Core Insights - Arizona Gold & Silver Inc. has successfully intersected 34.45 meters of the Perry Vein in core hole PC25-157, located 60 meters north of a previous high-grade gold intercept in PC25-156 [1][2] - The drilling continues with core hole PC25-158 in progress, targeting a vein intersection approximately 60 meters further north from PC25-157 [2][6] Geological Findings - The Perry Vein exhibits several facies similar to those found in PC25-156, including distinct characteristics such as strong bladed dark calcite and quartz, banded quartz veins, and various breccia types [3][4] - All facies in PC25-157 contained gold, with no apparent preference for higher or lower gold grades among the different facies [4] Sample Analysis - Core samples from PC25-157 have been sent to Skyline Labs for analysis, including fire assay for gold and four-acid digestion for silver and trace metals [5] - Any gold values exceeding 5 grams per tonne will undergo additional testing to ensure accuracy [5] Future Exploration Plans - The company aims to define the potential strike length of the Perry Vein at depths greater than 300 meters before proceeding with deeper drilling [2] - Core hole PC25-158 is expected to reach its target later in November 2025 [6] Company Overview - Arizona Gold & Silver Inc. focuses on exploring precious metal resources in Arizona and Nevada, emphasizing sustainable practices and innovative exploration techniques [7] - The flagship asset is the Philadelphia gold-silver property, where the company is drilling to assess an epithermal gold-silver system ahead of an initial resource calculation [8]

Core Insights - New York Times Co. (NYT) reported quarterly earnings of $0.59 per share, exceeding the Zacks Consensus Estimate of $0.54 per share, and up from $0.45 per share a year ago, representing an earnings surprise of +9.26% [1] - The company achieved revenues of $700.82 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.33% and increasing from $640.18 million year-over-year [2] - The stock has gained approximately 11% since the beginning of the year, while the S&P 500 has increased by 15.1% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.85 on revenues of $779.15 million, and for the current fiscal year, it is $2.28 on revenues of $2.79 billion [7] - The estimate revisions trend for New York Times was mixed prior to the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Publishing - Newspapers industry, to which New York Times belongs, is currently ranked in the top 41% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8]

Financial Data and Key Metrics Changes - In Q3 2025, consolidated revenues grew approximately 9.5% year-over-year, with adjusted operating profit (AOP) increasing by approximately 26% and AOP margin expanding by approximately 240 basis points [10][11] - Free cash flow generated in the first nine months of the year was approximately $393 million, reflecting a capital-efficient model [10] - Adjusted diluted EPS in Q3 increased by $0.14 to $0.59, primarily driven by higher operating profit [13] Business Line Data and Key Metrics Changes - The company added 460,000 net new digital subscribers in Q3, bringing the total subscriber base to approximately 12.3 million, with digital subscription revenue increasing by 14% to $367 million [4][12] - Total subscription revenues grew approximately 9% to $495 million, in line with guidance [12] - Digital advertising revenues increased approximately 20% to $98 million, while total advertising revenues grew approximately 12% to $132 million [12][13] Market Data and Key Metrics Changes - Digital advertising growth was attributed to strong marketer demand and new advertising supply, indicating a robust market environment [12][40] - Affiliate licensing and other revenues increased approximately 8% to $74 million, primarily due to higher licensing revenues [13] Company Strategy and Development Direction - The company is focused on a multi-revenue stream model that includes subscription, advertising, licensing, and affiliate revenues, all of which are growing [3][4] - The strategy emphasizes enhancing product value through video, audio, and AI, aiming to engage a larger audience and drive subscriber growth [5][7] - The company aims to become more essential to a broader audience, expecting to deliver more value for shareholders and society [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to navigate a dynamic market environment, highlighting the importance of independent journalism and compelling product experiences [9][14] - The outlook for Q4 includes expectations for digital-only subscription revenues to increase by 13%-16% and total subscription revenues to grow by 8%-10% [14] Other Important Information - The company has maintained disciplined expense growth while investing in journalism and product experiences, which are seen as sources of long-term advantage [8][10] - The family plan subscription offering has shown positive results, contributing to market penetration and engagement [11][18] Q&A Session Summary Question: Can you elaborate on the video format and its impact on advertising? - Management sees video as a significant opportunity for engagement and brand building, with potential for expanding into video advertising opportunities [16][17] Question: What is the growth rate in operating expenses for Q4? - The company expects adjusted operating costs to increase by 6%-7%, driven by investments in journalism and product development [21][23] Question: Can you discuss the dynamics behind advertising growth? - The advertising growth is attributed to a combination of market demand and new product innovations, with a focus on providing more value to advertisers [39][40] Question: How is The Athletic performing? - The Athletic continues to perform well, contributing positively to engagement and advertising, with the introduction of NFL footage enhancing its product offering [46] Question: Are single product subscriptions converting to higher value products as expected? - The model is working as designed, with single products driving audience engagement and contributing to overall subscription and advertising growth [48]

Financial Data and Key Metrics Changes - In Q3 2025, consolidated revenues grew approximately 9.5% year-over-year, with adjusted operating profit (AOP) increasing by approximately 26% and AOP margin expanding by approximately 240 basis points [10][11] - Free cash flow generated in the first nine months of the year was approximately $393 million, reflecting a capital-efficient model [10] - Adjusted diluted EPS in Q3 increased by 14 cents to 59 cents, primarily driven by higher operating profit [13] Business Line Data and Key Metrics Changes - The company added 460,000 net new digital subscribers in Q3, bringing the total subscriber base to approximately 12.3 million, with digital subscription revenue increasing by 14% to $367 million [4][12] - Total advertising revenues for the quarter were $132 million, an increase of approximately 12%, with digital advertising revenues increasing approximately 20% to $98 million [12][13] - Affiliate licensing and other revenues increased approximately 8% to $74 million, primarily due to higher licensing revenues [13] Market Data and Key Metrics Changes - Digital-only average revenue per user (ARPU) grew 3.6% to $9.79, reflecting successful pricing strategies [12] - The company expects digital-only subscription revenues to increase by 13-16% and total subscription revenues to increase by 8-10% in Q4 [14] Company Strategy and Development Direction - The company emphasizes a multi-revenue stream model, including subscription, advertising, licensing, and affiliate revenues, which are all growing [3][4] - The strategy focuses on enhancing product value through video, audio, and AI, aiming to engage users more effectively [5][7] - The company aims to become more essential to a larger audience, thereby increasing shareholder value and societal impact [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to navigate a changing media landscape, highlighting persistent demand for quality journalism [9] - The company plans to continue disciplined investments in journalism and product experiences while maintaining cost efficiency [14] Other Important Information - The company returned approximately $191 million to shareholders, consisting of share repurchases and dividends, consistent with its capital allocation strategy [10][11] - The family plan subscription offering is performing well, contributing positively to market penetration and engagement [18] Q&A Session Summary Question: Video format opportunity and advertising impact - Management sees video as a significant growth opportunity and is focused on increasing engagement before fully monetizing through advertising [16][17] Question: Growth rate in operating expenses for Q4 - Management indicated that the growth in operating expenses is driven by investments in journalism and product development, with a focus on long-term sustainable growth [21][22] Question: Dynamics of advertising growth - Management noted that advertising growth is attributed to a combination of market demand and new product innovations, with a focus on providing value to advertisers [40][42] Question: Performance of The Athletic - Management confirmed that The Athletic is performing well, contributing positively to engagement and advertising revenue [50] Question: Conversion rates from single product subscribers - Management stated that single product subscriptions are effectively driving audience engagement and conversion to higher-value products [52]

Financial Data and Key Metrics Changes - In Q3 2025, consolidated revenues grew approximately 9.5% year-over-year, with adjusted operating profit (AOP) increasing by approximately 26% and AOP margin expanding by approximately 240 basis points [10][11] - Free cash flow generated in the first nine months of the year was approximately $393 million, reflecting a capital-efficient model [10] - Adjusted diluted EPS in Q3 increased by 14 cents to 59 cents, primarily driven by higher operating profit [13] Business Line Data and Key Metrics Changes - Digital subscription revenue increased by 14% in Q3, reaching $367 million, driven by strong audience engagement [4][12] - Total subscription revenues grew approximately 9% to $495 million, in line with guidance [12] - Digital advertising revenues increased approximately 20% to $98 million, while total advertising revenues grew approximately 12% to $132 million [12][13] Market Data and Key Metrics Changes - The company added 460,000 net new digital subscribers in Q3, bringing the total subscriber base to 12.3 million [4][11] - Digital-only average revenue per user (ARPU) grew 3.6% to $9.79, reflecting successful pricing strategies [12] Company Strategy and Development Direction - The company is focused on a multi-revenue stream model, including subscription, advertising, licensing, and affiliate revenues, which are all growing [3][4] - There is a strong emphasis on enhancing video, audio, and AI capabilities to increase user engagement and product value [5][6] - The company aims to become more essential to a larger audience, thereby increasing shareholder value and societal impact [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to navigate a dynamic market environment, expecting healthy growth in revenues and AOP, margin expansion, and strong free cash flow generation for the full year [15] - The company remains focused on sustaining healthy revenue growth while making disciplined investments in high-quality journalism and digital products [24][31] Other Important Information - The company returned approximately $191 million to shareholders, consisting of $110 million in share repurchases and $81 million in dividends [10][11] - The family plan subscription offering is performing well, contributing positively to market penetration and engagement [19] Q&A Session Summary Question: Video format opportunity and advertising impact - Management sees video as a significant growth opportunity and believes it will enhance engagement and advertising potential [18] Question: Growth rate in operating expenses for Q4 - Management indicated that the growth in operating expenses is driven by investments in journalism and product development, with a focus on long-term sustainable growth [24][26] Question: Advertising dynamics and new product innovations - The advertising strength is attributed to a combination of market demand and new product innovations, with a focus on providing more value to advertisers [44][46] Question: Performance of The Athletic - Management reported strong performance from The Athletic, highlighting the introduction of NFL footage and its positive impact on engagement and advertising [52] Question: Surge in single product subscribers and conversion rates - Management confirmed that the model is working as designed, with single products driving audience engagement and contributing to overall subscription growth [56]

Corporate Earnings Drive Pre-Market Activity - Amgen Inc. reported a 12% increase in total revenues to $9.6 billion and non-GAAP EPS of $5.64, exceeding forecasts and leading to a 3% rise in stock [3] - Lumentum Holdings Inc. saw a 17% stock increase after reporting Q3 2025 EPS of $0.57 on revenues of $425.2 million, driven by growth in its Cloud and Networking segment [4] - Rivian Automotive, Inc. reported Q3 2025 revenues of $1.56 billion, surpassing estimates, with a narrower loss per share of -$0.65 and a 47% year-over-year increase in automotive sales [5] - Johnson Controls International plc reported an adjusted EPS of $1.05 and sales of $6.1 billion, representing a 6% organic increase year-over-year, with an 11% growth in backlog [6] - The New York Times Company added 460,000 digital-only subscribers, boosting total revenue by 9.5% year-over-year to $700.8 million [7] Media and Global Trade Developments - China's Foreign Minister announced willingness to negotiate a free trade agreement with the European Union, emphasizing cooperation over rivalry [9] - The New York Times Company demonstrated strength in digital transformation, contributing to its revenue growth [7] Crude Oil Markets Face Headwinds - WTI crude oil prices are trading near $60.59, facing downward pressure from a stronger U.S. dollar and increased U.S. crude inventories [10] - OPEC+ has paused output hikes for Q1 2026, agreeing to a modest increase in December, but market sentiment remains cautiously bearish [10]

Subscriber Growth and ARPU - The Company added approximately 460,000 net digital-only subscribers in Q3 2025, bringing the total to 12.33 million[8] - Bundle and multiproduct subscribers now constitute 51% of the Company's total subscriber base[8] - Total digital-only ARPU increased 3.6% year-over-year to $9.79[8] Revenue Performance - Digital-only subscription revenues increased 14.0% year-over-year[8] - Digital advertising revenues increased 20.3% year-over-year[8] - Affiliate, licensing, and other revenues increased 7.9% year-over-year[8] - Total subscription revenues grew 9.1% year-over-year, reaching $495 million in Q3 2025 compared to $453 million in Q3 2024[27] - Total advertising revenues increased 11.8% year-over-year[34] Profitability and Costs - Adjusted operating profit (AOP) grew 26.1% year-over-year to approximately $131 million[8] - AOP margin increased approximately 240 basis points year-over-year to 18.7%[8] - Year-over-year adjusted operating costs (AOC) grew 6.2%[8] Financial Outlook - The Company aims to return at least 50% of free cash flow to shareholders over the mid-term[46]

Core Insights - The New York Times Company reported an increase in both profit and revenue for the third quarter, driven by ongoing subscription growth [1] Financial Performance - The company experienced higher third-quarter profit compared to previous periods [1] - Revenue also saw an increase, attributed to the growth in subscriptions [1] Subscription Growth - Continued growth in subscriptions has been a significant factor contributing to the company's financial success [1]

Core Insights - The New York Times is projected to achieve fourth-quarter subscription revenue growth that exceeds Wall Street expectations, driven by its strategy to bundle news with lifestyle and sports content [1] Group 1 - The company's subscription revenue growth is anticipated to be above market forecasts for the fourth quarter [1] - The strategy of bundling news with additional lifestyle and sports content is a key factor in driving this growth [1]

The New York Times Company Reports Third-Quarter 2025 Results NEW YORK, November 5, 2025 – The New York Times Company (NYSE: NYT) announced today third- quarter 2025 results. Key Highlights Meredith Kopit Levien, president and chief executive officer, The New York Times Company, said, "Q3 was another great quarter across the board at The Times and our results demonstrate that our strategy is working as designed. We saw strong revenue growth and we are generating significant free cash flow. We are confident ...