New York | 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 | 780,724 | shares |
PART I | PART I | Financial Information | PART I | Financial Information | ||||||||||||||||||||||||||||||||||||
Item | Item | 1 | Financial Statements | Item | 1 | Financial Statements | ||||||||||||||||||||||||||||||||||
Condensed Consolidated Balance Sheets as of June 26, 2022 (unaudited) and December 26, 2021 | Condensed Consolidated Balance Sheets as of September 25, 2022 (unaudited) and December 26, 2021 | |||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statements of Operations (unaudited) for the quarters and six months ended June 26, 2022 and June 27, 2021 | Condensed Consolidated Statements of Operations (unaudited) for the quarters and nine months ended September 25, 2022 and September 26, 2021 | |||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statements of Comprehensive Income (unaudited) for the quarters and six months ended June 26, 2022 and June 27, 2021 | Condensed Consolidated Statements of Comprehensive Income (unaudited) for the quarters and nine months ended September 25, 2022 and September 26, 2021 | |||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statements of Changes In Stockholders’ Equity (unaudited) for the quarters and six months ended June 26, 2022 and June 27, 2021 | Condensed Consolidated Statements of Changes In Stockholders’ Equity (unaudited) for the quarters and nine months ended September 25, 2022 and September 26, 2021 | |||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statements of Cash Flows (unaudited) for the six months ended June 26, 2022 and June 27, 2021 | Condensed Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 25, 2022 and September 26, 2021 | |||||||||||||||||||||||||||||||||||||||
Notes to the Condensed Consolidated Financial Statements | Notes to the Condensed Consolidated Financial Statements | |||||||||||||||||||||||||||||||||||||||
Item | Item | 2 | Management’s Discussion and Analysis of Financial Condition and Results of Operations | Item | 2 | Management’s Discussion and Analysis of Financial Condition and Results of Operations | ||||||||||||||||||||||||||||||||||
Item | Item | 3 | Quantitative and Qualitative Disclosures About Market Risk | Item | 3 | Quantitative and Qualitative Disclosures About Market Risk | ||||||||||||||||||||||||||||||||||
Item | Item | 4 | Controls and Procedures | Item | 4 | Controls and Procedures | ||||||||||||||||||||||||||||||||||
PART II | PART II | Other Information | PART II | Other Information | ||||||||||||||||||||||||||||||||||||
Item | Item | 1 | Legal Proceedings | Item | 1 | Legal Proceedings | ||||||||||||||||||||||||||||||||||
Item | Item | 1A | Risk Factors | Item | 1A | Risk Factors | ||||||||||||||||||||||||||||||||||
Item | Item | 2 | Unregistered Sales of Equity Securities and Use of Proceeds | Item | 2 | Unregistered Sales of Equity Securities and Use of Proceeds | ||||||||||||||||||||||||||||||||||
Item | Item | 6 | Exhibits | Item | 6 | Exhibits |
June 26, 2022 | December 26, 2021 | September 25, 2022 | December 26, 2021 | |||||||||||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||
Current assets | Current assets | Current assets | ||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 161,342 | $ | 319,973 | Cash and cash equivalents | $ | 190,050 | $ | 319,973 | ||||||||||||||||||
Short-term marketable securities | Short-term marketable securities | 61,911 | 341,075 | Short-term marketable securities | 102,620 | 341,075 | ||||||||||||||||||||||
Accounts receivable (net of allowances of $11,170 in 2022 and $12,374 in 2021) | 175,984 | 232,908 | ||||||||||||||||||||||||||
Accounts receivable (net of allowances of $11,991 in 2022 and $12,374 in 2021) | Accounts receivable (net of allowances of $11,991 in 2022 and $12,374 in 2021) | 163,553 | 232,908 | |||||||||||||||||||||||||
Prepaid expenses | Prepaid expenses | 46,228 | 33,199 | Prepaid expenses | 58,733 | 33,199 | ||||||||||||||||||||||
Other current assets | Other current assets | 27,873 | 25,553 | Other current assets | 28,252 | 25,553 | ||||||||||||||||||||||
Total current assets | Total current assets | 473,338 | 952,708 | Total current assets | 543,208 | 952,708 | ||||||||||||||||||||||
Other assets | Other assets | Other assets | ||||||||||||||||||||||||||
Long-term marketable securities | Long-term marketable securities | 230,173 | 413,380 | Long-term marketable securities | 175,945 | 413,380 | ||||||||||||||||||||||
Property, plant and equipment (less accumulated depreciation and amortization of $804,106 in 2022 and $777,637 in 2021) | 566,442 | 574,952 | ||||||||||||||||||||||||||
Property, plant and equipment (less accumulated depreciation and amortization of $813,330 in 2022 and $777,637 in 2021) | Property, plant and equipment (less accumulated depreciation and amortization of $813,330 in 2022 and $777,637 in 2021) | 561,068 | 574,952 | |||||||||||||||||||||||||
Goodwill | Goodwill | 411,525 | 166,360 | Goodwill | 406,373 | 166,360 | ||||||||||||||||||||||
Intangible assets, net | Intangible assets, net | 336,126 | 14,246 | Intangible assets, net | 328,735 | 14,246 | ||||||||||||||||||||||
Deferred income taxes | Deferred income taxes | 107,697 | 95,800 | Deferred income taxes | 111,678 | 95,800 | ||||||||||||||||||||||
Miscellaneous assets | Miscellaneous assets | 387,560 | 346,662 | Miscellaneous assets | 388,385 | 346,662 | ||||||||||||||||||||||
Total assets | Total assets | $ | 2,512,861 | $ | 2,564,108 | Total assets | $ | 2,515,392 | $ | 2,564,108 |
June 26, 2022 | December 26, 2021 | September 25, 2022 | December 26, 2021 | |||||||||||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||||||||||
Liabilities and stockholders’ equity | Liabilities and stockholders’ equity | Liabilities and stockholders’ equity | ||||||||||||||||||||||||||
Current liabilities | Current liabilities | Current liabilities | ||||||||||||||||||||||||||
Accounts payable | Accounts payable | $ | 113,982 | $ | 127,073 | Accounts payable | $ | 119,531 | $ | 127,073 | ||||||||||||||||||
Accrued payroll and other related liabilities | Accrued payroll and other related liabilities | 122,731 | 166,464 | Accrued payroll and other related liabilities | 145,197 | 166,464 | ||||||||||||||||||||||
Unexpired subscriptions revenue | Unexpired subscriptions revenue | 148,511 | 119,296 | Unexpired subscriptions revenue | 152,409 | 119,296 | ||||||||||||||||||||||
Accrued expenses and other | Accrued expenses and other | 149,053 | 146,319 | Accrued expenses and other | 138,621 | 146,319 | ||||||||||||||||||||||
Total current liabilities | Total current liabilities | 534,277 | 559,152 | Total current liabilities | 555,758 | 559,152 | ||||||||||||||||||||||
Other liabilities | Other liabilities | Other liabilities | ||||||||||||||||||||||||||
Pension benefits obligation | Pension benefits obligation | 286,514 | 295,104 | Pension benefits obligation | 270,307 | 295,104 | ||||||||||||||||||||||
Postretirement benefits obligation | Postretirement benefits obligation | 34,642 | 36,086 | Postretirement benefits obligation | 33,949 | 36,086 | ||||||||||||||||||||||
Other | Other | 117,294 | 133,041 | Other | 113,020 | 133,041 | ||||||||||||||||||||||
Total other liabilities | Total other liabilities | 438,450 | 464,231 | Total other liabilities | 417,276 | 464,231 | ||||||||||||||||||||||
Stockholders’ equity | Stockholders’ equity | Stockholders’ equity | ||||||||||||||||||||||||||
Common stock of $.10 par value: | Common stock of $.10 par value: | Common stock of $.10 par value: | ||||||||||||||||||||||||||
Class A – authorized: 300,000,000 shares; issued: 2022 – 176,273,938; 2021 – 175,971,801 (including treasury shares: 2022 – 10,345,131; 2021 – 8,870,801) | 17,627 | 17,597 | ||||||||||||||||||||||||||
Class B – convertible – authorized and issued shares: 2022 – 781,724; 2021 – 781,724 | 78 | 78 | ||||||||||||||||||||||||||
Class A – authorized: 300,000,000 shares; issued: 2022 – 176,286,593; 2021 – 175,971,801 (including treasury shares: 2022 – 11,195,509; 2021 – 8,870,801) | Class A – authorized: 300,000,000 shares; issued: 2022 – 176,286,593; 2021 – 175,971,801 (including treasury shares: 2022 – 11,195,509; 2021 – 8,870,801) | 17,629 | 17,597 | |||||||||||||||||||||||||
Class B – convertible – authorized and issued shares: 2022 – 780,724; 2021 – 781,724 | Class B – convertible – authorized and issued shares: 2022 – 780,724; 2021 – 781,724 | 78 | 78 | |||||||||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 236,495 | 230,115 | Additional paid-in capital | 245,549 | 230,115 | ||||||||||||||||||||||
Retained earnings | Retained earnings | 1,896,646 | 1,845,343 | Retained earnings | 1,918,152 | 1,845,343 | ||||||||||||||||||||||
Common stock held in treasury, at cost | Common stock held in treasury, at cost | (225,680) | (171,211) | Common stock held in treasury, at cost | (251,014) | (171,211) | ||||||||||||||||||||||
Accumulated other comprehensive loss, net of income taxes: | Accumulated other comprehensive loss, net of income taxes: | Accumulated other comprehensive loss, net of income taxes: | ||||||||||||||||||||||||||
Foreign currency translation adjustments | Foreign currency translation adjustments | (298) | 3,754 | Foreign currency translation adjustments | (5,947) | 3,754 | ||||||||||||||||||||||
Funded status of benefit plans | Funded status of benefit plans | (378,273) | (385,680) | Funded status of benefit plans | (374,434) | (385,680) | ||||||||||||||||||||||
Net unrealized loss on available-for-sale securities | Net unrealized loss on available-for-sale securities | (8,466) | (1,276) | Net unrealized loss on available-for-sale securities | (9,660) | (1,276) | ||||||||||||||||||||||
Total accumulated other comprehensive loss, net of income taxes | Total accumulated other comprehensive loss, net of income taxes | (387,037) | (383,202) | Total accumulated other comprehensive loss, net of income taxes | (390,041) | (383,202) | ||||||||||||||||||||||
Total New York Times Company stockholders’ equity | Total New York Times Company stockholders’ equity | 1,538,129 | 1,538,720 | Total New York Times Company stockholders’ equity | 1,540,353 | 1,538,720 | ||||||||||||||||||||||
Noncontrolling interest | Noncontrolling interest | 2,005 | 2,005 | Noncontrolling interest | 2,005 | 2,005 | ||||||||||||||||||||||
Total stockholders’ equity | Total stockholders’ equity | 1,540,134 | 1,540,725 | Total stockholders’ equity | 1,542,358 | 1,540,725 | ||||||||||||||||||||||
Total liabilities and stockholders’ equity | Total liabilities and stockholders’ equity | $ | 2,512,861 | $ | 2,564,108 | Total liabilities and stockholders’ equity | $ | 2,515,392 | $ | 2,564,108 |
For the Quarters Ended | For the Six Months Ended | For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
June 26, 2022 | June 27, 2021 | June 26, 2022 | June 27, 2021 | September 25, 2022 | September 26, 2021 | September 25, 2022 | September 26, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
(13 weeks) | (26 weeks) | (13 weeks) | (39 weeks) | |||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues | Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||
Subscription | Subscription | $ | 383,619 | $ | 339,217 | $ | 755,598 | $ | 668,301 | Subscription | $ | 382,672 | $ | 342,609 | $ | 1,138,270 | $ | 1,010,910 | ||||||||||||||||||||||||||||||||||
Advertising | Advertising | 117,379 | 112,774 | 233,649 | 209,890 | Advertising | 110,467 | 110,887 | 344,116 | 320,777 | ||||||||||||||||||||||||||||||||||||||||||
Other | Other | 54,682 | 46,506 | 103,858 | 93,351 | Other | 54,541 | 55,607 | 158,399 | 148,958 | ||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | 555,680 | 498,497 | 1,093,105 | 971,542 | Total revenues | 547,680 | 509,103 | 1,640,785 | 1,480,645 | ||||||||||||||||||||||||||||||||||||||||||
Operating costs | Operating costs | Operating costs | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of revenue (excluding depreciation and amortization) | Cost of revenue (excluding depreciation and amortization) | 300,583 | 251,358 | 581,948 | 502,355 | Cost of revenue (excluding depreciation and amortization) | 294,856 | 256,978 | 876,804 | 759,333 | ||||||||||||||||||||||||||||||||||||||||||
Sales and marketing | Sales and marketing | 62,769 | 53,555 | 140,357 | 113,708 | Sales and marketing | 64,732 | 83,767 | 205,089 | 197,475 | ||||||||||||||||||||||||||||||||||||||||||
Product development | Product development | 50,822 | 39,699 | 98,255 | 78,642 | Product development | 50,474 | 40,638 | 148,729 | 119,280 | ||||||||||||||||||||||||||||||||||||||||||
General and administrative | General and administrative | 69,141 | 62,283 | 140,498 | 118,860 | General and administrative | 71,970 | 64,418 | 212,468 | 183,278 | ||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 20,704 | 14,486 | 39,390 | 29,203 | Depreciation and amortization | 21,760 | 14,326 | 61,150 | 43,529 | ||||||||||||||||||||||||||||||||||||||||||
Total operating costs | Total operating costs | 504,019 | 421,381 | 1,000,448 | 842,768 | Total operating costs | 503,792 | 460,127 | 1,504,240 | 1,302,895 | ||||||||||||||||||||||||||||||||||||||||||
Acquisition-related costs | Acquisition-related costs | — | — | 34,712 | — | Acquisition-related costs | — | — | 34,712 | — | ||||||||||||||||||||||||||||||||||||||||||
Gain from pension liability adjustment | Gain from pension liability adjustment | (7,127) | — | (7,127) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Lease termination charge | Lease termination charge | — | 3,831 | — | 3,831 | Lease termination charge | — | — | — | 3,831 | ||||||||||||||||||||||||||||||||||||||||||
Operating profit | Operating profit | 51,661 | 73,285 | 57,945 | 124,943 | Operating profit | 51,015 | 48,976 | 108,960 | 173,919 | ||||||||||||||||||||||||||||||||||||||||||
Other components of net periodic benefit costs | Other components of net periodic benefit costs | 1,624 | 2,598 | 3,146 | 5,197 | Other components of net periodic benefit costs | 1,757 | 2,599 | 4,903 | 7,796 | ||||||||||||||||||||||||||||||||||||||||||
Interest income and other, net | Interest income and other, net | 35,604 | 1,873 | 36,679 | 3,384 | Interest income and other, net | 1,579 | 28,569 | 38,258 | 31,953 | ||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations before income taxes | Income from continuing operations before income taxes | 85,641 | 72,560 | 91,478 | 123,130 | Income from continuing operations before income taxes | 50,837 | 74,946 | 142,315 | 198,076 | ||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 23,864 | 18,243 | 24,976 | 27,704 | Income tax expense | 14,220 | 20,290 | 39,196 | 47,994 | ||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 61,777 | 54,317 | 66,502 | 95,426 | Net income | 36,617 | 54,656 | 103,119 | 150,082 | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to The New York Times Company common stockholders | Net income attributable to The New York Times Company common stockholders | $ | 61,777 | $ | 54,317 | $ | 66,502 | $ | 95,426 | Net income attributable to The New York Times Company common stockholders | $ | 36,617 | $ | 54,656 | $ | 103,119 | $ | 150,082 | ||||||||||||||||||||||||||||||||||
Average number of common shares outstanding: | Average number of common shares outstanding: | Average number of common shares outstanding: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | 167,636 | 168,012 | 167,816 | 167,828 | Basic | 166,433 | 168,027 | 167,290 | 167,895 | ||||||||||||||||||||||||||||||||||||||||||
Diluted | Diluted | 167,636 | 168,346 | 167,816 | 168,312 | Diluted | 166,497 | 168,546 | 167,418 | 168,492 | ||||||||||||||||||||||||||||||||||||||||||
Basic earnings per share attributable to The New York Times Company common stockholders | Basic earnings per share attributable to The New York Times Company common stockholders | $ | 0.37 | $ | 0.32 | $ | 0.40 | $ | 0.57 | Basic earnings per share attributable to The New York Times Company common stockholders | $ | 0.22 | $ | 0.33 | $ | 0.62 | $ | 0.89 | ||||||||||||||||||||||||||||||||||
Diluted earnings per share attributable to The New York Times Company common stockholders | Diluted earnings per share attributable to The New York Times Company common stockholders | $ | 0.37 | $ | 0.32 | $ | 0.40 | $ | 0.57 | Diluted earnings per share attributable to The New York Times Company common stockholders | $ | 0.22 | $ | 0.32 | $ | 0.62 | $ | 0.89 | ||||||||||||||||||||||||||||||||||
Dividends declared per share | Dividends declared per share | $ | — | $ | — | $ | 0.09 | $ | 0.07 | Dividends declared per share | $ | 0.09 | $ | 0.07 | $ | 0.18 | $ | 0.14 |
For the Quarters Ended | For the Six Months Ended | For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
June 26, 2022 | June 27, 2021 | June 26, 2022 | June 27, 2021 | September 25, 2022 | September 26, 2021 | September 25, 2022 | September 26, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
(13 weeks) | (26 weeks) | (13 weeks) | (39 weeks) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 61,777 | $ | 54,317 | $ | 66,502 | $ | 95,426 | Net income | $ | 36,617 | $ | 54,656 | $ | 103,119 | $ | 150,082 | ||||||||||||||||||||||||||||||||||
Other comprehensive (loss)/income, before tax: | Other comprehensive (loss)/income, before tax: | Other comprehensive (loss)/income, before tax: | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Loss)/gain on foreign currency translation adjustments | (3,407) | 935 | (5,616) | (1,767) | ||||||||||||||||||||||||||||||||||||||||||||||||
Loss on foreign currency translation adjustments | Loss on foreign currency translation adjustments | (7,603) | (1,654) | (13,219) | (3,421) | |||||||||||||||||||||||||||||||||||||||||||||||
Pension and postretirement benefits obligation | Pension and postretirement benefits obligation | 5,114 | 6,409 | 10,124 | 12,815 | Pension and postretirement benefits obligation | 5,247 | 6,405 | 15,371 | 19,220 | ||||||||||||||||||||||||||||||||||||||||||
Net unrealized loss on available-for-sale securities | Net unrealized loss on available-for-sale securities | (1,911) | (779) | (9,827) | (1,846) | Net unrealized loss on available-for-sale securities | (1,631) | (770) | (11,458) | (2,616) | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss)/income, before tax | Other comprehensive (loss)/income, before tax | (204) | 6,565 | (5,319) | 9,202 | Other comprehensive (loss)/income, before tax | (3,987) | 3,981 | (9,306) | 13,183 | ||||||||||||||||||||||||||||||||||||||||||
Income tax (benefit)/expense | Income tax (benefit)/expense | (104) | 1,756 | (1,484) | 2,465 | Income tax (benefit)/expense | (983) | 1,067 | (2,467) | 3,532 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss)/income, net of tax | Other comprehensive (loss)/income, net of tax | (100) | 4,809 | (3,835) | 6,737 | Other comprehensive (loss)/income, net of tax | (3,004) | 2,914 | (6,839) | 9,651 | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to The New York Times Company common stockholders | Comprehensive income attributable to The New York Times Company common stockholders | $ | 61,677 | $ | 59,126 | $ | 62,667 | $ | 102,163 | Comprehensive income attributable to The New York Times Company common stockholders | $ | 33,613 | $ | 57,570 | $ | 96,280 | $ | 159,733 |
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 | 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 | ||||||||||||||||||||||||||||||||||||||
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, March 28, 2021 | $ | 17,670 | $ | 212,802 | $ | 1,701,860 | $ | (171,211) | $ | (408,253) | $ | 1,352,868 | $ | 2,594 | $ | 1,355,462 | |||||||||||||||||||||||||||||||||||||
Balance, June 27, 2021 | Balance, June 27, 2021 | $ | 17,674 | $ | 217,565 | $ | 1,756,198 | $ | (171,211) | $ | (403,444) | $ | 1,416,782 | $ | 2,005 | $ | 1,418,787 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | 54,317 | — | — | 54,317 | — | 54,317 | Net income | — | — | 54,656 | — | — | 54,656 | — | 54,656 | |||||||||||||||||||||||||||||||||||
Dividends | Dividends | — | — | 21 | — | — | 21 | — | 21 | Dividends | — | — | (11,831) | — | — | (11,831) | — | (11,831) | |||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | — | — | — | — | 4,809 | 4,809 | — | 4,809 | Other comprehensive income | — | — | — | — | 2,914 | 2,914 | — | 2,914 | |||||||||||||||||||||||||||||||||||
Issuance of shares: | Issuance of shares: | Issuance of shares: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock units vested – 45,280 Class A shares | 4 | (390) | — | — | — | (386) | — | (386) | |||||||||||||||||||||||||||||||||||||||||||||
Stock options – 700 Class A shares | Stock options – 700 Class A shares | — | 4 | — | — | — | 4 | — | 4 | ||||||||||||||||||||||||||||||||||||||||||||
Restricted stock units vested – 1,379 Class A shares | Restricted stock units vested – 1,379 Class A shares | 1 | (48) | — | — | — | (47) | — | (47) | ||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | — | 5,153 | — | — | — | 5,153 | — | 5,153 | Stock-based compensation | — | 5,049 | — | — | — | 5,049 | — | 5,049 | |||||||||||||||||||||||||||||||||||
Distributions | — | - | — | — | — | — | (589) | (589) | |||||||||||||||||||||||||||||||||||||||||||||
Balance, June 27, 2021 | $ | 17,674 | $ | 217,565 | $ | 1,756,198 | $ | (171,211) | $ | (403,444) | $ | 1,416,782 | $ | 2,005 | $ | 1,418,787 | |||||||||||||||||||||||||||||||||||||
Balance, March 27, 2022 | $ | 17,704 | $ | 227,815 | $ | 1,834,734 | $ | (200,245) | $ | (386,937) | $ | 1,493,071 | $ | 2,005 | $ | 1,495,076 | |||||||||||||||||||||||||||||||||||||
Balance, September 26, 2021 | Balance, September 26, 2021 | $ | 17,675 | $ | 222,570 | $ | 1,799,023 | $ | (171,211) | $ | (400,530) | $ | 1,467,527 | $ | 2,005 | $ | 1,469,532 | ||||||||||||||||||||||||||||||||||||
Balance, June 26, 2022 | Balance, June 26, 2022 | $ | 17,705 | $ | 236,495 | $ | 1,896,646 | $ | (225,680) | $ | (387,037) | $ | 1,538,129 | $ | 2,005 | $ | 1,540,134 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | 61,777 | — | — | 61,777 | — | 61,777 | Net income | — | — | 36,617 | — | — | 36,617 | — | 36,617 | |||||||||||||||||||||||||||||||||||
Dividends | Dividends | — | — | 135 | — | — | 135 | — | 135 | Dividends | — | — | (15,111) | — | — | (15,111) | — | (15,111) | |||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | — | — | — | — | (100) | (100) | — | (100) | Other comprehensive loss | — | — | — | — | (3,004) | (3,004) | — | (3,004) | |||||||||||||||||||||||||||||||||||
Issuance of shares: | Issuance of shares: | Issuance of shares: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock units vested – 10,769 Class A shares | 1 | (302) | — | — | — | (301) | — | (301) | |||||||||||||||||||||||||||||||||||||||||||||
Restricted stock units vested – 11,655 Class A shares | Restricted stock units vested – 11,655 Class A shares | 2 | (209) | — | — | — | (207) | — | (207) | ||||||||||||||||||||||||||||||||||||||||||||
Share Repurchases - 781,530 Class A shares | — | — | — | (25,435) | — | (25,435) | — | (25,435) | |||||||||||||||||||||||||||||||||||||||||||||
Share repurchases – 850,378 Class A shares | Share repurchases – 850,378 Class A shares | — | — | — | (25,334) | — | (25,334) | — | (25,334) | ||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | — | 8,982 | — | — | — | 8,982 | — | 8,982 | Stock-based compensation | — | 9,263 | — | — | — | 9,263 | — | 9,263 | |||||||||||||||||||||||||||||||||||
Balance, June 26, 2022 | $ | 17,705 | $ | 236,495 | $ | 1,896,646 | $ | (225,680) | $ | (387,037) | $ | 1,538,129 | $ | 2,005 | $ | 1,540,134 | |||||||||||||||||||||||||||||||||||||
Balance, September 25, 2022 | Balance, September 25, 2022 | $ | 17,707 | $ | 245,549 | $ | 1,918,152 | $ | (251,014) | $ | (390,041) | $ | 1,540,353 | $ | 2,005 | $ | 1,542,358 |
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 | 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 | ||||||||||||||||||||||||||||||||||||||
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 | Balance, December 27, 2020 | $ | 17,609 | $ | 216,714 | $ | 1,672,586 | $ | (171,211) | $ | (410,181) | $ | 1,325,517 | $ | 2,594 | $ | 1,328,111 | 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 | Net income | — | — | 95,426 | — | — | 95,426 | — | 95,426 | Net income | — | — | 150,082 | — | — | 150,082 | — | 150,082 | |||||||||||||||||||||||||||||||||||
Dividends | Dividends | — | — | (11,814) | — | — | (11,814) | — | (11,814) | Dividends | — | — | (23,645) | — | — | (23,645) | — | (23,645) | |||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | — | — | — | — | 6,737 | 6,737 | — | 6,737 | Other comprehensive income | — | — | — | — | 9,651 | 9,651 | — | 9,651 | |||||||||||||||||||||||||||||||||||
Issuance of shares: | Issuance of shares: | Issuance of shares: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Stock options – 323,360 Class A shares | 33 | 2,414 | — | — | — | 2,447 | — | 2,447 | |||||||||||||||||||||||||||||||||||||||||||||
Restricted stock units vested – 187,987 Class A shares | 18 | (4,954) | — | — | — | (4,936) | — | (4,936) | |||||||||||||||||||||||||||||||||||||||||||||
Stock options – 324,060 Class A shares | Stock options – 324,060 Class A shares | 33 | 2,418 | — | — | — | 2,451 | — | 2,451 | ||||||||||||||||||||||||||||||||||||||||||||
Restricted stock units vested – 189,366 Class A shares | Restricted stock units vested – 189,366 Class A shares | 19 | (5,002) | — | — | — | (4,983) | — | (4,983) | ||||||||||||||||||||||||||||||||||||||||||||
Performance-based awards - 142,253 Class A shares | Performance-based awards - 142,253 Class A shares | 14 | (5,947) | — | — | — | (5,933) | — | (5,933) | Performance-based awards - 142,253 Class A shares | 14 | (5,947) | — | — | — | (5,933) | — | (5,933) | |||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | — | 9,338 | — | — | — | 9,338 | 9,338 | Stock-based compensation | — | 14,387 | — | — | — | 14,387 | 14,387 | |||||||||||||||||||||||||||||||||||||
Distributions | Distributions | — | — | — | — | — | — | (589) | (589) | Distributions | — | — | — | — | — | — | (589) | (589) | |||||||||||||||||||||||||||||||||||
Balance, June 27, 2021 | $ | 17,674 | $ | 217,565 | $ | 1,756,198 | $ | (171,211) | $ | (403,444) | $ | 1,416,782 | $ | 2,005 | $ | 1,418,787 | |||||||||||||||||||||||||||||||||||||
Balance, September 26, 2021 | Balance, September 26, 2021 | $ | 17,675 | $ | 222,570 | $ | 1,799,023 | $ | (171,211) | $ | (400,530) | $ | 1,467,527 | $ | 2,005 | $ | 1,469,532 | ||||||||||||||||||||||||||||||||||||
Balance, December 26, 2021 | Balance, December 26, 2021 | $ | 17,675 | $ | 230,115 | $ | 1,845,343 | $ | (171,211) | $ | (383,202) | $ | 1,538,720 | $ | 2,005 | $ | 1,540,725 | 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 | Net income | — | — | 66,502 | — | — | 66,502 | — | 66,502 | Net income | — | — | 103,119 | — | — | 103,119 | — | 103,119 | |||||||||||||||||||||||||||||||||||
Dividends | Dividends | — | — | (15,199) | — | — | (15,199) | — | (15,199) | Dividends | — | — | (30,310) | — | — | (30,310) | — | (30,310) | |||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | (3,835) | (3,835) | — | (3,835) | |||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | — | — | — | — | (6,839) | (6,839) | — | (6,839) | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares: | Issuance of shares: | Issuance of shares: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Stock options – 400 Class A shares | Stock options – 400 Class A shares | — | 3 | — | — | — | 3 | — | 3 | Stock options – 400 Class A shares | — | 3 | — | — | — | 3 | — | 3 | |||||||||||||||||||||||||||||||||||
Restricted stock units vested –138,219 Class A shares | 14 | (4,086) | — | — | — | (4,072) | — | (4,072) | |||||||||||||||||||||||||||||||||||||||||||||
Performance-based awards - 163,518 Class A shares | 16 | (5,573) | — | — | — | (5,557) | — | (5,557) | |||||||||||||||||||||||||||||||||||||||||||||
Share Repurchases - 1,474,330 Class A shares | (54,469) | (54,469) | — | (54,469) | |||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock units vested –149,874 Class A shares | Restricted stock units vested –149,874 Class A shares | 16 | (4,295) | — | — | — | (4,279) | — | (4,279) | ||||||||||||||||||||||||||||||||||||||||||||
Performance-based awards –163,518 Class A shares | Performance-based awards –163,518 Class A shares | 16 | (5,573) | — | — | — | (5,557) | — | (5,557) | ||||||||||||||||||||||||||||||||||||||||||||
Share repurchases – 2,324,708 Class A shares | Share repurchases – 2,324,708 Class A shares | (79,803) | (79,803) | — | (79,803) | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | — | 16,036 | — | — | — | 16,036 | — | 16,036 | Stock-based compensation | — | 25,299 | — | — | — | 25,299 | — | 25,299 | |||||||||||||||||||||||||||||||||||
Balance, June 26, 2022 | $ | 17,705 | $ | 236,495 | $ | 1,896,646 | $ | (225,680) | $ | (387,037) | $ | 1,538,129 | $ | 2,005 | $ | 1,540,134 | |||||||||||||||||||||||||||||||||||||
Balance, September 25, 2022 | Balance, September 25, 2022 | $ | 17,707 | $ | 245,549 | $ | 1,918,152 | $ | (251,014) | $ | (390,041) | $ | 1,540,353 | $ | 2,005 | $ | 1,542,358 |
For the Six Months Ended | For the Nine Months Ended | |||||||||||||||||||||||||||
June 26, 2022 | June 27, 2021 | September 25, 2022 | September 26, 2021 | |||||||||||||||||||||||||
(26 weeks) | (39 weeks) | |||||||||||||||||||||||||||
Cash flows from operating activities | Cash flows from operating activities | Cash flows from operating activities | ||||||||||||||||||||||||||
Net income | Net income | $ | 66,502 | $ | 95,426 | Net income | $ | 103,119 | $ | 150,082 | ||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 39,390 | 29,203 | Depreciation and amortization | 61,150 | 43,529 | ||||||||||||||||||||||
Lease termination charge | Lease termination charge | — | 3,831 | Lease termination charge | — | 3,831 | ||||||||||||||||||||||
Amortization of right of use asset | Amortization of right of use asset | 4,979 | 4,442 | Amortization of right of use asset | 7,465 | 7,069 | ||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 16,036 | 9,338 | Stock-based compensation expense | 25,299 | 14,387 | ||||||||||||||||||||||
Gain on pension liability adjustment | Gain on pension liability adjustment | (7,127) | — | |||||||||||||||||||||||||
Gain on the sale of land | Gain on the sale of land | (34,227) | — | Gain on the sale of land | (34,227) | — | ||||||||||||||||||||||
Gain on non-marketable equity investment | Gain on non-marketable equity investment | — | (27,156) | |||||||||||||||||||||||||
Change in long-term retirement benefit obligations | Change in long-term retirement benefit obligations | (9,823) | (8,866) | Change in long-term retirement benefit obligations | (19,100) | (13,440) | ||||||||||||||||||||||
Fair market value adjustment on life insurance products | Fair market value adjustment on life insurance products | 1,364 | 221 | Fair market value adjustment on life insurance products | 1,494 | 312 | ||||||||||||||||||||||
Other – net | Other – net | 1,508 | (510) | Other – net | (1,221) | (568) | ||||||||||||||||||||||
Changes in operating assets and liabilities, net of business acquisitions: | 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 | 62,438 | 30,152 | Accounts receivable – net | 74,869 | 19,072 | ||||||||||||||||||||||
Other assets | Other assets | (12,287) | (8,027) | Other assets | (25,575) | (13,192) | ||||||||||||||||||||||
Accounts payable, accrued payroll and other liabilities | Accounts payable, accrued payroll and other liabilities | (120,886) | (54,170) | Accounts payable, accrued payroll and other liabilities | (106,174) | 15,311 | ||||||||||||||||||||||
Unexpired subscriptions | Unexpired subscriptions | 1,154 | 9,394 | Unexpired subscriptions | 5,052 | 10,320 | ||||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 16,148 | 110,434 | Net cash provided by operating activities | 85,024 | 209,557 | ||||||||||||||||||||||
Cash flows from investing activities | Cash flows from investing activities | Cash flows from investing activities | ||||||||||||||||||||||||||
Purchases of marketable securities | Purchases of marketable securities | (6,649) | (326,996) | Purchases of marketable securities | (6,650) | (550,649) | ||||||||||||||||||||||
Maturities of marketable securities | Maturities of marketable securities | 458,306 | 293,053 | Maturities of marketable securities | 469,863 | 421,679 | ||||||||||||||||||||||
Business acquisitions, net of cash acquired | Business acquisitions, net of cash acquired | (515,299) | — | Business acquisitions, net of cash acquired | (515,299) | — | ||||||||||||||||||||||
Sales of investments – net | Sales of investments – net | (556) | 271 | Sales of investments – net | (1,886) | 20,569 | ||||||||||||||||||||||
Capital expenditures | Capital expenditures | (19,005) | (14,677) | Capital expenditures | (27,809) | (23,750) | ||||||||||||||||||||||
Other-net | 2,013 | 2,017 | ||||||||||||||||||||||||||
Other – net | Other – net | 2,482 | 2,466 | |||||||||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (81,190) | (46,332) | Net cash used in investing activities | (79,299) | (129,685) | ||||||||||||||||||||||
Cash flows from financing activities | Cash flows from financing activities | Cash flows from financing activities | ||||||||||||||||||||||||||
Long-term obligations: | Long-term obligations: | Long-term obligations: | ||||||||||||||||||||||||||
Dividends paid | Dividends paid | (26,895) | (21,825) | Dividends paid | (41,878) | (33,627) | ||||||||||||||||||||||
Payment of contingent consideration | Payment of contingent consideration | (1,724) | — | Payment of contingent consideration | (1,724) | (862) | ||||||||||||||||||||||
Capital shares: | Capital shares: | Capital shares: | ||||||||||||||||||||||||||
Proceeds from stock option exercises | Proceeds from stock option exercises | 3 | 2,441 | Proceeds from stock option exercises | 3 | 2,451 | ||||||||||||||||||||||
Repurchases | Repurchases | (54,469) | — | Repurchases | (79,803) | — | ||||||||||||||||||||||
Share-based compensation tax withholding | Share-based compensation tax withholding | (9,629) | (10,901) | Share-based compensation tax withholding | (9,837) | (10,916) | ||||||||||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | (92,714) | (30,285) | Net cash used in financing activities | (133,239) | (42,954) | ||||||||||||||||||||||
Net (decrease)/increase in cash, cash equivalents and restricted cash | Net (decrease)/increase in cash, cash equivalents and restricted cash | (157,756) | 33,817 | Net (decrease)/increase in cash, cash equivalents and restricted cash | (127,514) | 36,918 | ||||||||||||||||||||||
Effect of exchange rate changes on cash | Effect of exchange rate changes on cash | (812) | (280) | Effect of exchange rate changes on cash | (3,074) | (560) | ||||||||||||||||||||||
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 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 | $ | 175,738 | $ | 335,501 | Cash, cash equivalents and restricted cash at the end of the period | $ | 203,718 | $ | 338,322 |
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 | For the Six Months Ended | For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | June 26, 2022 | As % of total | June 27, 2021 | As % of total | June 26, 2022 | As % of total | June 27, 2021 | As % of total | (In thousands) | September 25, 2022 | As % of total | September 26, 2021 | As % of total | September 25, 2022 | As % of total | September 26, 2021 | As % of total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subscription | Subscription | $ | 383,619 | 69.0 | % | $ | 339,217 | 68.1 | % | $ | 755,598 | 69.2 | % | $ | 668,301 | 68.8 | % | Subscription | $ | 382,672 | 69.9 | % | $ | 342,609 | 67.4 | % | $ | 1,138,270 | 69.3 | % | $ | 1,010,910 | 68.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advertising | Advertising | 117,379 | 21.0 | % | 112,774 | 22.6 | % | 233,649 | 21.3 | % | 209,890 | 21.6 | % | Advertising | 110,467 | 20.1 | % | 110,887 | 21.7 | % | 344,116 | 21.0 | % | 320,777 | 21.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other (1) | Other (1) | 54,682 | 10.0 | % | 46,506 | 9.3 | % | 103,858 | 9.5 | % | 93,351 | 9.6 | % | Other (1) | 54,541 | 10.0 | % | 55,607 | 10.9 | % | 158,399 | 9.7 | % | 148,958 | 10.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 555,680 | 100.0 | % | $ | 498,497 | 100.0 | % | $ | 1,093,105 | 100.0 | % | $ | 971,542 | 100.0 | % | Total | $ | 547,680 | 100.0 | % | $ | 509,103 | 100.0 | % | $ | 1,640,785 | 100.0 | % | $ | 1,480,645 | 100.0 | % |
For the Quarters Ended | For the Six Months Ended | For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | June 26, 2022 | As % of total | June 27, 2021 | As % of total | June 26, 2022 | As % of total | June 27, 2021 | As % of total | (In thousands) | September 25, 2022 | As % of total | September 26, 2021 | As % of total | September 25, 2022 | As % of total | September 26, 2021 | As % of total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Digital-only subscription revenues (1) | Digital-only subscription revenues (1) | $ | 238,727 | 62.2 | % | $ | 190,145 | 56.1 | % | $ | 465,489 | 61.6 | % | $ | 369,745 | 55.3 | % | Digital-only subscription revenues (1) | $ | 243,889 | 63.7 | % | $ | 198,633 | 58.0 | % | $ | 709,378 | 62.3 | % | $ | 568,378 | 56.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Print subscription revenues: | Print subscription revenues: | Print subscription revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Domestic home delivery subscription revenues (2) | Domestic home delivery subscription revenues (2) | 131,080 | 34.2 | % | 134,755 | 39.7 | % | 262,472 | 34.7 | % | 269,150 | 40.3 | % | Domestic home delivery subscription revenues (2) | 124,653 | 32.6 | % | 128,895 | 37.6 | % | 387,125 | 34.0 | % | 398,045 | 39.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Single-copy, NYT International and Other subscription revenues (3) | Single-copy, NYT International and Other subscription revenues (3) | 13,812 | 3.6 | % | 14,317 | 4.2 | % | 27,637 | 3.7 | % | 29,406 | 4.4 | % | Single-copy, NYT International and Other subscription revenues (3) | 14,130 | 3.7 | % | 15,081 | 4.4 | % | 41,767 | 3.7 | % | 44,487 | 4.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal print subscription revenues | Subtotal print subscription revenues | 144,892 | 37.8 | % | 149,072 | 43.9 | % | 290,109 | 38.4 | % | 298,556 | 44.7 | % | Subtotal print subscription revenues | 138,783 | 36.3 | % | 143,976 | 42.0 | % | 428,892 | 37.7 | % | 442,532 | 43.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total subscription revenues | Total subscription revenues | $ | 383,619 | 100.0 | % | $ | 339,217 | 100.0 | % | $ | 755,598 | 100.0 | % | $ | 668,301 | 100.0 | % | Total subscription revenues | $ | 382,672 | 100.0 | % | $ | 342,609 | 100.0 | % | $ | 1,138,270 | 100.0 | % | $ | 1,010,910 | 100.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Includes revenue from digital-only bundled and standalone subscriptions to our news product, as well as The Athletic and our Games, Cooking, Audm and Wirecutter products. | (1) Includes revenue from digital-only bundled and standalone subscriptions to our news product, as well as The Athletic and our Games, Cooking, Audm and Wirecutter products. | (1) Includes revenue from digital-only bundled and standalone subscriptions to our news product, as well as The Athletic and our Games, Cooking, Audm and Wirecutter products. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Domestic home delivery subscriptions include access to our digital news product, as well as our Games, Cooking and Wirecutter products. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Domestic home delivery subscriptions include access to our digital news product, as well as The Athletic and our Games, Cooking and Wirecutter products. | (2) Domestic home delivery subscriptions include access to our digital news product, as well as The Athletic and our Games, Cooking and Wirecutter products. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) NYT International is the international edition of our print newspaper. | (3) NYT International is the international edition of our print newspaper. | (3) NYT International is the international edition of our print newspaper. |
For the Quarters Ended | For the Six Months Ended | For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | June 26, 2022 | As % of total | June 27, 2021 | As % of total | June 26, 2022 | As % of total | June 27, 2021 | As % of total | (In thousands) | September 25, 2022 | As % of total | September 26, 2021 | As % of total | September 25, 2022 | As % of total | September 26, 2021 | As % of total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advertising revenues: | Advertising revenues: | Advertising revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Digital | Digital | $ | 69,292 | 59.0 | % | $ | 70,995 | 63.0 | % | $ | 136,306 | 58.3 | % | $ | 130,491 | 62.2 | % | Digital | $ | 70,282 | 63.6 | % | $ | 66,981 | 60.4 | % | $ | 206,588 | 60.0 | % | $ | 197,472 | 61.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
48,087 | 41.0 | % | 41,779 | 37.0 | % | 97,343 | 41.7 | % | 79,399 | 37.8 | % | 40,185 | 36.4 | % | 43,906 | 39.6 | % | 137,528 | 40.0 | % | 123,305 | 38.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total advertising | Total advertising | $ | 117,379 | 100.0 | % | $ | 112,774 | 100.0 | % | $ | 233,649 | 100.0 | % | $ | 209,890 | 100.0 | % | Total advertising | $ | 110,467 | 100.0 | % | $ | 110,887 | 100.0 | % | $ | 344,116 | 100.0 | % | $ | 320,777 | 100.0 | % |
June 26, 2022 | September 25, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | (In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||||||||||||||||
Short-term AFS securities | Short-term AFS securities | Short-term AFS securities | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 35,776 | $ | 2 | $ | (408) | $ | 35,370 | U.S. Treasury securities | $ | 41,116 | $ | 1 | $ | (693) | $ | 40,424 | ||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 19,922 | — | (289) | 19,633 | Corporate debt securities | 38,269 | — | (980) | 37,289 | ||||||||||||||||||||||||||||||||||||||||||
U.S. governmental agency securities | U.S. governmental agency securities | 16,805 | — | (575) | 16,230 | |||||||||||||||||||||||||||||||||||||||||||||||
Municipal securities | Municipal securities | 7,033 | — | (125) | 6,908 | Municipal securities | 8,913 | — | (236) | 8,677 | ||||||||||||||||||||||||||||||||||||||||||
Total short-term AFS securities | Total short-term AFS securities | $ | 62,731 | $ | 2 | $ | (822) | $ | 61,911 | Total short-term AFS securities | $ | 105,103 | $ | 1 | $ | (2,484) | $ | 102,620 | ||||||||||||||||||||||||||||||||||
Long-term AFS securities | Long-term AFS securities | Long-term AFS securities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | $ | 157,376 | $ | — | $ | (7,507) | $ | 149,869 | Corporate debt securities | $ | 133,812 | $ | — | $ | (7,819) | $ | 125,993 | ||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | 50,858 | — | (2,127) | 48,731 | U.S. Treasury securities | 40,858 | — | (2,315) | 38,543 | ||||||||||||||||||||||||||||||||||||||||||
U.S. governmental agency securities | U.S. governmental agency securities | 28,804 | — | (1,003) | 27,801 | U.S. governmental agency securities | 11,999 | — | (590) | 11,409 | ||||||||||||||||||||||||||||||||||||||||||
Municipal securities | 3,890 | — | (118) | 3,772 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total long-term AFS securities | Total long-term AFS securities | $ | 240,928 | $ | — | $ | (10,755) | $ | 230,173 | Total long-term AFS securities | $ | 186,669 | $ | — | $ | (10,724) | $ | 175,945 |
December 26, 2021 | December 26, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | (In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||||||||||||||||
Short-term AFS securities | Short-term AFS securities | Short-term AFS securities | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 148,899 | $ | 692 | $ | (43) | $ | 149,548 | U.S. Treasury securities | $ | 148,899 | $ | 692 | $ | (43) | $ | 149,548 | ||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 107,158 | 245 | (69) | 107,334 | Corporate debt securities | 107,158 | 245 | (69) | 107,334 | ||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | Certificates of deposit | 55,551 | — | — | 55,551 | Certificates of deposit | 55,551 | — | — | 55,551 | ||||||||||||||||||||||||||||||||||||||||||
Commercial paper | Commercial paper | 21,145 | — | — | 21,145 | Commercial paper | 21,145 | — | — | 21,145 | ||||||||||||||||||||||||||||||||||||||||||
U.S. governmental agency securities | U.S. governmental agency securities | 3,500 | — | — | 3,500 | |||||||||||||||||||||||||||||||||||||||||||||||
Municipal securities | Municipal securities | 3,999 | — | (2) | 3,997 | Municipal securities | 3,999 | — | (2) | 3,997 | ||||||||||||||||||||||||||||||||||||||||||
U.S. governmental agency securities | 3,500 | — | — | 3,500 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total short-term AFS securities | Total short-term AFS securities | $ | 340,252 | $ | 937 | $ | (114) | $ | 341,075 | Total short-term AFS securities | $ | 340,252 | $ | 937 | $ | (114) | $ | 341,075 | ||||||||||||||||||||||||||||||||||
Long-term AFS securities | Long-term AFS securities | Long-term AFS securities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | $ | 242,764 | $ | 149 | $ | (1,858) | $ | 241,055 | Corporate debt securities | $ | 242,764 | $ | 149 | $ | (1,858) | $ | 241,055 | ||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | 119,695 | — | (549) | 119,146 | U.S. Treasury securities | 119,695 | — | (549) | 119,146 | ||||||||||||||||||||||||||||||||||||||||||
U.S. governmental agency securities | U.S. governmental agency securities | 39,498 | — | (252) | 39,246 | U.S. governmental agency securities | 39,498 | — | (252) | 39,246 | ||||||||||||||||||||||||||||||||||||||||||
Municipal securities | Municipal securities | 13,994 | — | (61) | 13,933 | Municipal securities | 13,994 | — | (61) | 13,933 | ||||||||||||||||||||||||||||||||||||||||||
Total long-term AFS securities | Total long-term AFS securities | $ | 415,951 | $ | 149 | $ | (2,720) | $ | 413,380 | Total long-term AFS securities | $ | 415,951 | $ | 149 | $ | (2,720) | $ | 413,380 |
June 26, 2022 | September 25, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | Less than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (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 | Short-term AFS securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | $ | 30,120 | $ | (736) | $ | 7,169 | $ | (244) | $ | 37,289 | $ | (980) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 30,842 | $ | (408) | $ | — | $ | — | $ | 30,842 | $ | (408) | U.S. Treasury securities | 23,655 | (439) | 12,241 | (254) | 35,896 | (693) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | 19,633 | (289) | — | — | 19,633 | (289) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. governmental agency securities | U.S. governmental agency securities | 4,833 | (167) | 11,397 | (408) | 16,230 | (575) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal securities | Municipal securities | 6,908 | (125) | — | — | 6,908 | (125) | Municipal securities | 6,215 | (175) | 2,463 | (61) | 8,678 | (236) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total short-term AFS securities | Total short-term AFS securities | $ | 57,383 | $ | (822) | $ | — | $ | — | $ | 57,383 | $ | (822) | Total short-term AFS securities | $ | 64,823 | $ | (1,517) | $ | 33,270 | $ | (967) | $ | 98,093 | $ | (2,484) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term AFS securities | Long-term AFS securities | Long-term AFS securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | $ | 138,137 | $ | (7,006) | $ | 11,732 | $ | (501) | $ | 149,869 | $ | (7,507) | Corporate debt securities | $ | 72,968 | $ | (4,459) | $ | 53,025 | $ | (3,360) | $ | 125,993 | $ | (7,819) | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | 45,986 | (2,023) | 2,745 | (104) | 48,731 | (2,127) | U.S. Treasury securities | 22,181 | (1,328) | 16,362 | (987) | 38,543 | (2,315) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. governmental agency securities | U.S. governmental agency securities | 22,015 | (789) | 5,786 | (214) | 27,801 | (1,003) | U.S. governmental agency securities | 930 | (69) | 10,479 | (521) | 11,409 | (590) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal securities | 3,772 | (118) | — | — | 3,772 | (118) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total long-term AFS securities | Total long-term AFS securities | $ | 209,910 | $ | (9,936) | $ | 20,263 | $ | (819) | $ | 230,173 | $ | (10,755) | Total long-term AFS securities | $ | 96,079 | $ | (5,856) | $ | 79,866 | $ | (4,868) | $ | 175,945 | $ | (10,724) |
December 26, 2021 | December 26, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | Less than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (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 | Short-term AFS securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | $ | 53,148 | $ | (69) | $ | — | $ | — | $ | 53,148 | $ | (69) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 61,018 | $ | (43) | $ | — | $ | — | $ | 61,018 | $ | (43) | U.S. Treasury securities | 61,018 | (43) | — | — | 61,018 | (43) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | 53,148 | (69) | — | — | 53,148 | (69) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal securities | Municipal securities | 1,998 | (2) | — | — | 1,998 | (2) | Municipal securities | 1,998 | (2) | — | — | 1,998 | (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total short-term AFS securities | Total short-term AFS securities | $ | 116,164 | $ | (114) | $ | — | $ | — | $ | 116,164 | $ | (114) | Total short-term AFS securities | $ | 116,164 | $ | (114) | $ | — | $ | — | $ | 116,164 | $ | (114) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term AFS securities | Long-term AFS securities | Long-term AFS securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | $ | 224,022 | $ | (1,858) | $ | — | $ | — | $ | 224,022 | $ | (1,858) | 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. Treasury securities | 119,146 | (549) | — | — | 119,146 | (549) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. governmental agency securities | U.S. governmental agency securities | 39,246 | (252) | — | — | 39,246 | (252) | U.S. governmental agency securities | 39,246 | (252) | — | — | 39,246 | (252) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal securities | Municipal securities | 13,933 | (61) | — | — | 13,933 | (61) | Municipal securities | 13,933 | (61) | — | — | 13,933 | (61) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total long-term AFS securities | Total long-term AFS securities | $ | 396,347 | $ | (2,720) | $ | — | $ | — | $ | 396,347 | $ | (2,720) | Total long-term AFS securities | $ | 396,347 | $ | (2,720) | $ | — | $ | — | $ | 396,347 | $ | (2,720) |
(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 | For the Six Months Ended | For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | June 26, 2022 | June 27, 2021 | June 26, 2022 | June 27, 2021 | (In thousands) | September 25, 2022 | September 26, 2021 | September 25, 2022 | September 26, 2021 | ||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue | $ | 555,680 | $ | 514,765 | $ | 1,100,252 | $ | 1,001,932 | Revenue | $ | 547,068 | $ | 526,581 | $ | 1,647,320 | $ | 1,528,513 | ||||||||||||||||||||||||||||||||||
Net income | Net income | 61,777 | 39,270 | 89,822 | 31,056 | Net income | 37,793 | 40,800 | 127,615 | 71,855 |
(In thousands) | (In thousands) | The New York Times Group | The Athletic | Total | (In thousands) | The New York Times Group | The Athletic | Total | ||||||||||||||||||||||||||||||||
Balance as of December 27, 2020 | Balance as of December 27, 2020 | $ | 171,657 | $ | — | $ | 171,657 | Balance as of December 27, 2020 | $ | 171,657 | $ | — | $ | 171,657 | ||||||||||||||||||||||||||
Foreign currency translation | Foreign currency translation | (5,297) | — | (5,297) | Foreign currency translation | (5,297) | — | (5,297) | ||||||||||||||||||||||||||||||||
Balance as of December 26, 2021 | Balance as of December 26, 2021 | 166,360 | — | 166,360 | Balance as of December 26, 2021 | 166,360 | — | 166,360 | ||||||||||||||||||||||||||||||||
Foreign currency translation | Foreign currency translation | (4,627) | — | (4,627) | Foreign currency translation | (9,779) | — | (9,779) | ||||||||||||||||||||||||||||||||
Acquisition of The Athletic | Acquisition of The Athletic | — | 249,792 | 249,792 | Acquisition of The Athletic | — | 249,792 | 249,792 | ||||||||||||||||||||||||||||||||
Balance as of June 26, 2022 | $ | 161,733 | $ | 249,792 | $ | 411,525 | ||||||||||||||||||||||||||||||||||
Balance as of September 25, 2022 | Balance as of September 25, 2022 | $ | 156,581 | $ | 249,792 | $ | 406,373 |
(In thousands) | (In thousands) | Gross book value | Accumulated amortization | Net book value | (In thousands) | Gross book value | Accumulated amortization | Net book value | ||||||||||||||||||||||||||||||||
Trademark | Trademark | $ | 160,000 | $ | (3,333) | $ | 156,667 | Trademark | $ | 160,000 | $ | (5,333) | $ | 154,667 | ||||||||||||||||||||||||||
Existing subscriber base | Existing subscriber base | 135,000 | (4,688) | 130,312 | Existing subscriber base | 135,000 | (7,500) | 127,500 | ||||||||||||||||||||||||||||||||
Developed technology | Developed technology | 35,000 | (2,917) | 32,083 | Developed technology | 35,000 | (4,667) | 30,333 | ||||||||||||||||||||||||||||||||
Content archive | Content archive | 2,000 | (417) | 1,583 | Content archive | 2,000 | (667) | 1,333 | ||||||||||||||||||||||||||||||||
Total | Total | $ | 332,000 | $ | (11,355) | $ | 320,645 | Total | $ | 332,000 | $ | (18,167) | $ | 313,833 |
(In thousands) | (In thousands) | (In thousands) | ||||||||||||||
Remainder of 2022 | Remainder of 2022 | $ | 13,625 | Remainder of 2022 | $ | 6,813 | ||||||||||
2023 | 2023 | 27,250 | 2023 | 27,250 | ||||||||||||
2024 | 2024 | 26,333 | 2024 | 26,333 | ||||||||||||
2025 | 2025 | 26,250 | 2025 | 26,250 | ||||||||||||
2026 | 2026 | 26,250 | 2026 | 26,250 | ||||||||||||
Thereafter | Thereafter | 200,937 | Thereafter | 200,937 | ||||||||||||
Total amortization expense | Total amortization expense | $ | 320,645 | Total amortization expense | $ | 313,833 |
For the Quarters Ended | For the Six Months Ended | For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | June 26, 2022 | June 27, 2021 | June 26, 2022 | June 27, 2021 | (In thousands) | September 25, 2022 | September 26, 2021 | September 25, 2022 | September 26, 2021 | ||||||||||||||||||||||||||||||||||||||||||
Interest income and other expense, net | Interest income and other expense, net | $ | 1,535 | $ | 2,053 | $ | 2,757 | $ | 3,743 | Interest income and other expense, net | $ | 1,817 | $ | 1,598 | $ | 4,574 | $ | 5,342 | ||||||||||||||||||||||||||||||||||
Gain on the sale of land (1) | Gain on the sale of land (1) | 34,227 | — | 34,227 | — | Gain on the sale of land (1) | — | — | 34,227 | — | ||||||||||||||||||||||||||||||||||||||||||
Gain on non-marketable equity investment (2) | Gain on non-marketable equity investment (2) | — | 27,156 | — | 27,156 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | (158) | (180) | (305) | (359) | Interest expense | (238) | (185) | (543) | (545) | ||||||||||||||||||||||||||||||||||||||||||
Total interest income and other, net | Total interest income and other, net | $ | 35,604 | $ | 1,873 | $ | 36,679 | $ | 3,384 | Total interest income and other, net | $ | 1,579 | $ | 28,569 | $ | 38,258 | $ | 31,953 |
(In thousands) | (In thousands) | June 26, 2022 | December 26, 2021 | (In thousands) | September 25, 2022 | December 26, 2021 | ||||||||||||||||||||||
Reconciliation of cash, cash equivalents and restricted cash | Reconciliation of cash, cash equivalents and restricted cash | Reconciliation of cash, cash equivalents and restricted cash | ||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 161,342 | $ | 319,973 | Cash and cash equivalents | $ | 190,050 | $ | 319,973 | ||||||||||||||||||
Restricted cash included within miscellaneous assets | Restricted cash included within miscellaneous assets | 14,396 | 14,333 | Restricted cash included within miscellaneous assets | 13,668 | 14,333 | ||||||||||||||||||||||
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows | Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows | $ | 175,738 | $ | 334,306 | Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows | $ | 203,718 | $ | 334,306 |
(In thousands) | (In thousands) | June 26, 2022 | December 26, 2021 | (In thousands) | September 25, 2022 | December 26, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term AFS securities (1) | Short-term AFS securities (1) | Short-term AFS securities (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 35,370 | $ | — | $ | 35,370 | $ | — | $ | 149,548 | $ | — | $ | 149,548 | $ | — | U.S. Treasury securities | $ | 40,424 | $ | — | $ | 40,424 | $ | — | $ | 149,548 | $ | — | $ | 149,548 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 19,633 | — | 19,633 | — | 107,334 | — | 107,334 | — | Corporate debt securities | 37,289 | — | 37,289 | — | 107,334 | — | 107,334 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | Certificates of deposit | — | — | — | — | 55,551 | — | 55,551 | — | Certificates of deposit | — | — | — | — | 55,551 | — | 55,551 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. governmental agency securities | U.S. governmental agency securities | 16,230 | — | 16,230 | — | 3,500 | — | 3,500 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal securities | Municipal securities | 6,908 | — | 6,908 | — | 3,997 | — | 3,997 | — | Municipal securities | 8,677 | — | 8,677 | — | 3,997 | — | 3,997 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. governmental agency securities | — | — | — | — | 3,500 | — | 3,500 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial paper | Commercial paper | — | — | — | — | 21,145 | — | 21,145 | — | Commercial paper | — | — | — | — | 21,145 | — | 21,145 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total short-term AFS securities | Total short-term AFS securities | $ | 61,911 | $ | — | $ | 61,911 | $ | — | $ | 341,075 | $ | — | $ | 341,075 | $ | — | Total short-term AFS securities | $ | 102,620 | $ | — | $ | 102,620 | $ | — | $ | 341,075 | $ | — | $ | 341,075 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term AFS securities (1) | Long-term AFS securities (1) | Long-term AFS securities (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | $ | 149,869 | $ | — | $ | 149,869 | $ | — | $ | 241,055 | $ | — | $ | 241,055 | $ | — | Corporate debt securities | $ | 125,993 | $ | — | $ | 125,993 | $ | — | $ | 241,055 | $ | — | $ | 241,055 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | 48,731 | — | 48,731 | — | 119,146 | — | 119,146 | — | U.S. Treasury securities | 38,543 | — | 38,543 | — | 119,146 | — | 119,146 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. governmental agency securities | U.S. governmental agency securities | 27,801 | — | 27,801 | — | 39,246 | — | 39,246 | — | U.S. governmental agency securities | 11,409 | — | 11,409 | — | 39,246 | — | 39,246 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal securities | Municipal securities | 3,772 | — | 3,772 | — | 13,933 | — | 13,933 | — | Municipal securities | — | — | — | — | 13,933 | — | 13,933 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total long-term AFS securities | Total long-term AFS securities | $ | 230,173 | $ | — | $ | 230,173 | $ | — | $ | 413,380 | $ | — | $ | 413,380 | $ | — | Total long-term AFS securities | $ | 175,945 | $ | — | $ | 175,945 | $ | — | $ | 413,380 | $ | — | $ | 413,380 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation (2)(3) | Deferred compensation (2)(3) | $ | 14,330 | $ | 14,330 | $ | — | $ | — | $ | 21,101 | $ | 21,101 | $ | — | $ | — | Deferred compensation (2)(3) | $ | 13,609 | $ | 13,609 | $ | — | $ | — | $ | 21,101 | $ | 21,101 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contingent consideration | Contingent consideration | $ | 5,858 | $ | — | $ | — | $ | 5,858 | $ | 7,450 | $ | — | $ | — | $ | 7,450 | Contingent consideration | $ | 5,858 | $ | — | $ | — | $ | 5,858 | $ | 7,450 | $ | — | $ | — | $ | 7,450 |
Quarters Ended | Six Months Ended | |||||||||||||||||||||||||
(In thousands) | June 26, 2022 | June 27, 2021 | June 26, 2022 | June 27, 2021 | ||||||||||||||||||||||
Balance at the beginning of the period | $ | 5,858 | $ | 7,728 | $ | 7,450 | $ | 8,431 | ||||||||||||||||||
Payments | — | (862) | (1,724) | (862) | ||||||||||||||||||||||
Fair value adjustments (1) | — | 584 | 132 | (119) | ||||||||||||||||||||||
Contingent consideration at the end of the period | $ | 5,858 | $ | 7,450 | $ | 5,858 | $ | 7,450 |
Quarters Ended | Nine Months Ended | |||||||||||||||||||||||||
(In thousands) | September 25, 2022 | September 26, 2021 | September 25, 2022 | September 26, 2021 | ||||||||||||||||||||||
Balance at the beginning of the period | $ | 5,858 | $ | 7,450 | $ | 7,450 | $ | 8,431 | ||||||||||||||||||
Payments | — | — | (1,724) | (862) | ||||||||||||||||||||||
Fair value adjustments (1) | — | — | 132 | (119) | ||||||||||||||||||||||
Contingent consideration at the end of the period | $ | 5,858 | $ | 7,450 | $ | 5,858 | $ | 7,450 | ||||||||||||||||||
(1) Fair value adjustments are included in General and administrative costs in our Condensed Consolidated Statements of Operations. |
For the Quarters Ended | For the Quarters Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 26, 2022 | June 27, 2021 | September 25, 2022 | September 26, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Qualified Plans | Non- Qualified Plans | All Plans | Qualified Plans | Non- Qualified Plans | All Plans | (In thousands) | Qualified Plans | Non- Qualified Plans | All Plans | Qualified Plans | Non- Qualified Plans | All Plans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service cost | Service cost | $ | 2,882 | $ | — | $ | 2,882 | $ | 2,276 | $ | — | $ | 2,276 | Service cost | $ | 2,882 | $ | — | $ | 2,882 | $ | 2,276 | $ | — | $ | 2,276 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest cost | Interest cost | 8,837 | 1,284 | 10,121 | 7,629 | 1,088 | 8,717 | Interest cost | 8,837 | 1,284 | 10,121 | 7,630 | 1,087 | 8,717 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | Expected return on plan assets | (13,807) | — | (13,807) | (12,678) | — | (12,678) | Expected return on plan assets | (13,807) | — | (13,807) | (12,678) | — | (12,678) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of actuarial loss | Amortization of actuarial loss | 3,266 | 1,643 | 4,909 | 5,057 | 1,822 | 6,879 | Amortization of actuarial loss | 3,266 | 1,643 | 4,909 | 5,056 | 1,821 | 6,877 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service credit | Amortization of prior service credit | (486) | — | (486) | (486) | — | (486) | Amortization of prior service credit | (486) | — | (486) | (486) | — | (486) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic pension cost | Net periodic pension cost | $ | 692 | $ | 2,927 | $ | 3,619 | $ | 1,798 | $ | 2,910 | $ | 4,708 | Net periodic pension cost | $ | 692 | $ | 2,927 | $ | 3,619 | $ | 1,798 | $ | 2,908 | $ | 4,706 |
For the Six Months Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 26, 2022 | June 27, 2021 | September 25, 2022 | September 26, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Qualified Plans | Non- Qualified Plans | All Plans | Qualified Plans | Non- Qualified Plans | All Plans | (In thousands) | Qualified Plans | Non- Qualified Plans | All Plans | Qualified Plans | Non- Qualified Plans | All Plans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service cost | Service cost | $ | 5,763 | $ | — | $ | 5,763 | $ | 4,552 | $ | — | $ | 4,552 | Service cost | $ | 8,645 | $ | — | $ | 8,645 | $ | 6,828 | $ | — | $ | 6,828 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest cost | Interest cost | 17,675 | 2,568 | 20,243 | 15,258 | 2,176 | 17,434 | Interest cost | 26,512 | 3,853 | 30,365 | 22,888 | 3,263 | 26,151 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | Expected return on plan assets | (27,615) | — | (27,615) | (25,355) | — | (25,355) | Expected return on plan assets | (41,422) | — | (41,422) | (38,033) | — | (38,033) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of actuarial loss | Amortization of actuarial loss | 6,532 | 3,287 | 9,819 | 10,113 | 3,642 | 13,755 | Amortization of actuarial loss | 9,799 | 4,929 | 14,728 | 15,169 | 5,463 | 20,632 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service credit | Amortization of prior service credit | (972) | — | (972) | (972) | — | (972) | Amortization of prior service credit | (1,459) | — | (1,459) | (1,458) | — | (1,458) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic pension cost | Net periodic pension cost | $ | 1,383 | $ | 5,855 | $ | 7,238 | $ | 3,596 | $ | 5,818 | $ | 9,414 | Net periodic pension cost | $ | 2,075 | $ | 8,782 | $ | 10,857 | $ | 5,394 | $ | 8,726 | $ | 14,120 |
For the Quarters Ended | For the Six Months Ended | |||||||||||||||||||||||||
(In thousands) | June 26, 2022 | June 27, 2021 | June 26, 2022 | June 27, 2021 | ||||||||||||||||||||||
Service cost | $ | 11 | $ | 13 | $ | 23 | $ | 26 | ||||||||||||||||||
Interest cost | 183 | 141 | 365 | 282 | ||||||||||||||||||||||
Amortization of actuarial loss | 823 | 852 | 1,647 | 1,704 | ||||||||||||||||||||||
Amortization of prior service credit | (132) | (836) | (368) | (1,672) | ||||||||||||||||||||||
Net periodic postretirement benefit cost | $ | 885 | $ | 170 | $ | 1,667 | $ | 340 |
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||||||
(In thousands) | September 25, 2022 | September 26, 2021 | September 25, 2022 | September 26, 2021 | ||||||||||||||||||||||
Service cost | $ | 11 | $ | 14 | $ | 34 | $ | 40 | ||||||||||||||||||
Interest cost | 183 | 141 | 548 | 423 | ||||||||||||||||||||||
Amortization of actuarial loss | 823 | 851 | 2,470 | 2,555 | ||||||||||||||||||||||
Amortization of prior service credit | — | (837) | (368) | (2,509) | ||||||||||||||||||||||
Net periodic postretirement benefit cost | $ | 1,017 | $ | 169 | $ | 2,684 | $ | 509 |
(In thousands) | (In thousands) | Foreign Currency Translation Adjustments | Funded Status of Benefit Plans | Net Unrealized Loss on Available-For-Sale Securities | Total Accumulated Other Comprehensive Loss | (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 | Balance as of December 26, 2021 | $ | 3,754 | $ | (385,680) | $ | (1,276) | $ | (383,202) | Balance as of December 26, 2021 | $ | 3,754 | $ | (385,680) | $ | (1,276) | $ | (383,202) | ||||||||||||||||||||||||||||||||||
Other comprehensive loss before reclassifications, before tax | Other comprehensive loss before reclassifications, before tax | (5,616) | — | (9,827) | (15,443) | Other comprehensive loss before reclassifications, before tax | (13,219) | — | (11,458) | (24,677) | ||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, before tax | Amounts reclassified from accumulated other comprehensive loss, before tax | — | 10,124 | — | 10,124 | Amounts reclassified from accumulated other comprehensive loss, before tax | — | 15,371 | — | 15,371 | ||||||||||||||||||||||||||||||||||||||||||
Income tax (benefit)/expense | Income tax (benefit)/expense | (1,564) | 2,717 | (2,637) | (1,484) | Income tax (benefit)/expense | (3,518) | 4,125 | (3,074) | (2,467) | ||||||||||||||||||||||||||||||||||||||||||
Net current-period other comprehensive (loss)/ income, net of tax | Net current-period other comprehensive (loss)/ income, net of tax | (4,052) | 7,407 | (7,190) | (3,835) | Net current-period other comprehensive (loss)/ income, net of tax | (9,701) | 11,246 | (8,384) | (6,839) | ||||||||||||||||||||||||||||||||||||||||||
Balance as of June 26, 2022 | $ | (298) | $ | (378,273) | $ | (8,466) | $ | (387,037) | ||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 25, 2022 | Balance as of September 25, 2022 | $ | (5,947) | $ | (374,434) | $ | (9,660) | $ | (390,041) |
(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) | $ | Other components of net periodic benefit costs | ||||||||||||
Amortization of actuarial loss(1) | Other components of net periodic benefit costs | |||||||||||||
Total reclassification, before tax(2) | ||||||||||||||
Income tax expense | Income tax expense | |||||||||||||
Total reclassification, net of tax | $ |
For the Quarters Ended | For the Six Months Ended | For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | June 26, 2022 | June 27, 2021 | June 26, 2022 | June 27, 2021 | (In thousands) | September 25, 2022 | September 26, 2021 | September 25, 2022 | September 26, 2021 | ||||||||||||||||||||||||||||||||||||||||||
Cost of revenue | Cost of revenue | $ | 2,030 | $ | 1,291 | $ | 3,619 | $ | 2,421 | Cost of revenue | $ | 2,028 | $ | 1,325 | $ | 5,647 | $ | 3,746 | ||||||||||||||||||||||||||||||||||
Sales and marketing | Sales and marketing | 304 | 277 | 669 | 624 | Sales and marketing | 337 | 293 | 1,006 | 917 | ||||||||||||||||||||||||||||||||||||||||||
Product development | Product development | 2,848 | 999 | 4,599 | 1,676 | Product development | 2,986 | 852 | 7,586 | 2,528 | ||||||||||||||||||||||||||||||||||||||||||
General and administrative | General and administrative | 3,800 | 2,586 | 7,149 | 4,617 | General and administrative | 3,912 | 2,579 | 11,060 | 7,196 | ||||||||||||||||||||||||||||||||||||||||||
Total stock-based compensation expense | Total stock-based compensation expense | $ | 8,982 | $ | 5,153 | $ | 16,036 | $ | 9,338 | Total stock-based compensation expense | $ | 9,263 | $ | 5,049 | $ | 25,299 | $ | 14,387 |
For the Quarters Ended | For the Six Months Ended | |||||||||||||||||||||||||||||||||||||
(In thousands) | June 26, 2022 | June 27, 2021 | % Change | June 26, 2022 | June 27, 2021 | % Change | ||||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||||
The New York Times Group | $ | 536,134 | $ | 498,497 | 7.6 | % | $ | 1,061,402 | $ | 971,542 | 9.2 | % | ||||||||||||||||||||||||||
The Athletic | 19,546 | — | * | 31,703 | — | * | ||||||||||||||||||||||||||||||||
Total revenues | $ | 555,680 | $ | 498,497 | 11.5 | % | $ | 1,093,105 | $ | 971,542 | 12.5 | % | ||||||||||||||||||||||||||
Adjusted operating costs | ||||||||||||||||||||||||||||||||||||||
The New York Times Group | $ | 447,316 | $ | 405,594 | 10.3 | % | $ | 904,860 | $ | 810,532 | 11.6 | % | ||||||||||||||||||||||||||
The Athletic | 32,145 | — | * | 51,123 | — | * | ||||||||||||||||||||||||||||||||
Total adjusted operating costs | $ | 479,461 | $ | 405,594 | 18.2 | % | $ | 955,983 | $ | 810,532 | 17.9 | % | ||||||||||||||||||||||||||
Adjusted operating profit | ||||||||||||||||||||||||||||||||||||||
The New York Times Group | $ | 88,818 | $ | 92,903 | (4.4) | % | $ | 156,542 | $ | 161,010 | (2.8) | % | ||||||||||||||||||||||||||
The Athletic | (12,599) | — | * | (19,420) | — | * | ||||||||||||||||||||||||||||||||
Total adjusted operating profit | $ | 76,219 | $ | 92,903 | (18.0) | % | $ | 137,122 | $ | 161,010 | (14.8) | % | ||||||||||||||||||||||||||
* Represents a change equal to or in excess of 100% or not meaningful. |
Revenues detail by segment | ||||||||||||||||||||||||||||||||||||||
For the Quarters Ended | For the Six Months Ended | |||||||||||||||||||||||||||||||||||||
(In thousands) | June 26, 2022 | June 27, 2021 | % Change | June 26, 2022 | June 27, 2021 | % Change | ||||||||||||||||||||||||||||||||
The New York Times Group | ||||||||||||||||||||||||||||||||||||||
Subscription | $ | 366,620 | $ | 339,217 | 8.1 | % | $ | 728,222 | $ | 668,301 | 9.0 | % | ||||||||||||||||||||||||||
Advertising | 114,832 | 112,774 | 1.8 | % | 229,322 | 209,890 | 9.3 | % | ||||||||||||||||||||||||||||||
Other | 54,682 | 46,506 | 17.6 | % | 103,858 | 93,351 | 11.3 | % | ||||||||||||||||||||||||||||||
Total | $ | 536,134 | $ | 498,497 | 7.6 | % | $ | 1,061,402 | $ | 971,542 | 9.2 | % | ||||||||||||||||||||||||||
The Athletic | ||||||||||||||||||||||||||||||||||||||
Subscription | $ | 16,999 | $ | — | * | $ | 27,376 | $ | — | * | ||||||||||||||||||||||||||||
Advertising | 2,547 | — | * | 4,327 | — | * | ||||||||||||||||||||||||||||||||
Total | $ | 19,546 | $ | — | * | $ | 31,703 | $ | — | * | ||||||||||||||||||||||||||||
The New York Times Company | ||||||||||||||||||||||||||||||||||||||
Subscription | $ | 383,619 | $ | 339,217 | 13.1 | % | $ | 755,598 | $ | 668,301 | 13.1 | % | ||||||||||||||||||||||||||
Advertising | 117,379 | 112,774 | 4.1 | % | 233,649 | 209,890 | 11.3 | % | ||||||||||||||||||||||||||||||
Other | 54,682 | 46,506 | 17.6 | % | 103,858 | 93,351 | 11.3 | % | ||||||||||||||||||||||||||||||
Total | $ | 555,680 | $ | 498,497 | 11.5 | % | $ | 1,093,105 | $ | 971,542 | 12.5 | % | ||||||||||||||||||||||||||
* Represents a change equal to or in excess of 100% or not meaningful. |
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||
(In thousands) | September 25, 2022 | September 26, 2021 | % Change | September 25, 2022 | September 26, 2021 | % Change | ||||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||||
The New York Times Group | $ | 523,570 | $ | 509,103 | 2.8 | % | $ | 1,584,970 | $ | 1,480,645 | 7.0 | % | ||||||||||||||||||||||||||
The Athletic | 24,110 | — | * | 55,815 | — | * | ||||||||||||||||||||||||||||||||
Total revenues | $ | 547,680 | $ | 509,103 | 7.6 | % | $ | 1,640,785 | $ | 1,480,645 | 10.8 | % | ||||||||||||||||||||||||||
Adjusted operating costs | ||||||||||||||||||||||||||||||||||||||
The New York Times Group | $ | 445,020 | $ | 444,050 | 0.2 | % | $ | 1,349,880 | $ | 1,254,582 | 7.6 | % | ||||||||||||||||||||||||||
The Athletic | 33,683 | — | * | 84,806 | — | * | ||||||||||||||||||||||||||||||||
Total adjusted operating costs | $ | 478,703 | $ | 444,050 | 7.8 | % | $ | 1,434,686 | $ | 1,254,582 | 14.4 | % | ||||||||||||||||||||||||||
Adjusted operating profit | ||||||||||||||||||||||||||||||||||||||
The New York Times Group | $ | 78,550 | $ | 65,053 | 20.7 | % | $ | 235,090 | $ | 226,063 | 4.0 | % | ||||||||||||||||||||||||||
The Athletic | (9,573) | — | * | (28,991) | — | * | ||||||||||||||||||||||||||||||||
Total adjusted operating profit | $ | 68,977 | $ | 65,053 | 6.0 | % | $ | 206,099 | $ | 226,063 | (8.8) | % | ||||||||||||||||||||||||||
Adjusted operating profit margin % - New York Times Group | 15.0 | % | 12.8 | % | 220 bps | 14.8 | % | 15.3 | % | (50) bps | ||||||||||||||||||||||||||||
* 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 | For the Six Months Ended | |||||||||||||||||||||||||||||||||||||
(In thousands) | June 26, 2022 | June 27, 2021 | % Change | June 26, 2022 | June 27, 2021 | % Change | ||||||||||||||||||||||||||||||||
The New York Times Group | ||||||||||||||||||||||||||||||||||||||
Cost of revenue (excluding depreciation and amortization) | $ | 279,985 | $ | 251,358 | 11.4 | % | $ | 549,460 | $ | 502,355 | 9.4 | % | ||||||||||||||||||||||||||
Sales and marketing | 58,183 | 53,555 | 8.6 | % | 132,643 | 113,708 | 16.7 | % | ||||||||||||||||||||||||||||||
Product development | 46,773 | 39,699 | 17.8 | % | 91,952 | 78,642 | 16.9 | % | ||||||||||||||||||||||||||||||
Adjusted general and administrative (1) | 62,375 | 60,982 | 2.3 | % | 130,805 | 115,827 | 12.9 | % | ||||||||||||||||||||||||||||||
Total | $ | 447,316 | $ | 405,594 | 10.3 | % | $ | 904,860 | $ | 810,532 | 11.6 | % | ||||||||||||||||||||||||||
The Athletic | ||||||||||||||||||||||||||||||||||||||
Cost of revenue (excluding depreciation and amortization) | $ | 20,598 | $ | — | * | $ | 32,488 | $ | — | * | ||||||||||||||||||||||||||||
Sales and marketing | 4,586 | — | * | 7,714 | — | * | ||||||||||||||||||||||||||||||||
Product development | 4,049 | — | * | 6,303 | — | * | ||||||||||||||||||||||||||||||||
Adjusted general and administrative (2) | 2,912 | — | * | 4,618 | — | * | ||||||||||||||||||||||||||||||||
Total | $ | 32,145 | $ | — | * | $ | 51,123 | $ | — | * | ||||||||||||||||||||||||||||
The New York Times Company | ||||||||||||||||||||||||||||||||||||||
Cost of revenue (excluding depreciation and amortization) | $ | 300,583 | $ | 251,358 | 19.6 | % | $ | 581,948 | $ | 502,355 | 15.8 | % | ||||||||||||||||||||||||||
Sales and marketing | 62,769 | 53,555 | 17.2 | % | 140,357 | 113,708 | 23.4 | % | ||||||||||||||||||||||||||||||
Product development | 50,822 | 39,699 | 28.0 | % | 98,255 | 78,642 | 24.9 | % | ||||||||||||||||||||||||||||||
Adjusted general and administrative | 65,287 | 60,982 | 7.1 | % | 135,423 | 115,827 | 16.9 | % | ||||||||||||||||||||||||||||||
Total | $ | 479,461 | $ | 405,594 | 18.2 | % | $ | 955,983 | $ | 810,532 | 17.9 | % | ||||||||||||||||||||||||||
(1) Excludes severance of $2.5 million for the quarter and six months ended June 26, 2022, and multiemployer pension withdrawal costs of $1.2 million and $2.4 million for the quarter and six months ended June 26, 2022, respectively. Excludes multiemployer pension withdrawal costs of $1.3 million and $2.6 million for the quarter and six months ended June 27, 2021, respectively, and severance of $0.4 million for the six months ended June 27, 2021. | ||||||||||||||||||||||||||||||||||||||
(2) Excludes $0.2 million of severance for the quarter and six months ended June, 26, 2022. | ||||||||||||||||||||||||||||||||||||||
* 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 | For the Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | June 26, 2022 | June 27, 2021 | % Change | June 26, 2022 | June 27, 2021 | % Change | ||||||||||||||||||||||||||||||||||||||||||||
Operating costs | $ | 504,019 | $ | 421,381 | 19.6 | % | $ | 1,000,448 | $ | 842,768 | 18.7 | % | ||||||||||||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 20,704 | 14,486 | 42.9 | % | 39,390 | 29,203 | 34.9 | % | ||||||||||||||||||||||||||||||||||||||||||
Severance | 2,660 | — | * | 2,660 | 406 | * | ||||||||||||||||||||||||||||||||||||||||||||
Multiemployer pension plan withdrawal costs | 1,194 | 1,301 | (8.2) | % | 2,415 | 2,627 | (8.1) | % | ||||||||||||||||||||||||||||||||||||||||||
Adjusted operating costs | $ | 479,461 | $ | 405,594 | 18.2 | % | $ | 955,983 | $ | 810,532 | 17.9 | % | ||||||||||||||||||||||||||||||||||||||
* Represents a change equal to or in excess of 100% or not meaningful. |
Revenues detail by segment | ||||||||||||||||||||||||||||||||||||||
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||
(In thousands) | September 25, 2022 | September 26, 2021 | % Change | September 25, 2022 | September 26, 2021 | % Change | ||||||||||||||||||||||||||||||||
The New York Times Group | ||||||||||||||||||||||||||||||||||||||
Subscription | $ | 360,997 | $ | 342,609 | 5.4 | % | $ | 1,089,218 | $ | 1,010,910 | 7.7 | % | ||||||||||||||||||||||||||
Advertising | 108,134 | 110,887 | (2.5) | % | 337,455 | 320,777 | 5.2 | % | ||||||||||||||||||||||||||||||
Other | 54,439 | 55,607 | (2.1) | % | 158,297 | 148,958 | 6.3 | % | ||||||||||||||||||||||||||||||
Total | $ | 523,570 | $ | 509,103 | 2.8 | % | $ | 1,584,970 | $ | 1,480,645 | 7.0 | % | ||||||||||||||||||||||||||
The Athletic | ||||||||||||||||||||||||||||||||||||||
Subscription | $ | 21,675 | $ | — | * | $ | 49,052 | $ | — | * | ||||||||||||||||||||||||||||
Advertising | 2,333 | — | * | 6,661 | — | * | ||||||||||||||||||||||||||||||||
Other | 102 | — | * | 102 | — | * | ||||||||||||||||||||||||||||||||
Total | $ | 24,110 | $ | — | * | $ | 55,815 | $ | — | * | ||||||||||||||||||||||||||||
The New York Times Company | ||||||||||||||||||||||||||||||||||||||
Subscription | $ | 382,672 | $ | 342,609 | 11.7 | % | $ | 1,138,270 | $ | 1,010,910 | 12.6 | % | ||||||||||||||||||||||||||
Advertising | 110,467 | 110,887 | (0.4) | % | 344,116 | 320,777 | 7.3 | % | ||||||||||||||||||||||||||||||
Other | 54,541 | 55,607 | (1.9) | % | 158,399 | 148,958 | 6.3 | % | ||||||||||||||||||||||||||||||
Total | $ | 547,680 | $ | 509,103 | 7.6 | % | $ | 1,640,785 | $ | 1,480,645 | 10.8 | % | ||||||||||||||||||||||||||
* 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 | For the Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | June 26, 2022 | June 27, 2021 | % Change | June 26, 2022 | June 27, 2021 | % Change | ||||||||||||||||||||||||||||||||||||||||||||
Operating profit | $ | 51,661 | $ | 73,285 | (29.5) | % | $ | 57,945 | $ | 124,943 | (53.6) | % | ||||||||||||||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 20,704 | 14,486 | 42.9 | % | 39,390 | 29,203 | 34.9 | % | ||||||||||||||||||||||||||||||||||||||||||
Severance | 2,660 | — | * | 2,660 | 406 | * | ||||||||||||||||||||||||||||||||||||||||||||
Multiemployer pension plan withdrawal costs | 1,194 | 1,301 | (8.2) | % | 2,415 | 2,627 | (8.1) | % | ||||||||||||||||||||||||||||||||||||||||||
Special items: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-related costs | — | — | — | 34,712 | — | * | ||||||||||||||||||||||||||||||||||||||||||||
Lease termination charge | — | 3,831 | * | — | 3,831 | * | ||||||||||||||||||||||||||||||||||||||||||||
Adjusted operating profit | $ | 76,219 | $ | 92,903 | (18.0) | % | $ | 137,122 | $ | 161,010 | (14.8) | % | ||||||||||||||||||||||||||||||||||||||
* 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 | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||
(In thousands) | September 25, 2022 | September 26, 2021 | % Change | September 25, 2022 | September 26, 2021 | % Change | ||||||||||||||||||||||||||||||||
The New York Times Group | ||||||||||||||||||||||||||||||||||||||
Cost of revenue (excluding depreciation and amortization) | $ | 274,945 | $ | 256,978 | 7.0 | % | $ | 824,405 | $ | 759,333 | 8.6 | % | ||||||||||||||||||||||||||
Sales and marketing | 57,326 | 83,767 | (31.6) | % | 189,970 | 197,475 | (3.8) | % | ||||||||||||||||||||||||||||||
Product development | 46,273 | 40,638 | 13.9 | % | 138,225 | 119,280 | 15.9 | % | ||||||||||||||||||||||||||||||
Adjusted general and administrative (1) | 66,476 | 62,667 | 6.1 | % | 197,280 | 178,494 | 10.5 | % | ||||||||||||||||||||||||||||||
Total | $ | 445,020 | $ | 444,050 | 0.2 | % | $ | 1,349,880 | $ | 1,254,582 | 7.6 | % | ||||||||||||||||||||||||||
The Athletic | ||||||||||||||||||||||||||||||||||||||
Cost of revenue (excluding depreciation and amortization) | $ | 19,911 | $ | — | * | $ | 52,399 | $ | — | * | ||||||||||||||||||||||||||||
Sales and marketing | 7,406 | — | * | 15,119 | — | * | ||||||||||||||||||||||||||||||||
Product development | 4,201 | — | * | 10,504 | — | * | ||||||||||||||||||||||||||||||||
Adjusted general and administrative (2) | 2,165 | — | * | 6,784 | — | * | ||||||||||||||||||||||||||||||||
Total | $ | 33,683 | $ | — | * | $ | 84,806 | $ | — | * | ||||||||||||||||||||||||||||
The New York Times Company | ||||||||||||||||||||||||||||||||||||||
Cost of revenue (excluding depreciation and amortization) | $ | 294,856 | $ | 256,978 | 14.7 | % | $ | 876,804 | $ | 759,333 | 15.5 | % | ||||||||||||||||||||||||||
Sales and marketing | 64,732 | 83,767 | (22.7) | % | 205,089 | 197,475 | 3.9 | % | ||||||||||||||||||||||||||||||
Product development | 50,474 | 40,638 | 24.2 | % | 148,729 | 119,280 | 24.7 | % | ||||||||||||||||||||||||||||||
Adjusted general and administrative | 68,641 | 62,667 | 9.5 | % | 204,064 | 178,494 | 14.3 | % | ||||||||||||||||||||||||||||||
Total | $ | 478,703 | $ | 444,050 | 7.8 | % | $ | 1,434,686 | $ | 1,254,582 | 14.4 | % | ||||||||||||||||||||||||||
(1) Excludes severance of $2.0 million and $4.5 million for the quarter and nine months ended September 25, 2022, respectively, and multiemployer pension withdrawal costs of $1.3 million and $3.7 million for the quarter and nine months ended September 25, 2022, respectively. Excludes severance of $0.5 million and $0.9 million for the quarter and nine months ended September 26, 2021, respectively, and multiemployer pension withdrawal costs of $1.3 million and $3.9 million for the quarter and nine months ended September 26, 2021, respectively. | ||||||||||||||||||||||||||||||||||||||
(2) Excludes $0.2 million of severance for the nine months ended September 25, 2022. | ||||||||||||||||||||||||||||||||||||||
* 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 | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | September 25, 2022 | September 26, 2021 | % Change | September 25, 2022 | September 26, 2021 | % Change | ||||||||||||||||||||||||||||||||||||||||||||
Operating costs | $ | 503,792 | $ | 460,127 | 9.5 | % | $ | 1,504,240 | $ | 1,302,895 | 15.5 | % | ||||||||||||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 21,760 | 14,326 | 51.9 | % | 61,150 | 43,529 | 40.5 | % | ||||||||||||||||||||||||||||||||||||||||||
Severance | 2,010 | 476 | * | 4,670 | 882 | * | ||||||||||||||||||||||||||||||||||||||||||||
Multiemployer pension plan withdrawal costs | 1,319 | 1,275 | 3.5 | % | 3,734 | 3,902 | (4.3) | % | ||||||||||||||||||||||||||||||||||||||||||
Adjusted operating costs | $ | 478,703 | $ | 444,050 | 7.8 | % | $ | 1,434,686 | $ | 1,254,582 | 14.4 | % | ||||||||||||||||||||||||||||||||||||||
* 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 | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | September 25, 2022 | September 26, 2021 | % Change | September 25, 2022 | September 26, 2021 | % Change | ||||||||||||||||||||||||||||||||||||||||||||
Operating profit | $ | 51,015 | $ | 48,976 | 4.2 | % | $ | 108,960 | $ | 173,919 | (37.4) | % | ||||||||||||||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 21,760 | 14,326 | 51.9 | % | 61,150 | 43,529 | 40.5 | % | ||||||||||||||||||||||||||||||||||||||||||
Severance | 2,010 | 476 | * | 4,670 | 882 | * | ||||||||||||||||||||||||||||||||||||||||||||
Multiemployer pension plan withdrawal costs | 1,319 | 1,275 | 3.5 | % | 3,734 | 3,902 | (4.3) | % | ||||||||||||||||||||||||||||||||||||||||||
Special items: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-related costs | — | — | — | 34,712 | — | * | ||||||||||||||||||||||||||||||||||||||||||||
Lease termination charge | — | — | * | — | 3,831 | * | ||||||||||||||||||||||||||||||||||||||||||||
Gain from pension liability adjustment | (7,127) | — | * | (7,127) | — | * | ||||||||||||||||||||||||||||||||||||||||||||
Adjusted operating profit | $ | 68,977 | $ | 65,053 | 6.0 | % | $ | 206,099 | $ | 226,063 | (8.8) | % | ||||||||||||||||||||||||||||||||||||||
* Represents a change equal to or in excess of 100% or not meaningful. |
For the Quarters Ended | For the Six Months Ended | For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | June 26, 2022 | June 27, 2021 | % Change | June 26, 2022 | June 27, 2021 | % Change | (In thousands) | September 25, 2022 | September 26, 2021 | % Change | September 25, 2022 | September 26, 2021 | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues | Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subscription | Subscription | $ | 383,619 | $ | 339,217 | 13.1 | % | $ | 755,598 | $ | 668,301 | 13.1 | % | Subscription | $ | 382,672 | $ | 342,609 | 11.7 | % | $ | 1,138,270 | $ | 1,010,910 | 12.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advertising | Advertising | 117,379 | 112,774 | 4.1 | % | 233,649 | 209,890 | 11.3 | % | Advertising | 110,467 | 110,887 | (0.4) | % | 344,116 | 320,777 | 7.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 54,682 | 46,506 | 17.6 | % | 103,858 | 93,351 | 11.3 | % | Other | 54,541 | 55,607 | (1.9) | % | 158,399 | 148,958 | 6.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | 555,680 | 498,497 | 11.5 | % | 1,093,105 | 971,542 | 12.5 | % | Total revenues | 547,680 | 509,103 | 7.6 | % | 1,640,785 | 1,480,645 | 10.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating costs | Operating costs | Operating costs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of revenue (excluding depreciation and amortization) | Cost of revenue (excluding depreciation and amortization) | 300,583 | 251,358 | 19.6 | % | 581,948 | 502,355 | 15.8 | % | Cost of revenue (excluding depreciation and amortization) | 294,856 | 256,978 | 14.7 | % | 876,804 | 759,333 | 15.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales and marketing | Sales and marketing | 62,769 | 53,555 | 17.2 | % | 140,357 | 113,708 | 23.4 | % | Sales and marketing | 64,732 | 83,767 | (22.7) | % | 205,089 | 197,475 | 3.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product development | Product development | 50,822 | 39,699 | 28.0 | % | 98,255 | 78,642 | 24.9 | % | Product development | 50,474 | 40,638 | 24.2 | % | 148,729 | 119,280 | 24.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative | General and administrative | 69,141 | 62,283 | 11.0 | % | 140,498 | 118,860 | 18.2 | % | General and administrative | 71,970 | 64,418 | 11.7 | % | 212,468 | 183,278 | 15.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 20,704 | 14,486 | 42.9 | % | 39,390 | 29,203 | 34.9 | % | Depreciation and amortization | 21,760 | 14,326 | 51.9 | % | 61,150 | 43,529 | 40.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating costs | Total operating costs | 504,019 | 421,381 | 19.6 | % | 1,000,448 | 842,768 | 18.7 | % | Total operating costs | 503,792 | 460,127 | 9.5 | % | 1,504,240 | 1,302,895 | 15.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-related costs | Acquisition-related costs | — | — | — | 34,712 | — | * | Acquisition-related costs | — | — | — | 34,712 | — | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain from pension liability adjustment | Gain from pension liability adjustment | (7,127) | — | * | (7,127) | — | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease termination charge | Lease termination charge | — | 3,831 | * | — | 3,831 | * | Lease termination charge | — | — | — | — | 3,831 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating profit | Operating profit | 51,661 | 73,285 | (29.5) | % | 57,945 | 124,943 | (53.6) | % | Operating profit | 51,015 | 48,976 | 4.2 | % | 108,960 | 173,919 | (37.4) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other components of net periodic benefit costs | Other components of net periodic benefit costs | 1,624 | 2,598 | (37.5) | % | 3,146 | 5,197 | (39.5) | % | Other components of net periodic benefit costs | 1,757 | 2,599 | (32.4) | % | 4,903 | 7,796 | (37.1) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income and other, net | Interest income and other, net | 35,604 | 1,873 | * | 36,679 | 3,384 | * | Interest income and other, net | 1,579 | 28,569 | (94.5) | % | 38,258 | 31,953 | 19.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations before income taxes | Income from continuing operations before income taxes | 85,641 | 72,560 | 18.0 | % | 91,478 | 123,130 | (25.7) | % | Income from continuing operations before income taxes | 50,837 | 74,946 | (32.2) | % | 142,315 | 198,076 | (28.2) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 23,864 | 18,243 | 30.8 | % | 24,976 | 27,704 | (9.8) | % | Income tax expense | 14,220 | 20,290 | (29.9) | % | 39,196 | 47,994 | (18.3) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 61,777 | 54,317 | 13.7 | % | 66,502 | 95,426 | (30.3) | % | Net income | 36,617 | 54,656 | (33.0) | % | 103,119 | 150,082 | (31.3) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to The New York Times Company common stockholders | Net income attributable to The New York Times Company common stockholders | $ | 61,777 | $ | 54,317 | 13.7 | % | $ | 66,502 | $ | 95,426 | (30.3) | % | Net income attributable to The New York Times Company common stockholders | $ | 36,617 | $ | 54,656 | (33.0) | % | $ | 103,119 | $ | 150,082 | (31.3) | % |
For the Quarters Ended | For the Six Months Ended | For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | June 26, 2022 | June 27, 2021 | % Change | June 26, 2022 | June 27, 2021 | % Change | (In thousands) | September 25, 2022 | September 26, 2021 | % Change | September 25, 2022 | September 26, 2021 | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Digital-only subscription revenues (1) | Digital-only subscription revenues (1) | $ | 238,727 | $ | 190,145 | 25.5 | % | $ | 465,489 | $ | 369,745 | 25.9 | % | Digital-only subscription revenues (1) | $ | 243,889 | $ | 198,633 | 22.8 | % | $ | 709,378 | $ | 568,378 | 24.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Print subscription revenues: | Print subscription revenues: | Print subscription revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Domestic home delivery subscription revenues (2) | Domestic home delivery subscription revenues (2) | 131,080 | 134,755 | (2.7) | % | 262,472 | 269,150 | (2.5) | % | Domestic home delivery subscription revenues (2) | 124,653 | 128,895 | (3.3) | % | 387,125 | 398,045 | (2.7) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Single-copy, NYT International and Other subscription revenues (3) | Single-copy, NYT International and Other subscription revenues (3) | 13,812 | 14,317 | (3.5) | % | 27,637 | 29,406 | (6.0) | % | Single-copy, NYT International and Other subscription revenues (3) | 14,130 | 15,081 | (6.3) | % | 41,767 | 44,487 | (6.1) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal print subscription revenues | Subtotal print subscription revenues | 144,892 | 149,072 | (2.8) | % | 290,109 | 298,556 | (2.8) | % | Subtotal print subscription revenues | 138,783 | 143,976 | (3.6) | % | 428,892 | 442,532 | (3.1) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total subscription revenues | Total subscription revenues | $ | 383,619 | $ | 339,217 | 13.1 | % | $ | 755,598 | $ | 668,301 | 13.1 | % | Total subscription revenues | $ | 382,672 | $ | 342,609 | 11.7 | % | $ | 1,138,270 | $ | 1,010,910 | 12.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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. | (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. | (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 our digital news product, as well as our Games, Cooking and Wirecutter products. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Domestic home delivery subscriptions include access to our digital news product, as well as The Athletic and our Games, Cooking and Wirecutter products. | (2) Domestic home delivery subscriptions include access to our digital news product, as well as The Athletic and our Games, Cooking and Wirecutter products. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) NYT International is the international edition of our print newspaper. | (3) NYT International is the international edition of our print newspaper. | (3) NYT International is the international edition of our print newspaper. |
For the Quarters Ended | ||||||||||||||||||||||||||||||||
June 26, 2022 | June 27, 2021 | % Change | March 27, 2022 (1) | % Change | ||||||||||||||||||||||||||||
Digital-only subscribers(2) | 8,410 | 6,190 | 35.9 | % | 8,230 | 2.2 | % | |||||||||||||||||||||||||
Print subscribers(3) | 760 | 815 | (6.7) | % | 780 | (2.6) | % | |||||||||||||||||||||||||
Total subscribers | 9,170 | 7,005 | 30.9 | % | 9,010 | 1.8 | % | |||||||||||||||||||||||||
(1) Corrected from previously released information. Refer to Supplementary Information Section. | ||||||||||||||||||||||||||||||||
(2) Subscribers with paid digital-only subscriptions to one or more of our news product, The Athletic, or our 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 4% of paid digital-only subscribers as of June 26, 2022) is derived using the value of the relevant contract and a discounted subscription rate. | ||||||||||||||||||||||||||||||||
(3) Subscribers with a paid domestic home delivery or mail print subscription to The New York Times, which also includes access to our digital news product, as well as our 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) | June 26, 2022 | June 27, 2021 | % Change | March 27, 2022 (2) | % Change | |||||||||||||||||||||||||||
Digital-only subscriptions (3)(4) | 9,810 | 7,175 | 36.7 | % | 9,579 | 2.4 | % | |||||||||||||||||||||||||
Print subscriptions (5) | 750 | 803 | (6.6) | % | 770 | (2.6) | % | |||||||||||||||||||||||||
Total subscriptions | 10,560 | 7,978 | 32.4 | % | 10,349 | 2.0 | % | |||||||||||||||||||||||||
(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) Corrected from previously released information. Refer to Supplementary Information Section. | ||||||||||||||||||||||||||||||||
(3) Paid digital-only subscriptions to our news product, as well as The Athletic and our Games, Cooking, Audm and Wirecutter products. Standalone subscriptions to these products are counted separately and bundle subscriptions are counted as one subscription. | ||||||||||||||||||||||||||||||||
(4) The number of paid digital-only subscriptions includes estimated group corporate and group education subscriptions (which collectively represented approximately 4% of paid digital-only subscriptions as of June 26, 2022). 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 second quarter of 2021. There is no impact to subscription revenue as a result of this change. | ||||||||||||||||||||||||||||||||
(5) Paid domestic home-delivery print subscriptions to The New York Times, which also include access to our digital news product, as well as our 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 | ||||||||||||||||||||||||||||||||
September 25, 2022 | June 26, 2022 | March 27, 2022 | December 26, 2021 | September 26, 2021 | ||||||||||||||||||||||||||||
Digital-only subscribers(1) | 8,590 | 8,410 | 8,230 | 6,783 | 6,546 | |||||||||||||||||||||||||||
Print subscribers(2) | 740 | 760 | 780 | 795 | 806 | |||||||||||||||||||||||||||
Total subscribers(3) | 9,330 | 9,170 | 9,010 | 7,578 | 7,352 | |||||||||||||||||||||||||||
(1) Subscribers with paid digital-only subscriptions to one or more of our news product, The Athletic, or our Games, Cooking and Wirecutter products. Subscribers with a paid domestic home-delivery print subscription to The New York Times are excluded. The number of digital-only subscribers includes group corporate and group education subscriptions (which collectively represented approximately 4% of paid digital-only subscriptions as of the third quarter of 2022). The number of group subscribers 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 our digital news product, as well as The Athletic and our 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. | ||||||||||||||||||||||||||||||||
(3) The sum of individual metrics may not always equal total amounts indicated due to rounding. |
For the Quarters Ended | ||||||||||||||||||||||||||||||||
(In thousands except for ARPU) | June 26, 2022 | June 27, 2021 | % Change | March 27, 2022 (1) | % Change | |||||||||||||||||||||||||||
Digital-only subscriber ARPU(2) | $ | 8.83 | $ | 9.55 | (7.5) | % | $ | 9.13 | (3.3) | % | ||||||||||||||||||||||
Total multiproduct subscribers(3) | 2,690 | 2,135 | 26.0 | % | 2,566 | 4.8 | % | |||||||||||||||||||||||||
Digital-only subscribers with News(4) | 6,140 | 5,350 | 14.8 | % | 6,101 | 0.6 | % | |||||||||||||||||||||||||
Subscribers with The Athletic(5) | 1,690 | N/A | N/A | 1,216 | 39.0 | % | ||||||||||||||||||||||||||
(1) Corrected from press release previously issued. Refer to Supplementary Information Section. | ||||||||||||||||||||||||||||||||
(2) “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. | ||||||||||||||||||||||||||||||||
(3) 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 product, as well as The Athletic and our Games, Cooking and Wirecutter products). | ||||||||||||||||||||||||||||||||
(4) Subscribers with a paid digital-only subscription that includes access to the Company’s digital news product. These amounts reflect the updated methodology referenced in footnote 4 in the table directly above. | ||||||||||||||||||||||||||||||||
(5) Subscribers with a paid subscription that includes access to The Athletic. |
For the Quarters Ended | ||||||||||||||||||||||||||||||||
(In thousands except for ARPU) | September 25, 2022 | June 26, 2022 | March 27, 2022 | December 26, 2021 | September 26, 2021 | |||||||||||||||||||||||||||
Digital-only subscriber ARPU(1) | $ | 8.87 | $ | 8.83 | $ | 9.13 | $ | 9.60 | $ | 9.64 | ||||||||||||||||||||||
Digital-only bundle and multiproduct subscribers(2) | 2,130 | 1,980 | 1,835 | 1,607 | 1,491 | |||||||||||||||||||||||||||
Digital-only subscribers with News(3) | 6,210 | 6,140 | 6,101 | 5,826 | 5,665 | |||||||||||||||||||||||||||
Digital-only subscribers with The Athletic(4) | 2,290 | 1,690 | 1,216 | — | — | |||||||||||||||||||||||||||
(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 a digital bundle or paid digital-only subscriptions that include access to two or more of the Company’s products, including through separate standalone subscriptions. This metric was previously called “Total Multiproduct subscribers” and included subscribers with a print home-delivery subscription. The four quarters prior to the third quarter of 2022 have been recast to reflect this change. | ||||||||||||||||||||||||||||||||
(3) Subscribers with a paid digital-only subscription that includes the ability to access the Company’s digital news product. | ||||||||||||||||||||||||||||||||
(4) Subscribers with a paid digital-only subscription that includes the ability to access The Athletic. This metric was previously called “Subscribers with The Athletic”. |
For the Quarters Ended | ||||||||||||||||||||||||||||||||
(In thousands) | September 25, 2022 | June 26, 2022 | March 27, 2022 | December 26, 2021 | September 26, 2021 | |||||||||||||||||||||||||||
Digital-only subscriptions (1) | 10,020 | 9,810 | 9,579 | 8,005 | 7,630 | |||||||||||||||||||||||||||
Print subscriptions (2) | 730 | 750 | 770 | 784 | 795 | |||||||||||||||||||||||||||
Total subscriptions (3) | 10,750 | 10,560 | 10,349 | 8,789 | 8,425 | |||||||||||||||||||||||||||
(1) Paid digital-only subscriptions to our news product, as well as The Athletic and our Games, Cooking, Audm and Wirecutter products. Standalone subscriptions to these products are counted separately and bundle subscriptions are counted as one subscription. The number of paid digital-only subscriptions includes group corporate and group education subscriptions (which collectively represented approximately 4% of paid digital-only subscriptions as of the third quarter of 2022). The number of group subscriptions is derived using the value of the relevant contract and a discounted subscription rate. | ||||||||||||||||||||||||||||||||
(2) Paid domestic home-delivery print subscriptions to The New York Times, which also include access to our digital news product, as well as The Athletic and our 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. | ||||||||||||||||||||||||||||||||
(3) The sum of individual metrics may not always equal total amounts indicated due to rounding. |
For the Quarters Ended | For the Six Months Ended | For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | June 26, 2022 | June 27, 2021 | % Change | June 26, 2022 | June 27, 2021 | % Change | (In thousands) | September 25, 2022 | September 26, 2021 | % Change | September 25, 2022 | September 26, 2021 | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advertising revenues: | Advertising revenues: | Advertising revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Digital | Digital | $ | 69,292 | $ | 70,995 | (2.4) | % | $ | 136,306 | $ | 130,491 | 4.5 | % | Digital | $ | 70,282 | $ | 66,981 | 4.9 | % | $ | 206,588 | $ | 197,472 | 4.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
48,087 | 41,779 | 15.1 | % | 97,343 | 79,399 | 22.6 | % | 40,185 | 43,906 | (8.5) | % | 137,528 | 123,305 | 11.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total advertising | Total advertising | $ | 117,379 | $ | 112,774 | 4.1 | % | $ | 233,649 | $ | 209,890 | 11.3 | % | Total advertising | $ | 110,467 | $ | 110,887 | (0.4) | % | $ | 344,116 | $ | 320,777 | 7.3 | % |
For the Quarters Ended | For the Six Months Ended | For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | June 26, 2022 | June 27, 2021 | % Change | June 26, 2022 | June 27, 2021 | % Change | (In thousands) | September 25, 2022 | September 26, 2021 | % Change | September 25, 2022 | September 26, 2021 | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating costs: | Operating costs: | Operating costs: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of revenue (excluding depreciation and amortization) (1) | Cost of revenue (excluding depreciation and amortization) (1) | $ | 300,583 | $ | 251,358 | 19.6 | % | $ | 581,948 | $ | 502,355 | 15.8 | % | Cost of revenue (excluding depreciation and amortization) (1) | $ | 294,856 | $ | 256,978 | 14.7 | % | $ | 876,804 | $ | 759,333 | 15.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales and marketing | Sales and marketing | 62,769 | 53,555 | 17.2 | % | 140,357 | 113,708 | 23.4 | % | Sales and marketing | 64,732 | 83,767 | (22.7) | % | 205,089 | 197,475 | 3.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product development (1) | Product development (1) | 50,822 | 39,699 | 28.0 | % | 98,255 | 78,642 | 24.9 | % | Product development (1) | 50,474 | 40,638 | 24.2 | % | 148,729 | 119,280 | 24.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative (1) | General and administrative (1) | 69,141 | 62,283 | 11.0 | % | 140,498 | 118,860 | 18.2 | % | General and administrative (1) | 71,970 | 64,418 | 11.7 | % | 212,468 | 183,278 | 15.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization (2) | Depreciation and amortization (2) | 20,704 | 14,486 | 42.9 | % | 39,390 | 29,203 | 34.9 | % | Depreciation and amortization (2) | 21,760 | 14,326 | 51.9 | % | 61,150 | 43,529 | 40.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating costs | Total operating costs | $ | 504,019 | $ | 421,381 | 19.6 | % | $ | 1,000,448 | $ | 842,768 | 18.7 | % | Total operating costs | $ | 503,792 | $ | 460,127 | 9.5 | % | $ | 1,504,240 | $ | 1,302,895 | 15.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1)Technology costs, which include product development costs and certain components of cost of revenue and general and administrative costs as described below, increased 24.2% to $92.6 million compared with $74.6 million in the second quarter of 2021 and increased 23.0% to $180.5 million compared with $146.6 million in the first six months of 2021. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Includes amortization of intangible assets related to our acquisitions of approximately $7 million and $12 million for the quarter and six months ended June 26, 2022, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1)Technology costs, which include product development costs and certain components of cost of revenue and general and administrative costs as described below, increased 20.1% to $92.1 million compared with $76.7 million in the third quarter of 2021 and increased 22.0% to $272.4 million compared with $223.3 million in the first nine months of 2021. | (1)Technology costs, which include product development costs and certain components of cost of revenue and general and administrative costs as described below, increased 20.1% to $92.1 million compared with $76.7 million in the third quarter of 2021 and increased 22.0% to $272.4 million compared with $223.3 million in the first nine months of 2021. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Includes amortization of intangible assets related to our acquisitions of approximately $7 million and $19 million for the quarter and nine months ended September 25, 2022, respectively. | (2) Includes amortization of intangible assets related to our acquisitions of approximately $7 million and $19 million for the quarter and nine months ended September 25, 2022, respectively. |
For the Quarters Ended | For the Six Months Ended | |||||||||||||||||||||||||||||||||||||
(In thousands) | June 26, 2022 | June 27, 2021 | % Change | June 26, 2022 | June 27, 2021 | % Change | ||||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||||
The New York Times Group | $ | 536,134 | $ | 498,497 | 7.6 | % | $ | 1,061,402 | $ | 971,542 | 9.2 | % | ||||||||||||||||||||||||||
The Athletic | 19,546 | — | * | 31,703 | — | * | ||||||||||||||||||||||||||||||||
Total revenues | $ | 555,680 | $ | 498,497 | 11.5 | % | $ | 1,093,105 | $ | 971,542 | 12.5 | % | ||||||||||||||||||||||||||
Adjusted operating costs | ||||||||||||||||||||||||||||||||||||||
The New York Times Group | $ | 447,316 | $ | 405,594 | 10.3 | % | $ | 904,860 | $ | 810,532 | 11.6 | % | ||||||||||||||||||||||||||
The Athletic | 32,145 | — | * | 51,123 | — | * | ||||||||||||||||||||||||||||||||
Total adjusted operating costs | $ | 479,461 | $ | 405,594 | 18.2 | % | $ | 955,983 | $ | 810,532 | 17.9 | % | ||||||||||||||||||||||||||
Adjusted operating profit | ||||||||||||||||||||||||||||||||||||||
The New York Times Group | $ | 88,818 | $ | 92,903 | (4.4) | % | $ | 156,542 | $ | 161,010 | (2.8) | % | ||||||||||||||||||||||||||
The Athletic | (12,599) | — | * | (19,420) | — | * | ||||||||||||||||||||||||||||||||
Total adjusted operating profit | $ | 76,219 | $ | 92,903 | (18.0) | % | $ | 137,122 | $ | 161,010 | (14.8) | % | ||||||||||||||||||||||||||
* Represents a change equal to or in excess of 100% or not meaningful. |
Revenues detail by segment | ||||||||||||||||||||||||||||||||||||||
For the Quarters Ended | For the Six Months Ended | |||||||||||||||||||||||||||||||||||||
(In thousands) | June 26, 2022 | June 27, 2021 | % Change | June 26, 2022 | June 27, 2021 | % Change | ||||||||||||||||||||||||||||||||
The New York Times Group | ||||||||||||||||||||||||||||||||||||||
Subscription | $ | 366,620 | $ | 339,217 | 8.1 | % | $ | 728,222 | $ | 668,301 | 9.0 | % | ||||||||||||||||||||||||||
Advertising | 114,832 | 112,774 | 1.8 | % | 229,322 | 209,890 | 9.3 | % | ||||||||||||||||||||||||||||||
Other | 54,682 | 46,506 | 17.6 | % | 103,858 | 93,351 | 11.3 | % | ||||||||||||||||||||||||||||||
Total | $ | 536,134 | $ | 498,497 | 7.6 | % | $ | 1,061,402 | $ | 971,542 | 9.2 | % | ||||||||||||||||||||||||||
The Athletic | ||||||||||||||||||||||||||||||||||||||
Subscription | $ | 16,999 | $ | — | * | $ | 27,376 | $ | — | * | ||||||||||||||||||||||||||||
Advertising | 2,547 | — | * | 4,327 | — | * | ||||||||||||||||||||||||||||||||
Total | $ | 19,546 | $ | — | * | $ | 31,703 | $ | — | * | ||||||||||||||||||||||||||||
The New York Times Company | ||||||||||||||||||||||||||||||||||||||
Subscription | $ | 383,619 | $ | 339,217 | 13.1 | % | $ | 755,598 | $ | 668,301 | 13.1 | % | ||||||||||||||||||||||||||
Advertising | 117,379 | 112,774 | 4.1 | % | 233,649 | 209,890 | 11.3 | % | ||||||||||||||||||||||||||||||
Other | 54,682 | 46,506 | 17.6 | % | 103,858 | 93,351 | 11.3 | % | ||||||||||||||||||||||||||||||
Total | $ | 555,680 | $ | 498,497 | 11.5 | % | $ | 1,093,105 | $ | 971,542 | 12.5 | % | ||||||||||||||||||||||||||
* Represents a change equal to or in excess of 100% or not meaningful. |
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||
(In thousands) | September 25, 2022 | September 26, 2021 | % Change | September 25, 2022 | September 26, 2021 | % Change | ||||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||||
The New York Times Group | $ | 523,570 | $ | 509,103 | 2.8 | % | $ | 1,584,970 | $ | 1,480,645 | 7.0 | % | ||||||||||||||||||||||||||
The Athletic | 24,110 | — | * | 55,815 | — | * | ||||||||||||||||||||||||||||||||
Total revenues | $ | 547,680 | $ | 509,103 | 7.6 | % | $ | 1,640,785 | $ | 1,480,645 | 10.8 | % | ||||||||||||||||||||||||||
Adjusted operating costs | ||||||||||||||||||||||||||||||||||||||
The New York Times Group | $ | 445,020 | $ | 444,050 | 0.2 | % | $ | 1,349,880 | $ | 1,254,582 | 7.6 | % | ||||||||||||||||||||||||||
The Athletic | 33,683 | — | * | 84,806 | — | * | ||||||||||||||||||||||||||||||||
Total adjusted operating costs | $ | 478,703 | $ | 444,050 | 7.8 | % | $ | 1,434,686 | $ | 1,254,582 | 14.4 | % | ||||||||||||||||||||||||||
Adjusted operating profit | ||||||||||||||||||||||||||||||||||||||
The New York Times Group | $ | 78,550 | $ | 65,053 | 20.7 | % | $ | 235,090 | $ | 226,063 | 4.0 | % | ||||||||||||||||||||||||||
The Athletic | (9,573) | — | * | (28,991) | — | * | ||||||||||||||||||||||||||||||||
Total adjusted operating profit | $ | 68,977 | $ | 65,053 | 6.0 | % | $ | 206,099 | $ | 226,063 | (8.8) | % | ||||||||||||||||||||||||||
Adjusted operating profit margin % - New York Times Group | 15.0 | % | 12.8 | % | 220 bps | 14.8 | % | 15.3 | % | (50) bps | ||||||||||||||||||||||||||||
* 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 | For the Six Months Ended | |||||||||||||||||||||||||||||||||||||
(In thousands) | June 26, 2022 | June 27, 2021 | % Change | June 26, 2022 | June 27, 2021 | % Change | ||||||||||||||||||||||||||||||||
The New York Times Group | ||||||||||||||||||||||||||||||||||||||
Cost of revenue (excluding depreciation and amortization) | $ | 279,985 | $ | 251,358 | 11.4 | % | $ | 549,460 | $ | 502,355 | 9.4 | % | ||||||||||||||||||||||||||
Sales and marketing | 58,183 | 53,555 | 8.6 | % | 132,643 | 113,708 | 16.7 | % | ||||||||||||||||||||||||||||||
Product development | 46,773 | 39,699 | 17.8 | % | 91,952 | 78,642 | 16.9 | % | ||||||||||||||||||||||||||||||
Adjusted general and administrative (1) | 62,375 | 60,982 | 2.3 | % | 130,805 | 115,827 | 12.9 | % | ||||||||||||||||||||||||||||||
Total | $ | 447,316 | $ | 405,594 | 10.3 | % | $ | 904,860 | $ | 810,532 | 11.6 | % | ||||||||||||||||||||||||||
The Athletic | ||||||||||||||||||||||||||||||||||||||
Cost of revenue (excluding depreciation and amortization) | $ | 20,598 | $ | — | * | $ | 32,488 | $ | — | * | ||||||||||||||||||||||||||||
Sales and marketing | 4,586 | — | * | 7,714 | — | * | ||||||||||||||||||||||||||||||||
Product development | 4,049 | — | * | 6,303 | — | * | ||||||||||||||||||||||||||||||||
Adjusted general and administrative (2) | 2,912 | — | * | 4,618 | — | * | ||||||||||||||||||||||||||||||||
Total | $ | 32,145 | $ | — | * | $ | 51,123 | $ | — | * | ||||||||||||||||||||||||||||
The New York Times Company | ||||||||||||||||||||||||||||||||||||||
Cost of revenue (excluding depreciation and amortization) | $ | 300,583 | $ | 251,358 | 19.6 | % | $ | 581,948 | $ | 502,355 | 15.8 | % | ||||||||||||||||||||||||||
Sales and marketing | 62,769 | 53,555 | 17.2 | % | 140,357 | 113,708 | 23.4 | % | ||||||||||||||||||||||||||||||
Product development | 50,822 | 39,699 | 28.0 | % | 98,255 | 78,642 | 24.9 | % | ||||||||||||||||||||||||||||||
Adjusted general and administrative (1) | 65,287 | 60,982 | 7.1 | % | 135,423 | 115,827 | 16.9 | % | ||||||||||||||||||||||||||||||
Total | $ | 479,461 | $ | 405,594 | 18.2 | % | $ | 955,983 | $ | 810,532 | 17.9 | % | ||||||||||||||||||||||||||
(1) Excludes severance of $2.5 million for the quarter and six months ended June 26, 2022 and multiemployer pension withdrawal costs of $1.2 million and $2.4 million for the quarter and six months ended June 26, 2022, respectively. Excludes multiemployer pension withdrawal costs of $1.3 million and $2.6 million for the quarter and six months ended June 27, 2021, respectively, and severance of $0.4 million for the six months ended June 27, 2021. | ||||||||||||||||||||||||||||||||||||||
(2) Excludes $0.2 million of severance for the quarter and six months ended June, 26, 2022. | ||||||||||||||||||||||||||||||||||||||
* Represents a change equal to or in excess of 100% or not meaningful. |
Revenues detail by segment | ||||||||||||||||||||||||||||||||||||||
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||
(In thousands) | September 25, 2022 | September 26, 2021 | % Change | September 25, 2022 | September 26, 2021 | % Change | ||||||||||||||||||||||||||||||||
The New York Times Group | ||||||||||||||||||||||||||||||||||||||
Subscription | $ | 360,997 | $ | 342,609 | 5.4 | % | $ | 1,089,218 | $ | 1,010,910 | 7.7 | % | ||||||||||||||||||||||||||
Advertising | 108,134 | 110,887 | (2.5) | % | 337,455 | 320,777 | 5.2 | % | ||||||||||||||||||||||||||||||
Other | 54,439 | 55,607 | (2.1) | % | 158,297 | 148,958 | 6.3 | % | ||||||||||||||||||||||||||||||
Total | $ | 523,570 | $ | 509,103 | 2.8 | % | $ | 1,584,970 | $ | 1,480,645 | 7.0 | % | ||||||||||||||||||||||||||
The Athletic | ||||||||||||||||||||||||||||||||||||||
Subscription | $ | 21,675 | $ | — | * | $ | 49,052 | $ | — | * | ||||||||||||||||||||||||||||
Advertising | 2,333 | — | * | 6,661 | — | * | ||||||||||||||||||||||||||||||||
Other | 102 | — | * | 102 | — | * | ||||||||||||||||||||||||||||||||
Total | $ | 24,110 | $ | — | * | $ | 55,815 | $ | — | * | ||||||||||||||||||||||||||||
The New York Times Company | ||||||||||||||||||||||||||||||||||||||
Subscription | $ | 382,672 | $ | 342,609 | 11.7 | % | $ | 1,138,270 | $ | 1,010,910 | 12.6 | % | ||||||||||||||||||||||||||
Advertising | 110,467 | 110,887 | (0.4) | % | 344,116 | 320,777 | 7.3 | % | ||||||||||||||||||||||||||||||
Other | 54,541 | 55,607 | (1.9) | % | 158,399 | 148,958 | 6.3 | % | ||||||||||||||||||||||||||||||
Total | $ | 547,680 | $ | 509,103 | 7.6 | % | $ | 1,640,785 | $ | 1,480,645 | 10.8 | % | ||||||||||||||||||||||||||
* 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 | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||
(In thousands) | September 25, 2022 | September 26, 2021 | % Change | September 25, 2022 | September 26, 2021 | % Change | ||||||||||||||||||||||||||||||||
The New York Times Group | ||||||||||||||||||||||||||||||||||||||
Cost of revenue (excluding depreciation and amortization) | $ | 274,945 | $ | 256,978 | 7.0 | % | $ | 824,405 | $ | 759,333 | 8.6 | % | ||||||||||||||||||||||||||
Sales and marketing | 57,326 | 83,767 | (31.6) | % | 189,970 | 197,475 | (3.8) | % | ||||||||||||||||||||||||||||||
Product development | 46,273 | 40,638 | 13.9 | % | 138,225 | 119,280 | 15.9 | % | ||||||||||||||||||||||||||||||
Adjusted general and administrative (1) | 66,476 | 62,667 | 6.1 | % | 197,280 | 178,494 | 10.5 | % | ||||||||||||||||||||||||||||||
Total | $ | 445,020 | $ | 444,050 | 0.2 | % | $ | 1,349,880 | $ | 1,254,582 | 7.6 | % | ||||||||||||||||||||||||||
The Athletic | ||||||||||||||||||||||||||||||||||||||
Cost of revenue (excluding depreciation and amortization) | $ | 19,911 | $ | — | * | $ | 52,399 | $ | — | * | ||||||||||||||||||||||||||||
Sales and marketing | 7,406 | — | * | 15,119 | — | * | ||||||||||||||||||||||||||||||||
Product development | 4,201 | — | * | 10,504 | — | * | ||||||||||||||||||||||||||||||||
Adjusted general and administrative (2) | 2,165 | — | * | 6,784 | — | * | ||||||||||||||||||||||||||||||||
Total | $ | 33,683 | $ | — | * | $ | 84,806 | $ | — | * | ||||||||||||||||||||||||||||
The New York Times Company | ||||||||||||||||||||||||||||||||||||||
Cost of revenue (excluding depreciation and amortization) | $ | 294,856 | $ | 256,978 | 14.7 | % | $ | 876,804 | $ | 759,333 | 15.5 | % | ||||||||||||||||||||||||||
Sales and marketing | 64,732 | 83,767 | (22.7) | % | 205,089 | 197,475 | 3.9 | % | ||||||||||||||||||||||||||||||
Product development | 50,474 | 40,638 | 24.2 | % | 148,729 | 119,280 | 24.7 | % | ||||||||||||||||||||||||||||||
Adjusted general and administrative (1) | 68,641 | 62,667 | 9.5 | % | 204,064 | 178,494 | 14.3 | % | ||||||||||||||||||||||||||||||
Total | $ | 478,703 | $ | 444,050 | 7.8 | % | $ | 1,434,686 | $ | 1,254,582 | 14.4 | % | ||||||||||||||||||||||||||
(1) Excludes severance of $2.0 million and $4.5 million for the quarter and nine months ended September 25, 2022, respectively, and multiemployer pension withdrawal costs of $1.3 million and $3.7 million for the quarter and nine months ended September 25, 2022, respectively. Excludes severance of $0.5 million and $0.9 million for the quarter and nine months ended September 26, 2021, respectively, and multiemployer pension withdrawal costs of $1.3 million and $3.9 million for the quarter and nine months ended September 26, 2021, respectively. | ||||||||||||||||||||||||||||||||||||||
(2) Excludes $0.2 million of severance for the nine months ended September 25, 2022. | ||||||||||||||||||||||||||||||||||||||
* 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) | 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) | 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 Six Months Ended | For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 26, 2022 | June 27, 2021 | % Change | June 26, 2022 | June 27, 2021 | % Change | September 25, 2022 | September 26, 2021 | % Change | September 25, 2022 | September 26, 2021 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted earnings per share from continuing operations | Diluted earnings per share from continuing operations | $ | 0.37 | $ | 0.32 | 15.6 | % | $ | 0.40 | $ | 0.57 | (29.8) | % | Diluted earnings per share from continuing operations | $ | 0.22 | $ | 0.32 | (31.3) | % | $ | 0.62 | $ | 0.89 | (30.3) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Add: | Add: | Add: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Severance | Severance | 0.02 | — | * | 0.02 | — | * | Severance | 0.01 | — | * | 0.03 | 0.01 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-operating retirement costs: | Non-operating retirement costs: | Non-operating retirement costs: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multiemployer pension plan withdrawal costs | Multiemployer pension plan withdrawal costs | 0.01 | 0.01 | — | 0.01 | 0.02 | (50.0) | % | Multiemployer pension plan withdrawal costs | 0.01 | 0.01 | — | 0.02 | 0.02 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other components of net periodic benefit costs | Other components of net periodic benefit costs | 0.01 | 0.02 | (50.0) | % | 0.02 | 0.03 | (33.3) | % | Other components of net periodic benefit costs | 0.01 | 0.02 | (50.0) | % | 0.03 | 0.05 | (40.0) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special items: | Special items: | Special items: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-related costs | Acquisition-related costs | — | — | — | 0.21 | — | * | Acquisition-related costs | — | — | — | 0.21 | — | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease termination charge | Lease termination charge | — | 0.02 | * | — | 0.02 | * | Lease termination charge | — | — | — | — | 0.02 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain from non-marketable equity investment | Gain from non-marketable equity investment | — | (0.16) | * | — | (0.16) | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land sale | Land sale | (0.20) | — | * | (0.20) | — | * | Land sale | — | — | — | (0.20) | — | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain from pension liability adjustment | Gain from pension liability adjustment | (0.04) | — | * | (0.04) | — | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense of adjustments | Income tax expense of adjustments | 0.05 | (0.01) | * | (0.01) | (0.02) | * | Income tax expense of adjustments | — | 0.04 | * | (0.01) | 0.02 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted diluted earnings per share from continuing operations(1) | Adjusted diluted earnings per share from continuing operations(1) | $ | 0.24 | $ | 0.36 | (33.3) | % | $ | 0.44 | $ | 0.62 | (29.0) | % | Adjusted diluted earnings per share from continuing operations(1) | $ | 0.21 | $ | 0.23 | (8.7) | % | $ | 0.65 | $ | 0.84 | (22.6) | % |
Reconciliation of operating profit before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items (or adjusted operating profit) | Reconciliation of operating profit before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items (or adjusted operating profit) | 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 | For the Six Months Ended | For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 26, 2022 | June 27, 2021 | % Change | June 26, 2022 | June 27, 2021 | % Change | September 25, 2022 | September 26, 2021 | % Change | September 25, 2022 | September 26, 2021 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating profit | Operating profit | $ | 51,661 | $ | 73,285 | (29.5) | % | $ | 57,945 | $ | 124,943 | (53.6) | % | Operating profit | $ | 51,015 | $ | 48,976 | 4.2 | % | $ | 108,960 | $ | 173,919 | (37.4) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Add: | Add: | Add: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 20,704 | 14,486 | 42.9 | % | 39,390 | 29,203 | 34.9 | % | Depreciation and amortization | 21,760 | 14,326 | 51.9 | % | 61,150 | 43,529 | 40.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Severance | Severance | 2,660 | — | * | 2,660 | 406 | * | Severance | 2,010 | 476 | * | 4,670 | 882 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multiemployer pension plan withdrawal costs | Multiemployer pension plan withdrawal costs | 1,194 | 1,301 | (8.2) | % | 2,415 | 2,627 | (8.1) | % | Multiemployer pension plan withdrawal costs | 1,319 | 1,275 | 3.5 | % | 3,734 | 3,902 | (4.3) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special items: | Special items: | Special items: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-related costs | Acquisition-related costs | — | — | — | 34,712 | — | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease termination charge | Lease termination charge | — | 3,831 | * | — | 3,831 | * | Lease termination charge | — | — | * | — | 3,831 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-related costs | — | — | — | 34,712 | — | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain from pension liability adjustment | Gain from pension liability adjustment | (7,127) | — | * | (7,127) | — | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted operating profit | Adjusted operating profit | $ | 76,219 | $ | 92,903 | (18.0) | % | $ | 137,122 | $ | 161,010 | (14.8) | % | Adjusted operating profit | $ | 68,977 | $ | 65,053 | 6.0 | % | $ | 206,099 | $ | 226,063 | (8.8) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Divided by: | Divided by: | Divided by: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue | 555,680 | 498,497 | 11.5 | % | 1,093,105 | 971,542 | 12.5 | % | Revenue | 547,680 | 509,103 | 7.6 | % | 1,640,785 | 1,480,645 | 10.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating profit margin | Operating profit margin | 9.3 | % | 9.6 | % | (30) bps | 6.6 | % | 11.7 | % | (510) bps | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted operating profit margin | Adjusted operating profit margin | 13.7 | % | 18.6 | % | (490) bps | 12.5 | % | 16.6 | % | (410) bps | Adjusted operating profit margin | 12.6 | % | 12.8 | % | (20) bps | 12.6 | % | 15.3 | % | (270) bps | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
* Represents a change equal to or in excess of 100% or not meaningful. | * Represents a change equal to or in excess of 100% or not meaningful. | * 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 | For the Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 26, 2022 | June 27, 2021 | % Change | June 26, 2022 | June 27, 2021 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating costs | $ | 504,019 | $ | 421,381 | 19.6 | % | $ | 1,000,448 | $ | 842,768 | 18.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 20,704 | 14,486 | 42.9 | % | 39,390 | 29,203 | 34.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Severance | 2,660 | — | * | 2,660 | 406 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multiemployer pension plan withdrawal costs | 1,194 | 1,301 | (8.2) | % | 2,415 | 2,627 | (8.1) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted operating costs | $ | 479,461 | $ | 405,594 | 18.2 | % | $ | 955,983 | $ | 810,532 | 17.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
* 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 | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 25, 2022 | September 26, 2021 | % Change | September 25, 2022 | September 26, 2021 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating costs | $ | 503,792 | $ | 460,127 | 9.5 | % | $ | 1,504,240 | $ | 1,302,895 | 15.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 21,760 | 14,326 | 51.9 | % | 61,150 | 43,529 | 40.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Severance | 2,010 | 476 | * | 4,670 | 882 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multiemployer pension plan withdrawal costs | 1,319 | 1,275 | 3.5 | % | 3,734 | 3,902 | (4.3) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted operating costs | $ | 478,703 | $ | 444,050 | 7.8 | % | $ | 1,434,686 | $ | 1,254,582 | 14.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
* Represents a change equal to or in excess of 100% or not meaningful. |
Beginning with the second quarter of 2022, the Company has updated its rounding methodology for subscriptions (including net subscriptions additions), subscribers (including net subscriber additions) and subscriber-related metrics (other than ARPU) and will round to the nearest ten thousand instead of the nearest thousand as it had previously been presenting. The sum of individual metrics may not always equal total amounts indicated due to rounding. In addition, the Company has made a change in its methodology for counting subscribers and subscriptions to The Athletic to exclude free trials (which are primarily long-dated (6-12 months) and given as part of its business development partnerships). In addition, the Company identified certain nonmaterial errors in previously released subscription, subscriber and subscriber-related metrics data for the periods presented below. As a result, our computation of the number of The Athletic subscribers and subscriptions as of the acquisition date both decreased by 72,000. The below supplementary tables update certain historical disclosures for the first quarters of 2021 and 2022 and the fourth quarter of 2021 to reflect the changes in methodology and the error corrections described above. The adjustments had no impact on the Company’s consolidated balance sheets, consolidated statements of comprehensive income (loss) or the consolidated statements of cash flows for any of these periods. The impact of the items noted above on our historical disclosures is as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning with the second quarter of 2022, the Company has updated its rounding methodology for subscriptions (including net subscriptions additions), subscribers (including net subscriber additions) and subscriber-related metrics (other than ARPU) and will round to the nearest ten thousand instead of the nearest thousand as it had previously been presenting. In addition, starting with the second quarter of 2022, the Company has made a change in its methodology for counting subscribers and subscriptions to The Athletic to exclude free trials (which are primarily long-dated (6-12 months) and given as part of its business development partnerships). In addition, during the second quarter of 2022, the Company identified certain nonmaterial errors in previously released subscription, subscriber and subscriber-related metrics data for the periods presented below. As a result, our computation of the number of The Athletic subscribers and subscriptions as of the acquisition date each decreased by 72,000, as reported in our second quarter results. The below supplementary tables, which were included in our second quarter results, update certain historical disclosures for the first quarters of 2021 and 2022 and the fourth quarter of 2021 to reflect the changes in methodology and the error corrections described above. The adjustments had no impact on the Company’s consolidated balance sheets, consolidated statements of comprehensive income (loss) or the consolidated statements of cash flows for any of these periods. The impact of the items noted above on our historical disclosures is as follows: | Beginning with the second quarter of 2022, the Company has updated its rounding methodology for subscriptions (including net subscriptions additions), subscribers (including net subscriber additions) and subscriber-related metrics (other than ARPU) and will round to the nearest ten thousand instead of the nearest thousand as it had previously been presenting. In addition, starting with the second quarter of 2022, the Company has made a change in its methodology for counting subscribers and subscriptions to The Athletic to exclude free trials (which are primarily long-dated (6-12 months) and given as part of its business development partnerships). In addition, during the second quarter of 2022, the Company identified certain nonmaterial errors in previously released subscription, subscriber and subscriber-related metrics data for the periods presented below. As a result, our computation of the number of The Athletic subscribers and subscriptions as of the acquisition date each decreased by 72,000, as reported in our second quarter results. The below supplementary tables, which were included in our second quarter results, update certain historical disclosures for the first quarters of 2021 and 2022 and the fourth quarter of 2021 to reflect the changes in methodology and the error corrections described above. The adjustments had no impact on the Company’s consolidated balance sheets, consolidated statements of comprehensive income (loss) or the consolidated statements of cash flows for any of these periods. The impact of the items noted above on our historical disclosures is as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes the adjustments to digital subscribers as of the end of the first quarters of 2022 and 2021, and fourth quarter of 2021: | The following table summarizes the adjustments to digital subscribers as of the end of the first quarters of 2022 and 2021, and fourth quarter of 2021: | The following table summarizes the adjustments to digital subscribers as of the end of the first quarters of 2022 and 2021, and fourth quarter of 2021: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Quarter | Fourth Quarter | First Quarter | Fourth Quarter | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2022 | 2021 | 2021 | 2021 | 2021 | 2022 | 2022 | 2021 | 2021 | 2021 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As Filed | Adj | Adjusted | As Filed | Adj | Adjusted | As Filed | Adj | Adjusted | As Filed | Adj | Adjusted | As Filed | Adj | Adjusted | As Filed | Adj | Adjusted | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Digital-only subscribers(1) | Digital-only subscribers(1) | 8,328 | (98) | 8,230 | 6,101 | (18) | 6,083 | 6,840 | (57) | 6,783 | Digital-only subscribers(1) | 8,328 | (98) | 8,230 | 6,101 | (18) | 6,083 | 6,840 | (57) | 6,783 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Refer to the corresponding footnotes in the main section of the Results of Operations. | (1) Refer to the corresponding footnotes in the main section of the Results of Operations. | (1) Refer to the corresponding footnotes in the main section of the Results of Operations. |
The following table summarizes the adjustments to digital subscriptions as of the end of the first quarter of 2022: | ||||||||||||||||||||
First Quarter 2022 | ||||||||||||||||||||
As Filed | Adj | Adjusted | ||||||||||||||||||
Digital-only subscriptions(1) | 9,620 | (41) | 9,579 | |||||||||||||||||
(1) Refer to the corresponding footnotes in the main section of the Results of Operations. |
The following table summarizes the adjustments to supplementary subscriber metrics as of the end of the first quarters of 2022 and 2021, and fourth quarter of 2021: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Quarter | Fourth Quarter | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2022 | 2021 | 2021 | 2021 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||
As Filed | Adj | Adjusted | As Filed | Adj | Adjusted | As Filed | Adj | Adjusted | ||||||||||||||||||||||||||||||||||||||||||||||||
Digital-only subscriber ARPU (1) | $ | 9.04 | $ | 0.09 | $ | 9.13 | $ | 9.15 | $ | 0.03 | $ | 9.18 | $ | 9.55 | $ | 0.05 | $ | 9.60 | ||||||||||||||||||||||||||||||||||||||
Total multiproduct subscribers (1) | 2,569 | (3) | 2,566 | 2,100 | 3 | 2,103 | 2,351 | — | 2,351 | |||||||||||||||||||||||||||||||||||||||||||||||
Digital-only subscribers with News (1) | 6,150 | (49) | 6,101 | 5,290 | (20) | 5,270 | 5,880 | (54) | 5,826 | |||||||||||||||||||||||||||||||||||||||||||||||
Subscribers with The Athletic (1) | 1,257 | (41) | 1,216 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
(1) Refer to the corresponding footnotes in the main section of the Results of Operations. |
The following table summarizes the Company’s subscribers, subscriptions related subscriber metrics over the last six quarters. The second quarter reflects the update to the rounding methodology and first quarter of 2022, fourth and first quarter of 2021 reflect the adjustments noted in the previous section. | ||||||||||||||||||||||||||||||||||||||
The following table summarizes digital and print subscribers for the last six quarters: | ||||||||||||||||||||||||||||||||||||||
Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 | |||||||||||||||||||||||||||||||||
Digital-only subscribers (1) | 8,410 | 8,230 | 6,783 | 6,546 | 6,190 | 6,083 | ||||||||||||||||||||||||||||||||
Print subscribers (1) | 760 | 780 | 795 | 806 | 815 | 837 | ||||||||||||||||||||||||||||||||
Total subscribers (1) | 9,170 | 9,010 | 7,578 | 7,352 | 7,005 | 6,920 | ||||||||||||||||||||||||||||||||
(1) Refer to the corresponding footnotes in the main section of the Results of Operations. |
The following table summarizes digital and print subscriptions for the last six quarters: | ||||||||||||||||||||||||||||||||||||||
Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 | |||||||||||||||||||||||||||||||||
Digital-only subscriptions (1) | 9,810 | 9,579 | 8,005 | 7,630 | 7,175 | 7,033 | ||||||||||||||||||||||||||||||||
Print subscriptions (1) | 750 | 770 | 784 | 795 | 803 | 825 | ||||||||||||||||||||||||||||||||
Total subscriptions (1) | 10,560 | 10,349 | 8,789 | 8,425 | 7,978 | 7,858 | ||||||||||||||||||||||||||||||||
(1) Refer to the corresponding footnotes in the main section of the Results of Operations. |
The following table summarizes supplementary subscriber metrics for the last six quarters: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes the adjustments to supplementary subscriber metrics as of the end of the first quarters of 2022 and 2021, and fourth quarter of 2021: | The following table summarizes the adjustments to supplementary subscriber metrics as of the end of the first quarters of 2022 and 2021, and fourth quarter of 2021: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Quarter | Fourth Quarter | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2022 | 2021 | 2021 | 2021 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 | As Filed | Adj | Adjusted | As Filed | Adj | Adjusted | As Filed | Adj | Adjusted | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Digital-only subscriber ARPU (1) | Digital-only subscriber ARPU (1) | $ | 8.83 | $ | 9.13 | $ | 9.60 | $ | 9.64 | $ | 9.55 | $ | 9.18 | Digital-only subscriber ARPU (1) | $ | 9.04 | $ | 0.09 | $ | 9.13 | $ | 9.15 | $ | 0.03 | $ | 9.18 | $ | 9.55 | $ | 0.05 | $ | 9.60 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total multiproduct subscribers (1) | 2,690 | 2,566 | 2,351 | 2,245 | 2,135 | 2,103 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total multiproduct subscribers (1)(2) | Total multiproduct subscribers (1)(2) | 2,569 | (3) | 2,566 | 2,100 | 3 | 2,103 | 2,351 | — | 2,351 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Digital-only subscribers with News (1) | Digital-only subscribers with News (1) | 6,140 | 6,101 | 5,826 | 5,665 | 5,350 | 5,270 | Digital-only subscribers with News (1) | 6,150 | (49) | 6,101 | 5,290 | (20) | 5,270 | 5,880 | (54) | 5,826 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subscribers with The Athletic (1) | Subscribers with The Athletic (1) | 1,690 | 1,216 | — | — | — | — | Subscribers with The Athletic (1) | 1,257 | (41) | 1,216 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Refer to the corresponding footnotes in the main section of the Results of Operations. | (1) Refer to the corresponding footnotes in the main section of the Results of Operations. | (1) Refer to the corresponding footnotes in the main section of the Results of Operations. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 product, as well as The Athletic and our Games, Cooking and Wirecutter products). This metric is currently called “Digital-only bundle and multiproduct subscribers” and excludes subscribers with a print home-delivery subscription. | (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 product, as well as The Athletic and our Games, Cooking and Wirecutter products). This metric is currently called “Digital-only bundle and multiproduct subscribers” and excludes subscribers with a print home-delivery subscription. |
For the Six Months Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | June 26, 2022 | June 27, 2021 | % Change | (In thousands) | September 25, 2022 | September 26, 2021 | % Change | ||||||||||||||||||||||||||||||||
Operating activities | Operating activities | $ | 16,148 | $ | 110,434 | (85.4) | % | Operating activities | $ | 85,024 | $ | 209,557 | (59.4) | % | ||||||||||||||||||||||||||
Investing activities | Investing activities | $ | (81,190) | $ | (46,332) | 75.2 | % | Investing activities | $ | (79,299) | $ | (129,685) | (38.9) | % | ||||||||||||||||||||||||||
Financing activities | Financing activities | $ | (92,714) | $ | (30,285) | 206.1 | % | Financing activities | $ | (133,239) | $ | (42,954) | 210.2 | % |
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 | ||||||||||||||||||||||
March 28, 2022 - May 1, 2022 | — | $ | — | — | $ | — | ||||||||||||||||||||
May 2, 2022 - May 29, 2022 | 521,385 | $ | 33.68 | 521,385 | $ | 103,405,000 | ||||||||||||||||||||
May 30, 2022 - June 26, 2022 | 260,145 | $ | 30.89 | 260,145 | $ | 95,560,000 | ||||||||||||||||||||
Total for the second quarter of 2022 | 781,530 | $ | 32.40 | 781,530 | $ | 95,560,000 |
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 | ||||||||||||||||||||||
June 27, 2022 - July 31, 2022 | 460,378 | $ | 28.98 | 460,378 | $ | 82,226,000 | ||||||||||||||||||||
August 1, 2022 - August 28, 2022 | 60,000 | $ | 31.89 | 60,000 | $ | 80,312,000 | ||||||||||||||||||||
August 29, 2022 - September 25, 2022 | 330,000 | $ | 30.63 | 330,000 | $ | 70,244,000 | ||||||||||||||||||||
Total for the third quarter of 2022 | 850,378 | $ | 29.79 | 850,378 | $ | 70,244,000 |
Exhibit No. | ||||||||
10.1 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | 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). | |||||||
*Schedules to this Exhibit have been omitted in accordance with Regulation S-K Items 601(a)(5). The Registrant agrees to furnish supplementally a copy of all omitted schedules to the Securities and Exchange Commission on a confidential basis upon request. |
THE NEW YORK TIMES COMPANY | ||||||||
(Registrant) | ||||||||
Date: | /s/ Roland A. Caputo | |||||||
Roland A. Caputo Executive Vice President and Chief Financial Officer (Principal Financial Officer) |