New York Times Company (the) · NYSE:NYT
New York Times Company (the) — Q4 2024 Earnings Presentation
21 slides from New York Times Company (the)'s earnings presentation, Feb 5, 2025
Slide 1: Fourth Quarter and Full-Year 2024 Earnings Presentation
Fourth Quarter and Full-Year 2024 Earnings Presentation February 5, 2025
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
Forward-Looking Statements Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amende
Slide 3: Fourth quarter 2024 business highlights
Fourth quarter 2024 business highlights Subscriber growth was fueled by multiple Saw growth across the Company’s AOP and AOP margin grew even as the products across the Company’s portfolio multiple revenue streams Company continues to strategically invest • The Company added approximately 350k net •
Slide 4: Fourth quarter 2024 actual results compared to guidance
Fourth quarter 2024 actual results compared to guidance Q4 2024 Guidance Q4 2024 Actuals Digital-only subscription revenues increase 14 - 17% +16.0% Total subscription revenues increase 7 - 9% +8.4% increase high-single-digits to Digital advertising revenues +9.5% low-double-digits Total advertising
Slide 5: Continued execution of the Company's strategy is driving healthy financial results
Continued execution of the Company’s strategy is driving healthy financial results Total revenues Adjusted operating profit Adjusted diluted earnings per share +7.5% +10.7% $+0.10 $727M $676M $170M $0.80 $154M $0.70 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Adjusted operating profit is a non-G
Slide 6: The Company added 350K digital-only net new subscribers in the fourth quarter
The Company added 350K digital-only net new subscribers in the fourth quarter, bringing the total subscriber count to 11.43 million Digital-only net additions were largely driven by bundle and multiproduct subscriber additions as well as other single product subscriber additions Total subscribers Di
Slide 7: Bundle and multiproduct subscribers are becoming a larger portion of the subscriber base
Bundle and multiproduct subscribers are becoming a larger portion of the subscriber base Bundle and multiproduct subscribers Breakdown of total subscribers by type +310K Bundle and multiproduct News-only Other single product Print 5.44M 5.12M 6% 6% 6% 6% 5% 4.83M 4.55M 4.22M 26% 27% 29% 29% 30% 26%
Slide 8: Total digital-only ARPU grew 4.4% year-over-year
Total digital-only ARPU grew 4.4% year-over-year The year-over-year increase was driven primarily by subscribers transitioning from promotional to higher prices and price increases on tenured non-bundled subscribers Total digital-only Bundle and multiproduct News-only1 Other single-product +4.4% $12
Slide 9: Total subscription revenues grew 8.4% year-over-year
Total subscription revenues grew 8.4% year-over-year as growth from digital was partially offset by print declines Total subscription revenues Digital subscription revenues Print subscription revenues +8.4% +16.0% $467M $430M $335M $289M (7.1)% $142M $132M Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4
Slide 10: The Company continued to scale its digital-only subscriber base and grow digital subscription revenues
The Company continued to scale its digital-only subscriber base and grow digital subscription revenues Total digital-only subscribers Total digital-only subscription revenues 10.82M $335M 9.70M $289M 8.83M $269M 6.78M $206M 5.85M $167M Q4 2020 Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q4 2020 Q4 2021 Q4 2022
Slide 11: Total advertising revenues increased 0.6% year-over-year
Total advertising revenues increased 0.6% year-over-year Growth in digital advertising was partially offset by declines in print advertising Total advertising revenues Digital advertising revenues Print advertising revenues +0.6% $164M $165M +9.5% $118M $108M (16.4)% $56M $47M Q4 2023 Q4 2024 Q4 202
Slide 12: Other revenues grew 16.3% year-over-year
Other revenues grew 16.3% year-over-year Growth was driven by continued strength from Wirecutter affiliate referral and licensing revenues Other revenues +16.3% $95M $82M Q4 2023 Q4 2024
Slide 13: Adjusted operating costs grew 6.5% year-over-year
Adjusted operating costs grew 6.5% year-over-year Growth was driven largely by higher cost of revenue, sales and marketing and product development expenses, partially offset by lower adjusted general and administrative expenses Adjusted operating costs +6.5% $556M $522M $74M $75M $62M $58M $83M $68M
Slide 14: Adjusted operating profit grew 10.7% and margin expanded 70 basis points to 23.5%
Adjusted operating profit grew 10.7% year-over-year and adjusted operating profit margin expanded 70 basis points to 23.5% Adjusted operating profit and adjusted operating profit margin +10.7% $170M $154M 22.8% 23.5% Q4 2023 Q4 2024 AOP AOP Margin Adjusted operating profit and adjusted operating pro
Slide 15: Strong free cash flow in 2024; aims to return at least 50% of free cash flow
The Company generated strong free cash flow in 2024 and aims to return at least 50% of free cash flow to shareholders over the mid-term Free Cash Flow $369M $381M $338M $340M $348M Dec 31, 2023 Mar 31, 2024 Jun 30, 2024 Sep 30, 2024 Dec 31, 2024 Last twelve months ended Last twelve months (LTM) repr
Slide 16: The New York Times Company's first quarter 2025 guidance
The New York Times Company’s first quarter 2025 guidance Below is the Company’s guidance for revenues and adjusted operating costs for the first quarter of 2025 compared with the first quarter of 2024 Q1 2025 Guidance Digital-only subscription revenues increase 14 - 17% Total subscription revenues i
Slide 17: Appendix
Appendix @? The New York Times é& Company
Slide 18: Reconciliation of operating profit to adjusted operating profit and margin
Reconciliation of operating profit to adjusted operating profit and adjusted operating profit margin We define adjusted operating profit as operating profit, as reported, before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items. Adjusted operatin
Slide 19: Reconciliation of total operating costs to adjusted operating costs
Reconciliation of total operating costs to adjusted operating costs and general and administrative costs to adjusted general and administrative costs We define adjusted operating costs as operating costs, as reported, before depreciation and amortization, severance, multiemployer pension withdrawal
Slide 20: Reconciliation of diluted EPS to adjusted diluted EPS
Reconciliation of diluted earnings per share to adjusted diluted earnings per share We define adjusted diluted earnings per share as diluted EPS, as reported, excluding amortization of acquired intangible assets, severance, non-operating retirement costs and special items Fourth Quarter % Change 202
Slide 21: Reconciliation of operating cash flow to free cash flow
Reconciliation of net cash provided by/(used in) operating activities to free cash flow We define free cash flow as net cash provided by operating activities, as reported, less capital expenditures Last Twelve Months Ended ($ in thousands) Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31,
New York Times Company (The) — Q4 2024 Earnings Presentation on 6ix