Second Quarter 2024 Earnings Presentation August 7, 2024 Times 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," "fore ...

Meredith Kopit Levien, president and chief executive officer, The New York Times Company, said, "It was a strong second quarter for The Times – one in which we made further progress on the path to grow our subscriber base and become the essential subscription for every curious person seeking to understand and engage with the world. The combination of our world-class news destination plus market-leading lifestyle products means we have complementary offerings in big spaces, each with multiple growth levers f ...

[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 ...

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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☑ Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2023 ☐ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | --- | --- | --- | |-----------------------------------------|-------------------------------------------------------------------------------------------------------------------------------|----------------- ...

The New York Times Company (NYSE:NYT) Q4 2023 Results Conference Call February 7, 2024 8:30 AM ET Company Participants Anthony DiClemente - Senior Vice President of Investor Relations Meredith Kopit Levien - President and Chief Executive Officer Will Bardeen - Executive Vice President and Chief Financial Officer Conference Call Participants Thomas Yeh - Morgan Stanley David Karnovsky - JPMorgan Chase & Co. Ashton Welles - Evercore ISI Doug Arthur - Huber Research Partners Vasily Karasyov - Cannonball Resear ...

The New York Times Company (NYSE:NYT) Q3 2023 Earnings Conference Call November 8, 2023 8:30 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 Thomas Yeh - Morgan Stanley David Karnovsky - JPMorgan Chase & Co. Ashton Welles - Evercore ISI Douglas Arthur - Huber Research Partners, LLC Vasily Karasyov - Canno ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ Commission file number 1-5837 THE NEW YORK TIMES COMPANY (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation ...