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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2023
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___ to ___
Commission file number 1-5837
THE NEW YORK TIMES COMPANY
(Exact name of registrant as specified in its charter) 
New York   13-1102020
(State or other jurisdiction of incorporation or organization)   (I.R.S. Employer Identification No.)
620 Eighth Avenue, New York, New York 10018
(Address and zip code of principal executive offices)
Registrant’s telephone number, including area code 212-556-1234
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Class A Common Stock NYT New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x      No   o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   x     No  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐
Smaller reporting company ☐ Emerging growth company ☐
If an emerging growth company, indicate by the check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to section 13(a) of the Exchange Act. ☐
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   ☐     No  x
Number of shares of each class of the registrant’s common stock outstanding as of May 5, 2023 (exclusive of treasury shares):
 
Class A Common Stock 163,894,533  shares
Class B Common Stock 780,724  shares



THE NEW YORK TIMES COMPANY
INDEX
   
PART I Financial Information
1
Item 1 Financial Statements
1
Condensed Consolidated Balance Sheets as of March 31, 2023 (unaudited) and December 31, 2022
1
Condensed Consolidated Statements of Operations (unaudited) for the quarters ended March 31, 2023 and March 27, 2022
3
Condensed Consolidated Statements of Comprehensive Income (unaudited) for the quarters ended March 31, 2023 and March 27, 2022
4
Condensed Consolidated Statements of Changes In Stockholders’ Equity (unaudited) for the quarters ended March 31, 2023 and March 27, 2022
5
Condensed Consolidated Statements of Cash Flows (unaudited) for the quarters ended March 31, 2023 and March 27, 2022
6
Notes to the Condensed Consolidated Financial Statements
7
Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3 Quantitative and Qualitative Disclosures About Market Risk
Item 4 Controls and Procedures
PART II Other Information
Item 1 Legal Proceedings
Item 1A Risk Factors
Item 2 Unregistered Sales of Equity Securities and Use of Proceeds
Item 6 Exhibits





PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
March 31, 2023 December 31, 2022
(Unaudited)
Assets
Current assets
Cash and cash equivalents $ 235,350  $ 221,385 
Short-term marketable securities 139,354  125,972 
Accounts receivable (net of allowances of $11,190 in 2023 and $12,260 in 2022)
 165,977  217,533 
Prepaid expenses 58,357  54,859 
Other current assets 35,369  35,926 
Total current assets 634,407  655,675 
Other assets
Long-term marketable securities 99,703  138,917 
Property, plant and equipment (less accumulated depreciation and amortization of $836,579 in 2023 and $823,024 in 2022)
 546,305  553,698 
Goodwill 415,134  414,046 
Intangible assets, net 309,983  317,314 
Deferred income taxes 105,912  96,363 
Miscellaneous assets 360,843  357,739 
Total assets $ 2,472,287  $ 2,533,752 
 See Notes to Condensed Consolidated Financial Statements.
1

THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS-(Continued)
(In thousands, except share and per share data)
March 31, 2023 December 31, 2022
(Unaudited)
Liabilities and stockholders’ equity
Current liabilities
Accounts payable $ 122,008  $ 114,646 
Accrued payroll and other related liabilities 99,851  164,564 
Unexpired subscriptions revenue 163,590  155,945 
Accrued expenses and other
 155,005  136,055 
Total current liabilities 540,454  571,210 
Other liabilities
Pension benefits obligation
 221,933  225,300 
Postretirement benefits obligation
 26,717  26,455 
Other
 106,393  110,815 
Total other liabilities 355,043  362,570 
Stockholders’ equity
Common stock of $.10 par value:
Class A – authorized: 300,000,000 shares; issued: 2023 – 176,662,108; 2022 – 176,288,596 (including treasury shares: 2023 – 12,808,394; 2022 – 12,004,865)
 17,666  17,629 
Class B – convertible – authorized and issued shares: 2022 – 780,724; 2021 – 780,724
 78  78 
Additional paid-in capital
 255,361  255,515 
Retained earnings
 1,962,805  1,958,859 
Common stock held in treasury, at cost
 (306,987) (276,267)
Accumulated other comprehensive loss, net of income taxes:
Foreign currency translation adjustments
 144  (510)
Funded status of benefit plans
 (347,805) (348,947)
Net unrealized loss on available-for-sale securities (6,477) (8,390)
Total accumulated other comprehensive loss, net of income taxes
 (354,138) (357,847)
Total New York Times Company stockholders’ equity
 1,574,785  1,597,967 
Noncontrolling interest
 2,005  2,005 
Total stockholders’ equity 1,576,790  1,599,972 
Total liabilities and stockholders’ equity $ 2,472,287  $ 2,533,752 
 See Notes to Condensed Consolidated Financial Statements.

2

THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
  For the Quarters Ended
March 31, 2023 March 27, 2022
Revenues
Subscription $ 397,542  $ 371,979 
Advertising 106,241  116,270 
Other 56,956  49,176 
Total revenues
 560,739  537,425 
Operating costs
Cost of revenue (excluding depreciation and amortization) 306,852  281,365 
Sales and marketing 67,034  77,588 
Product development 57,062  47,433 
General and administrative 81,051  71,357 
Depreciation and amortization 20,840  18,686 
Total operating costs 532,839  496,429 
Acquisition-related costs —  34,712 
Operating profit 27,900  6,284 
Other components of net periodic benefit (income)/costs (685) 1,522 
Interest income and other, net 3,173  1,075 
Income before income taxes 31,758  5,837 
Income tax expense 9,437  1,112 
Net income $ 22,321  $ 4,725 
Average number of common shares outstanding:
Basic 164,975  167,866 
Diluted 165,398  168,257 
Basic earnings per share attributable to common stockholders $ 0.14  $ 0.03 
Diluted earnings per share attributable to common stockholders $ 0.13  $ 0.03 
Dividends declared per share $ 0.11  $ 0.09 
See Notes to Condensed Consolidated Financial Statements.



3

THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
(Unaudited)
(In thousands)
  For the Quarters Ended
March 31, 2023 March 27, 2022
Net income $ 22,321  $ 4,725 
Other comprehensive income/(loss), before tax:
Gain/(Loss) on foreign currency translation adjustments 848  (2,209)
Pension and postretirement benefits obligation 1,553  5,010 
Net unrealized gain/(loss) on available-for-sale securities 2,602  (7,916)
Other comprehensive income/(loss), before tax 5,003  (5,115)
Income tax expense/(benefit) 1,294  (1,380)
Other comprehensive income/(loss), net of tax 3,709  (3,735)
Comprehensive income attributable to common stockholders $ 26,030  $ 990 
 See Notes to Condensed Consolidated Financial Statements.
4

THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
For the Quarters Ended March 31, 2023 and March 27, 2022
(Unaudited)
(In thousands, except share data)

 Capital Stock -
Class A
and
Class B Common		 Additional
Paid-in
Capital		 Retained
Earnings		 Common
Stock
Held in
Treasury,
at Cost		 Accumulated
Other
Comprehensive
Loss, Net of
Income
Taxes		 Total
New York
Times
Company
Stockholders’
Equity		 Non-
controlling
Interest		 Total
Stock-
holders’
Equity
Balance, December 26, 2021 $ 17,675  $ 230,115  $ 1,845,343  $ (171,211) $ (383,202) $ 1,538,720  $ 2,005  $ 1,540,725 
Net income —  —  4,725  —  —  4,725  —  4,725 
Dividends —  —  (15,334) —  —  (15,334) —  (15,334)
Other comprehensive loss (3,735) (3,735) (3,735)
Issuance of stock-based awards, net of withholding taxes:
Stock options – 400 Class A shares
 —  3  —  —  —  3  —  3 
Restricted stock units vested – 127,450 Class A shares
 13  (3,784) —  —  —  (3,771) —  (3,771)
Performance-based awards - 163,518 Class A shares
 16  (5,573) —  —  —  (5,557) —  (5,557)
Share repurchases - 692,800 Class A shares
 (29,034) (29,034) (29,034)
Stock-based compensation —  7,054  —  —  —  7,054  —  7,054 
Balance, March 27, 2022 $ 17,704  $ 227,815  $ 1,834,734  $ (200,245) $ (386,937) $ 1,493,071  $ 2,005  $ 1,495,076 
Balance, December 31, 2022 $ 17,707  $ 255,515  $ 1,958,859  $ (276,267) $ (357,847) $ 1,597,967  $ 2,005  $ 1,599,972 
Net income —  —  22,321  —  —  22,321  —  22,321 
Dividends —  —  (18,375) —  —  (18,375) —  (18,375)
Other comprehensive income —  —  —  —  3,709  3,709  —  3,709 
Issuance of stock-based awards, net of withholding taxes:
Restricted stock units vested –267,069 Class A shares
 27  (7,946) —  —  —  (7,919) —  (7,919)
Performance-based awards –106,419 Class A shares
 10  (3,108) —  —  —  (3,098) —  (3,098)
Share repurchases – 803,529 Class A shares
 (30,720) (30,720) —  (30,720)
Stock-based compensation —  10,900  —  —  —  10,900  —  10,900 
Balance, March 31, 2023 $ 17,744  $ 255,361  $ 1,962,805  $ (306,987) $ (354,138) $ 1,574,785  $ 2,005  $ 1,576,790 
5

THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
For the Quarters Ended
March 31, 2023 March 27, 2022
Cash flows from operating activities
Net income $ 22,321  $ 4,725 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 20,840  18,685 
Amortization of right of use asset 2,490  5,400 
Stock-based compensation expense 10,900  7,054 
Change in long-term retirement benefit obligations (6,954) (4,555)
Other – net 1,330  (11,684)
Changes in operating assets and liabilities, net of business acquisitions:
Accounts receivable – net 51,556  40,930 
Other assets (2,295) (6,646)
Accounts payable, accrued payroll and other liabilities (57,103) (75,571)
Unexpired subscriptions 7,645  7,003 
Net cash provided by/(used in) operating activities 50,730  (14,659)
Cash flows from investing activities
Purchases of marketable securities —  (2,492)
Maturities of marketable securities 28,160  442,895 
Business acquisitions, net of cash acquired —  (515,299)
Capital expenditures (5,985) (8,580)
Other – net —  (533)
Net cash provided by (used in) investing activities 22,175  (84,009)
Cash flows from financing activities
Long-term obligations:
Dividends paid (15,069) (11,839)
Payment of contingent consideration (1,724) (1,724)
Capital shares:
Proceeds from stock option exercises —  3 
Repurchases (30,720) (29,034)
Share-based compensation tax withholding (11,017) (9,328)
Net cash used in financing activities (58,530) (51,922)
Net increase/(decrease) in cash, cash equivalents and restricted cash 14,375  (150,590)
Effect of exchange rate changes on cash (262) (164)
Cash, cash equivalents and restricted cash at the beginning of the period 235,173  334,306 
Cash, cash equivalents and restricted cash at the end of the period $ 249,286  $ 183,552 

 See Notes to Condensed Consolidated Financial Statements.

6
THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 1. BASIS OF PRESENTATION
In the opinion of management of The New York Times Company (the “Company”), the Condensed Consolidated Financial Statements present fairly the financial position of the Company as of March 31, 2023, and December 31, 2022, and the results of operations, changes in stockholders’ equity and cash flows of the Company for the periods ended March 31, 2023, and March 27, 2022. The Company and its consolidated subsidiaries are referred to collectively as “we,” “us” or “our.” All adjustments necessary for a fair presentation have been included and are of a normal and recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. The financial statements were prepared in accordance with the requirements of the United States Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain notes or other financial information that are normally required by accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted from these interim financial statements. These financial statements, therefore, should be read in conjunction with the Consolidated Financial Statements and related Notes included in our Annual Report on Form 10-K for the year ended December 31, 2022. Due to the seasonal nature of our business, operating results for the interim periods are not necessarily indicative of a full year’s operations. First quarter 2022 includes an additional day compared with first quarter 2023 as a result of the recent change in the Company’s fiscal year to the calendar year.
The Company has two reportable segments: The New York Times Group (“NYTG”) and The Athletic.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in our Condensed Consolidated Financial Statements. Actual results could differ from these estimates.
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
As of March 31, 2023, our significant accounting policies, which are detailed in our Annual Report on Form 10-K for the year ended December 31, 2022, have not changed.
Recently Issued Accounting Pronouncements
The Company considers the applicability and impact of all recently issued accounting pronouncements. Recent accounting pronouncements not specifically identified in our disclosures are either not applicable to the Company or are not expected to have a material effect on our financial condition or results of operations.
NOTE 3. REVENUE
We generate revenues principally from subscriptions and advertising.
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, Audm and Wirecutter products), and single-copy and bulk sales of our print products. Subscription revenues are based on both the number of copies of the printed newspaper sold and digital-only subscriptions, and the rates charged to the respective customers.
Advertising revenue is generated 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, and in print in the form of column-inch ads. Advertising revenue is generated primarily from offerings sold directly to marketers by our advertising sales teams. A smaller proportion of our total advertising revenues is generated through programmatic auctions run by third-party ad exchanges. Advertising revenue is primarily determined by the volume (e.g., impressions), 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. 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. Print advertising includes revenue from column-inch ads and classified advertising as well as preprinted advertising, also known as freestanding inserts. NYTG has revenue from all categories discussed above. The Athletic has revenue from direct-sold display advertising, podcast, email and video advertisements and open-market programmatic advertising. There is no print advertising revenue generated from The Athletic.
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”), television and film, retail commerce, our live events business and our student subscription sponsorship program.
7
THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Subscription, advertising and other revenues were as follows:
For the Quarters Ended
(In thousands) March 31, 2023 As % of total March 27, 2022 As % of total
Subscription $ 397,542  70.9  % $ 371,979  69.2  %
Advertising 106,241  18.8  % 116,270  21.5  %
Other (1)
 56,956  10.3  % 49,176  9.3  %
Total
 $ 560,739  100.0  % $ 537,425  100.0  %
(1) Other revenues include building rental revenue, which is not under the scope of Revenue from Contracts with Customers (Topic 606). Building rental revenue was approximately $7 million for the first quarters of 2023 and 2022, respectively.
The following table summarizes digital and print subscription revenues, which are components of subscription revenues above, for the quarters ended March 31, 2023, and March 27, 2022:
For the Quarters Ended
(In thousands) March 31, 2023 As % of total March 27, 2022 As % of total
Digital-only subscription revenues (1)
 $ 258,768  65.1  % $ 226,763  61.0  %
Print subscription revenues:
Domestic home delivery subscription revenues (2)
 125,876  31.7  % 131,391  35.3  %
Single-copy, NYT International and Other subscription revenues (3)
 12,898  3.2  % 13,825  3.7  %
Subtotal print subscription revenues 138,774  34.9  % 145,216  39.0  %
Total subscription revenues $ 397,542  100.0  % $ 371,979  100.0  %
(1) Includes revenue from digital-only bundled and standalone subscriptions to our news product, as well as The Athletic and our Cooking, Games, Audm and Wirecutter products.
(2) Domestic home delivery subscriptions include access to our digital news product, as well as The Athletic and our Cooking, Games and Wirecutter products.
(3) NYT International is the international edition of our print newspaper.
The following table summarizes digital and print advertising revenues, which are components of advertising revenues above, for the quarters ended March 31, 2023, and March 27, 2022:
For the Quarters Ended
(In thousands) March 31, 2023 As % of total March 27, 2022 As % of total
Advertising revenues:
Digital $ 61,271  57.7  % $ 67,014  57.6  %
Print 44,970  42.3  % 49,256  42.4  %
Total advertising $ 106,241  100.0  % $ 116,270  100.0  %
Performance Obligations
We have remaining performance obligations related to digital archive and other licensing and certain advertising contracts. As of March 31, 2023, the aggregate amount of the transaction price allocated to the remaining performance obligations for contracts with a duration greater than one year was approximately $211 million. The Company will recognize this revenue as performance obligations are satisfied. We expect that approximately $56 million, $68 million and $87 million will be recognized in the remainder of 2023, 2024 and thereafter through 2028, respectively.
Contract Assets
As of March 31, 2023, and December 31, 2022, the Company had $3.8 million, respectively, in contract assets recorded in the Condensed Consolidated Balance Sheets related to digital archiving licensing revenue. The contract asset is reclassified to Accounts receivable when the customer is invoiced based on the contractual billing schedule.
8
THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 4. MARKETABLE SECURITIES
The Company accounts for its marketable securities as available for sale (“AFS”). The Company recorded $8.8 million and $11.4 million of pre-tax net unrealized losses in Accumulated other comprehensive income (“AOCI”) as of March 31, 2023, and December 31, 2022, respectively.
The following tables present the amortized cost, gross unrealized gains and losses, and fair market value of our AFS securities as of March 31, 2023, and December 31, 2022:
March 31, 2023
(In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value
Short-term AFS securities
Corporate debt securities $ 75,861  $ —  $ (2,178) $ 73,683 
U.S. Treasury securities 32,844  —  (615) 32,229 
U.S. governmental agency securities 27,805  —  (679) 27,126 
Municipal securities 6,393  —  (77) 6,316 
Total short-term AFS securities $ 142,903  $ —  $ (3,549) $ 139,354 
Long-term AFS securities
Corporate debt securities $ 79,998  $ —  $ (4,010) $ 75,988 
U.S. Treasury securities 23,981  —  (1,211) 22,770 
U.S. governmental agency securities 999  —  (54) 945 
Total long-term AFS securities $ 104,978  $ —  $ (5,275) $ 99,703 
December 31, 2022
(In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value
Short-term AFS securities
Corporate debt securities $ 52,315  $ —  $ (1,286) $ 51,029 
U.S. Treasury securities 45,096  —  (963) 44,133 
U.S. governmental agency securities 22,806  —  (722) 22,084 
Municipal securities 8,903  —  (177) 8,726 
Total short-term AFS securities $ 129,120  $ —  $ (3,148) $ 125,972 
Long-term AFS securities
Corporate debt securities 115,207  $ —  $ (6,377) $ 108,830 
U.S. Treasury securities 25,990  —  (1,576) 24,414 
U.S. governmental agency securities 5,999  —  (326) 5,673 
Total long-term AFS securities $ 147,196  $ —  $ (8,279) $ 138,917 
9
THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following tables represent the AFS securities as of March 31, 2023, and December 31, 2022, that were in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position:
March 31, 2023
Less than 12 Months 12 Months or Greater Total
(In thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses
Short-term AFS securities
Corporate debt securities $ 4,034  $ (11) $ 69,649  $ (2,167) $ 73,683  $ (2,178)
U.S. Treasury securities —  —  32,229  (615) 32,229  (615)
U.S. governmental agency securities —  —  27,126  (679) 27,126  (679)
Municipal securities —  —  6,316  (77) 6,316  (77)
Total short-term AFS securities $ 4,034  $ (11) $ 135,320  $ (3,538) $ 139,354  $ (3,549)
Long-term AFS securities
Corporate debt securities $ 555  $ (14) $ 75,433  $ (3,996) $ 75,988  $ (4,010)
U.S. Treasury securities 286  (7) 22,484  (1,204) 22,770  (1,211)
U.S. governmental agency securities —  —  945  (54) 945  (54)
Total long-term AFS securities $ 841  $ (21) $ 98,862  $ (5,254) $ 99,703  $ (5,275)

December 31, 2022
Less than 12 Months 12 Months or Greater Total
(In thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses
Short-term AFS securities
Corporate debt securities $ 3,799  $ (11) $ 47,230  $ (1,275) $ 51,029  $ (1,286)
U.S. Treasury securities —  —  44,133  (963) 44,133  (963)
U.S. governmental agency securities —  —  22,084  (722) 22,084  (722)
Municipal securities —  —  8,726  (177) 8,726  (177)
Total short-term AFS securities $ 3,799  $ (11) $ 122,173  $ (3,137) $ 125,972  $ (3,148)
Long-term AFS securities
Corporate debt securities $ 2,004  $ (57) $ 106,826  $ (6,320) $ 108,830  $ (6,377)
U.S. Treasury securities 282  (9) 24,132  (1,567) 24,414  (1,576)
U.S. governmental agency securities —  —  5,673  (326) 5,673  (326)
Total long-term AFS securities $ 2,286  $ (66) $ 136,631  $ (8,213) $ 138,917  $ (8,279)
We assess AFS securities on a quarterly basis or more often if a potential loss-triggering event occurs.
As of March 31, 2023, and December 31, 2022, we did not intend to sell and it was not likely that we would be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. Unrealized losses related to these investments are primarily due to interest rate fluctuations as opposed to changes in credit quality. Therefore, as of March 31, 2023, and December 31, 2022, we have recognized no losses or allowance for credit losses related to AFS securities.
10
THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
As of March 31, 2023, our short-term and long-term marketable securities had remaining maturities of less than one month to 12 months and 13 months to 24 months, respectively. See Note 8 for more information regarding the fair value of our marketable securities.
NOTE 5. GOODWILL AND INTANGIBLES
Goodwill and Intangibles
The changes in the carrying amount of goodwill as of March 31, 2023, and since December 26, 2021, were as follows:
(In thousands) NYTG The Athletic Total
Balance as of December 26, 2021 $ 166,360  $ —  $ 166,360 
Foreign currency translation (3,674) —  (3,674)
Acquisition of The Athletic Media Company —  249,792  249,792 
Measurement period adjustments —  1,568  1,568 
Balance as of December 31, 2022 162,686  251,360  414,046 
Foreign currency translation 1,088  —  1,088 
Balance as of March 31, 2023 $ 163,774  $ 251,360  $ 415,134 
The foreign currency translation line item reflects changes in goodwill resulting from fluctuating exchange rates related to the consolidation of certain international subsidiaries.
As of March 31, 2023, the gross book value and accumulated amortization of the finite-lived intangible assets were as follows:
(In thousands) Gross book value Accumulated amortization Net book value Remaining Weighted-Average Useful Life (Years)
Trademark $ 162,618  $ (10,936) $ 151,682  19.0
Existing subscriber base 136,500  (14,625) 121,875  11.0
Developed technology 38,401  (9,878) 28,523  4.0
Content archive 5,751  (2,826) 2,925  2.6
Total finite-lived intangibles $ 343,270  $ (38,265) $ 305,005  14.2
Amortization expense for intangible assets included in Depreciation and amortization in our Condensed Consolidated Statements of Operations was $7.3 million and $5.0 million for the first quarters of 2023 and 2022, respectively. The estimated aggregate amortization expense for the remainder of 2023 and each of the following fiscal years ending December 31 is presented below:
(In thousands)
Remainder of 2023 $ 21,985 
2024 27,487 
2025 27,213 
2026 26,960 
2027 20,171 
Thereafter 181,189 
Total amortization expense $ 305,005 
The aggregate carrying amount of intangible assets of $310.0 million, which includes an indefinite-lived intangible of $5.0 million, is included in Intangible assets, net in our Condensed Consolidated Balance Sheet as of March 31, 2023.
11
THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 6. INVESTMENTS
Non-Marketable Equity Securities
Our non-marketable equity securities are investments in privately held companies/funds without readily determinable market values. Gains and losses on non-marketable securities revalued, sold or impaired are recognized in Interest income and other, net in our Condensed Consolidated Statements of Operations.
As of March 31, 2023, and December 31, 2022, non-marketable equity securities included in Miscellaneous assets in our Condensed Consolidated Balance Sheets had a carrying value of $29.8 million.
NOTE 7. OTHER
Capitalized Computer Software Costs
Amortization of capitalized computer software costs included in Depreciation and amortization in our Condensed Consolidated Statements of Operations was $1.7 million and $1.9 million for the first quarters of 2023 and 2022, respectively.
Interest income and other, net
Interest income and other, net, as shown in the accompanying Condensed Consolidated Statements of Operations, was as follows:
For the Quarters Ended
(In thousands) March 31, 2023 March 27, 2022
Interest income $ 3,421  $ 1,222 
Interest expense (248) (147)
Total interest income and other, net $ 3,173  $ 1,075 
Restricted Cash
A reconciliation of cash, cash equivalents and restricted cash as of March 31, 2023, and March 27, 2022, from the Condensed Consolidated Balance Sheets to the Condensed Consolidated Statements of Cash Flows is as follows:
(In thousands) March 31, 2023 March 27, 2022
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents $ 235,350  $ 169,171 
Restricted cash included within miscellaneous assets 13,936  14,381 
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 249,286  $ 183,552 
Substantially all of the amount included in restricted cash is set aside to collateralize workers’ compensation obligations.
Revolving Credit Facility
On July 27, 2022, the Company entered into an amendment and restatement of its previous credit facility that, among other changes, increased the committed amount to $350.0 million and extended the maturity date to July 27, 2027 (as amended and restated, the “Credit Facility”). Certain of the Company’s domestic subsidiaries have guaranteed the Company’s obligations under the Credit Facility. Borrowings under the Credit Facility bear interest at specified rates based on our utilization and consolidated leverage ratio. The Credit Facility contains various customary affirmative and negative covenants. In addition, the Company is obligated to pay a quarterly unused commitment fee at an annual rate of 0.20%.
As of March 31, 2023, and December 31, 2022, there was approximately $0.6 million in outstanding letters of credit and the remaining committed amount remains available. As of March 31, 2023, the Company was in compliance with the financial covenants contained in the Credit Facility.
Severance Costs
We recognized $3.8 million in severance costs in the first quarter of 2023 and no severance costs in the first quarter of 2022, respectively. These costs are recorded in General and administrative costs in our Condensed Consolidated Statements of Operations.
We had a severance liability of $7.0 million and $4.4 million included in Accrued expenses and other in our Condensed Consolidated Balance Sheets as of March 31, 2023, and December 31, 2022, respectively.
12
THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 8. FAIR VALUE MEASUREMENTS
Fair value is the price that would be received upon the sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. The transaction would be in the principal or most advantageous market for the asset or liability, based on assumptions that a market participant would use in pricing the asset or liability. The fair value hierarchy consists of three levels:
Level 1–quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date;
Level 2–inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
Level 3–unobservable inputs for the asset or liability.
Assets/Liabilities Measured and Recorded at Fair Value on a Recurring Basis
The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2023, and December 31, 2022:
(In thousands) March 31, 2023 December 31, 2022
Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3
Assets:
Short-term AFS securities (1)
Corporate debt securities $ 73,683  $ —  $ 73,683  $ —  $ 51,029  $ —  $ 51,029  $ — 
U.S. Treasury securities 32,229  —  32,229  —  44,133  —  44,133  — 
U.S. governmental agency securities 27,126  —  27,126  —  22,084  —  22,084  — 
Municipal securities 6,316  —  6,316  —  8,726  —  8,726  — 
Total short-term AFS securities $ 139,354  $ —  $ 139,354  $ —  $ 125,972  $ —  $ 125,972  $ — 
Long-term AFS securities (1)
Corporate debt securities $ 75,988  $ —  $ 75,988  $ —  $ 108,830  $ —  $ 108,830  $ — 
U.S. Treasury securities 22,770  —  22,770  —  24,414  —  24,414  — 
U.S. governmental agency securities 945  —  945  —  5,673  —  5,673  — 
Total long-term AFS securities $ 99,703  $ —  $ 99,703  $ —  $ 138,917  $ —  $ 138,917  $ — 
Liabilities:
Deferred compensation (2)(3)
 $ 12,513  $ 12,513  $ —  $ —  $ 14,635  $ 14,635  $ —  $ — 
Contingent consideration (4)
 $ 4,392  $ —  $ —  $ 4,392  $ 5,324  $ —  $ —  $ 5,324 
(1) We classified these investments as Level 2 since the fair value is based on market observable inputs for investments with similar terms and maturities.
(2) The deferred compensation liability, included in Other liabilities—other in our Condensed Consolidated Balance Sheets, consists of deferrals under The New York Times Company Deferred Executive Compensation Plan (the “DEC”), a frozen plan that enabled certain eligible executives to elect to defer a portion of their compensation on a pre-tax basis. The deferred amounts are invested at the executives’ option in various mutual funds. The fair value of deferred compensation is based on the mutual fund investments elected by the executives and on quoted prices in active markets for identical assets. Participation in the DEC was frozen effective December 31, 2015.
(3) The Company invests the assets associated with the deferred compensation liability in life insurance products. Our investments in life insurance products are included in Miscellaneous assets in our Condensed Consolidated Balance Sheets, and were $49.8 million as of March 31, 2023, and $48.4 million as of December 31, 2022. The fair value of these assets is measured using the net asset value per share (or its equivalent) and has not been classified in the fair value hierarchy.
(4) The remaining contingent consideration balances (as discussed below) are included in Accrued expenses and other, for the current portion of the liability, and Other non-current liabilities, for the long-term portion of the liability, in our Condensed Consolidated Balance Sheets.
13
THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Level 3 Liabilities
The contingent consideration liability is related to the 2020 acquisition of substantially all the assets and certain liabilities of Serial Productions, LLC and represents contingent payments based on the achievement of certain operational targets, as defined in the acquisition agreement, over the five years following the acquisition. The Company estimated the fair value using a probability-weighted discounted cash flow model. The estimate of the fair value of contingent consideration requires subjective assumptions to be made regarding probabilities assigned to operational targets and the discount rate. As the fair value is based on significant unobservable inputs, this is a Level 3 liability.
The following table presents changes in the contingent consideration balances for the quarters ended March 31, 2023, and March 27, 2022:
Quarters Ended
(In thousands) March 31, 2023 March 27, 2022
Balance at the beginning of the period
 $ 5,324  $ 7,450 
Payments (1,724) (1,724)
Fair value adjustments (1)
 792  132 
Contingent consideration at the end of the period $ 4,392  $ 5,858 
(1) Fair value adjustments are included in General and administrative costs in our Condensed Consolidated Statements of Operations.

NOTE 9. PENSION AND OTHER POSTRETIREMENT BENEFITS
Pension
Single-Employer Plans
We maintain The New York Times Companies Pension Plan, a frozen single-employer defined benefit pension plan. The Company also jointly sponsors a defined benefit plan with The NewsGuild of New York known as the Guild-Times Adjustable Pension Plan (the “APP”) that continues to accrue active benefits.
We also have a foreign-based pension plan for certain employees (the “foreign plan”). The information for the foreign plan is combined with the information for U.S. non-qualified plans. The benefit obligation of the foreign plan is immaterial to our total benefit obligation.
The components of net periodic pension (income)/cost were as follows:
For the Quarters Ended
  March 31, 2023 March 27, 2022
(In thousands) Qualified
Plans		 Non-
Qualified
Plans		 All
Plans		 Qualified
Plans		 Non-
Qualified
Plans		 All
Plans
Service cost $ 1,417  $ —  $ 1,417  $ 2,882  $ —  $ 2,882 
Interest cost 14,198  2,296  16,494  8,837  1,284  10,121 
Expected return on plan assets (19,122) —  (19,122) (13,807) —  (13,807)
Amortization of actuarial loss 663  890  1,553  3,266  1,643  4,909 
Amortization of prior service credit (486) —  (486) (486) —  (486)
Net periodic pension (income)/cost $ (3,330) $ 3,186  $ (144) $ 692  $ 2,927  $ 3,619 
During the first quarters of 2023 and 2022, we made pension contributions of $2.0 million and $2.3 million, respectively, to the APP. We expect to make contractual contributions in 2023 of approximately $10 million, which more than satisfy minimum funding requirements.
14
THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Other Postretirement Benefits
The components of net periodic postretirement benefit cost were as follows:
For the Quarters Ended
(In thousands) March 31, 2023 March 27, 2022
Service cost $ 8  $ 12 
Interest cost 375  183 
Amortization of actuarial loss 486  823 
Amortization of prior service credit —  (236)
Net periodic postretirement benefit cost $ 869  $ 782 
NOTE 10. INCOME TAXES
The Company had income tax expense of $9.4 million and $1.1 million in the first quarters of 2023 and 2022, respectively. The Company’s effective tax rates were 29.7% and 19.1% for the first quarters of 2023 and 2022, respectively. The increase in income tax expense was primarily due to higher income in the first quarter of 2023. The increase in the effective tax rate was primarily due to the effect of a decline in the stock price on stock-based awards that settled in the first quarter of 2023.
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 2022, our cash from operations decreased by approximately $60 million and our net deferred tax assets increased by a similar amount as a result of this legislation. In 2023, we expect a negative impact on our cash from operations of approximately $45 million. The actual impact on fiscal 2023 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.
On August 16, 2022, the President signed the Inflation Reduction Act of 2022 (the “IRA”) into law. We do not expect the tax-related provisions of the IRA, which are effective beginning in 2023, to have a material impact on our consolidated financial statements.
NOTE 11. EARNINGS PER SHARE
We compute earnings per share based upon the lower of the two-class method or the treasury stock method. The two-class method is an earnings allocation method used when a company’s capital structure includes either two or more classes of common stock or common stock and participating securities. This method determines earnings per share based on dividends declared on common stock and participating securities (i.e., distributed earnings), as well as participation rights of participating securities in any undistributed earnings.
Earnings per share is computed using both basic shares and diluted shares. The difference between basic and diluted shares is that diluted shares include the dilutive effect of the assumed exercise of outstanding securities. Our stock-settled long-term performance awards and restricted stock units could have a significant impact on diluted shares. The difference between basic and diluted shares was approximately 0.4 million in each of the first quarters of 2023 and 2022, and resulted primarily from the dilutive effect of our Stock-Based Awards.
Securities that could potentially be dilutive are excluded from the computation of diluted earnings per share when a loss from continuing operations exists or when the exercise price exceeds the market value of our Class A Common Stock because their inclusion would result in an anti-dilutive effect on per share amounts.
There were approximately 1.1 million and 0.2 million restricted stock units excluded from the computation of diluted earnings per share in the first quarters of 2023 and 2022, respectively, because they were anti-dilutive. There were no anti-dilutive stock-settled long-term performance awards excluded from the computation of diluted earnings per share in the first quarters of 2023 and 2022.
NOTE 12. SUPPLEMENTAL STOCKHOLDERS’ EQUITY INFORMATION
Share Repurchases
In February 2022, the Board of Directors approved a $150 million Class A share repurchase program that replaced the previous program, which was approved in 2015. In February 2023, in addition to the remaining 2022 authorization, the Board of Directors approved a $250 million Class A share repurchase program. The authorizations provide that shares of Class A
15
THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Common Stock may be purchased from time to time as market conditions warrant, through open-market purchases, privately negotiated transactions or other means, including Rule 10b5-1 trading plans. We expect to repurchase shares to offset the impact of dilution from our equity compensation program and to return capital to our stockholders. There is no expiration date with respect to these authorizations.
As of March 31, 2023, repurchases under these authorizations totaled approximately $135.7 million (excluding commissions) and approximately $264.3 million remained.
Accumulated Other Comprehensive Income
The following table summarizes the changes in AOCI by component as of March 31, 2023:
(In thousands) Foreign Currency Translation Adjustments Funded Status of Benefit Plans Net Unrealized Loss on Available-For-Sale Securities Total Accumulated Other Comprehensive Loss
Balance as of December 31, 2022 $ (510) $ (348,947) $ (8,390) $ (357,847)
Other comprehensive income before reclassifications, before tax 848  —  2,602  3,450 
Amounts reclassified from accumulated other comprehensive loss, before tax —  1,553  —  1,553 
Income tax expense 194  411  689  1,294 
Net current-period other comprehensive income, net of tax 654  1,142  1,913  3,709 
Balance as of March 31, 2023 $ 144  $ (347,805) $ (6,477) $ (354,138)
The following table summarizes the reclassifications from AOCI for the quarter ended March 31, 2023:
(In thousands)

Detail about accumulated other comprehensive loss components
  Amounts reclassified from accumulated other comprehensive loss Affects line item in the statement where net income is presented
Funded status of benefit plans:
Amortization of prior service credit (1)
 $ (486) Other components of net periodic benefit (income)/costs
Amortization of actuarial loss (1)
 2,039  Other components of net periodic benefit (income)/costs
Total reclassification, before tax (2)
 1,553 
Income tax expense 411  Income tax expense
Total reclassification, net of tax $ 1,142 
(1) These AOCI components are included in the computation of net periodic benefit (income)/cost for pension and other postretirement benefits. See Note 9 for more information.
(2) There were no reclassifications relating to noncontrolling interest for the quarter ended March 31, 2023.
Stock-based Compensation Expense
Total stock-based compensation expense included in the Condensed Consolidated Statements of Operations is as follows:
For the Quarters Ended
(In thousands) March 31, 2023 March 27, 2022
Cost of revenue $ 2,230  $ 1,589 
Sales and marketing 420  365 
Product development 3,884  1,751 
General and administrative 4,366  3,349 
Total stock-based compensation expense $ 10,900  $ 7,054 
16
THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 13. 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.
Since the acquisition of The Athletic in the first quarter of 2022, the Company has had two 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 includes in its presentation revenues and adjusted operating costs to arrive at adjusted operating profit (loss) by segment. Adjusted operating costs are defined as operating costs before depreciation and amortization, severance and multiemployer pension plan withdrawal costs. Adjusted operating profit is defined as operating profit before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items. 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 revenue from our multi-product digital subscription package (or “bundle”) is allocated to NYTG and The Athletic. We allocate revenue first to our digital news product based on its list price and then the remaining bundle revenue is allocated to the other products in the bundle, including The Athletic, based on their relative list price. The direct variable expenses associated with the bundle, which include credit card fees, third party fees and sales taxes, are allocated to NYTG and The Athletic based on a historical actual percentage of these costs to bundle revenue.
The results of The Athletic have been included in our Condensed Consolidated Financial Statements beginning February 1, 2022, the date of the acquisition. As a result, first quarter 2022 results include The Athletic for approximately two months while first quarter 2023 results include the Athletic for the full quarter.
The following tables present segment information:
For the Quarters Ended
(In thousands) March 31, 2023 March 27, 2022 % Change
Revenues
NYTG $ 532,092  $ 525,268  1.3  %
The Athletic 28,647  12,157  *
Total revenues $ 560,739  $ 537,425  4.3  %
Adjusted operating costs
NYTG $ 470,337  $ 457,543  2.8  %
The Athletic 36,427  18,979  91.9  %
Total adjusted operating costs $ 506,764  $ 476,522  6.3  %
Adjusted operating profit (loss)
NYTG $ 61,755  $ 67,725  (8.8) %
The Athletic (7,780) (6,822) 14.0  %
Total adjusted operating profit $ 53,975  $ 60,903  (11.4) %
AOP margin % - NYTG 11.6  % 12.9  % (130) bps
* Represents a change equal to or in excess of 100% or not meaningful.
17
THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Revenues detail by segment
For the Quarters Ended
(In thousands) March 31, 2023 March 27, 2022 % Change
NYTG
Subscription $ 373,466  $ 361,602  3.3  %
Advertising 102,090  114,490  (10.8) %
Other 56,536  49,176  15.0  %
Total $ 532,092  $ 525,268  1.3  %
The Athletic
Subscription $ 24,076  $ 10,377  *
Advertising 4,151  1,780  *
Other 420  —  *
Total $ 28,647  $ 12,157  *
The New York Times Company
Subscription $ 397,542  $ 371,979  6.9  %
Advertising 106,241  116,270  (8.6) %
Other 56,956  49,176  15.8  %
Total $ 560,739  $ 537,425  4.3  %
* 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
(In thousands) March 31, 2023 March 27, 2022 % Change
NYTG
Cost of revenue (excluding depreciation and amortization) $ 284,931  $ 269,476  5.7  %
Sales and marketing 60,121  74,460  (19.3) %
Product development 51,877  45,179  14.8  %
Adjusted general and administrative (1)
 73,408  68,428  7.3  %
Total $ 470,337  $ 457,543  2.8  %
The Athletic
Cost of revenue (excluding depreciation and amortization) $ 21,921  $ 11,889  84.4  %
Sales and marketing 6,913  3,128  *
Product development 5,185  2,254  *
Adjusted general and administrative (2)
 2,408  1,708  41.0  %
Total $ 36,427  $ 18,979  91.9  %
The New York Times Company
Cost of revenue (excluding depreciation and amortization) $ 306,852  $ 281,365  9.1  %
Sales and marketing 67,034  77,588  (13.6) %
Product development 57,062  47,433  20.3  %
Adjusted general and administrative 75,816  70,136  8.1  %
Total $ 506,764  $ 476,522  6.3  %
(1) Excludes severance of $3.3 million and multiemployer pension withdrawal costs of $1.5 million for the first quarter of 2023, respectively. Excludes multiemployer pension withdrawal costs of $1.2 million first quarter 2022.
(2) Excludes $0.5 million of severance for the first quarter of 2023.
* Represents a change equal to or in excess of 100% or not meaningful.

18
THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Reconciliation of operating costs before depreciation and amortization, severance and multiemployer pension plan withdrawal costs (or adjusted operating costs)
For the Quarters Ended
(In thousands) March 31, 2023 March 27, 2022 % Change
Operating costs $ 532,839  $ 496,429  7.3  %
Less:
Depreciation and amortization 20,840  18,686  11.5  %
Severance 3,780  —  *
Multiemployer pension plan withdrawal costs 1,455  1,221  19.2  %
Adjusted operating costs $ 506,764  $ 476,522  6.3  %
* 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
(In thousands) March 31, 2023 March 27, 2022 % Change
Operating profit $ 27,900  $ 6,284  *
Add:
Depreciation and amortization 20,840  18,686  11.5  %
Severance 3,780  —  *
Multiemployer pension plan withdrawal costs 1,455  1,221  19.2  %
Special items:
Acquisition-related costs —  34,712  *
Adjusted operating profit $ 53,975  $ 60,903  (11.4) %
* Represents a change equal to or in excess of 100% or not meaningful.
NOTE 14. CONTINGENT LIABILITIES
Legal Proceedings
We are involved in various legal actions incidental to our business that are now pending against us. These actions generally have damage claims that are greatly in excess of the payments, if any, that we would be required to pay if we lost or settled the cases. Although the Company cannot predict the outcome of these matters, it is possible that an unfavorable outcome in one or more matters could be material to the Company’s consolidated results of operations or cash flows for an individual reporting period. However, based on currently available information, management does not believe that the ultimate resolution of these matters, individually or in the aggregate, is likely to have a material effect on the Company’s financial position.
19

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
EXECUTIVE OVERVIEW
We are a global media organization focused on creating, collecting 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 and journalistic excellence set us apart from other news organizations and are at the heart of what makes our journalism worth paying for.
We generate revenues principally from the sale of subscriptions and advertising. Subscription revenues consist of revenues from standalone and multi-product 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 our headquarters (the “Company Headquarters”), television and film, retail commerce, our live events business and our student subscription sponsorship program.
Our main operating costs are employee-related costs.
In the accompanying analysis of financial information, we present certain information derived from our consolidated financial information but not presented in our financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). We are presenting in this report supplemental non-GAAP financial performance measures that exclude depreciation, amortization, severance, non-operating retirement costs, and certain identified special items, as applicable. In addition, we present our free cash flow, defined as net cash provided by operating activities less capital expenditures. These non-GAAP financial measures should not be considered in isolation from or as a substitute for the related GAAP measures, and should be read in conjunction with financial information presented on a GAAP basis. For further information and reconciliations of these non-GAAP measures to the most directly comparable GAAP measures, see “— Results of Operations — Non-GAAP Financial Measures.”
First quarter 2022 includes an additional day compared with first quarter 2023 as a result of the recent change in the Company’s fiscal year to the calendar year.
The results of The Athletic have been included in our Condensed Consolidated Financial Statements beginning February 1, 2022, the date of the acquisition. As a result, first quarter 2022 results included The Athletic for approximately two months, while first quarter 2023 results include The Athletic for the full quarter.
The Company has two reportable segments: The New York Times Group (“NYTG”) and The Athletic.
20

Financial Highlights
•Operating profit increased to $27.9 million in the first quarter of 2023, compared with $6.3 million in the first quarter of 2022. Operating profit before depreciation, amortization, severance, multiemployer pension plan withdrawal costs and special items discussed below under “Non-GAAP Financial Measures” (or “adjusted operating profit,” a non-GAAP measure) decreased 11.4% to $54.0 million in the first quarter of 2023, compared with $60.9 million in the first quarter of 2022. The increase in operating profit was primarily attributable to the impact of acquisition-related charges taken in the prior year and higher digital subscription and other revenues, which were partially offset by higher operating costs and lower advertising revenues. Adjusted operating profit (which among other adjustments exclude the impact of the acquisition-related charges) decreased as higher digital subscription and other revenues were more than offset by higher adjusted operating costs and lower advertising revenues. Operating profit margin (operating profit expressed as a percentage of revenues) increased to 5.0% in the first quarter of 2023, compared with 1.2% in the first quarter of 2022. Adjusted operating profit margin (adjusted operating profit expressed as a percentage of revenues) decreased to 9.6% in the first quarter of 2023, compared with 11.3% in the first quarter of 2022.
•Total revenues increased 4.3% to $560.7 million in the first quarter of 2023 from $537.4 million in the first quarter of 2022.
•Total subscription revenues increased 6.9% to $397.5 million in the first quarter of 2023 from $372.0 million in the first quarter of 2022. Digital-only subscription revenues increased 14.1% to $258.8 million in the first quarter of 2023 from $226.8 million in the first quarter of 2022. Paid digital-only subscribers totaled approximately 9.02 million at the end of the first quarter of 2023, a net increase of 190,000 compared with the end of the fourth quarter of 2022 and a net increase of 790,000 compared with the end of the first quarter of 2022.
•Total advertising revenues decreased 8.6% to $106.2 million in the first quarter of 2023 from $116.3 million in the first quarter of 2022, due to decreases of approximately $5.7 million and $4.3 million in digital and print advertising revenues, respectively.
•Operating costs increased 7.3% to $532.8 million in the first quarter of 2023 from $496.4 million in the first quarter of 2022. Operating costs before depreciation, amortization, severance and multiemployer pension plan withdrawal costs (or “adjusted operating costs,” a non-GAAP measure) increased 6.3% to $506.8 million in the first quarter of 2023 from $476.5 million in the first quarter of 2022.
•Operating costs that we refer to as “technology costs,” consisting of product development costs as well as components of costs of revenues and general and administrative costs, increased 19.7% to $105.2 million compared with $87.9 million in the first quarter of 2022.
•Diluted earnings per share were $0.13 and $0.03 for the first quarters of 2023 and 2022, respectively. The increase in diluted EPS was primarily driven by the impact from acquisition-related costs in the first quarter of 2022. Diluted earnings per share excluding severance, non-operating retirement costs and special items discussed below under “Non-GAAP Financial Measures” (or “adjusted diluted earnings per share,” a non-GAAP measure) were $0.19 and $0.21 for the first quarters of 2023 and 2022, respectively.
21

Industry Trends, Economic Conditions, Challenges and Risks
We operate in a highly competitive environment that is subject to rapid change. Our competitors include information providers and distributors, as well as news aggregators, search engines and social media platforms. Competition among these companies is robust, and new competitors can quickly emerge. We have designed our strategy to take advantage of both the challenges and opportunities presented by this period of transformation in our industry.
We and the companies with which we do business are subject to risks and uncertainties caused by factors beyond our control, including economic, public health and geopolitical conditions. These include economic weakness, 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 (including the war in Ukraine). These factors may result in declines and/or volatility in our results.
We believe the macroeconomic environment has had and may continue to have an adverse impact on both digital and print advertising spend.
We are experiencing a competitive labor market and pressure on compensation and benefit costs for certain employees, mainly in technology roles. In addition, although we have not seen a significant impact from inflation on our recent financial results to date, if it remains at current levels, or increases, for an extended period, our employee-related costs are likely to increase. Our printing and distribution costs also have been impacted and may be further impacted by inflation and higher costs, including those associated with raw materials, delivery costs and/or utilities.
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, 2022.
22

RESULTS OF OPERATIONS
The following table presents our consolidated financial results:
  For the Quarters Ended
(In thousands) March 31, 2023 March 27, 2022 % Change
Revenues
Subscription $ 397,542  $ 371,979  6.9  %
Advertising 106,241  116,270  (8.6) %
Other 56,956  49,176  15.8  %
Total revenues
 560,739  537,425  4.3  %
Operating costs
Cost of revenue (excluding depreciation and amortization) 306,852  281,365  9.1  %
Sales and marketing 67,034  77,588  (13.6) %
Product development 57,062  47,433  20.3  %
General and administrative 81,051  71,357  13.6  %
Depreciation and amortization 20,840  18,686  11.5  %
Total operating costs
 532,839  496,429  7.3  %
Acquisition-related costs —  34,712  *
Operating profit 27,900  6,284  *
Other components of net periodic benefit (income)/costs (685) 1,522  *
Interest income and other, net 3,173  1,075  *
Income before income taxes 31,758  5,837  *
Income tax expense 9,437  1,112  *
Net income $ 22,321  $ 4,725  *
* Represents a change equal to or in excess of 100% or not meaningful.

23

Revenues
Subscription Revenues
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, Audm 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 copies of the printed newspaper sold and digital-only subscriptions, and the rates charged to the respective customers.
Subscription revenues increased 6.9% in the first quarter of 2023 compared with the same prior-year period, primarily due to growth in the number of subscribers to the Company’s digital-only products, the large number of subscribers whose introductory promotional subscriptions have graduated to higher prices, subscribers who have upgraded to our digital subscription bundle package and higher revenues from The Athletic stand-alone subscriptions due to the impact from the additional month of The Athletic in 2023. The increase in digital subscription revenue was partially offset by a decrease in print subscription revenue. This decrease was primarily attributable to declines in domestic home delivery revenue of 4.2% in the first quarter of 2023 due to a decrease in the number of print subscriptions driven by secular trends, partially offset by an increase in domestic home delivery prices. There is no print subscription revenue generated from The Athletic.
The Company ended the first quarter of 2023 with approximately 9.73 million paid subscribers across its print and digital products. Of the 9.73 million, approximately 9.02 million were paid digital-only subscribers.
There was a net increase of 190,000 digital-only subscribers compared with the end of the fourth quarter of 2022. Compared with the end of the first quarter of 2022, there was a net increase of 790,000 digital-only subscribers.
Print domestic home delivery subscribers totaled approximately 710,000 at the end of the first quarter of 2023, a net decrease of 20,000 subscribers compared with the end of the fourth quarter of 2022 and a net decrease of 70,000 subscribers compared with the end of the first quarter of 2022.
The following table summarizes digital and print subscription revenues for the first quarters of 2023 and 2022:
For the Quarters Ended
(In thousands) March 31, 2023 March 27, 2022 % Change
Digital-only subscription revenues (1)
 $ 258,768  $ 226,763  14.1  %
Print subscription revenues:
Domestic home delivery subscription revenues (2)
 125,876  131,391  (4.2) %
Single-copy, NYT International and Other subscription revenues (3)
 12,898  13,825  (6.7) %
Subtotal print subscription revenues 138,774  145,216  (4.4) %
Total subscription revenues $ 397,542  $ 371,979  6.9  %
(1) Includes revenue from digital-only bundled and standalone subscriptions to our news product, as well as The Athletic and our Cooking, Games, Audm and Wirecutter products.
(2) Domestic home delivery subscriptions include access to our digital news product, as well as The Athletic and our Cooking, Games and Wirecutter products.
(3) NYT International is the international edition of our print newspaper.

24

We offer a digital subscription package (or “bundle”) that includes access to our digital news product as well as The Athletic and our Cooking, Games and Wirecutter products. We also offer standalone digital subscriptions to our digital news product, as well as to The Athletic, and our Cooking, Games, Audm and Wirecutter products. The Company has set out below the number of digital-only, print and total subscribers to the Company’s products as well as certain additional metrics, including ARPU. A digital-only subscriber is defined as a subscriber who has subscribed (and provided a valid method of payment) for the right to access one or more of the Company’s digital products.
The following table summarizes digital and print subscribers as of the end of the five most recent fiscal quarters:
For the Quarters Ended
(In thousands) March 31, 2023 December 31, 2022 September 25, 2022 June 26, 2022 March 27, 2022
Digital-only subscribers(1)
 9,020  8,830  8,590  8,410  8,230 
Print subscribers(2)
 710  730  740  760  780 
Total subscribers(3)
 9,730  9,550  9,330  9,170  9,010 
(1) Subscribers with paid digital-only subscriptions to one or more of our news product, T