NEW YORK TIMES CO
For the period ended Mar 31, 2025. Filed May 7, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 7, 2025
NYT$68.36+4.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-04.
0000071691-24-000160
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-07.
0000071691-25-000100
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 156 previous paragraphs and 158 current paragraphs.
72 unchanged; 55 reworded; 29 added; 26 removed; 3 previous and 2 current paragraphs rearranged.
Tables are not compared: 15 previous and 14 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (29)
Current report
•Total revenues increased 7.1% to $635.9 million in the first quarter of 2025 from $594.0 million in the first quarter of 2024.
Current report
(1)Includes revenue from bundled subscriptions and standalone subscriptions to our news product, as well as The Athletic and our Audio, Cooking, Games and Wirecutter products.
Current report
(2)Includes domestic home-delivery subscriptions, which include access to our digital products. Also includes single-copy, NYT International and Other subscription revenues.
Current report
(1)Subscribers with a bundle subscription or standalone digital-only subscriptions to two or more of the Company’s products.
Current report
(2)Includes group corporate and group education subscriptions, which collectively represented approximately 6% of total digital-only subscribers as of the end of the first quarter of 2025. The number of group subscribers is derived using the value of the relevant contract and a discounted subscription rate.
Current report
(3)Subscribers with only a digital-only news product subscription.
Current report
(4)Subscribers with only one digital-only subscription to The Athletic or to our Audio, Cooking, Games or Wirecutter products.
Current report
(5)Subscribers with digital-only subscriptions to one or more of our news product, The Athletic, or our Audio, Cooking, Games and Wirecutter products.
Current report
(6)Subscribers with a domestic home-delivery or mail print subscription to The New York Times, which includes access to our digital products, or a print subscription to our Book Review or Large Type Weekly products.
Current report
The sum of individual metrics may not always equal total amounts indicated due to rounding. Subscribers (including net subscriber additions) are rounded to the nearest ten thousand.
Current report
ARPU metrics are calculated by dividing the digital subscription revenue in the quarter by the average number of digital-only subscribers divided by the number of days in the quarter multiplied by 28 to reflect a 28-day billing cycle. In calculating ARPU metrics, for our subscriber categories (Bundle and multiproduct, News-only and Other single-product), we use the monthly average number of digital-only subscribers (calculated as the sum of the number of subscribers in each category at the beginning and end of the month, divided by two) and for Total digital-only ARPU, we use the daily average number of digital-only subscribers.
Current report
Digital advertising revenues, which represented 65.6% of total advertising revenues in the first quarter of 2025, increased $7.9 million, or 12.4%, to $70.9 million compared with $63.0 million in the same prior-year period. The increase was primarily a result of higher display revenues of $9.9 million, driven by areas of strong marketer demand and new advertising supply, partially offset by lower creative services fees of $2.7 million as a result of the volume of custom advertising campaigns. Display impressions increased 20%, while the average rate increased 2%.
Current report
Affiliate, Licensing and Other Revenues
Current report
Depreciation and amortization costs in the first quarter of 2025 increased $0.7 million, or 3.2%, compared with the same prior-year period.
Current report
In the first quarter of 2025, the Company recorded a $4.5 million charge related to a multiemployer pension plan liability adjustment.
Current report
(1)Intersegment eliminations (“I/E”) related to content licensing.
Current report
(1)Intersegment eliminations (“I/E”) related to content licensing recorded in Affiliate, licensing and other revenues.
Current report
Adjusted operating costs (operating costs before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items) details by segment
Current report
(1)Excludes severance of $2.6 million and multiemployer pension withdrawal costs of $1.2 million for the first quarter of 2025. Excludes severance of $4.0 million and multiemployer pension withdrawal costs of $1.6 million for the first quarter of 2024.
Current report
(2)Excludes severance of $0.4 million for the first quarter of 2024. There were no severance costs in the first quarter of 2025.
Current report
(3)Intersegment eliminations (“I/E”) related to content licensing recorded in Cost of revenue (excluding depreciation and amortization).
Current report
NYTG adjusted operating costs increased 5.6% in the first quarter of 2025 to $499.1 million from $472.7 million in the first quarter of 2024. The increase in costs in the first quarter of 2025 was primarily related to higher journalism, subscriber servicing, general and administrative, and sales and marketing costs.
Current report
The Athletic revenues increased 27.9% in the first quarter of 2025 to $47.6 million from $37.2 million in the first quarter of 2024. Subscription revenues increased 18.5% in the first quarter of 2025 to $32.7 million from $27.6 million in the first quarter of 2024, primarily due to growth in the number of subscribers with access to The Athletic (including through bundle subscriptions). Advertising revenues increased 82.5% in the first quarter of 2025 to $10.4 million from $5.7 million in the first quarter of 2024 due to higher revenues from display advertising. Affiliate, licensing and other revenues increased in the first quarter of 2025 to $4.4 million from $3.8 million in the first quarter of 2024, primarily due to an increase in licensing revenue.
Current report
•$4.4 million of Generative AI Litigation Costs ($3.2 million or $0.02 per share after tax).
Current report
•$1.0 million of Generative AI Litigation Costs ($0.7 million or $0.0 per share after tax).
Current report
Reconciliation of operating profit before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items (or adjusted operating profit) and of adjusted operating profit margin
Current report
Reconciliation of total operating costs before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items (or adjusted operating costs)
Current report
(1)Intersegment eliminations (“I/E”) related to content licensing.
Current report
(1)Net cash provided by operating activities in the first quarter of 2025 included net proceeds of approximately $33 million in connection with the lease and subsequent sale of approximately four acres of excess land at our printing and distribution facility in College Point, N.Y., which was finalized in February 2025.
Removed paragraphs (26)
Previous report
•Total revenues increased 7.0% to $640.2 million in the third quarter of 2024 from $598.3 million in the third quarter of 2023.
Previous report
On November 4, a union representing certain of our technology employees commenced a work stoppage. Contract negotiations are ongoing. We are closely monitoring any impact to our business and we have prepared for a range of scenarios. Any effects on our business, operations and results will depend on future developments.
Previous report
The following table sets forth the subset of subscribers above who have a paid digital-only standalone subscription or a bundle subscription that includes the ability to access The Athletic as of the end of the five most recent fiscal quarters. The Company plans to discontinue reporting this metric after the fourth quarter of 2024. Digital-only subscribers with The Athletic will continue to be included in our reported bundle and multiproduct and other single-product subscriber categories.
Previous report
Digital advertising revenues, which represented 68.9% of total advertising revenues in the third quarter of 2024, increased $6.6 million, or 8.8%, to $81.6 million compared with $75.0 million in the same prior-year period. The increase was primarily a result of higher other digital revenues of $5.2 million and higher core digital advertising of $1.4 million. Other digital advertising revenues increased primarily due to an increase in open-market programmatic revenues largely driven by new advertising supply across our products. Open-market programmatic impressions increased 70%, while the average rate decreased 19%. Core digital advertising revenues increased due to an increase in direct-sold display advertising revenues and revenues from email newsletters. Direct-sold display impressions increased 14%, while the average rate decreased 5%.
Previous report
Digital advertising revenues, which represented 65.7% of total advertising revenues in the first nine months of 2024, increased $14.1 million, or 6.7%, to $224.2 million compared with $210.1 million in the same prior-year period. The increase was primarily a result of higher other digital revenues of $9.5 million and higher revenues in core digital advertising of $4.6 million. Other digital advertising revenues increased primarily due to an increase in open-market programmatic revenues largely driven by new advertising supply across our products and an increase in creative services as a result of more custom advertising campaigns in 2024. Open-market programmatic impressions increased 50%, while the average rate decreased 21%. Core digital advertising revenues increased due to an increase in direct-sold display advertising revenues. Direct-sold display impressions increased 12%, while the average rate decreased 6%.
Previous report
Print advertising revenues, which represented 34.3% of total advertising revenues in the first nine months of 2024, decreased $13.9 million, or 10.7%, to $117.1 million compared with $131.0 million in the same prior-year period. The decrease in the first nine months was primarily due to a 10.0% decrease in column-inches. Print advertising revenues in 2024 continue to be impacted by secular trends.
Previous report
Other Revenues
Previous report
Other revenues increased $13.3 million, or 7.3% in the first nine months of 2024 compared with the same prior-year period, primarily as a result of growth in Wirecutter affiliate referral revenues of $10.0 million, as well as higher content licensing revenues of $9.3 million, primarily related to an Apple licensing deal, partially offset by lower books, television and film revenues of $7.5 million.
Previous report
Building rental revenue from the leasing of floors in the Company Headquarters totaled $6.6 million and $6.8 million in the third quarters of 2024 and 2023, respectively, and $19.9 million and $20.5 million in the first nine months of 2024 and 2023, respectively.
Previous report
Cost of revenue in the first nine months of 2024 increased $43.6 million, or 4.7%, compared with the same prior-year period. The increase was largely due to higher journalism costs of $36.3 million, higher advertising servicing costs of $4.8 million, higher subscriber servicing costs of $3.8 million and higher digital content delivery of $3.8 million, partially offset by lower print production and distribution costs of $5.1 million. The increase in journalism costs was largely due to higher compensation and benefits, which was driven by merit increases in compensation, growth in the number of employees who work in our newsrooms, the timing of benefits accruals and higher incentive compensation, partially offset by lower content creation costs as a result of fewer television episodes in 2024. The increase in advertising servicing costs was largely due to an increase in costs to fulfill advertising contracts and higher creative services fees. The increase in subscriber servicing was largely due to higher commissions and higher credit card processing fees due to an increase in subscriptions, partially offset by lower customer care costs. The increase in digital content delivery costs was largely due to higher cloud related costs and higher compensation and benefits driven by higher incentive compensation. The decrease in print production and distribution costs was primarily due to lower newsprint pricing and fewer print copies produced as well as lower benefit costs, partially offset by higher distribution and outside printing costs.
Previous report
Sales and marketing costs in the first nine months of 2024 increased $3.7 million, or 1.9%, compared with the same prior-year period. The increase was due to higher sales costs of $6.3 million, partially offset by lower marketing costs of $2.6 million. The increase in sales costs was primarily due to higher compensation and benefits largely driven by growth in the number of employees. The decrease in marketing costs was primarily due to lower compensation and benefits costs driven by fewer employees.
Previous report
Product development costs in the third quarter of 2024 increased $3.6 million, or 6.3%, compared with the same prior-year period. The increase in the third quarter of 2024 was largely due to higher compensation and benefits expenses of $2.4 million driven by the timing of benefits accruals, incentive compensation and growth in the number of employees, as well as higher outside services costs of $0.8 million.
Previous report
General and administrative costs in the third quarter of 2024 decreased $5.7 million, or 6.9%, compared with the same prior-year period. The decrease was primarily due to lower severance expense of $2.8 million, lower outside services costs of $2.1 million and lower other expenses of $1.2 million primarily driven by a prior-year period increase in our contingent consideration liability.
Previous report
Depreciation and amortization costs in the third quarter and first nine months of 2024 decreased $0.9 million, or 4.0%, and $2.3 million, or 3.6%, compared with the same prior-year periods. The decrease in both periods was primarily due to lower amortization as a result of fully amortized intangible assets in 2024.
Previous report
Impairment Charges
Previous report
There were no impairment charges in the third quarter or first nine months of 2024.
Previous report
In the third quarter of 2023, the Company recorded a $2.5 million impairment charge related to an indefinite-lived intangible asset.
Previous report
In the second quarter of 2023, the Company recorded a $12.7 million impairment charge related to excess leased office space that is being marketed for sublet.
Previous report
In the third quarter of 2023, the Company recorded a favorable adjustment related to a reduction in its multiemployer pension plan liability of $2.3 million.
Previous report
NYTG adjusted operating costs increased 6.1% in the third quarter of 2024 to $494.5 million from $466.2 million in the third quarter of 2023 and increased 3.7% in the first nine months of 2024 to $1,445.2 million from $1,394.3 million in the first nine months of 2023. The increase in costs in the third quarter of 2024 was primarily related to higher journalism and sales and marketing cost, partially offset by lower general and administrative costs. The increase in costs in the first nine months of 2024 was primarily related to higher journalism, subscriber and advertising servicing, product development and sales and marketing costs, partially offset by lower print production and distribution costs, as well as lower general and administrative costs.
Previous report
The Athletic revenues increased 29.8% in the third quarter of 2024 to $44.7 million from $34.4 million in the third quarter of 2023 and increased 32.0% in the first nine months of 2024 to $122.4 million from $92.8 million in the first nine months of 2023. Subscription revenues increased 21.4% in the third quarter of 2024 to $31.1 million from $25.6 million in the third quarter of 2023 and increased 19.7% in the first nine months of 2024 to $88.1 million from $73.6 million in the first nine months of 2023, primarily due to growth in digital-only subscribers with The Athletic. Other revenue increased in the third quarter of 2024 to $4.5 million from $0.4 million in the third quarter of 2023 and increased in the first nine months of 2024 to $12.5 million from $1.1 million in the first nine months of 2023, primarily due to an increase in licensing revenue from an Apple licensing deal. Advertising revenues increased 7.2% in the third quarter of 2024 to $9.0 million from $8.4 million in the third quarter of 2023 due to higher revenues from direct-sold display advertising. Advertising revenues increased 21.0% in the first nine months of 2024 to $21.8 million from $18.0 million in the first nine months of 2023, primarily due to higher revenues from direct-sold display advertising, partially offset by a decrease in podcast advertising.
Previous report
•$4.6 million of Generative AI Litigation Costs ($3.4 million or $0.03 per share after tax) in the third quarter and $7.6 million ($5.6 million or $0.05 per share after tax) for the first nine months.
Previous report
•A $12.7 million lease-related impairment charge ($9.3 million or $0.06 per share after tax) in the second quarter;
Previous report
•A $2.5 million charge ($1.8 million or $0.01 per share after tax) related to an impairment of an indefinite-lived intangible asset; and
Previous report
Represents a change equal to or in excess of 100% or not meaningful.
Previous report
Beginning in 2022, the Tax Cuts and Jobs Act of 2017 eliminated the option to deduct research and development expenditures immediately in the year incurred and instead requires taxpayers to capitalize and amortize such expenditures over five years. In 2024, we expect a negative impact on our cash from operations of approximately $28 million and our net deferred tax assets to increase by a similar amount as a result of this legislation. The actual impact on 2024 cash from operations will depend on the amount of research and development costs we incur, on whether Congress modifies or repeals this provision, and on whether new guidance and interpretive rules are issued by the U.S. Treasury, among other factors.
Reworded paragraphs (55)
Previous wording
We are a global media organization focused on creating and distributing high-quality news and information that helps our audience understand and engage with the world. We believe that our original, independent and high-quality reporting, storytelling, expertise and journalistic excellence set us apart from other news organizations and are at the heart of what makes our journalism worth paying for.
Current wording
We are a global media organization focused on creating and distributing high-quality news and information that help our audience understand and engage with the world. We believe that our original, independent and high-quality reporting, storytelling, expertise and journalistic excellence set us apart from other sources and are at the heart of what makes our journalism worth paying for.
Previous wording
We generate revenues principally from the sale of subscriptions and advertising. Subscription revenues consist of revenues from standalone and multiproduct bundle subscriptions to our digital products and subscriptions to and single-copy and bulk sales of our print products. Advertising revenue is derived from the sale of our advertising products and services. Other revenues primarily consist of revenues from licensing, Wirecutter affiliate referrals, commercial printing, the leasing of floors in the New York headquarters building located at 620 Eighth Avenue, New York, New York (the “Company Headquarters”), our live events business, books, television and film, retail commerce and our student subscription sponsorship program.
Current wording
We generate revenues principally from the sale of subscriptions and advertising. Subscription revenues consist of revenues from standalone and multiproduct bundle subscriptions to our digital products and subscriptions to and single-copy and bulk sales of our print products. Advertising revenue is derived from the sale of our advertising products and services. The Company has changed the revenue caption on its Condensed Consolidated Statement of Operations from “Other” to “Affiliate, licensing and other” effective for the quarter ended March 31, 2025. Affiliate, licensing and other revenues include revenues from licensing, Wirecutter affiliate referrals, commercial printing, the leasing of floors in the New York headquarters building located at 620 Eighth Avenue, New York, New York (the “Company Headquarters”), retail commerce and our live events business. Our main operating costs are employee-related costs.
Previous wording
The first nine months of 2024 includes an additional day compared with the first nine months of 2023 as a result of 2024 being a leap year.
Current wording
There was one fewer day in the first quarter of 2025 compared with the first quarter of 2024 as a result of 2024 being a leap year.
Previous wording
•The Company added approximately 260,000 net digital-only subscribers compared with the end of the second quarter of 2024, driven largely by bundle and multiproduct subscriber additions as well as other single products subscriber additions. The Company ended the third quarter of 2024 with approximately 11.09 million subscribers to its print and digital products, including approximately 10.47 million digital-only subscribers. Of the 10.47 million digital-only subscribers, approximately 5.12 million were bundle and multiproduct subscribers. Compared with the end of the third quarter of 2023, there was a net increase of 1,060,000 digital-only subscribers.
Current wording
•The Company added approximately 250,000 net digital-only subscribers compared with the end of 2024, driven largely by bundle and multiproduct subscriber additions as well as other single products subscriber additions. The Company ended the first quarter of 2025 with approximately 11.66 million subscribers to its print and digital products, including approximately 11.06 million digital-only subscribers. Of the 11.06 million digital-only subscribers, approximately 5.76 million were bundle and multiproduct subscribers. Compared with the end of the first quarter of 2024, there was a net increase of 1,150,000 digital-only subscribers.
Previous wording
•Total digital-only average revenue per user (“ARPU”) increased 1.8% year-over-year to $9.45 driven primarily by subscribers graduating from promotional to higher prices and price increases on tenured non-bundled subscribers.
Current wording
•Total digital-only average revenue per user (“ARPU”) increased 3.6% year-over-year to $9.54 driven primarily by subscribers graduating from promotional to higher prices and price increases on tenured non-bundled subscribers.
Previous wording
•Operating profit increased 20.7% to $76.7 million in the third quarter of 2024 from $63.6 million in the third quarter of 2023. Adjusted operating profit (“AOP”), defined as operating profit before depreciation, amortization, severance, multiemployer pension plan withdrawal costs and special items (a non-GAAP measure discussed below under “Non-GAAP Financial Measures”) increased 16.1% to $104.2 million in the third quarter of 2024 from $89.8 million in the third quarter of 2023. Operating profit margin (operating profit expressed as a percentage of revenues) increased to 12.0% in the third quarter of 2024, compared with 10.6% in the third quarter of 2023. Adjusted operating profit margin, defined as adjusted operating profit expressed as a percentage of revenues (a non-GAAP measure discussed below under “Non-GAAP Financial Measures”), increased to 16.3% in the third quarter of 2024, compared with 15.0% in the third quarter of 2023.
Current wording
•Operating profit increased 21.3% to $58.6 million in the first quarter of 2025 from $48.3 million in the first quarter of 2024. Adjusted operating profit (“AOP”), defined as operating profit before depreciation, amortization, severance, multiemployer pension plan withdrawal costs and special items (a non-GAAP measure discussed below under “Non-GAAP Financial Measures”), increased 21.9% to $92.7 million in the first quarter of 2025 from $76.1 million in the first quarter of 2024. Operating profit margin (operating profit expressed as a percentage of revenues) increased to 9.2% in the first quarter of 2025, compared with 8.1% in the first quarter of 2024. Adjusted operating profit margin, defined as adjusted operating profit expressed as a percentage of revenues (a non-GAAP measure discussed below under “Non-GAAP Financial Measures”), increased to 14.6% in the first quarter of 2025, compared with 12.8% in the first quarter of 2024.
Previous wording
•Total subscription revenues increased 8.3% to $453.3 million in the third quarter of 2024 from $418.6 million in the third quarter of 2023. Digital-only subscription revenues increased 14.2% to $322.2 million in the third quarter of 2024 from $282.2 million in the third quarter of 2023.
Current wording
•Total subscription revenues increased 8.2% to $464.3 million in the first quarter of 2025 from $429.0 million in the first quarter of 2024. Digital-only subscription revenues increased 14.4% to $335.0 million in the first quarter of 2025 from $293.0 million in the first quarter of 2024.
Previous wording
•Total advertising revenues increased 1.1% to $118.4 million in the third quarter of 2024 from $117.1 million in the third quarter of 2023, due to an increase of 8.8% in digital advertising revenues, partially offset by a decrease of 12.6% in print advertising revenues.
Current wording
•Total advertising revenues increased 4.2% to $108.1 million in the first quarter of 2025 from $103.7 million in the first quarter of 2024, due to an increase of 12.4% in digital advertising revenues, partially offset by a decrease of 8.5% in print advertising revenues.
Previous wording
•Other revenue increased 9.3% to $68.5 million in the third quarter of 2024 from $62.7 million in the third quarter of 2023, as a result of higher Wirecutter affiliate referral revenues and higher licensing revenues.
Current wording
•Affiliate, licensing and other revenues increased 3.7% to $63.6 million in the first quarter of 2025 from $61.3 million in the first quarter of 2024, as a result of higher Wirecutter affiliate referral revenues and higher licensing revenues.
Previous wording
•Operating costs increased 5.4% to $563.5 million in the third quarter of 2024 from $534.8 million in the third quarter of 2023. Adjusted operating costs, defined as operating costs before depreciation, amortization, severance, multiemployer pension plan withdrawal costs and special items (a non-GAAP measure discussed below under “Non-GAAP Financial Measures”), increased 5.4% to $536.0 million in the third quarter of 2024 from $508.6 million in the third quarter of 2023.
Current wording
•Operating costs increased 5.8% to $577.3 million in the first quarter of 2025 from $545.7 million in the first quarter of 2024. Adjusted operating costs, defined as operating costs before depreciation, amortization, severance, multiemployer pension plan withdrawal costs and special items (a non-GAAP measure discussed below under “Non-GAAP Financial Measures”), increased 4.9% to $543.2 million in the first quarter of 2025 from $518.0 million in the first quarter of 2024.
Previous wording
•Diluted earnings per share were $0.39 and $0.32 for the third quarters of 2024 and 2023, respectively. Adjusted diluted earnings per share, defined as diluted earnings per share excluding amortization of acquired intangible assets, severance, non-operating retirement costs and special items (a non-GAAP measure discussed below under “Non-GAAP Financial Measures”), were $0.45 and $0.37 for the third quarters of 2024 and 2023, respectively.
Current wording
•Diluted earnings per share were $0.30 and $0.24 for the first quarters of 2025 and 2024, respectively. Adjusted diluted earnings per share, defined as diluted earnings per share excluding amortization of acquired intangible assets, severance, non-operating retirement costs and special items (a non-GAAP measure discussed below under “Non-GAAP Financial Measures”), were $0.41 and $0.31 for the first quarters of 2025 and 2024, respectively.
Previous wording
We operate in a highly competitive environment that is subject to rapid change. Companies shaping our competitive environment include content providers and distributors, as well as news aggregators, search engines, social media platforms and emerging products and tools powered by generative artificial intelligence. Competition among these companies is robust, and new competitors can quickly emerge. We have designed our strategy to navigate the challenges and take advantage of opportunities presented by this period of transformation in our industry.
Current wording
We operate in a highly competitive environment that is subject to rapid change. Companies shaping our competitive environment include content providers and distributors, news aggregators, search engines, social media platforms, streaming services and products and tools powered by generative artificial intelligence. Competition among these companies is robust, and new competitors can quickly emerge and have in recent years. We have designed our strategy to navigate the challenges and take advantage of opportunities presented by this period of transformation in our industry.
Previous wording
We and the companies with which we do business are subject to risks and uncertainties caused by factors beyond our control, including economic, geopolitical and public health conditions. These include economic weakness, instability, uncertainty and volatility, including the potential for a recession; a competitive labor market and evolving workforce expectations, including for unionized employees; inflation; supply chain disruptions; rising interest rates; and political and sociopolitical uncertainties and conflicts. These factors may result in declines and/or volatility in our results.
Current wording
We and the companies with which we do business are subject to risks and uncertainties caused by factors beyond our control, including economic weakness, instability, uncertainty and volatility, including the potential for a recession; expanded or retaliatory tariffs or taxes or other trade barriers; a competitive labor market; inflation; supply chain disruptions; high interest rates; and political and sociopolitical uncertainties and conflicts. These factors may result in declines and/or volatility in our results. While we do not currently anticipate a material impact to the Company’s direct costs from the imposition of tariffs by the U.S. government, such tariffs and any retaliatory actions by foreign governments could result in increased costs and could negatively affect economic conditions, which could in turn adversely impact our subscription, advertising and/or affiliate, licensing and other revenues. We believe the macroeconomic environment has had, and may in the future have, an adverse impact on both digital and print advertising spending. Additionally, we believe that there may be marketer sensitivity to some news topics, impacting overall advertising spend.
Previous wording
The media industry has transitioned from being primarily print focused to digital, resulting in secular declines in both print subscription and print advertising revenues, and we do not expect this trend to reverse. Our printing and distribution costs have been impacted as a result of this transition, and may be further impacted in the future by higher costs including those associated with raw materials, delivery and distribution and outside printing. We actively monitor industry trends, economic conditions, challenges and risks to remain flexible and to optimize and evolve our business as appropriate; however, the full impact they will have on our business, operations and financial results is uncertain and will depend on numerous factors and future developments. The risks related to our business are further described in the section titled “Item 1A — Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023.
Current wording
We actively monitor industry trends, political and economic conditions, challenges and risks to remain flexible and to optimize and evolve our business as appropriate; however, the full impact they will have on our business, operations and financial results is uncertain and will depend on numerous factors and future developments. The risks related to our business are further described in the section titled “Item 1A — Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024.
Previous wording
Subscription revenues consist of revenues from subscriptions to our digital and print products (which include our news product, as well as The Athletic and our Cooking, Games and Wirecutter products), and single-copy and bulk sales of our print products (which represent less than 5% of these revenues). Subscription revenues are based on both the number of digital-only subscriptions and copies of the printed newspaper sold, and the rates charged to the respective customers.
Current wording
Subscription revenues consist of revenues from subscriptions to our digital and print products (which include our news product, as well as The Athletic and our Audio, Cooking, Games and Wirecutter products), and single-copy and bulk sales of our print products (which represented less than 5% of our subscription revenues in the first quarters of 2025 and 2024). Subscription revenues are based on both the number of digital-only subscriptions and copies of the printed newspaper sold, and the rates charged to the respective customers.
Previous wording
We offer a digital-only bundle that includes access to our digital news product (which includes our news website, NYTimes.com, and mobile and Audio applications), as well as The Athletic and our Cooking, Games and Wirecutter products. Our subscriptions also include standalone digital subscriptions to our digital news product, as well as to The Athletic, and to our Cooking, Games and Wirecutter products.
Current wording
We offer a digital-only bundle that includes access to our digital news product (which includes our news website, NYTimes.com, and mobile applications), as well as The Athletic and our Audio, Cooking, Games and Wirecutter products. Our subscriptions also include standalone digital subscriptions to each of these products.
Previous wording
Subscription revenues increased $34.8 million, or 8.3%, in the third quarter of 2024 compared with the same prior-year period, due to an increase in digital-only subscription revenues of $40.0 million, or 14.2%, partially offset by a decrease in print subscription revenues of $5.2 million, or 3.8%. Digital-only subscription revenues increased primarily due to an increase in bundle and multiproduct revenues of $53.1 million and an increase in other single-product subscription revenues of $8.4 million, partially offset by a decrease in news-only subscription revenues of $21.5 million. Bundle and multiproduct average digital-only subscribers increased 1,440,000, or 40.8%, while bundle and multiproduct ARPU decreased $0.46, or 3.6%. Other single-product average digital-only subscribers increased 630,000, or 24.6%, while other single-product ARPU increased $0.11, or 3.2%. News-only average digital-only subscribers decreased 970,000, or 30.5%, while news-only ARPU increased $1.43, or 14.2%. In calculating average digital-only subscribers for our subscriber categories, we use the monthly average number of digital-only subscribers (calculated as the sum of the number of subscribers in each category at the beginning and end of the month, divided by two). Print subscription revenue decreased primarily due to a decrease in home-delivery subscription revenue, which was driven by a lower number of average print subscribers, reflecting secular trends, partially offset by an increase in domestic home-delivery prices.
Current wording
Subscription revenues increased $35.3 million, or 8.2%, in the first quarter of 2025 compared with the same prior-year period, due to an increase in digital-only subscription revenues of $42.0 million, or 14.4%, partially offset by a decrease in print subscription revenues of $6.8 million, or 5.0%. Digital-only subscription revenues increased primarily due to an increase in bundle and multiproduct revenues of $55.4 million and an increase in other single-product subscription revenues of $6.6 million, partially offset by a decrease in news-only subscription revenues of $20.0 million. Bundle and multiproduct average digital-only subscribers increased 1,230,000, or 28.0%, while bundle and multiproduct ARPU increased $0.59, or 5.0%. Other single-product average digital-only subscribers increased 650,000, or 23.5%, while other single-product ARPU decreased $0.05, or 1.4%. News-only average digital-only subscribers decreased 760,000, or 28.9%, while news-only ARPU increased $1.24, or 11.4%. In calculating average digital-only subscribers for our subscriber categories, we use the monthly average number of digital-only subscribers (calculated as the sum of the number of subscribers in each category at the beginning and end of the month, divided by two). Print subscription revenue decreased primarily due to a decrease in home-delivery subscription revenue, which was driven by a lower number of average print subscribers, reflecting secular trends, partially offset by an increase in domestic home-delivery prices.
Previous wording
The following table summarizes digital and print subscription revenues for the third quarters and first nine months of 2024 and 2023:
Current wording
The following table summarizes digital and print subscription revenues for the first quarters of 2025 and 2024:
Previous wording
A subscriber is defined as a customer who has subscribed (and provided a valid method of payment) for the right to access one or more of the Company’s products. The Company ended the third quarter of 2024 with approximately 11.09 million subscribers to its print and digital products, including approximately 10.47 million digital-only subscribers.
Current wording
A subscriber is defined as a customer who has subscribed (and provided a valid method of payment) for the right to access one or more of the Company’s products. The Company ended the first quarter of 2025 with approximately 11.66 million subscribers to its print and digital products, including approximately 11.06 million digital-only subscribers.
Previous wording
Compared with the end of the second quarter of 2024, there was a net increase of 260,000 digital-only subscribers. Compared with the end of the third quarter of 2023, there was a net increase of 1,060,000 digital-only subscribers.
Current wording
Compared with the end of the fourth quarter of 2024, there was a net increase of 250,000 digital-only subscribers. Compared with the end of the first quarter of 2024, there was a net increase of 1,150,000 digital-only subscribers.
Previous wording
Print domestic home-delivery subscribers totaled approximately 620,000 at the end of the third quarter of 2024, a net decrease of 10,000 subscribers compared with the end of the second quarter of 2024 and a net decrease of 60,000 subscribers compared with the end of the third quarter of 2023. Subscribers with a domestic home-delivery print subscription to The New York Times, which includes access to our digital products, are excluded from digital-only subscribers.
Current wording
Print domestic home-delivery subscribers totaled approximately 600,000 at the end of the first quarter of 2025, a net decrease of 10,000 subscribers compared with the end of the fourth quarter of 2024 and a net decrease of 50,000 subscribers compared with the end of the first quarter of 2024. Subscribers with a domestic home-delivery print subscription to The New York Times, which includes access to our digital products, are excluded from digital-only subscribers.
Previous wording
Total digital-only ARPU was $9.45 for the third quarter of 2024, an increase of 1.8% compared with the third quarter of 2023. The year-over-year increase was driven primarily by subscribers graduating from promotional to higher prices and price increases on tenured non-bundled subscribers.
Current wording
Total digital-only ARPU was $9.54 for the first quarter of 2025, an increase of 3.6% compared with the first quarter of 2024. The year-over-year increase was driven primarily by subscribers graduating from promotional to higher prices and price increases on tenured non-bundled subscribers.
Previous wording
Advertising revenue is principally from advertisers (such as technology, financial and luxury goods companies) promoting products, services or brands on digital platforms in the form of display ads, audio and video ads, in print in the form of column-inch ads and at live events. Advertising revenue is primarily derived from offerings sold directly to marketers by our advertising sales teams. A smaller proportion of our total advertising revenues is generated through open-market programmatic auctions run by third-party ad exchanges. Advertising revenue is primarily determined by the volume (e.g., impressions or column inches), rate and mix of advertisements. Digital advertising includes our core digital advertising business and other digital advertising. Our core digital advertising business includes direct-sold website, mobile application, podcast, email and video advertisements (including direct-sold programmatic advertising). Direct-sold display advertising, a component of core digital advertising, includes offerings on websites and mobile applications sold directly to marketers by our advertising sales teams. Other digital advertising includes open-market programmatic advertising and creative services fees. NYTG has revenue from all categories discussed above. The Athletic has revenue from direct-sold display advertising, podcast, email and video advertisements (including direct-sold programmatic advertising) and open-market programmatic advertising. Print advertising includes revenue from column-inch ads and classified advertising, as well as preprinted advertising, also known as freestanding inserts. There is no print advertising revenue generated from The Athletic, which does not have a print product.
Current wording
Advertising revenue is primarily derived from advertisers (such as luxury goods, technology, and financial companies) promoting products, services or brands on digital platforms in the form of display, audio, email and video ads; in print in the form of column-inch ads; and at live events. Advertising revenue is primarily determined by the volume (e.g., impressions or column inches), rate and mix of advertisements. As of the first quarter of 2025, we have updated our discussion of digital advertising revenue and no longer distinguish between “core” and “other” digital advertising. Digital advertising consists of display (which includes website and mobile applications), audio, email and video advertising revenue from advertisements that are sold either directly to marketers by our advertising sales teams or, currently for a smaller proportion, through programmatic auctions run by third-party ad exchanges. Digital advertising revenue also includes creative services fees. NYTG and The Athletic have revenue from all categories discussed above. Print advertising includes revenue from column-inch ads and classified advertising, as well as preprinted advertising, also known as freestanding inserts. There is no print advertising revenue generated from The Athletic, which does not have a print product.
Previous wording
The following table summarizes digital and print advertising revenues for the third quarters and first nine months of 2024 and 2023:
Current wording
The following table summarizes digital and print advertising revenues for the first quarters of 2025 and 2024:
Previous wording
Print advertising revenues, which represented 31.1% of total advertising revenues in the third quarter of 2024, decreased $5.3 million, or 12.6%, to $36.8 million compared with $42.1 million in the same prior-year period. The decrease in the third quarter of 2024 was primarily due to a 13.8% decrease in column-inches. Print advertising revenues in 2024 continue to be impacted by secular trends.
Current wording
Print advertising revenues, which represented 34.4% of total advertising revenues in the first quarter of 2025, decreased $3.5 million, or 8.5%, to $37.2 million compared with $40.7 million in the same prior-year period. The decrease in the first quarter of 2025 was primarily due to a 7.8% decrease in column-inches. Print advertising revenues in 2025 continue to be impacted by secular trends.
Previous wording
Other revenues primarily consist of revenues from licensing, Wirecutter affiliate referrals, commercial printing, the leasing of floors in the Company Headquarters, our live events business, books, television and film, retail commerce and our student subscription sponsorship program.
Current wording
Affiliate, licensing and other revenues include revenues from licensing, Wirecutter affiliate referrals, commercial printing, the leasing of floors in the Company Headquarters, retail commerce and our live events business.
Previous wording
Other revenues increased $5.8 million, or 9.3% in the third quarter of 2024 compared with the same prior-year period, primarily as a result of growth in Wirecutter affiliate referral revenues of $3.2 million, as well as higher content licensing revenues of $1.7 million, primarily related to an Apple licensing deal, partially offset by lower revenues from a Google commercial agreement.
Current wording
Affiliate, licensing and other revenues increased $2.3 million, or 3.7%, in the first quarter of 2025 compared with the same prior-year period, primarily as a result of growth in Wirecutter affiliate referral revenues of $2.3 million, as well as higher content licensing revenues of $0.9 million, primarily related to a commercial agreement with Google and a licensing agreement with Apple.
Previous wording
Digital other revenues, which consist primarily of Wirecutter affiliate referral revenue and digital licensing revenues, totaled $43.6 million and $37.2 million in the third quarters of 2024 and 2023, respectively, and $121.6 million and $101.3 million in the first nine months of 2024 and 2023, respectively.
Current wording
Digital affiliate, licensing and other revenues, which consist primarily of Wirecutter affiliate referral revenue and digital licensing revenues, totaled $40.1 million and $35.8 million in the first quarters of 2025 and 2024, respectively.
Previous wording
Cost of revenue in the third quarter of 2024 increased $20.7 million, or 6.7%, compared with the same prior-year period. The increase was largely due to higher journalism costs of $14.5 million, higher subscriber servicing costs of $3.9 million, higher digital content delivery costs of $2.6 million and higher advertising servicing costs of $1.4 million, partially offset by lower print production and distribution costs of $1.7 million. The increase in journalism costs was largely due to higher compensation and benefits, which was driven by merit increases in compensation, growth in the number of employees who work in our newsrooms, the timing of benefits accruals and higher incentive compensation. The increase in subscriber servicing costs was largely due to higher third-party commissions due to an increase in subscriptions and higher compensation and benefits and incentive compensation, partially offset by lower customer care costs. The increase in digital content delivery costs was largely due to higher cloud computing costs. The increase in advertising servicing costs was largely due to an increase in costs to fulfill advertising contracts and higher creative services fees. The decrease in print production and distribution costs was primarily due to lower newsprint pricing and fewer print copies produced.
Current wording
Cost of revenue in the first quarter of 2025 increased $17.8 million, or 5.6%, compared with the same prior-year period. The increase was largely due to higher journalism costs of $9.8 million, higher subscriber servicing costs of $5.9 million and higher digital content delivery costs of $2.4 million. Advertising servicing costs and print production and distribution costs were relatively flat compared to prior year. The increase in journalism costs was largely due to higher compensation and benefits, which was driven by growth in the number of employees who work in our newsrooms, higher salaries, higher benefits costs and higher incentive compensation. The increase in subscriber servicing costs was largely due to higher third-party commissions due to an increase in subscriptions. The increase in digital content delivery costs was largely due to higher cloud-related costs.
Previous wording
Sales and marketing costs in the third quarter of 2024 increased $6.5 million, or 10.4%, compared with the same prior-year period. The increase was due to higher marketing costs of $5.0 million and higher sales costs of $1.5 million. The increase in marketing costs was primarily due to higher subscriber acquisition spending. The increase in sales costs was primarily due to higher compensation and benefits largely driven by growth in the number of employees.
Current wording
Sales and marketing costs in the first quarter of 2025 increased $0.8 million, or 1.3%, compared with the same prior-year period. The increase was due to higher sales costs of $0.4 million and higher marketing costs of $0.4 million.
Previous wording
Media expenses, a component of sales and marketing costs that represents the cost to promote our subscription business, increased 33.8% to $35.0 million in the third quarter of 2024 from $26.1 million in the third quarter of 2023, and increased 7.5% to $92.4 million in the first nine months of 2024 from $85.9 million in the first nine months of 2023. The increase in the third quarter of 2024 was largely a result of higher subscriber acquisition spending. The increase in the first nine months of 2024 was largely a result of higher subscriber acquisition spending, partially offset by lower brand spend.
Current wording
Media expenses, a component of sales and marketing costs that primarily represents the cost to promote our subscription business, increased 4.7% to $31.3 million in the first quarter of 2025 from $29.9 million in the first quarter of 2024.
Previous wording
Product development includes costs associated with the Company’s investment in developing and enhancing new and existing product technology, including engineering, product development and data insights. All product development costs are technology costs.
Current wording
Product development includes costs associated with the Company’s investment in developing and enhancing new and existing product technology, including engineering, product development and data insights.
Previous wording
Product development costs in the first nine months of 2024 increased $15.9 million, or 9.3%, compared with the same prior-year period. The increase in the first nine months of 2024 was largely due to higher compensation and benefits expenses of $11.3 million driven by incentive compensation, merit increases and the timing of benefits accruals, as well as higher outside services costs of $2.6 million.
Current wording
Product development costs in the first quarter of 2025 increased $3.4 million, or 5.3%, compared with the same prior-year period. The increase in the first quarter of 2025 was largely due to higher compensation and benefits expenses of $2.0 million driven by higher benefits costs, as well as higher outside services costs of $0.6 million.
Previous wording
General and administrative costs in the first nine months of 2024 decreased $3.3 million, or 1.4%, compared with the same prior-year period. The decrease was primarily due to lower building operations and maintenance expenses of $3.0 million, lower severance expense of $1.3 million and lower outside services costs of $1.2 million, partially offset by higher compensation and benefits of $2.2 million driven by incentive compensation.
Current wording
General and administrative costs in the first quarter of 2025 increased $1.1 million, or 1.4%, compared with the same prior-year period. The increase was primarily due to higher professional fees of $1.7 million, higher compensation and benefits of $1.4 million, which was driven by higher benefits costs and higher incentive compensation, partially offset by lower severance expense of $1.8 million.
Previous wording
In the third quarter and first nine months of 2024, the Company recorded $4.6 million and $7.6 million, respectively, of pre-tax litigation-related costs in connection with a lawsuit against Microsoft Corporation and Open AI Inc. and various of its corporate affiliates alleging unlawful and unauthorized copying and use of the Company’s journalism and other content in connection with their development of generative artificial intelligence products (“Generative AI Litigation Costs”). Management determined to report Generative AI Litigation Costs as a special item beginning in the first quarter of 2024 because, unlike other litigation expenses, the Generative AI Litigation Costs arise from a discrete, complex and unusual proceeding and do not, in management’s view, reflect the Company’s ongoing business operational performance. See Note 14 of the Notes to the Condensed Consolidated Financial Statements for additional information.
Current wording
In the first quarters of 2025 and 2024, the Company recorded $4.4 million and $1.0 million, respectively, of pre-tax litigation-related costs in connection with a lawsuit against Microsoft Corporation and Open AI Inc. and various of its corporate affiliates alleging unlawful and unauthorized copying and use of the Company’s journalism and other content in connection with their development of generative artificial intelligence products (“Generative AI Litigation Costs”). Management determined to report Generative AI Litigation Costs as a special item beginning in the first quarter of 2024 because, unlike other litigation expenses, the Generative AI Litigation Costs arise from a discrete, complex and unusual proceeding and do not, in management’s view, reflect the Company’s ongoing business operational performance. See Note 14 of the Notes to the Condensed Consolidated Financial Statements for additional information.
Previous wording
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.
Current wording
We allocate 10% of all bundle subscription revenues to The Athletic based on management’s view of The Athletic’s relative value to the bundle, which we derived based on analysis of various metrics, and allocate the remaining bundle revenues to NYTG.
Previous wording
NYTG revenues increased 5.7% in the third quarter of 2024 to $596.0 million from $563.9 million in the third quarter of 2023 and increased 4.9% in the first nine months of 2024 to $1,738.6 million from $1,657.2 million in the first nine months of 2023. Subscription revenues increased 7.4% in the third quarter of 2024 to $422.2 million from $392.9 million in the third quarter of 2023 and increased 7.1% in first nine months of 2024 to $1,233.6 million from $1,152.1 million in the first nine months of 2023 due to growth in subscription revenues from digital-only products, partially offset by decreases in print subscription revenues. Advertising revenues increased 0.6% in the third quarter of 2024 to $109.3 million from $108.7 million in the third quarter of 2023 due to higher digital advertising revenues, partially offset by declines in print advertising revenues. Print advertising decreased primarily as a result of a decrease in column-inches. Digital advertising revenues increased primarily as a result of higher revenues from programmatic advertising and creative services. Advertising revenues decreased 1.1% to $319.4 million from $323.1 million in the first nine months of 2024 due to declines in print advertising revenues, partially offset higher digital advertising revenues. Print advertising revenues decreased primarily as a result of a decrease in column-inches. Digital advertising revenues increased primarily as a result of higher revenues from programmatic advertising and creative services. Other revenues increased 3.6% in the third quarter of 2024 to $64.5 million from $62.3 million in the third quarter of 2023 due to higher Wirecutter affiliate referral revenues, partially offset by lower licensing revenues. Other revenues increased 2.0% in the first nine months of 2024 to $185.6 million from $182.0 million in the first nine months of 2023 due to higher Wirecutter affiliate referral revenues, partially offset by lower book, television and film revenues.
Current wording
NYTG revenues increased 5.7% in the first quarter of 2025 to $588.9 million from $557.4 million in the first quarter of 2024. Subscription revenues increased 7.5% in the first quarter of 2025 to $431.5 million from $401.4 million in the first quarter of 2024, due to growth in subscription revenues from digital-only products, partially offset by decreases in print subscription revenues. Advertising revenues decreased 0.4% in the first quarter of 2025 to $97.7 million from $98.0 million in the first quarter of 2024 due to lower revenues from print advertising, which more than offset higher revenues from digital advertising. Print advertising decreased primarily as a result of a decrease in column-inches. Digital advertising revenues increased primarily as a result of higher display revenues, partially offset by lower creative services fees. Affiliate, licensing, and other revenues increased 3.0% in the first quarter of 2025 to $59.7 million from $58.0 million in the first quarter of 2024 due to higher Wirecutter affiliate referral revenues.
Previous wording
NYTG adjusted operating profit increased 4.0% in the third quarter of 2024 to $101.5 million from $97.7 million in the third quarter of 2023 and increased 11.6% in the first nine months of 2024 to $293.4 million from $262.9 million in the first nine months of 2023. The increase in the third quarter and first nine months of 2024 was primarily as a result of higher digital subscription and digital advertising revenues, partially offset by higher adjusted operating costs and lower print advertising and print subscription revenues.
Current wording
NYTG adjusted operating profit increased 6.0% in the first quarter of 2025 to $89.8 million from $84.7 million in the first quarter of 2024. The increase in the first quarter was primarily as a result of higher digital subscription revenues, digital advertising revenues and affiliate, licensing and other revenues, partially offset by higher adjusted operating costs and lower print subscription and print advertising revenues.
Previous wording
The Athletic adjusted operating costs decreased 0.6% in the third quarter of 2024 to $42.1 million from $42.3 million in the third quarter of 2023 and increased 9.3% in the first nine months of 2024 to $130.9 million from $119.8 million in the first nine months of 2023. The decrease in costs in the third quarter of 2024 was primarily due to lower sales and marketing costs as some media spend was shifted to NYTG for bundle marketing, partially offset by higher journalism and product development costs. The increase in costs in the first nine months of 2024 was primarily related to higher product development and journalism costs, partially offset by lower sales and marketing costs as some media spend was shifted to NYTG for bundle marketing.
Current wording
The Athletic adjusted operating costs decreased 2.6% in the first quarter of 2025 to $44.7 million from $45.9 million in the first quarter of 2024. The decrease in costs in the first quarter of 2025 was primarily due to lower sales and marketing and general and administrative costs, partially offset by higher journalism and product development costs.
Previous wording
The Athletic adjusted operating profit increased in the third quarter of 2024 to $2.6 million from a loss of $7.9 million in the third quarter of 2023. The increase in the third quarter of 2024 is primarily due to higher subscription and other revenues. The Athletic adjusted operating loss decreased in the first nine months of 2024 to $8.5 million from $27.0 million in the first nine months of 2023. The decrease in the first nine months of 2024 is due to higher revenues, partially offset by higher adjusted operating costs.
Current wording
The Athletic adjusted operating profit increased in the first quarter of 2025 to $2.9 million from a loss of $8.7 million in the first quarter of 2024. The increase in the first quarter of 2025 is primarily due to higher digital subscription revenues, higher digital advertising revenues and lower adjusted operating costs.
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Current report — wording carried from elsewhere
The newspaper industry has transitioned from being primarily print-focused to digital, resulting in secular declines in both print subscription and print advertising revenues, and we do not expect this trend to reverse. Our printing and distribution costs have been impacted as a result of this transition, and may be further impacted in the future by higher costs, including those associated with raw materials, delivery and distribution and outside printing, or if they were to become subject to expanded or retaliatory tariffs (though newsprint is currently exempt from the proposed expansion of U.S. tariffs on goods from Canada).
Current report — wording carried from elsewhere
Reconciliation of diluted earnings per share excluding amortization of acquired intangible assets, severance, non-operating retirement costs and special items (or adjusted diluted earnings per share)
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
Our main operating costs are employee-related costs.
Previous report — wording carried elsewhere
Subscription revenues increased $95.9 million, or 7.8%, in the first nine months of 2024 compared with the same prior-year period, due to an increase in digital-only subscription revenues of $108.9 million, or 13.4%, partially offset by a decrease in print subscription revenues of $13.0 million, or 3.1%. Digital-only subscription revenues increased primarily due to an increase in bundle and multiproduct revenues of $141.5 million and an increase in other single-product subscription revenues of $18.9 million, partially offset by a decrease in news-only subscription revenues of $51.5 million. Bundle and multiproduct average digital-only subscribers increased 1,550,000, or 49.6%, while bundle and multiproduct ARPU decreased $1.40, or 10.4%. Other single-product average digital-only subscribers increased 500,000, or 20.1%, while other single-product ARPU was relatively flat. News-only average digital-only subscribers decreased 1,060,000, or 30.7%, while news-only ARPU increased $1.88, or 20.2%. Print subscription revenue decreased primarily due to a decrease in home-delivery subscription revenue, which was driven by a lower number of average print subscribers, reflecting secular trends, partially offset by an increase in domestic home-delivery prices.
Previous report — wording carried elsewhere
We believe that there may be marketer sensitivity to some news topics, impacting overall advertising spend.