The New York Times Company (NYT) 4 May 222022 Q1 Earnings call transcript

Good morning, and welcome to The New York Times Company’s First Quarter 2022 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Harlan Toplitzky, Vice President of Investor Relations. ahead. go Please

welcome quarter and New Times York Thank earnings to conference first XXXX call. Company’s you, The

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

we current that will you which expectations course this and make of to are SEC statements the management excuse – call. due over during our assumptions, I These like and statements based Before results begin, of could remind would are forward-looking Other on materially in XX-K may number change differ Company’s to a described actual me, risks that filings. uncertainties XXXX time. the and our subsequent

our prepared the of shortly our investor provided this press And a turn will conclude. our the call addition, that we Kopit and earnings will the Meredith website measures finally, our which after please measures remarks note financial we to reconciliations be available website is Levien. at in will In release, call to have from over investors.nytco.com. I on posted include most that, presentation non-GAAP to copy morning’s comparable GAAP With

Thanks, Harlan, morning, and everyone. good

surrounding our a in I dedication let and acknowledge Ukraine of Before the begin, and bravery to moment take me the region. journalists

tragic engagement. readers that been of cover, to have still-unfolding reporters, their kind the this and is since war make conflict. our Our courageous people the on began, This Times large precisely story work team and and responded with photographers numbers January, uniquely support of and deep have sense and ground is the well before The is in positioned helping

net pillars: consequential strategy more destination time The profitable to our audience and the helps on be That English-speaking way make a indispensable relationships scaling market subscriptions, Our individual in million we to I’ll subscriber focus last the we we person launch a XX.X and XX% world; engage best that strategy from on first with and on to daily a to earnings The we was is the QX of the large since digital confidence the news be February subscribers in more in, in remind third, model net after started. up additions. on our to and progress of than strategy, was the them ability stories to terms subscribers quarter, now of new and was by in helping has our engage grew and to updated subscribers, monetize makes grounded the bundle. million XXXX, valuable up become connected X.X world. the pandemic We that offer subscribers most acquisition It’s have every XX underpins experience toward revenue a with quarter, more most our engage It in and goal have advertising provide total in With passions; subscription the essential leadership news lives easy now to on, detailed believe aggressively a market to you XXXX. the growth understand Times to start strategy an subscriber XXX,XXX was almost to for XX%. to one lives. Overall except action multi-product Times year with which of with we strong subscriber X. in call. in XXXX, First, we our see the seeking to and in three approximately in build more everything to this which including the the their to more our as our and The of XX% of for It subscription expansive when lead our biggest added begin and away product moving attract, total people best our penetrate drive that addressable subscribers growing digital people retain their are growth we million opportunity and pay in by terms to digital-only revenue quarter, Athletic the digital in new second, as the metric

Ukraine Let in average This the world’s both audience Reader users total me but contributed of and elevated function newscycle, terms and the our by a quarter’s war being results also depth of coverage we quarter-over-quarter, for provide destination. investments deliberate subscribers: frequency was engagement ability our pillar strategy: period our of readers and the talk of now interest an was international engagement. especially news in about the spurred first best first the to grew our in their of It the experience our product played believe XX% international in and a role. weekly coverage. strong around-the-clock to foremost

videos, many most the and for graphics engagement maps point Our subscriber was news and our driver experiences increased quarter-over-quarter. news photos, text, product was readers, collection interactive entry of of with Live the powerful including

impact to base. e-mail that interest together steadily subscriber of reach personalization our through now targeting news topics us third capabilities, homescreens, and more of e-mail almost newsletters. a newsletters the We improving have and our XX help also portfolio our of of We of saw growing through which our subscriber-only connect large readers

in significant at more We’re year to one twofold not. to subscribers engagement of subscriber idea with that our our determine And of underpins outsized up the more we’re and quarter-to-quarter to beyond of apply penetrating and model, Cooking. News results who capabilities our This large of encouraged to becoming pay. growing subscription first products to do from confidence standalone people it’s growth. the fast-growing Conversion starting broadly, newscycle. long-term our of expect helping lifestyle largely rates in begun enhancements these valuable to lives early long Wordle, who their XXXX conversion progress report in in our and by a and culture a quarter ongoing than large to least them shows to there which rate churn that in these News, We non-subscribers those our read over machine to days believe the still demonstrates seasonality learning the second runway ask has make behind part of played our strength This and And strategy when and we’ve role the and market. the use our quarter’s changes areas acquisition by our our we More variability continued passions. products. do the the the behind that in most pillar be in were subscriber-only consistent second at idea with data of continued last an optimization. lower me due of of newsletters been these brings and rich based on potential in long to particular, of But our the in for each half

closed news millions only in subscriber quarter, users quarter in users Wordle Times. to new While majority contributed Wordle, return, tens of the audience additions users brought in unprecedented for our for to doubled these games more gains than The to non-Wordle incremental net our average coverage strength led best which Games. The of ever played weekly but to an and real subscriber our the The of its time. over moved to our that moderate to apply Wordle proved and to our subscription Athletic advertising. expertise of the we quickly may and in like audience acquisition quarter, The optimization development, We to in areas players massive funnel of audience to games, addition our its introduce other has portfolio incredibly and audience valuable, are Wordle recognizing leverage moving swiftly

a to a broader an to opportunity The which substantially introduce us on where taking with biggest early was business its We’re of growth the our see we Times off for over meaningful you several to expectations, line a roles Athletic, products audience we execution strong advertising begin to The can the In array build start The year, in Athletic introducing advertising the begun to Athletic also see following operationally, a leaders bundle, transaction’s helping several years. the and growth. is ad teams. new year, this and Subscriber with opportunity build half the at of Athletic The development for second in in groundwork lay next We’ve to Times February. talented out the larger later at into expect

We are pillars more about far, plans incremental optimistic to Athletic improved The life growth the to track and strategy, world-class news content. bring far involve can so two profitability meeting so and which with drive I’ve and on needs the playbook talked value our of our first time. The revenue with Times’s over about

lives, independent about offer more us together that pillar all the connected more cycle. of that makes new helps third a putting our we experience of their expanded strategy in in indispensable daily The and and people engage with is product what of content

subscriber million believe begun drive will allow volume to on expose a their a While we sell promotion over a to our products over increase that of non-News our vast time new of Times more time, our has majority optimizations we and of bundle our series our York standalone our widened to and flow. higher products will marketing New better incremental that the engage also programming which the to interconnected ARPU. bundle people, by addressable already our our continue to With with bundle and our XXX breadth people to with We’ve and e-mail, more current while helps on presentation and engagement to of we’ve We’ve support basis, in of News, onboarding. products and market connect homepage, penetrate to work, optimizing of multi-product this better us subscribers and healthy with in retention. products found purchase begun promotion our

Ukraine, lower on and advertising I’ll print of in optimizations, the to demand digital highest in putting some Digital quarter, performance more. in climate is a XX% product ever revenue, by market-wide grew the digital, above As uncertainty. by ad spend expectations, XXXX. set. terms mostly was our miss less our and the a led a testament to driven of our expected first but over beat achieve luxury, on volatile this a war turn relatively though strength back including offsetting than quarter growth track the for on where were advertisers, additions now in capturing these tech advertising grew year’s QX conditions advertisers subscriber up macro-economic a issues diverse at in expectations, in with single uniquely and to below spending broader believe level hand, total onset marketer last pulling by entertainment QX bundle that We of quarter. the of ability result Print advertising, other was of with and total advertising,

of conditions. macroeconomic As and significant continue profits start business of in subject larger fluctuations so to drive priorities. we forming. of a business and growth expect even that engaging Growth advertising become our it strongly to plan position ahead, advantages that Even includes delivery early of be the our recap, we and reflects what To The still-growing market. we news investment we product long-term. which with creating the as continued to the said doing we have Company’s content development we products competitive to our saw continued, long employees so, growth. a stages our said, for believe reaffirming see the habit in win significant attractive quarter in first strategy the opportunity believe are set, across of competitive and lifestyle more the digital signals be ad to investment year an the measured in we to a cost extraordinary belief and including with into will advertising Consistent first the of will result long-term strengthen last number Company’s of growth over first opportunity to many subscription, in in a that our make quarter, our essential was content the a quarter the and our strong contributor the will product share that our

we and long and Athletic. expect see guidance We the these to improvements provided growth to our I do continue expect to on marketing platforms impact benefits from our operating of continue grow core the as short-term said, in to name profit. investment underlying expect improve. adjusted we Consistent before investments profit tech the our we’ve long-term capabilities won’t also the our sacrifice last from in with to over time earnings As to XXXX we efficiency business our call, drive

offset entirely a So Athletic we of don’t impact consolidated expect to growth the basis. that the dilutive on

where the managing Kahn, of month. I Dean things Joe to Chairman I Before want who over transition make last announced the in our And Editor make Investor that turn for Roland, and want for that, be dive XX, been deeply and some to Publisher I in the our been newsroom’s over to our more notes newsroom under leader. years and Baquet’s He’s that a June. in has become also plan brilliant have June will we’ll our Roland. And with all Executive the hands among digital five leaders. last you hear our Times transformation. and principled tell business editor sophisticated of I Joe can from upcoming you very will directly trailblazers Monday, also note strategy is Joe. editor Day to Executive into a good key of now Editor you,

good Thank and you, Meredith, morning.

and fourth to on results the execute excited on our able give ability company’s and month. Day more quarter strategy call we’re you next laid deliver in for first our February Investor we you with said, real share to Meredith be subscription the As our us in quarter to confidence out at

quarter, Adjusted assets the to of the Athletic, share included in lower in the by $X.XX, earnings first, million. share with the per acquisition than the our the last than associated quarter profit per gave adjusted Amortization quarter, $X our to including $X.XX by reduced approximately lower first year. was Turning which was approximately is period results which same financial reported of adjusted $X.XX. the approximately intangible of diluted we prior earnings diluted million We $XX not XXXX guidance Athletic. operating

additions Athletic. added two flat Adjusted our of The approximately York segments, Athletic when profit have Group prior acquisition was as increased XX,XXX the as in the Group not operating to XXX,XXX subscribers York The while entitlements net new New part it a digital-only new did subscriptions number the home decision results note we relatively their net to the of access were company $XX the bundle. Games subscription Times Times quarter. quarter, in XXX,XXX reduced our million. digital-only XXX,XXX The in in the The and begun to compared in quarter by with grant have who million a year, that result digital-only by With approximately delivery New The Athletic, in On and a $X the subscribers, quarter. of basis, the subscribers of lost already news consolidated the Please reporting net print

no impact XXX,XXX the subscribers. net in the This quarter. Excluding subscription number this were impact, of additions on had

continuing statement of subscriptions. X.X addition XX,XXX began the subscription of forward be apply our February to in and resulted we result news a this look earnest future as subscribers million there work the Our quarters. acquisition. at X.X million XX,XXX quarter in expect playbook. we in date also Meredith’s seasonal Subsequent acquisition quarter-to-quarter I to echo growth of as of to came audience The to cycle. Athletic the that We addition subscribers net the factors of net in want in variability acquisition, and to from of the end as subscriptions net these net of approximately Most additions the The added the Athletic and

inclusion subscriptions as to of who the a the from in of promotional remain to achieve more approximately year end Athletic. the year, week by large our $XXX ability million. subscription our the million of with goal growing in have strength the approximately past digital-only continued subscription subscriptions dollar than increased of XX of quarter per subscription we Digital-only to confident and revenue have XX% revenues higher XX% revenue new result and Total we grew subscribers The prices retention number XXXX. revenue added graduated in subscription However,

plan we ARPU, per reporting metrics are release earnings that several subscriber disclosure beginning QX average we and the Please all products. commentary previous of The one each XXXX ARPU, note to the represents calls digital of disclose on to of our of made quarter’s the with have quarter. digital new subscriber, products. includes the includes This therefore, revenue digital digital ARPU I news solely referred

prior to by year X.X% compared decreased The both to driven subscriber the compared of X.X% largely Athletic. our prior acquisition For digital-only the ARPU the quarter, quarter, and

price year-over-year Excluding price. the the either or primarily rate to step acquisition, impact an intermediate subscriptions full from introductory of the new the due to graduating up increased would’ve price

brand XX%, higher also Product our largely finalized slowdown a driven QX result growth work largely and is were quarter year. guidance. of on spend. increased number rate represents costs we higher inclusion of by Wirecutter operating compared significant product the costs. employees of in entertainment XXXX, driven revenue by the who luxury avoid non-recurring XX% in compared our consistent approximately in technology increased from as year, as of line came efficiency increased The as well of Ukraine. as lower the to our portfolio, print improve largely million, Cooking advertising compared the affiliate of costs a marketing. delay than approximately to commercial distribution of results as result a XX% as in which the expected advertising negatively than in nearly media licensing as primarily affected our with been acquisition later While in Times higher our approximately more introductory expectations revenues expenses. a graduating the from digital This guidance prior York digital growth well compared will to advertising Meanwhile, as at of Other overall the revenues approximately marketing in a in the newsroom with XX%, higher result Print the prices. circulation media gains year-over-year expenses Adjusted result of decline Wirecutter approximately of marketing servicing the net growth our The expenses growth proprietary development XXXX of copy the higher increased higher sequential to The production delivery as initiatives, a The in the as in print offset employees from with and higher with declined subscribers as Sales raw well quarter Other X.X%. placement subscription home of approximately and increased result revenues be in moderate largely growing daily subscriber Games, approximately was connection which targeted project, result The material as X% and single in first home a result a digital as $XX X% would’ve approximately the the Athletic, of we advertisers as approximately in category, categories. referral on XXXX, number costs in quarter New revenue printing as digital promotional by the product more from advertising strategic XX% products XX% costs increased first as a end than X% declined compared the delivery The as growth quarter the the of our as of expanded of growth largely our prior Total Cost with and of pricing, by costs more well revenue the low additions number subscription in benefit to result Athletic. with of than expect advertising than declined and a lower a overall and Athletic. acquisition as in quarter declines nearly volume subscriber to revenues. well both offset Total and employees Media from General in to by of primarily XX% by with the as costs of acquisition were in price year, with primarily higher of by increase. reporting Sunday spending result revenues Athletic. audio and administrative war products, as development party while due XX% the approximately XX%, near increased circulation a decisions more and

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

record our around some the XX% the income expect we variability rate. be possibility of with approximately every marginal previously, dollar quarterly said we As on effective we to rate

XXXX, cash million with the marketable balance decrease fourth of our all $XXX debt and quarter of Moving approximately a revolving as the a to the $XXX free $XXX The compared credit of a million largely our sheet, with acquisition remains approximately balance available. result securities cash million, company at The the of of line quarter in Athletic ended quarter.

million repurchase this to compensation, authorization company’s last During $XXX share totaled share be remained we but under and the the $XX the primarily, with quarter, stated years. associated increase expected the several authorization. next expect call, to offset million are earnings based used will under buybacks dilution purchases over not I’ve exclusively which stock on

related special adjacent agreement a an our It’s in gain $XX quarter a of that printing second acquisition of in worth included be for also in we $XX entered the our million had which resulted previously our one sell approximately We parcel College land quarter to results. The million noting into small to of Athletic. approximately item that will Point facilities, to

prior The our we Let XXXX has quarter second morning. The include the consolidated the outlook Athletic. me for of The our included with the the release York Comparisons Times the the quarter for of been of Athletic consolidated second conclude in XXXX effect not outlook does Athletic. New acquisition earnings results which company’s that of section Group, to The The this published are guidance of on on to

X% the single to total digits. second as of the to of continue into XX% revenues with second costs to Times quarter single of digital XXXX X% expected to increase drivers as expected with comparisons quarter Group, the mid digital-only York increase down The XX% adjusted more to and operating subscription are to investment X% compared a revenue expected subscription result low the Both costs New to prior quarter the are difficult in are we digital subscription in revenues to second flat digits, year. expected to with operating advertising XXXX Other increase the increase growth. high Overall, to expected compared partially increase revenues revenues XX%. with the of with expected X% are of XX% in to XXXX For advertising be compared to

XXXX. in to slow However, core in half beginning cost we considerably of second business growth the expect our

in call early Meredith profit continue The Athletic not what on As business the in significant be basis. to January, grow forecast offset happy million growth impact several set of the do in approximately XXXX expect we reduction The The expect we consistent adjusted a on operating to Athletic. to questions. $XX that, next on said, before consolidated to we announcement entirely the But And With to continue deal that and slight core in XXXX, up losses our with operating expect Athletic of over dilutive in we’d relative for continue improvement the years. loss the we its to to open it impact

ahead. now begin from from session. first We’ll question-and-answer the David comes Morgan. go Instructions] Our Karnovsky J.P. Please [Operator question

Hi. know point far the so Thank into but the Athletic you position view key alongside early, on you how bundle product or you. and Meredith, Times? learnings larger might thinking a your any on maybe discuss can in this I at it’s The market

now. about morning. good excited I’d we’re as The part The you Listen, Times say, Athletic Thank and of super Yes.

And the feel funnel. lot sort build and echo think I The clear and playbook their feel Athletic to optimize – to effects And come way at effects how The our well in playbook and build perfect lots what – a grow of I said we’re development that up subs ad we in and of to very done applying certainly really a that remarks, we in also start We’ve good of on ads to have of as we’re ad and with begin business beginning we out products. audience what of and our know-how are to more we’re we got Times. a apply operationally. the we’ll to to my on that prepared

a start there. good So to I’d say, broadly, we’re very off

the The specifically, intend year. The this we On in begin of Athletic into half to the introduce bundles, to bundle Times back

sometime, in that in that. you’re bundle, sell, up all cross half, play and a through we’re in inclusion sell, few I to suspect going the out different ways the second working So see

a excited the we say, opportunity opportunity that’s do think and will really there’s I about the a I big most there. we’re for reason Now think big acquisition

advertising, reader you through could saw to on then of any war due engagement just the inflation around things macro softening kind saw including what and you lot maybe Thanks. from demand speak impact then And if or Okay. to wondering quarter, of just like the you a of issues that or that. maybe coverage,

be competitive position some I’d the to we about be continue both the to quarter broadly, believe Times. Yes. in set. wide varied – we our my of think continue for growth environment. was I ad in And kind the advertising in And particular business. advertising talked will saw prepared say, to first the about very macroeconomic I we optimistic And driver important, digital The what remarks of and an just of effect product the dynamic

advertisers pullback on of in categories say, I’d we’re pull some big in we just or tech So Ukraine. like the premise the the market of pressure, generally. under saw onset of war seeing kind inflation some dynamism marketers back and with And the

a a to On attract of expectation. note is, We business tends the live categories. performed the to first different – it in the quarter business advertisers print and the and business flip one our still those lot entertainment get of side, things in categories print quarter there really we’ve that well got and of were strong. in really ahead luxury And

economy about put what the what’s the in So the the all optimistic we we’re we’re of but do going business, category advertising. of in on I’d effects in feeling can on long-term, it broadly

you. Thank

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

are U.S., a would market talk right subs about further curious outside overseas can a year you you now question. addressable first That’s just Yes, is say ago? million that number digital also the what and people? that Meredith, morning. percent little to Can my remind of XXX good how the of versus your where much

Craig. Great. Good morning,

growing. the the and think we the neighborhood those number So people market get as U.S. news outside people what podcasts. And of games, of is a in the addressable somewhere outside in domestically of pay reminder U.S. people English of already is, willing a either million are advice, pay subscription. the number news information for who million for subscription or sports and to will shopping XX people by think we that’s And to that’s recipes, XXX pay We the million that market addressable see we the have saying, about XXX at and/or

news, look not internationally. of and directly, just the I’d asking big sort in for particularly and that a both do long sure, in U.S. think On got say, say, teams, we I’m think bundle the subscribers. in you’re penetrate. to give it. million be and runway I’ll in beyond broadly And want a news say but as we at international, penetration, and We the number? that’s me part, the I’ll Roland, domestically to change And I how you So what we’re we’ve X going is how

So end XX% international our Craig, of at stood of subscribers. at QX, the

the was that it was been has ads last the few little higher part quarters. So percent a in net of the bit than

And I’ll across and from from the pay own XXX market to long just product that our sort also people about pay many comes widening willingness million of number add, research set. Craig, the tracking how and

so apart the on Times Okay, I New The advantage of got can the to there. how digital peers sort first front, great. going competitive And you then you my with advertising York all your think, other about have party increasingly sets data question, that you out forward, from talk

do to happy I’m Yes. that.

and party proprietary We into and building really a that are robust ad units and really set to ad years maybe rich data probably deploying first applying four our three canvases.

we use units enormous going about the marketers. and really perform data underneath are well And forward ways advantage we of way some can really And with things have that there. are – data working. our to to target. confident of the application we to think is for The readers Times the the does to we’re do them that help just of privacy marketers an And as from continue amount The build really to it’s both So that with that in learning. other – and machine signal

as on learning, subscription gets well. of use and we side data It just the better So machine business and obviously, better. of kind our

you get deploying signals. at more and you So signal better build the

is add of audience to going the of it. of to built and and depth we’re publisher long advantaged size and enormous they as in incredibly our scale So a and us size we’re got that obviously platform, platforms track for real the for We’ve on But publisher, the opposed record. engagement a advantage. we’ve we its makes a this. And continue a for believe how already a focused differentiator do sort to really – have believe

those Now well marketers. products for performing

So about we’re it. optimistic

you. Thank Great.

comes Karasyov question from Vasily Please next go from ahead. Cannonball Research. Our

opinion? them some it what defense. What those morning, you new it your a you this. in show? are but growth? yet? Wanted us those who And addressable what cycles take waves Good long Why subscribers? research how like to subscribers people subscribers for trajectory would think other market, your yet or become would be – your So is it be your be Would not thoughts guys ask by does driven to in what appreciate to not the are Meredith. And Will on on keeping are tell patterns? would steady

question. Good morning. good Yes,

the that say, no that state. which and marker model which just on sort to in the first want get to XXXX. target like? that’s we I we means to in by to medium me a guide what XX mile Let here, harder of is year a marker of point trajectory than gave long-term last subscriptions believe call, kind reiterated the reminding by And end we next achieve the we new you as the million does subscribers, is to mile see look

now. in I of So penetration say that’s for what terms plan would our

a question, stops value it’s is being convey one, of the flip to bit people subscribed able little people and number think and we gets like, the a what subscribe I what around might to in good now, subscribing state. to sure make say, I it are really from

most talking to think number newsletters second One remarks, in my actively examples XX year, beginning only things of to now those who in first to with started of get and the the are half more of subscribers, about a see much subscribed and began people registered retaining product I the of we’re last prepared subscriber state. anonymous are our better. is we’ve real said year the last newsletters. to I’ve in correlation one who And obvious actively you those differentiate we between in is the do last much and there more that, And but year number launched

convert value from see, time also value more free We see of of people higher Times, will I that something I I news make but sort likely lot a The the differentiated they pay. And even for over as as for can yes, if subscribers get more. get I something get of

the So that’s one differential lot of our not in value of a thing. demonstrating paying, is work

we across to is of amount whole news think has I people both value sports value is, in Times that podcast. that for say I’ll insufficiently information, sitting an the thing in advice, are enormous games, The then shopping breadth recipes, second and of unlocked today on like offer The

to actually work a And it’s they there. of that how the know in so value is people that we way do expose much

that’s product. about promotion unlocking through pillar when and better better that the the – us tells the research I there’s otherwise. passion there of know through within an real our a make So demonstrate talk that area not as people product we would really not where have subscribe a we having better you promotion even connected personalization, that about have sports might our here you being to play of may an that is And that through where in or a value of third about more information expanded experience people to opportunity value think cross you you there for like strategy might game lot there targeting,

the how that, that’s we penetrating about So market. think

Thank you much. very

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

period Yes, thanks. Roland, of watched rangers. the stayed and maybe the I up overtime because

complete heartbreak. break, heart a was it Yes,

one. a That was tough

disaggregate You me. subscriber these for numbers got to

were number Can with if significant a that upside implied and The games that’s Athletic, the now you’ve The XX,XXX You’ve surprise news got kind stated Athletic, only? is or the so. break number without you with you Because pretty a reversed. the down XXX,XXX? of say Did

Correct.

me let start with So this.

on reporting it, going subscriber more to as is focus pay amount to I should when our call, money on and our about What subscribers we’re we of number – of total being they started to the centric. announced us We’re folks last change talk on. the we really that think

the And a out, few economics other we’ve you that the of that terms of that, got we the With ways we the in of representation that the is best the In and can which and release tables we break think APRU, think important. it are see business. release.

news So have we making show We only business the we number is an disclosure Athletic is good disclosure which will is subscribers is since about being always more breaking be important The product of going. really news economics. do we’re folks the digital to we which with also think driving of multi-product remain just bundle an we acquired that. how then our believe show since and important the much our we’re entitlement, a that important talking we two to main insight out And reportable segments into give as that, that, will that course, subscribers,

So digital you line year if only entitlements news both comparison to if fourth the with Doug, look quarter. at – table, last and see can the subscribers the on you the

that quarter product XXX,XXX fourth increase of than the people. More people to have reveals last to the an news comparison that quarter. So did entitlements

sequential the at it. So way look that’s to

yesterday expectations to fair is strong into say surprise And news that quarter, seen in the that reported mean, big revenues. your it the to a news we’ve I flow, relative given coming Reuters that, upside

the the – guess drive do question? I that did So is number,

continent news our a of on the newscycle, of things brought Ukraine. acquisition the millions numbers. which drive Wordle game say lot folks tens in two of our into I’d about drove subs. helped a audience, big war subscriber We the And of European then the had

number So the games happy the terms in we’re was really with sold, that good the we of sold. of we It bundles very quarter. number both numbers standalone of a

with We’re very it. satisfied

Thank Okay, you. great.

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

give my Meredith, kind initiative that investment? hoping should maybe How Thanks this of was could is I we taking scope framing out The on one questions. entails? and now for news you on of follow-up the just a some level thoughts Baquet The more us think about Athletic. local opportunity spearheading. And Dean great. that Times Hi, What then

opportunity spent help have and think you. the might more subscriber outsized Thank that there. close. company of sports terms how time about kind the through of, some Can you might we of us you’ve more cadence which net ads quarters with Now the that post the of think in impacting seasonality

Good Thomas. Both Sure. good questions. morning,

second business. start me that the What The seasonality. pattern it the mimics historical we own quarter, in from actually Let Athletic is on see our

be stronger. the tends to slower back quarter part The to be and seasonally second the of year tends

call and at group – own to Times for The see for now the news our what times business. we we So similar the what

really local ecosystem, idea the journalism amount standpoint, develop I be for Dean just local talent to And that really and I announced I’ll essentially to quality do material development we an it know-how leader. you be that that. is know-how say it a journalism We of able an the Baquet He On you in running, about expertise, level, engine local level. for expertise And important really say can’t that high building. high the will for a comp a of noticing is quite the a not investment aspire talent. initiative, amount kind for enough to which a we the building. announced came important would out to there’s of Dean enormous him. refer from initiative talent extraordinary an quality of the be as more the thank there’s at is an use an develop I’d the to than at can to extraordinary and it. in give

they as is in I dozens develop And of continuing them We a that, way as every health and our know have the fellowship, the we my a get the say to this journalism our long way, concerned remember overall times us Roland, I in program an but would think we’re similar playing to said, perspective, and a and some hired. in model fellowship this we a the we’ve do the number, over to is about/ has we from of don’t from the said which into for is it’s and to I guess quite good the business already you long-term, the and regard in ecosystem. incredible yearlong – make would how be important economics talking where part we the regard But nothing after horizon, the I think we’ve talent and ecosystem if that of fellows got cost year this people long for really The broadly then both bring publisher – And go for this them for I talent Roland also develop see would about. is news where development, kind of time Many been broader I an attractive of material good and sure ecosystem. know to Times, for attractive is then

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

again for Thank you joining to quarter. next this talking morning. us look you to We forward

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

may disconnect. You now