NEW YORK TIMES CO
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
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FY2024 · Filed Feb 27, 2025
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. Segment Information
- Segment Information
The Company identifies a business as an operating segment if: (i) it engages in business activities from which it may earn revenues and incur expenses; (ii) its operating results are regularly reviewed by the Company’s President and Chief Executive Officer (who is the Company’s Chief Operating Decision Maker) to make decisions about resources to be allocated to the segment and assess its performance; and (iii) it has available discrete financial information.
The Company hastwo reportable segments: NYTG and The Athletic. These segments are evaluated regularly by the Company’s Chief Operating Decision Maker in assessing performance and allocating resources. Management uses adjusted operating profit (loss) by segment in assessing performance and allocating resources. The Company’s Chief Operating Decision Maker uses adjusted operating profit (loss) by segment to allocate resources during the annual budgeting and forecasting process and to assess the performance of each segment. Adjusted operating profit is defined as operating profit before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items. Adjusted operating profit for NYTG and The Athletic is presented below, along with a reconciliation to consolidated income before taxes. Asset information by segment is not a measure of performance used by the Company’s Chief Operating Decision Maker. Accordingly, we have not disclosed asset information by segment.
Subscription revenues from and expenses associated with our digital subscription package (or “bundle”) are allocated to NYTG and The Athletic.
We allocate 10% of bundle revenues to The Athletic based on management’s view of The Athletic’s relative value to the bundle, which is derived based on analysis of various metrics, and allocate the remaining bundle revenues to NYTG.
We allocate 10% of product development, marketing and subscriber servicing expenses (including direct variable expenses such as credit card fees, third party fees and sales taxes) associated with the bundle to The Athletic, and the remaining costs are allocated to NYTG, in each case, in line with the revenues allocations.
The results of The Athletic have been included in our Consolidated Financial Statements beginning February 1, 2022, the date of the acquisition. Results for the twelve months of 2022 included The Athletic for approximately eleven months, while results for the twelve months of 2024 and 2023 included The Athletic for the full twelve months.
THE NEW YORK TIMES COMPANY – P. 107
The following tables present segment information:
| (in thousands) · NYTG · The Athletic · I/E(1) · Total | |||||
|---|---|---|---|---|---|
| Revenues | |||||
| Subscription | $1,667,948 | $120,259 | $— | $1,788,207 | |
| Advertising | 472,947 | 33,364 | — | 506,311 | |
| Other | 275,189 | 18,462 | (2,250) | 291,401 | |
| Total revenues | $2,416,084 | $172,085 | $(2,250) | $2,585,919 | |
| Less: | |||||
| Cost of revenue (excluding depreciation and amortization) | $1,209,078 | $102,686 | $(2,250) | $1,309,514 | |
| Sales and marketing | 248,300 | 30,125 | — | 278,425 | |
| Product development | 213,947 | 34,251 | — | 248,198 | |
| Adjusted general and administrative(2) | 284,374 | 10,006 | 294,380 | ||
| Total adjusted operating profit (loss) | $460,385 | $(4,983) | $— | $455,402 | |
| Less: | |||||
| Other components of net periodic benefit costs | 4,158 | ||||
| Depreciation and amortization | 82,936 | ||||
| Severance | 7,512 | ||||
| Multiemployer pension plan withdrawal costs | 6,038 | ||||
| Generative AI Litigation Costs | 10,800 | ||||
| Multiemployer pension plan liability adjustment | (2,980) | ||||
| Add: | |||||
| Interest income and other, net | 36,485 | ||||
| Income before income taxes | $383,423 | ||||
(1)Intersegment eliminations (“I/E”) related to content licensing recorded in Other revenues and Cost of revenues (excluding depreciation and amortization).
(2)Excludes severance and multiemployer pension plan withdrawal costs.
P. 108 – THE NEW YORK TIMES COMPANY
| (in thousands) | NYTG | The Athletic | I/E(1) | Total |
|---|---|---|---|---|
| Revenues | ||||
| Subscription | $1,555,705 | $100,448 | $— | $1,656,153 |
| Advertising | 477,261 | 27,945 | — | 505,206 |
| Other | 262,571 | 2,878 | (656) | 264,793 |
| Total Revenues | $2,295,537 | $131,271 | $(656) | $2,426,152 |
| Less: | ||||
| Cost of revenue (excluding depreciation and amortization) | $1,157,527 | $92,190 | $(656) | $1,249,061 |
| Sales and marketing | 223,464 | 36,763 | — | 260,227 |
| Product development | 203,813 | 24,991 | — | 228,804 |
| Adjusted general and administrative(2) | 289,452 | 8,757 | — | 298,209 |
| Total adjusted operating profit (loss) | $421,281 | $(31,430) | $— | $389,851 |
| Less: | ||||
| Other components of net periodic benefit income | (2,737) | |||
| Depreciation and amortization | 86,115 | |||
| Severance | 7,582 | |||
| Multiemployer pension plan withdrawal costs | 5,248 | |||
| Impairment charges | 15,239 | |||
| Multiemployer pension plan liability adjustment | (605) | |||
| Add: | ||||
| Gain from joint ventures | 2,477 | |||
| Interest income and other, net | 21,102 | |||
| Income before income taxes | $302,588 | |||
(1)Intersegment eliminations (“I/E”) related to content licensing recorded in Other revenues and Cost of revenues (excluding depreciation and amortization).
(2)Excludes severance and multiemployer pension plan withdrawal costs.
THE NEW YORK TIMES COMPANY – P. 109
| (52 weeks and five days)(1) | ||||
|---|---|---|---|---|
| (in thousands) | NYTG | The Athletic | I/E(2) | Total |
| Revenues | ||||
| Subscription | $1,480,295 | $72,067 | $— | $1,552,362 |
| Advertising | 511,321 | 11,967 | — | 523,288 |
| Other | 232,060 | 611 | — | 232,671 |
| Total Revenues | $2,223,676 | $84,645 | $— | $2,308,321 |
| Less: | ||||
| Cost of revenue (excluding depreciation and amortization) | $1,134,553 | $74,380 | $— | $1,208,933 |
| Sales and marketing | 242,333 | 25,220 | — | 267,553 |
| Product development | 187,434 | 16,751 | — | 204,185 |
| Adjusted general and administrative(3) | 270,307 | 9,412 | — | 279,719 |
| Total adjusted operating profit (loss) | $389,049 | $(41,118) | $— | $347,931 |
| Less: | ||||
| Other components of net periodic benefit costs | 6,659 | |||
| Depreciation and amortization | 82,654 | |||
| Severance | 4,669 | |||
| Multiemployer pension plan withdrawal costs | 4,871 | |||
| Acquisition-related costs | 34,712 | |||
| Impairment charges | 4,069 | |||
| Multiemployer pension plan liability adjustment | 14,989 | |||
| Add: | ||||
| Interest income and other, net | 40,691 | |||
| Income before income taxes | $235,999 | |||
(1)The results of The Athletic have been included in our Consolidated Financial Statements beginning February 1, 2022.
(2)Intersegment eliminations (“I/E”) related to content licensing recorded in Other revenues and Cost of revenues (excluding depreciation and amortization).
(3)Excludes severance and multiemployer pension plan withdrawal costs.
P. 110 – THE NEW YORK TIMES COMPANY
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