Core Insights - The New York Times Company (NYT) demonstrated solid performance in Q2 2025, with adjusted earnings per share of 58 cents, exceeding the Zacks Consensus Estimate of 50 cents, and total revenues of $685.9 million, which surpassed the estimate of $669 million, reflecting a year-over-year increase of 9.7% [1][11] Subscription Performance - NYT added approximately 230,000 net digital-only subscribers in the quarter, bringing total subscribers to 11.88 million, with 11.30 million being digital-only [2][5] - Digital-only average revenue per user (ARPU) rose to $9.64 from $9.34 year-over-year, driven by subscribers moving from promotional pricing to higher rate plans [3] - Subscription revenues reached $481.4 million, a 9.6% increase year-over-year, with digital-only subscription revenues increasing by 15.1% to $350.4 million [4][5] Advertising Revenues - Total advertising revenues increased by 12.4% year-over-year to $134 million, with digital advertising revenues rising 18.7% to $94.4 million, while print advertising revenues slightly declined by 0.1% to $39.6 million [6][11] - For Q3, the company anticipates a low-to-mid-single-digit increase in total advertising revenues and a low-double-digit increase in digital advertising revenues [7] Other Revenue Streams - Affiliate, licensing, and other revenues grew by 5.8% year-over-year to $70.5 million, attributed to higher Wirecutter affiliate referral revenues [8] - Adjusted operating costs rose by 6.1% to $552.1 million, with expectations of a 5-6% increase in Q3 [8] Financial Health - The company ended the quarter with cash and marketable securities totaling $951.5 million, an increase of $39.7 million from the previous quarter [14] - NYT repurchased 460,136 shares of its Class A common stock for $23.6 million, with approximately $422.2 million remaining for further repurchases [15]

Core Insights - New York Times Co. reported quarterly earnings of $0.58 per share, exceeding the Zacks Consensus Estimate of $0.50 per share, and showing an increase from $0.45 per share a year ago, resulting in an earnings surprise of +16.00% [1] - The company achieved revenues of $685.87 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 2.52% and up from $625.1 million year-over-year [2] - The stock has added approximately 3% since the beginning of the year, while the S&P 500 has gained 7.1% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.49 on revenues of $683.08 million, and for the current fiscal year, it is $2.14 on revenues of $2.77 billion [7] - The estimate revisions trend for New York Times was favorable ahead of the earnings release, resulting in a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The Publishing - Newspapers industry is currently ranked in the top 7% of over 250 Zacks industries, suggesting a positive outlook for stocks within this sector [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Financial Data and Key Metrics Changes - The company reported nearly 10% year-over-year revenue growth, with adjusted operating profit (AOP) increasing approximately 28% and AOP margin expanding by about 280 basis points [14][18] - Free cash flow generated in the first half of the year was approximately $193 million, with $134 million returned to shareholders through share repurchases and dividends [15][16] - Adjusted diluted EPS in Q2 increased by $0.13 to $0.58, driven by higher operating profit and interest income [19] Business Line Data and Key Metrics Changes - Digital subscription revenue grew over 15% in the quarter, with total subscription revenues increasing approximately 10% to $481 million [6][18] - The company added 230,000 net new digital subscribers, bringing the total to approximately 11.9 million, with over 50% of subscribers now on bundled or multiple products [6][17] - Digital advertising revenues increased approximately 19% to $94 million, while total advertising revenues grew more than 12% to $134 million [10][18] Market Data and Key Metrics Changes - The company signed a multiyear deal with Amazon, marking its first agreement centered around generative AI, which is expected to expand its audience reach [11] - Affiliate, licensing, and other revenues increased approximately 6% to $70 million, with Wirecutter affiliate revenues performing well [19] Company Strategy and Development Direction - The company aims to continue growing its subscriber base to 15 million by 2027, focusing on enhancing product accessibility and value [29] - The strategy includes expanding video content and enhancing user engagement across various platforms [9][10] - The company is confident in its ability to navigate a dynamic market environment, emphasizing the importance of building direct relationships with its audience [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning to grow despite challenges from big tech companies affecting traffic to publishers [12][44] - The company plans to maintain cost discipline while strategically investing in journalism and product experiences [12][20] - Future guidance includes expectations for continued revenue growth, AOP growth, margin expansion, and strong free cash flow generation [20] Other Important Information - The company is in the early stages of rolling out a new family plan subscription offering, which is expected to enhance subscriber retention and monetization [38] - The company will have only one reportable segment starting next quarter, streamlining its reporting structure [20] Q&A Session Summary Question: Advertising performance and key drivers - Management highlighted the broad marketer appeal of its portfolio, effective targeting with first-party data, and the introduction of new ad products as key drivers of advertising growth [23][24] Question: Amazon licensing deal specifics - The deal was described as providing fair value exchange and control over content use, aligning with the company's long-term strategy [25][26] Question: Subscriber growth towards 15 million - Management reiterated confidence in reaching the 15 million subscriber goal by 2027, citing persistent demand and a growing audience [28][29] Question: Bundle strategy progress - The achievement of 50% bundled subscribers was noted, with plans to continue driving bundle adoption as a growth catalyst [35][36] Question: Traffic headwinds from AI - Management acknowledged ongoing traffic challenges from AI but emphasized resilience through direct audience engagement strategies [44][45] Question: Promotional pricing strategy - The company maintains a consistent promotional pricing strategy to engage subscribers and drive bundle adoption [46][47] Question: AI licensing opportunities - Management expressed openness to future licensing deals, emphasizing the importance of fair value exchange and control over content [54][55]

Financial Data and Key Metrics Changes - The company reported nearly 10% year-over-year revenue growth and approximately 28% growth in adjusted operating profit (AOP) with AOP margin expanding by about 280 basis points [13] - Free cash flow generated in the first half of the year was approximately $193 million, with about $134 million returned to shareholders through share repurchases and dividends [14][16] - Adjusted diluted EPS in Q2 increased by $0.13 to $0.58, primarily driven by higher operating profit and interest income [17] Business Line Data and Key Metrics Changes - Digital subscription revenue increased by over 15% in the quarter, with total subscription revenues growing approximately 10% to $481 million [6][16] - The company added 230,000 net new digital subscribers, bringing the total to approximately 11.9 million, with over 50% of subscribers now on bundled or multiple products [5][15] - Digital advertising revenues grew nearly 19% to $94 million, while total advertising revenues increased by approximately 12% to $134 million [9][16] Market Data and Key Metrics Changes - Affiliate, licensing, and other revenues increased approximately 6% to $70 million, with growth particularly noted in areas like gifts, apparel, and beauty at Wirecutter [10][17] - The company signed a multiyear deal with Amazon, marking its first agreement centered around generative AI, which is expected to enhance audience reach [10][32] Company Strategy and Development Direction - The company aims to continue growing its subscriber base to 15 million by 2027, focusing on enhancing product accessibility and value [29] - The strategy includes expanding video content to engage audiences more effectively, with a significant push in producing news videos and enhancing lifestyle product experiences [7][9] - The company remains confident in its ability to grow despite challenges from big tech companies affecting traffic to publishers, emphasizing the importance of direct relationships with audiences [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning to continue delivering revenue and profit growth, citing strong audience engagement and a disciplined investment approach [4][12] - The company anticipates healthy growth in revenues and AOP, margin expansion, and strong free cash flow generation for the full year [19] - Management acknowledged the challenges posed by AI technologies affecting traffic but emphasized resilience through a focus on essential journalism and audience engagement [44][59] Other Important Information - The company is in the early stages of rolling out a new family plan subscription offering, which is expected to enhance subscriber retention and monetization [38] - The company plans to operate with only one reportable segment starting next quarter, streamlining its reporting structure [18] Q&A Session Summary Question: Advertising performance compared to other digital platforms - Management highlighted the broad marketer appeal of their portfolio, effective targeting with first-party data, and the introduction of new ad products as key factors driving advertising growth [22][23] Question: Amazon licensing deal details - The deal was described as consistent with the company's principles, providing fair value exchange and control over content usage, reinforcing the value of their journalism [24][25] Question: Subscriber growth towards 15 million - Management reiterated the goal of reaching 15 million subscribers by 2027, citing persistent demand and a growing audience of registered users [28][29] Question: Amazon AI deal impact on guidance - The Amazon agreement is included in the guidance, with expectations for revenue growth in the affiliate licensing and other revenue line [31][32] Question: Bundle strategy progress - Management expressed satisfaction with achieving 50% of subscribers on bundles, emphasizing the strong lifetime value of bundled subscribers [35][36] Question: Traffic headwinds from AI - Management acknowledged the impact of AI on traffic but emphasized their strategy to build direct relationships with audiences to mitigate these effects [44][59] Question: Promotional pricing strategy for bundles - Management confirmed no changes to their promotional pricing strategy, focusing on engaging subscribers and driving them towards the bundle [46][47]

Financial Performance - The company's total revenues increased by 9.7% year-over-year, reaching $686 million in Q2 2025, compared to $625 million in Q2 2024 [11] - Adjusted operating profit (AOP) grew by 27.8% year-over-year to approximately $134 million [8, 11] - AOP margin increased by approximately 280 basis points year-over-year to 19.5% [8, 42] - Adjusted diluted earnings per share increased to $0.58 in Q2 2025, up from $0.45 in Q2 2024 [11] - Adjusted operating costs (AOC) grew by 6.1% year-over-year [8] Subscriber Growth - The company added approximately 230,000 net digital-only subscribers in Q2 2025, bringing the total subscriber count to 11.88 million [8, 13] - Bundle and multiproduct subscribers now constitute 51% of the company's total subscriber base, an increase from 49% in Q1 2025 [8] - Total digital-only average revenue per user (ARPU) increased by 3.2% year-over-year to $9.64 [8] Revenue Streams - Digital-only subscription revenues increased by 15.1% year-over-year [8, 26] - Digital advertising revenues increased by 18.7% year-over-year [8, 33] - Affiliate, licensing, and other revenues increased by 5.8% year-over-year [8, 34] Free Cash Flow - The company generated strong free cash flow, with $455 million for the last twelve months ended June 30, 2025 [44]

[Q2 2025 Earnings Report Overview](index=1&type=section&id=The%20New%20York%20Times%20Company%20Reports%20Second-Quarter%202025%20Results) The New York Times Company achieved strong Q2 2025 results with significant growth in subscribers, revenues, and profitability across all segments [Key Highlights](index=1&type=section&id=Key%20Highlights) The New York Times Company reported a strong second quarter for 2025, with growth across all major revenue streams and significant free cash flow generation. The company's strategy of investing in journalism and its product portfolio continues to drive subscriber growth and increased profitability, with operating profit rising 34.2% year-over-year - The company added approximately **230,000 net new digital-only subscribers** in Q2 2025, bringing the total to **11.88 million subscribers**[4](index=4&type=chunk) - The CEO highlighted that the company's strategy is working as designed, leading to growth in all major revenue lines and significant free cash flow, enabling continued investment in journalism and product development[3](index=3&type=chunk) Q2 2025 Key Performance Indicators (YoY) | Metric | Q2 2025 Value | YoY Change | | :--- | :--- | :--- | | Total Digital-Only ARPU | $9.64 | +3.2% | | Digital Subscription Revenues | - | +15.1% | | Digital Advertising Revenues | - | +18.7% | | Operating Profit | $106.6 million | +34.2% | | Adjusted Operating Profit | $133.8 million | +27.8% | | Diluted EPS | $0.50 | +$0.10 | | Adjusted Diluted EPS | $0.58 | +$0.13 | [Summary of Quarterly Results](index=2&type=section&id=Summary%20of%20Quarterly%20Results) This section provides a five-quarter overview of key operational and financial metrics, highlighting consistent growth in subscribers and profitability [Quarterly Performance Trends](index=2&type=section&id=Quarterly%20Performance%20Trends) This section presents a five-quarter summary of key operational and financial metrics, illustrating consistent growth in subscribers, digital revenues, and profitability. Q2 2025 saw total revenues reach $685.9 million, a 9.7% year-over-year increase, with adjusted operating profit growing 27.8% to $133.8 million Key Metrics Comparison (Q2 2024 vs Q2 2025) | Metric | Q2 2024 | Q2 2025 | YoY Change | | :--- | :--- | :--- | :--- | | Digital-only subscribers (millions) | 10.21 | 11.30 | +10.7% | | Total digital-only ARPU | $9.34 | $9.64 | +3.2% | | Digital-only subscription revenues ($M) | $304.5 | $350.4 | +15.1% | | Digital advertising revenues ($M) | $79.6 | $94.4 | +18.7% | | Total revenues ($M) | $625.1 | $685.9 | +9.7% | | Operating profit ($M) | $79.4 | $106.6 | +34.2% | | Adjusted operating profit ($M) | $104.7 | $133.8 | +27.8% | | Diluted EPS | $0.40 | $0.50 | +25.0% | | Adjusted diluted EPS | $0.45 | $0.58 | +28.9% | [Consolidated Financial Results](index=3&type=section&id=Consolidated%20Financial%20Results) The company's consolidated financial performance in Q2 2025 demonstrates robust growth in digital subscribers and revenues, alongside managed increases in operating costs [Subscribers and Average Revenue Per User (ARPU)](index=4&type=section&id=Subscribers%20and%20ARPU) The company's digital-only subscriber base grew to 11.30 million, a net increase of 1.08 million year-over-year. Total digital-only ARPU rose by 3.2% to $9.64, primarily due to subscribers moving from promotional to higher-priced plans and price increases for tenured subscribers - At the end of Q2 2025, the company had **11.88 million total subscribers**, with **11.30 million being digital-only**[9](index=9&type=chunk) - Digital-only subscribers increased by **230,000** compared to Q1 2025 and by **1,080,000** compared to Q2 2024[10](index=10&type=chunk) - The **3.2% YoY increase** in total digital-only ARPU to **$9.64** was driven by subscribers transitioning off promotional pricing and targeted price increases[12](index=12&type=chunk) [Revenue Analysis](index=4&type=section&id=Revenue%20Analysis) Total revenues for Q2 2025 increased by 9.7% to $685.9 million. This growth was propelled by a 15.1% rise in digital-only subscription revenues and an 18.7% increase in digital advertising revenues. Print subscription revenues saw a slight decline Q2 2025 Revenue Breakdown (YoY) | Revenue Stream | Q2 2025 ($M) | Q2 2024 ($M) | YoY Change | | :--- | :--- | :--- | :--- | | Digital-Only Subscription | $350.4 | $304.5 | +15.1% | | Print Subscription | $131.1 | $134.8 | -2.8% | | **Total Subscription** | **$481.4** | **$439.3** | **+9.6%** | | Digital Advertising | $94.4 | $79.6 | +18.7% | | Print Advertising | $39.6 | $39.6 | -0.1% | | **Total Advertising** | **$134.0** | **$119.2** | **+12.4%** | | Affiliate, Licensing & Other | $70.5 | $66.6 | +5.8% | | **Total Revenues** | **$685.9** | **$625.1** | **+9.7%** | - Digital advertising growth was mainly due to new advertising supply in areas of strong marketer demand[14](index=14&type=chunk) [Operating Costs](index=5&type=section&id=Operating%20Costs) Total operating costs rose 6.2% year-over-year to $579.3 million, while adjusted operating costs increased 6.1% to $552.1 million. The increase was primarily driven by higher journalism costs, subscriber servicing costs, and sales and marketing expenses, including a 15.9% rise in media expenses to promote subscriptions - Total operating costs included **$3.5 million in Generative AI Litigation Costs** in Q2 2025, compared to **$2.0 million** in Q2 2024[17](index=17&type=chunk) Q2 2025 Operating Costs Breakdown (YoY) | Cost Category | Q2 2025 ($M) | Q2 2024 ($M) | YoY Change | | :--- | :--- | :--- | :--- | | Cost of revenue | $338.8 | $322.8 | +5.0% | | Sales and marketing | $69.2 | $61.3 | +12.8% | | Product development | $63.9 | $62.2 | +2.8% | | General and administrative | $82.6 | $76.9 | +7.4% | | **Total Operating Costs** | **$579.3** | **$545.7** | **+6.2%** | [Business Segment Results](index=6&type=section&id=Business%20Segment%20Results) Both the New York Times Group and The Athletic segments demonstrated strong revenue growth, with The Athletic achieving a significant turnaround to profitability [The New York Times Group (NYTG)](index=6&type=section&id=The%20New%20York%20Times%20Group%20(NYTG)) The NYTG segment reported an 8.1% increase in revenues to $632.4 million and a 19.5% increase in adjusted operating profit to $128.0 million. Growth was driven by strong performance in digital subscription and digital advertising revenues, which offset a decline in print subscription revenue NYTG Segment Performance - Q2 2025 (YoY) | Metric | Q2 2025 ($M) | Q2 2024 ($M) | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenues | $632.4 | $585.2 | +8.1% | | Subscription Revenues | $446.8 | $410.0 | +9.0% | | Advertising Revenues | $119.9 | $112.1 | +7.0% | | Adjusted Operating Costs | $504.4 | $478.1 | +5.5% | | Adjusted Operating Profit | $128.0 | $107.1 | +19.5% | [The Athletic](index=6&type=section&id=The%20Athletic) The Athletic segment achieved a significant milestone, reporting an adjusted operating profit of $5.8 million, a substantial turnaround from a $2.4 million loss in the prior-year quarter. Total revenues grew by 33.4% to $54.0 million, fueled by strong growth in advertising (up 98.8%) and subscriptions (up 18.1%) The Athletic Segment Performance - Q2 2025 (YoY) | Metric | Q2 2025 ($M) | Q2 2024 ($M) | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenues | $54.0 | $40.5 | +33.4% | | Subscription Revenues | $34.6 | $29.3 | +18.1% | | Advertising Revenues | $14.1 | $7.1 | +98.8% | | Adjusted Operating Costs | $48.3 | $42.9 | +12.5% | | Adjusted Operating Profit/(Loss) | $5.8 | ($2.4) | +$8.2M | [Other Financial Information and Liquidity](index=7&type=section&id=Other%20Financial%20Information%20and%20Liquidity) The company demonstrated strong bottom-line growth with increased EPS and maintained a robust financial position with significant cash reserves and free cash flow [Income, Taxes, and Earnings Per Share (EPS)](index=7&type=section&id=Income%2C%20Taxes%2C%20and%20EPS) Higher pre-tax income led to increased income tax expense, with the effective tax rate rising to 25.7%. The company delivered strong bottom-line results, with diluted EPS increasing by 25% to $0.50 and adjusted diluted EPS growing by 28.9% to $0.58 year-over-year - Net interest income increased to **$9.8 million** from **$8.7 million** YoY, due to higher cash balances and interest rates[28](index=28&type=chunk) Q2 2025 Earnings Per Share (YoY) | Metric | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Diluted EPS | $0.50 | $0.40 | +25.0% | | Adjusted Diluted EPS | $0.58 | $0.45 | +28.9% | [Liquidity and Capital Management](index=7&type=section&id=Liquidity%20and%20Capital%20Management) The company maintains a robust financial position, ending the quarter with $951.5 million in cash and marketable securities. Free cash flow for the first half of 2025 was strong at $193.2 million. The company also increased its credit facility to $400 million and continued its share repurchase program, buying back $23.6 million in stock during the quarter - Cash and marketable securities increased to **$951.5 million** as of June 30, 2025[31](index=31&type=chunk) - The company amended its credit facility, increasing the amount to **$400 million** and extending the maturity to 2030. No borrowings were outstanding[32](index=32&type=chunk) - Free cash flow for the first six months of 2025 was **$193.2 million**, compared to **$119.3 million** in the same period of 2024[33](index=33&type=chunk) - The company repurchased **460,136 shares** for approximately **$23.6 million** in Q2 2025, with **$422.2 million** remaining under the repurchase authorization[34](index=34&type=chunk) [Outlook](index=8&type=section&id=Outlook) The company anticipates continued strong growth in digital revenues for Q3 2025 and provides full-year projections for key financial items [Third-Quarter 2025 Guidance](index=8&type=section&id=Third-Quarter%202025%20Guidance) For the third quarter of 2025, the company anticipates continued strong growth, particularly in its digital businesses. Digital-only subscription revenues are expected to increase by 13% to 16%, and digital advertising revenues are projected to grow in the low-double-digits Q3 2025 Guidance (YoY Growth) | Metric | Expected Increase | | :--- | :--- | | Digital-only subscription revenues | 13% - 16% | | Total subscription revenues | 8% - 10% | | Digital advertising revenues | Low-double-digits | | Total advertising revenues | Low-to-mid-single-digits | | Affiliate, licensing and other revenues | High-single-digits | | Adjusted operating costs | 5% - 6% | [Full-Year 2025 Projections](index=8&type=section&id=Full-Year%202025%20Projections) The company provides full-year 2025 pre-tax projections for key financial items, expecting approximately $80 million in depreciation and amortization, $40 million in net interest income, and $40 million in capital expenditures Full-Year 2025 Projections (Pre-tax) | Item | Projected Amount | | :--- | :--- | | Depreciation and amortization | ~$80 million | | Interest income and other, net | ~$40 million | | Capital expenditures | ~$40 million | [Financial Statements and Supplemental Data](index=11&type=section&id=Financial%20Statements%20and%20Supplemental%20Data) This section provides detailed financial statements, including consolidated operations, subscriber metrics, and reconciliations of non-GAAP financial measures [Condensed Consolidated Statements of Operations](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The consolidated statements of operations provide a detailed view of the company's financial performance for the second quarter and first six months of 2025. For Q2, total revenues grew 9.7% to $685.9 million, while operating profit increased 34.2% to $106.6 million, resulting in a net income of $82.9 million Q2 2025 Statement of Operations Highlights (YoY) | Line Item ($ thousands) | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total revenues | $685,873 | $625,097 | +9.7% | | Total operating costs | $579,322 | $545,687 | +6.2% | | **Operating profit** | **$106,551** | **$79,410** | **+34.2%** | | Income before income taxes | $111,664 | $87,083 | +28.2% | | **Net income** | **$82,945** | **$65,540** | **+26.6%** | [Supplemental Subscriber and ARPU Information](index=13&type=section&id=Supplemental%20Subscriber%20and%20ARPU%20Information) This section offers a granular breakdown of the digital subscriber base and ARPU. As of Q2 2025, of the 11.30 million digital-only subscribers, 6.02 million were bundle and multiproduct subscribers. Bundle ARPU was the highest at $12.52, while news-only ARPU stood at $12.28 Digital-Only Subscriber Breakdown (in thousands) | Subscriber Type | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Bundle and multiproduct | 6,020 | 5,760 | 4,830 | | News-only | 1,690 | 1,790 | 2,290 | | Other single-product | 3,590 | 3,500 | 3,100 | | **Total digital-only** | **11,300** | **11,060** | **10,210** | Digital-Only ARPU Breakdown | ARPU Type | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Bundle and multiproduct | $12.52 | $12.38 | $11.96 | | News-only | $12.28 | $12.12 | $11.26 | | Other single-product | $3.51 | $3.54 | $3.65 | | **Total digital-only ARPU** | **$9.64** | **$9.54** | **$9.34** | [Reconciliation of Non-GAAP Financial Measures](index=17&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) This section provides detailed reconciliations of non-GAAP measures to their most comparable GAAP counterparts. For Q2 2025, adjusted diluted EPS of $0.58 is reconciled from a GAAP diluted EPS of $0.50, and adjusted operating profit of $133.8 million is reconciled from a GAAP operating profit of $106.6 million. Free cash flow for the first six months was $193.2 million Q2 2025 Reconciliation of GAAP to Adjusted Diluted EPS | Description | Per Share Amount | | :--- | :--- | | **Diluted EPS (GAAP)** | **$0.50** | | Amortization of acquired intangible assets | $0.04 | | Severance | $0.01 | | Non-operating retirement costs | $0.04 | | Special items (Generative AI Costs) | $0.02 | | Income tax expense of adjustments | ($0.03) | | **Adjusted diluted EPS (Non-GAAP)** | **$0.58** | Q2 2025 Reconciliation of GAAP to Adjusted Operating Profit ($ thousands) | Description | Amount | | :--- | :--- | | **Operating profit (GAAP)** | **$106,551** | | Depreciation and amortization | $21,396 | | Severance | $1,000 | | Multiemployer pension plan withdrawal costs | $1,338 | | Generative AI Litigation Costs | $3,490 | | **Adjusted operating profit (Non-GAAP)** | **$133,775** | Reconciliation to Free Cash Flow - First Six Months 2025 ($ thousands) | Description | Amount | | :--- | :--- | | Net cash provided by operating activities | $212,726 | | Less: Capital expenditures | ($19,573) | | **Free cash flow** | **$193,153** |

Economic Data & Trust - Concerns arise regarding the potential manipulation of economic data by government leaders, drawing parallels to situations in Greece, China, and Argentina where data fudging led to negative market consequences [3][4] - The integrity of economic statistics and the rule of law are crucial for maintaining foreign investment and business confidence in the United States [6][16] - A strong, independent civil service is essential for producing reliable economic data, a factor that has historically distinguished the US from other countries [6][7] Political Influence & Data Revision - Revisions to economic numbers are a normal occurrence across different presidential administrations [1] - Accusations of rigged numbers, particularly concerning pre-election job reports, are demonstrably false, as the report prior to the election was notably poor [12][13][18] - The politicization of economic data undermines confidence in the US economy and its institutions [15][16] Market Impact & Investor Confidence - Economists express fears that manipulating economic data could lead the US towards instability similar to Latin American countries [5] - Distorting economic data can trigger a revolt from world markets, as seen in Argentina [4] - If businesses and investors lose faith in the accuracy of US economic data and the rule of law, it could negatively impact investment decisions [7] Media & Disinformation - The media is criticized for allowing false statements regarding economic data to go unchallenged [17][18] - The spread of disinformation about economic numbers can mislead the public and erode trust in institutions [19] Job Market Analysis - The job report prior to the November election showed an increase of only 12,000 jobs, indicating a weak job market [13] - The disconnect between reported economic conditions and how people are "feeling it" (experiencing the economy) is a key issue [9]

Let's think on a societal basis of what we want. Do we want a society in which journalists, writers, artists, musicians, filmmakers, actors cannot make a living or do we want a world in which they can. As a technologist, we typically think if we can crawl it, it's ours.What I can tell you as an artist is if I make it, it's mine and you need my permission cuz it's my art. This is such an important point, especially to me as a content creator and somebody who spent his career in this. I've been thinking about ...

Media & Tech Industry Dynamics - The internet disrupted blue America, leading to a collapse in newspaper revenue from approximately $70 billion in 2000 [1] - Tech companies are challenging the state's traditional roles, leading to conflict as their share of the global pie expands [2] - The media industry's hostility towards tech stems from the shrinking of their share of the American pie as the network's influence grows [2] - The shift from state to network is exemplified by individuals moving from traditional media outlets like the NYT to platforms like Substack [2] Journalism & Media Criticism - Legacy media is defined as the non-consensual invasion of privacy for profit, with multi-billion dollar media corporations acting as dotcoms [4][5] - Journalists are often portrayed as con men who flatter individuals to gain information and then twist it to create negative stories [5] - The traditional media model is being challenged by individual creators who are building their own distribution channels to avoid distortion [11][12] - Blue journalism is a network of blues, and the blue journalists deny that Substack is journalism [97] Tech Industry Strategy & Future - Tech companies should focus on building their own distribution to avoid distortion by traditional media [11][12] - The industry needs to build internet-first media based on decentralized cryptographic truth to replace the paper record [34][39] - The future involves a ledger of record with cryptographically verifiable feeds and AI-generated articles, offering a stronger form of truth [37][39][44]

NBC Shaquille Brewster is live in St. Clair, Michigan, getting voter reaction to the Epstein saga. MSNBC legal correspondent Lisa Rubin joins me as well.Lisa, the White House said that the president was directly responding to a question about Joffrey. It didn't bring it up himself. Whether he was answering a question doesn't seem to be the family's point.Can you talk about the Joffrey family's visceral reaction to having the word stolen used when talking about their loved one and the ongoing possibility of ...