The New York Times Company (NYT) 3 Aug 222022 Q2 Earnings call transcript

Good morning, and welcome to The New York Times Company’s Second Quarter 2022 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, 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 second 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

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

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

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

morning, and role that believe is that ever-more getting play Harlan, a world everyone. we Thanks, journalism lives. people’s even more complex, can in an valuable quality In good

to two together expansive product makes to people. them even to be bundle introduced and news by for experience understand of their pillars: The in the to more the year, news and of more helping make those Over and is in indispensable our be the the essential more strategy with leadership grounded the things third, next engage best build our of to second, or every three and millions more to first, the lives we’ve daily destination people a the of more connected phase strategy that English-speaking world; lives course most person passions; to on Times in become subscription the to the seeking valuable put in world. That

have progress to strong areas, in value. forward each conviction in of shareholder making path and and ability these our create are palpable We

XX%, the Turning to advertising subscription XX% our We second revenue up driven in by represents buy quarter the results, and big approximately revenue the than performance bundle, improvement two success additions XX% Athletic. also had The XXXX, period over XXX,XXX of total subscriber second action. over getting was quarter: at subscriber overall nearly show our up relatively acquisitions. engagement. the they quarter and bundle, which our just an Games, quarter, in strong all-access strategy the Together, were people our X%. grew with digital more It our to effectiveness digital stories net more for in of revenue There a and recent

June better As addressable volume I’ve the more few said our Day, we and higher and allow that at penetrate Investor last will earnings drive calls on us the to our and market ARPU. bundle believe

starts to to News the The we subscriptions. the ensure to helps remains as indispensable deliberate news News-only thanks even buy the ebbs In to core our highest-ever an versus people prompt brought that bundle number second of it group the Times value people ever-widening proposition. to new flows. in more quarter, a engagement of and But effort to bundle, is

profit, of That made subscriber the seeing quarter’s our net up element shareholder a majority means of on total a key to and bundle momentum strategy result, a the additions. discernible revenue, value. As we’re drive

ones that retain our subscribers bundle more, so and newest more pay including experience far frequently, is Our better. engage

new getting upgrade year. to is lean subscribers, more selling So even back to bundle subscribers into our in the the the existing and half plan to heavily of

subscribers playbook over as we higher to introductory this prices follow our the time. expect of moving of much to begin We revenue from XXXX, proven from offers benefit in

are Athletic, The We quarters into played had role performance Two before additions big which is added it. The in acquired The even bundle to access about more we a the owning than and access Athletic in and also quarter. Athletic, month, all year, our quarter the subscribers, in print of we’re second to we standalone higher digital extending bundle We the excited them. last the acquisitions June, XX% see, moving The realize the end Our to quickly to XX,XXX opportunities existing at subscribers. we Athletic’s net

for Athletic to was Morning in subscribers promoting success homepage, social globally newsletter, attracting also users. additions, yet thanks potential outsized regular surfaces, The best of We in on to also to the our plan The second The one feeds. as the Times the And number year. bundle quarter an net part our Athletic The continued new and of Wordle aggressively Times began our including Games market stories half The we of new of

of remain our While they games. quarter the second come the year. we total have with bundle demand percent of smaller portfolio were a significantly engagement last successfully Wordle additions, Games-only the active expected, as of than off high. peak starts capitalized as drive higher broader than but on users of have net Wordle And down to Weekly

the week for believe has mile games the total on advertising, playing revenue, for doubled a and performance track marker our the subscriptions, and X.X end digital was example, The our next in are less number million of nearly more. of million by grew on XX of subscribers, given quarter-over-quarter. print XX.X we For subscribers expected than has people XXXX. quarter we though more two On way with to grew million Times than now well

Let me set broader quarter’s and guidance quarter’s the next this results context. a into

seeing result expect in significant around a long business fluctuations the ad for and cyclical currently is the and we’d time, call conditions. of the would patterns in we I exogenous are revenue been Having advertising macroeconomic to with what a uncertainty. as Our line subject given

advertising data subscription-first leading We market products premium first-party in of which approach, grounded strategy is ad in that are our confident suite and the our enables.

the the driver mid-term, a and significant be overall we to advertising growth contributor expect profits. over to digital advertising to continue So fully Company’s to be a

costs. now turn to me let Now

Our you’ll guidance, our adjusted second cost Times growth plan, you The more New in can Consistent York expect in in to quarters. and our the see Group with meaningful first improvements slowed cost growth and like continue widen in uncertain we’ll to And year. prioritizing costs, areas at journalism that moat, while of our the half and digital in look closely given the the development. macroeconomic back investment environment, as product

Investor results the Our we value at five-part actions second quarter and shared in underscore creation June. thesis Day

grounded following Our in the business beliefs. the confidence is in

that our First, of basis advantage of journalism company’s and and portfolio is value. lifestyle our products our competitive the high-quality

TAM positions Second, people. least XXX that portfolio at million us to our a product growing still large of and pursue

to for unit streams. Fourth, will revenue achieve, model the and levers that economics, that sustained multiple profit model expect our be and even itself scale Third, to our value generative. will our creation, continues with is to advantaged, continue begun moat. print to as given even to model we’ve widen time is as finally, continue these And and favorable our believe growth investing that lead decline, we increasingly numerous mean we we things over together cash

we’re articulated of XX and million as aiming we’ve point. XXXX, marker an end vis-à-vis which for As the by not subscribers end targets, view a we mile

growth achieved CAGR This the than X% years, with a base the of in five three on compound is as annual year. between basis we over targeting five XXXX previous in the XX% to and profit years. We’re AOP more next growth

in our free the basis of XXXX be We we on over to range On point, buyers mid-term. cash expect to and active and quarter last to our return the shareholders of to achieve stock. expect into that XX% beginning in continued to the consolidated flow a in margin we a expansion annually XX% third, second

role As we quarter articulated are factored our begun and conditions. mid-term at profitability guidance. plays to second the our its Investor headwinds our outsized we into results forward-looking our in and Day, These advertising headwinds have given reflected target, sensitivity in appear, and in AOP to macroeconomic

We potential tailwinds. also see

to the We’re our progress, our encouraged quarter’s into translate the and of results. power by which our in strategy this bundle, belief ability strengthens

also far we than The bundle. to with in initially have anticipated We’re well it so moved the faster Athletic, adding executing and

this of expect time As than will the consolidated we impact be forecasted less acquisition. profit The of we Athletic the on year’s result, at a negative

XXXX full outlook. with our close me Let year

the our the but the impact We that growth consolidated do to we expect business impact Athletic, are that again guidance to May, on grow of The expect basis. we to and shared dilutive February core we continue offset entirely from The not adjusted before in profit a that reaffirming in in operating Athletic

our trends macroeconomic questions. how more progress aggressively forward keep apprised see what In to we trajectory I we on and over to Roland. subscriber bundle. your out go. you will and continue achieve to can as of we as play the And we’ll We look meantime, the also into lean ARPU selling

Meredith, and morning. you, Thank good

our face strategic shareholder path of quarter results suggest second to progress our ability real in confidence and have in said, and Meredith value. goals uncertainties, we the macroeconomic against As forward create our real

subscribers in the as $XX.X with in of digital-only digital-only approximately grew million The compared of million, by net product. operating subscribers, approximately to added the loss a largely operating expected bundle was the Adjusted by multiproduct mainly XXX,XXX million Turning diluted $X.XX basis, was Athletic. quarter, by of in the subscribers The the year, year. number in $X.XX, lower million. lower XXX,XXX bundle bundle reported same the our losses driven Times share New while of a subscribers. adoption to than the and adjusted the On subscriptions of approximately the approximately in increases prior York acquisition includes profit approximately lower The of profit XXXX approximately new by than XXX,XXX from result period in Adjusted prior $X $XX Athletic quarter. quarter, which growth our net Group number consolidated $XX of to company $XX strong new the the per quarter, earnings We million

variability to other number seasonality affect by in want to reiterate XXX,XXX giving to subscriber there mentioned, of as the in The late net Athletic subscribers additions. a quarter, audience. our approximately result, Meredith be a factors in may of subscribers access grew As additions expect net that as that began Athletic disclosed and stand-alone athletic the addition we approximately result to I bundle we the quarter-to-quarter and also with second The entitlements to from XX,XXX

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

to ARPU. Moving subscriber

As represents solely the to revenue are digital commentary the per all the subscriber and made The we of QX product products. therefore, news our reporting average referred includes ARPU a digital ARPU to reminder, digital prior subscriptions.

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

the grew the games from XX% strategic approximately challenging number X% The effect in digital in costs Group. X% the nearly I’ll cost to by costs costs of quarter, of on television as commercial advertising initiatives. sell the the development with introductory approximately more operating Group not mainly declined was Times were the offset We referral number the macroeconomic growth item digital in print The as revenues. volumes advertising events, to prior at well with commercial of of printing first copy. one than significantly increase were in film increased impact of operating increase approximately gain work growth million sales below Times expenses million the newsroom The raw associated referral due the categories. our which million, drivers increased $XX to higher a a a discuss acre a live the The revenues a higher York declines and a by the Athletic. adjacent and as licensing. drive delivery X%. XX% year costs and Sales Adjusted subscriber The and a Athletic, subscription impact lower revenues subscription connection prior to otherwise although guidance. result X.X%, due and and of agreement in XX% were less choices Excluding in result including who approximately in of higher number compared quarter promotional New fuel operating Adjusted approximately Point subscribers higher affiliate facility. four coverage XX% the and the gains home costs, of approximately XX% single costs material had approximately Wirecutter and of reduction of College costs Cost Product then the Print as XX%, with fully quarter approximately of did costs an printing to luxury York Wirecutter spend approximately revenue price lease for XXXX factors, the with to Other subscribers compared as of primarily $XX lower York delivery or than declining New adjacent $XX prices, more new Other offset employees quarter XXXX, and related with line costs year digital pronounced, our due The compared guidance. advertising apps. and film increased distribution at approximately entertainment increased in distribution costs than from largely Total the largely and revenues constraints higher year. due addition the result low made to both advertising with advertising Times a higher which our was affiliate slightly in were end home we marketing employees to grew environment, better growth costs. to the activity. in prices. television audience new development driven print servicing large revenue were number And advertising pandemic. and X.X%, higher with in benefit in the was parcel came to approximately guidance of to related the our as subscribers to administrative costs bundle New revenues production marketer increased and in transitioning as in supply from converting and higher revenues to general production of as the driven by projects, including by Meanwhile, and higher programmatic special a last increased in product Media primarily now printing, Adjusted news of live X% result land to

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

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

Moving to balance the sheet.

remains of end the $XX company $XX two million revolving worth expected to and to share the as Our under quarter. cash the XXXX, Last $XXX $XXX and company into repurchases quarter subsequent with million, a repurchased result company approximately of remain marketable ended an entered a at million million approximately $XX securities first authorization. five-year to additional company’s $XXX facility, balance on compared largely million, The years. of issuance shares opportunistic the cash decrease the quarter facility the awards, quarter a and repurchases of repurchasing stock-based in the $XX repurchase taxes. the week, of first After higher sufficient credit during share million was compensation that the second agreement offset replaces dilution the a expire totaled an in which the from debt scheduled quarter Approximately shares free. million of

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

advertising the compared are digital X% X% New XX%. expected the to with compared expected to to For mid-single of to expected decrease total to quarter of increase XXXX, increase Times The advertising with expected X%. XX% digital-only decrease quarter third subscription with to digits low to third revenue the York subscription to revenues Group, revenues XXXX, with are in revenues Overall X%

cost month role results. Group XXXX, to considerably X%. the As the a are slow advertising the in approximately of increase quarter costs to expected with an are for Other of with growth half third plays XXXX. digits operating York September reminder, compared expected revenues Times typically in outsized New The second our of in decrease mid-single the Adjusted third quarter to expected

to investing look development. while given digital costs As macroeconomic our areas moat and Meredith widen strategically like continue product at closely we environment, the journalism noted, that in uncertain

year said, As are we guidance. full also profit Meredith reaffirming our

some expect offset to though Times we to near-term do Meredith Group, in dilutive impact to not growth New grow operating continue York segment basis. the final expect that We it I’ll adjusted profit Athletic The consolidated The entirely a of to for With that, on back thoughts. turn

Roland. Thanks,

me in slowed We and out playing we that Q&A, just factored few the AOP growth line key remainder cost for through open are the as targets takeaways. to trend continue QX a we of QX into anticipated. let largely The reiterate headwinds expect macro year. our the Before and we

we we’d with open tailwinds business, we’re the questions. it particularly And We’re for to better than potential power up of be around the by Athletic the expected, the doing The bundle. in and encouraged your that, happy with

you. the now Thank Please Research from Partners. from Douglas go question-and-answer We’ll Huber session. ahead. [Operator comes Our Arthur question first Instructions] begin

Good morning. to us Roland, a of the It’s you little figure second give of the quarter? subscribers. the gave. Thanks. from breakdown I’m sense wondering as you out news-only the ads on hard data adds in it opposed Can a subscription to the

Yes.

I delta entitlements stand-alone to by breaking product. at bundled does I to news see the there, not to number that that can in the the out news subscription both And of look you get – you’re the with get the and interested subscriptions. best the subscribers we’re product, include that news best way the think way to to think but is to what the

for momentum news So momentum kind first only? on any of can make you gradation quarter quarter just versus – second

would in quarter Hi, say in the you’re our is strategy that. action. seeing Yes. I Doug. what take I’ll

pushing really the bundle. are We

I’m more performance to subscriber sure two that. that just XXX% so but with buy of success news standpoint instead get was the than getting I’ll in bundle, and the incredibly things, not part from bundle say we’re real is meaningfully the having quarter overall intervening And obviously, year. the at, people news that say second on the but a I’ll this in – and the point. We’re what two flow at more you’re things to focused – quarter last of better the

broadly the in year. period And and relatively to line were subscribers a obviously, think what’s and – be also are both feeling our about And in – may was have thing, News we at percent on that site, levers larger was subscriber that, the we I’ll basis, hands starts news. of – across kind is better across closely you we I portfolio with of the confident it for But last subscribers. strong engagement. period number same in look have that of it asking and more the a about themselves very mention and was on a board, one have we drive the we within which percentage engagement, of

look So a site on and back focused newsletters, at home are there really regularly e-mail more confidence have to page, of lot that if bringing our levers there. of we programming use you plenty or people of are

makes whatever and that And indispensable, and point is kind lot the going levers bundle. is with much we bundle, and the the of news ebb to the as believe news believe, to here bundle, is have push of cycle a news addition, in to ebb get we more In market the on continue news to the going And people and independent we us is flow. that merchandise cycle and going of flow, to cycle. we engage engagement

question. final A Okay.

give of are adjusted about when were loss mid sort now? Athletic, closed us a talking sense XXs. low in to you think you Can where you you in the I of The an operating

Yes.

to last I we So is to we the was going like now believe we than referred believe better year. than bit that we’re that. a expected. we’re what that we definitely to loss statement our do statement little – do think bit actually better seeing we And do a we’re felt what going looked would

get better said the QX So than $XX.X million We’ll take that loss we the do extrapolate to. full not that year would a loss. expect bit to differently, and I in

you. thank Okay,

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

Thanks so much.

I was Going cycle. to increased maybe seasonality. gross been adds, XQ? how or characterize news typical from off volatility strong XQ there’s you’re Doug which asking from of quarterly despite XX,XXX is perspective, quarters? quarter just in what this know Could think what churn compared the XX,XXX I net in what sequentially have in news relative figured how a it year-ago on I the hot quarter a prior to cycle news further current out the would shaped subscribers with seeing or that in or starts you cold quarter And relatively

that. I’m Hi, Yes, to do Thomas. happy

history, of to So at in we has, said second quarter a would couple I’m news broad have year. things. most than at answer say factors the had say I’ll asking some is things, churn. there comment seasonal which time, year more to back Doug’s may if I we this work. look which least of you’re the go going actually churn, second quarter the are two a I the in one generally And you and of had on base larger. is starts about make question, at last

also the because push quarter a focus is what churn And we we’re lose of confident value raw the at proposition, number, you’re But is size you’re makes churn number even number nothing seeing that. us And – very very that more widening think a a the people that base. about subscription you there’s in higher I seeing is every we are deliberate us that essential becoming strategy churn. what the with seeing the on believe of and concerned overly just is feeling manageable So manageable. our of

the momentum energy time You’re Wordle of seeing the that all and given Athletic, The attention a lot games. and brought, you’re push to seeing push of shift us bundle, push us

proposition, remains be couple I prepared back of core step me it and I value always Thomas, on said and useful add here. the in Let a may that. news just it be will remarks, expect though, to points my that

– or news been see flow. certainly, to we going going is the – our has history cycle that to ebb always and We’re

are come one seen of we’ll We drive it people We we back to point think before remain news, political one And after cycle, be we goes to that central quarter-to-quarter, people I less engagement. and after just kind interested say, And a would do but what plays We’ve to still horizon, levers confident patterns just again, and the I have see going in in over other. news. of asked the to of see out, long more time huge the to on are and to value – from COVID. yet without And sort tide going we us have is news very the plenty I think step the proposition news role variability. think XXXX a here.

areas make Meredith. color then philosophy on you that’s the near very does to about mean helpful, adjust Okay. a macro? sense it adapting through term make in can which us you some it I invest versus might made to And comments second, Yes, that areas the cycle? give to where other sense the the spending

Yes. Great. good question. Really

considerable two Let about going way for a in the whole make was while giving this I that to to to down a cost of have Roland I’m of back come year. sure points, half points broad in me the been talking idea make you picture. really and now begin the growth sort

increasingly and have spend engine seeing lot A product you’re engagement marketing on So I want is becoming that. the you’re that as effect an an and conversion, itself of be about setting the of result us of to that. able say, strong seeing to environment, a aside macro

that, playing kind would them say let And we’re we So advertising to. me headwinds from broadly that are of as seeing then first. to out you expect the if add

we’re very continued on product for digital the our our and sure areas macroeconomic be invest me to to those that. our we’re continue uncertainty journalism you’ve time we most are to prioritized into long-term the sure making will development, and moat. before, and as things important kind in to from same continue. from strategy. in intend headwinds if the the That’s to impact And not looking cost our of our resilient we what strategically medium highest investment how two of heard and structural focused are make we’re different believe at drive at time, of That’s We so And kind from and we advantages. build to work those

you. Thank

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

you. Thank

ARPU, than So a declined lot to correct math something look news – Roland, not on just ARPU if I’m because I though the is expected, some sequentially, sure it But were the next at and numbers check ARPU wanted when like news of excluding Athletic. of even we the we looks restatements. lower The

year, a So higher if last churn implies but we potentially year, if us mean if new in than a were higher. news up I looks down But And imply Could sequential churn give – trend, then gone just it are than subs lower through question would this in originations some take also lot out and were this around back substantially? the of digits. like basically and low-single sequentially churn were lot you news? a is having previous was ARPUs last lot maybe The a ARPUs Athletics, this And subs. that year kind goes to higher. sense that’s the around it

Yes.

So let large other product in of is and and the which to subscribe I the me that’s done our the before to start, churn, talk me equation, talk will, I let the There’s starts. side of of number which other to kind to funnel to of what to games folks starts by and them quarter our drive bring games Wordle games. acquisition driven a

is out increase to in take piece in – that I’m consider. that The The once ARPU you you the So sorry, want slight. be very might a Athletic decrease though,

games So I maybe there. the missing is the think piece

we quarter in previous the see On not churn churn the any did in difference from side, quarters.

churn. by not it’s being So driven

portfolio that, churn is churning engagement was engagement, and for add a or is of and in quarter second point important the retention to is the relatively of making just most say, driver of not strong, broadly And subscriber I’ll to the that to us, across news. subscriber and we’re

Great. Thank you.

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

you. for think I Good morning. question my Meredith, is you. Thank

release, quarter. press you The I starting said in that this think the you that remarks, in So mentioned Athletic the and bundle prepared included your

in very you and that can time would So you of sports I do would a they what Do – see seeing interested engagement, of net engagement an terms think in The in with after if Athletic. was ask someone that? already Because you’re you you have spent addition increase sport subscribers?

different you in when terms talk I could So if of would you introduce about you see what engagement them to bundle products curious the by people. be within

And question. a that’s great Yes.

me subscribers We many the who a The June. and too, for in say of end into count at June very ultimately and Let subscribers print bundle – at all of them who the access – things. then digital couple of for are the Athletic put

time, bit start more general a and bundle, over and have of as of So share are they to our we And playing engage encouraged better that seeing, I thesis but by about what you the very to direction people about regard everything kind good more pay they don’t as more, little which I’d is we’re terms travel can say, the bundle. retain out. yet, data of more in here the

play about talking ways bundle to us in the half encouraging we’ll role year. that’s going the back So you And hear optimistically of The why big that is see Athletic in the bundle. and a in

a I’ll portfolio Day. focus, products they is buy Investor you’re once color asking can I the more engage we And say, of important kind But lot people about that. And what think when add broad that’s get to we a the let me so area across a about I’ll to question likely say huge it’s talked this more of of at doing have bundle.

We levers important this we’ve what that kind there with half I’ll first very are do we’re encouraged it do seen lot to we a have of and It’s our things it. quite by do point ability And in the two that. to. of of to year

better with sort the more people We’re buy doing bundle to come products. on who work I getting still of experience and much to onboard think multiple

role that’s going overall at the of of see you’re then particular, question. root games, think the I playing to a And in experience. in your more

start there’s better to connect – And that I there us running real do further. in even the to see to You’re way. products I going think room think so a

I at to free feel you’re not. ask think if but again, asking about, I’m what getting please

it. is Thank this No, you.

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

A question cost. morning. Good Yes. on

start there. me Let

little more the spending your you cutting media, give later back on outlook details, heavily? being a down, if you’re where where for [indiscernible] second this about talked quarter. about cost And would, investing year, Just us specifically you you’re on,

I have follow-up. we The take Thank you And of expect second median to Athletic, do the If you. in should the then a the cost out how half year?

Yes, I can in. Meredith, start, and jump can you

Yes.

show in But the spend The be difference see is year-over-year in there. big you’ll in in decrease expect spend, vast or the media don’t our We of marketing going up showing And up. to cost journalism slow in that spend. to our think I it our majority engineering. growth

the going manifest that don’t sales going to pull I are look to think of sense long-term to itself for you marketing time investment expand we our the going areas on think expenses, moat and the makes that that that’s in is lines We competition. show where up when again, believe back So in it’s most line. of versus our to at

in to given And this the we even plan cycle don’t that economic given the do uncertainty. so –

think we a convert. portfolio about And the levers bundle. and lot more and that Investor this itself it been I’m and within set because uncertainty, across has add in important and individual product get That’s the the market do I the to going our long each just aside right. a product you’ve to have Roland plan, the to Day, And all that to beat I of to heard the talk it’s engage we about say talked work at

we’ve that part has of sort so that’s the and why plan, we been of begin marketing costs said to year. come down this And expect to

the talk news-only versus And the you further minutes now? you product can maybe also, terms of putting little saw The sort say maybe in engagement, you right a number second ago? spent for trending is year what quarter, about of aside maybe engagement in using, How Athletic, Meredith, it bit a of

more the of broadly with prepared site in Yes. we strong for subscriber year same was What minutes quarter I it the it in year-on-year subscribers on anything was of our last relatively share consistent now. percent second Good broadly, number subscribers year. period is about we question. have the We and that engagement this will period And a obviously, remarks don’t put that spent. say

thing. we – that’s So very think good a that’s

say which I’ll And We’re working. in is and experiments, a on there, engagement, for hands and really two number. time about I’ll that very, before. our testing work focused our learning very levers it, just to what drive to repeat long point We’ve too our our kind there said I’ll to we add not And things. have to of much I talked of

And more better of But at an of getting a to sort of world, see. you but personalized experience, customized, therefore, where real story getting remarks, by a intervention. prepared a the have getting role at mention are long what not still getting we’re in might lot you we in did that are really judgment. missed put We the talk we dictated Obviously, you. it homepage other are so but plays talk – better, engagement. at which thing and important successful all front And about lot we in or should knowing product in then better time, better didn’t what a at I’ll taking reflecting a is we’re it’s the a you

We have a newsletters lot of now.

the very have and is also a way, engage can only. something going a news. on that big newsletters up help some going as newsletters, we people which that portfolio in mechanism subscriber of But on retain. to By We based have are the of we well spin

updates back seeing which called happens to of them into send back we’re to And from when bring newsroom, or have moment. on will real in the So sort progress Times we something bring site the with the being able people the experience something a content.

you. Thank Great.

David from J.P. Please go The Morgan. from next ahead. question Karnovsky comes

you there Meredith, an what even said with offer products to you economic then you. you’d quarter now, observed wanted I kind could of And the for on what the think is you verticals? marketers environment. additional can certain of Thanks. see data or some right through which you’re this advertising, seeing type I the with decel thank all, them platform risk? maybe if help keep at Was to provide on of Hi, with expect kind engaged color what just in line for

say good they the All I are questions. headwinds broadly would as would. we playing out expected in advertising

that us surprising we’ve is market. kind factored what the nothing we’ve here. So to into of of been saying much And

work lot categories. it of as a we in categories have seeing we nice kind more but of about asked across varied some about and thing fact The You particular categories. seeing in very Times set, we are in product are a we pressure

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lot. Great. Thanks a

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

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

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

disconnect. You may now