The New York Times Company (NYT) continued with its decent performance in the first quarter of 2024. The company's adjusted earnings per share came in at 31 cents, which surpassed the Zacks Consensus Estimate of 18 cents. The figure marked a substantial increase from the year-ago adjusted earnings of 19 cents a share. Total revenues of $594 million came ahead of the Zacks Consensus Estimate of $591 million and increased 5.9% year over year.The New York Times Company added approximately 210,000 net digital-o ...

[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) The Q1 2024 financial statements show increased revenues and net income, with total assets at $2.62 billion and operating cash flow of $53.1 million [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to **$2.62 billion** as of March 31, 2024, with liabilities and equity remaining stable Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2024 (Unaudited) | December 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $206,817 | $289,472 | | Total current assets | $681,160 | $781,653 | | Total assets | $2,622,822 | $2,714,595 | | **Liabilities and Stockholders' Equity** | | | | Total current liabilities | $544,717 | $611,559 | | Total liabilities | $874,860 | $951,376 | | Total stockholders' equity | $1,747,962 | $1,763,219 | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2024 total revenues grew **5.9%** to **$594.0 million**, with net income increasing **81.1%** to **$40.4 million** Q1 2024 Statement of Operations Highlights (in thousands, except per share data) | Metric | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | **Total Revenues** | **$594,015** | **$560,739** | **5.9%** | | Subscription Revenues | $429,005 | $397,542 | 7.9% | | Advertising Revenues | $103,711 | $106,241 | -2.4% | | **Total Operating Costs** | **$545,696** | **$532,839** | **2.4%** | | **Operating Profit** | **$48,319** | **$27,900** | **73.2%** | | **Net Income** | **$40,417** | **$22,321** | **81.1%** | | Diluted EPS | $0.24 | $0.13 | 84.6% | | Dividends declared per share | $0.13 | $0.11 | 18.2% | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations was **$53.1 million** in Q1 2024, while investing and financing activities used significant cash Q1 2024 Cash Flow Summary (in thousands) | Cash Flow Category | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $53,079 | $50,730 | | Net cash (used in)/provided by investing activities | $(66,391) | $22,175 | | Net cash used in financing activities | $(68,684) | $(58,530) | | **Net (decrease)/increase in cash** | **$(81,996)** | **$14,375** | [Notes to the Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, revenue streams, segment performance, and **$1.0 million** in AI litigation costs - The company operates under two reportable segments: The New York Times Group ("NYTG") and The Athletic[27](index=27&type=chunk) Q1 Revenue Breakdown (in thousands) | Revenue Type | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Subscription** | **$429,005** | **$397,542** | | - Digital-only | $292,978 | $258,768 | | - Print | $136,027 | $138,774 | | **Advertising** | **$103,711** | **$106,241** | | - Digital | $63,026 | $61,271 | | - Print | $40,685 | $44,970 | | **Other** | **$61,299** | **$56,956** | | **Total** | **$594,015** | **$560,739** | Q1 Segment Performance (in thousands) | Segment | Revenues (Q1 2024) | Adjusted Operating Profit (Loss) (Q1 2024) | | :--- | :--- | :--- | | NYTG | $557,394 | $84,744 | | The Athletic | $37,184 | $(8,690) | - In Q1 2024, the company recorded **$1.0 million** in pre-tax costs related to its lawsuit against Microsoft and OpenAI for unauthorized use of its content in generative AI products[56](index=56&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Strong Q1 2024 performance driven by **9.91 million** digital-only subscribers and **40.9%** adjusted operating profit growth - The company ended Q1 2024 with approximately **9.91 million** digital-only subscribers, a net increase of **210,000** from the end of 2023 and **890,000** year-over-year[92](index=92&type=chunk)[105](index=105&type=chunk) - Total digital-only Average Revenue Per User (ARPU) increased **1.9%** year-over-year to **$9.21**, driven by subscribers graduating from promotional pricing and price increases for tenured subscribers[92](index=92&type=chunk)[111](index=111&type=chunk) - Adjusted operating profit (a non-GAAP measure) increased **40.9%** to **$76.1 million** in Q1 2024 from **$54.0 million** in Q1 2023[92](index=92&type=chunk) Reconciliation to Adjusted Diluted EPS | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Diluted earnings per share (GAAP) | $0.24 | $0.13 | | Adjustments (Amortization, Severance, etc.) | $0.07 | $0.06 | | **Adjusted diluted earnings per share (Non-GAAP)** | **$0.31** | **$0.19** | [Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes in market risks were reported compared to the disclosures in the 2023 Annual Report on Form 10-K - As of March 31, 2024, there were no material changes in the company's market risks from those disclosed at year-end 2023[180](index=180&type=chunk) [Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective, with no material changes to internal controls during Q1 2024 - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective as of March 31, 2024[182](index=182&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, these controls[183](index=183&type=chunk) [PART II. OTHER INFORMATION](index=42&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=42&type=section&id=Item%201.%20Legal%20Proceedings) The company is actively pursuing a copyright infringement lawsuit against Microsoft and OpenAI regarding generative AI content use - The company filed a lawsuit against Microsoft and OpenAI on December 27, 2023, alleging copyright infringement and other violations related to the unauthorized use of its journalism and content for generative AI[186](index=186&type=chunk) [Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors were reported compared to the 2023 Form 10-K disclosures - No material changes to the risk factors previously disclosed in the 2023 Form 10-K were reported[186](index=186&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=42&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **703,468** shares for **$32.4 million** in Q1 2024, with **$218.0 million** remaining for future repurchases Q1 2024 Share Repurchases | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | January 2024 | 122,324 | $49.05 | | February 2024 | 526,260 | $45.82 | | March 2024 | 54,884 | $43.71 | | **Total Q1 2024** | **703,468** | **$46.14** | - As of March 31, 2024, approximately **$218.0 million** remained available under the company's share repurchase authorization[187](index=187&type=chunk)[188](index=188&type=chunk) [Other Information](index=42&type=section&id=Item%205.%20Other%20Information) No directors or executive officers adopted or terminated Rule 10b5-1 trading plans during the first quarter of 2024 - No directors or executive officers adopted or terminated Rule 10b5-1 trading plans during Q1 2024[189](index=189&type=chunk) [Exhibits](index=43&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including officer certifications and Interactive Data Files (XBRL)

First Quarter 2024 Earnings Presentation May 8, 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," "fu ...

The New York Times Company (NYSE:NYT) Q1 2024 Earnings Conference Call May 8, 2024 8:00 AM ET Company Participants Anthony DiClemente - Senior Vice President of Investor Relations Meredith Kopit Levien - President and Chief Executive Officer William Bardeen - Executive Vice President and Chief Financial Officer Conference Call Participants David Karnovsky - JPMorgan Jason Bazinet - Citi Vasily Karasyov - Cannonball Research Thomas Yeh - Morgan Stanley Douglas Arthur - Huber Research Partners Operator Good m ...

Group 1 - New York Times Co. reported $594.02 million in revenue for Q1 2024, a year-over-year increase of 5.9% and an EPS of $0.31 compared to $0.19 a year ago [1] - The revenue exceeded the Zacks Consensus Estimate of $590.64 million by +0.57%, while the EPS surprise was +72.22% against the consensus estimate of $0.18 [1] - Key metrics such as digital subscriptions and advertising revenues provide deeper insights into the company's performance beyond headline numbers [1] Group 2 - Total digital-only subscriptions reached 9,910, slightly above the estimated 9,893, while total subscriptions (digital & print) were 10,550, below the estimate of 10,717 [2] - Digital-only subscription revenues were $293 million, exceeding the average estimate of $291.95 million, representing a year-over-year change of +13.2% [2] - Total digital advertising revenues were $63.03 million, slightly below the estimate of $64.03 million, with a year-over-year increase of +2.9% [2] - Print advertising revenues were $40.69 million, surpassing the estimate of $37.74 million, but showed a year-over-year decline of -9.5% [2] - Subscription revenues totaled $429.01 million, slightly above the estimate of $428.84 million, reflecting a year-over-year increase of +7.9% [2] Group 3 - New York Times shares have returned +6.3% over the past month, outperforming the Zacks S&P 500 composite, which saw a -0.2% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

New York Times Co. (NYT) came out with quarterly earnings of $0.31 per share, beating the Zacks Consensus Estimate of $0.18 per share. This compares to earnings of $0.19 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 72.22%. A quarter ago, it was expected that this newspaper publisher would post earnings of $0.60 per share when it actually produced earnings of $0.70, delivering a surprise of 16.67%.Over the last four quarters ...

The New York Times Company Reports First-Quarter 2024 Results NEW YORK, May 8, 2024 – The New York Times Company (NYSE: NYT) announced today first-quarter 2024 results. • The Company added approximately 210,000 net digital-only subscribers compared with the end of the fourth quarter of 2023, driven largely by bundle and multiproduct subscriber additions • Total digital-only average revenue per user ("ARPU") increased 1.9 percent year-over-year to $9.21 primarily as a result of subscribers graduating from pr ...

The New York Times Company (NYT) is likely to register an increase in the top line when it reports first-quarter 2024 numbers on May 8 before market open. The Zacks Consensus Estimate for revenues is pegged at $590.6 million, which indicates an improvement of 5.3% from the prior-year reported figure.However, the company is expected to observe a year-over-year decrease in its bottom line. The Zacks Consensus Estimate for first-quarter earnings per share has been stable at 18 cents in the past 30 days, which ...

The New York Times Company (NYT) has deftly overcome operational hurdles, achieving notable success fueled by its expanding subscriber base and strategic transformations. With an unwavering commitment to diversifying revenue streams, optimizing costs and refining operations, the company has emerged as a formidable player in the media landscape. To amplify its revenues further, NYT is actively promoting a more strategically bundled subscription offering, reflecting its proactive approach to business evolutio ...

Left-leaning news site The Intercept is reportedly in dire financial straits that could cause the nonprofit to shutter next year — as it attacks The New York Times over alleged bias in its Israel-Gaza war coverage.The Intercept — co-founded by Glenn Greenwald and Laura Poitras a decade ago and originally financed by eBay billionaire founder Pierre Omidyar — is losing around $300,000 per month and could run out of money by May 2025, according to Semafor.Last year, Omidyar cut his support and the site was spu ...