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The union representing tech workers at the New York Times on Monday ended its strike — launched days before Election Day — without securing a new contract.The Tech Guild, which represents some 600 software engineers and programmers at the Gray Lady’s digital platforms, returned to work on Tuesday morning without management having met their demands for higher wages and job protections.However, union leaders declared victory in the labor dispute. 4 Tech workers at the New York Times ended their week-long st ...

New York Times tech workers are ending their strike after a weeklong stoppage.The strike threatened to disrupt election coverage but had limited impact on the Times' operations.The Tech Guild, formed in 2021, represents 600-plus engineers. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Go to newsletter preferences Thanks for signing up! Access your favorite topics in a personalized feed while you're o ...

Dozens of New York Times tech workers crossed the picket line amid a tech strike.The Tech Guild is striking over remote work, pay equity, and subcontracting limits.The work stoppage threatened to disrupt operations during an expected election traffic surge. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Go to newsletter preferences Thanks for signing up! Access your favorite topics in a personalized f ...

The New York Times Company (NYT) continued its decent performance in the third quarter of 2024. The company's adjusted earnings per share were 45 cents, which surpassed the Zacks Consensus Estimate of 42 cents. The figure marked an increase from the year-ago adjusted earnings of 37 cents. Total revenues of $640.2 million were in line with the Zacks Consensus Estimate of $640 million and increased 7% year over year. See the Zacks Earnings Calendar to stay ahead of market-making news.NYT added approximately 2 ...

The CEO of AI search company Perplexity, Aravind Srinivas, has offered to cross picket lines and provide services to mitigate the effect of a strike by New York Times tech workers.The NYT Tech Guild announced its strike Monday, after setting November 4 as its deadline months earlier. The workers represented provide software support and data analysis for the Times, on the business side of the outlet. They have been asking for an annual 2.5% wage increase and to cement a current two days per week in-office ex ...

The CEO of AI search company Perplexity, Aravind Srinivas, has offered to cross a virtual picket line and provide services during a strike by New York Times tech workers.The NYT Tech Guild announced its strike Monday, after setting November 4 as its deadline months earlier. The workers represented provide software support and data analysis for the Times, on the business side of the outlet. They have been asking for an annual 2.5% wage increase and to cement a current two days per week in-office expectation, ...

Core Viewpoint - The New York Times' tech workers have initiated a strike, potentially disrupting operations during a critical election period, as they seek better working conditions and pay equity [2][4][6]. Group 1: Strike Details - The Tech Guild, representing software developers and data analysts, is picketing outside the Times' headquarters and has requested the public to avoid using certain digital services during the strike [3][4]. - The strike could create a divide between tech workers and other newsroom employees, who are concerned about the impact on the Times' ability to manage increased election-related traffic [4][5]. Group 2: Management Response - Times management claims to have made a strong offer, with total compensation for tech workers averaging $190,000, which is $40,000 more than that of journalists in the Times Guild [6]. - The Times emphasizes its commitment to fulfilling its public service mission and has plans in place to ensure operational continuity during the strike [6]. Group 3: Negotiation Background - The Tech Guild, formed in 2021, has been negotiating with management since 2022 and consists of 600 members, including various tech roles [6]. - The Times Co. chairman has indicated that the strike may persist at least through the election, suggesting a prolonged negotiation process [7].

[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