New York Times(NYT) - 2025 Q1 - Quarterly Report

Financial Performance - Total revenues for the quarter ended March 31, 2025, increased to $635.91 million, up 7.1% from $594.02 million in the same quarter of 2024[15] - Subscription revenues rose to $464.26 million, representing a 8.2% increase compared to $429.01 million in the prior year[15] - Net income for the quarter was $49.55 million, a 22.6% increase from $40.42 million in the same quarter of 2024[15] - Basic earnings per share increased to $0.30, up from $0.25 in the same quarter of the previous year[15] - Operating profit for the quarter was $58.63 million, an increase from $48.32 million in the same quarter of 2024[15] - The company reported a comprehensive income of $55.39 million for the quarter, compared to $40.92 million in the same quarter of 2024[17] - Total subscription revenues reached $464,257,000, accounting for 73.0% of total revenues, up from $429,005,000 (72.2%) in the prior year[34] - Advertising revenues rose to $108,076,000, making up 17.0% of total revenues, compared to $103,711,000 (17.5%) in the same quarter last year[34] - The company reported a net cash provided by operating activities of $99,088,000, significantly higher than $53,079,000 in the prior year[24] - Adjusted operating profit for NYTG was $89.82 million, and for The Athletic, it was $2.88 million, leading to a total adjusted operating profit of $92.70 million for the quarter[75] Assets and Liabilities - Total assets decreased to $2.74 billion as of March 31, 2025, down from $2.84 billion at the end of 2024[12] - Total current liabilities decreased to $554.85 million from $613.53 million at the end of 2024[12] - Cash and cash equivalents decreased to $182.60 million from $199.45 million at the end of 2024[9] - Total cash, cash equivalents, and restricted cash at the end of the period was $197,158,000, down from $220,696,000 at the end of March 2024[24] - As of March 31, 2025, the total carrying amount of goodwill was $414.8 million, a decrease from $416.1 million as of December 31, 2024[41] - The company had remaining performance obligations of approximately $129 million as of March 31, 2025, with expected revenue recognition of $72 million in 2025[35] Dividends and Share Repurchase - The company declared dividends of $0.18 per share, up from $0.13 per share in the same quarter of the previous year[15] - Dividends paid increased to $22,069,000 from $18,621,000 year-over-year[24] - The Board of Directors approved a new $350.0 million Class A share repurchase program in February 2025, in addition to previous authorizations[68] - As of March 31, 2025, approximately $293.5 million had been repurchased under the share repurchase programs, leaving $456.5 million remaining under the 2023 and 2025 authorizations[69] Expenses and Costs - The cost of revenue (excluding depreciation and amortization) for the total revenues was $334.64 million, up from $316.87 million in the previous year[75] - Total stock-based compensation expense for the quarter ended March 31, 2025, was $17.35 million, compared to $15.86 million for the same quarter in 2024, reflecting an increase of approximately 9.4%[71] - The net periodic pension cost for the first quarter of 2025 was $6.1 million, compared to $3.2 million for the same period in 2024[59] - The Company recorded an income tax expense of $14.4 million in the first quarter of 2025, down from $15.2 million in the first quarter of 2024, with effective tax rates of 22.5% and 27.4%, respectively[63] Legal Matters - Legal proceedings are ongoing against Microsoft and OpenAI, with the company seeking monetary and injunctive relief for alleged copyright infringement[79] - The company recorded $4.4 million in litigation-related costs in Q1 2025 related to generative AI litigation, compared to $1.0 million in Q1 2024[52] Other Comprehensive Income - The company recorded a net current-period other comprehensive income of $5.83 million for the quarter ended March 31, 2025[70] - The balance of accumulated other comprehensive loss as of March 31, 2025, was $(359.97) million[70] - The company recorded $2.1 million in pre-tax net unrealized gains in accumulated other comprehensive income as of March 31, 2025[37]