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July 5, 2024, 10:30 am

Less encouragingly, digital advertising revenue growth for the 4th quarter was sluggish. Second, while we continue to invest thoughtfully in areas that widen our moat, including our newsroom, engineering and data teams, we've slowed headcount growth in most other areas across the company. For the quarter, digital-only subscriber ARPU decreased 8% compared to the prior year from $9. There's a possible restructure coming with Move, the 80%-owned US real estate listings business, on the block. Do slightly better than nytimes.com. Advertising revenues exceeded our expectations in the quarter in both digital and print, demonstrating the enduring value of our first-party data and premium ad products and the appeal of the Times brand to a wide range of marketers even in a challenging macroeconomic environment. Democratic officials were quoted more than four times as often as Republican ones. So, as I mentioned in my prepared remarks, we enabled a very large number of our existing bundle subscribers to get access to The Athletic. Thomson noted that despite "the obvious global challenges, " its professional information business at Dow Jones, the publisher of the Journal, saw revenue surge. To give you a sense of the pace of our progress: in Q3, the percentage of starts on the bundle was double what we saw in Q1. 16 better than the prior year.

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With three quarters of the year behind us, we are improving our outlook for full-year 2022 results to the high end of the range we first provided in February. It's worth noting that we've modified the definition of adjusted diluted EPS to exclude the impact of amortization of acquired intangible assets to improve the comparability of earnings across periods. With each passing quarter in 2022, we saw increasing proof that there is strong demand for a bundle of our news and lifestyle products. Buying or merging the weak News Corp would not have sat well with shareholders in the stronger Fox Corp. News blamed the tough macroeconomic environment and higher interest rates (which have boosted the value of the US dollar and generated higher translation losses when foreign revenue and earnings are converted into greenbacks) have been hurting the company. The New York Times: All the black ink that's fit to print –. We'll have plenty of time to send Roland off properly. We also made it easier for current Times subscribers to find and engage with The Athletic by adding a "sign in with The Times" feature. This adjustment was $0.

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The stronger US dollar saw News' December quarter revenue fall 7% to $US2. But whatever the news cycle, we now have a number of other things that will appeal as well. And I'd say that's been the case as long as we've been doing both things very, very broadly. Do slightly better than net.com. As Meredith said, we're very pleased with the fourth quarter results we are reporting today. Meredith Kopit Levien - President and Chief Executive Officer. The New York Times public editor (ombudsman) Elizabeth Spayd wrote in 2016 that "Conservatives and even many moderates, see in The Times a blue-state worldview. 7a Monastery heads jurisdiction. The story was finally laid to rest when a medical examiner ruled in April that Sicknick died of natural causes and did not find any evidence of internal or external injuries. To that end, in 2023, we'll lean further into two big areas intended to press our advantage.

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The Sunday New York Times has an average print circulation of over 1. And some will remember, we did that with a tenured price increase on news, I think, a couple of years ago now, Roland. Just over 3% were attributed to individuals identified as taxpayers or taxpayer advocates. Better than i expected nyt. Operator Instructions]. But that's evolving towards a $20 million annual run rate. Total subscription revenues increased approximately 11.

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Moving to the balance sheet. Other revenues decreased approximately 2% compared with the prior year to approximately $55 million, primarily as a result of lower licensing revenues, partially offset by higher revenue from Wirecutter affiliate and live events. 5 million December quarter revenues. They found that the headlines were usually neutral, but there was considerable bias in who was quoted, with Democratic officials, progressive advocates, and borrowers quoted significantly more than taxpayers or taxpayer advocates. 57a Air purifying device. Altogether, digital advertising amounted to around one-sixth of its $US667. I'll just add that we largely anticipated what we're seeing in advertising and that's been reflected in everything we've suggested. A plurality of respondents who self-reported a personal bias of Right rated The New York Times as Left.

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The company remains debt-free with a $350 million revolving line of credit available. The next question comes from Vasily Karasyov from Cannonball Research. Digital subscriber revenue grew 23% in the quarter, driven primarily by successfully stepping up subscribers from promotional offers to higher prices, which continues to go well and reflects our strategy in action. This is a key metric because the data tells us that those subscribers using two or more products not only pay more, but are more likely to retain than those using only one product. Please note that this guidance reflects the impact of an extra week in our fourth quarter of 2022 as compared with 13 weeks in the same period of 2021. I'll say a few things and, Roland, you'll add as you see fit. 5% in the quarter with growth in digital advertising nearly offsetting declines in print. It's worth noting that we began enabling access to The Athletic product for our digital bundle subscribers late in the second quarter, which we believe increases the value of the bundle for both potential and existing subscribers.

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We're proud of our results, which reflect the differential value of our expanded product portfolio, the multi-revenue stream nature of our model, strong unit economics and disciplined cost management. Times public editor Arthur Brisbane wrote in 2012, "When The Times covers a national presidential campaign, I have found that the lead editors and reporters are disciplined about enforcing fairness and balance, and usually succeed in doing so. News Corp revealed job cuts of 1, 250 – around 200 of which have already been revealed by its big book publisher, Harper Collins. And I'll say one more thing. Just wanted to better understand what you're seeing in the business that gives you the confidence to kind of increase the allocations to buyback and dividend? 0 million in the fourth quarter from $US94. A 2005 study by UCLA found The New York Times news section has a left-wing bias. We had one special item in the quarter, a $7 million gain related to a multiemployer pension liability adjustment. 87 and increased approximately 50 basis points compared to the prior quarter. A total of 706 people across the political spectrum took the survey.

The way you're reporting it now, looks like it's just under 2. So that is the big push there. We now expect adjusted operating profit on a consolidated basis of between $320 million and $330 million dollars, even with the dilution from our acquisition of The Athletic. A reconciliation of revenues can be found on Page 21 of the earnings release. Overall revenue grew in the quarter nearly 8%, with subscription revenue growth more than making up for a slight decline in overall advertising. New York City metro area residents were more likely to say New York Times is Center. In addition, our presentation will include non-GAAP financial measures, and we have provided reconciliations to the most comparable GAAP measures in our earnings press release, which is available on our website at. Just interested to know how you think about when's the right time to execute on something like that, especially as we're kind of hitting a potentially weaker economic period? And we feel really good about the progress we're making on the bundle. And in light of this updated capital return target, the Board of Directors has approved both a $0. Other revenues are expected to increase in the mid-single digits. For all of 2022, revenue rose more than 11% to $US2. Follow New York Times Co (NYSE:NYT.

We ended 2022 with 9. They have a lot of podcasts, which are great. The biggest story of the quarter was our continued progress on the bundle, with mounting evidence that our strategy is working. Both operating costs and adjusted operating costs are expected to increase by approximately 6% to 8% compared with the first quarter of 2022. And then, my nitpick question, if I could, where is the size of your newsroom at now, the number journalists versus, say, beginning of the year? I'll say, as we've said for a long time, we continue to invest thoughtfully into the newsroom. Can you talk a bit about maybe more on the offsetting impact on the subscription side, as you shift towards selling more on a higher ARPU bundle, whether or not there's an increased impact related to churn or growth acquisitions. In Australia, revenue fell 13%, impacted by negative foreign currency fluctuations.

We finished the year ahead of our expectations for The Athletic outperforming the adjusted operating profit assumptions we shared at the point of acquisition. The New York Times initially said that Sicknick was "struck by a fire extinguisher, " citing two unnamed law enforcement officials. Adjusted operating costs were higher in the quarter by nearly 8% as compared with 2021 due to the addition of costs associated with The Athletic, while costs at The New York Times Group were flat. Let me conclude with our outlook for the first quarter of 2023 for the consolidated New York Times Company.

Print also exceeded our expectations largely from the luxury and entertainment categories. We reported adjusted operating profit of $142 million in the quarter, higher than the same period in 2021 by over $32 million. However, when users were asked what the New York Times news bias rating should be, the average of the votes was actually Lean Left.

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