13-1102020 | ||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Class A Common Stock | NYT | New York Stock Exchange |
Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | ||||||||||||||||||
Smaller reporting company | ☐ | Emerging growth company | ☐ |
Class A Common Stock | shares | |||||||
Class B Common Stock | shares |
PART I | Financial Information | |||||||||||||||||||
Item | 1 | Financial Statements | ||||||||||||||||||
Condensed Consolidated Balance Sheets as of March 27, 2022 (unaudited) and December 26, 2021 | ||||||||||||||||||||
Condensed Consolidated Statements of Operations (unaudited) for the quarters ended March 27, 2022 and March 28, 2021 | ||||||||||||||||||||
Condensed Consolidated Statements of Comprehensive Income (unaudited) for the quarters ended March 27, 2022 and March 28, 2021 | ||||||||||||||||||||
Condensed Consolidated Statements of Changes In Stockholders’ Equity (unaudited) for the quarters ended March 27, 2022 and March 28, 2021 | ||||||||||||||||||||
Condensed Consolidated Statements of Cash Flows (unaudited) for the quarters ended March 27, 2022 and March 28, 2021 | ||||||||||||||||||||
Notes to the Condensed Consolidated Financial Statements | ||||||||||||||||||||
Item | 2 | Management’s Discussion and Analysis of Financial Condition and Results of Operations | ||||||||||||||||||
Item | 3 | Quantitative and Qualitative Disclosures About Market Risk | ||||||||||||||||||
Item | 4 | Controls and Procedures | ||||||||||||||||||
PART II | Other Information | |||||||||||||||||||
Item | 1 | Legal Proceedings | ||||||||||||||||||
Item | 1A | Risk Factors | ||||||||||||||||||
Item | 2 | Unregistered Sales of Equity Securities and Use of Proceeds | ||||||||||||||||||
Item | 6 | Exhibits |
ITEM NO. | ||||||
PART I | Financial Information | |||||
Item | 1 | Financial Statements | ||||
Condensed Consolidated Balance Sheets as September 24, 2017 (unaudited) and December 25, 2016 | ||||||
Condensed Consolidated Statements of Operations (unaudited) for the quarters and nine months ended September 24, 2017 and September 25, 2016 | ||||||
Condensed Consolidated Statements of Comprehensive Income (unaudited) for the quarters and nine months ended September 24, 2017 and September 25, 2016 | ||||||
Condensed Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 24, 2017 and September 25, 2016 | ||||||
Notes to the Condensed Consolidated Financial Statements | ||||||
Item | 2 | Management’s Discussion and Analysis of Financial Condition and Results of Operations | ||||
Item | 3 | Quantitative and Qualitative Disclosures about Market Risk | ||||
Item | 4 | Controls and Procedures | ||||
PART II | Other Information | |||||
Item | 1 | Legal Proceedings | ||||
Item | 1A | Risk Factors | ||||
Item | 2 | Unregistered Sales of Equity Securities and Use of Proceeds | ||||
Item | 6 | Exhibits |
September 24, 2017 | December 25, 2016 | March 27, 2022 | December 26, 2021 | |||||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||
Current assets | Current assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 244,667 | $ | 100,692 | Cash and cash equivalents | $ | 169,171 | $ | 319,973 | |||||||||||||
Short-term marketable securities | 336,442 | 449,535 | Short-term marketable securities | 52,788 | 341,075 | |||||||||||||||||
Accounts receivable (net of allowances of $13,838 in 2017 and $16,815 in 2016) | 142,323 | 197,355 | ||||||||||||||||||||
Accounts receivable (net of allowances of $12,234 in 2022 and $12,374 in 2021) | Accounts receivable (net of allowances of $12,234 in 2022 and $12,374 in 2021) | 197,492 | 232,908 | |||||||||||||||||||
Prepaid expenses | 17,869 | 15,948 | Prepaid expenses | 41,766 | 33,199 | |||||||||||||||||
Other current assets | 26,462 | 32,648 | Other current assets | 25,798 | 25,553 | |||||||||||||||||
Total current assets | 767,763 | 796,178 | Total current assets | 487,015 | 952,708 | |||||||||||||||||
Other assets | Other assets | |||||||||||||||||||||
Long-term marketable securities | 241,782 | 187,299 | Long-term marketable securities | 252,815 | 413,380 | |||||||||||||||||
Investments in joint ventures | 20,472 | 15,614 | ||||||||||||||||||||
Property, plant and equipment (less accumulated depreciation and amortization of $945,416 in 2017 and $903,736 in 2016) | 618,835 | 596,743 | ||||||||||||||||||||
Property, plant and equipment (less accumulated depreciation and amortization of $790,884 in 2022 and $777,637 in 2021) | Property, plant and equipment (less accumulated depreciation and amortization of $790,884 in 2022 and $777,637 in 2021) | 570,803 | 574,952 | |||||||||||||||||||
Goodwill | 143,171 | 134,517 | Goodwill | 414,200 | 166,360 | |||||||||||||||||
Intangible assets, net | Intangible assets, net | 343,351 | 14,246 | |||||||||||||||||||
Deferred income taxes | 290,473 | 301,342 | Deferred income taxes | 110,628 | 95,800 | |||||||||||||||||
Miscellaneous assets | 156,462 | 153,702 | Miscellaneous assets | 350,454 | 346,662 | |||||||||||||||||
Total assets | $ | 2,238,958 | $ | 2,185,395 | Total assets | $ | 2,529,266 | $ | 2,564,108 |
September 24, 2017 | December 25, 2016 | March 27, 2022 | December 26, 2021 | |||||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||||
Liabilities and stockholders’ equity | Liabilities and stockholders’ equity | |||||||||||||||||||||
Current liabilities | Current liabilities | |||||||||||||||||||||
Accounts payable | $ | 116,724 | $ | 104,463 | Accounts payable | $ | 146,152 | $ | 127,073 | |||||||||||||
Accrued payroll and other related liabilities | 90,651 | 96,463 | Accrued payroll and other related liabilities | 111,568 | 166,464 | |||||||||||||||||
Unexpired subscriptions | 76,886 | 66,686 | ||||||||||||||||||||
Unexpired subscriptions revenue | Unexpired subscriptions revenue | 154,360 | 119,296 | |||||||||||||||||||
Accrued expenses and other | 134,411 | 131,125 | Accrued expenses and other | 180,933 | 146,319 | |||||||||||||||||
Total current liabilities | 418,672 | 398,737 | Total current liabilities | 593,013 | 559,152 | |||||||||||||||||
Other liabilities | Other liabilities | |||||||||||||||||||||
Long-term debt and capital lease obligations | 249,375 | 246,978 | ||||||||||||||||||||
Pension benefits obligation | 518,395 | 558,790 | Pension benefits obligation | 291,035 | 295,104 | |||||||||||||||||
Postretirement benefits obligation | 55,107 | 57,999 | Postretirement benefits obligation | 35,413 | 36,086 | |||||||||||||||||
Other | 78,735 | 78,647 | Other | 114,729 | 133,041 | |||||||||||||||||
Total other liabilities | 901,612 | 942,414 | Total other liabilities | 441,177 | 464,231 | |||||||||||||||||
Stockholders’ equity | Stockholders’ equity | |||||||||||||||||||||
Common stock of $.10 par value: | Common stock of $.10 par value: | |||||||||||||||||||||
Class A – authorized: 300,000,000 shares; issued: 2017 – 170,220,136; 2016 – 169,206,879 (including treasury shares: 2017 – 8,870,801; 2016 – 8,870,801) | 17,022 | 16,921 | ||||||||||||||||||||
Class B – convertible – authorized and issued shares: 2017 – 810,933; 2016 – 816,632 (including treasury shares: 2017 – none; 2016 – none) | 81 | 82 | ||||||||||||||||||||
Class A – authorized: 300,000,000 shares; issued: 2022 – 176,263,169; 2021 – 175,971,801 (including treasury shares: 2022 – 9,563,601; 2021 – 8,870,801) | Class A – authorized: 300,000,000 shares; issued: 2022 – 176,263,169; 2021 – 175,971,801 (including treasury shares: 2022 – 9,563,601; 2021 – 8,870,801) | 17,626 | 17,597 | |||||||||||||||||||
Class B – convertible – authorized and issued shares: 2022 – 781,724; 2021 – 781,724 | Class B – convertible – authorized and issued shares: 2022 – 781,724; 2021 – 781,724 | 78 | 78 | |||||||||||||||||||
Additional paid-in capital | 159,830 | 149,928 | Additional paid-in capital | 227,815 | 230,115 | |||||||||||||||||
Retained earnings | 1,373,478 | 1,331,911 | Retained earnings | 1,834,734 | 1,845,343 | |||||||||||||||||
Common stock held in treasury, at cost | (171,211 | ) | (171,211 | ) | Common stock held in treasury, at cost | (200,245) | (171,211) | |||||||||||||||
Accumulated other comprehensive loss, net of income taxes: | Accumulated other comprehensive loss, net of income taxes: | |||||||||||||||||||||
Foreign currency translation adjustments | 5,571 | (1,822 | ) | Foreign currency translation adjustments | 2,146 | 3,754 | ||||||||||||||||
Funded status of benefit plans | (465,440 | ) | (477,994 | ) | Funded status of benefit plans | (382,014) | (385,680) | |||||||||||||||
Net unrealized loss on available-for-sale securities | (653 | ) | — | Net unrealized loss on available-for-sale securities | (7,069) | (1,276) | ||||||||||||||||
Total accumulated other comprehensive loss, net of income taxes | (460,522 | ) | (479,816 | ) | Total accumulated other comprehensive loss, net of income taxes | (386,937) | (383,202) | |||||||||||||||
Total New York Times Company stockholders’ equity | 918,678 | 847,815 | Total New York Times Company stockholders’ equity | 1,493,071 | 1,538,720 | |||||||||||||||||
Noncontrolling interest | (4 | ) | (3,571 | ) | Noncontrolling interest | 2,005 | 2,005 | |||||||||||||||
Total stockholders’ equity | 918,674 | 844,244 | Total stockholders’ equity | 1,495,076 | 1,540,725 | |||||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,238,958 | $ | 2,185,395 | Total liabilities and stockholders’ equity | $ | 2,529,266 | $ | 2,564,108 |
For the Quarters Ended | ||||||||||||||||||||||||||
March 27, 2022 | March 28, 2021 | |||||||||||||||||||||||||
(13 weeks) | ||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||
Subscription | $ | 371,979 | $ | 329,084 | ||||||||||||||||||||||
Advertising | 116,270 | 97,116 | ||||||||||||||||||||||||
Other | 49,176 | 46,845 | ||||||||||||||||||||||||
Total revenues | 537,425 | 473,045 | ||||||||||||||||||||||||
Operating costs | ||||||||||||||||||||||||||
Cost of revenue (excluding depreciation and amortization) | 281,365 | 250,997 | ||||||||||||||||||||||||
Sales and marketing | 77,588 | 60,153 | ||||||||||||||||||||||||
Product development | 47,433 | 38,943 | ||||||||||||||||||||||||
General and administrative | 71,357 | 56,577 | ||||||||||||||||||||||||
Depreciation and amortization | 18,686 | 14,717 | ||||||||||||||||||||||||
Total operating costs | 496,429 | 421,387 | ||||||||||||||||||||||||
Acquisition-related costs | 34,712 | — | ||||||||||||||||||||||||
Operating profit | 6,284 | 51,658 | ||||||||||||||||||||||||
Other components of net periodic benefit costs | 1,522 | 2,599 | ||||||||||||||||||||||||
Interest income and other, net | 1,075 | 1,511 | ||||||||||||||||||||||||
Income from continuing operations before income taxes | 5,837 | 50,570 | ||||||||||||||||||||||||
Income tax expense | 1,112 | 9,461 | ||||||||||||||||||||||||
Net income | 4,725 | 41,109 | ||||||||||||||||||||||||
Net income attributable to The New York Times Company common stockholders | $ | 4,725 | $ | 41,109 | ||||||||||||||||||||||
Average number of common shares outstanding: | ||||||||||||||||||||||||||
Basic | 167,866 | 167,647 | ||||||||||||||||||||||||
Diluted | 168,257 | 168,165 | ||||||||||||||||||||||||
Basic earnings per share attributable to The New York Times Company common stockholders | $ | 0.03 | $ | 0.25 | ||||||||||||||||||||||
Diluted earnings per share attributable to The New York Times Company common stockholders | $ | 0.03 | $ | 0.24 | ||||||||||||||||||||||
Dividends declared per share | $ | 0.09 | $ | 0.07 |
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||
September 24, 2017 | September 25, 2016 | September 24, 2017 | September 25, 2016 | |||||||||||||
(13 weeks) | (39 weeks) | |||||||||||||||
Revenues | ||||||||||||||||
Subscription | $ | 246,638 | $ | 217,099 | $ | 739,050 | $ | 654,573 | ||||||||
Advertising | 113,633 | 124,898 | 375,895 | 395,733 | ||||||||||||
Other | 25,364 | 21,550 | 76,568 | 65,386 | ||||||||||||
Total revenues | 385,635 | 363,547 | 1,191,513 | 1,115,692 | ||||||||||||
Operating costs | ||||||||||||||||
Production costs: | ||||||||||||||||
Wages and benefits | 89,866 | 91,041 | 269,209 | 274,142 | ||||||||||||
Raw materials | 15,718 | 18,228 | 48,461 | 53,115 | ||||||||||||
Other | 44,336 | 47,347 | 134,771 | 139,938 | ||||||||||||
Total production costs | 149,920 | 156,616 | 452,441 | 467,195 | ||||||||||||
Selling, general and administrative costs | 184,483 | 184,596 | 595,491 | 534,911 | ||||||||||||
Depreciation and amortization | 15,677 | 15,384 | 46,961 | 46,003 | ||||||||||||
Total operating costs | 350,080 | 356,596 | 1,094,893 | 1,048,109 | ||||||||||||
Headquarters redesign and consolidation | 2,542 | — | 6,929 | — | ||||||||||||
Restructuring charge | — | 2,949 | — | 14,804 | ||||||||||||
Multiemployer pension plan withdrawal expense | — | (4,971 | ) | — | 6,730 | |||||||||||
Operating profit | 33,013 | 8,973 | 89,691 | 46,049 | ||||||||||||
Gain/(loss) from joint ventures | 31,557 | 463 | 31,464 | (41,845 | ) | |||||||||||
Interest expense, net | 4,660 | 9,032 | 15,118 | 26,955 | ||||||||||||
Income/(loss) from continuing operations before income taxes | 59,910 | 404 | 106,037 | (22,751 | ) | |||||||||||
Income tax expense/(benefit) | 23,420 | 121 | 40,873 | (8,956 | ) | |||||||||||
Income/(loss) from continuing operations | 36,490 | 283 | 65,164 | (13,795 | ) | |||||||||||
Loss from discontinued operations, net of income taxes | 488 | — | 488 | — | ||||||||||||
Net income/(loss) | 36,002 | 283 | 64,676 | (13,795 | ) | |||||||||||
Net (income)/loss attributable to the noncontrolling interest | (3,673 | ) | 123 | (3,567 | ) | 5,719 | ||||||||||
Net income/(loss) attributable to The New York Times Company common stockholders | $ | 32,329 | $ | 406 | $ | 61,109 | $ | (8,076 | ) | |||||||
Average number of common shares outstanding: | ||||||||||||||||
Basic | 162,173 | 161,185 | 161,798 | 161,092 | ||||||||||||
Diluted | 164,405 | 162,945 | 164,005 | 161,092 | ||||||||||||
Basic earnings/(loss) per share attributable to The New York Times Company common stockholders: | ||||||||||||||||
Income/(loss) from continuing operations | $ | 0.20 | $ | — | $ | 0.38 | $ | (0.05 | ) | |||||||
Loss from discontinued operations, net of income taxes | — | — | — | — | ||||||||||||
Net income/(loss) | $ | 0.20 | $ | — | $ | 0.38 | $ | (0.05 | ) |
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||
September 24, 2017 | September 25, 2016 | September 24, 2017 | September 25, 2016 | |||||||||||||
(13 weeks) | (39 weeks) | |||||||||||||||
Diluted earnings/(loss) per share attributable to The New York Times Company common stockholders: | ||||||||||||||||
Income/(loss) from continuing operations | $ | 0.20 | $ | — | $ | 0.37 | $ | (0.05 | ) | |||||||
Loss from discontinued operations, net of income taxes | — | — | — | — | ||||||||||||
Net income/(loss) | $ | 0.20 | $ | — | $ | 0.37 | $ | (0.05 | ) | |||||||
Dividends declared per share | $ | 0.08 | $ | 0.08 | $ | 0.12 | $ | 0.12 |
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||
September 24, 2017 | September 25, 2016 | September 24, 2017 | September 25, 2016 | |||||||||||||
(13 weeks) | (39 weeks) | |||||||||||||||
Net income/(loss) | $ | 36,002 | $ | 283 | $ | 64,676 | $ | (13,795 | ) | |||||||
Other comprehensive income, before tax: | ||||||||||||||||
Income on foreign currency translation adjustments | 6,099 | 604 | 11,170 | 2,110 | ||||||||||||
Pension and postretirement benefits obligation | 6,921 | 6,552 | 20,762 | 19,655 | ||||||||||||
Net unrealized loss on available-for-sale securities | (1,081 | ) | — | (1,081 | ) | — | ||||||||||
Other comprehensive income, before tax | 11,939 | 7,156 | 30,851 | 21,765 | ||||||||||||
Income tax expense | 4,200 | 2,912 | 11,557 | 8,492 | ||||||||||||
Other comprehensive income, net of tax | 7,739 | 4,244 | 19,294 | 13,273 | ||||||||||||
Comprehensive income/(loss) | 43,741 | 4,527 | 83,970 | (522 | ) | |||||||||||
Comprehensive (income)/loss attributable to the noncontrolling interest | (3,673 | ) | 123 | (3,567 | ) | 5,719 | ||||||||||
Comprehensive income attributable to The New York Times Company common stockholders | $ | 40,068 | $ | 4,650 | $ | 80,403 | $ | 5,197 |
For the Quarters Ended | ||||||||||||||||||||||||||
March 27, 2022 | March 28, 2021 | |||||||||||||||||||||||||
(13 weeks) | ||||||||||||||||||||||||||
Net income | $ | 4,725 | $ | 41,109 | ||||||||||||||||||||||
Other comprehensive (loss)/income, before tax: | ||||||||||||||||||||||||||
Loss on foreign currency translation adjustments | (2,209) | (2,702) | ||||||||||||||||||||||||
Pension and postretirement benefits obligation | 5,010 | 6,406 | ||||||||||||||||||||||||
Net unrealized loss on available-for-sale securities | (7,916) | (1,067) | ||||||||||||||||||||||||
Other comprehensive (loss)/income, before tax | (5,115) | 2,637 | ||||||||||||||||||||||||
Income tax (benefit)/expense | (1,380) | 709 | ||||||||||||||||||||||||
Other comprehensive (loss)/income, net of tax | (3,735) | 1,928 | ||||||||||||||||||||||||
Comprehensive income attributable to The New York Times Company common stockholders | $ | 990 | $ | 43,037 |
Capital Stock - Class A and Class B Common | Additional Paid-in Capital | Retained Earnings | Common Stock Held in Treasury, at Cost | Accumulated Other Comprehensive Loss, Net of Income Taxes | Total New York Times Company Stockholders’ Equity | Non- controlling Interest | Total Stock- holders’ Equity | |||||||||||||||||||
Balance, December 27, 2020 | $ | 17,609 | $ | 216,714 | $ | 1,672,586 | $ | (171,211) | $ | (410,181) | $ | 1,325,517 | $ | 2,594 | $ | 1,328,111 | ||||||||||
Net income | — | — | 41,109 | — | — | 41,109 | — | 41,109 | ||||||||||||||||||
Dividends | — | — | (11,835) | — | — | (11,835) | — | (11,835) | ||||||||||||||||||
Other comprehensive income | — | — | — | — | 1,928 | 1,928 | — | 1,928 | ||||||||||||||||||
Issuance of shares: | ||||||||||||||||||||||||||
Stock options – 323,360 Class A shares | 33 | 2,414 | — | — | — | 2,447 | — | 2,447 | ||||||||||||||||||
Restricted stock units vested – 142,707 Class A shares | 14 | (4,564) | — | — | — | (4,550) | — | (4,550) | ||||||||||||||||||
Performance-based awards – 142,253 Class A shares | 14 | (5,947) | — | — | — | (5,933) | — | (5,933) | ||||||||||||||||||
Stock-based compensation | — | 4,185 | — | — | — | 4,185 | — | 4,185 | ||||||||||||||||||
Balance, March 28, 2021 | $ | 17,670 | $ | 212,802 | $ | 1,701,860 | $ | (171,211) | $ | (408,253) | $ | 1,352,868 | $ | 2,594 | $ | 1,355,462 | ||||||||||
Balance, December 26, 2021 | $ | 17,675 | $ | 230,115 | $ | 1,845,343 | $ | (171,211) | $ | (383,202) | $ | 1,538,720 | $ | 2,005 | $ | 1,540,725 | ||||||||||
Net income | — | — | 4,725 | — | — | 4,725 | — | 4,725 | ||||||||||||||||||
Dividends | — | — | (15,334) | — | — | (15,334) | — | (15,334) | ||||||||||||||||||
Other comprehensive loss | — | — | — | — | (3,735) | (3,735) | — | (3,735) | ||||||||||||||||||
Issuance of shares: | ||||||||||||||||||||||||||
Stock options – 400 Class A shares | — | 3 | — | — | — | 3 | — | 3 | ||||||||||||||||||
Restricted stock units vested – 127,450 Class A shares | 13 | (3,784) | — | — | — | (3,771) | — | (3,771) | ||||||||||||||||||
Performance-based awards – 163,518 Class A shares | 16 | (5,573) | — | — | — | (5,557) | — | (5,557) | ||||||||||||||||||
Share Repurchases - 692,800 Class A shares | — | — | — | (29,034) | — | (29,034) | — | (29,034) | ||||||||||||||||||
Stock-based compensation | — | 7,054 | — | — | — | 7,054 | — | 7,054 | ||||||||||||||||||
Balance, March 27, 2022 | $ | 17,704 | $ | 227,815 | $ | 1,834,734 | $ | (200,245) | $ | (386,937) | $ | 1,493,071 | $ | 2,005 | $ | 1,495,076 |
For the Nine Months Ended | For the Three Months Ended | |||||||||||||||||||||
September 24, 2017 | September 25, 2016 | March 27, 2022 | March 28, 2021 | |||||||||||||||||||
(39 weeks) | (13 weeks) | |||||||||||||||||||||
Cash flows from operating activities | Cash flows from operating activities | |||||||||||||||||||||
Net income/(loss) | $ | 64,676 | $ | (13,795 | ) | |||||||||||||||||
Net income | Net income | $ | 4,725 | $ | 41,109 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||
Restructuring charge | — | 14,804 | ||||||||||||||||||||
Multiemployer pension plan charges | — | 11,701 | ||||||||||||||||||||
Depreciation and amortization | 46,961 | 46,003 | Depreciation and amortization | 18,685 | 14,717 | |||||||||||||||||
Amortization of right of use asset | Amortization of right of use asset | 5,400 | 2,166 | |||||||||||||||||||
Stock-based compensation expense | 10,927 | 8,561 | Stock-based compensation expense | 7,054 | 4,185 | |||||||||||||||||
Undistributed (gain)/loss of joint ventures | (31,464 | ) | 41,845 | |||||||||||||||||||
Long-term retirement benefit obligations | (21,897 | ) | (22,366 | ) | ||||||||||||||||||
Uncertain tax positions | 139 | 53 | ||||||||||||||||||||
Other-net | 2,609 | 8,257 | ||||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||
Accounts receivable-net | 55,032 | 54,591 | ||||||||||||||||||||
Change in long-term retirement benefit obligations | Change in long-term retirement benefit obligations | (4,555) | (4,004) | |||||||||||||||||||
Fair market value adjustment on life insurance products | Fair market value adjustment on life insurance products | 514 | 208 | |||||||||||||||||||
Other – net | Other – net | (12,198) | (1,277) | |||||||||||||||||||
Changes in operating assets and liabilities, net of business acquisitions: | Changes in operating assets and liabilities, net of business acquisitions: | |||||||||||||||||||||
Accounts receivable – net | Accounts receivable – net | 40,930 | 38,522 | |||||||||||||||||||
Other assets | (1,761 | ) | (21,926 | ) | Other assets | (6,646) | (3,768) | |||||||||||||||
Accounts payable, accrued payroll and other liabilities | 12,473 | (45,546 | ) | Accounts payable, accrued payroll and other liabilities | (75,571) | (68,428) | ||||||||||||||||
Unexpired subscriptions | 10,200 | 3,461 | Unexpired subscriptions | 7,003 | 9,499 | |||||||||||||||||
Net cash provided by operating activities | 147,895 | 85,643 | Net cash provided by operating activities | (14,659) | 32,929 | |||||||||||||||||
Cash flows from investing activities | Cash flows from investing activities | |||||||||||||||||||||
Purchases of marketable securities | (398,246 | ) | (514,809 | ) | Purchases of marketable securities | (2,492) | (177,543) | |||||||||||||||
Maturities of marketable securities | 454,022 | 522,655 | Maturities of marketable securities | 442,895 | 155,782 | |||||||||||||||||
Cash distribution from corporate-owned life insurance | — | 38,000 | ||||||||||||||||||||
Business acquisitions | — | (15,410 | ) | |||||||||||||||||||
Purchase of investments – net of proceeds | (422 | ) | (1,840 | ) | ||||||||||||||||||
Change in restricted cash | 7,014 | 3,816 | ||||||||||||||||||||
Business acquisitions, net of cash acquired | Business acquisitions, net of cash acquired | (515,299) | — | |||||||||||||||||||
Sales of investments – net | Sales of investments – net | (958) | (70) | |||||||||||||||||||
Capital expenditures | (47,831 | ) | (21,820 | ) | Capital expenditures | (8,580) | (6,394) | |||||||||||||||
Other-net | 1,070 | (380 | ) | Other-net | 425 | 2,017 | ||||||||||||||||
Net cash provided by investing activities | 15,607 | 10,212 | ||||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (84,009) | (26,208) | |||||||||||||||||||
Cash flows from financing activities | Cash flows from financing activities | |||||||||||||||||||||
Long-term obligations: | Long-term obligations: | |||||||||||||||||||||
Repayment of debt and capital lease obligations | (414 | ) | (460 | ) | ||||||||||||||||||
Dividends paid | (19,483 | ) | (19,416 | ) | Dividends paid | (11,839) | (10,072) | |||||||||||||||
Payment of contingent consideration | Payment of contingent consideration | (1,724) | — | |||||||||||||||||||
Capital shares: | Capital shares: | |||||||||||||||||||||
Stock issuances | 4,142 | 273 | ||||||||||||||||||||
Proceeds from stock option exercises | Proceeds from stock option exercises | 3 | 2,447 | |||||||||||||||||||
Repurchases | — | (15,684 | ) | Repurchases | (29,034) | — | ||||||||||||||||
Share-based compensation tax withholding | (3,984 | ) | (9,572 | ) | Share-based compensation tax withholding | (9,328) | (10,483) | |||||||||||||||
Net cash used in financing activities | (19,739 | ) | (44,859 | ) | Net cash used in financing activities | (51,922) | (18,108) | |||||||||||||||
Net increase in cash and cash equivalents | 143,763 | 50,996 | ||||||||||||||||||||
Net decrease in cash, cash equivalents and restricted cash | Net decrease in cash, cash equivalents and restricted cash | (150,590) | (11,387) | |||||||||||||||||||
Effect of exchange rate changes on cash | 212 | 166 | Effect of exchange rate changes on cash | (164) | (341) | |||||||||||||||||
Cash and cash equivalents at the beginning of the period | 100,692 | 105,776 | ||||||||||||||||||||
Cash and cash equivalents at the end of the period | $ | 244,667 | $ | 156,938 | ||||||||||||||||||
Cash, cash equivalents and restricted cash at the beginning of the period | Cash, cash equivalents and restricted cash at the beginning of the period | 334,306 | 301,964 | |||||||||||||||||||
Cash, cash equivalents and restricted cash at the end of the period | Cash, cash equivalents and restricted cash at the end of the period | $ | 183,552 | $ | 290,236 |
Accounting Standard Update(s) | Topic | Effective Period | Summary | ||||||||
2021-08 | Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers | Fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption is permitted. | Requires entities to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 2014-09, Revenue from Contracts with Customers (Topic 606). The update will generally result in an entity recognizing contract assets and contract liabilities at amounts consistent with those recorded by the acquiree immediately before the acquisition date rather than at fair value. The Company adopted this guidance on December 27, 2021. As a result of The Athletic acquisition, the Company assumed unexpired subscriptions revenue of $28.1 million. |
For the Quarters Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | March 27, 2022 | As % of total | March 28, 2021 | As % of total | ||||||||||||||||||||||||||||||||||||||||||||||
Subscription | $ | 371,979 | 69.2 | % | $ | 329,084 | 69.6 | % | ||||||||||||||||||||||||||||||||||||||||||
Advertising | 116,270 | 21.5 | % | 97,116 | 20.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Other (1) | 49,176 | 9.3 | % | 46,845 | 9.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 537,425 | 100.0 | % | $ | 473,045 | 100.0 | % |
For the Quarters Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | March 27, 2022 | As % of total | March 28, 2021 | As % of total | ||||||||||||||||||||||||||||||||||||||||||||||
Digital-only subscription revenues (1) | $ | 226,763 | 61.0 | % | $ | 179,599 | 54.6 | % | ||||||||||||||||||||||||||||||||||||||||||
Print subscription revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Domestic home delivery subscription revenues (2) | 131,391 | 35.3 | % | 134,395 | 40.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Single-copy, NYT International and Other subscription revenues (3) | 13,825 | 3.7 | % | 15,090 | 4.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Subtotal print subscription revenues | 145,216 | 39.0 | % | 149,485 | 45.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total subscription revenues | $ | 371,979 | 100.0 | % | $ | 329,084 | 100.0 | % | ||||||||||||||||||||||||||||||||||||||||||
(1) Includes revenue from digital-only bundled and standalone subscriptions to the Company’s news product, as well as The Athletic and our Games, Cooking, Audm and Wirecutter products. | ||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Domestic home delivery subscriptions include access to digital news, Games, Cooking and Wirecutter products. | ||||||||||||||||||||||||||||||||||||||||||||||||||
(3) NYT International is the international edition of our print newspaper. |
For the Quarters Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | March 27, 2022 | As % of total | March 28, 2021 | As % of total | ||||||||||||||||||||||||||||||||||||||||||||||
Advertising revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Digital | $ | 67,014 | 57.6 | % | $ | 59,496 | 61.3 | % | ||||||||||||||||||||||||||||||||||||||||||
49,256 | 42.4 | % | 37,620 | 38.7 | % | |||||||||||||||||||||||||||||||||||||||||||||
Total advertising | $ | 116,270 | 100.0 | % | $ | 97,116 | 100.0 | % |
March 27, 2022 | ||||||||||||||||||||||||||
(In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||
Short-term AFS securities | ||||||||||||||||||||||||||
U.S. Treasury securities | $ | 28,481 | $ | 4 | $ | (217) | $ | 28,268 | ||||||||||||||||||
Corporate debt securities | 22,681 | 12 | (157) | 22,536 | ||||||||||||||||||||||
Municipal securities | 2,000 | — | (16) | 1,984 | ||||||||||||||||||||||
Total short-term AFS securities | $ | 53,162 | $ | 16 | $ | (390) | $ | 52,788 | ||||||||||||||||||
Long-term AFS securities | ||||||||||||||||||||||||||
Corporate debt securities | $ | 167,793 | $ | — | $ | (6,365) | $ | 161,428 | ||||||||||||||||||
U.S. Treasury securities | 56,576 | — | (1,892) | 54,684 | ||||||||||||||||||||||
U.S. governmental agency securities | 28,804 | — | (850) | 27,954 | ||||||||||||||||||||||
Municipal securities | 8,932 | — | (183) | 8,749 | ||||||||||||||||||||||
Total long-term AFS securities | $ | 262,105 | $ | — | $ | (9,290) | $ | 252,815 |
December 26, 2021 | ||||||||||||||||||||||||||
(In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||
Short-term AFS securities | ||||||||||||||||||||||||||
U.S. Treasury securities | $ | 148,899 | $ | 692 | $ | (43) | $ | 149,548 | ||||||||||||||||||
Corporate debt securities | 107,158 | 245 | (69) | 107,334 | ||||||||||||||||||||||
Certificates of deposit | 55,551 | — | — | 55,551 | ||||||||||||||||||||||
Commercial paper | 21,145 | — | — | 21,145 | ||||||||||||||||||||||
Municipal securities | 3,999 | — | (2) | 3,997 | ||||||||||||||||||||||
U.S. governmental agency securities | 3,500 | — | — | 3,500 | ||||||||||||||||||||||
Total short-term AFS securities | $ | 340,252 | $ | 937 | $ | (114) | $ | 341,075 | ||||||||||||||||||
Long-term AFS securities | ||||||||||||||||||||||||||
Corporate debt securities | $ | 242,764 | $ | 149 | $ | (1,858) | $ | 241,055 | ||||||||||||||||||
U.S. Treasury securities | 119,695 | — | (549) | 119,146 | ||||||||||||||||||||||
U.S. governmental agency securities | 39,498 | — | (252) | 39,246 | ||||||||||||||||||||||
Municipal securities | 13,994 | — | (61) | 13,933 | ||||||||||||||||||||||
Total long-term AFS securities | $ | 415,951 | $ | 149 | $ | (2,720) | $ | 413,380 |
September 24, 2017 | ||||||||||||||||
(In thousands) | Amortized Cost | Gross unrealized gains | Gross unrealized losses | Fair Value | ||||||||||||
Short-term AFS securities | ||||||||||||||||
U.S Treasury securities | $ | 73,220 | $ | — | $ | (45 | ) | $ | 73,175 | |||||||
Corporate debt securities | 156,683 | 35 | (79 | ) | 156,639 | |||||||||||
U.S. governmental agency securities | 53,842 | 1 | (89 | ) | 53,754 | |||||||||||
Certificates of deposit | 20,403 | — | — | 20,403 | ||||||||||||
Commercial paper | 32,471 | — | — | 32,471 | ||||||||||||
Total short-term AFS securities | $ | 336,619 | $ | 36 | $ | (213 | ) | $ | 336,442 | |||||||
Long-term AFS securities | ||||||||||||||||
U.S. governmental agency securities | $ | 97,431 | $ | 2 | $ | (616 | ) | 96,817 | ||||||||
Corporate debt securities | 97,583 | 21 | (259 | ) | 97,345 | |||||||||||
U.S Treasury securities | 47,672 | — | (52 | ) | 47,620 | |||||||||||
Total long-term AFS securities | $ | 242,686 | $ | 23 | $ | (927 | ) | $ | 241,782 |
March 27, 2022 | ||||||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||||||||||||||||
(In thousands) | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||||||||||||||
Short-term AFS securities | ||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 24,589 | $ | (217) | $ | — | $ | — | $ | 24,589 | $ | (217) | ||||||||||||||||||||||||||
Corporate debt securities | 13,887 | (157) | — | — | 13,887 | (157) | ||||||||||||||||||||||||||||||||
Municipal securities | 1,984 | (16) | — | — | 1,984 | (16) | ||||||||||||||||||||||||||||||||
Total short-term AFS securities | $ | 40,460 | $ | (390) | $ | — | $ | — | $ | 40,460 | $ | (390) | ||||||||||||||||||||||||||
Long-term AFS securities | ||||||||||||||||||||||||||||||||||||||
Corporate debt securities | $ | 154,995 | $ | (6,253) | $ | 6,433 | $ | (112) | $ | 161,428 | $ | (6,365) | ||||||||||||||||||||||||||
U.S. Treasury securities | 51,923 | (1,805) | 2,761 | (87) | 54,684 | (1,892) | ||||||||||||||||||||||||||||||||
U.S. governmental agency securities | 27,954 | (850) | — | — | 27,954 | (850) | ||||||||||||||||||||||||||||||||
Municipal securities | 8,749 | (183) | — | — | 8,749 | (183) | ||||||||||||||||||||||||||||||||
Total long-term AFS securities | $ | 243,621 | $ | (9,091) | $ | 9,194 | $ | (199) | $ | 252,815 | $ | (9,290) |
September 24, 2017 | December 26, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | Less than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Fair Value | Gross unrealized losses | Fair Value | Gross unrealized losses | Fair Value | Gross unrealized losses | (In thousands) | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Short-term AFS securities | Short-term AFS securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S Treasury securities | $ | 73,175 | $ | (45 | ) | $ | — | $ | — | $ | 73,175 | $ | (45 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 61,018 | $ | (43) | $ | — | $ | — | $ | 61,018 | $ | (43) | |||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | 101,648 | (77 | ) | 2,500 | (2 | ) | 104,148 | (79 | ) | Corporate debt securities | 53,148 | (69) | — | — | 53,148 | (69) | ||||||||||||||||||||||||||||||||||||||||||||||
U.S. governmental agency securities | 42,490 | (53 | ) | 8,964 | (36 | ) | 51,454 | (89 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal securities | Municipal securities | 1,998 | (2) | — | — | 1,998 | (2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total short-term AFS securities | $ | 217,313 | $ | (175 | ) | $ | 11,464 | $ | (38 | ) | $ | 228,777 | $ | (213 | ) | Total short-term AFS securities | $ | 116,164 | $ | (114) | $ | — | $ | — | $ | 116,164 | $ | (114) | ||||||||||||||||||||||||||||||||||
Long-term AFS securities | Long-term AFS securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | $ | 224,022 | $ | (1,858) | $ | — | $ | — | $ | 224,022 | $ | (1,858) | |||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | 119,146 | (549) | — | — | 119,146 | (549) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. governmental agency securities | $ | 47,620 | $ | (312 | ) | $ | — | (304 | ) | $ | 47,620 | $ | (616 | ) | U.S. governmental agency securities | 39,246 | (252) | — | — | 39,246 | (252) | |||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | 66,428 | (196 | ) | 8,918 | (63 | ) | 75,346 | (259 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S Treasury securities | 53,142 | (52 | ) | 39,697 | — | 92,839 | (52 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal securities | Municipal securities | 13,933 | (61) | — | — | 13,933 | (61) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total long-term AFS securities | $ | 167,190 | $ | (560 | ) | $ | 48,615 | $ | (367 | ) | $ | 215,805 | $ | (927 | ) | Total long-term AFS securities | $ | 396,347 | $ | (2,720) | $ | — | $ | — | $ | 396,347 | $ | (2,720) |
December 25, 2016 | ||||
(In thousands) | Amortized Cost | |||
Short-term HTM securities (1) | ||||
U.S Treasury securities | $ | 150,623 | ||
Corporate debt securities | 150,599 | |||
U.S. governmental agency securities | 64,135 | |||
Commercial paper | 84,178 | |||
Total short-term HTM securities | $ | 449,535 | ||
Long-term HTM securities (1) | ||||
U.S. governmental agency securities | $ | 110,732 | ||
Corporate debt securities | 61,775 | |||
U.S Treasury securities | 14,792 | |||
Total long-term HTM securities | $ | 187,299 |
(In thousands) | Preliminary Purchase Price Allocation | Estimated Useful Life (in years) | ||||||||||||
Total current assets | $ | 18,495 | ||||||||||||
Property, plant and equipment | 281 | 3- 5 | ||||||||||||
Right of use asset (1) | 2,612 | |||||||||||||
Trademark (2) | 160,000 | 20 | ||||||||||||
Existing subscriber base (2) | 135,000 | 12 | ||||||||||||
Developed technology (2) | 35,000 | 5 | ||||||||||||
Content archive (2) | 2,000 | 2 | ||||||||||||
Goodwill | 249,792 | Indefinite | ||||||||||||
Total current liabilities (3) | (41,107) | |||||||||||||
Other liabilities — Other | (3,491) | |||||||||||||
Deferred tax liability, net (4) | (35,116) | |||||||||||||
Total purchase price | $ | 523,466 |
For the Quarters Ended | ||||||||||||||
(In thousands) | March 27, 2022 | March 28, 2021 | ||||||||||||
Revenue | $ | 544,572 | $ | 487,167 | ||||||||||
Net income/(loss) | 28,045 | (8,215) |
(In thousands) | Total Company | |||
Balance as of December 25, 2016 | $ | 134,517 | ||
Measurement period adjustment (1) | (198 | ) | ||
Foreign currency translation | 8,852 | |||
Balance as of September 24, 2017 | $ | 143,171 |
(In thousands) | The New York Times Group | The Athletic | Total | |||||||||||||||||
Balance as of December 27, 2020 | $ | 171,657 | $ | — | $ | 171,657 | ||||||||||||||
Foreign currency translation | (5,297) | 0 | (5,297) | |||||||||||||||||
Balance as of December 26, 2021 | 166,360 | — | 166,360 | |||||||||||||||||
Foreign currency translation | (1,952) | — | (1,952) | |||||||||||||||||
Acquisition of The Athletic | — | 249,792 | 249,792 | |||||||||||||||||
Balance as of March 27, 2022 | $ | 164,408 | $ | 249,792 | $ | 414,200 |
(In thousands) | Gross book value | Accumulated amortization | Net book value | |||||||||||||||||
Trademark | $ | 160,000 | $ | (1,333) | $ | 158,667 | ||||||||||||||
Existing subscriber base | 135,000 | (1,875) | 133,125 | |||||||||||||||||
Developed technology | 35,000 | (1,167) | 33,833 | |||||||||||||||||
Content archive | 2,000 | (167) | 1,833 | |||||||||||||||||
Total | $ | 332,000 | $ | (4,542) | $ | 327,458 |
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||
(In thousands) | September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||
Revenues | $ | — | $ | — | $ | — | $ | 40,523 | ||||||||
Expenses: | ||||||||||||||||
Cost of sales | (105 | ) | (1,450 | ) | (1,277 | ) | (68,039 | ) | ||||||||
General and administrative income/(expense) and other | 60,216 | (566 | ) | 59,662 | (66,056 | ) | ||||||||||
Total costs and expenses | 60,111 | (2,016 | ) | 58,385 | (134,095 | ) | ||||||||||
Operating income/(loss) | 60,111 | (2,016 | ) | 58,385 | (93,572 | ) | ||||||||||
Other (expense)/income | (1 | ) | 2 | (7 | ) | 4 | ||||||||||
Net income/(loss) | $ | 60,110 | $ | (2,014 | ) | $ | 58,378 | $ | (93,568 | ) |
(In thousands) | ||||||||
Remainder of 2022 | $ | 20,438 | ||||||
2023 | 27,500 | |||||||
2024 | 27,500 | |||||||
2025 | 27,500 | |||||||
2026 | 27,500 | |||||||
Thereafter | 197,020 | |||||||
Total amortization expense | $ | 327,458 |
(In thousands) | September 24, 2017 | December 25, 2016 | ||||||
Option to repurchase ownership interest in headquarters building in 2019: | ||||||||
Principal amount | $ | 250,000 | $ | 250,000 | ||||
Less unamortized discount based on imputed interest rate of 13.0% | 7,423 | 9,801 | ||||||
Total option to repurchase ownership interest in headquarters building in 2019 | 242,577 | 240,199 | ||||||
Capital lease obligations | 6,798 | 6,779 | ||||||
Total long-term debt and capital lease obligations | $ | 249,375 | $ | 246,978 |
For the Quarters Ended | ||||||||||||||||||||||||||
(In thousands) | March 27, 2022 | March 28, 2021 | ||||||||||||||||||||||||
Interest income and other expense, net | $ | 1,222 | $ | 1,689 | ||||||||||||||||||||||
Interest expense | (147) | (178) | ||||||||||||||||||||||||
Total interest income and other, net | $ | 1,075 | $ | 1,511 |
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||
(In thousands) | September 24, 2017 | September 25, 2016 | September 24, 2017 | September 25, 2016 | ||||||||||||
Interest expense | $ | 6,956 | $ | 10,022 | $ | 20,775 | $ | 29,964 | ||||||||
Amortization of debt costs and discount on debt | 801 | 1,226 | 2,379 | 3,670 | ||||||||||||
Capitalized interest | (345 | ) | (131 | ) | (852 | ) | (412 | ) | ||||||||
Interest income | (2,752 | ) | (2,085 | ) | (7,184 | ) | (6,267 | ) | ||||||||
Total interest expense, net | $ | 4,660 | $ | 9,032 | $ | 15,118 | $ | 26,955 |
(In thousands) | March 27, 2022 | December 26, 2021 | ||||||||||||
Reconciliation of cash, cash equivalents and restricted cash | ||||||||||||||
Cash and cash equivalents | $ | 169,171 | $ | 319,973 | ||||||||||
Restricted cash included within miscellaneous assets | 14,381 | 14,333 | ||||||||||||
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows | $ | 183,552 | $ | 334,306 |
(In thousands) | March 27, 2022 | December 26, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term AFS securities (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 28,268 | $ | — | $ | 28,268 | $ | — | $ | 149,548 | $ | — | $ | 149,548 | $ | — | ||||||||||||||||||||||||||||||||||
Corporate debt securities | 22,536 | — | 22,536 | — | 107,334 | — | 107,334 | — | ||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | — | — | — | — | 55,551 | — | 55,551 | — | ||||||||||||||||||||||||||||||||||||||||||
Municipal securities | 1,984 | — | 1,984 | — | 3,997 | — | 3,997 | — | ||||||||||||||||||||||||||||||||||||||||||
U.S. governmental agency securities | — | — | — | — | 3,500 | — | 3,500 | — | ||||||||||||||||||||||||||||||||||||||||||
Commercial paper | — | — | — | — | 21,145 | — | 21,145 | — | ||||||||||||||||||||||||||||||||||||||||||
Total short-term AFS securities | $ | 52,788 | $ | — | $ | 52,788 | $ | — | $ | 341,075 | $ | — | $ | 341,075 | $ | — | ||||||||||||||||||||||||||||||||||
Long-term AFS securities (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | $ | 161,428 | $ | — | $ | 161,428 | $ | — | $ | 241,055 | $ | — | $ | 241,055 | $ | — | ||||||||||||||||||||||||||||||||||
U.S. Treasury securities | 54,684 | — | 54,684 | — | 119,146 | — | 119,146 | — | ||||||||||||||||||||||||||||||||||||||||||
U.S. governmental agency securities | 27,954 | — | 27,954 | — | 39,246 | — | 39,246 | — | ||||||||||||||||||||||||||||||||||||||||||
Municipal securities | 8,749 | — | 8,749 | — | 13,933 | — | 13,933 | — | ||||||||||||||||||||||||||||||||||||||||||
Total long-term AFS securities | $ | 252,815 | $ | — | $ | 252,815 | $ | — | $ | 413,380 | $ | — | $ | 413,380 | $ | — | ||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation (2)(3) | $ | 16,467 | $ | 16,467 | $ | — | $ | — | $ | 21,101 | $ | 21,101 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Contingent consideration | $ | 5,858 | $ | — | $ | — | $ | 5,858 | $ | 7,450 | $ | — | $ | — | $ | 7,450 |
(In thousands) | September 24, 2017 | December 25, 2016 (3) | ||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Short-term AFS securities (1) | ||||||||||||||||||||||||||||||||
U.S Treasury securities | $ | 73,175 | $ | — | $ | 73,175 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Corporate debt securities | 156,639 | — | 156,639 | — | — | — | — | — | ||||||||||||||||||||||||
U.S. governmental agency securities | 53,754 | — | 53,754 | — | — | — | — | — | ||||||||||||||||||||||||
Certificates of deposit | 20,403 | — | 20,403 | — | — | — | — | — | ||||||||||||||||||||||||
Commercial paper | 32,471 | — | 32,471 | — | — | — | — | — | ||||||||||||||||||||||||
Total short-term AFS securities | $ | 336,442 | $ | — | $ | 336,442 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Long-term AFS securities (1) | ||||||||||||||||||||||||||||||||
U.S. governmental agency securities | $ | 96,817 | $ | — | $ | 96,817 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Corporate debt securities | 97,345 | — | 97,345 | — | — | — | — | — | ||||||||||||||||||||||||
U.S Treasury securities | 47,620 | — | 47,620 | — | — | — | — | — | ||||||||||||||||||||||||
Total long-term AFS securities | $ | 241,782 | $ | — | $ | 241,782 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Deferred compensation (2) | $ | 28,354 | $ | 28,354 | $ | — | $ | — | $ | 31,006 | $ | 31,006 | $ | — | $ | — |
For the Quarters Ended | ||||||||||||||||||||||||||
(In thousands) | March 27, 2022 | March 28, 2021 | ||||||||||||||||||||||||
Balance at the beginning of the period | $ | 7,450 | $ | 8,431 | ||||||||||||||||||||||
Payments | (1,724) | — | ||||||||||||||||||||||||
Fair value adjustments (1) | 132 | (703) | ||||||||||||||||||||||||
Contingent consideration at the end of the period | $ | 5,858 | $ | 7,728 |
For the Quarters Ended | ||||||||||||||||||||||||||||||||||||||
March 27, 2022 | March 28, 2021 | |||||||||||||||||||||||||||||||||||||
(In thousands) | Qualified Plans | Non- Qualified Plans | All Plans | Qualified Plans | Non- Qualified Plans | All Plans | ||||||||||||||||||||||||||||||||
Service cost | $ | 2,882 | $ | — | $ | 2,882 | $ | 2,276 | $ | — | $ | 2,276 | ||||||||||||||||||||||||||
Interest cost | 8,837 | 1,284 | 10,121 | 7,629 | 1,088 | 8,717 | ||||||||||||||||||||||||||||||||
Expected return on plan assets | (13,807) | — | (13,807) | (12,677) | — | (12,677) | ||||||||||||||||||||||||||||||||
Amortization of actuarial loss | 3,266 | 1,643 | 4,909 | 5,055 | 1,821 | 6,876 | ||||||||||||||||||||||||||||||||
Amortization of prior service credit | (486) | — | (486) | (486) | — | (486) | ||||||||||||||||||||||||||||||||
Net periodic pension cost (1) | $ | 692 | $ | 2,927 | $ | 3,619 | $ | 1,797 | $ | 2,909 | $ | 4,706 |
For the Quarters Ended | ||||||||||||||||||||||||
September 24, 2017 | September 25, 2016 | |||||||||||||||||||||||
(In thousands) | Qualified Plans | Non- Qualified Plans | All Plans | Qualified Plans | Non- Qualified Plans | All Plans | ||||||||||||||||||
Service cost | $ | 2,423 | $ | — | $ | 2,423 | $ | 2,248 | $ | — | $ | 2,248 | ||||||||||||
Interest cost | 15,596 | 1,956 | 17,552 | 16,573 | 2,034 | 18,607 | ||||||||||||||||||
Expected return on plan assets | (26,136 | ) | — | (26,136 | ) | (27,790 | ) | — | (27,790 | ) | ||||||||||||||
Amortization of actuarial loss | 7,351 | 1,088 | 8,439 | 7,069 | 1,054 | 8,123 | ||||||||||||||||||
Amortization of prior service credit | (486 | ) | — | (486 | ) | (487 | ) | — | (487 | ) | ||||||||||||||
Net periodic pension (income)/cost | $ | (1,252 | ) | $ | 3,044 | $ | 1,792 | $ | (2,387 | ) | $ | 3,088 | $ | 701 |
For the Nine Months Ended | ||||||||||||||||||||||||
September 24, 2017 | September 25, 2016 | |||||||||||||||||||||||
(In thousands) | Qualified Plans | Non- Qualified Plans | All Plans | Qualified Plans | Non- Qualified Plans | All Plans | ||||||||||||||||||
Service cost | $ | 7,269 | $ | — | $ | 7,269 | $ | 6,743 | $ | — | $ | 6,743 | ||||||||||||
Interest cost | 46,784 | 5,868 | 52,652 | 49,720 | 6,102 | 55,822 | ||||||||||||||||||
Expected return on plan assets | (78,408 | ) | — | (78,408 | ) | (83,369 | ) | — | (83,369 | ) | ||||||||||||||
Amortization of actuarial loss | 22,057 | 3,264 | 25,321 | 21,206 | 3,160 | 24,366 | ||||||||||||||||||
Amortization of prior service credit | (1,458 | ) | — | (1,458 | ) | (1,459 | ) | — | (1,459 | ) | ||||||||||||||
Net periodic pension (income)/cost | $ | (3,756 | ) | $ | 9,132 | $ | 5,376 | $ | (7,159 | ) | $ | 9,262 | $ | 2,103 |
For the Quarters Ended | ||||||||||||||||||||||||||
(In thousands) | March 27, 2022 | March 28, 2021 | ||||||||||||||||||||||||
Service cost | $ | 12 | $ | 13 | ||||||||||||||||||||||
Interest cost | 183 | 141 | ||||||||||||||||||||||||
Amortization of actuarial loss | 823 | 852 | ||||||||||||||||||||||||
Amortization of prior service credit | (236) | (836) | ||||||||||||||||||||||||
Net periodic postretirement benefit cost (1) | $ | 782 | $ | 170 |
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||
(In thousands) | September 24, 2017 | September 25, 2016 | September 24, 2017 | September 25, 2016 | ||||||||||||
Service cost | $ | 92 | $ | 104 | $ | 276 | $ | 313 | ||||||||
Interest cost | 470 | 495 | 1,410 | 1,485 | ||||||||||||
Amortization of actuarial loss | 905 | 1,026 | 2,715 | 3,078 | ||||||||||||
Amortization of prior service credit | (1,939 | ) | (2,110 | ) | (5,816 | ) | (6,330 | ) | ||||||||
Net periodic postretirement benefit income | $ | (472 | ) | $ | (485 | ) | $ | (1,415 | ) | $ | (1,454 | ) |
(In thousands) | Total New York Times Company Stockholders’ Equity | Noncontrolling Interest | Total Stockholders’ Equity | |||||||||
Balance as of December 25, 2016 | $ | 847,815 | $ | (3,571 | ) | $ | 844,244 | |||||
Net income | 61,109 | 3,567 | 64,676 | |||||||||
Other comprehensive income, net of tax | 19,294 | — | 19,294 | |||||||||
Effect of issuance of shares | 158 | — | 158 | |||||||||
Dividends declared | (19,543 | ) | — | (19,543 | ) | |||||||
Stock-based compensation | 9,845 | — | 9,845 | |||||||||
Balance as of September 24, 2017 | $ | 918,678 | $ | (4 | ) | $ | 918,674 |
(In thousands) | Total New York Times Company Stockholders’ Equity | Noncontrolling Interest | Total Stockholders’ Equity | |||||||||
Balance as of December 27, 2015 | $ | 826,751 | $ | 1,704 | $ | 828,455 | ||||||
Net loss | (8,076 | ) | (5,719 | ) | (13,795 | ) | ||||||
Other comprehensive income, net of tax | 13,273 | — | 13,273 | |||||||||
Effect of issuance of shares | (9,298 | ) | — | (9,298 | ) | |||||||
Share repurchases | (15,056 | ) | — | (15,056 | ) | |||||||
Dividends declared | (19,414 | ) | — | (19,414 | ) | |||||||
Stock-based compensation | 9,006 | — | 9,006 | |||||||||
Balance as of September 25, 2016 | $ | 797,186 | $ | (4,015 | ) | $ | 793,171 |
(In thousands) | Foreign Currency Translation Adjustments | Funded Status of Benefit Plans | Net unrealized Loss on available-for-sale Securities | Total Accumulated Other Comprehensive Loss | |||||||||||
Balance as of December 25, 2016 | $ | (1,822 | ) | $ | (477,994 | ) | — | $ | (479,816 | ) | |||||
Other comprehensive income (loss) before reclassifications, before tax(1) | 11,170 | — | (1,081 | ) | 10,089 | ||||||||||
Amounts reclassified from accumulated other comprehensive loss, before tax(1) | — | 20,762 | — | 20,762 | |||||||||||
Income tax expense (benefit) (1) | 3,777 | 8,208 | (428 | ) | 11,557 | ||||||||||
Net current-period other comprehensive income, net of tax | 7,393 | 12,554 | (653 | ) | 19,294 | ||||||||||
Balance as of September 24, 2017 | $ | 5,571 | $ | (465,440 | ) | (653 | ) | $ | (460,522 | ) |
(In thousands) | Foreign Currency Translation Adjustments | Funded Status of Benefit Plans | Net Unrealized Loss on Available-For-Sale Securities | Total Accumulated Other Comprehensive Loss | ||||||||||||||||||||||
Balance as of December 26, 2021 | $ | 3,754 | $ | (385,680) | $ | (1,276) | $ | (383,202) | ||||||||||||||||||
Other comprehensive loss before reclassifications, before tax | (2,209) | — | (7,916) | (10,125) | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, before tax | — | 5,010 | — | 5,010 | ||||||||||||||||||||||
Income tax (benefit)/expense | (601) | 1,344 | (2,123) | (1,380) | ||||||||||||||||||||||
Net current-period other comprehensive (loss)/ income, net of tax | (1,608) | 3,666 | (5,793) | (3,735) | ||||||||||||||||||||||
Balance as of March 27, 2022 | $ | 2,146 | $ | (382,014) | $ | (7,069) | $ | (386,937) |
(In thousands) | ||||||
Detail about accumulated other comprehensive loss components | Amounts reclassified from accumulated other comprehensive loss | Affects line item in the statement where net income is presented | ||||
Funded status of benefit plans: | ||||||
Amortization of prior service credit(1) | $ | (7,274 | ) | Selling, general & administrative costs | ||
Amortization of actuarial loss(1) | 28,036 | Selling, general & administrative costs | ||||
Total reclassification, before tax(2) | 20,762 | |||||
Income tax expense | 8,208 | Income tax expense | ||||
Total reclassification, net of tax | $ | 12,554 |
(In thousands) Detail about accumulated other comprehensive | Amounts reclassified from accumulated other comprehensive loss | Affects line item in the | ||||||||||||
Funded status of benefit plans: | ||||||||||||||
Amortization of prior service credit(1) | $ | (722) | Other components of net periodic benefit |
Amortization of actuarial loss(1) | 5,732 | Other components of net periodic benefit costs | ||||||||||||
Total reclassification, before tax(2) | 5,010 | |||||||||||||
Income tax expense | 1,344 | Income tax expense | ||||||||||||
Total reclassification, net of tax | $ | 3,666 |
For the Quarters Ended | ||||||||||||||
(In thousands) | March 27, 2022 | March 28, 2021 | ||||||||||||
Cost of revenue | $ | 1,589 | $ | 1,129 | ||||||||||
Sales and marketing | 365 | 347 | ||||||||||||
Product development | 1,751 | 677 | ||||||||||||
General and administrative | 3,349 | 2,032 | ||||||||||||
Total stock-based compensation expense | $ | 7,054 | $ | 4,185 |
For the Quarters Ended | ||||||||||||||||||||
(In thousands) | March 27, 2022 | March 28, 2021 | % Change | |||||||||||||||||
Revenues | ||||||||||||||||||||
The New York Times Group | $ | 525,268 | $ | 473,045 | 11.0 | % | ||||||||||||||
The Athletic | 12,157 | — | * | |||||||||||||||||
Total revenues | $ | 537,425 | $ | 473,045 | 13.6 | % | ||||||||||||||
Adjusted operating costs | ||||||||||||||||||||
The New York Times Group | $ | 457,543 | $ | 404,938 | 13.0 | % | ||||||||||||||
The Athletic | 18,979 | — | * | |||||||||||||||||
Total adjusted operating costs | $ | 476,522 | $ | 404,938 | 17.7 | % | ||||||||||||||
Adjusted operating profit | ||||||||||||||||||||
The New York Times Group | $ | 67,725 | $ | 68,107 | (0.6) | % | ||||||||||||||
The Athletic | (6,822) | — | * | |||||||||||||||||
Total adjusted operating profit | $ | 60,903 | $ | 68,107 | (10.6) | % | ||||||||||||||
* Represents a change equal to or in excess of 100% or not meaningful. |
Revenues detail by segment | ||||||||||||||||||||
For the Quarters Ended | ||||||||||||||||||||
(In thousands) | March 27, 2022 | March 28, 2021 | % Change | |||||||||||||||||
The New York Times Group | ||||||||||||||||||||
Subscription | $ | 361,602 | $ | 329,084 | 9.9 | % | ||||||||||||||
Advertising | 114,490 | 97,116 | 17.9 | % | ||||||||||||||||
Other | 49,176 | 46,845 | 5.0 | % | ||||||||||||||||
Total | $ | 525,268 | $ | 473,045 | 11.0 | % | ||||||||||||||
The Athletic | ||||||||||||||||||||
Subscription | $ | 10,377 | $ | — | * | |||||||||||||||
Advertising | 1,780 | — | * | |||||||||||||||||
Total | $ | 12,157 | $ | — | * | |||||||||||||||
The New York Times Company | ||||||||||||||||||||
Subscription | $ | 371,979 | $ | 329,084 | 13.0 | % | ||||||||||||||
Advertising | 116,270 | 97,116 | 19.7 | % | ||||||||||||||||
Other | 49,176 | 46,845 | 5.0 | % | ||||||||||||||||
Total | $ | 537,425 | $ | 473,045 | 13.6 | % | ||||||||||||||
* Represents a change equal to or in excess of 100% or not meaningful. |
Adjusted operating costs (operating costs before depreciation and amortization, severance and multiemployer pension plan withdrawal costs) detail by segment | ||||||||||||||||||||
For the Quarters Ended | ||||||||||||||||||||
(In thousands) | March 27, 2022 | March 28, 2021 | % Change | |||||||||||||||||
The New York Times Group | ||||||||||||||||||||
Cost of revenue (excluding depreciation and amortization) | $ | 269,476 | $ | 250,997 | 7.4 | % | ||||||||||||||
Sales and marketing | 74,460 | 60,153 | 23.8 | % | ||||||||||||||||
Product development | 45,179 | 38,943 | 16.0 | % | ||||||||||||||||
Adjusted general and administrative (1) | 68,428 | 54,845 | 24.8 | % | ||||||||||||||||
Total | $ | 457,543 | $ | 404,938 | 13.0 | % | ||||||||||||||
The Athletic | ||||||||||||||||||||
Cost of revenue (excluding depreciation and amortization) | $ | 11,889 | $ | — | * | |||||||||||||||
Sales and marketing | 3,128 | — | * | |||||||||||||||||
Product development | 2,254 | — | * | |||||||||||||||||
Adjusted general and administrative | 1,708 | — | * | |||||||||||||||||
Total | $ | 18,979 | $ | — | * | |||||||||||||||
The New York Times Company | ||||||||||||||||||||
Cost of revenue (excluding depreciation and amortization) | $ | 281,365 | $ | 250,997 | 12.1 | % | ||||||||||||||
Sales and marketing | 77,588 | 60,153 | 29.0 | % | ||||||||||||||||
Product development | 47,433 | 38,943 | 21.8 | % | ||||||||||||||||
Adjusted general and administrative (1) | 70,136 | 54,845 | 27.9 | % | ||||||||||||||||
Total | $ | 476,522 | $ | 404,938 | 17.7 | % | ||||||||||||||
(1) Excludes multiemployer pension withdrawal costs of $1.2 million for the quarter ended March 27, 2022 and severance and multiemployer pension withdrawal costs of $0.4 million and $1.3 million, respectively, for the quarter ended March 28,2021. | ||||||||||||||||||||
* Represents a change equal to or in excess of 100% or not meaningful. |
Reconciliation of operating costs before depreciation and amortization, severance and multiemployer pension plan withdrawal costs (or adjusted operating costs) | ||||||||||||||||||||||||||||||||
For the Quarters Ended | ||||||||||||||||||||||||||||||||
(In thousands) | March 27, 2022 | March 28, 2021 | % Change | |||||||||||||||||||||||||||||
Operating costs | $ | 496,429 | $ | 421,387 | 17.8 | % | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 18,686 | 14,717 | 27.0 | % | ||||||||||||||||||||||||||||
Severance | — | 406 | * | |||||||||||||||||||||||||||||
Multiemployer pension plan withdrawal costs | 1,221 | 1,326 | (7.9) | % | ||||||||||||||||||||||||||||
Adjusted operating costs | $ | 476,522 | $ | 404,938 | 17.7 | % | ||||||||||||||||||||||||||
* Represents a change equal to or in excess of 100% or not meaningful. |
Reconciliation of operating profit before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items (or adjusted operating profit) | ||||||||||||||||||||||||||||||||
For the Quarters Ended | ||||||||||||||||||||||||||||||||
(In thousands) | March 27, 2022 | March 28, 2021 | % Change | |||||||||||||||||||||||||||||
Operating profit | $ | 6,284 | $ | 51,658 | (87.8) | % | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 18,686 | 14,717 | 27.0 | % | ||||||||||||||||||||||||||||
Severance | — | 406 | * | |||||||||||||||||||||||||||||
Multiemployer pension plan withdrawal costs | 1,221 | 1,326 | (7.9) | % | ||||||||||||||||||||||||||||
Special items: | ||||||||||||||||||||||||||||||||
Acquisition-related costs | 34,712 | — | * | |||||||||||||||||||||||||||||
Adjusted operating profit | $ | 60,903 | $ | 68,107 | (10.6) | % | ||||||||||||||||||||||||||
* Represents a change equal to or in excess of 100% or not meaningful. |
For the Quarters Ended | ||||||||||||||||||||||||||||||||||||||
(In thousands) | March 27, 2022 | March 28, 2021 | % Change | |||||||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||||
Subscription | $ | 371,979 | $ | 329,084 | 13.0 | % | ||||||||||||||||||||||||||||||||
Advertising | 116,270 | 97,116 | 19.7 | % | ||||||||||||||||||||||||||||||||||
Other | 49,176 | 46,845 | 5.0 | % | ||||||||||||||||||||||||||||||||||
Total revenues | 537,425 | 473,045 | 13.6 | % | ||||||||||||||||||||||||||||||||||
Operating costs | ||||||||||||||||||||||||||||||||||||||
Cost of revenue (excluding depreciation and amortization) | 281,365 | 250,997 | 12.1 | % | ||||||||||||||||||||||||||||||||||
Sales and marketing | 77,588 | 60,153 | 29.0 | % | ||||||||||||||||||||||||||||||||||
Product development | 47,433 | 38,943 | 21.8 | % | ||||||||||||||||||||||||||||||||||
General and administrative | 71,357 | 56,577 | 26.1 | % | ||||||||||||||||||||||||||||||||||
Depreciation and amortization | 18,686 | 14,717 | 27.0 | % | ||||||||||||||||||||||||||||||||||
Total operating costs | 496,429 | 421,387 | 17.8 | % | ||||||||||||||||||||||||||||||||||
Acquisition-related costs | 34,712 | — | * | |||||||||||||||||||||||||||||||||||
Operating profit | 6,284 | 51,658 | (87.8) | % | ||||||||||||||||||||||||||||||||||
Other components of net periodic benefit costs | 1,522 | 2,599 | (41.4) | % | ||||||||||||||||||||||||||||||||||
Interest income and other, net | 1,075 | 1,511 | (28.9) | % | ||||||||||||||||||||||||||||||||||
Income from continuing operations before income taxes | 5,837 | 50,570 | (88.5) | % | ||||||||||||||||||||||||||||||||||
Income tax expense | 1,112 | 9,461 | (88.2) | % | ||||||||||||||||||||||||||||||||||
Net income | 4,725 | 41,109 | (88.5) | % | ||||||||||||||||||||||||||||||||||
Net income attributable to The New York Times Company common stockholders | $ | 4,725 | $ | 41,109 | (88.5) | % |
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||
(In thousands) | September 24, 2017 | September 25, 2016 | % Change | September 24, 2017 | September 25, 2016 | % Change | ||||||||||||||||
Revenues | ||||||||||||||||||||||
Subscription | $ | 246,638 | $ | 217,099 | 13.6 | % | $ | 739,050 | $ | 654,573 | 12.9 | % | ||||||||||
Advertising | 113,633 | 124,898 | (9.0 | )% | 375,895 | 395,733 | (5.0 | )% | ||||||||||||||
Other | 25,364 | 21,550 | 17.7 | % | 76,568 | 65,386 | 17.1 | % | ||||||||||||||
Total revenues | 385,635 | 363,547 | 6.1 | % | 1,191,513 | 1,115,692 | 6.8 | % | ||||||||||||||
Operating costs | ||||||||||||||||||||||
Production costs: | ||||||||||||||||||||||
Wages and benefits | 89,866 | 91,041 | (1.3 | )% | 269,209 | 274,142 | (1.8 | )% | ||||||||||||||
Raw materials | 15,718 | 18,228 | (13.8 | )% | 48,461 | 53,115 | (8.8 | )% | ||||||||||||||
Other | 44,336 | 47,347 | (6.4 | )% | 134,771 | 139,938 | (3.7 | )% | ||||||||||||||
Total production costs | 149,920 | 156,616 | (4.3 | )% | 452,441 | 467,195 | (3.2 | )% | ||||||||||||||
Selling, general and administrative costs | 184,483 | 184,596 | (0.1 | )% | 595,491 | 534,911 | 11.3 | % | ||||||||||||||
Depreciation and amortization | 15,677 | 15,384 | 1.9 | % | 46,961 | 46,003 | 2.1 | % | ||||||||||||||
Total operating costs | 350,080 | 356,596 | (1.8 | )% | 1,094,893 | 1,048,109 | 4.5 | % | ||||||||||||||
Headquarters redesign and consolidation | 2,542 | — | * | 6,929 | — | * | ||||||||||||||||
Restructuring charge | — | 2,949 | * | — | 14,804 | * | ||||||||||||||||
Multiemployer pension plan withdrawal expense | — | (4,971 | ) | * | — | 6,730 | * | |||||||||||||||
Operating profit | 33,013 | 8,973 | * | 89,691 | 46,049 | 94.8 | % | |||||||||||||||
Gain/(loss) from joint ventures | 31,557 | 463 | * | 31,464 | (41,845 | ) | * | |||||||||||||||
Interest expense, net | 4,660 | 9,032 | (48.4 | )% | 15,118 | 26,955 | (43.9 | )% | ||||||||||||||
Income/(loss) from continuing operations before income taxes | 59,910 | 404 | * | 106,037 | (22,751 | ) | * | |||||||||||||||
Income tax expense/(benefit) | 23,420 | 121 | * | 40,873 | (8,956 | ) | * | |||||||||||||||
Income/(loss) from continuing operations | 36,490 | 283 | * | 65,164 | (13,795 | ) | * | |||||||||||||||
Loss from discontinued operations, net of income taxes | 488 | — | * | 488 | — | * | ||||||||||||||||
Net income/(loss) | 36,002 | 283 | * | 64,676 | (13,795 | ) | * | |||||||||||||||
Net (income)/loss attributable to the noncontrolling interest | (3,673 | ) | 123 | * | (3,567 | ) | 5,719 | * | ||||||||||||||
Net income/(loss) attributable to The New York Times Company common stockholders | $ | 32,329 | $ | 406 | * | $ | 61,109 | $ | (8,076 | ) | * |
For the Quarters Ended | ||||||||||||||||||||||||||||||||||||||
(In thousands) | March 27, 2022 | March 28, 2021 | % Change | |||||||||||||||||||||||||||||||||||
Digital-only subscription revenues (1) | $ | 226,763 | $ | 179,599 | 26.3 | % | ||||||||||||||||||||||||||||||||
Print subscription revenues: | ||||||||||||||||||||||||||||||||||||||
Domestic home delivery subscription revenues (2) | 131,391 | 134,395 | (2.2) | % | ||||||||||||||||||||||||||||||||||
Single-copy, NYT International and Other subscription revenues (3) | 13,825 | 15,090 | (8.4) | % | ||||||||||||||||||||||||||||||||||
Subtotal print subscription revenues | 145,216 | 149,485 | (2.9) | % | ||||||||||||||||||||||||||||||||||
Total subscription revenues | $ | 371,979 | $ | 329,084 | 13.0 | % | ||||||||||||||||||||||||||||||||
(1) Includes revenue from digital-only bundled and standalone subscriptions to the Company’s news product, as well as The Athletic and our Games, Cooking, Audm and Wirecutter products. | ||||||||||||||||||||||||||||||||||||||
(2) Domestic home delivery subscriptions include access to digital news, Games, Cooking and Wirecutter products. | ||||||||||||||||||||||||||||||||||||||
(3) NYT International is the international edition of our print newspaper. |
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||
(In thousands) | September 24, 2017 | September 25, 2016 | % Change | September 24, 2017 | September 25, 2016 | % Change | ||||||||||||||||
Digital-only subscription revenues: | ||||||||||||||||||||||
News product subscription revenues(1) | $ | 82,073 | $ | 56,144 | 46.2 | % | $ | 234,234 | $ | 162,344 | 44.3 | % | ||||||||||
Other product subscription revenues(2) | 3,610 | 2,408 | 49.9 | % | 9,810 | 6,778 | 44.7 | % | ||||||||||||||
Total digital-only subscription revenues | $ | 85,683 | $ | 58,552 | 46.3 | % | $ | 244,044 | $ | 169,122 | 44.3 | % | ||||||||||
(1) Includes revenues from subscriptions to the Company’s news product. News product subscription packages that include access to the Company’s Crossword and Cooking products are also included in this category. | ||||||||||||||||||||||
(2) Includes revenues from standalone subscriptions to the Company’s Crossword and Cooking products. |
For the Quarters Ended | |||||||||
(In thousands) | September 24, 2017 | September 25, 2016 | % Change | ||||||
Digital-only subscriptions(1): | |||||||||
News product subscriptions(2) | 2,132 | 1,338 | 59.3 | % | |||||
Other product subscriptions(3) | 355 | 225 | 57.8 | % | |||||
Total digital-only subscriptions | 2,487 | 1,563 | 59.1 | % | |||||
(1) Reflects certain immaterial prior-period corrections. | |||||||||
(2) Includes subscriptions to the Company’s news product. News product subscription packages that include access to the Company’s Crossword and Cooking products are also included in this category. | |||||||||
(3) Includes standalone subscriptions to the Company’s Crossword and Cooking products. |
For the Quarters Ended | ||||||||||||||||||||||||||||||||
March 27, 2022 | March 28, 2021 | % Change | December 26, 2021 | % Change | ||||||||||||||||||||||||||||
Digital-only subscribers(1) | 8,328 | 6,101 | 36.5 | % | 6,840 | 21.8 | % | |||||||||||||||||||||||||
Print subscribers(2) | 780 | 837 | (6.8) | % | 795 | (1.9) | % | |||||||||||||||||||||||||
Total subscribers | 9,108 | 6,938 | 31.3 | % | 7,635 | 19.3 | % | |||||||||||||||||||||||||
(1) Subscribers with paid digital-only subscriptions to one or more of the Company’s news, The Athletic, Games, Cooking and Wirecutter products. Subscribers with a paid domestic home-delivery print subscription to The New York Times are excluded. The number of paid digital-only subscribers from group education and group corporate subscriptions (which collectively represented approximately 5% of paid digital-only subscribers as of December 26, 2021) is derived using the value of the relevant contract and a discounted subscription rate. | ||||||||||||||||||||||||||||||||
(2) Subscribers with a paid domestic home delivery or mail print subscription to The New York Times, which also includes access to digital news, Games, Cooking and Wirecutter products, or a paid print subscription to our Book Review or Large Type Weekly products. Book Review, Mail and Large Type Weekly subscribers are included in the count of subscribers but not subscriptions. |
For the Quarters Ended | ||||||||||||||||||||||||||||||||
(In thousands) | March 27, 2022 | March 28, 2021 | % Change | December 26, 2021 | % Change | |||||||||||||||||||||||||||
Digital-only subscriptions (2)(3) | 9,620 | 7,033 | 36.8 | % | 8,005 | 20.2 | % | |||||||||||||||||||||||||
Print subscriptions (4) | 770 | 825 | (6.7) | % | 784 | (1.8) | % | |||||||||||||||||||||||||
Total subscriptions | 10,390 | 7,858 | 32.2 | % | 8,789 | 18.2 | % | |||||||||||||||||||||||||
(1) While the Company is moving toward an emphasis on individual subscriber growth rather than growth of total subscriptions, we expect to continue to report on the number of subscriptions at least through the fourth quarter of 2022. | ||||||||||||||||||||||||||||||||
(2) Paid digital-only subscriptions to the Company’s news, The Athletic, Games, Cooking, Audm and Wirecutter products. Standalone subscriptions to these products are counted separately and bundle subscriptions are counted as one subscription. | ||||||||||||||||||||||||||||||||
(3) The number of paid digital-only subscriptions includes estimated group corporate and group education subscriptions (which collectively represent approximately 5% of paid digital-only subscriptions as of December 26, 2021). We calculate this estimate using the value of the relevant contract and a discounted subscription rate. The actual number of users who have access to our products through group subscriptions is substantially higher. In the fourth quarter of 2021, we updated the discounted subscription rate used as part of this calculation in order to bring it in line with our current digital subscription pricing model. For comparison purposes, we recast digital-only subscriptions in prior periods using the updated methodology, and this resulted in approximately 42,000 additional group corporate and group education subscriptions in the first quarter of 2021. There is no impact to subscription revenue as a result of this change. | ||||||||||||||||||||||||||||||||
(4) Paid domestic home-delivery print subscriptions to The New York Times, which also include access to digital news, Games, Cooking and Wirecutter products. Excludes subscriptions to our Book Review or Large Type Weekly products and subscriptions to The New York Times that are delivered by mail. |
For the Quarters Ended | ||||||||||||||||||||||||||||||||
(In thousands except for ARPU) | March 27, 2022 | March 28, 2021 | % Change | December 26, 2021 | % Change | |||||||||||||||||||||||||||
Digital-only subscriber ARPU(1) | $ | 9.04 | $ | 9.15 | (1.2) | % | $ | 9.55 | (5.3) | % | ||||||||||||||||||||||
Total multiproduct subscribers(2) | 2,569 | 2,100 | 22.3 | % | 2,351 | 9.3 | % | |||||||||||||||||||||||||
Digital-only subscribers with News(3) | 6,150 | 5,290 | 16.3 | % | 5,880 | 4.6 | % | |||||||||||||||||||||||||
Subscribers with The Athletic(4) | 1,257 | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||
(1) “Digital-only subscriber Average Revenue per User” or “Digital-only subscriber ARPU” is calculated by dividing the average monthly digital subscription revenue (calculated by dividing digital subscription revenue in the quarter by 3.25 to reflect a 28-day billing cycle) in the measurement period by the average number of digital subscribers during the period. | ||||||||||||||||||||||||||||||||
(2) Subscribers with paid subscriptions that include access to two or more of the Company’s products, including through separate standalone subscriptions; a digital bundle; or a print home-delivery subscription (which includes access to our digital news, Games, Cooking and Wirecutter products). | ||||||||||||||||||||||||||||||||
(3) Subscribers with a paid digital-only subscription that includes access to the Company’s digital news product. | ||||||||||||||||||||||||||||||||
(4) Subscribers with a paid subscription that includes access to The Athletic. |
For the Quarters Ended | ||||||||||||||||||||||||||||||||||||||
(In thousands) | March 27, 2022 | March 28, 2021 | % Change | |||||||||||||||||||||||||||||||||||
Advertising revenues: | ||||||||||||||||||||||||||||||||||||||
Digital | $ | 67,014 | $ | 59,496 | 12.6 | % | ||||||||||||||||||||||||||||||||
49,256 | 37,620 | 30.9 | % | |||||||||||||||||||||||||||||||||||
Total advertising | $ | 116,270 | $ | 97,116 | 19.7 | % |
For the Quarters Ended | |||||||||||||||||||||||||||||||||
September 24, 2017 | September 25, 2016 | % Change | |||||||||||||||||||||||||||||||
(In thousands) | Digital | Total | Digital | Total | Digital | Total | |||||||||||||||||||||||||||
Display | $ | 56,710 | $ | 41,547 | $ | 98,257 | $ | 72,442 | $ | 38,447 | $ | 110,889 | (21.7 | )% | 8.1 | % | (11.4 | )% | |||||||||||||||
Classified and Other | 7,679 | 7,697 | 15,376 | 8,102 | 5,907 | 14,009 | (5.2 | )% | 30.3 | % | 9.8 | % | |||||||||||||||||||||
Total advertising | $ | 64,389 | $ | 49,244 | $ | 113,633 | $ | 80,544 | $ | 44,354 | $ | 124,898 | (20.1 | )% | 11.0 | % | (9.0 | )% |
For the Nine Months Ended | |||||||||||||||||||||||||||||||||
September 24, 2017 | September 25, 2016 | % Change | |||||||||||||||||||||||||||||||
(In thousands) | Digital | Total | Digital | Total | Digital | Total | |||||||||||||||||||||||||||
Display | $ | 196,836 | $ | 129,008 | $ | 325,844 | $ | 238,399 | $ | 114,957 | $ | 353,356 | (17.4 | )% | 12.2 | % | (7.8 | )% | |||||||||||||||
Classified and Other | 24,966 | 25,085 | 50,051 | 26,156 | 16,221 | 42,377 | (4.5 | )% | 54.6 | % | 18.1 | % | |||||||||||||||||||||
Total advertising | $ | 221,802 | $ | 154,093 | $ | 375,895 | $ | 264,555 | $ | 131,178 | $ | 395,733 | (16.2 | )% | 17.5 | % | (5.0 | )% |
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||
(In thousands) | September 24, 2017 | September 25, 2016 | % Change | September 24, 2017 | September 25, 2016 | % Change | ||||||||||||||||
Production costs: | ||||||||||||||||||||||
Wages and benefits | $ | 89,866 | $ | 91,041 | (1.3 | )% | $ | 269,209 | $ | 274,142 | (1.8 | )% | ||||||||||
Raw materials | 15,718 | 18,228 | (13.8 | )% | 48,461 | 53,115 | (8.8 | )% | ||||||||||||||
Other | 44,336 | 47,347 | (6.4 | )% | 134,771 | 139,938 | (3.7 | )% | ||||||||||||||
Total production costs | 149,920 | 156,616 | (4.3 | )% | 452,441 | 467,195 | (3.2 | )% | ||||||||||||||
Selling, general and administrative costs | 184,483 | 184,596 | (0.1 | )% | 595,491 | 534,911 | 11.3 | % | ||||||||||||||
Depreciation and amortization | 15,677 | 15,384 | 1.9 | % | 46,961 | 46,003 | 2.1 | % | ||||||||||||||
Total operating costs | $ | 350,080 | $ | 356,596 | (1.8 | )% | $ | 1,094,893 | $ | 1,048,109 | 4.5 | % |
For the Quarters Ended | ||||||||||||||||||||||||||||||||||||||
(In thousands) | March 27, 2022 | March 28, 2021 | % Change | |||||||||||||||||||||||||||||||||||
Operating costs: | ||||||||||||||||||||||||||||||||||||||
Cost of revenue (excluding depreciation and amortization) (1) | $ | 281,365 | $ | 250,997 | 12.1 | % | ||||||||||||||||||||||||||||||||
Sales and marketing | 77,588 | 60,153 | 29.0 | % | ||||||||||||||||||||||||||||||||||
Product development (1) | 47,433 | 38,943 | 21.8 | % | ||||||||||||||||||||||||||||||||||
General and administrative (1) | 71,357 | 56,577 | 26.1 | % | ||||||||||||||||||||||||||||||||||
Depreciation and amortization | 18,686 | 14,717 | 27.0 | % | ||||||||||||||||||||||||||||||||||
Total operating costs | $ | 496,429 | $ | 421,387 | 17.8 | % | ||||||||||||||||||||||||||||||||
(1)Technology costs, which include product development costs and certain components of cost of revenue and general and administrative costs as described below, increased 22.0% to $87.9 million compared with $72.1 million the first quarter of 2021. |
For the Quarters Ended | ||||||||||||||||||||
(In thousands) | March 27, 2022 | March 28, 2021 | % Change | |||||||||||||||||
Revenues | ||||||||||||||||||||
The New York Times Group | $ | 525,268 | $ | 473,045 | 11.0 | % | ||||||||||||||
The Athletic | 12,157 | — | * | |||||||||||||||||
Total revenues | $ | 537,425 | $ | 473,045 | 13.6 | % | ||||||||||||||
Adjusted operating costs | ||||||||||||||||||||
The New York Times Group | $ | 457,543 | $ | 404,938 | 13.0 | % | ||||||||||||||
The Athletic | 18,979 | — | * | |||||||||||||||||
Total adjusted operating costs | $ | 476,522 | $ | 404,938 | 17.7 | % | ||||||||||||||
Adjusted operating profit | ||||||||||||||||||||
The New York Times Group | $ | 67,725 | $ | 68,107 | (0.6) | % | ||||||||||||||
The Athletic | (6,822) | — | * | |||||||||||||||||
Total adjusted operating profit | $ | 60,903 | $ | 68,107 | (10.6) | % | ||||||||||||||
* Represents a change equal to or in excess of 100% or not meaningful. |
Revenues detail by segment | ||||||||||||||||||||
For the Quarters Ended | ||||||||||||||||||||
(In thousands) | March 27, 2022 | March 28, 2021 | % Change | |||||||||||||||||
The New York Times Group | ||||||||||||||||||||
Subscription | $ | 361,602 | $ | 329,084 | 9.9 | % | ||||||||||||||
Advertising | 114,490 | 97,116 | 17.9 | % | ||||||||||||||||
Other | 49,176 | 46,845 | 5.0 | % | ||||||||||||||||
Total | $ | 525,268 | $ | 473,045 | 11.0 | % | ||||||||||||||
The Athletic | ||||||||||||||||||||
Subscription | $ | 10,377 | $ | — | * | |||||||||||||||
Advertising | 1,780 | — | * | |||||||||||||||||
Total | $ | 12,157 | $ | — | * | |||||||||||||||
The New York Times Company | ||||||||||||||||||||
Subscription | $ | 371,979 | $ | 329,084 | 13.0 | % | ||||||||||||||
Advertising | 116,270 | 97,116 | 19.7 | % | ||||||||||||||||
Other | 49,176 | 46,845 | 5.0 | % | ||||||||||||||||
Total | $ | 537,425 | $ | 473,045 | 13.6 | % | ||||||||||||||
* Represents a change equal to or in excess of 100% or not meaningful. |
Adjusted operating costs (operating costs before depreciation and amortization, severance and multiemployer pension plan withdrawal costs) details by segment | ||||||||||||||||||||
For the Quarters Ended | ||||||||||||||||||||
(In thousands) | March 27, 2022 | March 28, 2021 | % Change | |||||||||||||||||
The New York Times Group | ||||||||||||||||||||
Cost of revenue (excluding depreciation and amortization) | $ | 269,476 | $ | 250,997 | 7.4 | % | ||||||||||||||
Sales and marketing | 74,460 | 60,153 | 23.8 | % | ||||||||||||||||
Product development | 45,179 | 38,943 | 16.0 | % | ||||||||||||||||
Adjusted general and administrative (1) | 68,428 | 54,845 | 24.8 | % | ||||||||||||||||
Total | $ | 457,543 | $ | 404,938 | 13.0 | % | ||||||||||||||
The Athletic | ||||||||||||||||||||
Cost of revenue (excluding depreciation and amortization) | $ | 11,889 | $ | — | * | |||||||||||||||
Sales and marketing | 3,128 | — | * | |||||||||||||||||
Product development | 2,254 | — | * | |||||||||||||||||
Adjusted general and administrative | 1,708 | — | * | |||||||||||||||||
Total | $ | 18,979 | $ | — | * | |||||||||||||||
The New York Times Company | ||||||||||||||||||||
Cost of revenue (excluding depreciation and amortization) | $ | 281,365 | $ | 250,997 | 12.1 | % | ||||||||||||||
Sales and marketing | 77,588 | 60,153 | 29.0 | % | ||||||||||||||||
Product development | 47,433 | 38,943 | 21.8 | % | ||||||||||||||||
Adjusted general and administrative (1) | 70,136 | 54,845 | 27.9 | % | ||||||||||||||||
Total | $ | 476,522 | $ | 404,938 | 17.7 | % | ||||||||||||||
(1) Excludes multiemployer pension withdrawal costs of $1.2 million for the quarter ended March 27, 2022 and severance and multiemployer pension withdrawal costs of $0.4 million and $1.3 million, respectively, for the quarter ended March 28,2021. | ||||||||||||||||||||
* Represents a change equal to or in excess of 100% or not meaningful. |
Reconciliation of diluted earnings per share from continuing operations excluding severance, non-operating retirement costs and special items (or adjusted diluted earnings per share from continuing operations) | ||||||||||||||||||||||
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||
September 24, 2017 | September 25, 2016 | % Change | September 24, 2017 | September 25, 2016 | % Change | |||||||||||||||||
Diluted earnings/(loss) per share from continuing operations | $ | 0.20 | $ | — | * | $ | 0.37 | $ | (0.05 | ) | * | |||||||||||
Add: | ||||||||||||||||||||||
Severance | 0.01 | 0.08 | (87.5 | )% | 0.14 | 0.11 | 27.3 | % | ||||||||||||||
Non-operating retirement costs | 0.02 | 0.02 | * | 0.06 | 0.08 | (25.0 | )% | |||||||||||||||
Special items: | ||||||||||||||||||||||
Headquarters redesign and consolidation | 0.02 | — | * | 0.04 | — | * | ||||||||||||||||
Restructuring charge | — | 0.02 | * | — | 0.09 | * | ||||||||||||||||
Multiemployer pension plan withdrawal (income)/expense | — | (0.03 | ) | * | — | 0.04 | * | |||||||||||||||
(Gain)/loss from joint ventures, net of noncontrolling interest | (0.16 | ) | — | * | (0.16 | ) | 0.21 | * | ||||||||||||||
Income tax expense/(benefit) of adjustments | 0.04 | (0.04 | ) | * | (0.03 | ) | (0.21 | ) | (85.7 | )% | ||||||||||||
Adjusted diluted earnings per share from continuing operations (1) | $ | 0.13 | $ | 0.06 | * | $ | 0.42 | $ | 0.27 | 55.6 | % |
Reconciliation of diluted earnings per share from continuing operations excluding severance, non-operating retirement costs and special items (or adjusted diluted earnings per share from continuing operations) | ||||||||||||||||||||||||||||||||||||||
For the Quarters Ended | ||||||||||||||||||||||||||||||||||||||
March 27, 2022 | March 28, 2021 | % Change | ||||||||||||||||||||||||||||||||||||
Diluted earnings per share from continuing operations | $ | 0.03 | $ | 0.24 | (87.5) | % | ||||||||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||||||||||||||
Non-operating retirement costs: | ||||||||||||||||||||||||||||||||||||||
Multiemployer pension plan withdrawal costs | 0.01 | 0.01 | — | |||||||||||||||||||||||||||||||||||
Other components of net periodic benefit costs | 0.01 | 0.02 | (50.0) | % | ||||||||||||||||||||||||||||||||||
Special items: | ||||||||||||||||||||||||||||||||||||||
Acquisition-related costs | 0.21 | — | * | |||||||||||||||||||||||||||||||||||
Income tax expense of adjustments | (0.06) | (0.01) | * | |||||||||||||||||||||||||||||||||||
Adjusted diluted earnings per share from continuing operations(1) | $ | 0.19 | $ | 0.26 | (26.9) | % |
Reconciliation of operating profit before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items (or adjusted operating profit) | ||||||||||||||||||||||||||||||||
For the Quarters Ended | ||||||||||||||||||||||||||||||||
March 27, 2022 | March 28, 2021 | % Change | ||||||||||||||||||||||||||||||
Operating profit | $ | 6,284 | $ | 51,658 | (87.8) | % | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 18,686 | 14,717 | 27.0 | % | ||||||||||||||||||||||||||||
Severance | — | 406 | * | |||||||||||||||||||||||||||||
Multiemployer pension plan withdrawal costs | 1,221 | 1,326 | (7.9) | % | ||||||||||||||||||||||||||||
Special items: | ||||||||||||||||||||||||||||||||
Acquisition-related costs | 34,712 | — | * | |||||||||||||||||||||||||||||
Adjusted operating profit | $ | 60,903 | $ | 68,107 | (10.6) | % | ||||||||||||||||||||||||||
Divided by: | ||||||||||||||||||||||||||||||||
Revenue | 537,425 | 473,045 | 13.6 | % | ||||||||||||||||||||||||||||
Adjusted operating profit margin | 11.3 | % | 14.4 | % | (310) bps | |||||||||||||||||||||||||||
* Represents a change equal to or in excess of 100% or not meaningful. |
Reconciliation of operating costs before depreciation and amortization, severance and multiemployer pension plan withdrawal costs (or adjusted operating costs) | ||||||||||||||||||||||||||||||||
For the Quarters Ended | ||||||||||||||||||||||||||||||||
March 27, 2022 | March 28, 2021 | % Change | ||||||||||||||||||||||||||||||
Operating costs | $ | 496,429 | $ | 421,387 | 17.8 | % | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 18,686 | 14,717 | 27.0 | % | ||||||||||||||||||||||||||||
Severance | — | 406 | * | |||||||||||||||||||||||||||||
Multiemployer pension plan withdrawal costs | 1,221 | 1,326 | (7.9) | % | ||||||||||||||||||||||||||||
Adjusted operating costs | $ | 476,522 | $ | 404,938 | 17.7 | % | ||||||||||||||||||||||||||
* Represents a change equal to or in excess of 100% or not meaningful. |
Reconciliation of operating profit before depreciation & amortization, severance, non-operating retirement costs and special items (or adjusted operating profit) | ||||||||||||||||||||||
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||
(In thousands) | September 24, 2017 | September 25, 2016 | % Change | September 24, 2017 | September 25, 2016 | % Change | ||||||||||||||||
Operating profit | $ | 33,013 | $ | 8,973 | * | $ | 89,691 | $ | 46,049 | 94.8 | % | |||||||||||
Add: | ||||||||||||||||||||||
Depreciation & amortization | 15,677 | 15,384 | 1.9 | % | 46,961 | 46,003 | 2.1 | % | ||||||||||||||
Severance | 2,123 | 13,006 | (83.7 | )% | 22,977 | 18,262 | 25.8 | % | ||||||||||||||
Non-operating retirement costs | 3,100 | 3,845 | (19.4 | )% | 9,642 | 13,349 | (27.8 | )% | ||||||||||||||
Special items: | ||||||||||||||||||||||
Headquarters redesign and consolidation | 2,542 | — | * | 6,929 | — | * | ||||||||||||||||
Restructuring charge | — | 2,949 | * | — | 14,804 | * | ||||||||||||||||
Multiemployer pension plan withdrawal (income)/expense | — | (4,971 | ) | * | — | 6,730 | * | |||||||||||||||
Adjusted operating profit | $ | 56,455 | $ | 39,186 | 44.1 | % | $ | 176,200 | $ | 145,197 | 21.4 | % |
Reconciliation of operating costs before depreciation & amortization, severance and non-operating retirement costs (or adjusted operating costs) | ||||||||||||||||||||||
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||
(In thousands) | September 24, 2017 | September 25, 2016 | % Change | September 24, 2017 | September 25, 2016 | % Change | ||||||||||||||||
Operating costs | $ | 350,080 | $ | 356,596 | (1.8 | )% | $ | 1,094,893 | $ | 1,048,109 | 4.5 | % | ||||||||||
Less: | ||||||||||||||||||||||
Depreciation & amortization | 15,677 | 15,384 | 1.9 | % | 46,961 | 46,003 | 2.1 | % | ||||||||||||||
Severance | 2,123 | 13,006 | (83.7 | )% | 22,977 | 18,262 | 25.8 | % | ||||||||||||||
Non-operating retirement costs | 3,100 | 3,845 | (19.4 | )% | 9,642 | 13,349 | (27.8 | )% | ||||||||||||||
Adjusted operating costs | $ | 329,180 | $ | 324,361 | 1.5 | % | $ | 1,015,313 | $ | 970,495 | 4.6 | % |
For the Nine Months Ended | |||||||||||
(In thousands) | September 24, 2017 | September 25, 2016 | % Change | ||||||||
Operating activities | $ | 147,895 | $ | 85,643 | 72.7 | % | |||||
Investing activities | $ | 15,607 | $ | 10,212 | 52.8 | % | |||||
Financing activities | $ | (19,739 | ) | $ | (44,859 | ) | (56.0 | )% |
For the Quarters Ended | ||||||||||||||||||||
(In thousands) | March 27, 2022 | March 28, 2021 | % Change | |||||||||||||||||
Operating activities | $ | (14,659) | $ | 32,929 | (144.5) | % | ||||||||||||||
Investing activities | $ | (84,009) | $ | (26,208) | 220.5 | % | ||||||||||||||
Financing activities | $ | (51,922) | $ | (18,108) | 186.7 | % |
Period | Total numbers of shares of Class A Common Stock purchased | Average price paid per share of Class A Common Stock | Total number of shares of Class A Common Stock purchased as part of publicly announced plans or programs | Maximum number (or approximate dollar value) of shares of Class A Common Stock that may yet be purchased under the plans or programs | ||||||||||||||||||||||
January 31, 2022 - February 27, 2022 (1) | 600,000 | $ | 41.77 | 600,000 | $ | 124,938,000 | ||||||||||||||||||||
February 28, 2022 - March 27, 2022 | 92,800 | $ | 42.70 | 92,800 | $ | 120,979,000 | ||||||||||||||||||||
Total for the first quarter of 2022 | 692,800 | $ | 41.89 | 692,800 | $ | 120,979,000 | ||||||||||||||||||||
(1) Reflects repurchases under the authorization approved on February 1, 2022. |
Exhibit No. | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||||||
Inline XBRL Taxonomy Extension Schema Document. | ||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | |||||||
*Certain identified information has been excluded from this exhibit (indicated by an asterisk above) because it is both (i) not material and (ii) is the type of information that the registrant treats as private or confidential. Information that was omitted has been noted in the exhibit with a placeholder identified by the mark “[***]”. |
THE NEW YORK TIMES COMPANY | ||||||||
(Registrant) | ||||||||
Date: | May 4, 2022 | |||||||
Roland A. Caputo Executive Vice President and Chief Financial Officer (Principal Financial Officer) |