Segment Information (Tables)

9 Months Ended

Sep. 25, 2022

The following tables present segment information:


	For the Quarters Ended								For the Nine Months Ended
(In thousands)	September 25, 2022			September 26, 2021			% Change		September 25, 2022			September 26, 2021			% Change
Revenues
The New York Times Group	$	523,570		$	509,103		2.8	%	$	1,584,970		$	1,480,645		7.0	%
The Athletic	24,110			—			*		55,815			—			*
Total revenues	$	547,680		$	509,103		7.6	%	$	1,640,785		$	1,480,645		10.8	%
Adjusted operating costs
The New York Times Group	$	445,020		$	444,050		0.2	%	$	1,349,880		$	1,254,582		7.6	%
The Athletic	33,683			—			*		84,806			—			*
Total adjusted operating costs	$	478,703		$	444,050		7.8	%	$	1,434,686		$	1,254,582		14.4	%
Adjusted operating profit
The New York Times Group	$	78,550		$	65,053		20.7	%	$	235,090		$	226,063		4.0	%
The Athletic	(9,573)			—			*		(28,991)			—			*
Total adjusted operating profit	$	68,977		$	65,053		6.0	%	$	206,099		$	226,063		(8.8)	%
Adjusted operating profit margin % - New York Times Group	15.0		%	12.8		%	220 bps		14.8		%	15.3		%	(50) bps
* Represents a change equal to or in excess of 100% or not meaningful.


Revenues detail by segment
	For the Quarters Ended						For the Nine Months Ended
(In thousands)	September 25, 2022		September 26, 2021		% Change		September 25, 2022		September 26, 2021		% Change
The New York Times Group
Subscription	$	360,997	$	342,609	5.4	%	$	1,089,218	$	1,010,910	7.7	%
Advertising	108,134		110,887		(2.5)	%	337,455		320,777		5.2	%
Other	54,439		55,607		(2.1)	%	158,297		148,958		6.3	%
Total	$	523,570	$	509,103	2.8	%	$	1,584,970	$	1,480,645	7.0	%
The Athletic
Subscription	$	21,675	$	—	*		$	49,052	$	—	*
Advertising	2,333		—		*		6,661		—		*
Other	102		—		*		102		—		*
Total	$	24,110	$	—	*		$	55,815	$	—	*
The New York Times Company
Subscription	$	382,672	$	342,609	11.7	%	$	1,138,270	$	1,010,910	12.6	%
Advertising	110,467		110,887		(0.4)	%	344,116		320,777		7.3	%
Other	54,541		55,607		(1.9)	%	158,399		148,958		6.3	%
Total	$	547,680	$	509,103	7.6	%	$	1,640,785	$	1,480,645	10.8	%
* Represents a change equal to or in excess of 100% or not meaningful.


Adjusted operating costs (operating costs before depreciation and amortization, severance and multiemployer pension plan withdrawal costs) detail by segment
	For the Quarters Ended						For the Nine Months Ended
(In thousands)	September 25, 2022		September 26, 2021		% Change		September 25, 2022		September 26, 2021		% Change
The New York Times Group
Cost of revenue (excluding depreciation and amortization)	$	274,945	$	256,978	7.0	%	$	824,405	$	759,333	8.6	%
Sales and marketing	57,326		83,767		(31.6)	%	189,970		197,475		(3.8)	%
Product development	46,273		40,638		13.9	%	138,225		119,280		15.9	%
Adjusted general and administrative (1)	66,476		62,667		6.1	%	197,280		178,494		10.5	%
Total	$	445,020	$	444,050	0.2	%	$	1,349,880	$	1,254,582	7.6	%
The Athletic
Cost of revenue (excluding depreciation and amortization)	$	19,911	$	—	*		$	52,399	$	—	*
Sales and marketing	7,406		—		*		15,119		—		*
Product development	4,201		—		*		10,504		—		*
Adjusted general and administrative (2)	2,165		—		*		6,784		—		*
Total	$	33,683	$	—	*		$	84,806	$	—	*
The New York Times Company
Cost of revenue (excluding depreciation and amortization)	$	294,856	$	256,978	14.7	%	$	876,804	$	759,333	15.5	%
Sales and marketing	64,732		83,767		(22.7)	%	205,089		197,475		3.9	%
Product development	50,474		40,638		24.2	%	148,729		119,280		24.7	%
Adjusted general and administrative	68,641		62,667		9.5	%	204,064		178,494		14.3	%
Total	$	478,703	$	444,050	7.8	%	$	1,434,686	$	1,254,582	14.4	%
(1) Excludes severance of $2.0 million and $4.5 million for the quarter and nine months ended September 25, 2022, respectively, and multiemployer pension withdrawal costs of $1.3 million and $3.7 million for the quarter and nine months ended September 25, 2022, respectively. Excludes severance of $0.5 million and $0.9 million for the quarter and nine months ended September 26, 2021, respectively, and multiemployer pension withdrawal costs of $1.3 million and $3.9 million for the quarter and nine months ended September 26, 2021, respectively.
(2) Excludes $0.2 million of severance for the nine months ended September 25, 2022.
* Represents a change equal to or in excess of 100% or not meaningful.


Reconciliation of operating costs before depreciation and amortization, severance and multiemployer pension plan withdrawal costs (or adjusted operating costs)

	For the Quarters Ended						For the Nine Months Ended
(In thousands)	September 25, 2022		September 26, 2021		% Change		September 25, 2022		September 26, 2021		% Change
Operating costs	$	503,792	$	460,127	9.5	%	$	1,504,240	$	1,302,895	15.5	%
Less:
Depreciation and amortization	21,760		14,326		51.9	%	61,150		43,529		40.5	%
Severance	2,010		476		*		4,670		882		*
Multiemployer pension plan withdrawal costs	1,319		1,275		3.5	%	3,734		3,902		(4.3)	%
Adjusted operating costs	$	478,703	$	444,050	7.8	%	$	1,434,686	$	1,254,582	14.4	%
* Represents a change equal to or in excess of 100% or not meaningful.


Reconciliation of operating profit before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items (or adjusted operating profit)

	For the Quarters Ended						For the Nine Months Ended
(In thousands)	September 25, 2022		September 26, 2021		% Change		September 25, 2022		September 26, 2021		% Change
Operating profit	$	51,015	$	48,976	4.2	%	$	108,960	$	173,919	(37.4)	%
Add:
Depreciation and amortization	21,760		14,326		51.9	%	61,150		43,529		40.5	%
Severance	2,010		476		*		4,670		882		*
Multiemployer pension plan withdrawal costs	1,319		1,275		3.5	%	3,734		3,902		(4.3)	%
Special items:
Acquisition-related costs	—		—		—		34,712		—		*
Lease termination charge	—		—		*		—		3,831		*
Gain from pension liability adjustment	(7,127)		—		*		(7,127)		—		*
Adjusted operating profit	$	68,977	$	65,053	6.0	%	$	206,099	$	226,063	(8.8)	%
* Represents a change equal to or in excess of 100% or not meaningful.