The New York Times Company Reports Third-Quarter 2023 Results

  • The Company added approximately 210,000 net digital-only subscribers compared with the end of the second quarter of 2023, fueled by bundle and multi-product subscriber additions, bringing the Company’s total subscribers over the 10 million mark
  • Total digital-only average revenue per user (“ARPU”) grew quarter-over-quarter for the fifth consecutive quarter to $9.28 as a result of subscribers graduating from promotional to higher prices and from price increases on tenured non-bundle subscribers
  • Higher digital subscribers and ARPU drove strong year-over-year growth in subscription revenues from digital products of 15.7 percent
  • Advertising revenues increased 6.0 percent year-over-year, driven by digital advertising revenues, which grew 6.7 percent year-over-year due to continued strength in core premium display advertising products
  • Operating costs increased 7.7 percent year-over-year and adjusted operating costs (defined below) increased 6.2 percent, largely as a result of continued investments into journalism and product development, which are core growth drivers of the business
  • Operating profit of $63.6 million, a 24.6 percent increase year-over-year, with adjusted operating profit (defined below) of $89.8 million, a 30.1 percent increase year-over-year, driven by revenue growth as well as cost management
  • Diluted earnings per share of $.32, a $.10 increase year-over-year, with adjusted diluted earnings per share (defined below) of $.37, a $.13 increase year-over-year
  • Net cash from operating activities for the first nine months of 2023 was $224.1 million and Free cash flow was $207.6 million compared with $57.2 million in 2022

Meredith Kopit Levien, president and chief executive officer, The New York Times Company, said, “we are pleased with our third quarter results, which underscore the strength of our strategy to become the essential subscription for every curious, English-speaking person seeking to understand and engage with the world. Our multi-product bundle which combines a world-class news destination with market-leading products in games, cooking, sports, and shopping advice, continues to perform well. We expect the bundle to enhance our resiliency, and further us down the path to building a larger, more profitable company.”
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