UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023March 31, 2024
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___ to ___
Commission file number 1-5837
THE NEW YORK TIMES COMPANY
(Exact name of registrant as specified in its charter) 
New York 13-1102020
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
620 Eighth Avenue, New York, New York 10018
(Address and zip code of principal executive offices)
Registrant’s telephone number, including area code 212-556-1234
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common StockNYTNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x      No   o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   x     No  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filer
Smaller reporting companyEmerging growth company
If an emerging growth company, indicate by the check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to section 13(a) of the Exchange Act. 
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to § 240.10D-1(b).
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes       No  x
Number of shares of each class of the registrant’s common stock outstanding as of NovemberMay 3, 20232024 (exclusive of treasury shares):
 
Class A Common Stock163,626,379163,530,462 shares
Class B Common Stock780,724 shares




THE NEW YORK TIMES COMPANY
INDEX
   
PART IPART IFinancial InformationPART IFinancial Information
ItemItem1Financial StatementsItem1Financial Statements
Condensed Consolidated Balance Sheets as of September 30, 2023 (unaudited) and December 31, 2022
Condensed Consolidated Statements of Operations (unaudited) for the quarters and nine months ended September 30, 2023 and September 25, 2022
Condensed Consolidated Statements of Comprehensive Income (unaudited) for the quarters and nine months ended September 30, 2023 and September 25, 2022
Condensed Consolidated Statements of Changes In Stockholders’ Equity (unaudited) for the quarters and nine months ended September 30, 2023 and September 25, 2022
Condensed Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 30, 2023 and September 25, 2022
Notes to the Condensed Consolidated Financial Statements
Condensed Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023
Condensed Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023
Condensed Consolidated Statements of Operations (unaudited) for the quarters ended March 31, 2024 and March 31, 2023Condensed Consolidated Statements of Operations (unaudited) for the quarters ended March 31, 2024 and March 31, 2023
Condensed Consolidated Statements of Comprehensive Income (unaudited) for the quarters ended March 31, 2024 and March 31, 2023Condensed Consolidated Statements of Comprehensive Income (unaudited) for the quarters ended March 31, 2024 and March 31, 2023
Condensed Consolidated Statements of Changes In Stockholders’ Equity (unaudited) for the quarters ended March 31, 2024 and March 31, 2023Condensed Consolidated Statements of Changes In Stockholders’ Equity (unaudited) for the quarters ended March 31, 2024 and March 31, 2023Financial Information
Condensed Consolidated Statements of Cash Flows (unaudited) for the quarters ended March 31, 2024 and March 31, 2023Condensed Consolidated Statements of Cash Flows (unaudited) for the quarters ended March 31, 2024 and March 31, 2023
Notes to the Condensed Consolidated Financial StatementsNotes to the Condensed Consolidated Financial Statements
ItemItem2Management’s Discussion and Analysis of Financial Condition and Results of OperationsItem2Management’s Discussion and Analysis of Financial Condition and Results of Operations
ItemItem3Quantitative and Qualitative Disclosures About Market RiskItem3Quantitative and Qualitative Disclosures About Market Risk
ItemItem4Controls and ProceduresItem4Controls and Procedures
PART II
PART II
PART IIPART IIOther InformationOther Information
ItemItem1Legal Proceedings1Legal Proceedings
ItemItem1ARisk FactorsOther InformationItem1ARisk Factors
ItemItem2Unregistered Sales of Equity Securities and Use of ProceedsItem2Unregistered Sales of Equity Securities and Use of Proceeds
ItemItem5Other InformationItem5Other Information
ItemItem6ExhibitsItem6Exhibits






PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
September 30, 2023December 31, 2022
(Unaudited)
March 31, 2024March 31, 2024December 31, 2023
(Unaudited)
Assets
Assets
AssetsAssets
Current assetsCurrent assets
Current assets
Current assets
Cash and cash equivalents
Cash and cash equivalents
Cash and cash equivalentsCash and cash equivalents$235,566 $221,385 
Short-term marketable securitiesShort-term marketable securities162,737 125,972 
Accounts receivable (net of allowances of $11,583 in 2023 and $12,260 in 2022)164,038 217,533 
Accounts receivable (net of allowances of $12,637 in 2024 and $12,800 in 2023)
Prepaid expensesPrepaid expenses56,653 54,859 
Other current assetsOther current assets39,096 35,926 
Total current assetsTotal current assets658,090 655,675 
Other assetsOther assets
Long-term marketable securitiesLong-term marketable securities189,454 138,917 
Property, plant and equipment (less accumulated depreciation and amortization of $862,874 in 2023 and $823,024 in 2022)523,753 553,698 
Long-term marketable securities
Long-term marketable securities
Property, plant and equipment (less accumulated depreciation and amortization of $882,583 in 2024 and $870,329 in 2023)
GoodwillGoodwill413,306 414,046 
Intangible assets, netIntangible assets, net292,819 317,314 
Deferred income taxesDeferred income taxes116,136 96,363 
Miscellaneous assetsMiscellaneous assets352,972 357,739 
Total assetsTotal assets$2,546,530 $2,533,752 
 See Notes to Condensed Consolidated Financial Statements.
1


THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS-(Continued)
(In thousands, except share and per share data)
September 30, 2023December 31, 2022
(Unaudited)
March 31, 2024March 31, 2024December 31, 2023
(Unaudited)
Liabilities and stockholders’ equity
Liabilities and stockholders’ equity
Liabilities and stockholders’ equityLiabilities and stockholders’ equity
Current liabilitiesCurrent liabilities
Current liabilities
Current liabilities
Accounts payable
Accounts payable
Accounts payableAccounts payable$119,774 $114,646 
Accrued payroll and other related liabilitiesAccrued payroll and other related liabilities138,000 164,564 
Unexpired subscriptions revenueUnexpired subscriptions revenue156,634 155,945 
Accrued expenses and otherAccrued expenses and other139,601 136,055 
Accrued expenses and other
Accrued expenses and other
Total current liabilitiesTotal current liabilities554,009 571,210 
Other liabilitiesOther liabilities
Pension benefits obligation
Pension benefits obligation
Pension benefits obligationPension benefits obligation213,609 225,300 
Postretirement benefits obligationPostretirement benefits obligation26,239 26,455 
OtherOther97,433 110,815 
Total other liabilitiesTotal other liabilities337,281 362,570 
Stockholders’ equityStockholders’ equity
Common stock of $.10 par value:Common stock of $.10 par value:
Class A – authorized: 300,000,000 shares; issued: 2023 – 176,811,304; 2022 – 176,288,596 (including treasury shares: 2023 – 13,165,882; 2022 – 12,004,865)17,683 17,629 
Class B – convertible – authorized and issued shares: 2022 – 780,724; 2021 – 780,72478 78 
Common stock of $.10 par value:
Common stock of $.10 par value:
Class A – authorized: 300,000,000 shares; issued: 2024 – 177,507,685; 2023 – 176,951,162 (including treasury shares: 2024 – 13,893,393; 2023 – 13,189,925)
Class A – authorized: 300,000,000 shares; issued: 2024 – 177,507,685; 2023 – 176,951,162 (including treasury shares: 2024 – 13,893,393; 2023 – 13,189,925)
Class A – authorized: 300,000,000 shares; issued: 2024 – 177,507,685; 2023 – 176,951,162 (including treasury shares: 2024 – 13,893,393; 2023 – 13,189,925)
Class B – convertible – authorized and issued shares: 2024 – 780,724; 2023 – 780,724
Additional paid-in capitalAdditional paid-in capital279,897 255,515 
Retained earningsRetained earnings2,026,304 1,958,859 
Common stock held in treasury, at costCommon stock held in treasury, at cost(319,858)(276,267)
Accumulated other comprehensive loss, net of income taxes:Accumulated other comprehensive loss, net of income taxes:
Foreign currency translation adjustmentsForeign currency translation adjustments(1,357)(510)
Foreign currency translation adjustments
Foreign currency translation adjustments
Funded status of benefit plansFunded status of benefit plans(345,521)(348,947)
Net unrealized loss on available-for-sale securitiesNet unrealized loss on available-for-sale securities(3,991)(8,390)
Total accumulated other comprehensive loss, net of income taxesTotal accumulated other comprehensive loss, net of income taxes(350,869)(357,847)
Total New York Times Company stockholders’ equity1,653,235 1,597,967 
Noncontrolling interest2,005 2,005 
Total stockholders’ equity
Total stockholders’ equity
Total stockholders’ equityTotal stockholders’ equity1,655,240 1,599,972 
Total liabilities and stockholders’ equityTotal liabilities and stockholders’ equity$2,546,530 $2,533,752 
 See Notes to Condensed Consolidated Financial Statements.

2


THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
For the Quarters EndedFor the Nine Months Ended
September 30, 2023September 25, 2022September 30, 2023September 25, 2022
March 31, 2024
March 31, 2024
March 31, 2024
Revenues
Revenues
RevenuesRevenues
SubscriptionSubscription$418,577 $382,672 $1,225,709 $1,138,270 
Subscription
Subscription
Advertising
Advertising
AdvertisingAdvertising117,113 110,467 341,124 344,116 
OtherOther62,655 54,541 183,104 158,399 
Other
Other
Total revenues
Total revenues
Total revenuesTotal revenues598,345 547,680 1,749,937 1,640,785 
Operating costsOperating costs
Operating costs
Operating costs
Cost of revenue (excluding depreciation and amortization)
Cost of revenue (excluding depreciation and amortization)
Cost of revenue (excluding depreciation and amortization)Cost of revenue (excluding depreciation and amortization)311,135 294,856 927,910 876,804 
Sales and marketingSales and marketing62,635 64,732 191,910 205,089 
Sales and marketing
Sales and marketing
Product development
Product development
Product developmentProduct development57,433 50,474 170,542 148,729 
General and administrativeGeneral and administrative81,870 71,970 235,194 212,468 
General and administrative
General and administrative
Depreciation and amortizationDepreciation and amortization21,475 21,760 64,173 61,150 
Acquisition-related costs— — — 34,712 
Impairment charges2,503 — 15,239 — 
Multiemployer pension plan liability adjustment(2,273)(7,127)(2,273)(7,127)
Depreciation and amortization
Depreciation and amortization
Generative AI Litigation Costs
Generative AI Litigation Costs
Generative AI Litigation Costs
Total operating costs
Total operating costs
Total operating costsTotal operating costs534,778 496,665 1,602,695 1,531,825 
Operating profitOperating profit63,567 51,015 147,242 108,960 
Other components of net periodic benefit (income)/costs(684)1,757 (2,053)4,903 
Operating profit
Operating profit
Other components of net periodic benefit (costs)/income
Other components of net periodic benefit (costs)/income
Other components of net periodic benefit (costs)/income
Interest income and other, net
Interest income and other, net
Interest income and other, netInterest income and other, net5,736 1,579 13,426 38,258 
Income before income taxesIncome before income taxes69,987 50,837 162,721 142,315 
Income before income taxes
Income before income taxes
Income tax expense
Income tax expense
Income tax expenseIncome tax expense16,372 14,220 40,211 39,196 
Net incomeNet income$53,615 $36,617 $122,510 $103,119 
Net income
Net income
Average number of common shares outstanding:
Average number of common shares outstanding:
Average number of common shares outstanding:Average number of common shares outstanding:
BasicBasic164,568 166,433 164,752 167,290 
Basic
Basic
Diluted
Diluted
DilutedDiluted165,406 166,497 165,436 167,418 
Basic earnings per share attributable to common stockholdersBasic earnings per share attributable to common stockholders$0.33 $0.22 $0.74 $0.62 
Basic earnings per share attributable to common stockholders
Basic earnings per share attributable to common stockholders
Diluted earnings per share attributable to common stockholders
Diluted earnings per share attributable to common stockholders
Diluted earnings per share attributable to common stockholdersDiluted earnings per share attributable to common stockholders$0.32 $0.22 $0.74 $0.62 
Dividends declared per shareDividends declared per share$0.11 $0.09 $0.33 $0.18 
Dividends declared per share
Dividends declared per share
(1) First quarter 2023 was recast to conform to the current presentation of total operating costs.
See Notes to Condensed Consolidated Financial Statements.



3


THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
(Unaudited)
(In thousands)
 For the Quarters Ended
March 31, 2024March 31, 2023
Net income$40,417 $22,321 
Other comprehensive income, before tax:
(Loss)/gain on foreign currency translation adjustments(1,846)848 
Pension and postretirement benefits obligation3,288 1,553 
Net unrealized (loss)/gain on available-for-sale securities(709)2,602 
Other comprehensive income, before tax733 5,003 
Income tax expense230 1,294 
Other comprehensive income, net of tax503 3,709 
Comprehensive income attributable to common stockholders$40,920 $26,030 
 For the Quarters EndedFor the Nine Months Ended
September 30, 2023September 25, 2022September 30, 2023September 25, 2022
Net income$53,615 $36,617 $122,510 $103,119 
Other comprehensive income/(loss), before tax:
Loss on foreign currency translation adjustments(2,333)(7,603)(1,199)(13,219)
Pension and postretirement benefits obligation1,550 5,247 4,656 15,371 
Net unrealized gain/(loss) on available-for-sale securities1,886 (1,631)5,984 (11,458)
Other comprehensive income/(loss), before tax1,103 (3,987)9,441 (9,306)
Income tax expense/(benefit)290 (983)2,463 (2,467)
Other comprehensive income/(loss), net of tax813 (3,004)6,978 (6,839)
Comprehensive income attributable to common stockholders$54,428 $33,613 $129,488 $96,280 
See Notes to Condensed Consolidated Financial Statements.
4


THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
For the Quarters Ended September 30,March 31, 2024 and March 31, 2023 and September 25, 2022
(Unaudited)
(In thousands, except share data)


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, June 26, 2022$17,705 $236,495 $1,896,646 $(225,680)$(387,037)$1,538,129 $2,005 $1,540,134 
Balance, December 31, 2022
Balance, December 31, 2022
Balance, December 31, 2022
Balance, December 31, 2022
Balance, December 31, 2022
Balance, December 31, 2022
Balance, December 31, 2022
Balance, December 31, 2022
Balance, December 31, 2022
Balance, December 31, 2022
Balance, December 31, 2022
Balance, December 31, 2022
Balance, December 31, 2022
Balance, December 31, 2022
Balance, December 31, 2022
Balance, December 31, 2022
Balance, December 31, 2022
Balance, December 31, 2022
Balance, December 31, 2022
Balance, December 31, 2022
Balance, December 31, 2022
Balance, December 31, 2022
Balance, December 31, 2022
Balance, December 31, 2022
Balance, December 31, 2022
Balance, December 31, 2022
Balance, December 31, 2022
Net incomeNet income— — 36,617 — — 36,617 — 36,617 
DividendsDividends— — (15,111)— — (15,111)— (15,111)
Other comprehensive lossOther comprehensive loss— — — — (3,004)(3,004)— (3,004)
Issuance of stock-based awards, net of withholding taxes:Issuance of stock-based awards, net of withholding taxes:
Restricted stock units vested – 11,655 Class A shares(209)— — — (207)— (207)
Restricted stock units vested – 267,069 Class A shares
Share repurchases – 850,378 Class A shares— — — (25,334)— (25,334)— (25,334)
Restricted stock units vested – 267,069 Class A shares
Restricted stock units vested – 267,069 Class A shares
Performance-based awards - 106,419 Class A shares
Share repurchases – 803,529 Class A shares
Stock-based compensationStock-based compensation— 9,263 — — — 9,263 — 9,263 
Balance, September 25, 2022$17,707 $245,549 $1,918,152 $(251,014)$(390,041)$1,540,353 $2,005 $1,542,358 
Balance, March 31, 2023
Balance, June 30, 2023$17,751 $267,975 $1,991,029 $(319,858)$(351,682)$1,605,215 $2,005 $1,607,220 
Balance, December 31, 2023
Balance, December 31, 2023
Balance, December 31, 2023
Net incomeNet income— — 53,615 — — 53,615 — 53,615 
DividendsDividends— — (18,340)— — (18,340)— (18,340)
Other comprehensive incomeOther comprehensive income— — — — 813 813 — 813 
Issuance of stock-based awards, net of withholding taxes:Issuance of stock-based awards, net of withholding taxes:
Restricted stock units vested – 87,054 Class A shares10 (2,641)— — — (2,631)— (2,631)
Restricted stock units vested – 470,820 Class A shares
Restricted stock units vested – 470,820 Class A shares
Restricted stock units vested – 470,820 Class A shares
Performance-based awards – 85,703 Class A shares
Share repurchases – 703,468 Class A shares
Stock-based compensationStock-based compensation— 14,563 — — — 14,563 — 14,563 
Balance, September 30, 2023$17,761 $279,897 $2,026,304 $(319,858)$(350,869)$1,653,235 $2,005 $1,655,240 
Balance, March 31, 2024
5


THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
For the Nine Months Ended September 30, 2023 and September 25, 2022
(Unaudited)
(In thousands, except share data)

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 26, 2021$17,675 $230,115 $1,845,343 $(171,211)$(383,202)$1,538,720 $2,005 $1,540,725 
Net income— — 103,119 — — 103,119 — 103,119 
Dividends— — (30,310)— — (30,310)— (30,310)
Other comprehensive loss(6,839)(6,839)(6,839)
Issuance of stock-based awards, net of withholding taxes:
Stock options – 400 Class A shares— — — — — 
Restricted stock units vested – 149,874 Class A shares16 (4,295)— — — (4,279)— (4,279)
Performance-based awards – 163,518 Class A shares16 (5,573)— — — (5,557)— (5,557)
Share repurchases – 2,324,708 Class A shares— — — (79,803)— (79,803)— (79,803)
Stock-based compensation— 25,299 — — — 25,299 — 25,299 
Balance, September 25, 2022$17,707 $245,549 $1,918,152 $(251,014)$(390,041)$1,540,353 $2,005 $1,542,358 
Balance, December 31, 2022$17,707 $255,515 $1,958,859 $(276,267)$(357,847)$1,597,967 $2,005 $1,599,972 
Net income— — 122,510 — — 122,510 — 122,510 
Dividends— — (55,065)— — (55,065)— (55,065)
Other comprehensive income— — — — 6,978 6,978 — 6,978 
Issuance of stock-based awards, net of withholding taxes:
Restricted stock units vested – 416,289 Class A shares44 (11,226)— — — (11,182)— (11,182)
Performance-based awards – 106,419 Class A shares10 (3,108)— — — (3,098)— (3,098)
Share repurchases – 1,161,017 Class A shares— — — (43,591)— (43,591)— (43,591)
Stock-based compensation— 38,716 — — — 38,716 — 38,716 
Balance, September 30, 2023$17,761 $279,897 $2,026,304 $(319,858)$(350,869)$1,653,235 $2,005 $1,655,240 
6


THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
For the Nine Months Ended
September 30, 2023September 25, 2022
For the Three Months EndedFor the Three Months Ended
March 31, 2024March 31, 2024March 31, 2023
Cash flows from operating activitiesCash flows from operating activities
Net income
Net income
Net incomeNet income$122,510 $103,119 
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 amortizationDepreciation and amortization64,173 61,150 
Depreciation and amortization
Depreciation and amortization
Amortization of right of use asset
Amortization of right of use asset
Amortization of right of use assetAmortization of right of use asset7,184 7,465 
Stock-based compensation expenseStock-based compensation expense38,716 25,299 
Multiemployer pension plan liability adjustment(2,273)(7,127)
Impairment charges15,239 — 
Gain on sale of land— (34,227)
Change in long-term retirement benefit obligationsChange in long-term retirement benefit obligations(21,339)(19,100)
Contingent consideration fair value adjustment2,813 — 
Change in long-term retirement benefit obligations
Change in long-term retirement benefit obligations
Other – netOther – net2,582 273 
Changes in operating assets and liabilities, net of business acquisitions:
Other – net
Other – net
Changes in operating assets and liabilities:
Accounts receivable – net
Accounts receivable – net
Accounts receivable – netAccounts receivable – net53,494 74,869 
Other assetsOther assets(25,575)
Accounts payable, accrued payroll and other liabilitiesAccounts payable, accrued payroll and other liabilities(59,698)(106,174)
Unexpired subscriptionsUnexpired subscriptions690 5,052 
Other noncurrent assets and liabilities
Net cash provided by operating activitiesNet cash provided by operating activities224,100 85,024 
Cash flows from investing activitiesCash flows from investing activities
Purchases of marketable securitiesPurchases of marketable securities(186,018)(6,650)
Purchases of marketable securities
Purchases of marketable securities
Maturities of marketable securitiesMaturities of marketable securities100,515 469,863 
Business acquisitions, net of cash acquired— (515,299)
Sales of investments – net— (1,886)
Capital expenditures
Capital expenditures
Capital expendituresCapital expenditures(16,539)(27,809)
Other – netOther – net4,754 2,482 
Net cash used in investing activities(97,288)(79,299)
Net cash (used in)/provided by investing activities
Cash flows from financing activitiesCash flows from financing activities
Long-term obligations:Long-term obligations:
Long-term obligations:
Long-term obligations:
Dividends paid
Dividends paid
Dividends paidDividends paid(51,360)(41,878)
Payment of contingent considerationPayment of contingent consideration(2,586)(1,724)
Capital shares:Capital shares:
Proceeds from stock option exercises— 
Repurchases
Repurchases
RepurchasesRepurchases(43,591)(79,803)
Share-based compensation tax withholdingShare-based compensation tax withholding(14,279)(9,837)
Net cash used in financing activitiesNet cash used in financing activities(111,816)(133,239)
Net increase/(decrease) in cash, cash equivalents and restricted cash14,996 (127,514)
Net (decrease)/increase in cash, cash equivalents and restricted cash
Effect of exchange rate changes on cashEffect of exchange rate changes on cash(310)(3,074)
Cash, cash equivalents and restricted cash at the beginning of the periodCash, cash equivalents and restricted cash at the beginning of the period235,173 334,306 
Cash, cash equivalents and restricted cash at the end of the periodCash, cash equivalents and restricted cash at the end of the period$249,859 $203,718 
 See Notes to Condensed Consolidated Financial Statements.

76

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 1. BASIS OF PRESENTATION
In the opinion of management of The New York Times Company (the “Company”), the Condensed Consolidated Financial Statements present fairly the financial position of the Company as of September 30, 2023,March 31, 2024, and December 31, 2022,2023, and the results of operations, changes in stockholders’ equity and cash flows of the Company for the periods ended September 30, 2023,March 31, 2024, and September 25, 2022.March 31, 2023. The Company and its consolidated subsidiaries are referred to collectively as “we,” “us” or “our.” All adjustments necessary for a fair presentation have been included and are of a normal and recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. The financial statements were prepared in accordance with the requirements of the United States Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain notes or other financial information that are normally required by accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted from these interim financial statements. These financial statements, therefore, should be read in conjunction with the Consolidated Financial Statements and related Notes included in our Annual Report on Form 10-K for the year ended December 31, 2022.2023. Due to the seasonal nature of our business, operating results for the interim periods are not necessarily indicative of a full year’s operations. The thirdfirst quarter of 2023 included2024 includes an additional day compared with the thirdfirst quarter of 20222023 as a result of the change in the Company’s fiscal year to the calendar2024 being a leap year.
The Company has two reportable segments: The New York Times Group (“NYTG”) and The Athletic.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in our Condensed Consolidated Financial Statements. Actual results could differ from these estimates.
Reclassification
Beginning with the third quarter of 2023, we have updated our presentation of total operating costs to include operating items that are outside the ordinary course of our operations (“special items”). These items have been previously presented separate from operating costs and included in operating profit. We recast operating costs for the prior periods in order to present comparable financial results. There was no change to consolidated operating profit, net income or cash flows as a result of this change.
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
As of September 30, 2023,March 31, 2024, our significant accounting policies, which are detailed in our Annual Report on Form 10-K for the year ended December 31, 2022,2023, have not changed.
Recently Issued Accounting Pronouncements
Accounting Standard UpdatesTopicEffective PeriodSummary
2023-09Income Taxes (Topic 740): Improvements to Income Tax DisclosuresFiscal years, beginning after December 15, 2025. Early adoption is permitted.Requires entities to provide disaggregated income tax disclosures on the rate reconciliation and income taxes paid. We are currently in the process of evaluating the impact of this guidance on the Company’s disclosures.
2023-07Segment Reporting (Topic 280): Improvements to Reportable Segment DisclosuresFiscal years, beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted.Requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the entity’s CODM. The amendments in this update also expand the interim segment disclosure requirements. We are currently in the process of evaluating the impact of this guidance on the Company’s disclosures.
The Company considers the applicability and impact of all recently issued accounting pronouncements. Recent accounting pronouncements not specifically identified in our disclosures are either not applicable to the Company or are not expected to have a material effect on our financial condition or results of operations.
7

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 3. REVENUE
We generate revenues principally from subscriptions and advertising.
Subscription revenues consist of revenues from subscriptions to our digital and print products (which include our news product, as well as The Athletic and our Cooking, Games and Wirecutter products), and single-copy and bulk sales of our print products. Subscription revenues are based on both the number of digital-only subscriptions and copies of the printed newspaper sold, and digital-only subscriptions, and the rates charged to the respective customers.
Advertising revenue is generated principally from advertisers (such as technology, financial and luxury goods companies) promoting products, services or brands on digital platforms in the form of display ads, audio and video, and in print in the form of column-inch ads. Advertising revenue is generated primarily from offerings sold directly to marketers by our advertising sales teams. A smaller proportion of our total advertising revenues is generated through open-market programmatic auctions run by third-party ad exchanges. Advertising revenue is primarily determined by the volume (e.g., impressions), rate and mix of advertisements. Digital advertising includes our core digital advertising business and other digital advertising. Our core digital advertising business includes direct-sold website, mobile application, podcast, email and video advertisements.advertisements (including direct-sold programmatic advertising). Direct-sold display advertising, a component of core digital advertising, includes offerings on websites and mobile applications sold directly to marketers by our advertising sales teams. Other digital advertising includes open-market programmatic advertising and creative services fees. Print advertising includes revenue from column-inch ads and classified advertising as well as preprinted advertising, also known as freestanding inserts. NYTG has revenue from all categories discussed above.
8

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The Athletic has revenue from direct-sold display advertising (including direct-sold programmatic advertising), podcast, email and video advertisements and open-market programmatic advertising. There is no print advertising revenue generated from The Athletic.
Other revenues primarily consist of revenues from licensing, Wirecutter affiliate referrals, commercial printing, the leasing of floors in the New York headquarters building located at 620 Eighth Avenue, New York, New York (the “Company Headquarters”), television and film,retail commerce, our live events business, retail commerce and our student subscription sponsorship program.program and books, television and film.
Subscription, advertising and other revenues were as follows:
For the Quarters EndedFor the Nine Months Ended
For the Quarters Ended
For the Quarters Ended
For the Quarters Ended
(In thousands)
(In thousands)
(In thousands)(In thousands)September 30, 2023As % of totalSeptember 25, 2022As % of totalSeptember 30, 2023As % of totalSeptember 25, 2022As % of total
SubscriptionSubscription$418,577 70.0 %$382,672 69.9 %$1,225,709 70.0 %$1,138,270 69.3 %
Subscription
Subscription
Advertising
Advertising
AdvertisingAdvertising117,113 19.6 %110,467 20.1 %341,124 19.5 %344,116 21.0 %
Other (1)
Other (1)
62,655 10.4 %54,541 10.0 %183,104 10.5 %158,399 9.7 %
Other (1)
Other (1)
TotalTotal$598,345 100.0 %$547,680 100.0 %$1,749,937 100.0 %$1,640,785 100.0 %
Total
Total
(1) Other revenues include building rental revenue, which is not under the scope of Revenue from Contracts with Customers (Topic 606). Building rental revenue was $6.8$6.7 million and $7.3 million for the thirdfirst quarters of 20232024 and 2022, respectively, and $20.5 million and $21.5 million for the first nine months of 2023, and 2022, respectively.
The following table summarizes digital and print subscription revenues, which are components of subscription revenues above, for the third quarters ended March 31, 2024, and first nine months ended September 30, 2023, and September 25, 2022:March 31, 2023:
For the Quarters EndedFor the Nine Months Ended
For the Quarters Ended
For the Quarters Ended
For the Quarters Ended
(In thousands)
(In thousands)
(In thousands)(In thousands)September 30, 2023As % of totalSeptember 25, 2022As % of totalSeptember 30, 2023As % of totalSeptember 25, 2022As % of total
Digital-only subscription revenues(1)
Digital-only subscription revenues(1)
$282,228 67.4 %$243,889 63.7 %$810,770 66.1 %$709,378 62.3 %
Digital-only subscription revenues (1)
Digital-only subscription revenues (1)
Print subscription revenues (2)
Print subscription revenues (2)
Print subscription revenues(2)
Print subscription revenues(2)
136,349 32.6 %138,783 36.3 %414,939 33.9 %428,892 37.7 %
Total subscription revenuesTotal subscription revenues$418,577 100.0 %$382,672 100.0 %$1,225,709 100.0 %$1,138,270 100.0 %
(1) Includes revenue from bundled and standalone subscriptions to our news product, as well as to The Athletic and to our Cooking, Games and Wirecutter products.
Total subscription revenues
Total subscription revenues
(1) Includes revenue from bundled and standalone subscriptions to our news product, as well as to The Athletic and our Cooking, Games and Wirecutter products.
(1) Includes revenue from bundled and standalone subscriptions to our news product, as well as to The Athletic and our Cooking, Games and Wirecutter products.
(1) Includes revenue from bundled and standalone subscriptions to our news product, as well as to The Athletic and our Cooking, Games and Wirecutter products.
(2) Includes domestic home-delivery subscriptions, which include access to our digital products. Also includes single-copy, NYT International and Other subscription revenues.
(2) Includes domestic home-delivery subscriptions, which include access to our digital products. Also includes single-copy, NYT International and Other subscription revenues.
(2) Includes domestic home-delivery subscriptions, which include access to our digital products. Also includes single-copy, NYT International and Other subscription revenues.
8

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table summarizes digital and print advertising revenues, which are components of advertising revenues above, for the third quarters ended March 31, 2024, and first nine months ended September 30, 2023, and September 25, 2022:March 31, 2023:
For the Quarters EndedFor the Nine Months Ended
For the Quarters Ended
For the Quarters Ended
For the Quarters Ended
(In thousands)
(In thousands)
(In thousands)(In thousands)September 30, 2023As % of totalSeptember 25, 2022As % of totalSeptember 30, 2023As % of totalSeptember 25, 2022As % of total
Advertising revenues:Advertising revenues:
Advertising revenues:
Advertising revenues:
Digital
Digital
DigitalDigital$75,001 64.0 %$70,282 63.6 %$210,076 61.6 %$206,588 60.0 %
PrintPrint42,112 36.0 %40,185 36.4 %131,048 38.4 %137,528 40.0 %
Print
Print
Total advertisingTotal advertising$117,113 100.0 %$110,467 100.0 %$341,124 100.0 %$344,116 100.0 %
Total advertising
Total advertising
Performance Obligations
We have remaining performance obligations related to digital archive and other licensing and certain advertising contracts. As of September 30, 2023,March 31, 2024, the aggregate amount of the transaction price allocated to the remaining performance obligations for contracts with a duration greater than one year was approximately $194$183 million. The Company will recognize this revenue as performance obligations are satisfied. We expect that approximately $23$76 million, $74$76 million and $97$31 million will be recognized in the remainder of 2023, 2024, 2025 and thereafter through 2028, respectively.
9

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Unexpired Subscriptions
Payments for subscriptions are typically due upfront and the revenue is recognized ratably over the subscription period. The proceeds are recorded within Unexpired subscriptions revenue in the Condensed Consolidated Balance Sheet. Total unexpired subscriptions as of December 31, 2022,2023, were $155.9$172.8 million, of which approximately $149$110 million was recognized as revenues during the ninethree months ended September 30, 2023.March 31, 2024.
Contract Assets
As of September 30, 2023,March 31, 2024, and December 31, 2022,2023, the Company had $3.7$3.3 million and $3.5 million, respectively, in contract assets recorded in the Condensed Consolidated Balance Sheets related to digital archiving licensing revenue. The contract asset is reclassified to Accounts receivable when the customer is invoiced based on the contractual billing schedule.
9

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 4. MARKETABLE SECURITIES
The Company accounts for its marketable securities as available for sale (“AFS”). Pre-tax net unrealized losses in Accumulated other comprehensive income (“AOCI”) were $5.4$1.4 million and $11.4$0.7 million as of September 30, 2023,March 31, 2024, and December 31, 2022,2023, respectively.
The following tables present the amortized cost, gross unrealized gains and losses, and fair market value of our AFS securities as of September 30, 2023,March 31, 2024, and December 31, 2022:2023:
September 30, 2023
March 31, 2024March 31, 2024
(In thousands)(In thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value(In thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term AFS securitiesShort-term AFS securities
Short-term AFS securities
Short-term AFS securities
U.S. Treasury securities
U.S. Treasury securities
U.S. Treasury securities
Corporate debt securities
U.S. governmental agency securities
Total short-term AFS securities
Total short-term AFS securities
Total short-term AFS securities
Long-term AFS securities
Corporate debt securities
Corporate debt securities
Corporate debt securitiesCorporate debt securities$119,854 $— $(3,089)$116,765 
U.S. Treasury securitiesU.S. Treasury securities35,673 — (562)35,111 
U.S. governmental agency securitiesU.S. governmental agency securities11,000 — (139)10,861 
Total short-term AFS securities$166,527 $— $(3,790)$162,737 
Long-term AFS securities
U.S. Treasury securities$126,739 $$(1,026)$125,718 
Corporate debt securities59,542 (525)59,024 
U.S. governmental agency securities4,828 — (116)4,712 
Total long-term AFS securitiesTotal long-term AFS securities$191,109 $12 $(1,667)$189,454 
December 31, 2023December 31, 2023
(In thousands)(In thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term AFS securities
U.S. Treasury securities
U.S. Treasury securities
U.S. Treasury securities
Corporate debt securities
U.S. governmental agency securities
December 31, 2022
(In thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term AFS securities
Total short-term AFS securities
Total short-term AFS securities
Total short-term AFS securities
Long-term AFS securities
Corporate debt securities
Corporate debt securities
Corporate debt securitiesCorporate debt securities$52,315 $— $(1,286)$51,029 
U.S. Treasury securitiesU.S. Treasury securities45,096 — (963)44,133 
U.S. governmental agency securitiesU.S. governmental agency securities22,806 — (722)22,084 
Municipal securities8,903 — (177)8,726 
Total short-term AFS securities$129,120 $— $(3,148)$125,972 
Long-term AFS securities
U.S. Treasury securities$25,990 $— $(1,576)$24,414 
Corporate debt securities115,207 — (6,377)108,830 
U.S. governmental agency securities5,999 — (326)5,673 
Total long-term AFS securitiesTotal long-term AFS securities$147,196 $— $(8,279)$138,917 
10

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following tables represent the AFS securities as of September 30, 2023,March 31, 2024, and December 31, 2022,2023, that were in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position:
March 31, 2024March 31, 2024
Less than 12 MonthsLess than 12 Months12 Months or GreaterTotal
(In thousands)(In thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Short-term AFS securities
U.S. Treasury securities
U.S. Treasury securities
U.S. Treasury securities
Corporate debt securities
U.S. governmental agency securities
September 30, 2023
Less than 12 Months12 Months or GreaterTotal
(In thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Short-term AFS securities
Total short-term AFS securities
Total short-term AFS securities
Total short-term AFS securities
Long-term AFS securities
Corporate debt securities
Corporate debt securities
Corporate debt securitiesCorporate debt securities$11,288 $(37)$105,476 $(3,052)$116,764 $(3,089)
U.S. Treasury securitiesU.S. Treasury securities7,361 (6)33,518 (992)40,879 (998)
U.S. governmental agency securitiesU.S. governmental agency securities— — 10,861 (139)10,861 (139)
Total short-term AFS securities$18,649 $(43)$149,855 $(4,183)$168,504 $(4,226)
Long-term AFS securities
U.S. Treasury securities$103,039 $(488)$2,188 $(103)$105,227 $(591)
Corporate debt securities48,226 (224)5,891 (301)54,117 (525)
U.S. governmental agency securities3,762 (66)950 (49)4,712 (115)
Total long-term AFS securitiesTotal long-term AFS securities$155,027 $(778)$9,029 $(453)$164,056 $(1,231)

December 31, 2022
Less than 12 Months12 Months or GreaterTotal
December 31, 2023December 31, 2023
Less than 12 MonthsLess than 12 Months12 Months or GreaterTotal
(In thousands)(In thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses(In thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Short-term AFS securitiesShort-term AFS securities
Corporate debt securities$3,799 $(11)$47,230 $(1,275)$51,029 $(1,286)
Short-term AFS securities
Short-term AFS securities
U.S. Treasury securitiesU.S. Treasury securities— — 44,133 (963)44,133 (963)
U.S. governmental agency securities— — 22,084 (722)22,084 (722)
Municipal securities— — 8,726 (177)8,726 (177)
Total short-term AFS securities$3,799 $(11)$122,173 $(3,137)$125,972 $(3,148)
Long-term AFS securities
U.S. Treasury securities
U.S. Treasury securitiesU.S. Treasury securities$282 $(9)$24,132 $(1,567)$24,414 $(1,576)
Corporate debt securitiesCorporate debt securities2,004 (57)106,826 (6,320)108,830 (6,377)
U.S. governmental agency securitiesU.S. governmental agency securities— — 5,673 (326)5,673 (326)
Total short-term AFS securities
Total short-term AFS securities
Total short-term AFS securities
Long-term AFS securities
Corporate debt securities
Corporate debt securities
Corporate debt securities
U.S. Treasury securities
U.S. governmental agency securities
Total long-term AFS securitiesTotal long-term AFS securities$2,286 $(66)$136,631 $(8,213)$138,917 $(8,279)
Total long-term AFS securities
Total long-term AFS securities
We assess AFS securities on a quarterly basis or more often if a potential loss-triggering event occurs.
As of September 30, 2023March 31, 2024, and December 31, 2022,2023, we did not intend to sell and it was not likely that we would be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. Unrealized losses related to these investments are primarily due to interest rate fluctuations as opposed to changes in credit quality. Therefore, as of September 30, 2023March 31, 2024, and December 31, 2022,2023, we have recognized no losses or allowance for credit losses related to AFS securities.
11

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
As of September 30, 2023,March 31, 2024, our short-term and long-term marketable securities had remaining maturities of less than one month to 12 months and 13 months to 2526 months, respectively. See Note 8 for more information regarding the fair value of our marketable securities.
11

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 5. GOODWILL AND INTANGIBLES
Goodwill and Intangibles
The changes in the carrying amount of goodwill as of September 30, 2023,March 31, 2024, and since December 26, 2021,31, 2022, were as follows:
(In thousands)(In thousands)NYTGThe AthleticTotal(In thousands)NYTGThe AthleticTotal
Balance as of December 26, 2021$166,360 $— $166,360 
Foreign currency translation(3,674)— (3,674)
Acquisition of The Athletic Media Company— 249,792 249,792 
Measurement period adjustments— 1,568 1,568 
Balance as of December 31, 2022Balance as of December 31, 2022162,686 251,360 414,046 
Foreign currency translationForeign currency translation(740)— (740)
Balance as of September 30, 2023$161,946 $251,360 $413,306 
Balance as of December 31, 2023
Foreign currency translation
Balance as of March 31, 2024
The foreign currency translation line item reflects changes in goodwill resulting from fluctuating exchange rates related to the consolidation of certain international subsidiaries.
As of September 30,March 31, 2024 and December 31, 2023, the gross book value and accumulated amortization of the finite-lived intangible assets with definite lives were as follows:
March 31, 2024March 31, 2024
(In thousands)(In thousands)Gross Book ValueAccumulated AmortizationNet Book ValueRemaining Weighted-Average Useful Life (Years)(In thousands)Gross Book ValueAccumulated AmortizationNet Book ValueRemaining Weighted-Average Useful Life (Years)
TrademarkTrademark$162,618 $(15,492)$147,126 18.5Trademark$162,618 $$(19,951)$$142,667 18.118.1
Existing subscriber baseExisting subscriber base136,500 (20,250)116,250 10.5Existing subscriber base136,500 (25,875)(25,875)110,625 110,625 10.010.0
Developed technologyDeveloped technology38,401 (13,546)24,855 3.5Developed technology38,401 (17,216)(17,216)21,185 21,185 2.92.9
Content archiveContent archive5,751 (3,640)2,111 2.5Content archive5,751 (4,287)(4,287)1,464 1,464 2.42.4
Total finite-lived intangiblesTotal finite-lived intangibles$343,270 $(52,928)$290,342 13.9Total finite-lived intangibles$343,270 $$(67,329)$$275,941 13.613.6
December 31, 2023
(In thousands)Gross Book ValueAccumulated AmortizationNet Book ValueRemaining Weighted-Average Useful Life (Years)
Trademark$162,618 $(17,767)$144,851 18.3
Existing subscriber base136,500 (23,062)113,438 10.2
Developed technology38,401 (15,381)23,020 3.2
Content archive5,751 (4,047)1,704 2.5
Total finite-lived intangibles$343,270 $(60,257)$283,013 13.7
Amortization expense for intangible assets included in Depreciation and amortization in our Condensed Consolidated Statements of Operations was $7.3$7.1 million and $7.4 million for the third quarters of 2023 and 2022, respectively, and $22.0 million and $19.7$7.3 million for the first nine monthsquarters of 20232024 and 2022,2023, respectively. The estimated aggregate amortization expense for the remainder of 20232024 and each of the following fiscal years ending December 31 is presented below:
(In thousands)(In thousands)
Remainder of 2023$7,322 
202427,487 
Remainder of 2024
Remainder of 2024
Remainder of 2024
2025202527,213 
2026202626,960 
2027202720,171 
2028
ThereafterThereafter181,189 
Total amortization expenseTotal amortization expense$290,342 
The aggregate carrying amount of intangible assets of $292.8$278.4 million, which includes an indefinite-lived intangible of $2.5 million, is included in Intangible assets, net in our Condensed Consolidated Balance Sheet as of September 30, 2023.March 31, 2024.
12

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
During the quarter ended September 30, 2023, we reduced our long-term advertising and subscription revenue expectations for Serial podcasts. As a result, we performed an interim quantitative impairment test for the Serial indefinite-lived intangible asset as of September 30, 2023. We compared the fair value of the Serial trademark, calculated using a discounted cash flow analysis, to its carrying value and recorded an impairment charge of $2.5 million. This charge is included in Impairment charges in our Condensed Consolidated Statement of Operations.
NOTE 6. INVESTMENTS
Non-Marketable Equity Securities
Our non-marketable equity securities are investments in privately held companies/funds without readily determinable market values. Gains and losses on non-marketable securities revalued, sold or impaired are recognized in Interest income and other, net in our Condensed Consolidated Statements of Operations.
As of September 30, 2023,March 31, 2024, and December 31, 2022,2023, non-marketable equity securities included in Miscellaneous assets in our Condensed Consolidated Balance Sheets had a carrying value of $29.7 million and $29.8 million, respectively.million.
NOTE 7. OTHER
Capitalized Computer Software Costs
Amortization of capitalized computer software costs included in Depreciation and amortization in our Condensed Consolidated Statements of Operations was $2.1$2.0 million and $2.0 million for the third quarters of 2023 and 2022, respectively, and $5.7 million and $5.9$1.7 million for the first nine monthsquarters of 20232024 and 2022,2023, respectively.
Interest income and other, net
Interest income and other, net, as shown in the accompanying Condensed Consolidated Statements of Operations, was as follows:
For the Quarters EndedFor the Nine Months Ended
(In thousands)September 30, 2023September 25, 2022September 30, 2023September 25, 2022
Interest income$6,016 $1,817 $14,182 $4,574 
Gain on the sale of land (1)
— — — 34,227 
Interest expense(280)(238)(756)(543)
Total interest income and other, net$5,736 $1,579 $13,426 $38,258 
(1) On December 9, 2020, we entered into an agreement to lease and subsequently sell approximately four acres of land at our printing and distribution facility in College Point, N.Y., subject to certain conditions. The lease commenced on April 11, 2022. At the time of the lease expiration in February 2025, we will sell the parcel to the lessee for approximately $36 million. The transaction is accounted for as a sales-type lease and as a result, we recognized a gain of approximately $34 million (net of commissions) at the time of lease commencement.
For the Quarters Ended
(In thousands)March 31, 2024March 31, 2023
Interest income$8,638 $3,421 
Interest expense(251)(248)
Total interest income and other, net$8,387 $3,173 
Restricted Cash
A reconciliation of cash, cash equivalents and restricted cash as of September 30,March 31, 2024, and March 31, 2023, and September 25, 2022, from the Condensed Consolidated Balance Sheets to the Condensed Consolidated Statements of Cash Flows is as follows:
(In thousands)(In thousands)September 30, 2023September 25, 2022(In thousands)March 31, 2024March 31, 2023
Reconciliation of cash, cash equivalents and restricted cashReconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalentsCash and cash equivalents$235,566 $190,050 
Cash and cash equivalents
Cash and cash equivalents
Restricted cash included within miscellaneous assetsRestricted cash included within miscellaneous assets14,293 13,668 
Restricted cash included within miscellaneous assets
Restricted cash included within miscellaneous assets
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash FlowsTotal cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows$249,859 $203,718 
Substantially all of the amount included in restricted cash is set aside to collateralize workers’ compensation obligations.
13

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Revolving Credit Facility
On July 27, 2022, the Company entered into an amendment and restatement of its previous credit facility that, among other changes, increased the committed amount to $350.0 million and extended the maturity date to July 27, 2027 (as amended and restated, the “Credit Facility”). Certain of the Company’s domestic subsidiaries have guaranteed the Company’s obligations under the Credit Facility. Borrowings under the Credit Facility bear interest at specified rates based on our utilization and consolidated leverage ratio. The Credit Facility contains various customary affirmative and negative covenants. In addition, the Company is obligated to pay a quarterly unused commitment fee at an annual rate of 0.20%.
As of September 30, 2023,March 31, 2024, and December 31, 2022,2023, there were no borrowings and approximately $0.6 million in outstanding letters of credit, with the remaining committed amount available. As of September 30, 2023,March 31, 2024, the Company was in compliance with the financial covenants contained in the Credit Facility.
Severance Costs
We recognized $3.1$4.4 million and $2.0$3.8 million in severance costs for the thirdfirst quarters of 20232024 and 2022, respectively, and $7.6 million and $4.7 million for the first nine months of 2023, and 2022, respectively. These costs are recorded in General and administrative costs in our Condensed Consolidated Statements of Operations.
We had a severance liability of $6.9$7.5 million and $4.4 million included in Accrued expenses and other in our Condensed Consolidated Balance Sheets as of September 30, 2023,March 31, 2024, and December 31, 2022,2023, respectively.
Impairment Charges
13

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Generative AI Litigation Costs
In September 2023, wethe first quarter of 2024, the Company recorded $1.0 million of pre-tax litigation-related costs in connection with a $2.5 million impairmentlawsuit against Microsoft Corporation (“Microsoft”) and Open AI Inc. and various of our Serial podcast indefinite-lived intangible asset.its corporate affiliates (collectively, “OpenAI”), alleging unlawful and unauthorized copying and use of the Company’s journalism and other content in connection with their development of generative artificial intelligence products (“Generative AI Litigation Costs”). See Note 514 for more details.additional information.
In June 2023, we ceased using certain leased office space in Long Island City, New York. As a result, we recorded non-cash impairment charges of $7.6 million and $5.1 million to the right-of-use assets and fixed assets, respectively. The impairment amount was determined by comparing the fair value of the impacted asset group to its carrying value as of the measurement date, as required by ASC 360, Property, Plant and Equipment. The fair value of the asset group was based on estimated sublease income for the affected property, taking into consideration the time we expect it will take to obtain a sublease tenant and the expected applicable discount rates.
14

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 8. FAIR VALUE MEASUREMENTS
Fair value is the price that would be received upon the sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. The transaction would be in the principal or most advantageous market for the asset or liability, based on assumptions that a market participant would use in pricing the asset or liability. The fair value hierarchy consists of three levels:
Level 1–quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date;
Level 2–inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
Level 3–unobservable inputs for the asset or liability.
14

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Assets/Liabilities Measured and Recorded at Fair Value on a Recurring Basis
The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2023,March 31, 2024, and December 31, 2022:2023:
(In thousands)(In thousands)September 30, 2023December 31, 2022(In thousands)March 31, 2024December 31, 2023
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Assets:Assets:
Short-term AFS securities (1)
Short-term AFS securities (1)
Short-term AFS securities (1)
Short-term AFS securities (1)
U.S Treasury securities
U.S Treasury securities
U.S Treasury securities
Corporate debt securities
U.S. governmental agency securities
Total short-term AFS securities
Total short-term AFS securities
Total short-term AFS securities
Long-term AFS securities (1)
Corporate debt securities
Corporate debt securities
Corporate debt securitiesCorporate debt securities$116,765 $— $116,765 $— $51,029 $— $51,029 $— 
U.S Treasury securitiesU.S Treasury securities35,111 — 35,111 — 44,133 — 44,133 — 
U.S. governmental agency securitiesU.S. governmental agency securities10,861 — 10,861 — 22,084 — 22,084 — 
Municipal securities— — — — 8,726 — 8,726 — 
Total short-term AFS securities$162,737 $— $162,737 $— $125,972 $— $125,972 $— 
Long-term AFS securities (1)
U.S. Treasury securities$125,718 $— $125,718 $— $24,414 $— $24,414 $— 
Corporate debt securities59,024 — 59,024 — 108,830 — 108,830 — 
U.S. governmental agency securities4,712 — 4,712 — 5,673 — 5,673 — 
Total long-term AFS securities
Total long-term AFS securities
Total long-term AFS securitiesTotal long-term AFS securities$189,454 $— $189,454 $— $138,917 $— $138,917 $— 
Liabilities:Liabilities:
Deferred compensation (2)(3)
Deferred compensation (2)(3)
$12,475 $12,475 $— $— $14,635 $14,635 $— $— 
Deferred compensation (2)(3)
Deferred compensation (2)(3)
Contingent consideration (4)
Contingent consideration (4)
$5,551 $— $— $5,551 $5,324 $— $— $5,324 
(1) We classified these investments as Level 2 since the fair value is based on market observable inputs for investments with similar terms and maturities.
(2) The deferred compensation liability, included in Other liabilities—other in our Condensed Consolidated Balance Sheets, consists of deferrals under The New York Times Company Deferred Executive Compensation Plan (the “DEC”), a frozen plan that enabled certain eligible executives to elect to defer a portion of their compensation on a pre-tax basis. The deferred amounts are invested at the executives’ option in various mutual funds. The fair value of deferred compensation is based on the mutual fund investments elected by the executives and on quoted prices in active markets for identical assets. Participation in the DEC was frozen effective December 31, 2015.
(3) The Company invests the assets associated with the deferred compensation liability in life insurance products. Our investments in life insurance products are included in Miscellaneous assets in our Condensed Consolidated Balance Sheets, and were $50.6$53.8 million as of September 30, 2023,March 31, 2024, and $48.4$52.3 million as of December 31, 2022.2023. The fair value of these assets is measured using the net asset value per share (or its equivalent) and has not been classified in the fair value hierarchy.
(4) The remaining contingent consideration balances (as discussed below) are included in Accrued expenses and other, for the current portion of the liability, and Other non-current liabilities, for the long-term portion of the liability, in our Condensed Consolidated Balance Sheets.
15

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Level 3 Liabilities
The contingent consideration liability is related to the 2020 acquisition of substantially all the assets and certain liabilities of Serial Productions, LLC and represents contingent payments based on the achievement of certain operational targets, as defined in the acquisition agreement, over the five years following the acquisition. The Company estimated the fair value using a probability-weighted discounted cash flow model. The estimate of the fair value of contingent consideration requires subjective assumptions to be made regarding probabilities assigned to operational targets and the discount rate. As the fair value is based on significant unobservable inputs, this is a Level 3 liability.
The following table presents changes in the contingent consideration balances for the third quarters ended March 31, 2024, and nine months ended September 30, 2023, and September 25, 2022:March 31, 2023:
Quarters EndedNine Months Ended
Quarters Ended
Quarters Ended
Quarters Ended
(In thousands)(In thousands)September 30, 2023September 25, 2022September 30, 2023September 25, 2022
(In thousands)
(In thousands)
Balance at the beginning of the period
Balance at the beginning of the period
Balance at the beginning of the periodBalance at the beginning of the period$5,464 $5,858 $5,324 $7,450 
PaymentsPayments(862)— (2,586)(1,724)
Payments
Payments
Fair value adjustments (1)
Fair value adjustments (1)
Fair value adjustments (1)
Fair value adjustments (1)
949 — 2,813 132 
Contingent consideration at the end of the periodContingent consideration at the end of the period$5,551 $5,858 $5,551 $5,858 
Contingent consideration at the end of the period
Contingent consideration at the end of the period
(1) Fair value adjustments are included in General and administrative costs in our Condensed Consolidated Statements of Operations.
(1) Fair value adjustments are included in General and administrative costs in our Condensed Consolidated Statements of Operations.
(1) Fair value adjustments are included in General and administrative costs in our Condensed Consolidated Statements of Operations.
NOTE 9. PENSION AND OTHER POSTRETIREMENT BENEFITS
Pension
Single-Employer Plans
We maintain The New York Times Companies Pension Plan, a frozen single-employer defined benefit pension plan. The Company also jointly sponsors a defined benefit plan with The NewsGuild of New York known as the Guild-Times Adjustable Pension Plan (the “APP”) that continues to accrue active benefits.
We also have a foreign-based pension plan for certain employees (the “foreign plan”). The information for the foreign plan is combined with the information for U.S. non-qualified plans. The benefit obligation of the foreign plan is immaterial to our total benefit obligation.
The components of net periodic pension (income)/cost were as follows:
For the Quarters Ended
For the Quarters EndedFor the Quarters Ended
September 30, 2023September 25, 2022 March 31, 2024March 31, 2023
(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 costService cost$1,417 $— $1,417 $2,882 $— $2,882 
Interest costInterest cost14,198 2,296 16,494 8,837 1,284 10,121 
Expected return on plan assetsExpected return on plan assets(19,122)— (19,122)(13,807)— (13,807)
Amortization of actuarial lossAmortization of actuarial loss663 890 1,553 3,266 1,643 4,909 
Amortization of prior service creditAmortization of prior service credit(486)— (486)(486)— (486)
Net periodic pension (income)/costNet periodic pension (income)/cost$(3,330)$3,186 $(144)$692 $2,927 $3,619 
Net periodic pension (income)/cost
Net periodic pension (income)/cost
During the first quarters of 2024 and 2023, we made pension contributions of $3.4 million and $2.0 million, respectively, to the APP. We expect to make contractual contributions in 2024 of approximately $12 million, which more than satisfy minimum funding requirements.
16

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
For the Nine Months Ended
 September 30, 2023September 25, 2022
(In thousands)Qualified
Plans
Non-
Qualified
Plans
All
Plans
Qualified
Plans
Non-
Qualified
Plans
All
Plans
Service cost$4,252 $— $4,252 $8,645 $— $8,645 
Interest cost42,595 6,887 49,482 26,512 3,853 30,365 
Expected return on plan assets(57,367)— (57,367)(41,422)— (41,422)
Amortization of actuarial loss1,991 2,669 4,660 9,799 4,929 14,728 
Amortization of prior service credit(1,459)— (1,459)(1,459)— (1,459)
Net periodic pension (income)/cost$(9,988)$9,556 $(432)$2,075 $8,782 $10,857 
During the first nine months of 2023 and 2022, we made pension contributions of $7.7 million and $7.5 million, respectively, to the APP. We expect to make contractual contributions in 2023 of approximately $10 million, which more than satisfy minimum funding requirements.
As part of our strategy to reduce the pension obligations and the resulting impact on our overall financial position, we have offered lump-sum payments to certain former employees participating in both our qualified and non-qualified pension plans. In the third quarter of 2023, the Company extended a voluntary offer to certain former employees who participated in The New York Times Companies Pension Plan to elect immediate lump-sum payments. The election period for this voluntary offer closes on November 14, 2023.
Multiemployer Plans
During the third quarters of 2023 and 2022, we recorded favorable adjustments of $2.3 million and $7.1 million, respectively, related to a reduction to our multiemployer pension plan liability. These adjustments were recorded in Multiemployer pension plan liability adjustment in our Condensed Consolidated Statements of Operations.
Other Postretirement Benefits
The components of net periodic postretirement benefit cost were as follows:
For the Quarters EndedFor the Nine Months Ended
For the Quarters Ended
For the Quarters Ended
For the Quarters Ended
(In thousands)
(In thousands)
(In thousands)(In thousands)September 30, 2023September 25, 2022September 30, 2023September 25, 2022
Service costService cost$$11 $25 $34 
Service cost
Service cost
Interest cost
Interest cost
Interest costInterest cost375 183 1,126 548 
Amortization of actuarial lossAmortization of actuarial loss486 823 1,455 2,470 
Amortization of prior service credit— — — (368)
Amortization of actuarial loss
Amortization of actuarial loss
Net periodic postretirement benefit costNet periodic postretirement benefit cost$869 $1,017 $2,606 $2,684 
Net periodic postretirement benefit cost
Net periodic postretirement benefit cost
17

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 10. INCOME TAXES
The Company had income tax expense of $16.4$15.2 million and $40.2$9.4 million in the third quarterfirst quarters of 2024 and first nine months of 2023, respectively. The Company had income tax expense of $14.2 million and $39.2 million in the third quarter and first nine months of 2022, respectively. The Company’s effective tax rates were 23.4% and 24.7% for the third quarter and first nine months of 2023, respectively. The Company’s effective tax rates were 28.0%27.4% and 27.5%29.7% for the third quarterfirst quarters of 2024 and first nine months of 2022,2023, respectively. The increase in income tax expense in the third quarter and first nine months of 2023 was primarily due to higher pre-tax income in both periods.the first quarter of 2024. The decrease in the effective tax rate in the third quarter and first nine months of 2023 was primarily due to non-deductible items having a lower impact on the rate due to higher federal tax credits for increasing research and development activities in 2023.
Beginning in 2022, the Tax Cuts and Jobs Act of 2017 eliminated the option to deduct research and development expenditures immediatelypre-tax income in the year incurredfirst quarter of 2024.
The Organization for Economic Co-operation and instead requires taxpayers to capitalizeDevelopment enacted model rules for a new global minimum tax framework, also known as Pillar Two, and amortize such expenditures over five years. In 2022, our cash from operations decreased approximately $60 millioncertain governments globally have enacted these rules effective January 1, 2024. We are monitoring this development and our net deferred tax assets increased by a similar amount as a result of this legislation. In 2023, we expect a negativeevaluating its potential impact on our cash from operations of approximately $31 million. The actual impact on 2023 cash from operations will depend ontax rate and eligibility to qualify for the amount of researchsafe harbor provisions and development costs we incur, on whether Congress modifies or repeals this provision, and on whether new guidance and interpretive rules are issued by the U.S. Treasury, among other factors.
On August 16, 2022, the President signed the Inflation Reduction Act of 2022 (the “IRA”) into law. Wecurrently do not expect the tax-related provisions of the IRA, which are effective beginning in 2023, to have a material impact on our consolidated financial statements.from the Pillar Two income tax rules.
NOTE 11. EARNINGS PER SHARE
We compute earnings per share based upon the lower of the two-class method or the treasury stock method. The two-class method is an earnings allocation method used when a company’s capital structure includes either two or more classes of common stock or common stock and participating securities. This method determines earnings per share based on dividends declared on common stock and participating securities (i.e., distributed earnings), as well as participation rights of participating securities in any undistributed earnings.
Earnings per share is computed using both basic shares and diluted shares. The difference between basic and diluted shares is that diluted shares include the dilutive effect of the assumed exercise of outstanding securities. Our stock-settled long-term performance awards and restricted stock units could have a significant impact on diluted shares. The difference between basic and diluted shares was approximately 0.81.0 million and 0.70.4 million in the third quarterfirst quarters of 2024 and first nine months of 2023, respectively, and resulted primarily from the dilutive effect of our stock-based awards. The difference between basic and diluted shares was de minimis in the third quarter and first nine months of 2022, respectively.
Securities that could potentially be dilutive are excluded from the computation of diluted earnings per share when a loss from continuing operations exists or when the exercise price exceeds the market value of our Class A Common Stock because their inclusion would result in an anti-dilutive effect on per share amounts.
There were approximately 0.1 millionno restricted stock units excluded from the computation of diluted earnings per share in the thirdfirst quarter and first nine months of 2023, because they were anti-dilutive.2024. There were approximately 1.6 million and 1.1 million restricted stock units excluded from the computation of diluted earnings per share in the thirdfirst quarter and first nine months of 2022, respectively,2023, because they were anti-dilutive. There were no anti-dilutive stock-settled long-term performance awards excluded from the computation of diluted earnings per share in the thirdfirst quarters of 2024 and first nine months of 2023 and 2022.2023.
NOTE 12. SUPPLEMENTAL STOCKHOLDERS’ EQUITY INFORMATION
Share Repurchases
In February 2022, the Board of Directors approved a $150.0 million Class A share repurchase program that replaced the previous program, which was approved in 2015. In February 2023, in addition to the remaining 2022 authorization, the Board of Directors approved a $250.0 million Class A share repurchase program. The authorizations provide that shares of Class A Common Stock may be purchased from time to time as market conditions warrant, through open-market purchases, privately negotiated transactions or other means, including Rule 10b5-1 trading plans. We expect to repurchase shares to offset the impact of dilution from our equity compensation program and to return capital to our stockholders. There is no expiration date with respect to these authorizations.
As of September 30, 2023,March 31, 2024, repurchases under these authorizations totaled approximately $148.6$182.0 million (excluding commissions)commissions and excise taxes), fully utilizing the 2022 authorization and leaving approximately $251.4$218.0 million remained.remaining under the 2023 authorization. During the ninethree months ended September 30, 2023,March 31, 2024, repurchases under these authorizations totaled approximately $43.6 million (excluding commissions).$32.4 million.
1817

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Accumulated Other Comprehensive Income
The following table summarizes the changes in AOCI by component as of September 30, 2023:March 31, 2024:
(In thousands)Foreign Currency Translation AdjustmentsFunded Status of Benefit PlansNet Unrealized Loss on Available-For-Sale SecuritiesTotal Accumulated Other Comprehensive Loss
Balance as of December 31, 2022$(510)$(348,947)$(8,390)$(357,847)
Other comprehensive income before reclassifications, before tax(1,199)— 5,984 4,785 
Amounts reclassified from accumulated other comprehensive loss, before tax— 4,656 — 4,656 
Income tax expense(352)1,230 1,585 2,463 
Net current-period other comprehensive income, net of tax(847)3,426 4,399 6,978 
Balance as of September 30, 2023$(1,357)$(345,521)$(3,991)$(350,869)
(In thousands)Foreign Currency Translation AdjustmentsFunded Status of Benefit PlansNet Unrealized Loss on Available-For-Sale SecuritiesTotal Accumulated Other Comprehensive Loss
Balance as of December 31, 2023$910 $(353,286)$(486)$(352,862)
Other comprehensive loss before reclassifications, before tax(1,846)— (709)(2,555)
Amounts reclassified from accumulated other comprehensive loss, before tax— 3,288 — 3,288 
Income tax (benefit)/expense(483)899 (186)230 
Net current-period other comprehensive (loss)/income, net of tax(1,363)2,389 (523)503 
Balance as of March 31, 2024$(453)$(350,897)$(1,009)$(352,359)
The following table summarizes the reclassifications from AOCI for the ninethree months ended September 30, 2023:March 31, 2024:
(In thousands)

Detail about accumulated other comprehensive loss components
 Amounts reclassified from accumulated other comprehensive lossAffects line item in the statement where net income is presented
Funded status of benefit plans:
Amortization of prior service credit (1)
$(1,459)(486)Other components of net periodic benefit costs/(income)/costs
Amortization of actuarial loss (1)
6,1153,774 Other components of net periodic benefit costs/(income)/costs
Total reclassification, before tax (2)
4,6563,288 
Income tax expense1,230899 Income tax expense
Total reclassification, net of tax$3,4262,389 
(1) These AOCI components are included in the computation of net periodic benefit (income)/cost for pension and other postretirement benefits. See Note 9 for more information.
(2) There were no reclassifications relating to noncontrolling interest for the quarter ended September 30, 2023.March 31, 2024.
Stock-based Compensation Expense
Total stock-based compensation expense included in the Condensed Consolidated Statements of Operations is as follows:
For the Quarters EndedFor the Nine Months Ended
(In thousands)September 30, 2023September 25, 2022September 30, 2023September 25, 2022
Cost of revenue$3,673 $2,028 $8,970 $5,647 
Sales and marketing350 337 1,214 1,006 
Product development5,554 2,986 14,472 7,586 
General and administrative4,986 3,912 14,060 11,060 
Total stock-based compensation expense$14,563 $9,263 $38,716 $25,299 

For the Quarters Ended
(In thousands)March 31, 2024March 31, 2023
Cost of revenue$3,954 $2,230 
Sales and marketing392 420 
Product development6,235 3,884 
General and administrative5,275 4,366 
Total stock-based compensation expense$15,856 $10,900 
1918

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 13. SEGMENT INFORMATION
The Company identifies a business as an operating segment if: (i) it engages in business activities from which it may earn revenues and incur expenses; (ii) its operating results are regularly reviewed by the Company’s President and Chief Executive Officer (who is the Company’s Chief Operating Decision Maker)CODM) to make decisions about resources to be allocated to the segment and assess its performance; and (iii) it has available discrete financial information.
Since the acquisition of The Athletic in the first quarter of 2022, the Company has had two reportable segments: NYTG and The Athletic. These segments are evaluated regularly by the Company’s Chief Operating Decision MakerCODM in assessing performance and allocating resources. Management uses adjusted operating profit (loss) by segment in assessing performance and allocating resources. Adjusted operating profit is defined as operating profit before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items. Adjusted operating profit for NYTG and The Athletic is presented below, along with a reconciliation to consolidated income before taxes. Asset information by segment is not a measure of performance used by the Company’s Chief Operating Decision Maker.CODM. Accordingly, we have not disclosed asset information by segment.
Subscription revenues from and expenses associated with our digital subscription package (or “bundle”) are allocated to NYTG and The Athletic. The Athletic was first introduced into our bundle in June 2022. Therefore, The Athletic’s results for the second quarter of 2022 include bundle revenues and expenses for only part of the quarter, whereas the second quarter of 2023 includes bundle revenues and expenses for the entire quarter.
Prior to April 1, 2023, we allocated bundle revenues first to our digital news product based on its standalone list price and then the remaining bundle revenues were allocated to the other products in the bundle, including The Athletic, based on their relative standalone list prices. Starting April 1, 2023, we allocate 10% of bundle revenues to The Athletic based on management’s view of The Athletic’s relative value to the bundle, which is derived based on analysis of various metrics, and allocate the remaining bundle revenues to NYTG.
Prior to April 1, 2023, we allocated to NYTG and The Athletic direct variable expenses associated with the bundle, which include credit card fees, third party fees and sales taxes, based on a historical actual percentage of these costs to bundle revenues. Starting April 1, 2023, we allocate 10% of product development, marketing and subscriber servicing expenses (including the direct variable expenses referenced above) associated with the bundle to The Athletic, and the remaining costs are allocated to NYTG, in each case, in line with the revenues allocations.
For comparison purposes, the Company has recast segment results for the quarters following the secondfirst quarter of 20222023 to reflect the updated allocation methodology. The second quarter of 2022 was not recast as the change was de minimis for that quarter in light of the timing of the introduction of The Athletic to the bundle.
The results of The Athletic have been included in our Condensed Consolidated Financial Statements beginning February 1, 2022, the date of the acquisition. Results for the first nine months of 2022 included The Athletic for approximately eight months, while results for the first nine months of 2023 included The Athletic for the full nine months.following tables present segment information:
For the Quarters Ended
(In thousands)March 31, 2024
March 31, 2023 (1)
% Change
Revenues
NYTG$557,394 $532,782 4.6 %
The Athletic37,184 27,957 33.0 %
Intersegment eliminations (2)
(563)— *
Total revenues$594,015 $560,739 5.9 %
Adjusted operating profit (loss)
NYTG$84,744 $65,287 29.8 %
The Athletic(8,690)(11,312)(23.2)%
Total adjusted operating profit$76,054 $53,975 40.9 %
Less:
Other components of net periodic benefit costs/(income)1,051 (685)*
Depreciation and amortization20,706 20,840 (0.6)%
Severance4,428 3,780 17.1 %
Multiemployer pension plan withdrawal costs1,612 1,455 10.8 %
Generative AI Litigation Costs989 — *
Add:
Interest income and other, net8,387 3,173 *
Income before income taxes$55,655 $31,758 75.2 %
(1) Recast to reflect the Company’s updated bundle allocation methodology.
(2) Intersegment eliminations (“I/E”) related to content licensing.
* Represents a change equal to or in excess of 100% or not meaningful.
2019

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following tables present segment information:
For the Quarters EndedFor the Nine Months Ended
(In thousands)September 30, 2023
September 25, 2022 (1)
% ChangeSeptember 30, 2023
September 25, 2022 (1)
% Change
Revenues
NYTG$563,903 $524,061 7.6 %$1,657,179 $1,585,463 4.5 %
The Athletic34,442 23,619 45.8 %92,758 55,322 67.7 %
Total revenues$598,345 $547,680 9.3 %$1,749,937 $1,640,785 6.7 %
Adjusted operating profit (loss)
NYTG$97,654 $81,030 20.5 %$262,911 $237,572 10.7 %
The Athletic(7,899)(12,053)(34.5)%(27,016)(31,473)(14.2)%
Total adjusted operating profit$89,755 $68,977 30.1 %$235,895 $206,099 14.5 %
Less:
Other components of net periodic benefit costs(684)1,757 *(2,053)4,903 *
Depreciation and amortization21,475 21,760 (1.3)%64,173 61,150 4.9 %
Severance3,086 2,010 53.5 %7,578 4,670 62.3 %
Multiemployer pension plan withdrawal costs1,397 1,319 5.9 %3,936 3,734 5.4 %
Acquisition-related costs— — — — 34,712 *
Impairment charges2,503 — *15,239 — *
Multiemployer pension plan liability adjustment(2,273)(7,127)(68.1)%(2,273)(7,127)(68.1)%
Add:
Interest income and other, net5,736 1,579 *13,426 38,258 (64.9)%
Income before income taxes$69,987 $50,837 37.7 %$162,721 $142,315 14.3 %
(1) Recast to reflect updated bundle allocation methodology.
* Represents a change equal to or in excess of 100% or not meaningful.
21

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Revenues detail by segmentRevenues detail by segment
For the Quarters EndedFor the Nine Months Ended
Revenues detail by segment
Revenues detail by segment
For the Quarters Ended
For the Quarters Ended
For the Quarters Ended
(In thousands)
(In thousands)
(In thousands)(In thousands)September 30, 2023
September 25, 2022 (1)
% ChangeSeptember 30, 2023
September 25, 2022 (1)
% Change
NYTGNYTG
NYTG
NYTG
Subscription
Subscription
SubscriptionSubscription$392,937 $361,488 8.7 %$1,152,130 $1,089,710 5.7 %
AdvertisingAdvertising108,672 108,134 0.5 %323,091 337,456 (4.3)%
Advertising
Advertising
Other
Other
OtherOther62,294 54,439 14.4 %181,958 158,297 14.9 %
TotalTotal$563,903 $524,061 7.6 %$1,657,179 $1,585,463 4.5 %
Total
Total
The Athletic
The Athletic
The AthleticThe Athletic
SubscriptionSubscription$25,640 $21,184 21.0 %$73,579 $48,560 51.5 %
Subscription
Subscription
Advertising
Advertising
AdvertisingAdvertising8,441 2,333 *18,033 6,660 *
OtherOther361 102 *1,146 102 *
Other
Other
TotalTotal$34,442 $23,619 45.8 %$92,758 $55,322 67.7 %
Total
Total
I/E (2)
I/E (2)
I/E (2)
The New York Times Company
The New York Times Company
The New York Times CompanyThe New York Times Company
SubscriptionSubscription$418,577 $382,672 9.4 %$1,225,709 $1,138,270 7.7 %
Subscription
Subscription
Advertising
Advertising
AdvertisingAdvertising117,113 110,467 6.0 %341,124 344,116 (0.9)%
OtherOther62,655 54,541 14.9 %183,104 158,399 15.6 %
Other
Other
TotalTotal$598,345 $547,680 9.3 %$1,749,937 $1,640,785 6.7 %
(1) Recast to reflect updated bundle allocation methodology.
Total
Total
(1) Recast to reflect the Company’s updated bundle allocation methodology.
(1) Recast to reflect the Company’s updated bundle allocation methodology.
(1) Recast to reflect the Company’s updated bundle allocation methodology.
(2) I/E related to content licensing recorded in Other revenues.
* 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.
NOTE 14. CONTINGENT LIABILITIESCONTINGENCIES
Legal Proceedings
We are involved in various legal actions incidental to our business that are now pending against us. These actions generally have damageassert damages claims that are greatly in excess of the payments,amount, if any, that we would be requiredliable to pay if we lost or settled the cases. We record a liability for legal claims when a loss is probable and the amount can be reasonably estimated. Although the Company cannot predict the outcome of these matters, no amount of loss in excess of recorded amounts as of September 30, 2023,of March 31, 2024, is believed to be reasonably possible.
NOTE 15. SUBSEQUENT EVENTS
DuringOn December 27, 2023, we filed a lawsuit against Microsoft and OpenAI in the third quarterUnited States District Court for the Southern District of 2023, the Company extended a voluntary offer to certain former employees who participated in The New York, Times Companies Pension Plan to elect immediate lump-sum payments. The election period for this voluntary offer closes on November 14, 2023. The Company expects to record a settlement charge in the fourth quarter of 2023 based on the participants’ acceptance rate, which we are not able to estimate asalleging copyright infringement, unfair competition, trademark dilution and violations of the filing dateDigital Millennium Copyright Act, related to their unlawful and unauthorized copying and use of our journalism and other content. We are seeking monetary relief, injunctive relief preventing Microsoft and OpenAI from continuing their unlawful, unfair and infringing conduct and other relief. We intend to vigorously pursue all of our legal remedies in this report for the quarterly period ended September 30, 2023.litigation, but there is no guarantee that we will be successful in our efforts.
2220


Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
EXECUTIVE OVERVIEW
We are a global media organization focused on creating collecting and distributing high-quality news and information that helps our audience understand and engage with the world. We believe that our original, independent and high-quality reporting, storytelling, expertise and journalistic excellence set us apart from other news organizations and are at the heart of what makes our journalism worth paying for.
We generate revenues principally from the sale of subscriptions and advertising. Subscription revenues consist of revenues from standalone and multiproduct bundle subscriptions to our digital products our digital subscription package (or “bundle”) and subscriptions to and single-copy and bulk sales of our print products. Advertising revenue is derived from the sale of our advertising products and services. Other revenues primarily consist of revenues from licensing, Wirecutter affiliate referrals, commercial printing, the leasing of floors in ourthe New York headquarters building located at 620 Eighth Avenue, New York, New York (the “Company Headquarters”), television and film,retail commerce, our live events business, retail commerce and our student subscription sponsorship program.program and books, television and film.
Our main operating costs are employee-related costs.
Beginning with the third quarter of 2023, we have updated our presentation of total operating costs to include operating items that are outside the ordinary course of our operations (“special items”). These items have been previously presented separate from operating costs and included in operating profit. We recast operating costs for the prior periods in order to present comparable financial results. There was no change to consolidated operating profit, net income or cash flows as a result of this change.
In the accompanying analysis of financial information, we present certain information derived from our consolidated financial information but not presented in our financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). We are presenting in this report supplemental non-GAAP financial performance measures that exclude depreciation, amortization, severance, non-operating retirement costs, and certain identified special items, as applicable. In addition, we present our free cash flow, defined as net cash provided by operating activities less capital expenditures. These non-GAAP financial measures should not be considered in isolation from or as a substitute for the related GAAP measures and should be read in conjunction with financial information presented on a GAAP basis. For further information and reconciliations of these non-GAAP measures to the most directly comparable GAAP measures, see “— Results of Operations — Non-GAAP Financial Measures.”
The thirdfirst quarter of 2023 included2024 includes an additional day compared with the thirdfirst quarter of 20222023 as a result of the change in the Company’s fiscal year to the calendar2024 being a leap year.
The Company has two reportable segments: The New York Times Group (“NYTG”) and The Athletic.
Financial Highlights
The resultsCompany added approximately 210,000 net digital-only subscribers compared with the end of 2023, driven largely by bundle and multi-product subscriber additions. The Athletic have been included in our Condensed Consolidated Financial Statements beginning February 1, 2022, the date of the acquisition. Results forCompany ended the first nine monthsquarter of 2022 included The Athletic for2024 with approximately eight months, while results for10.55 million subscribers to its print and digital products, including approximately 9.91 million digital-only subscribers. Of the 9.91 million digital-only subscribers, approximately 4.55 million were bundle and multiproduct subscribers. Compared with the end the first nine monthsquarter of 2023, included The Athletic forthere was a net increase of 890,000 digital-only subscribers.
Total digital-only average revenue per user (“ARPU”) increased 1.9% year-over-year to $9.21 driven primarily by subscribers graduating from promotional to higher prices and price increases on tenured non-bundled subscribers.
Operating profit increased 73.2% to $48.3 million in the full nine months.first quarter of 2024 from $27.9 million in the first quarter of 2023. Adjusted operating profit, defined as operating profit before depreciation, amortization, severance, multiemployer pension plan withdrawal costs and special items (a non-GAAP measure discussed below under “Non-GAAP Financial Measures”) increased 40.9% to $76.1 million in the first quarter of 2024 from $54.0 million in the first quarter of 2023. Operating profit margin (operating profit expressed as a percentage of revenues) increased to 8.1% in the first quarter of 2024, compared with 5.0% in the first quarter of 2023. Adjusted operating profit margin, defined as adjusted operating profit expressed as a percentage of revenues (a non-GAAP measure discussed below under “Non-GAAP Financial Measures”), increased to 12.8% in the first quarter of 2024, compared with 9.6% in the first quarter of 2023.
Total revenues increased 5.9% to $594.0 million in the first quarter of 2024 from $560.7 million in the first quarter of 2023.
2321


Total subscription revenues increased 7.9% to $429.0 million in the first quarter of 2024 from $397.5 million in the first quarter of 2023. Digital-only subscription revenues increased 13.2% to $293.0 million in the first quarter of 2024 from $258.8 million in the first quarter of 2023.
Total advertising revenues decreased 2.4% to $103.7 million in the first quarter of 2024 from $106.2 million in the first quarter of 2023, due to a decrease of 9.5% in print advertising revenues, partially offset by an increase of 2.9% in digital advertising revenues.
Other revenue increased 7.6% to $61.3 million in the first quarter of 2024 from $57.0 million in the first quarter of 2023, as a result of higher licensing and Wirecutter affiliate referral revenues, partially offset by lower books, television, and film revenues.
Operating costs increased 2.4% to $545.7 million in the first quarter of 2024 from $532.8 million in the first quarter of 2023. Adjusted operating costs, defined as operating costs before depreciation, amortization, severance, multiemployer pension plan withdrawal costs and special items (a non-GAAP measure discussed below under “Non-GAAP Financial Measures”), increased 2.2% to $518.0 million in the first quarter of 2024 from $506.8 million in the first quarter of 2023.
Diluted earnings per share were $0.24 and $0.13 for the first quarters of 2024 and 2023, respectively. Adjusted diluted earnings per share, defined as diluted earnings per share excluding amortization of acquired intangible assets, severance, non-operating retirement costs and special items (a non-GAAP measure discussed below under “Non-GAAP Financial Measures”), were $0.31 and $0.19 for the first quarters of 2024 and 2023, respectively.
Industry Trends, Economic Conditions, Challenges and Risks
We operate in a highly competitive environment that is subject to rapid change. Companies shaping our competitive environment include informationcontent providers and distributors, as well as news aggregators, search engines, and social media platforms.platforms and emerging products and tools powered by generative artificial intelligence. Competition among these companies is robust, and new competitors can quickly emerge. We have designed our strategy to take advantage of both the challenges and opportunities presented by this period of transformation in our industry.
We and the companies with which we do business are subject to risks and uncertainties caused by factors beyond our control, including economic, geopolitical and public health and geopolitical conditions. These include economic weakness, instability, uncertainty and volatility, including the potential for a recession; a competitive labor market and evolving workforce expectations, including for unionized employees; inflation; supply chain disruptions; rising interest rates; and political and sociopolitical uncertainties and conflicts.conflicts (including the war in Ukraine and the Israel-Hamas war). These factors may result in declines and/or volatility in our results.
We believe the macroeconomic environment has had and may continue toin the future have an adverse impact on both digital and print advertising spending. Additionally, we believe that there may be marketer sensitivity to some news topics, impacting overall advertising spend.
We are experiencing a competitive labor market and pressure on compensation and benefit costs for certain employees, mainly in technology roles. In addition, although we have not seen a significant impact from inflation on our recent financial results to date, if inflation remains at current levels, or increases for an extended period, our employee-related costs are likely to increase. Our printing and distribution costs also have been impacted in the past and may be further impacted in the future by inflation and higher costs, including those associated with raw materials, delivery costs and/or utilities.
The media industry has transitioned from being primarily print-focusedprint focused to digital, resulting in secular declines in both print subscription and print advertising revenues, and we do not expect this trend to reverse.
We actively monitor industry trends, economic conditions, challenges and risks to remain flexible and to optimize and evolve our business as appropriate; however, the full impact they will have on our business, operations and financial results is uncertain and will depend on numerous factors and future developments. The risks related to our business are further described in the section titled “Item 1A — Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022.2023.
2422


RESULTS OF OPERATIONS
The following table presents our consolidated financial results:
For the Quarters EndedFor the Nine Months Ended
(In thousands)(In thousands)September 30, 2023September 25, 2022% ChangeSeptember 30, 2023September 25, 2022% Change
(In thousands)
(In thousands)
Revenues
Revenues
RevenuesRevenues
SubscriptionSubscription$418,577 $382,672 9.4 %$1,225,709 $1,138,270 7.7 %
Subscription
Subscription
Advertising
Advertising
AdvertisingAdvertising117,113 110,467 6.0 %341,124 344,116 (0.9)%
OtherOther62,655 54,541 14.9 %183,104 158,399 15.6 %
Other
Other
Total revenues
Total revenues
Total revenuesTotal revenues598,345 547,680 9.3 %1,749,937 1,640,785 6.7 %
Operating costsOperating costs
Operating costs
Operating costs
Cost of revenue (excluding depreciation and amortization)
Cost of revenue (excluding depreciation and amortization)
Cost of revenue (excluding depreciation and amortization)Cost of revenue (excluding depreciation and amortization)311,135 294,856 5.5 %927,910 876,804 5.8 %
Sales and marketingSales and marketing62,635 64,732 (3.2)%191,910 205,089 (6.4)%
Sales and marketing
Sales and marketing
Product development
Product development
Product developmentProduct development57,433 50,474 13.8 %170,542 148,729 14.7 %
General and administrativeGeneral and administrative81,870 71,970 13.8 %235,194 212,468 10.7 %
General and administrative
General and administrative
Depreciation and amortizationDepreciation and amortization21,475 21,760 (1.3)%64,173 61,150 4.9 %
Acquisition-related costs— — — — 34,712 *
Impairment charges2,503 — *15,239 — *
Multiemployer pension plan liability adjustment(2,273)(7,127)(68.1)%(2,273)(7,127)(68.1)%
Depreciation and amortization
Depreciation and amortization
Generative AI Litigation Costs
Generative AI Litigation Costs
Generative AI Litigation Costs
Total operating costs (1)
Total operating costs (1)
Total operating costs (1)
Total operating costs (1)
534,778 496,665 7.7 %1,602,695 1,531,825 4.6 %
Operating profitOperating profit63,567 51,015 24.6 %147,242 108,960 35.1 %
Other components of net periodic benefit (income)/costs(684)1,757 *(2,053)4,903 *
Operating profit
Operating profit
Other components of net periodic benefit (costs)/income
Other components of net periodic benefit (costs)/income
Other components of net periodic benefit (costs)/income
Interest income and other, net
Interest income and other, net
Interest income and other, netInterest income and other, net5,736 1,579 *13,426 38,258 (64.9)%
Income before income taxesIncome before income taxes69,987 50,837 37.7 %162,721 142,315 14.3 %
Income before income taxes
Income before income taxes
Income tax expense
Income tax expense
Income tax expenseIncome tax expense16,372 14,220 15.1 %40,211 39,196 2.6 %
Net incomeNet income$53,615 $36,617 46.4 %$122,510 $103,119 18.8 %
(1) Third quarter and nine months of 2022 were recast to conform to the current presentation of total operating costs. See Executive Overview for more details.
Net income
Net income
(1) First quarter 2023 was recast to conform to the current presentation of total operating costs. See “Executive Overview” for more details.
(1) First quarter 2023 was recast to conform to the current presentation of total operating costs. See “Executive Overview” for more details.
(1) First quarter 2023 was recast to conform to the current presentation of total operating costs. See “Executive Overview” for more details.
* 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.

2523


Revenues
Subscription Revenues
Subscription revenues consist of revenues from subscriptions to our digital and print products (which include our news product, as well as The Athletic and our Cooking, Games and Wirecutter products), and single-copy and bulk sales of our print products (which represent less than 5% of these revenues). Subscription revenues are based on both the number of digital-only subscriptions and copies of the printed newspaper sold, and digital-only subscriptions, and the rates charged to the respective customers.
We offer a digital-only bundle that includes access to our digital news product (which includes our news website, NYTimes.com, and mobile and Audio applications), as well as The Athletic and our Cooking, Games and Wirecutter products. Our subscriptions also include standalone digital subscriptions to our digital news product, as well as to The Athletic, and to our Cooking, Games and Wirecutter products. Access to our new Audio product, which we launched in the second quarter of 2023, is included in bundle subscriptions and subscriptions to our digital and print news products.
Subscription revenues increased $35.9$31.5 million, or 9.4%7.9%, in the thirdfirst quarter of 20232024 compared with the same prior-year period, primarily due to an increase in digital-only subscription revenues of $38.3$34.2 million, or 15.7%13.2%, partially offset by a decrease in print subscription revenues of $2.4$2.7 million, or 1.8%2.0%. Digital-only subscription revenues increased primarily due to an increase in bundle and multiproduct revenues of $44.1$42.9 million and an increase in other single-product subscription revenues of $2.2$4.1 million, partially offset by a decrease in news-only subscription revenues of $8.0$12.8 million. Bundle and multiproduct average digital-only subscribers increased 1,490,000,1,670,000, or 73.4%61.5%, while bundle and multiproduct ARPU decreased $2.96,$2.54, or 18.8%17.7%. Other single-product average digital-only subscribers increased 310,000,380,000, or 13.5%15.7%, while other single-product ARPU decreased $0.21,$0.08, or 5.7%2.2%. News-only average digital-only subscribers decreased 1,000,000,1,160,000, or 24.1%30.6%, while news-only ARPU increased $1.75,$2.19, or 21.1%25.2%. In calculating average digital-only subscribers for our subscriber categories, we use the monthly average number of digital-only subscribers (calculated as the sum of the number of subscribers in each category at the beginning and end of the month, divided by two). Print subscription revenue decreased primarily due to a decrease in home-delivery subscription revenue, which was driven by a lower number of average print subscribers, reflecting secular trends, partially offset by an increase in domestic home-delivery prices.
Subscription revenues increased $87.4 million, or 7.7%, in the first nine months of 2023 compared with the same prior-year period, primarily due to an increase in digital-only subscription revenues of $101.4 million, or 14.3%, partially offset by a decrease in print subscription revenues of $14.0 million, or 3.3%. Digital-only subscription revenues increased primarily due to an increase in bundle and multiproduct revenues of $112.5 million and an increase in other single-product subscription revenues of $11.4 million, partially offset by a decrease in news-only subscription revenues of $22.5 million. Bundle and multiproduct average digital-only subscribers increased 1,240,000, or 65.4%, while bundle and multiproduct ARPU decreased $2.69, or 16.6%. Other single-product average digital-only subscribers increased 480,000, or 24.0%, while other single-product ARPU decreased $0.27, or 7.1%. News-only average digital-only subscribers decreased 770,000, or 18.1%, while news-only ARPU increased $1.14, or 14.0%. Print subscription revenue decreased primarily due to a decrease in home-delivery subscription revenue, which was driven by a lower number of average print subscribers, reflecting secular trends, partially offset by an increase in domestic home-delivery prices.
The following table summarizes digital and print subscription revenues for the thirdfirst quarters of 2024 and first nine months of 2023 and 2022:2023:
For the Quarters EndedFor the Nine Months Ended
For the Quarters Ended
For the Quarters Ended
For the Quarters Ended
(In thousands)
(In thousands)
(In thousands)(In thousands)September 30, 2023September 25, 2022% ChangeSeptember 30, 2023September 25, 2022% Change
Digital-only subscription revenues (1)
Digital-only subscription revenues (1)
$282,228 $243,889 15.7 %$810,770 $709,378 14.3 %
Digital-only subscription revenues (1)
Digital-only subscription revenues (1)
Print subscription revenues (2)
Print subscription revenues (2)
Print subscription revenues (2)
Print subscription revenues (2)
136,349 138,783 (1.8)%414,939 428,892 (3.3)%
Total subscription revenuesTotal subscription revenues$418,577 $382,672 9.4 %$1,225,709 $1,138,270 7.7 %
Total subscription revenues
Total subscription revenues
(1) Includes revenue from bundled and standalone subscriptions to our news product, as well as to The Athletic and to our Cooking, Games and Wirecutter products.
(1) Includes revenue from bundled and standalone subscriptions to our news product, as well as to The Athletic and to our Cooking, Games and Wirecutter products.
(1) Includes revenue from bundled and standalone subscriptions to our news product, as well as to The Athletic and to our Cooking, Games and Wirecutter products.
(2) Includes domestic home-delivery subscriptions, which include access to our digital products. Also includes single-copy, NYT International and Other subscription revenues.
(2) Includes domestic home-delivery subscriptions, which include access to our digital products. Also includes single-copy, NYT International and Other subscription revenues.
(2) Includes domestic home-delivery subscriptions, which include access to our digital products. Also includes single-copy, NYT International and Other subscription revenues.
A subscriber is defined as a customer who has subscribed (and provided a valid method of payment) for the right to access one or more of the Company’s products. The Company ended the thirdfirst quarter of 20232024 with approximately 10.0810.55 million subscribers acrossto its print and digital products, including approximately 9.419.91 million digital-only subscribers.
Compared with the end of the secondfourth quarter of 2023, there was a net increase of 210,000 digital-only subscribers. Compared with the end of the thirdfirst quarter of 2022,2023, there was a net increase of 820,000890,000 digital-only subscribers.
26


Print domestic home-delivery subscribers totaled approximately 670,000640,000 at the end of the thirdfirst quarter of 2023,2024, a net decrease of 10,00020,000 subscribers compared with the end of the secondfourth quarter of 2023 and a net decrease of 70,00060,000 subscribers compared with the end of the thirdfirst quarter of 2022.2023. Subscribers with a domestic home-delivery print subscription to The New York Times, which includes access to our digital products, are excluded from digital-only subscribers.
Beginning with the second quarter of 2023, weWe report three mutually exclusive digital-only subscriber categories: bundle and multiproduct, news-only and other single-product, which collectively sum to Total digital-only subscribers, as well as the average revenue per user for each of these categories.
24


The following table sets forth subscribers as of the end of the five most recent fiscal quarters:
For the Quarters Ended
For the Quarters EndedFor the Quarters Ended
(In thousands)(In thousands)September 30, 2023June 30, 2023March 31, 2023December 31, 2022September 25, 2022(In thousands)March 31, 2024December 31, 2023September 30, 2023June 30, 2023March 31, 2023
Digital-only subscribers:Digital-only subscribers:
Bundle and multiproduct (1)(2)
Bundle and multiproduct (1)(2)
Bundle and multiproduct (1)(2)
Bundle and multiproduct (1)(2)
3,790 3,300 3,020 2,500 2,130 
News-only (2)(3)
News-only (2)(3)
3,020 3,320 3,580 3,920 4,130 
Other single-product (2)(4)
Other single-product (2)(4)
2,600 2,580 2,420 2,410 2,330 
Total digital-only subscribers (2)(5)
Total digital-only subscribers (2)(5)
9,410 9,190 9,020 8,830 8,590 
Print subscribers (6)
Print subscribers (6)
670 690 710 730 740 
Total subscribersTotal subscribers10,080 9,880 9,730 9,550 9,330 
(1) Subscribers with a bundle subscription or standalone digital-only subscriptions to two or more of the Company’s products.
(1) Subscribers with a bundle subscription or standalone digital-only subscriptions to two or more of the Company’s products.
(1) Subscribers with a bundle subscription or standalone digital-only subscriptions to two or more of the Company’s products.
(2) Includes group corporate and group education subscriptions, which collectively represented approximately 5% of total digital-only subscribers as of the end of the third quarter of 2023. The number of group subscribers is derived using the value of the relevant contract and a discounted subscription rate.
(2) Includes group corporate and group education subscriptions, which collectively represented approximately 6% of total digital-only subscribers as of the end of the first quarter of 2024. The number of group subscribers is derived using the value of the relevant contract and a discounted subscription rate.
(2) Includes group corporate and group education subscriptions, which collectively represented approximately 6% of total digital-only subscribers as of the end of the first quarter of 2024. The number of group subscribers is derived using the value of the relevant contract and a discounted subscription rate.
(3) Subscribers with only a digital-only news product subscription.
(3) Subscribers with only a digital-only news product subscription.
(3) Subscribers with only a digital-only news product subscription.
(4) Subscribers with only one digital-only subscription to The Athletic or to our Cooking, Games or Wirecutter products.
(4) Subscribers with only one digital-only subscription to The Athletic or to our Cooking, Games or Wirecutter products.
(4) Subscribers with only one digital-only subscription to The Athletic or to our Cooking, Games or Wirecutter products.
(5) Subscribers with digital-only subscriptions to one or more of our news product, The Athletic, or our Cooking, Games and Wirecutter products.
(5) Subscribers with digital-only subscriptions to one or more of our news product, The Athletic, or our Cooking, Games and Wirecutter products.
(5) Subscribers with digital-only subscriptions to one or more of our news product, The Athletic, or our Cooking, Games and Wirecutter products.
(6) Subscribers with a domestic home-delivery or mail print subscription to The New York Times, which includes access to our digital products, or a print subscription to our Book Review or Large Type Weekly products.
(6) Subscribers with a domestic home-delivery or mail print subscription to The New York Times, which includes access to our digital products, or a print subscription to our Book Review or Large Type Weekly products.
(6) Subscribers with a domestic home-delivery or mail print subscription to The New York Times, which includes access to our digital products, or a print subscription to our Book Review or Large Type Weekly products.
The sum of individual metrics may not always equal total amounts indicated due to rounding. Subscribers (including net subscriber additions) are rounded to the nearest ten thousand.
The following table sets forth the subset of subscribers above who have a paid digital-only standalone subscription or a bundle subscription that includes the ability to access The Athletic as of the end of the five most recent fiscal quarters:
For the Quarters Ended
September 30, 2023June 30, 2023March 31, 2023December 31, 2022September 25, 2022
Digital-only subscribers with The Athletic (1)(2)
4,180 3,640 3,270 2,680 2,290 
(1) In June 2022, we provided all bundle subscribers with the ability to access The Athletic and all bundle subscribers are included in this metric.
(2) Subscribers (including net subscriber additions) are rounded to the nearest ten thousand.
27


For the Quarters Ended
March 31, 2024December 31, 2023September 30, 2023June 30, 2023March 31, 2023
Digital-only subscribers with The Athletic (1)(2)
4,990 4,650 4,180 3,640 3,270 
(1) We provide all bundle subscribers with the ability to access The Athletic and all bundle subscribers are included in this metric.
(2) Subscribers (including net subscriber additions) are rounded to the nearest ten thousand.
“Average revenue per user” or “ARPU,” a metric we calculate to track the revenue generation of our digital subscriber base, represents the average revenue per digital subscriber over a 28-day billing cycle during the applicable quarter. The following table sets forth ARPU metrics relating to the above digital-only subscriber categories for the five most recent fiscal quarters:
For the Quarters Ended
September 30, 2023June 30, 2023March 31, 2023December 31, 2022September 25, 2022
Digital-only ARPU:
Bundle and multiproduct$12.81 $13.40 $14.33 $15.20 $15.77 
News-only$10.05 $9.29 $8.69 $8.49 $8.30 
Other single-product$3.48 $3.57 $3.67 $3.65 $3.69 
Total digital-only ARPU$9.28 $9.15 $9.04 $8.93 $8.87 
ARPU metrics are calculated by dividing the digital subscription revenue in the quarter by the average number of digital-only subscribers divided by the number of days in the quarter multiplied by 28 to reflect a 28-day billing cycle. In calculating ARPU metrics, for our subscriber categories (Bundle and multiproduct, News-only and Other single-product), we use the monthly average number of digital-only subscribers (calculated as the sum of the number of subscribers in each category at the beginning and end of the month, divided by two) and for Total digital-only ARPU, we use the daily average number of digital-only subscribers.

The following charts illustrate net additions and ARPU metrics relating to our digital-only subscriber categories for the five most recent fiscal quarters:
Q3 2023 charts.jpg
The sum of the subscriber categories net additions may not always equal total digital-only subscribers net additions due to rounding. Subscribers (including net subscriber additions) are rounded to the nearest ten thousand.
For the Quarters Ended
March 31, 2024December 31, 2023September 30, 2023June 30, 2023March 31, 2023
Digital-only ARPU:
Bundle and multiproduct$11.79 $12.13 $12.81 $13.40 $14.33 
News-only$10.88 $10.38 $10.05 $9.29 $8.69 
Other single-product$3.59 $3.56 $3.48 $3.57 $3.67 
Total digital-only ARPU$9.21 $9.24 $9.28 $9.15 $9.04 
ARPU metrics are calculated by dividing the digital subscription revenue in the quarter by the average number of digital-only subscribers divided by the number of days in the quarter multiplied by 28 to reflect a 28-day billing cycle. In calculating ARPU metrics, for our subscriber categories (Bundle and multiproduct, News-only and Other single-product), we use the monthly average number of digital-only subscribers (calculated as the sum of the number of subscribers in each category at the beginning and end of the month, divided by two) and for Total digital-only ARPU, we use the daily average number of digital-only subscribers.
Total digital-only ARPU was $9.28$9.21 for the thirdfirst quarter of 2023,2024, an increase of 4.6%1.9% compared with the third quarter of 2022 and 1.4% compared with the secondfirst quarter of 2023. The quarter-over-quarteryear-over-year increase was driven primarily by subscribers graduating from promotional to higher prices and from the price increases on tenured non-bundle subscribers while the year-over-year increase was driven primarily by the price increases on tenured non-bundle subscribers.
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Advertising Revenues
Advertising revenue is principally from advertisers (such as technology, financial and luxury goods companies) promoting products, services or brands on digital platforms in the form of display ads, audio and video ads, and in print in the form of column-inch ads.ads and at live events. Advertising revenue is primarily derived from offerings sold directly to marketers by our advertising sales teams. A smaller proportion of our total advertising revenues is generated through open-market programmatic auctions run by third-party ad exchanges. exchanges. Advertising revenue is primarily determined by the volume (e.g., impressions or column inches), rate and mix of advertisements. Digital advertising includes our core digital advertising business and other digital advertising. Our core digital advertising business includes direct-sold website, mobile application, podcast, email and video advertisements.advertisements (including direct-sold programmatic advertising). Direct-sold display advertising, a component of core digital advertising, includes offerings on websites and mobile applications sold directly to marketers by our advertising sales teams. Other digital advertising includes open-market programmatic advertising and creative services fees. NYTG has revenue from all categories discussed above. The Athletic has revenue from direct-sold display advertising (including direct-sold programmatic advertising), podcast, videoemail and emailvideo advertisements and open-market programmatic advertising. Print advertising includes revenue from column-inch ads and classified advertising, as well as preprinted advertising, also known as freestanding inserts. There is no print advertising revenue generated from The Athletic.Athletic, which does not have a print product.
The following table summarizes digital and print advertising revenues for the thirdfirst quarters of 2024 and first nine months of 2023 and 2022:2023:
For the Quarters EndedFor the Nine Months Ended
For the Quarters Ended
For the Quarters Ended
For the Quarters Ended
(In thousands)
(In thousands)
(In thousands)(In thousands)September 30, 2023September 25, 2022% ChangeSeptember 30, 2023September 25, 2022% Change
Advertising revenues:Advertising revenues:
Advertising revenues:
Advertising revenues:
Digital
Digital
DigitalDigital$75,001 $70,282 6.7 %$210,076 $206,588 1.7 %
PrintPrint42,112 40,185 4.8 %131,048 137,528 (4.7)%
Print
Print
Total advertisingTotal advertising$117,113 $110,467 6.0 %$341,124 $344,116 (0.9)%
Total advertising
Total advertising
Digital advertising revenues, which represented 64.0%60.8% of total advertising revenues in the thirdfirst quarter of 2023,2024, increased $4.7$1.8 million, or 6.7%2.9%, to $75.0$63.0 million compared with $70.3$61.3 million in the same prior-year period. The increase was primarily a result of higher other digital revenues of $3.0 million, partially offset by lower revenues in core digital advertising of $4.9 million, partially offset by lower other digital revenues of $0.2$1.3 million. CoreOther digital advertising revenues increased due to higher direct-sold display advertising, partially offset by a decrease in podcast advertising revenues. Direct-sold display impressions increased 14%, while the average rate decreased 6%. Other digital advertising revenues decreased primarily due to a decreasean increase in creative services fees as a result of fewermore custom advertising campaigns in 2023, partially offset by2024, as well as an increase in open-market programmatic revenues. Programmatic impressions increased 70%48%, while the average rate decreased 28%22%.
Digital advertising revenues, which represented 61.6% of the total advertising revenues in the first nine months of 2023, increased $3.5 million, or 1.7%, to $210.1 million compared with $206.6 million in the same prior-year period. The increase was primarily a result of higher revenues in core digital advertising of $5.0 million, partially offset by lower other digital revenues of $1.5 million. Core digital advertising revenues increaseddecreased due to highera decrease in direct-sold display advertising revenues at NYTG and podcast advertising revenues, partially offset by a decreasean increase in podcastdirect-sold display advertising revenues.at The Athletic. Direct-sold display impressions increased 19%11%, while the average rate decreased 4%. Other digital advertising revenue decreased primarily due to a decrease in creative services fees as a result of fewer advertising campaigns in 2023, partially offset by an increase in open-market programmatic advertising revenues. Programmatic impressions increased 50%, while the average rate decreased 25%5%.
Print advertising revenues, which represented 36.0% of total advertising revenues in the third quarter of 2023, increased $1.9 million, or 4.8%, to $42.1 million compared with $40.2 million in the same prior-year period. The increase in the third quarter of 2023 was primarily due to a 9.1% increase in column-inches, partially offset by a 4.0% decrease in print advertising rate.
Print advertising revenues, which represented 38.4%39.2% of total advertising revenues in the first nine monthsquarter of 2023,2024, decreased $6.5$4.3 million, or 4.7%9.5%, to $131.0$40.7 million compared with $137.5$45.0 million in the same prior-year period. The decrease in the first nine monthsquarter of 20232024 was primarily due to a 3.3% decrease in print advertising rate and a 1.5%9.3% decrease in column-inches. Print advertising revenues in both the third quarter and the first nine months of 2023 were2024 continue to be impacted by secular trends.
In addition, weWe believe the macroeconomic environment has had andthat there may continuebe marketer sensitivity to have an adverse impact on both digital and printsome news topics, impacting overall advertising spending.
29


spend.
Other Revenues
Other revenues primarily consist of revenues from licensing, Wirecutter affiliate referrals, commercial printing, the leasing of floors in the Company Headquarters, television and film,retail commerce, our live events business, retail commerce and our student subscription sponsorship program. program and books, television and film.
Other revenues increased $4.3 million, or 7.6% in the first quarter of 2024 compared with the same prior-year period, primarily as a result of higher content licensing revenues of $5.7 million, primarily related to a Google commercial agreement and an Apple licensing deal, as well as growth in Wirecutter affiliate referral revenues of $4.0 million, partially offset by lower books, television and film revenues of $5.5 million.
Digital other revenues, which consist primarily of Wirecutter affiliate referral revenue, digital licensing revenue and our student subscription sponsorship program, totaled $37.2$35.8 million and $27.2 million in the third quarters of 2023 and 2022, respectively, and $101.3 million and $81.5$26.1 million in the first nine monthsquarters of 2024 and 2023, and 2022, respectively.
Building rental revenue from the leasing of floors in the Company Headquarters totaled $6.8$6.7 million and $7.3 million in the thirdfirst quarters of 20232024 and 2022, respectively, and $20.5 million and $21.5 million in the first nine months of 2023, and 2022, respectively.
Other revenues increased $8.1 million, or 14.9% in the third quarter of 2023 compared with the same prior-year period, primarily as a result of growth in Wirecutter revenues of $4.8 million driven by affiliate referral revenues and an increase in content licensing revenues of $3.0 million, primarily related to a Google commercial agreement, partially offset by licensing revenue related to the Facebook News agreement, which ended in the fourth quarter of 2022.
26

Other revenues increased $24.7 million, or 15.6% in the first nine months of 2023 compared with the same prior-year period, primarily as a result of growth in Wirecutter revenues of $10.4 million driven by affiliate referral revenues, an increase in television and film revenues of $8.1 million and an increase in licensing revenues of $5.8 million, primarily related to a Google commercial agreement, partially offset by licensing revenue related to the Facebook News agreement, which ended in the fourth quarter of 2022.

Operating Costs
Operating costs were as follows:
For the Quarters EndedFor the Nine Months Ended
(In thousands)September 30, 2023September 25, 2022% ChangeSeptember 30, 2023September 25, 2022% Change
Operating costs:
Cost of revenue (excluding depreciation and amortization) (1)
$311,135 $294,856 5.5 %$927,910 $876,804 5.8 %
Sales and marketing62,635 64,732 (3.2)%191,910 205,089 (6.4)%
Product development (1)
57,433 50,474 13.8 %170,542 148,729 14.7 %
General and administrative (1)
81,870 71,970 13.8 %235,194 212,468 10.7 %
Depreciation and amortization21,475 21,760 (1.3)%64,173 61,150 4.9 %
Acquisition-related costs— — — — 34,712 *
Impairment charges2,503 — *15,239 — *
Multiemployer pension plan liability adjustment(2,273)(7,127)(68.1)%(2,273)(7,127)(68.1)%
Total operating costs (2)
$534,778 $496,665 7.7 %$1,602,695 $1,531,825 4.6 %
(1) Technology costs, which include product development costs and certain components of cost of revenue and general and administrative costs as described below, increased 13.4% to $104.4 million compared with $92.1 million in the third quarter of 2022 and increased 13.8% to $310.1 million compared with $272.4 million in the first nine months of 2022.
(2) Third quarter and nine months of 2022 were recast to conform to the current presentation of total operating costs. See Executive Overview for more details
30


For the Quarters Ended
(In thousands)March 31, 2024
March 31, 2023 (1)
% Change
Operating costs:
Cost of revenue (excluding depreciation and amortization)$316,867 $306,852 3.3 %
Sales and marketing65,134 67,034 (2.8)%
Product development63,185 57,062 10.7 %
General and administrative78,815 81,051 (2.8)%
Depreciation and amortization20,706 20,840 (0.6)%
Generative AI Litigation Costs989 — *
Total operating costs$545,696 $532,839 2.4 %
(1) First quarter 2023 was recast to conform to the current presentation of total operating costs. See “Executive Overview” for more details.
Cost of Revenue (excluding depreciation and amortization)
Cost of revenue includes all costs related to content creation, subscriber and advertiser servicing, and print production and distribution as well as infrastructure costs related to delivering digital content, which include all cloud and cloud-related costs as well as compensation for employees that enhance and maintain that infrastructure.
Cost of revenue in the thirdfirst quarter of 20232024 increased $16.3$10.0 million, or 5.5%3.3%, compared with the same prior-year period. The increase was largely due to higher journalism costs of $17.2$9.6 million and higher digital content deliveryadvertising servicing costs of $1.5 million, partially offset by lower print production and distribution costs of $1.4 million and lower advertising servicing costs of $1.2 million. Subscriber servicing costs and digital content delivery costs were relatively flat compared to prior year. The increase in journalism costs was largely due to higher compensation and benefits, which was driven by merit increases and growth in the number of employees who work in our newsrooms and merit increases.newsrooms. The increase in digital content deliveryadvertising servicing costs was largely due to higher compensationcosts related to creative services fees and benefits driven by growthan increase in the number of employees. Advertising servicing costs decreased primarily due to a decrease in the number of employees and fewer live events in 2023.fulfill advertising contracts. The decrease in print production and distribution costs was primarily due to lower compensationnewsprint pricing and benefits driven by production staffing efficiencies, as well as fewer print copies produced, partially offset by higher newsprint pricing. Technology costs in Cost of revenue, which include costs related to content deliverydistribution and subscriber technology, increased 13.0% to $28.7 million compared with $25.4 million in the same prior-year period, primarily due to growth in the number of employees associated with digital content delivery.
Cost of revenue in the first nine months of 2023 increased $51.1 million, or 5.8%, compared with the same prior-year period. The increase was largely due to higher journalism costs of $48.7 million, higher digital content delivery costs of $7.9 million, higher subscriber servicing costs of $2.5 million, partially offset by lower advertising servicing costs of $7.3 million and lower print production and distribution costs of $0.7 million. The increase in journalism costs was largely due to higher compensation and benefits, which was driven by growth in the number of employees who work in our newsrooms, merit increases and higher content creation costs as a result of additional television episodes in 2023. The increase in digital content delivery costs was largely due to higher compensation and benefits driven by growth in the number of employees and higher cloud-related costs. The increase in subscriber servicing costs was largely due to an increase in the number of employees and higher credit card processing fees and third-party commissions due to increased subscriptions, partially offset by lower customer care costs. Advertising servicing costs decreased primarily due to a decrease in the number of employees and fewer live events in 2023. The decrease in print production and distribution costs was primarily due to fewer print copies produced and lower compensation driven by production staffing efficiencies, partially offset by higher distribution costs, higher newsprint consumption due to increased commercialoutside printing activity and higher newsprint pricing. Technology costs in Cost of revenue, which include costs related to content delivery and subscriber technology, increased 14.2% to $86.4 million compared with $75.6 million in the same prior-year period, primarily due to growth in the number of employees associated with digital content delivery and increases in cloud-related costs.
Sales and Marketing
Sales and marketing includes costs related to the Company’s subscription and brand marketing efforts as well as advertising sales costs.
Sales and marketing costs in the thirdfirst quarter of 20232024 decreased $2.1$1.9 million, or 3.2%2.8%, compared with the same prior-year period. The decrease was due to lower marketing costs of $4.7$4.4 million offset by higher sales costs of $2.6$2.5 million. The decrease in marketing costs was primarily due to lower subscriber acquisition spending, lower agency and production fees and lower brand marketing expenses. The increase in sales costs was primarily due to higher compensation and benefits largely driven by higher accrued sales commissions and bonuses and an increase in the number of sales employees.
Sales and marketing costs in the first nine months of 2023 decreased $13.2 million, or 6.4%, compared with the same prior-year period. The decrease was due to lower marketing costs of $18.7 million, offset by higher sales costs of $5.5 million. The decrease in marketing costs was primarily due to lower brand marketing expenses.spending. The increase in sales costs was primarily due to higher compensation and benefits largely driven by an increase in the number of sales employees.employees and higher accrued bonuses at The Athletic.
Media expenses, a component of sales and marketing costs that represents the cost to promote our subscription business, decreased 14.6%6.0% to $26.1 million in the third quarter of 2023 from $30.6 million in the third quarter of 2022, and decreased 20.4% to $85.9$29.9 million in the first nine monthsquarter of 20232024 from $107.9$31.8 million in the first nine monthsquarter of 2022.2023. The decreasesdecrease in the thirdfirst quarter of 2023 and first nine months of 2023 were2024 was largely a result of lower subscriber acquisition spending and lower brand marketing expenses, respectively.spending.
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Product Development
Product development includes costs associated with the Company’s investment in developing and enhancing new and existing product technology, including engineering, product development and data insights. All product development costs are technology costs.
Product development costs in the thirdfirst quarter and first nine months of 20232024 increased $7.0$6.1 million, or 13.8%10.7%, and $21.8 million, or 14.7%, respectively compared with the same prior-year periods.period. The increase in both periods was largely due to growth in the number of digital product development employees in connection with digital subscription strategic initiatives.
27


General and Administrative Costs
General and administrative costs include general management, corporate enterprise technology, building operations, unallocated overhead costs, severance and multiemployer pension plan withdrawal costs.
General and administrative costs in the thirdfirst quarter of 2023 increased $9.92024 decreased $2.2 million, or 13.8%2.8%, compared with the same prior-year period. The increasedecrease was primarily due to higher compensationlower building operations and benefits of $4.7 million, driven by merit increases and incentive compensation, higher severancemaintenance costs of $1.1$2.0 million and a favorable change in the fair market value adjustment related to stock-based awards in 2024 of $1.3 million, partially offset by an increase in our contingent consideration liabilityseverance expense of $0.9$0.6 million. Technology costs in general and administrative, which include costs related to enterprise technology and information security, increased 13.7% to $18.4 million compared with $16.2 million in the same prior-year period, primarily due to increases in both cost categories above.
General and administrative costs in the first nine months of 2023 increased $22.7 million, or 10.7%, compared with the same prior-year period. The increase was primarily due to higher compensation and benefits of $10.7 million driven by merit increases and incentive compensation, stock price appreciation on stock-based awards of $4.9 million as well as higher severance costs of $3.1 million. Technology costs in general and administrative, which include costs related to enterprise technology and information security, increased 10.7% to $53.3 million compared with $48.1 million in the same prior-year period, primarily due to increases in both cost categories above.
Depreciation and Amortization
Depreciation and amortization costs in the thirdfirst quarter of 20232024 were flat compared with the same prior-year period.
DepreciationGenerative AI Litigation Costs
In the first quarter of 2024, the Company recorded $1.0 million of pre-tax litigation-related costs in connection with a lawsuit against Microsoft Corporation and amortization costsOpen AI Inc. and various of its corporate affiliates alleging unlawful and unauthorized copying and use of the Company’s journalism and other content in connection with their development of generative artificial intelligence products (“Generative AI Litigation Costs”). Management determined to report Generative AI Litigation Costs as a special item beginning in the first nine monthsquarter of 2023 increased $3.0 million, or 4.9%, compared with2024 because, unlike other litigation expenses, the same prior-year period. The increase was dueGenerative AI Litigation Costs arise from a discrete, complex and unusual proceeding and do not, in management’s view, reflect the Company’s ongoing business operational performance. See Note 14 of the Notes to the impact from theCondensed Consolidated Financial Statements for additional month of The Athletic costs in 2023, as well as assets placed in service in connection with the improvements in our Company Headquarters in 2022.
Acquisition-Related Costs
In the second quarter of 2022, the Company recorded $34.7 million of acquisition-related costs, which primarily included expenses paid in connection with the acceleration of The Athletic stock options and legal, accounting, financial advisory and integration planning expenses. There were no such costs recorded in the third quarter or first nine months of 2023.
Impairment Charges
In the third quarter of 2023, the Company recorded a $2.5 million impairment charge related to an indefinite-lived intangible asset.
In the second quarter of 2023, the Company recorded a $12.7 million impairment charge related to excess leased office space that is being marketed for sublet.
There were no impairment charges in the third quarter or first nine months of 2022.
Multiemployer Pension Plan Liability Adjustment
In the third quarters of 2023 and 2022, the Company recorded favorable adjustments related to a reduction in its multiemployer pension plan liability of $2.3 million and $7.1 million, respectively.

information.

3228


Segment Information
Since the acquisition of The Athletic in the first quarter of 2022, weWe have had two reportable segments: NYTG and The Athletic. Management uses adjusted operating profit (loss) by segment in assessing performance and allocating resources. The Company includes in its presentation revenues and adjusted operating costs to arrive at adjusted operating profit (loss) by segment. Adjusted operating costs are defined as operating costs before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items. Adjusted operating profit is defined as operating profit before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items. Adjusted operating profit expressed as a percentage of revenues is referred to as adjusted operating profit margin.
Subscription revenues from and expenses associated with our bundle are allocated to NYTG and The Athletic. The Athletic was first introduced into our bundle in June 2022. Therefore, The Athletic’s results for the second quarter of 2022 include bundle revenues and expenses for only part of the quarter, whereas the second quarter of 2023 includes bundle revenue and expenses for the entire quarter.
Prior to April 1, 2023, we allocated bundle revenues first to our digital news product based on its standalone list price and then the remaining bundle revenues were allocated to the other products in the bundle, including The Athletic, based on their relative standalone list prices. Starting April 1, 2023, we allocate 10% of bundle revenues to The Athletic based on management’s view of The Athletic’s relative value to the bundle, which is derived based on analysis of various metrics, and allocate the remaining bundle revenues to NYTG.
Prior to April 1, 2023, we allocated to NYTG and The Athletic direct variable expenses associated with the bundle, which include credit card fees, third party fees and sales taxes, based on a historical actual percentage of these costs to bundle revenues. Starting April 1, 2023, we allocate 10% of product development, marketing and subscriber servicing expenses (including the direct variable expenses referenced above) associated with the bundle to The Athletic, and the remaining costs are allocated to NYTG, in each case, in line with the revenues allocations.
For comparison purposes, the Company has recast segment results for the quarters following the secondfirst quarter of 20222023 to reflect the updated allocation methodology. The second quarter of 2022 was not recast as the change was de minimis for that quarter in light of the timing of the introduction of The Athletic to the bundle.
The results of The Athletic have been included in our Condensed Consolidated Financial Statements beginning February 1, 2022, the date of the acquisition. Results for the first nine months of 2022 included The Athletic for approximately eight months, while results for the first nine months of 2023 included the Athletic for the full nine months.
For the Quarters EndedFor the Nine Months Ended
For the Quarters Ended
For the Quarters Ended
For the Quarters Ended
(In thousands)
(In thousands)
(In thousands)(In thousands)September 30, 2023
September 25, 2022 (1)(2)
% ChangeSeptember 30, 2023
September 25, 2022 (1)(2)
% Change
RevenuesRevenues
Revenues
Revenues
NYTG
NYTG
NYTGNYTG$563,903 $524,061 7.6 %$1,657,179 $1,585,463 4.5 %
The AthleticThe Athletic34,442 23,619 45.8 %92,758 55,322 67.7 %
The Athletic
The Athletic
Intersegment eliminations (3)
Intersegment eliminations (3)
Intersegment eliminations (3)
Total revenues
Total revenues
Total revenuesTotal revenues$598,345 $547,680 9.3 %$1,749,937 $1,640,785 6.7 %
Adjusted operating costsAdjusted operating costs
Adjusted operating costs
Adjusted operating costs
NYTG
NYTG
NYTGNYTG$466,249 $443,031 5.2 %$1,394,268 $1,347,891 3.4 %
The AthleticThe Athletic42,341 35,672 18.7 %119,774 86,795 38.0 %
The Athletic
The Athletic
Intersegment eliminations (3)
Intersegment eliminations (3)
Intersegment eliminations (3)
Total adjusted operating costs
Total adjusted operating costs
Total adjusted operating costsTotal adjusted operating costs$508,590 $478,703 6.2 %$1,514,042 $1,434,686 5.5 %
Adjusted operating profit (loss)Adjusted operating profit (loss)
Adjusted operating profit (loss)
Adjusted operating profit (loss)
NYTG
NYTG
NYTGNYTG$97,654 $81,030 20.5 %$262,911 $237,572 10.7 %
The AthleticThe Athletic(7,899)(12,053)(34.5)%(27,016)(31,473)(14.2)%
The Athletic
The Athletic
Total adjusted operating profit
Total adjusted operating profit
Total adjusted operating profitTotal adjusted operating profit$89,755 $68,977 30.1 %$235,895 $206,099 14.5 %
AOP margin % - NYTGAOP margin % - NYTG17.3 %15.5 %180 bps15.9 %15.0 %90 bps
(1) Third quarter and nine months of 2022 were recast to conform to the current presentation of total operating costs. See Executive Overview for more details
(2) Recast to reflect updated bundle allocation methodology.
AOP margin % - NYTG
AOP margin % - NYTG
(1) Recast to reflect the Company’s updated bundle allocation methodology.
(1) Recast to reflect the Company’s updated bundle allocation methodology.
(1) Recast to reflect the Company’s updated bundle allocation methodology.
(2) Recast to conform to the current presentation of total operating costs. See “Executive Overview” for more detail.
(3) Intersegment eliminations (“I/E”) related to content licensing.
(3) Intersegment eliminations (“I/E”) related to content licensing.
(3) Intersegment eliminations (“I/E”) related to content licensing.
* 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.
* Represents a change equal to or in excess of 100% or not meaningful.
3329


Revenues detail by segmentRevenues detail by segment
For the Quarters EndedFor the Nine Months Ended
Revenues detail by segment
Revenues detail by segment
For the Quarters Ended
For the Quarters Ended
For the Quarters Ended
(In thousands)
(In thousands)
(In thousands)(In thousands)September 30, 2023
September 25, 2022 (1)
% ChangeSeptember 30, 2023
September 25, 2022 (1)
% Change
NYTGNYTG
NYTG
NYTG
Subscription
Subscription
SubscriptionSubscription$392,937 $361,488 8.7 %$1,152,130 $1,089,710 5.7 %
AdvertisingAdvertising108,672 108,134 0.5 %323,091 337,456 (4.3)%
Advertising
Advertising
Other
Other
OtherOther62,294 54,439 14.4 %181,958 158,297 14.9 %
TotalTotal$563,903 $524,061 7.6 %$1,657,179 $1,585,463 4.5 %
Total
Total
The Athletic
The Athletic
The AthleticThe Athletic
SubscriptionSubscription$25,640 $21,184 21.0 %$73,579 $48,560 51.5 %
Subscription
Subscription
Advertising
Advertising
AdvertisingAdvertising8,441 2,333 *18,033 6,660 *
OtherOther361 102 *1,146 102 *
Other
Other
TotalTotal$34,442 $23,619 45.8 %$92,758 $55,322 67.7 %
Total
Total
I/E (2)
I/E (2)
I/E (2)
The New York Times Company
The New York Times Company
The New York Times CompanyThe New York Times Company
SubscriptionSubscription$418,577 $382,672 9.4 %$1,225,709 $1,138,270 7.7 %
Subscription
Subscription
Advertising
Advertising
AdvertisingAdvertising117,113 110,467 6.0 %341,124 344,116 (0.9)%
OtherOther62,655 54,541 14.9 %183,104 158,399 15.6 %
Other
Other
TotalTotal$598,345 $547,680 9.3 %$1,749,937 $1,640,785 6.7 %
(1) Recast to reflect updated bundle allocation methodology.
Total
Total
(1) Recast to reflect the Company’s updated bundle allocation methodology.
(1) Recast to reflect the Company’s updated bundle allocation methodology.
(1) Recast to reflect the Company’s updated bundle allocation methodology.
(2) I/E related to content licensing recorded in Other revenues.
* 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.
* Represents a change equal to or in excess of 100% or not meaningful.
3430


Adjusted operating costs (operating costs before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items) details by segment
For the Quarters EndedFor the Nine Months Ended
(In thousands)September 30, 2023
September 25, 2022 (1)
% ChangeSeptember 30, 2023
September 25, 2022 (1)
% Change
NYTG
Cost of revenue (excluding depreciation and amortization)$288,228 $274,506 5.0 %$860,340 $823,966 4.4 %
Sales and marketing51,956 56,503 (8.0)%165,135 189,146 (12.7)%
Product development50,930 45,546 11.8 %151,810 137,498 10.4 %
Adjusted general and administrative (2)
75,135 66,476 13.0 %216,983 197,281 10.0 %
Total$466,249 $443,031 5.2 %$1,394,268 $1,347,891 3.4 %
The Athletic
Cost of revenue (excluding depreciation and amortization)$22,907 $20,350 12.6 %$67,570 $52,838 27.9 %
Sales and marketing10,679 8,229 29.8 %26,775 15,943 67.9 %
Product development6,503 4,928 32.0 %18,732 11,231 66.8 %
Adjusted general and administrative (3)
2,252 2,165 4.0 %6,697 6,783 (1.3)%
Total$42,341 $35,672 18.7 %$119,774 $86,795 38.0 %
The New York Times Company
Cost of revenue (excluding depreciation and amortization)$311,135 $294,856 5.5 %$927,910 $876,804 5.8 %
Sales and marketing62,635 64,732 (3.2)%191,910 205,089 (6.4)%
Product development57,433 50,474 13.8 %170,542 148,729 14.7 %
Adjusted general and administrative77,387 68,641 12.7 %223,680 204,064 9.6 %
Total$508,590 $478,703 6.2 %$1,514,042 $1,434,686 5.5 %
(1) Recast to reflect updated bundle allocation methodology.
(2) Excludes severance of $3.1 million and $6.4 million for the third quarter and first nine months of 2023, respectively. Excludes multiemployer pension withdrawal costs of $1.4 million and $3.9 million for the third quarter and first nine months of 2023, respectively. Excludes severance of $2.0 million and $4.5 million for the third quarter and first nine months of 2022, respectively, and multiemployer pension withdrawal costs of $1.3 million and $3.7 million for the third quarter and first nine months of 2022, respectively.
(3) Excludes severance of $1.2 million for the first nine months of 2023. Excludes severance of $0.2 million for the first nine months of 2022.
* Represents a change equal to or in excess of 100% or not meaningful.

35


Adjusted operating costs (operating costs before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items) details by segment
For the Quarters Ended
(In thousands)March 31, 2024
March 31, 2023 (1)
% Change
NYTG
Cost of revenue (excluding depreciation and amortization)$292,457 $284,323 2.9 %
Sales and marketing55,481 58,932 (5.9)%
Product development54,865 50,832 7.9 %
Adjusted general and administrative (2)
69,847 73,408 (4.9)%
Total$472,650 $467,495 1.1 %
The Athletic
Cost of revenue (excluding depreciation and amortization)$24,973 $22,529 10.8 %
Sales and marketing9,653 8,102 19.1 %
Product development8,320 6,230 33.5 %
Adjusted general and administrative (3)
2,928 2,408 21.6 %
Total$45,874 $39,269 16.8 %
I/E(4)
$(563)$— *
The New York Times Company
Cost of revenue (excluding depreciation and amortization)$316,867 $306,852 3.3 %
Sales and marketing65,134 67,034 (2.8)%
Product development63,185 57,062 10.7 %
Adjusted general and administrative72,775 75,816 (4.0)%
Total$517,961 $506,764 2.2 %
(1) Recast to reflect the Company’s updated bundle allocation methodology.
(2) Excludes severance of $4.0 million and multiemployer pension withdrawal costs of $1.6 million for the first quarter of 2024. Excludes severance of $3.3 million and multiemployer pension withdrawal costs of $1.5 million for the first quarter of 2023.
(3) Excludes severance of $0.4 million and $0.5 million for the first quarter of 2024 and 2023, respectively.
(4) I/E related to content licensing recorded in Cost of revenue (excluding depreciation and amortization).
* Represents a change equal to or in excess of 100% or not meaningful.
The New York Times Group
NYTG revenues increased 7.6%4.6% in the thirdfirst quarter of 20232024 to $563.9$557.4 million from $524.1$532.8 million in the thirdfirst quarter of 2022 and2023. Subscription revenues increased 4.5%7.3% in the first nine monthsquarter of 20232024 to $1.7 billion$401.4 million from $1.6 billion$374.2 million in the first nine months of 2022. Subscription revenues increased 8.7% to $392.9 million from $361.5 million in the third quarter of 2022 and increased 5.7% in the first nine months of 2023, to $1.2 billion from $1.1 billion in the first nine months of 2022 due to growth in subscription revenues from digital-only products, partially offset by decreases in print subscription revenues. Advertising revenues increased 0.5%decreased 4.0% in the first quarter of 2024 to $108.7$98.0 million from $108.1$102.1 million in the thirdfirst quarter of 20222023, due to higherdeclines in print advertising revenues, partially offset by lowerhigher digital advertising revenues. Print advertising revenues increaseddecreased primarily due to an increasea decrease in column-inches,column-inches. Digital advertising revenues increased primarily as a result of higher creative services fees and higher open-market programmatic revenues, partially offset by a decreaselower direct-sold display advertising and podcast advertising. Other revenues increased 2.6% in print advertising rate. Digital advertising revenues decreased duethe first quarter of 2024 to lower revenues from creative services and podcasts, which were partially offset by higher revenues from direct-sold and programmatic display advertising. Advertising revenues decreased 4.3% to $323.1$58.0 million from $337.5$56.5 million in the first nine monthsquarter of 20222023, due to lower digital advertisinghigher Wirecutter affiliate referral revenues primarily a result of lowerand licensing revenues, from podcasts and creative services, which were partially offset by higher programmaticlower book, television, and direct-sold display advertising. Print advertising revenue was impacted by secular trends. In addition, we believe the macroeconomic environment adversely impacted both digital and print advertising spending.film revenues.
NYTG adjusted operating costs increased 5.2%1.1% in the thirdfirst quarter of 20232024 to $466.2$472.7 million from $443.0$467.5 million in the thirdfirst quarter of 2022 and increased 3.4% in the first nine months of 2023 to $1.4 billion from $1.3 billion in the first nine months of 2022.2023. The increase in costs in both periods was primarily related to growth in the numbers of employees who work in the newsroom as well as higher general and administrativejournalism and product development costs, partially offset by lower general and administrative and sales and marketing costs.
NYTG adjusted operating profit increased 20.5% in the third quarter of 2023 to $97.7 million from $81.0 million in the third quarter of 2022 and increased 10.7%29.8% in the first nine monthsquarter of 20232024 to $262.9$84.7 million from $237.6$65.3 million in the first nine months of 2022. The increase in the third quarter of 2023 was primarily as a result of higher digital subscription, other and advertising revenues, partially offset by higher adjusted operating costs.2023. The increase in the first nine monthsquarter of 20232024 was primarily as a result of higher digital subscription and other revenues, partially offset by higher adjusted operating costs and lower print advertising revenues.
The Athletic
31


The results of The Athletic have been included in our Condensed Consolidated Financial Statements beginning February 1, 2022, the date of the acquisition. Results for the first nine months of 2022 included The Athletic for approximately eight months, while results for the first nine months of 2023 included the Athletic for the full nine months.
The Athletic revenues increased 45.8% in the third quarter of 2023 to $34.4 million from $23.6 million in the third quarter of 2022 and increased 67.7%33.0% in the first nine monthsquarter of 20232024 to $92.8$37.2 million from $55.3$28.0 million in the first nine monthsquarter of 2022.2023. Subscription revenues increased 21.0%18.2% in the first quarter of 2024 to $25.6$27.6 million from $21.2$23.4 million in the thirdfirst quarter of 2022,2023, primarily due to growth in digital-only subscribers with The Athletic, andAthletic. Other revenue increased 51.5% in the first nine monthsquarter of 20232024 to $73.6$3.8 million from $48.6$0.4 million in the first nine monthsquarter of 2022,2023, primarily due to the impactan increase in licensing revenue from the additional month of revenues in 2023, as well as the impact of additional months of bundle-related revenues in 2023 and growth in digital-only subscribers with The Athletic.an Apple licensing deal. Advertising revenues increased in the first quarter of 2024 to $8.4$5.7 million from $2.3 million in the third quarter of 2022 and increased to $18.0 million from $6.7$4.2 million in the first nine monthsquarter of 2022,2023, primarily due to the launch ofhigher revenues from direct-sold display advertising, partially offset by a decrease in the third quarter of 2022.podcast advertising.
The Athletic adjusted operating costs increased 18.7% in the third quarter of 2023 to $42.3 million from $35.7 million in the third quarter of 2022 and increased 38.0%16.8% in the first nine monthsquarter of 20232024 to $119.8$45.9 million from $86.8$39.3 million in the first nine months of 2022. The increase in costs in the third quarter of 2023 was primarily due to higher sales and marketing costs and product development costs, as well as growth in the number of employees who work in the newsroom.2023. The increase in costs in the first nine monthsquarter of 20232024 was primarily due to higher product development and sales and marketing costs, journalism costs and product development costs, primarily due to the impact from the additional month of costs in 2023, as well as the impact of the additional months of bundle-related costs.higher journalism expenses.
The Athletic adjusted operating loss decreased 34.5% to $7.9 million23.2% in the thirdfirst quarter of 2023 from $12.1 million in the third quarter of 2022 and decreased 14.2%2024 to $27.0$8.7 million in the first nine monthsquarter of 20232024 from $31.5$11.3 million in the first nine monthsquarter of 2022,2023, primarily as a result of higher digital subscription and advertising revenues, partially offset by higher adjusted operating costs.

36


NON-OPERATING ITEMS
Other Components of Net Periodic Benefit (Income)/Costs
See Note 9 of the Notes to the Condensed Consolidated Financial Statements for information regarding other components of net periodic benefit (income)/costs.
Interest Income and other, net
See Note 7 of the Notes to the Condensed Consolidated Financial Statements for information regarding interest income and other, net.
Income Taxes
See Note 10 of the Notes to the Condensed Consolidated Financial Statements for information regarding income taxes.
NON-GAAP FINANCIAL MEASURES
We have included in this report certain supplemental financial information derived from consolidated financial information but not presented in our financial statements prepared in accordance with GAAP. Specifically, we have referred to the following non-GAAP financial measures in this report:
adjusted diluted earnings per share, defined as diluted earnings per share excluding severance, non-operating retirement costs and the impact of special items (or adjusted diluted earnings per share);items;
adjusted operating profit, defined as operating profit before depreciation, amortization, severance, multiemployer pension plan withdrawal costs and special items, (or adjusted operating profit), and expressed as a percentage of revenues, adjusted operating profit margin;
adjusted operating costs, defined as operating costs before depreciation, amortization, severance, multiemployer pension plan withdrawal costs and special items (or adjusted operating costs);items; and
free cash flow, (defineddefined as net cash provided by operating activities less capital expenditures)expenditures.
The special items in 2024 consisted of:
$1.0 million of Generative AI Litigation Costs ($0.7 million or $0.0 per share after tax).
There were no special items in the first quarter of 2023.
We have included these non-GAAP financial measures because management reviews them on a regular basis and uses them to evaluate and manage the performance of our operations. We believe that, for the reasons outlined below, these non-GAAP financial measures provide useful information to investors as a supplement to reported diluted earnings/(loss) per share, operating profit/(loss) and operating costs. However, these measures should be evaluated only in conjunction with the comparable GAAP financial measures and should not be viewed as alternative or superior measures of GAAP results.
32


Adjusted diluted earnings per share provides useful information in evaluating the Company’s period-to-period performance because it eliminates items that the Company does not consider to be indicative of earnings from ongoing operating activities. Adjusted operating profit and adjusted operating profit margin are useful in evaluating the ongoing performance of the Company’s businesses as they exclude the significant non-cash impact of depreciation and amortization as well as items not indicative of ongoing operating activities. Total operating costs include depreciation, amortization, severance and multiemployer pension plan withdrawal costs. Total operating costs, excluding these items, provides investors with helpful supplemental information on the Company’s underlying operating costs that is used by management in its financial and operational decision-making.
Management considers special items, which may include impairment charges, pension settlement charges, acquisition-related costs, and beginning in the first quarter of 2024, Generative AI Litigation Costs, as well as other items that arise from time to time, to be outside the ordinary course of our operations. Management believes that excluding these items provides a better understanding of the underlying trends in the Company’s operating performance and allows more accurate comparisons of the Company’s operating results to historical performance. Management determined to report Generative AI Litigation Costs as a special item and thus exclude them beginning in the first quarter of 2024 because, unlike other litigation expenses which are not excluded, the Generative AI Litigation Costs arise from a discrete, complex and unusual proceeding and do not, in management’s view, reflect the Company’s ongoing business operational performance. In addition, management excludes severance costs, which may fluctuate significantly from quarter to quarter, because it believes these costs do not necessarily reflect expected future operating costs and do not contribute to a meaningful comparison of the Company’s operating results to historical performance.
Excluded from our non-GAAP financial measures are non-operating retirement costs which are primarily tied to financial market performance and changes in market interest rates and investment performance. Management considers non-operating retirement costs to be outside the performance of the business and believes that presenting adjusted diluted earnings per share excluding non-operating retirement costs and presenting adjusted operating results excluding multiemployer pension plan withdrawal costs, in addition to the Company’s GAAP diluted earnings per share and GAAP operating results, provide increased transparency and a better understanding of the underlying trends in the Company’s operating business performance.
The Company considers free cash flow, which is defined as net cash provided by operating activities less capital expenditures, to provide useful information to management and investors about the amount of cash that is available to be used to strengthen the Company’s balance sheet and for strategic opportunities including, among others, investing in the Company’s
37


business, strategic acquisitions, dividend payouts and repurchasing stock. See “Liquidity and Capital Resources — Free Cash Flow” below for more information and a reconciliation of free cash flow to net cash provided by operating activities.
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are set out in the tables below.
Reconciliation of diluted earnings per share excluding amortization of acquired intangible assets, severance, non-operating retirement costs and special items (or adjusted diluted earnings per share)
Reconciliation of diluted earnings per share excluding amortization of acquired intangible assets, severance, non-operating retirement costs and special items (or adjusted diluted earnings per share)
Reconciliation of diluted earnings per share excluding amortization of acquired intangible assets, severance, non-operating retirement costs and special items (or adjusted diluted earnings per share)
For the Quarters Ended
March 31, 2024
March 31, 2024
March 31, 2024
Diluted earnings per share
Diluted earnings per share
Diluted earnings per share
Add:
Add:
Add:
Amortization of acquired intangible assets
Amortization of acquired intangible assets
Amortization of acquired intangible assets
Severance
Severance
Severance
Non-operating retirement costs:
Non-operating retirement costs:
Non-operating retirement costs:
Multiemployer pension plan withdrawal costs
Multiemployer pension plan withdrawal costs
Multiemployer pension plan withdrawal costs
Other components of net periodic benefit costs
Other components of net periodic benefit costs
Other components of net periodic benefit costs
Special items:
Special items:
Special items:
Generative AI Litigation Costs
Generative AI Litigation Costs
Generative AI Litigation Costs
For the Quarters EndedFor the Nine Months Ended
September 30, 2023September 25, 2022% ChangeSeptember 30, 2023September 25, 2022% Change
Diluted earnings per share$0.32 $0.22 45.5 %$0.74 $0.62 19.4 %
Add:
Amortization of acquired intangible assets0.04 0.04 — 0.13 0.12 8.3 %
Severance0.02 0.01 *0.05 0.03 66.7 %
Non-operating retirement costs:
Multiemployer pension plan withdrawal costs0.01 0.01 — 0.02 0.02 — 
Other components of net periodic benefit costs/(income)— 0.01 *(0.01)0.03 *
Special items:
Acquisition-related costs— — — — 0.21 *
Impairment charges0.02 — *0.10 — *
Gain on the sale of land— — — — (0.20)*
Multiemployer pension plan liability adjustment(0.01)(0.04)(75.0)%(0.01)(0.04)(75.0)%
Income tax expense of adjustments
Income tax expense of adjustments
Income tax expense of adjustmentsIncome tax expense of adjustments(0.02)(0.01)*(0.07)(0.04)75.0 %
Adjusted diluted earnings per share (1)
Adjusted diluted earnings per share (1)
$0.37 $0.24 54.2 %$0.94 $0.73 28.8 %
Adjusted diluted earnings per share (1)
Adjusted diluted earnings per share (1)
(1) Amounts may not add due to rounding.
* Represents a change equal to or in excess of 100% or not meaningful.
3833



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) and of adjusted operating profit margin
Reconciliation of operating profit before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items (or adjusted operating profit) and of adjusted operating profit margin
Reconciliation of operating profit before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items (or adjusted operating profit) and of adjusted operating profit margin
For the Quarters Ended
(In thousands)
(In thousands)
(In thousands)
Operating profit
Operating profit
Operating profit
Add:
Add:
Add:
Depreciation and amortization
Depreciation and amortization
Depreciation and amortization
Severance
Severance
Severance
Multiemployer pension plan withdrawal costs
Multiemployer pension plan withdrawal costs
Multiemployer pension plan withdrawal costs
Generative AI Litigation Costs
Generative AI Litigation Costs
Generative AI Litigation Costs
For the Quarters EndedFor the Nine Months Ended
(In thousands)September 30, 2023
September 25, 2022 (1)
% ChangeSeptember 30, 2023
September 25, 2022 (1)
% Change
Operating profit$63,567 $51,01524.6 %$147,242$108,96035.1 %
Add:
Depreciation and amortization21,475 21,760(1.3)%64,17361,1504.9 %
Severance3,086 2,01053.5 %7,5784,67062.3 %
Multiemployer pension plan withdrawal costs1,397 1,3195.9 %3,9363,7345.4 %
Acquisition-related costs— — 34,712*
Impairment charges2,503 *15,239*
Multiemployer pension plan liability adjustment(2,273)(7,127)(68.1)%(2,273)(7,127)(68.1)%
Adjusted operating profit
Adjusted operating profit
Adjusted operating profitAdjusted operating profit$89,755 $68,97730.1 %$235,895$206,09914.5 %
Divided by:Divided by:
Divided by:
Divided by:
Revenue
Revenue
RevenueRevenue598,345 547,6809.3 %1,749,9371,640,7856.7 %
Operating profit marginOperating profit margin10.6 %9.3 %130 bps8.4 %6.6 %180 bps
Operating profit margin
Operating profit margin
Adjusted operating profit marginAdjusted operating profit margin15.0 %12.6 %240 bps13.5 %12.6 %90 bps
(1) Recast to reflect updated bundle allocation methodology.
Adjusted operating profit margin
Adjusted operating profit margin
* 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 total operating costs before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items (or adjusted operating costs)
For the Quarters Ended
March 31, 2024
March 31, 2023(1)(2)
(In thousands)NYTGThe Athletic
I/E(3)
TotalNYTGThe AthleticTotal% Change
Total operating costs$493,275 $52,984 $(563)$545,696 $486,285 $46,554 $532,839 2.4 %
Less:
Depreciation and amortization14,025 6,681 — 20,706 14,006 6,834 20,840 (0.6)%
Severance3,999 429 — 4,428 3,329 451 3,780 17.1 %
Multiemployer pension plan withdrawal costs1,612 — — 1,612 1,455 — 1,455 10.8 %
Generative AI Litigation Costs989 — — 989 — — — *
Adjusted operating costs$472,650 $45,874 $(563)$517,961 $467,495 $39,269 $506,764 2.2 %
(1) Recast to reflect the Company’s updated bundle allocation methodology.
(2) Recast to conform to the current presentation of total operating costs. See “Executive Overview” for more detail.
(3) I/E related to content licensing.
* Represents a change equal to or in excess of 100% or not meaningful.
39


Reconciliation of total operating costs before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items (or adjusted operating costs)
For the Quarters EndedFor the Nine Months Ended
(In thousands)September 30, 2023
September 25, 2022 (1)(2)
% ChangeSeptember 30, 2023
September 25, 2022 (1)(2)
% Change
Total operating costs$534,778 $496,665 7.7 %$1,602,695 $1,531,825 4.6 %
Less:
Depreciation and amortization21,475 21,760 (1.3)%64,173 61,150 4.9 %
Severance3,086 2,010 53.5 %7,578 4,670 62.3 %
Multiemployer pension plan withdrawal costs1,397 1,319 5.9 %3,936 3,734 5.4 %
Acquisition-related costs— — — — 34,712 *
Impairment charges2,503 — *15,239 — *
Multiemployer pension plan liability adjustment(2,273)(7,127)(68.1)%(2,273)(7,127)(68.1)%
Adjusted operating costs$508,590 $478,703 6.2 %$1,514,042 $1,434,686 5.5 %
Adjusted operating costs by segment
NYTG466,249 443,031 5.2 %1,394,268 1,347,891 3.4 %
The Athletic42,341 35,672 18.7 %119,774 86,795 38.0 %
Total adjusted operating costs$508,590 $478,703 6.2 %$1,514,042 $1,434,686 5.5 %
(1) Recast to reflect updated bundle allocation methodology.
(2) Third quarter and nine months of 2022 were recast to conform to the current presentation of total operating costs. See Executive Overview for more details
* Represents a change equal to or in excess of 100% or not meaningful.
4034


LIQUIDITY AND CAPITAL RESOURCES
We believe our cash balance and cash provided by operations, in combination with other sources of cash, will be sufficient to meet our financing needs over the next twelve months. As of September 30, 2023,March 31, 2024, we had cash, cash equivalents and short- and long-term marketable securities of $587.8$686.3 million. Our cash and marketable securities balances between December 31, 2022,2023, and September 30, 2023, increasedMarch 31, 2024, decreased primarily due to cash proceeds from operating activities, partially offset by dividendincentive compensation payments, share repurchases, capital expendituresdividends payments and share-based compensation withholding tax payments.payments, partially offset by higher net income.
We have paid quarterly dividends on the Class A and Class B Common Stock each quarter since late 2013. In February 2023,2024, the Board of Directors approved an increase in the quarterly dividend to $0.11$0.13 per share, which was paid in April 2023. In June and September 2023, the Board of Directors declared a quarterly dividend of $0.11 per share on the Class A and Class B Common Stock, which was paid in July and October 2023.2024. We currently expect to continue to pay comparable cash dividends in the future, although changes in our dividends will be considered by our Board of Directors in light of our earnings, capital requirements, financial condition and other factors considered relevant.
In February 2023, the Board of Directors approved a $250.0 million Class A share repurchase program in addition to the amount remaining under the existing $150.0 million authorization approved in February 2022. The authorizations provide that shares of Class A Common Stock may be purchased from time to time as market conditions warrant, through open market purchases, privately negotiated transactions or other means, including Rule 10b5-1 trading plans. We expect to repurchase shares to offset the impact of dilution from our equity compensation program and to return capital to our stockholders. There is no expiration date with respect to these authorizations. As of September 30, 2023,March 31, 2024, repurchases under these authorizations totaled approximately $148.6$182.0 million (excluding commissions)commissions and excise taxes), fully utilizing the 2022 authorization and leaving approximately $251.4$218.0 million remained. As of November 3,under the 2023, repurchases under these authorization totaled approximately $149.5 million (excluding commissions), and approximately $250.5 million remained. authorization. During the nine monthsquarter ended September 30, 2023,March 31, 2024, repurchases under these authorizations totaled approximately $43.6$32.4 million and we repurchased an additional $5.0 million (excluding commissions).commissions and excise taxes) between April 1, 2024 and May 3, 2024, leaving approximately $213.0 million remaining under the 2023 authorization.
Beginning in 2022, the Tax Cuts and Jobs Act of 2017 eliminated the option to deduct research and development expenditures immediately in the year incurred and instead requires taxpayers to capitalize and amortize such expenditures over five years. In 2022, our cash from operations decreased approximately $60 million and our net deferred tax assets increased by a similar amount as a result of this legislation. In 2023,2024, we expect a negative impact on our cash from operations of approximately $31 million.$28 million and our net deferred tax assets to increase by a similar amount as a result of this legislation. The actual impact on 20232024 cash from operations will depend on the amount of research and development costs we incur, on whether Congress modifies or repeals this provision, and on whether new guidance and interpretive rules are issued by the U.S. Treasury, among other factors.
Capital Resources
Sources and Uses of Cash
Cash flows provided by/(used in) by category were as follows:
For the Nine Months Ended
For the Quarters Ended
(In thousands)
(In thousands)
(In thousands)(In thousands)September 30, 2023September 25, 2022% ChangeMarch 31, 2024March 31, 2023% Change
Operating activitiesOperating activities$224,100 $85,024 *Operating activities$53,079 $$50,730 4.6 4.6 %
Investing activitiesInvesting activities$(97,288)$(79,299)22.7 %Investing activities$(66,391)$$22,175 **
Financing activitiesFinancing activities$(111,816)$(133,239)(16.1)%Financing activities$(68,684)$$(58,530)17.3 17.3 %
* 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.
Operating Activities
Cash from operating activities is generated by cash receipts from subscriptions, advertising sales and other revenue. Operating cash outflows include payments for employee compensation, pension and other benefits, raw materials, marketing expenses and income taxes.
Net cash provided by operating activities increased in the first nine monthsquarter of 20232024 compared with the same prior-year period primarily due to higher net income (which in 2022 was impactedand higher cash collections from accounts receivable, partially offset by a payment related to the acceleration of Athletic stock options in connection with the acquisition), lower tax payments and lowerhigher cash payments for incentive compensation.
41


Investing Activities
Cash from investing activities generally includes proceeds from marketable securities that have matured and the sale of assets, investments or a business. Cash used in investing activities generally includes purchases of marketable securities, payments for capital projects and acquisitions of new businesses and investments.
Net cash used in investing activities in the first nine monthsquarter of 20232024 was primarily related to $85.5$60.5 million in net purchases of marketable securities and capital expenditures of $16.5$6.4 million.
35


Financing Activities
Cash used in financing activities generally includes the payment of dividends, share-based compensation withholding tax payments and share repurchases.
Net cash used in financing activities in the first nine monthsquarter of 20232024 was primarily related to share repurchases of $32.5 million, dividend payments of $51.4$18.6 million share repurchases of $43.6 million (excluding commissions) and share-based compensation tax withholding payments of $14.3$17.6 million.
Free Cash Flow
Free cash flow is a non-GAAP financial measure defined as net cash provided by operating activities, less capital expenditures. The Company considers free cash flow to provide useful information to management and investors about the amount of cash that is available to be used to strengthen the Company’s balance sheet and for strategic opportunities including, among others, investing in the Company’s business, strategic acquisitions, dividend payouts and repurchasing stock. In addition, management uses free cash flow to set targets for return of capital to stockholders in the form of dividends and share repurchases.
The following table presents a reconciliation of net cash provided by operating activities to free cash flow:
For the Nine Months Ended
For the Three Months Ended
For the Three Months Ended
For the Three Months Ended
(In thousands)
(In thousands)
(In thousands)(In thousands)September 30, 2023September 25, 2022
Net cash provided by operating activitiesNet cash provided by operating activities$224,100 $85,024 
Net cash provided by operating activities
Net cash provided by operating activities
Less: Capital expenditures
Less: Capital expenditures
Less: Capital expendituresLess: Capital expenditures(16,539)(27,809)
Free cash flowFree cash flow$207,561 $57,215 
Free cash flow
Free cash flow
Free cash flow in the first nine monthsquarter of 20222024 was negatively impacted$46.7 million compared with $44.7 million in 2023. Free cash flow increased primarily due to higher cash provided by a one-time payment related to the acceleration of The Athletic Media Company stock options in connection with the acquisition.operating activities, as discussed above.
Restricted Cash
We were required to maintain $14.3$13.9 million of restricted cash as of September 30, 2023,March 31, 2024, and $13.8$13.7 million as of December 31, 2022,2023, substantially all of which is set aside to collateralize workers’ compensation obligations.
Capital Expenditures
Capital expenditures totaled approximately $17$7 million and $29$6 million in the first nine monthsquarters of 20232024 and 2022,2023, respectively. The decreaseincrease in capital expenditures in 20232024 was primarily driven by higher expenditures at our College Point, N.Y., printing and distribution facility, investments in technology to support our strategic initiatives and improvements in the prior year related to improvements in our Company Headquarters. The increase was partially offset by lower expenditures at a newsroom bureau. The cash payments related to capital expenditures totaled approximately $17 million and $28$6 million in the first nine monthsquarters of 20232024 and 2022,2023, respectively.
Revolving Credit Facility
On July 27, 2022, we entered into a $350.0 million five-year unsecured revolving credit facility that amended and restated a prior facility (as amended and restated, the “Credit Facility”). Certain of our domestic subsidiaries have guaranteed our obligations under the Credit Facility. As of September 30, 2023,March 31, 2024, and December 31, 2022,2023, there were no outstanding borrowings under this credit facility, and approximately $0.6 million inthe Company did not have other outstanding letters of credit, with the remaining committed amount available.debt. As of September 30, 2023,March 31, 2024, the Company was in compliance with the financial covenants contained in the Credit Facility.
CRITICAL ACCOUNTING ESTIMATES AND POLICIES
Our critical accounting policies are detailed in our Annual Report on Form 10-K for the year ended December 31, 2022.2023. Other than as described in Note 2 of the Notes to the Condensed Consolidated Financial Statements, as of September 30, 2023,March 31, 2024, our critical accounting policies have not changed from December 31, 2022.2023.
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FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q, including the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Terms such as “aim,” “anticipate,” “believe,” “confidence,” “contemplate,” “continue,” “conviction,” “could,” “drive,” “estimate,” “expect,” “forecast,” “future,” “goal,” “guidance,” “intend,” “likely,” “may,” “might,” “objective,” “opportunity,” “optimistic,” “outlook,” “plan,” “position,” “potential,” “predict,” “project,” “seek,” “should,” “strategy,” “target,” “will,” “would” or similar statements or variations of such words and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such terms. Forward-looking statements are based upon our current expectations, estimates and assumptions and involve risks and uncertainties that change over time; actual results could differ materially from those predicted by such forward-looking statements. These risks and uncertainties include, but are not limited to: significant competition in all aspects of our business; our ability to grow the size and profitability of our subscriber base; our dependence on user and other metrics that are subject to inherent challenges in measurement; numerous factors that affect our advertising revenues, including market dynamics, evolving digital advertising trends and the evolution of our strategy; economic, market, public health (including Covid-19-related) and geopolitical conditions or other events; damage to our brand or reputation; risks associated with generative artificial intelligence technology; economic, market, geopolitical and public health conditions or other events; risks associated with the international scope of our business and foreign operations; significant disruptions in our newsprint supply chain or newspaper printing and distribution channels or a significant increase in the costs to print and distribute our newspaper; risks associated with the international scope of our business and foreign operations; risks associated with environmental, social and governance matters and any related reporting obligations; adverse results from litigation or governmental investigations; risks associated with acquisitions (including The Athletic), divestitures, investments and similar transactions; the risks and challenges associated with investments we make in new and existing products and services; risks associated with attracting and maintaining a talented and diverse workforce; the impact of labor negotiations and agreements; potential limits on our operating flexibility due to the nature of significant portions of our expenses; the effects of the size and volatility of our pension plan obligations; liabilities that may result from our participation in multiemployer pension plans; our ability to improve and scale our technical and data infrastructure; security incidents and other network and information systems disruptions; our ability to comply with laws and regulations with respect to privacy, data protection and consumer marketing and subscription practices; payment processing risk; defects, delays or interruptions in the cloud-based hosting services we utilize; our ability to protect our intellectual property; claims against us of intellectual property infringement; our ability to meet our publicly announced guidance and/or targets; the effects of restrictions on our operations as a result of the terms of our credit facility; our future access to capital markets and other financing options; and the concentration of control of our company due to our dual-class capital structure.
More information regarding these risks and uncertainties and other important factors that could cause actual results to differ materially from those in the forward-looking statements is set forth in “Item 1A — Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022,2023, and “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Quarterly Report on Form 10-Q. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.     
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Our Annual Report on Form 10-K for the year ended December 31, 2022,2023, details our disclosures about market risk. As of September 30, 2023,March 31, 2024, there were no material changes in our market risks from December 31, 2022.2023.
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Item 4. Controls and Procedures
EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES
Our management, with the participation of our principal executive officer and our principal financial officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended) as of September 30, 2023.March 31, 2024. Based upon such evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of September 30, 2023,March 31, 2024, to ensure that the information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING
There were no changes in our internal control over financial reporting during the quarter ended September 30, 2023,March 31, 2024, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION
Item 1. Legal Proceedings
We are involved in various legal actions incidental to our business that are now pending against us. These actions generally have damageassert damages claims that are greatly in excess of the payments,amount, if any, that we would be requiredliable to pay if we lost or settled the cases. We record a liability for legal claims when a loss is probable and the amount can be reasonably estimated. Although the Company cannot predict the outcome of these matters, no amount of loss in excess of recorded amounts as of September 30, 2023,March 31, 2024, is believed to be reasonably possible.
On December 27, 2023, we filed a lawsuit against Microsoft Corporation (“Microsoft”) and Open AI Inc. and various of its corporate affiliates (collectively, “OpenAI”) in the United States District Court for the Southern District of New York, alleging copyright infringement, unfair competition, trademark dilution and violations of the Digital Millennium Copyright Act, related to their unlawful and unauthorized copying and use of our journalism and other content. We are seeking monetary relief, injunctive relief preventing Microsoft and OpenAI from continuing their unlawful, unfair and infringing conduct and other relief. We intend to vigorously pursue all of our legal remedies in this litigation, but there is no guarantee that we will be successful in our efforts.
Item 1A. Risk Factors
There have been no material changes to our risk factors as set forth in “Item 1A—Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022.2023.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
(c) Issuer Purchases of Equity Securities
In February 2022, the Board of Directors approved a $150.0 million Class A stock repurchase program. In February 2023, in addition to the amount remaining under the 2022 authorization, the Board of Directors approved a $250.0 million Class A share repurchase program. The authorizations provide that shares of Class A Common Stock may be purchased from time to time as market conditions warrant, through open market purchases, privately negotiated transactions or other means, including Rule 10b5-1 trading plans. We expect to repurchase shares to offset the impact of dilution from our equity compensation program and to return capital to our stockholders. There is no expiration date with respect to these authorizations. As of September 30, 2023,March 31, 2024, repurchases under these authorizations totaled approximately $148.6$182.0 million (excluding commissions)commissions and excise taxes), fully utilizing the 2022 authorization and leaving approximately $251.4$218.0 million remained.remaining under the 2023 authorization.
PeriodTotal numbers of shares of Class A Common Stock purchasedAverage price paid per share of Class A Common StockTotal number of shares of Class A Common Stock purchased as part of publicly announced plans or programsMaximum number (or approximate dollar value) of shares of Class A Common Stock that may yet be purchased under the plans or programs
July 1, 2023 - July 31, 2023— $— — $251,438,000 
August 1, 2023 - August 31, 2023— $— — $251,438,000 
September 1, 2023 - September 30, 2023— $— — $251,438,000 
Total for the third quarter of 2023— $— — $251,438,000 
PeriodTotal numbers of shares of Class A Common Stock purchasedAverage price paid per share of Class A Common StockTotal number of shares of Class A Common Stock purchased as part of publicly announced plans or programsMaximum number (or approximate dollar value) of shares of Class A Common Stock that may yet be purchased under the plans or programs
January 1, 2024 - January 31, 2024122,324 $49.05 122,324 $244,478,000 
February 1, 2024 - February 29, 2024526,260 $45.82 526,260 $220,431,000 
March 1, 2024 - March 31, 202454,884 $43.71 54,884 $218,032,000 
Total for the first quarter of 2024703,468 $46.14 703,468 $218,032,000 
Item 5. Other Information
Securities Trading Plans of Directors and Executive Officers
During the three months ended September 30, 2023,March 31, 2024, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of the Company’s securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement” (as defined in Item 408(c) of Regulation S-K).
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Item 6. Exhibits
Exhibit No.
  
31.1
31.2
32.1
32.2
101.INSXBRL 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.SCHInline XBRL Taxonomy Extension Schema Document.
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document.
101.LABInline XBRL Taxonomy Extension Label Linkbase Document.
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document.
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 THE NEW YORK TIMES COMPANY
(Registrant)
Date:NovemberMay 8, 20232024/s/ William Bardeen
William Bardeen
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)

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