Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

The following tables present segment information:


	For the Quarters Ended								For the Six Months Ended
(In thousands)	June 30, 2023			June 26, 2022			% Change		June 30, 2023			June 26, 2022			% Change
Revenues
NYTG	$	560,494		$	536,134		4.5	%	$	1,093,276		$	1,061,402		3.0	%
The Athletic	30,359			19,546			55.3	%	58,316			31,703			83.9	%
Total revenues	$	590,853		$	555,680		6.3	%	$	1,151,592		$	1,093,105		5.4	%
Adjusted operating costs
NYTG	$	460,525		$	447,316		3.0	%	$	928,020		$	904,860		2.6	%
The Athletic	38,162			32,145			18.7	%	77,431			51,123			51.5	%
Total adjusted operating costs	$	498,687		$	479,461		4.0	%	$	1,005,451		$	955,983		5.2	%
Adjusted operating profit (loss)
NYTG	$	99,969		$	88,818		12.6	%	$	165,256		$	156,542		5.6	%
The Athletic	(7,803)			(12,599)			(38.1)	%	(19,115)			(19,420)			(1.6)	%
Total adjusted operating profit	$	92,166		$	76,219		20.9	%	$	146,141		$	137,122		6.6	%
AOP margin % - NYTG	17.8		%	16.6		%	120 bps		15.1		%	14.7		%	40 bps
* Represents a change equal to or in excess of 100% or not meaningful.


Revenues detail by segment
	For the Quarters Ended						For the Six Months Ended
(In thousands)	June 30, 2023		June 26, 2022		% Change		June 30, 2023		June 26, 2022		% Change
NYTG
Subscription	$	385,037	$	366,620	5.0	%	$	759,193	$	728,222	4.3	%
Advertising	112,329		114,832		(2.2)	%	214,419		229,322		(6.5)	%
Other	63,128		54,682		15.4	%	119,664		103,858		15.2	%
Total	$	560,494	$	536,134	4.5	%	$	1,093,276	$	1,061,402	3.0	%
The Athletic
Subscription	$	24,553	$	16,999	44.4	%	$	47,939	$	27,376	75.1	%
Advertising	5,441		2,547		*		9,592		4,327		*
Other	365		—		*		785		—		*
Total	$	30,359	$	19,546	55.3	%	$	58,316	$	31,703	83.9	%
The New York Times Company
Subscription	$	409,590	$	383,619	6.8	%	$	807,132	$	755,598	6.8	%
Advertising	117,770		117,379		0.3	%	224,011		233,649		(4.1)	%
Other	63,493		54,682		16.1	%	120,449		103,858		16.0	%
Total	$	590,853	$	555,680	6.3	%	$	1,151,592	$	1,093,105	5.4	%
* 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 Six Months Ended
(In thousands)	June 30, 2023		June 26, 2022		% Change		June 30, 2023		June 26, 2022		% Change
NYTG
Cost of revenue (excluding depreciation and amortization)	$	287,789	$	279,985	2.8	%	$	572,112	$	549,460	4.1	%
Sales and marketing	54,247		58,183		(6.8)	%	113,179		132,643		(14.7)	%
Product development	50,049		46,773		7.0	%	100,880		91,952		9.7	%
Adjusted general and administrative (1)	68,440		62,375		9.7	%	141,849		130,805		8.4	%
Total	$	460,525	$	447,316	3.0	%	$	928,020	$	904,860	2.6	%
The Athletic
Cost of revenue (excluding depreciation and amortization)	$	22,134	$	20,598	7.5	%	$	44,663	$	32,488	37.5	%
Sales and marketing	7,994		4,586		74.3	%	16,096		7,714		*
Product development	5,998		4,049		48.1	%	12,229		6,303		94.0	%
Adjusted general and administrative (2)	2,036		2,912		(30.1)	%	4,443		4,618		(3.8)	%
Total	$	38,162	$	32,145	18.7	%	$	77,431	$	51,123	51.5	%
The New York Times Company
Cost of revenue (excluding depreciation and amortization)	$	309,923	$	300,583	3.1	%	$	616,775	$	581,948	6.0	%
Sales and marketing	62,241		62,769		(0.8)	%	129,275		140,357		(7.9)	%
Product development	56,047		50,822		10.3	%	113,109		98,255		15.1	%
Adjusted general and administrative	70,476		65,287		7.9	%	146,292		135,423		8.0	%
Total	$	498,687	$	479,461	4.0	%	$	1,005,451	$	955,983	5.2	%
(1) Excludes severance of $3.3 million for the first six months of 2023. There were no severance costs for the second quarter of 2023. Excludes multiemployer pension withdrawal costs of $1.1 million and $2.5 million for the second quarter and first six months of 2023, respectively. Excludes severance of $2.5 million for the second quarter and first six months of 2022, and multiemployer pension withdrawal costs of $1.2 million and $2.4 million for the second quarter and first six months of 2022, respectively.
(2) Excludes severance of $0.7 million and $1.2 million for the second quarter and first six months of 2023, respectively. Excludes severance of $0.2 million for the second quarter and first six months of 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 Six Months Ended
(In thousands)	June 30, 2023		June 26, 2022		% Change		June 30, 2023		June 26, 2022		% Change
Operating costs	$	522,342	$	504,019	3.6	%	$	1,055,181	$	1,000,448	5.5	%
Less:
Depreciation and amortization	21,858		20,704		5.6	%	42,698		39,390		8.4	%
Severance	713		2,660		(73.2)	%	4,493		2,660		68.9	%
Multiemployer pension plan withdrawal costs	1,084		1,194		(9.2)	%	2,539		2,415		5.1	%
Adjusted operating costs	$	498,687	$	479,461	4.0	%	$	1,005,451	$	955,983	5.2	%
* 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 Six Months Ended
(In thousands)	June 30, 2023		June 26, 2022		% Change		June 30, 2023		June 26, 2022		% Change
Operating profit	$	55,775	$	51,661	8.0	%	$	83,675	$	57,945	44.4	%
Add:
Depreciation and amortization	21,858		20,704		5.6	%	42,698		39,390		8.4	%
Severance	713		2,660		(73.2)	%	4,493		2,660		68.9	%
Multiemployer pension plan withdrawal costs	1,084		1,194		(9.2)	%	2,539		2,415		5.1	%
Special items:
Acquisition-related costs	—		—		—		—		34,712		*
Lease-related impairment charge	12,736		—		*		12,736		—		*


Adjusted operating profit	$	92,166	$	76,219	20.9	%	$	146,141	$	137,122	6.6	%
* Represents a change equal to or in excess of 100% or not meaningful.