The New York Times Company (NYSE:NYT) Q2 2023 Earnings Conference Call August 8, 2023 8:00 AM ET Company Participants Mike Brown - Vice President, Assistant General Counsel and Corporate Secretary Meredith Kopit Levien - President and Chief Executive Officer Will Bardeen - Executive Vice President and Chief Financial Officer Conference Call Participants Doug Arthur - Huber Research Partners Ashton Welles - Evercore ISI Thomas Yeh - Morgan Stanley David Karnovsky - JPMorgan Vasily Karasyov - Cannonball Resea ...

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 June 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) | | | Indicate by check mark whether the registran ...

Financial Data and Key Metrics Changes - Adjusted diluted earnings per share was $0.19, down $0.02 from the prior year [19] - Adjusted operating profit was $54 million, a decrease of approximately $7 million compared to the same period in 2022 [19] - Free cash flow was approximately $45 million, compared to negative free cash flow of approximately $23 million in the same period of 2022 [20] - Total subscription revenues increased approximately 7%, with digital-only subscription revenue growing approximately 14% to about $259 million [21] - Digital-only subscriber ARPU increased approximately 130 basis points sequentially, but decreased approximately 1% year-over-year due to dilution from the Athletic [22] Business Line Data and Key Metrics Changes - The company added 190,000 net new digital-only subscribers, with a total of over 9.7 million subscribers [8][20] - The number of digital-only bundle and multiproduct subscribers grew by approximately 520,000 in the quarter [20] - Print subscription revenues declined approximately 4% due to lower volumes in home delivery and single copy [21] - Advertising revenue decreased approximately 9%, with digital advertising revenue primarily affected by lower revenue from podcasts and creative services [23] Market Data and Key Metrics Changes - Advertising was down more than expected, particularly in tech, finance, and media categories [13] - Athletic advertising revenue doubled over the last year, indicating strong growth despite market challenges [14] - Other revenues, including the Wirecutter affiliate business and licensing, increased approximately 16% to about $57 million [23] Company Strategy and Development Direction - The company aims to become the essential subscription for every curious English-speaking person, with a goal of reaching 15 million subscribers by year-end 2027 [7] - A coordinated pricing strategy was implemented to drive digital ARPU expansion while scaling subscribers [12] - The company is focused on growing its audience and enhancing engagement through various product offerings, including sports coverage and games [10][11] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic pressures affecting the advertising business but remains optimistic about long-term growth [13] - The company expects total subscription revenues to increase by 6% to 8% in Q2 2023, with digital-only subscription revenue expected to rise by 12% to 15% [26] - Operating costs are expected to increase by approximately 6% to 8% compared to Q2 2022, but expense growth is anticipated to slow later in the year [27] Other Important Information - The company announced the appointment of Will Bardeen as the new CFO effective July 1, following a comprehensive search [17] - Roland Caputo, the outgoing CFO, will assist in the transition until the end of September [18] Q&A Session Summary Question: Clarification on bundled versus subscriber numbers - Management noted a strong quarter for bundles, with many upgrades contributing to subscriber metrics, which should positively impact ARPU [30][32] Question: Impact of reduced referrals from platforms - Management acknowledged the impact but could not quantify it, emphasizing ongoing efforts to build audience funnels [34] Question: Pricing initiatives and churn - Management confirmed successful price increases for approximately 550,000 subscribers, with positive retention results [36][37] Question: Athletic advertising rollout - Management reported positive growth in Athletic advertising, leveraging effective ad products and first-party data [42] Question: Modeling expenses and cost management - Management indicated a focus on maintaining flat growth in marketing spend while continuing to invest in journalism and product development [46][47]

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 March 31, 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 or ...

Subscriber Growth and Targets - As of December 31, 2022, The New York Times Company had approximately 9.55 million subscribers and 10.98 million paid subscriptions, marking the highest figures in its history[11]. - The company aims to reach 15 million total subscribers by the end of 2027, representing a growth target of approximately 57% from the end of 2022[13]. - Paid digital-only subscribers totaled approximately 8.83 million as of December 31, 2022, with international subscribers representing about 19% of this total[32]. - The company has identified a global market of at least 135 million adults willing to pay for English-language news and related content[13]. - The company has invested significantly in acquiring The Athletic and cross-product integrations to grow its subscriber base, which is crucial for future revenue[67]. - The company emphasizes subscriber growth over total subscriptions, indicating a strategic shift towards a "subscription-first" approach[201]. - Total subscribers reached 9,550 as of December 31, 2022, up from 7,578 in December 2021, indicating a growth of 26.0% year-over-year[200]. - As of December 31, 2022, the company had 8,830 digital-only subscribers, an increase from 6,783 in December 2021, representing a growth of 30.2% year-over-year[200]. Financial Performance - Total revenues increased 11.3% to $2.31 billion in 2022 from $2.07 billion in 2021, driven by a 14.0% increase in total subscription revenues to $1.55 billion[187]. - Operating profit decreased 24.6% to $202.0 million in 2022 from $268.0 million in 2021, with an operating profit margin of 8.7% compared to 12.9% in 2021[175]. - Diluted earnings per share from continuing operations were $1.04 in 2022, down from $1.31 in 2021, while adjusted diluted earnings per share increased to $1.32 from $1.28[175]. - The company aims to return at least 50% of free cash flow to stockholders through dividends and share repurchases over the next three to five years[180]. - As of December 31, 2022, the company had cash, cash equivalents, and marketable securities of approximately $486 million and was debt-free[179]. Advertising Revenue - Digital advertising accounted for approximately 61% of total advertising revenues in 2022, while print advertising represented about 39%[39][41]. - Total advertising revenues rose 5.2% to $523.3 million in 2022 from $497.5 million in 2021, supported by an 8.4% increase in print advertising revenues[187]. - Digital advertising revenues increased by 3.2% to $318.4 million in 2022, accounting for 60.9% of total advertising revenues[207]. - Print advertising revenues rose by 8.4% to $204.8 million in 2022, driven primarily by the entertainment and luxury categories[208]. - The Athletic contributed $12.0 million to digital advertising revenue in 2022, enhancing overall digital revenue growth[207]. - The company reported a decrease in programmatic advertising revenue by 19.8%, highlighting challenges in the macroeconomic environment affecting advertising spend[207]. Operational Strategy and Investments - The company plans to continue investing in journalism and product development to support long-term profitable growth while maintaining disciplined cost management[24]. - The company has invested significantly in technology and data management to enhance user experience and support subscriber retention[25]. - The company continues to innovate its advertising offerings, leveraging first-party data to enhance client advertising strategies[23]. - The company has invested significantly in enhancing its digital news product and integrating it into a multi-product digital bundle subscription package[106]. - The company intends to continue engaging in acquisitions and investments to diversify its portfolio and take advantage of growth opportunities[99]. Employee and Labor Relations - As of December 31, 2022, the company employed approximately 5,800 full-time equivalent employees, with over 2,600 involved in journalism operations[51]. - Approximately 42% of full-time equivalent employees were represented by unions as of December 31, 2022, including technology employees who formed a union in 2022[59]. - The company conducts pay-equity studies every two years to ensure equitable compensation practices across race and gender[54]. - The company has 13 active employee resource groups aimed at fostering a more inclusive workplace environment[54]. Challenges and Risks - The company faces competition from content providers, news aggregators, and social media platforms, which impacts its ability to attract and retain subscribers[65]. - The company is focused on reducing churn rates, which can be influenced by factors such as subscriber engagement and changes in pricing[71]. - Economic, public health, and geopolitical conditions may adversely impact the company's business and financial results, including advertising spending and subscriber retention[84]. - The company faces risks related to disruptions in its newsprint supply chain, which could significantly increase printing and distribution costs[91]. - The company is exposed to risks related to cybersecurity and data privacy, which could damage its reputation and financial results[128]. - The company may divest certain assets or businesses that no longer align with its strategic direction, which involves significant risks[104]. Environmental, Social, and Governance (ESG) Initiatives - The company is focused on improving its environmental, social, and governance (ESG) initiatives, which may require additional investments and could impact its reputation if not managed effectively[97]. Financial Obligations and Liabilities - The company has unfunded obligations totaling approximately $180 million for non-qualified pension plans as of December 31, 2022, which may adversely affect financial condition[120]. - The company has recorded significant withdrawal liabilities for multiemployer pension plans, which could impact future financial results[124]. - The company expects to make contributions of approximately $11 million in 2023 to satisfy minimum funding requirements for its pension plans[184].

New York Times Co (NYSE:NYT) Q4 2022 Earnings Conference Call February 8, 2023 8:00 AM ET Company Participants Harlan Toplitzky - Executive Director, IR and Financial Planning & Analysis Meredith Kopit Levien - CEO, President & Director Roland Caputo - EVP & CFO Conference Call Participants David Karnovsky - JPMorgan Chase & Co. Douglas Arthur - Huber Research Partners Vasily Karasyov - Cannonball Research Thomas Yeh - Morgan Stanley Ashton Welles - Evercore ISI Operator Good morning, and welcome to The New ...

The New York Times Company (NYSE:NYT) Q3 2022 Results Earnings Conference Call November 2, 2022 8:00 AM ET Company Participants Harlan Toplitzky - Vice President of Investor Relations Meredith Kopit Levien - President and Chief Executive Officer Roland Caputo - Executive Vice President and Chief Financial Officer Conference Call Participants Thomas Yeh - Morgan Stanley Vasily Karasyov - Cannonball Research Douglas Arthur - Huber Research Partners David Karnovsky - J.P. Morgan Craig Huber - Huber Research Pa ...

The New York Times Company (NYSE:NYT) Q2 2022 Earnings Conference Call August 3, 2022 8:00 AM ET Company Participants Harlan Toplitzky – Vice President of Investor Relations Meredith Kopit Levien – President and Chief Executive Officer Roland Caputo – Executive Vice President and Chief Financial Officer Conference Call Participants Douglas Arthur – Huber Research Partners Thomas Yeh – Morgan Stanley Kannan Venkateshwar – Barclays Vasily Karasyov – Cannonball Research Craig Huber – Huber Research Partners Da ...