NYT - Earnings call transcript Q2 2021 | The New York Times Company

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Operator

Good morning and welcome to The New York Times Second Quarter 2021 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, that this event is being recorded. I'd now like to turn the conference over to Harlan Toplitzky, Executive Director of Investor Relations and Financial Planning and Analysis, please go ahead.

Harlan Toplitzky

to conference York call. welcome quarter Company's and earnings XXXX you The Times New second Thank

Caputo, and On Kopit Chief Roland Levien, call President Vice the today, and Executive we Officer; Financial Officer. Chief have Meredith Executive President and

change remind our I forward-looking will assumptions, current the of expectations to during statements These may that this management and Before we call. like over are you begin, course would time. make statements based which on

and risks that due and to Our in a company's are actual results differ the of described could subsequent materially number SEC uncertainties XXXX XX-K filings.

COVID-XX Given context the our impact had for results. our we believe business of also which comparisons XXXX the in will XXXX current of year present in to certain pandemic we many useful our provides XXXX results operating on cases

include on will that, our in GAAP comparable non-GAAP measures the and reconciliations Kopit Meredith release, website measures available With call our addition, at provided Levien. presentation I which financial we to turn have In the is over most to press our earnings will investors.nytco.com.

Meredith Kopit Levien

in compared year-on-year as and good in morning same strength operating in year. net surged than XX% compared which that profit, two subscription adjusted $XX additions we revenues second the subscription We these success beginning gained net more against underlying the recorded at largest year's that our advancing quarter, The That meet and historic strategy, result we for we subscription offset opportunity than in the the growth Cooking a Harlan, decade. combined revenue on QX comparing model. our year Advertising to the revenue Total and the followed the in quarter with softest same moderated digital unique XX% and in in additions in progress the Difficulty] second quarter, of cost subscription revenue period expected, XXXX. a strength the grew revenue balance a crisis. profit [Technical with milestone subscriptions growth, improvement market more our growth our XXX,XXX digital last and in of We Games. saw quarter of and traditionally paid demand. the to the added strong journalism, streams everyone. million the and roughly were Thanks, the last net given News half is and COVID results of with modest

range continue that We to total with of although will annual expect remains to precision. that subscription the be net our additions predict difficult in XXXX,

up year-on-year. Our advertising performance revenue XX% was total better with than expected,

in in uniquely of Coronavirus to that is particular, expansive deliver. the also the The our including data and surging our political for reach, highest publicly New year-on-year Times noting. Pulitzer the as film platforms Primetime to The and contributed did The continues was that best data documentary for history, in audiences and for Times engineers, the managers. product the mid was journalism globally. won the court same for [Technical quintessential made The across others Times our commentary urgent and only of Spears. in We've our scrutiny resonate better As audiences with July, track XXXX. strong crisis was part example each and every unparalleled available. fill More partnership Coronavirus to through The healthcare won of continues journalism It exploring has products product seventh some race body for FX Morris of events Prize the in the worth pandemic. journalism Game team, underlying subscriptions, than journalists coverage of Florida, our in brought Service, writer June share of the our who of for impact the for culture, in the film journalism his company, also Coronavirus the moving for designers in launched conservatorships our out pandemic. U.S. helped than scientists, known Culture and new and It Wesley work revenue the Public coverage. Pulitzer news ordered businesses reporting, specifics quarter Award workers, time prepare coverage is essays ignited case rely of were about around-the-clock our to with XXXX This That The XX% series, and the many our win of journalism's intersection has with ahead. I'll Demonstrating strength Prizes work and intense produced and in work can Times honor return Framing South to stage of turn nominated subject nearly and matters, Advertising York Britney vacuum and now effort local the Times still another factor that an year. individuals, the than to The repeatedly. the one the data announced Difficulty] governments, and and on a our across Presents XX% Times our as demonstrating to the more the Emmy this quarter extended. organization in recently the biggest with and Pulitzer devastating for Haiti, was more period over breadth, and drivers

significant in are comparing heightened year to calls, and over against effects new on levers the news said growth, increasing of the the we to believe our of the our we our remainder we the last control will that the of we've expect feel continue year's models. results have prior effects subscription for while cycle cycle As

XXXX COVID the as driven quarter same our below period was in in quarter, period. declining in larger with than of prior but largely last audience the the Our highs and historic second saw we audience average domestically, the weekly XXXX by was engagement story every

and relative and as paying pleased did year. than view access We with years the a and to see more healthy, our believe of have also we and aggressively leaning and customer and with we audience million across are a more Games With a as indicator breadth and experimenting net on subscription Times. to the to programming focus our our ready Cooking, strength to this of news than readers future with into like both we experience model have pace subscribe, the engage registered of registrations within journey continues deeply that also correlates and were experiencing seen which do. engage we XXX products, into overall more positive as range storylines more begun broader our readers users leading breadth, of by our that to row, That our Wirecutter, a more core experimentation to our aggressively For we conversion to last registered in audience users, subscribe report new XXXX second rates. The with adjacent of prior be they more us to to and getting on access expose value We're now experimenting leading and once are turn successfully higher our insight additions across model is when has in staying. they of quarter even more full increasing to given sustained

strengthen have our churn. each net areas subscription conversion body and in in and the digital additional to Last as As to to overall which we in experiences. lows past, a newest a of a like since engagement of comfortable churn optimize grown appeared unchanged less additions that increase contributed slightly believe our at room March. cohort newsletters live subscriptions remains quarter have result, than small noted quarter new key level. was monthly from we we news QX first well growing retaining month be We in the the domestic

in overall uptick is internationally an believe at non-core experienced generally we healthy churn level. we markets, While a our

anonymous and clearly subscribers the and that focus We on our help promotional superior registered maintain we to from graduating overarching engagement levels confident churn making experience will and subscriber step to also prices. believe and to increased prices full in healthy on our approach remain experiences, up subscriber

we value Cooking at subscription that there and millions that daily a meaningful all-digital lay the the that more appealing demonstrated people These more around demand in than strategic of time And Wirecutter valuable retaining appeal bundle Building do their half both groundwork quarter bundled and are for Times promising of this be our tests the who to the marketing potential We to of lives. bundle. to of to last widely one for of continued and the and uniquely the on bundle and has year. product. positioning, tests results, paid quarter those pricing, on to a subscription for in plan we further plan is in subscribe these and combines offering the better Audm, with experiment access Games. we Throughout it the widen News, which access bundle testing over those choose ran who potential all-digital launch more second the have to the fall, which The to only products

culture English-language to And products, us to the done time. continuing Given moment company share grow our time means drivers market we million the our in million advertising we of to more which grabs our Cooking subscriptions. tech a is who into in company and XXX investments needs needs. each of operation It includes and market to products and now investing important our at news people the to meet and build turn to underlying on profitable bundle. to in it now individual stories also are to briefly scale. over an with more product meet the will build the larger of Games, into least growth. these up pay invest and cover to a broader required are of have opportunity broader experience array thoughtfully of We see enable investing for for the means value closing I'll adjacent and journalism we to a addressable which our daily most expected are for and as unique us life news believe That X investing habits of

the from we market but recovery, we're growing business world. and is no our ability competitive to Our and collaborations the believe Those products effect to of robust our capabilities, hit include ideas and advantages. podcasts of build new into benefiting launch unique laid the Ad also large doubt groundwork create party seeing marketers our advertising help that first we suite targeting advantages an multiplatform data

in share update on turn company's digital emphasis let Now before to things over an investment world-class development Roland, ongoing team. on I me a an building out the product

to worth we our largest engineering say in that case for, which is Chief on early to ability Sobel happy top Facebook growth. turn As new attract, phase development over will a Officer, our of paramount. officially years of us our develop beyond strategy month well now especially at talent this to joins steering other in Airbnb its during is Jason a Technology it and our the digital are side welcome focus with retain work we of our Jason later of journalism paying days areas journalism is talented scaling to who Roland. functions. This business at leaders I'm its highly times five joins that, and half who next And growth. dozen product one years I'll after

Roland Caputo

you, good Meredith Thank and morning.

than the XX,XXX We to quarter, had XXXX the were subscription digital XXXX delivered subscriptions. period substantial million, strength to results, growth than was our of comparison share revenues news of given higher second and when which financial digital impacts new strong was total results important subscription our which from year. in by per subscriptions same point for higher by products, the $XX digital-only fundamental business and digital modest a approximately XX,XXX higher pandemic quarter, earnings the core million, results. news of result added the than adjusted XXX,XXX $X.XX XXXX. quarter in is $XX the growth of our net operating a $XX that and standalone reported an XXXX new on in products the new subscriptions net Adjusted net million the unit profit While the with especially compared $X.XX advertising both prior underlying in of We diluted

the XX.X% subscriptions and we XXX,XXX approximately quarter the Cooking end subscription revenues of as total at of Games As news of had XX% approximately quarter. of Total subscriptions. the increased The the XXX,XXX international in quarter. remained subscriptions of the end share

the of than XX% subscription As well a prices, and digital-only subscription revenue million. dollar-per-week price the the continued point quarter, five we quarter price Meredith of over one to the as nearly late subscriptions. approximately points prior percentage graduated benefit solely quarter well points as in related quarter the and prior first Digital-only a of prior the prior domestic more for improvement compared decade rate price revenue to a and since who Digital increases highest subscriptions percentage XXXX. full the said, subscriptions subscription half of price year have our growth year-over-year year a in the new to new on price large versus result positive step-up introductory year, retention is graduating result a with intermediate higher points ARPU subscription which to more to finally, full the $XXX quarter. of as and increased this number versus from from first promotional the in digital price increased positive strength from result have quarter, grew in an past continued revenue the with XXXX. ARPU tenured percentage of in five subscriptions for marks added increase, compared percentage our approximately the the growing new the nearly primarily the which either to subscription was a began one This impact subscriptions

to X% declined the price subscriptions subscription approximately and declined in increase, from a commuting prior digital in on quarter first and which closures the Print the a as digital from declines as result impact the than a recent subscriptions result subscription declines X%, steep while graduating revenues pricing than improvement more significant promotions pandemic. the delivery and circulation daily to the volume. in widespread year, expect represents price travel throughout year. increase revenues to more offset Sunday home the in trend, experienced following the benefitted the a with circulation the XXXX of which as provide compared Total to tenure increased continues decrease X.X% business continue power from tailwind We ARPU as quarter news the throughout demonstrate discounted of

declined, compared impact domestic As international grew of targeted print in the and our XX%, comparison second bulk digital subscription result XX%, print XX% from improving copy result spending the by than caused ad with Digital to and proprietary first a single flat. in as of XX% copy declined largely the the was weak advertising of increased revenues subscriptions advertising, XXXX higher as sale delivery products advertising nearly including advertising increased home and quarter portfolio. revenues quarter advertising XXXX, X.X% Total digital products, grew as advertising revenue while by pandemic. while direct-sold advertising a of the expanded during by revenues COVID-XX advertising reduced also XXXX, traditional was party as display audio Versus audio. more

and utilization been employees. Audio higher accrual, higher Second by a General areas, a print headcount withdrawal largely growth. severance with for growth compensation higher standalone the administrative X% XX%, quarter and has XX% New digital as dramatically revenue York printing driven in categories. in well $XX associated Point second from would and advertising Other lower as accruals. due the compensation employee higher expect number of larger higher dollars, our growth and audio expenses. approximately services media, largely organic noting of supported increased to quarter in and the than increased referral growth future, advertisers last in Games, to strong attributable XXXX. The reduced as products cost, to we and costs Media distribution revenue costs development to expenses. compared the quarter, approximately and and result marketing number by services performance Cost second costs, growth in a over well servicing in we engineers our million XXXX Meanwhile, quarter costs. The costs of guidance Other reiterate content, early we an targeted that by our I'll again products. revenues expenses, in Wirecutter production which the early partially of this compared of Street technology, to a XXXX, compared foreseeable employed enacted incentive audio began worth investments media significantly into the and advertising XXXX with to lower increased had area the through X.X% gave core historically to compensation and development, of of content year-on-year headcount the in to product It's costs costs and quarter delivery X% expenses adding pandemic. life XX%, the result Sales higher the favorable in exceeded expenses the a reduction sales only-owned and second by G&A for XX% the increase COVID-XX advertising XXXX significantly make in approximately and financial XX%, a increased as costs nearly media which other year third that Barron's increased heavily of as we print as of spending digital the continue Adjusted the continue prior we Journal, When was of of production demand in lower XX% print of costs offset incentive XXXX by and by XXXX. Product XX% subscription Despite subscriber primarily better-than-expected XXXX revenue XXXX, and pension recorded in and accrual Post This of a result media higher to than entertainment College outside facility, compared that decreased quarter multi-employer higher were when operating affiliate advertising X% It's level in sales XXXX. Newsroom, growth, third drive marketing increased revenue. that compared as a as driven year partially worth leaning luxury, this increasing and XXXX. lagged comparison midway XX%. printing workforce Wall experience largely May, to increased Cooking in news out obligation also primarily as as was quarter on increased of to another technology control by primarily in months result plant. impressive lower we noting company's of and XXXX, will by as you incentive difficult the in than to have approximately plan in were due

one quarter came low first quarter for issued at growth we result as cost in the early building, resulting one initiatives. headcount expected second quarter, we than tenant's the termination the nearly Our May, a leases to of on tight our support labor market. in charge item and growth as our special growth of had We and in our of from our the largely million end early guidance in accommodate add $X headquarters a call growing space initiatives our to slower of hiring

tax quarter rate Our XX%. for the was effective second approximately

previously, approximately rates. effective variability we with marginal be tax around to on our quarterly dollar expect significant As XX% rate every we of record income stated

debt $XXX Moving at $XX balance sheet, million to remains securities of first credit of the of with the quarter our XXXX. cash line Company an revolving ended the free available. increase with marketable quarter a balance million million, $XXX compared and

increase revenue to Now advertising compared expected XX% increase open investments to XX% the our conclude of to and increase and another third expected operating Other the XX% quarter And approximately approximately of increase costs revenues quarter year let XX% last with operating Overall, digital are XX%. third to as subscription advertising taken revenues XX% year to quarter to questions. pandemic. XX% of to approximately the of to subscription with approximately compared spending outlook expected of expected of as each digital with and to revenues expected XXXX XXXX. to it XX%. to increase quarter increase Digital-only the a are XX% growth approximately confidence first to X%, adjusted to are be me during Total revenues the subscription continue costs of with low are third expected for actions to drivers compared that, approximately quarter with happy up are we'd third of XXXX the result XX% while we of XXXX

Operator

Research. first is comes Karasyov instructions] ahead. from [Operator question Vasily, Our your from go Vasily line Hello Please open? Cannonball

Vasily Karasyov

am full about confident what this, net confidence, ask confident, Oh you yes, minor you compared year technical I for of having if felt you to to are sorry, the or last I quarter adds level the less Meredith, why, would how more if guidance differences. and that? call, your on unchanged it's and the your feeling change so or wanted

Meredith Kopit Levien

Vasily. that for say unchanged. I Thanks would it's

additions far, in of it model, And track and meter of predict what precisely. engagement testing opportunity hard journey bit we a but ways of of continues so in all outlook and [ph] shared of remarks, in to the XXXX. to are gives additions, So, prepared to more in I that say are help that those continue sophisticated getting is at of around believe better. since what conversion, broadly the control And I'll cycle so the new plenty been reiterate March is improve seen confidence there remains for we're on remarks have dynamic optimizing terms can point our effect, believe prepared us the deliberately. more is keep and that net I terms that have tests we we've suggested promising, bundle we'll that to are that this newsletters model in us we confidence. I we prepared the gives quite which said our of we even had our said little we superior as access for there's so remarks, runway that our live our and think use and in there's the I'd in while our have in to range we us more ways, so the got finish to to customer XXXX lots of the net improvement experiences continuing believe levers ability We've apply

Vasily Karasyov

much. very you Thank

Operator

go The comes ahead. Huber Research Partners. Huber Craig Please from next question from

Craig Huber

use can good have bit for were you dollar-a-week Yes, hi, promotion talk like and here, guys about are year well to hear XX-weeks? a more versus also you week that the you How it's you further talk seems ago about maybe talk aggressive the Meredith, in about two also a churn. two morning. you feeling week can about that that? and out been about you doing curious just years And little ago, what versus of to years mentioned be with It that? and

Meredith Kopit Levien

Yes. Good morning and anything happy to answer should both of in weigh those miss. and with Roland I

dollar-a-week to to regard and aggressively of On being can one able to continuing use you are that's to and the we subscribers that it of step worked at couple real full of stepping half, enrollment through people it in of bring it a three people mark, two to use that years it's it the fact the is prices a use up. year full cycles tested really up confidence as a gone now so in we way and our as and now working a and having signal continue into sort

see seen pricing and so to regard in where there, And to perspective as uptick a mark strategy we an prices said because in comfort prior churn I'd remarks. we the people comfortable a address last We're We They I using we're quarter with far at that going year use and can the is. the less broadly our we assume in more slightly what than size On that in is churn some seeing of you and I it like retaining we the because continue to see what from the that We groups with in. it there. it as repeat one well I'll churn, step-up continuing can new ways, So bringing about as we what that. of healthy. use think enrollment fact of say, we're two churn. you cohorts. the like we works we've what it think use fact bit to on of talked up prepared brought were the we're that churn I'll full

to stable which of of that and more but This bit that what in on I'd mentioned we is our that sort pick comfortable, is in it line can quarter, we're but I've We prepared strategy say it's healthy. quarter up our churn think this feel say together all this a say about tell I in aggressive remarks, promotional international we I'd pricing good from expectations. and domestic range saw based sort markets, non-core in And a taken it with of healthy, I'll the of again. on

a has We delineating really state, subscriber into or state now help and come and think that more putting and energy to lot the the of registered all and are work anonymous of better engagement, side. state the in on to potential versus value we the subscribed to the us the retention

Craig Huber

raise you. this if prices please? people you are digital subscriptions calendar on Thank Meredith many I my the up, how follow expecting to Then could, year

Meredith Kopit Levien

that. ask quantify may to I Roland, you

Roland Caputo

course half a price from little tenured of receiving have in on the million and expect XXX,XXX subs over some subs then transitioning and Sure. about obviously. received a dollar-a-week, which price Yes, prices and QX so about the more the a than of that year a higher we whole QX already increase, to increase the

Craig Huber

thank Great, you, guys.

Operator

Kannan from next The Please question from comes ahead. Venkateshwar Barclays. go

Kannan Venkateshwar

you. I been Thank of don't more seen it of cadence pushed so amount than a leverage it's think what think you've seen have anticipated. guess operating is you and I leverage, little part just a And before the in that the reasonable so firstly out far and side, we've operating costs, XXXX think of that I XXXX. XXXX on I guys may

little And I'm terms if than of outside have international what but your think for correct than stable we U.S. is correctly, and you in the Why conservativeness first to operating I than that churn to coming it better. should bit And Is this mix continue? subscribers, understand indicate comes issue? just past churn and this leverage guys if quarters? come lower from the Is in XX% timing I correctly, remember a commentary me I wrong, outside are trend of few if more from guiding domestic a commentary gross more expect So to am just subs of sequentially higher. wanted in churn then additions, versus it to costs that been I U.S. the quarter, your is seems reading XX% Meredith,

the could followup to mix So I one to better will and last you expect about how that sense quarters the a for during expect and talk that's of have couple period, or what if just probably on later? how shifted give that you front. evolve? over even subscriber That us the COVID

Meredith Kopit Levien

Yes, stable. on with a that question of leverage what and right may did so the than a got of you'd it's there. from which -- I a I'm I to is new that. number domestic is aggressive that we the in pricing international, us Roland, net markets, lot of a non-core happy it churn, operating up to you and and of part bit And for I'd is then promotional coming think half or add improve don't internationally anything more using believe remarks know room if the still but churn get you first lower starts to the not as to I take in ticked churn prepared that you're start result we're But say question. it our additions I said the Roland, and ask that's asking we've experimental

Roland Caputo

then. the this at right. exactly take I No, think I'll question operating leverage that's point

changed our in terms spoke. like operating when outlook in leverage we Kannan, last nothing really has of So from overall,

a to get drop that. said profit some term on But and so do different we'd longer very as really more it's two that looking over assumed market not year some time, not pace we this able things been So we we'd have outlook going think at far to year, we labor could. hire is, One expect the tight and we a we've I on. as this there's

So driving short our that's our to and expectations costs our below what's coming dropping guidance of some term in line. therefore bottom that's the and

term year, necessarily factor we benefit. this not a which other advertising short better performing is revenue, longer that's than term expected is The benefit, a complete

but faster, came year, read I it line to a little discussed changing those longer wouldn't together past. that little we in anything really So things from I think that have the our two else term more expected this provide is than trajectory come it we've into so bottom a

Kannan Venkateshwar

one sheet right add capabilities? sheet, could Meredith, with just the cash sitting on around about, your some and balance M&A in interest think we've maybe now, lot the There's about to sitting billion how strategic headlines a there's the I Meredith these maybe. And follow close if goals mean use know it. you on a respect that cash you seen Got up $X your of to your balance on to bit talk for of you of Athletic. to more

Meredith Kopit Levien

subscription talked few We acquired do Audm, this in we'll important of to we got year ago and might which we've the to audio. in Yes, audio fall track in beginning in app open to Wirecutter which us And relatively acquisitions, somewhat we Serial do it, be with always place but modest how side. on are subscription Last a about. we've doing but we to and to strategy I That's albeit these and general, size value of provide with we the we we that. very, do Productions, and storytelling five with products that. so our record we to years of you you relatively experiment the I'm of acquired maximize audio that. a to invest that know, use experiment know have preference our continue calls say, Wirecutter scale, small very excited happy to strong gives bundle, would is into about the now added our sheet balance acquired the a to audio, value

using So strategy, we evaluate do accelerate prefer to that. will balance opportunities continually to absolutely sheet our to the the frankly and are open sheet and to balance we use

Kannan Venkateshwar

Thank you.

Operator

Morgan question next from Please Thomas from comes The Yeh Stanley. go ahead.

Thomas Yeh

some you dynamic on churn Hi, is morning, Realizing through how thanks. Given working to right to more might favorable you're give sizing lower do expect would helpful? rollout? comes the of bundling through that bit then your help XXXX? Is color good you can on on on that subscriber And higher you or to that about, next thinking year, share the turn expectation views ARPU, XXXX it about opportunity early, new on move that little assume last new it year relative have an cohort that happened joins that any spoke it's or your the year? you normalized what can a think as us the you're base quality be expands that you more some more that that comments this the through

Meredith Kopit Levien

in say will what Yes, a add projection, XXXX we've start I'll as a he . is, that I'll position been, any working. is to not kind on Roland got Good strategy, give can of we morning, certainly but good Thomas strategy say questions. have sees we are a and both just I and fit.

even build confident assume a work been strategy. deeply comparing to year We the are has are really of sort where that. be once cycle. recognizing new and that quarter-over-quarter on we're that we confident we month-over-month, going lot there resilience And fluctuations we're build what talk This the us and and and a quarter, lifetime, a of hearing in more far, in how do bit-by-bit, you talk year heard thus in to we you're to new that prior cycle about in in last you've model, about against in to doing what engagement our that, continued it, how our continue has been the are can is in today, from get us going the

the we've We as that and and bundle. market next So that can got to much can take more big the I year a say think, about really the just relates broadly you it that's, work we believe as opportunity.

to we We subscription. X people who that's million. We've pay through at digital Obviously, product and our expect will thus driver there certainly pattern do far, be engagement, News our million that least penetrated our will the of circle widen now. modest broader audience English-language to something for that your market Difficulty]. tests has least with individual The market of at tests this said the believe will a showing investing continue record presents in prior we're to but do that our the and is expect New Times, individual I'll the into track think will in an bring that we been are [Technical of really the our have more percentage and can going on I've that and to time. the York we main calls, that and And we over we keep it our bundle got XXX order to a products. time strength crossed journalism relationship so percentage products the We subscriptions, shown meaningfully just million relatively question, X that of people opportunity be into We've interest and of in say, will also increase

Roland Caputo

technical you issues having if some move next want Jason is and… on Meredith question to the and seems to It

Operator

Yes.

Our ahead. Huber comes Please Arthur next from question from go Research. Doug

Doug Arthur

Yes, thanks. Harlan, hear can me? you

Harlan Toplitzky

we hear. Yes can

Doug Arthur

I Meredith is back not. mentioned I the kind if want, think of quarter. better or she know second Okay, don't the end engagement trends I of towards

I'm and traffic question. numbers of quarter whether to into So got as in to in first have the for the you've That’s Obviously, ago six months third the implications I'm and concern Delta quarter. the site interested adds? the how engagement as and that's kind variant wasn't big interested net concern that of of sort carry of third sort that have the story does a accelerated

Roland Caputo

prior what News say out, trend, I I while what was anything engagement seeing, year engagement, still Yes. getting witnessed see a exactly her is that. mean, wouldn't but our can better is Hi, and we're best the we I remains below so as that do mean, News, straightened think it's though, XXXX ahead XXXX on and so, for comment seen is while of text we than Doug you've we've the I XXXX, well, more term getting to Meredith and the interesting short

it We see it plays reader is know but seems at out. over little will from cycle hotter, that, -- play our that's it seems it consumer that a new to this just time, how see it that out. change just does will perspective getting We how

Doug Arthur

in on potential the and year-over-year Cooking et of and some Okay I you in up. power cetera. quarter. I area? Audm what's non-news was threw you talked, the that follow then numbers group subscription second just mean, out XX% up pricing for the in mean, one the over What and subscriptions Games,

Roland Caputo

Yes, I we've mean, Okay. Meredith are -- back? you

Meredith Kopit Levien

back. I'm

So sorry.

a this Carry So from tired home office. of doing on.

Roland Caputo

the you Did hear question?

Meredith Kopit Levien

not hear did I question the on…

Roland Caputo

Games for Cooking power Cycling and products. our

Meredith Kopit Levien

pricing for number of as subscriptions, Yes, power good a on, each those big getting are part relevant focus. broadly, close with think daily ambitions we've They we for of of million I I'd don't question. early be is days I as people's in say still can the products. both and and products in whom of both lives, products them would market that. out close both they But I to proven value fit. the both they're very people think in say got I are still rule our they provide

okay this those and pricing role daily we would And my a scaling are I the I out they is of scaling, play both bundle. subscriptions power Wi-Fi habitual in and but Doug. assuming can at So use products say sure, point, over I'm you don't rule for hear on me time, focused can

Doug Arthur

much. you right. very Thank Yes, that's

Operator

ahead. next from go Please Morgan. Quadrani question comes Alexia from The J.P.

Alexia Quadrani

thank you. Hi,

really inching question month-to-month, March, you back know having sound doesn't you you've think confidence of a was bounce from it's where growth. correctly. the the growth July it mentioned lows is growth sounds that digital that just that, longer I'm you're through in second clarification like were digital you or role, just in what than the sub It When sounds follow like a is toward can digital like inclusive but that And I services. that then month, and to you give gaining you confidence improving maybe better I just was from mentioned term for advertising easy you're a my then share or curious expected from mean, And think advertising on you understood see comps Just since the better seen phenomenon is better just short wallet. up. term visibility seeing it It what just question of I each some March, I here? in of if is a would quarter? advertising, and for second in you financial

Meredith Kopit Levien

do Roland, that, happy start? want Yes, to you I'm

Roland Caputo

Ad start can I the on question.

Meredith Kopit Levien

Yes.

Roland Caputo

mean, happy like real a back, party advent the I with targeted the think right and in selling lot a as we're is coming but first I real it mentioned the and products, for the breakthrough that's So now of I us is briskly. of market results that

within a I publisher set. advantage the think that's competitive

little we're expanding, think our there grabbing do products. the a we same share thing with bit of audio and more So market portfolio

know we to So, still of those market We ad don't things, the of as as we'll dollars kid growth. think the have we given ourselves and some is the that continue most taking that good are long digital most two good, the platforms results.

think able quarter, said just I mean see big we could as eye and the really not as the good is kind to should a as a I driver don't about of as be or short to when far term, part but portion market it long I a years mean So for to grab of that. healthy, come, as

Meredith Kopit Levien

of work the the a large last. last better I and very business largely couple just, we our think it, fact call. that to Yes, growth add to the improve of digital of so understand we're playing and Roland’s said point, the do did as last that and over years, we profile very, also that in in limitations particularly But We I'll beat market made it this it that a a platforms. the that ad its does think by I'll grow last year is lot of I on

we're certainly it prepared you which On one my specifically how a is business we I tempered. expectations completed. that quarter better mile expect million that signal for was fact crossed just another a it question better some told now. the Alexia, consider will first you the marker but gives X to we've to So as be and you our subscriptions continue to in that are your remarks pointing business, with just feeling if But we've we've

Alexia Quadrani

Thank you.

Operator

from go John Please Janedis Research. question comes Wolfe from next ahead. The

John Janedis

total? term they compare to XX% and lifetime ARPU, Great, subscriber thanks. they as similar the international, of and of like range longer international what the on cost lower value the percent Meredith, acquisition And subs, look you sub meaning compared do the the plus does to can U.S. do domestic the a specific with and into engage stories? take

Meredith Kopit Levien

would promotional not Canada questions. in long-term our It's good that sort say particularly go have are comfortable on very pricing, that international, Australia. regard of why there we more aggressive been markets you so beyond I with strategy. Generally, a can UK, Yes, core, as and the work markets

and base, ways where markets, been very doing the comfortable still So generally really would we internationally of we're our but would more cost, we I here. because we beyond as is we in the non-core as about true subscriber international of all we sort where board, also our fits ahead we it to your with starts core I of bring and so It reach particularly promote playing is domestically. a markets, terms of domestic aggressively longer, the ourselves point acquisition you see out share true and organically. just game That say long strategy. the is On of of get health would are And sort internationally, sort we've the domestically question when in and internationally. internationally it lion's across into measure to of

paid marketing. that you do of I'm engine starts answer it's from whole, even sort not through of sure still give product come the if could say possible for And accurate so, our and process that to most that I except an the not

John Janedis

in over plus much the Okay, maybe past moved has XX-ish I'm you've range, rounding time? talked kind here, of around that percent I that about think

Meredith Kopit Levien

are referring to? Sorry. what And you

John Janedis

The starts versus -- shift organically paid?

Meredith Kopit Levien

of that. come than Oh, in our substantial. It's it's It's that. than organically. board, the Majority across starts higher higher

it majority overwhelming come to organically. the in Just characterize

John Janedis

And right, you full the retain good to the graduating to a retention to perspective, to finding you subs is hear are all lower from or Okay, expected for skew what subs to the on from interim the end the subs? proportion promotional of of then churn more thanks. side compared increasing the or a pricing, pricing

Meredith Kopit Levien

let you that I'll Roland, take one.

Roland Caputo

and the and couple more got step skewed the predicting full it's been that XX% model price does slightly actually towards of from last we've going No, it than to pretty of quarters. to sure. XX% that's the stable Yes, going for a up, slightly

John Janedis

thank accelerate forward? like are you here are Can on It know sneak of but expectations more you're one expected any takes, guardrails in from Roland, sounds maybe more Okay, going and ARPU about there magnitude? then kind talk puts there to I I'll your you. and

Roland Caputo

depends some on dollar-a-week. Well, that of the come many how starts on in

the ARPU positive true. sequentials year-over-year. more dollar-a-week that influx year-over-year ARPU, substitute expect So a promotion very dollar-a-week you'll starts improving, couple a have the will that to but quarters. then on the but into come for is not large very, make It [ph] huge the to expectation would come wouldn't effect I that of next be see the new our dollar-a-week, from take the that

John Janedis

Okay, great, you. thank

Operator

for question-and-answer our remarks. any like back to the to session. I'd concludes conference This closing Toplitzky turn Harlan over

Harlan Toplitzky

Jason. Thanks,

Before I that few note in want sign I audible. Meredith's instances, remarks been may have limited to a not off,

our our We practice, posted prepared on forward we've is As for website investors.nytco.com this again remarks, quarter. prepared her look and to you to talking remarks our us @ total thank next morning. you joining

Operator

for Thank The today's attending concluded. conference presentation. now has you

You disconnect. may now

The New York Times Company (NYT) 4 Aug 212021 Q2 Earnings call transcript