | **$207,561** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes to its market risks compared to the disclosures in its 2023 Annual Report on Form 10-K - There were no material changes in the company's market risks as of September 30, 2024, compared to December 31, 2023[143](index=143&type=chunk) [Item 4. Controls and Procedures](index=47&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2024, with no material changes to internal control over financial reporting during the quarter - The principal executive officer and principal financial officer concluded that disclosure controls and procedures were effective as of September 30, 2024[145](index=145&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[146](index=146&type=chunk) [PART II Other Information](index=48&type=section&id=PART%20II%20Other%20Information) [Item 1. Legal Proceedings](index=48&type=section&id=Item%201.%20Legal%20Proceedings) This section discloses the company's legal actions, specifically highlighting the copyright infringement lawsuit against Microsoft and OpenAI regarding generative AI products - The company is pursuing a lawsuit against Microsoft and OpenAI for copyright infringement, unfair competition, and trademark dilution related to their generative AI products[148](index=148&type=chunk) [Item 1A. Risk Factors](index=48&type=section&id=Item%201A.%20Risk%20Factors) The company reports no material changes to the risk factors previously disclosed in its 2023 Annual Report on Form 10-K - No material changes to risk factors have occurred since the 2023 Annual Report on Form 10-K[149](index=149&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=48&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's Q3 2024 share repurchase activities, including shares repurchased and remaining authorization Issuer Purchases of Equity Securities (Q3 2024) | Period | Total Shares Purchased | Average Price Paid Per Share | Approx. Value Remaining for Repurchase | | :--- | :--- | :--- | :--- | | Jul 2024 | 120,184 | $52.90 | $202,132,000 | | Aug 2024 | 110,582 | $54.00 | $195,861,000 | | Sep 2024 | 110,690 | $54.20 | $190,161,000 | | **Total Q3** | **341,456** | **$53.70** | **$190,161,000** | [Item 5. Other Information](index=48&type=section&id=Item%205.%20Other%20Information) The company reports no adoption or termination of Rule 10b5-1 trading plans by directors or executive officers during Q3 2024 - No directors or executive officers adopted or terminated Rule 10b5-1 trading plans during Q3 2024[152](index=152&type=chunk) [Item 6. Exhibits](index=49&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including officer certifications and XBRL data files

Financial Data and Key Metrics Changes - The company reported a 7% increase in overall revenue for Q3 2024, driven by growth in digital subscriptions, digital advertising, affiliate, and licensing revenue, which offset declines in print revenue [15][18] - Adjusted operating profit (AOP) grew by approximately 16% year-over-year, with AOP margin expanding by about 130 basis points to 16.3% [15][19] - Digital-only subscription revenues increased approximately 14% to $322 million, while total subscription revenues grew approximately 8% to $453 million [17][18] Business Line Data and Key Metrics Changes - The company added 260,000 net new digital subscribers in Q3, bringing the total to over 11 million, with bundle and multi-product subscribers accounting for approximately 46% of the total base [7][16] - Digital-only average revenue per user (ARPU) grew 1.8% to $9.45, reflecting successful pricing strategies [17] - Digital advertising revenue increased nearly 9% to $82 million, with total advertising revenues rising approximately 1% to $118 million [11][18] Market Data and Key Metrics Changes - The company experienced strong performance across its lifestyle products, which contributed to the growth in digital advertising revenue [11][26] - The Athletic, part of the company's bundle offering, is gaining traction among sports fans, contributing positively to subscriber engagement and revenue [10][20] Company Strategy and Development Direction - The company aims to become the essential subscription for individuals seeking to engage with the world, focusing on a multi-product portfolio that includes news, games, sports, cooking, and shopping insights [4][5] - A redesign of the New York Times App was launched to enhance user engagement and accessibility to various products [8] - The company is investing in audio and video formats to diversify content delivery and enhance subscriber engagement [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate audience headwinds caused by shifts in the platform landscape, emphasizing the importance of direct relationships with subscribers [5][40] - The company anticipates continued growth in digital subscription revenues for Q4, with expectations of a 14% to 17% increase compared to Q4 2023 [22] - Management acknowledged the potential impact of a union work stoppage on operations but indicated that current guidance incorporates best estimates of these effects [21][41] Other Important Information - The company plans to discontinue supplemental disclosures of subscribers who have entitlements to The Athletic after Q4 2024, integrating these subscribers into total digital-only subscriber disclosures [20] - The company remains focused on long-term revenue growth and margin expansion while managing costs effectively [19][52] Q&A Session Summary Question: Strength in digital advertising and new supply - Management indicated that digital advertising growth stemmed from enhanced ad products in lifestyle offerings and the rollout of new supply across all lifestyle products, including Games and The Athletic [26] Question: Bundle ARPU growth - Management highlighted that the focus is on long-term revenue growth, with confidence in ARPU trajectory due to successful pricing strategies and subscriber engagement [28][29] Question: Net adds with news entitlement - Management noted that the model is designed to harness demand from various sources, with strong engagement metrics indicating effective coverage and innovation in news formats [32][33] Question: Impact of AI on traffic - Management acknowledged that AI products are contributing to audience headwinds but emphasized the strategy to build resilience through high-quality products and direct relationships [40] Question: Subscriber trends and Q4 guidance - Management expressed confidence in the net adds and the value brought by new subscribers, with a positive outlook for Q4 based on strong engagement and revenue growth [44][46] Question: Audience headwinds and platform impact - Management reiterated that platforms are sending less traffic to publishers, but the company's strategy is designed to build resilience and drive direct engagement [50] Question: Competitor challenges and subscriber attraction - Management stated that while they do not take joy in competitors' difficulties, they expect to continue attracting subscribers for various reasons [51] Question: Cost breakdown and unusual movements - Management explained that cost fluctuations are typical in any quarter, emphasizing a long-term focus on sustaining revenue growth while managing costs strategically [52]

New York Times Co. (NYT) came out with quarterly earnings of $0.45 per share, beating the Zacks Consensus Estimate of $0.42 per share. This compares to earnings of $0.37 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 7.14%. A quarter ago, it was expected that this newspaper publisher would post earnings of $0.40 per share when it actually produced earnings of $0.45, delivering a surprise of 12.50%.Over the last four quarters, ...

Third Quarter 2024 Earnings Presentation November 4, 2024 Forward-Looking Statements Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Terms such as "aim," "anticipate," "believe," "confidence," "contemplate," "continue," "conviction," "could," "drive," "estimate," "expect," "forecast, ...

[The New York Times Company Q3 2024 Earnings Report](index=1&type=section&id=The%20New%20York%20Times%20Company%20Reports%20Third-Quarter%202024%20Results) [Key Highlights](index=1&type=section&id=Key%20Highlights) The New York Times Company reported strong Q3 2024 results, characterized by significant growth in digital subscription revenue (+14.2% YoY) and a substantial increase in operating profit (+20.7% YoY). The company surpassed 11 million total subscribers, driven by the addition of 260,000 net new digital-only subscribers, while digital advertising also saw robust growth of 8.8% YoY - Added approximately **260,000** net digital-only subscribers in Q3 2024, bringing the total to **11.09 million** subscribers[2](index=2&type=chunk) Q3 2024 Key Financial Metrics (YoY) | Metric | Value | YoY Change | | :--- | :--- | :--- | | Total Digital-Only ARPU | $9.45 | +1.8% | | Digital Subscription Revenues | $322.2M | +14.2% | | Digital Advertising Revenues | $81.6M | +8.8% | | Operating Profit | $76.7M | +20.7% | | Adjusted Operating Profit | $104.2M | +16.1% | | Diluted EPS | $0.39 | +$0.07 | | Adjusted Diluted EPS | $0.45 | +$0.08 | - Operating costs and adjusted operating costs both increased by **5.4%** year-over-year, driven by higher costs in revenue, sales and marketing, and product development[2](index=2&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) CEO Meredith Kopit Levien highlighted the quarter's strong performance, attributing it to progress in becoming an essential subscription for curious individuals. The company surpassed 11 million total subscribers, with over five million now using the bundle or multiple products. This portfolio of news and lifestyle products is seen as key to driving resilient revenue growth across subscriptions, advertising, and licensing - The company's strategy focuses on creating an 'essential subscription' by combining world-class news with premium lifestyle products (e.g., Cooking, Games, The Athletic)[3](index=3&type=chunk) - Management believes the diverse product portfolio makes The Times resilient in a changing media landscape and positions it for future growth and profitability[3](index=3&type=chunk) [Consolidated Financial Performance](index=3&type=section&id=Consolidated%20Financial%20Performance) [Subscriber and ARPU Growth](index=3&type=section&id=Subscriber%20and%20ARPU%20Growth) The company ended Q3 2024 with 11.09 million total subscribers, including 10.47 million digital-only subscribers, a net increase of 260,000 from the previous quarter. Total digital-only ARPU grew 1.8% YoY to $9.45, primarily due to subscribers rolling off promotional pricing and targeted price increases Subscriber Breakdown (as of Q3 2024) | Subscriber Category | Count (millions) | | :--- | :--- | | Total Subscribers | 11.09 | | Total Digital-Only Subscribers | 10.47 | | - Bundle and Multiproduct | 5.12 | | Print Subscribers | 0.62 | - Total digital-only ARPU increased to **$9.45** in Q3 2024, up from **$9.28** in Q3 2023. This growth was driven by subscribers transitioning from promotional to higher prices and price increases for tenured subscribers[4](index=4&type=chunk)[11](index=11&type=chunk) [Revenue Analysis](index=4&type=section&id=Revenue%20Analysis) Total revenues for Q3 2024 increased by 7.0% YoY to $640.2 million. This growth was led by a 14.2% increase in digital subscription revenues and an 8.8% rise in digital advertising revenues, which more than offset a 3.8% decline in print subscription and a 12.6% decline in print advertising revenues Q3 2024 Revenue Breakdown (YoY) | Revenue Stream | Amount (Millions) | YoY Change | | :--- | :--- | :--- | | **Total Revenues** | **$640.2** | **+7.0%** | | Subscription Revenues | $453.3 | +8.3% | | - Digital-Only Subscription | $322.2 | +14.2% | | - Print Subscription | $131.1 | -3.8% | | Advertising Revenues | $118.4 | +1.1% | | - Digital Advertising | $81.6 | +8.8% | | - Print Advertising | $36.8 | -12.6% | | Other Revenues | $68.5 | +9.3% | - The increase in digital advertising was primarily due to higher revenues from open-market programmatic advertising and direct-sold display ads[14](index=14&type=chunk) - Other revenues grew mainly due to higher Wirecutter affiliate referral and licensing revenues[15](index=15&type=chunk) [Operating Costs](index=4&type=section&id=Operating%20Costs) Total operating costs rose 5.4% YoY to $563.5 million, and adjusted operating costs also increased 5.4% to $536.0 million. The increase was primarily driven by higher journalism expenses, subscriber servicing costs, and a 33.8% jump in media expenses for promoting subscriptions Q3 2024 Operating Costs Breakdown (YoY) | Cost Category | Amount (Millions) | YoY Change | | :--- | :--- | :--- | | **Total Operating Costs** | **$563.5** | **+5.4%** | | Adjusted Operating Costs | $536.0 | +5.4% | | Cost of Revenue | $331.8 | +6.7% | | Sales and Marketing | $69.1 | +10.4% | | Product Development | $61.0 | +6.3% | | General and Administrative | $76.2 | -6.9% | - Q3 2024 operating costs included **$4.6 million** in litigation costs related to the lawsuit against Microsoft and OpenAI, which are treated as a special item[6](index=6&type=chunk)[16](index=16&type=chunk) - Media expenses, a component of sales and marketing, increased **33.8%** to **$35.0 million** from **$26.1 million** in Q3 2023[18](index=18&type=chunk) [Profitability and Earnings Per Share](index=1&type=section&id=Profitability%20and%20Earnings%20Per%20Share) The company demonstrated strong profitability growth in Q3 2024, with operating profit increasing 20.7% YoY to $76.7 million and adjusted operating profit rising 16.1% to $104.2 million. Diluted EPS was $0.39, up from $0.32 in the prior year, while adjusted diluted EPS increased to $0.45 from $0.37 Q3 2024 Profitability Metrics (YoY) | Metric | Q3 2024 | Q3 2023 | Change | | :--- | :--- | :--- | :--- | | Operating Profit | $76.7M | $63.6M | +20.7% | | Operating Profit Margin | 12.0% | 10.6% | +140 bps | | Adjusted Operating Profit | $104.2M | $89.8M | +16.1% | | Adjusted Operating Profit Margin | 16.3% | 15.0% | +130 bps | | Diluted EPS | $0.39 | $0.32 | +$0.07 | | Adjusted Diluted EPS | $0.45 | $0.37 | +$0.08 | - The increase in income tax expense to **$20.9 million** was primarily due to higher pre-tax income in Q3 2024 compared to Q3 2023[30](index=30&type=chunk) [Business Segment Performance](index=6&type=section&id=Business%20Segment%20Performance) [The New York Times Group (NYTG)](index=6&type=section&id=The%20New%20York%20Times%20Group%20(NYTG)) The NYTG segment, which includes the core news product, Cooking, and Games, saw revenues grow 5.7% YoY to $596.0 million. Adjusted operating profit increased 4.0% to $101.5 million, driven by strong digital subscription and advertising growth, which offset declines in print revenues and higher operating costs NYTG Q3 2024 Performance (YoY) | Metric | Amount (Millions) | YoY Change | | :--- | :--- | :--- | | Total Revenues | $596.0 | +5.7% | | - Subscription Revenues | $422.2 | +7.4% | | - Advertising Revenues | $109.3 | +0.6% | | Adjusted Operating Costs | $494.5 | +6.1% | | Adjusted Operating Profit | $101.5 | +4.0% | [The Athletic](index=6&type=section&id=The%20Athletic) The Athletic segment achieved a significant milestone, reporting an adjusted operating profit of $2.6 million, a $10.5 million improvement from a loss of $7.9 million in Q3 2023. This turnaround was driven by a 29.8% increase in revenues to $44.7 million, fueled by subscriber growth and new licensing deals, while adjusted operating costs slightly decreased by 0.6% The Athletic Q3 2024 Performance (YoY) | Metric | Amount (Millions) | YoY Change | | :--- | :--- | :--- | | Total Revenues | $44.7 | +29.8% | | - Subscription Revenues | $31.1 | +21.4% | | - Advertising Revenues | $9.0 | +7.2% | | Adjusted Operating Costs | $42.1 | -0.6% | | Adjusted Operating Profit/(Loss) | $2.6 | +$10.5M | - The decrease in The Athletic's adjusted operating costs was mainly due to lower sales and marketing costs as some media spend was shifted to NYTG for bundle marketing[26](index=26&type=chunk) [Financial Position and Outlook](index=7&type=section&id=Financial%20Position%20and%20Outlook) [Liquidity and Capital Resources](index=7&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained a strong liquidity position, ending Q3 2024 with $820.4 million in cash and marketable securities and no outstanding debt. Free cash flow for the first nine months of 2024 was $237.7 million, up from $207.6 million in the prior year. The company also repurchased $18.3 million of its Class A stock during the quarter - As of September 30, 2024, the Company had cash and marketable securities of **$820.4 million**, with no outstanding borrowings under its **$350 million** credit facility[32](index=32&type=chunk) - Net cash from operating activities for the first nine months of 2024 was **$258.8 million**, and free cash flow was **$237.7 million**[33](index=33&type=chunk)[73](index=73&type=chunk) - The company repurchased **341,456** shares for approximately **$18.3 million** in Q3 2024, with **$183.0 million** remaining under the repurchase authorization[34](index=34&type=chunk) [Company Outlook](index=7&type=section&id=Company%20Outlook) For the fourth quarter of 2024, the company projects continued strong growth in digital-only subscription revenues, expecting an increase of 14-17% YoY. Total subscription revenues are guided to grow 7-9%, while adjusted operating costs are expected to increase by 5-6% Q4 2024 Guidance (vs. Q4 2023) | Metric | Guidance (YoY Change) | | :--- | :--- | | Digital-only subscription revenues | +14% to +17% | | Total subscription revenues | +7% to +9% | | Digital advertising revenues | +High-single-digits to low-double-digits | | Total advertising revenues | +Low-single-digits | | Other revenue | +11% to +13% | | Adjusted operating costs | +5% to +6% | Full-Year 2024 Guidance | Metric | Guidance | | :--- | :--- | | Depreciation and amortization | approx. $80 million | | Interest income and other, net | approx. $35 million | | Capital expenditures | approx. $35 million | [Supplementary Information](index=8&type=section&id=Supplementary%20Information) [Conference Call Information](index=8&type=section&id=Conference%20Call%20Information) The company will host its third-quarter 2024 earnings conference call on Monday, November 4, 2024, at 8:00 a.m. E.T. A live webcast and subsequent archive will be available on the company's investor relations website - The earnings conference call is scheduled for November 4, 2024, at **8:00 a.m. E.T.**[37](index=37&type=chunk) [Non-GAAP Financial Measures and Reconciliations](index=10&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) This report includes non-GAAP financial measures such as adjusted operating profit, adjusted operating costs, adjusted diluted EPS, and free cash flow. Management uses these to evaluate performance by excluding items like depreciation, amortization, severance, and certain special items (e.g., Generative AI Litigation Costs) to provide a clearer view of underlying business trends. Detailed reconciliations to the most comparable GAAP measures are provided in the exhibits - The company uses non-GAAP measures to supplement GAAP results, believing they provide useful information by excluding items not indicative of ongoing operating activities[42](index=42&type=chunk)[63](index=63&type=chunk) - Beginning in Q1 2024, Generative AI Litigation Costs are treated as a special item and excluded from adjusted results because they are considered discrete, complex, and unusual[6](index=6&type=chunk)[65](index=65&type=chunk) - Detailed reconciliations for adjusted diluted EPS, adjusted operating profit, adjusted operating costs, and free cash flow are available in the report's exhibits[68](index=68&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk) [Forward-Looking Statements](index=9&type=section&id=Forward-Looking%20Statements) The press release contains forward-looking statements regarding the company's future performance and strategy. These statements are based on current expectations and are subject to various risks and uncertainties, including competition, subscriber growth, advertising market dynamics, and economic conditions, which could cause actual results to differ materially. The company does not undertake to update these statements - Forward-looking statements are identified by words like 'guidance,' 'expect,' 'believe,' and 'strategy'[41](index=41&type=chunk) - Key risks include significant competition, ability to grow the subscriber base, advertising revenue fluctuations, and risks associated with generative AI technology[41](index=41&type=chunk)

Analysts on Wall Street project that New York Times Co. (NYT) will announce quarterly earnings of $0.42 per share in its forthcoming report, representing an increase of 13.5% year over year. Revenues are projected to reach $640.39 million, increasing 7% from the same quarter last year.Over the past 30 days, the consensus EPS estimate for the quarter has remained unchanged. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.Before a company reveal ...

The New York Times Company (NYT) is set to announce its third-quarter 2024 earnings on Nov. 4 before the market opens. Key focus areas will include subscription growth, advertising revenue patterns, cost control efforts and the outcomes of recent strategic initiatives.The Zacks Consensus Estimate for third-quarter revenues is pegged at $640.4 million, indicating a 7% rise from the prior-year period.This diversified media conglomerate is also expected to show improvement in the bottom line. The consensus est ...

Core Insights - The JUST Capital's Annual Americans' Views on Business Report provides a clear direction for corporate leaders amidst a divided political landscape and shifting stakeholder demands [2][3] - The report indicates that the majority of Americans, regardless of political affiliation, expect corporations to focus on fair pay, workforce investment, customer treatment, fair pricing, environmental responsibility, community strengthening, and climate commitments [3][4] - There is a growing sentiment that CEOs should limit their public statements to business-related issues, reflecting a shift in public opinion from previous years [3][4] Stakeholder Expectations - The American public is increasingly looking for transparency regarding corporate actions rather than corporate rhetoric [3] - Executives are encouraged to return to fundamental business practices that create value for all stakeholders, which in turn benefits shareholders and society [4] Future Directions - JUST Capital plans to release additional polling data later in the year to further detail public priorities for corporate behavior, which will inform the annual rankings of America's Most Just Companies in Q1 2025 [4] - The organization emphasizes the importance of aligning corporate practices with public expectations to drive better business outcomes [5]

Core Points - The New York Times has issued a cease and desist letter to AI startup Perplexity over alleged copyright infringement [1][2] - This action follows a previous lawsuit by the Times against OpenAI for similar reasons [1] - The Times' approach contrasts with other news outlets that have formed content agreements with tech platforms [1] Company Overview - Perplexity.ai is an AI-powered search engine known for its conversational interface and ability to provide up-to-date answers with source links [2] - The platform utilizes a technique called Retrieval Augmented Generation (RAG) to enhance responses by integrating relevant information from existing content [3] Legal Allegations - The cease and desist letter outlines several alleged violations by Perplexity, including breaches of the Times' Terms of Service and unauthorized circumvention of paywalls [2] - The Times claims that Perplexity continues to use its content without permission, despite previous assurances to stop [2] - The newspaper has given Perplexity until October 30, 2024, to comply with its demands, indicating potential legal action if unresolved [4] Company Response - Perplexity plans to respond to the cease and desist letter, asserting that it is not scraping data but indexing web pages [4] - The company argues that the law does not grant exclusive copyright over factual information [4]

Closed at $54.52 yesterday, shares of The New York Times Company (NYT) are trading above 200-day and 50-day simple moving averages (SMA) of $48.80 and $54.22, respectively, signaling strong upward momentum and price stability. Now investors must decide how to approach this stock, should they invest more or hold their current position? Let us analyze the situation. Image Source: Zacks Investment Research The NYT stock has risen 25.3% in the past six months, outpacing the industry’s and the S&P 500's growth o ...