Company Quick10K Filing
New York Times
Price28.91 EPS1
Shares168 P/E38
MCap4,844 P/FCF40
Net Debt-55 EBIT169
TEV4,789 TEV/EBIT28
TTM 2019-09-29, in MM, except price, ratios
10-Q 2020-03-29 Filed 2020-05-07
10-K 2019-12-29 Filed 2020-02-27
10-Q 2019-09-29 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-30 Filed 2019-02-26
10-Q 2018-09-30 Filed 2018-11-02
10-Q 2018-07-01 Filed 2018-08-08
10-Q 2018-04-01 Filed 2018-05-04
10-K 2017-12-31 Filed 2018-02-27
10-Q 2017-09-24 Filed 2017-11-01
10-Q 2017-06-25 Filed 2017-08-01
10-Q 2017-03-26 Filed 2017-05-03
10-K 2016-12-25 Filed 2017-02-22
10-Q 2016-09-25 Filed 2016-11-03
10-Q 2016-06-26 Filed 2016-07-29
10-Q 2016-03-27 Filed 2016-05-05
10-K 2015-12-27 Filed 2016-02-24
10-Q 2015-09-27 Filed 2015-11-04
10-Q 2015-06-28 Filed 2015-08-06
10-Q 2015-03-29 Filed 2015-05-06
10-K 2014-12-28 Filed 2015-02-24
10-Q 2014-09-28 Filed 2014-11-05
10-Q 2014-06-29 Filed 2014-08-05
10-Q 2014-03-30 Filed 2014-05-06
10-K 2013-12-29 Filed 2014-02-26
10-Q 2013-09-29 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-09
10-K 2012-12-30 Filed 2013-02-28
10-Q 2012-09-23 Filed 2012-11-02
10-Q 2012-06-24 Filed 2012-08-03
10-Q 2012-03-25 Filed 2012-05-03
10-K 2011-12-25 Filed 2012-02-23
10-Q 2011-09-25 Filed 2011-11-03
10-Q 2011-06-26 Filed 2011-08-04
10-Q 2011-03-27 Filed 2011-05-05
10-K 2010-12-26 Filed 2011-02-22
10-Q 2010-09-26 Filed 2010-10-28
10-Q 2010-06-27 Filed 2010-08-05
10-Q 2010-03-28 Filed 2010-04-30
10-K 2009-12-27 Filed 2010-02-22
8-K 2020-05-06
8-K 2020-04-22
8-K 2020-04-22
8-K 2020-04-10
8-K 2020-03-02
8-K 2020-02-06
8-K 2020-01-14
8-K 2019-11-06
8-K 2019-09-10
8-K 2019-09-07
8-K 2019-08-07
8-K 2019-05-08
8-K 2019-05-02
8-K 2019-02-06
8-K 2018-11-01
8-K 2018-09-21
8-K 2018-08-08
8-K 2018-05-03
8-K 2018-04-19
8-K 2018-04-19
8-K 2018-02-14
8-K 2018-02-08
8-K 2018-01-30
8-K 2018-01-11

NYT 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1. Basis of Presentation
Note 2. Summary of Significant Accounting Policies
Note 3. Revenue
Note 4. Marketable Securities
Note 5. Goodwill and Intangibles
Note 6. Investments
Note 7. Other
Note 8. Fair Value Measurements
Note 9. Pension and Other Postretirement Benefits
Note 10. Income Taxes
Note 11. Earnings per Share
Note 12. Supplemental Stockholders' Equity Information
Note 13. Segment Information
Note 14. Contingent Liabilities
Note 15. Reclassification
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
EX-10.2 ex1023292020.htm
EX-31.1 ex3113292020.htm
EX-31.2 ex3123292020.htm
EX-32.1 ex3213292020.htm
EX-32.2 ex3223292020.htm

New York Times Earnings 2020-03-29

Balance SheetIncome StatementCash Flow
2.92.31.71.20.60.02012201420172020
Assets, Equity
0.60.50.30.20.0-0.12012201420172020
Rev, G Profit, Net Income
0.70.50.2-0.0-0.3-0.52012201420172020
Ops, Inv, Fin

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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 29, 2020
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. 
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 1, 2020 (exclusive of treasury shares): 
Class A Common Stock
165,860,725

shares
Class B Common Stock
803,404

shares
 




THE NEW YORK TIMES COMPANY
INDEX

 
 
 
 
 
PART I
 
 
 
Financial Information
 
Item
1
 
Financial Statements
 
 
 
 
Condensed Consolidated Balance Sheets as of March 29, 2020 (unaudited) and December 29, 2019
 
 
 
 
Condensed Consolidated Statements of Operations (unaudited) for the quarters ended March 29, 2020 and March 31, 2019
 
 
 
 
Condensed Consolidated Statements of Comprehensive Income (unaudited) for the quarters ended March 29, 2020 and March 31, 2019
 
 
 
 
Condensed Consolidated Statements of Changes In Stockholders’ Equity (unaudited) for the quarters ended March 29, 2020 and March 31, 2019
 
 
 
 
Condensed Consolidated Statements of Cash Flows (unaudited) for the quarters ended March 29, 2020 and March 31, 2019
 
 
 
 
Notes to the Condensed Consolidated Financial Statements
 
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 29, 2020


December 29, 2019

 
 
(Unaudited)
 
 
Assets
 
 
 
 
Current assets
 
 
 
 
Cash and cash equivalents
 
$
218,316

 
$
230,431

Short-term marketable securities
 
216,658

 
201,785

Accounts receivable (net of allowances of $14,617 in 2020 and $14,358 in 2019)
 
157,680

 
213,402

Prepaid expenses
 
29,834

 
29,089

Other current assets
 
31,209

 
42,124

Total current assets
 
653,697

 
716,831

Other assets
 
 
 
 
Long-term marketable securities
 
251,926

 
251,696

Property, plant and equipment (less accumulated depreciation and amortization of $963,664 in 2020 and $950,881 in 2019)
 
622,113

 
627,121

Goodwill
 
138,450

 
138,674

Deferred income taxes
 
113,480

 
115,229

Miscellaneous assets
 
243,804

 
239,587

Total assets
 
$
2,023,470

 
$
2,089,138

 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 29, 2020

 
December 29, 2019

 
 
(Unaudited)
 
 
Liabilities and stockholders’ equity
 
 
 
 
Current liabilities
 
 
 
 
Accounts payable
 
$
99,162

 
$
116,571

Accrued payroll and other related liabilities
 
60,581

 
108,865

Unexpired subscriptions revenue
 
99,116

 
88,419

Accrued expenses and other
 
112,185

 
123,840

Total current liabilities
 
371,044

 
437,695

Other liabilities
 
 
 
 
Pension benefits obligation
 
304,251

 
313,655

Postretirement benefits obligation
 
36,497

 
37,688

Other
 
118,104

 
126,237

Total other liabilities
 
458,852

 
477,580

Stockholders’ equity
 
 
 
 
Common stock of $.10 par value:
 
 
 
 
Class A – authorized: 300,000,000 shares; issued: 2020 – 174,723,526; 2019 – 174,242,668 (including treasury shares: 2020 – 8,870,801; 2019 – 8,870,801)
 
17,472

 
17,424

Class B – convertible – authorized and issued shares: 2020 – 803,404; 2019 – 803,404
 
80

 
80

Additional paid-in capital
 
199,933

 
208,028

Retained earnings
 
1,635,473

 
1,612,658

Common stock held in treasury, at cost
 
(171,211
)
 
(171,211
)
Accumulated other comprehensive loss, net of income taxes:
 
 
 
 
Foreign currency translation adjustments
 
3,252

 
3,438

Funded status of benefit plans
 
(494,383
)
 
(498,986
)
Net unrealized gain on available-for-sale securities
 
1,098

 
572

Total accumulated other comprehensive loss, net of income taxes
 
(490,033
)
 
(494,976
)
Total New York Times Company stockholders’ equity
 
1,191,714

 
1,172,003

Noncontrolling interest
 
1,860

 
1,860

Total stockholders’ equity
 
1,193,574

 
1,173,863

Total liabilities and stockholders’ equity
 
$
2,023,470

 
$
2,089,138

 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 29, 2020


March 31, 2019

 
 
(13 weeks)
Revenues
 
 
 
 
Subscription
 
$
285,434

 
$
270,810

Advertising
 
106,137

 
125,088

Other
 
52,065

 
43,164

Total revenues
 
443,636

 
439,062

Operating costs
 
 
 
 
Cost of revenue (excluding depreciation and amortization)
 
243,672

 
239,359

Sales and marketing
 
73,796

 
74,820

Product development
 
30,802

 
23,728

General and administrative
 
52,861

 
51,639

Depreciation and amortization
 
15,185

 
14,918

Total operating costs
 
416,316

 
404,464

Operating profit
 
27,320

 
34,598

Other components of net periodic benefit costs
 
2,314

 
1,835

Interest income/(expense) and other, net
 
13,854

 
(1,303
)
Income from continuing operations before income taxes
 
38,860

 
31,460

Income tax expense
 
6,006

 
1,304

Net income
 
32,854

 
30,156

Net income attributable to The New York Times Company common stockholders
 
$
32,854

 
$
30,156

Average number of common shares outstanding:
 
 
 
 
Basic
 
166,549

 
165,674

Diluted
 
167,845

 
167,129

Basic earnings per share attributable to The New York Times Company common stockholders
 
$
0.20

 
$
0.18

Diluted earnings per share attributable to The New York Times Company common stockholders
 
$
0.20

 
$
0.18

Dividends declared per share
 
$
0.06

 
$
0.05

See Notes to Condensed Consolidated Financial Statements.




3



THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(In thousands)
 
 
For the Quarters Ended
 
 
March 29, 2020

 
March 31, 2019

 
 
(13 weeks)
Net income
 
$
32,854

 
$
30,156

Other comprehensive income, before tax:
 
 
 
 
Loss on foreign currency translation adjustments
 
(254
)
 
(1,649
)
Pension and postretirement benefits obligation
 
6,397

 
4,896

Net unrealized gain on available-for-sale securities
 
715

 
2,074

Other comprehensive income, before tax
 
6,858

 
5,321

Income tax expense
 
1,915

 
1,399

Other comprehensive income, net of tax
 
4,943

 
3,922

Comprehensive income attributable to The New York Times Company common stockholders
 
$
37,797

 
$
34,078

 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 29, 2020 and March 31, 2019
(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 30, 2018
$
17,396

$
206,316

$
1,506,004

$
(171,211
)
$
(517,724
)
$
1,040,781

$
1,860

$
1,042,641

 
Net income


30,156



30,156


30,156

 
Dividends


(8,301
)


(8,301
)

(8,301
)
 
Other comprehensive income




3,922

3,922


3,922

 
Issuance of shares:
 
 
 
 
 
 
 
 
 
Stock options – 279,510 Class A shares
28

2,937




2,965


2,965

 
Restricted stock units vested – 161,120 Class A shares
16

(3,468
)



(3,452
)

(3,452
)
 
Performance-based awards – 418,491 Class A shares
42

(11,966
)



(11,924
)

(11,924
)
 
Stock-based compensation

3,807




3,807


3,807

 
Balance, March 31, 2019
$
17,482

$
197,626

$
1,527,859

$
(171,211
)
$
(513,802
)
$
1,057,954

$
1,860

$
1,059,814

 
 
 
 
 
 
 
 
 
 
 
Balance, December 29, 2019
$
17,504

$
208,028

$
1,612,658

$
(171,211
)
$
(494,976
)
$
1,172,003

$
1,860

$
1,173,863

 
Net income


32,854



32,854


32,854

 
Dividends


(10,039
)


(10,039
)

(10,039
)
 
Other comprehensive income




4,943

4,943


4,943

 
Issuance of shares:
 
 
 
 
 
 
 
 
 
Stock options – 88,775 Class A shares
9

922




931


931

 
Restricted stock units vested – 134,985 Class A shares
13

(3,622
)



(3,609
)

(3,609
)
 
Performance-based awards – 257,098 Class A shares
26

(7,850
)



(7,824
)

(7,824
)
 
Stock-based compensation

2,455




2,455


2,455

 
Balance, March 29, 2020
$
17,552

$
199,933

$
1,635,473

$
(171,211
)
$
(490,033
)
$
1,191,714

$
1,860

$
1,193,574



















5



THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
 
 
For the Quarters Ended
 
 
March 29, 2020

 
March 31, 2019

 
 
(13 weeks)
Cash flows from operating activities
 
 
 
 
Net income
 
$
32,854

 
$
30,156

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
Depreciation and amortization
 
15,185

 
14,918

Amortization of right of use asset
 
2,347

 
1,691

Stock-based compensation expense
 
2,455

 
3,827

Gain on non-marketable equity investment
 
(10,074
)
 
(1,886
)
Long-term retirement benefit obligations
 
(4,469
)
 
(5,754
)
Fair market value adjustment on life insurance products
 
3,469

 
(1,428
)
Other-net
 
3,064

 
(7,280
)
Changes in operating assets and liabilities:
 
 
 
 
Accounts receivable-net
 
55,722

 
42,409

Other assets
 
6,826

 
(4,329
)
Accounts payable, accrued payroll and other liabilities
 
(79,225
)
 
(55,835
)
Unexpired subscriptions
 
10,697

 
8,695

Net cash provided by operating activities
 
38,851

 
25,184

Cash flows from investing activities
 
 
 
 
Purchases of marketable securities
 
(142,024
)
 
(112,029
)
Maturities of marketable securities
 
127,291

 
108,792

Business acquisitions
 
(8,055
)
 

Proceeds from sale of investments – net
 
2,965

 
41

Capital expenditures
 
(15,217
)
 
(10,473
)
Other-net
 
1,617

 
689

Net cash used in investing activities
 
(33,423
)
 
(12,980
)
Cash flows from financing activities
 
 
 
 
Long-term obligations:
 
 
 
 
Repayment of debt and finance lease obligations
 

 
(138
)
Dividends paid
 
(8,344
)
 
(6,601
)
Capital shares:
 
 
 
 
Proceeds from stock option exercises
 
931

 
2,965

Share-based compensation tax withholding
 
(11,432
)
 
(15,376
)
Net cash used in financing activities
 
(18,845
)
 
(19,150
)
Net decrease in cash, cash equivalents and restricted cash
 
(13,417
)
 
(6,946
)
Effect of exchange rate changes on cash
 
32

 
(338
)
Cash, cash equivalents and restricted cash at the beginning of the period
 
247,518

 
259,799

Cash, cash equivalents and restricted cash at the end of the period
 
$
234,133

 
$
252,515


 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 29, 2020, and December 29, 2019, and the results of operations, changes in stockholders’ equity and cash flows of the Company for the periods ended March 29, 2020, and March 31, 2019. 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 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 29, 2019. Due to the seasonal nature of our business, operating results for the interim periods are not necessarily indicative of a full year’s operations. The fiscal periods included herein comprise 13 weeks for the first quarter.
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.
Reclassification
The Company has changed the expense captions on its Condensed Consolidated Statement of Operations effective for the first quarter ended March 29, 2020. These changes were made in order to reflect how the Company manages its business and to communicate where the Company is investing resources and how this aligns with the Company’s strategy. The Company has reclassified expenses for the prior period in order to present comparable financial results. There is no change to consolidated operating income, operating expense, net income or cash flows as a result of this change in classification. See Note 15 for more detail.
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Except as described herein, as of March 29, 2020, our significant accounting policies, which are detailed in our Annual Report on Form 10-K for the year ended December 29, 2019, have not changed materially.

7


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

Recently Adopted Accounting Pronouncements
Accounting Standard Update(s)
Topic
Effective Period
Summary
2018-15
Intangibles—Goodwill and Other—Internal-Use Software
Fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted.
Clarifies the accounting for implementation costs in cloud computing arrangements. The standard provides that implementation costs be evaluated for capitalization using the same criteria as that used for internal-use software development costs, with amortization expense being recorded in the same income statement expense line as the hosted service costs and over the expected term of the hosting arrangement. The Company adopted this ASU prospectively on December 30, 2019 and will include capitalized implementation costs in Miscellaneous assets in the Company’s Condensed Consolidated Balance Sheet and within Total operating costs in the Condensed Consolidated Statement of Operations. The adoption did not have a material impact on the Company’s consolidated financial statements.
2018-13
Fair Value Measurement (Topic 820) Disclosure Framework
Fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted.
Modifies the disclosure requirements on fair value measurements. The amendments of disclosures related to changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The Company adopted this ASU on December 30, 2019. The adoption did not have a material impact on the Company’s disclosures.
2016-13
2018-19
2019-04
Financial Instruments—Credit Losses
Fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years.
Amends guidance on reporting credit losses for assets, including trade receivables, available-for-sale marketable securities and any other financial assets not excluded from the scope that have the contractual right to receive cash. For trade receivables, ASU 2016-13 eliminates the probable initial recognition threshold in current generally accepted accounting standards, and, instead, requires an entity to reflect its current estimate of all expected credit losses. For available-for-sale marketable securities, credit losses should be measured in a manner similar to current generally accepted accounting standards; however, ASU 2016-13 will require that credit losses be presented as an allowance rather than as a write-down. The Company adopted this ASU on December 30, 2019 using a modified retrospective approach. The adoption did not have a material impact on the Company’s consolidated financial statements.
Recently Issued Accounting Pronouncements
The Financial Accounting Standards Board (the “FASB”) issued authoritative guidance on the following topics:
Accounting Standard Update(s)
Topic
Effective Period
Summary
2019-12
Simplifying the Accounting for Income Taxes (Topic 740)
Fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. Early adoption is permitted.

Simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in Accounting Standards Codification (“ASC”) 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The standard also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. We are currently in the process of evaluating the impact of this guidance on our consolidated financial statements.
2018-14
Compensation—Retirement Benefits—Defined Benefit Plans—General
Fiscal years ending after December 15, 2020. Early adoption is permitted.
Modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement benefit plans. The guidance removes disclosures, clarifies the specific requirements of disclosures and adds disclosure requirements identified as relevant. We are currently in the process of evaluating the impact on our consolidated financial statements.


8


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

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 print and digital products (which include our news product, as well as our Crossword, Cooking and audio 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 revenues are primarily derived from offerings sold directly to marketers by our advertising sales team. A significantly smaller and diminishing proportion of our total advertising revenues is generated through programmatic auctions run by third-party ad exchanges. Advertising revenues are primarily determined by the volume, rate and mix of advertisements. Display advertising revenue is principally from advertisers promoting products, services or brands. Display advertising also includes advertisements that direct viewers to branded content on our platforms. Other print advertising revenue primarily includes classified advertising revenue. Other digital advertising revenue primarily includes creative services fees, including those associated with our branded content studio; advertising revenue from our podcasts; and advertising revenue generated by Wirecutter, our product review and recommendation website.
Other revenues primarily consist of revenues from licensing, the leasing of floors in the New York headquarters building located at 620 Eighth Avenue, New York, New York (the “Company Headquarters”), affiliate referrals, commercial printing, television and film (primarily from our television series, “The Weekly”), NYT Live (our live events business) and retail commerce.
Subscription, advertising and other revenues were as follows:
 
 
For the Quarters Ended
(In thousands)
 
March 29, 2020

 
March 31, 2019

Subscription
 
$
285,434

 
$
270,810

Advertising
 
106,137

 
125,088

Other (1)
 
52,065

 
43,164

Total
 
$
443,636

 
$
439,062

(1) Other revenue includes building rental revenue, which is not under the scope of Revenue from Contracts with Customers (Topic 606). Building rental revenue was approximately $8 million for the quarters ended March 29, 2020 and March 31, 2019, respectively.
The following table summarizes print and digital subscription revenues, which are components of subscription revenues above, for the quarters ended March 29, 2020, and March 31, 2019:
 
 
For the Quarters Ended
(In thousands)
 
March 29, 2020

 
March 31, 2019

Print subscription revenues
 
$
155,424

 
$
160,951

Digital-only subscription revenues:
 
 
 
 
News product subscription revenues(1)
 
118,958

 
102,346

Other product subscription revenues(2)
 
11,052

 
7,513

 Subtotal digital-only subscriptions
 
130,010

 
109,859

Total subscription revenues
 
$
285,434

 
$
270,810

(1) Includes revenues from subscriptions to the Company’s news product. News product subscription packages that include access to the Company’s Crossword and Cooking products are also included in this category.
(2) Includes revenues from standalone subscriptions to the Company’s Crossword, Cooking and audio products.


9


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

Advertising revenues (print and digital) by category were as follows:
 
 
For the Quarters Ended
 
 
March 29, 2020
 
March 31, 2019
(In thousands)
 
Print
 
Digital
 
Total
 
Print
 
Digital
 
Total
Advertising revenues:
 
 
 
 
 
 
 
 
 
 
 
 
Display
 
$
48,159

 
$
39,894

 
$
88,053

 
$
62,342

 
$
42,112

 
$
104,454

Other
 
6,820

 
11,264

 
18,084

 
7,203

 
13,431

 
20,634

Total advertising
 
$
54,979

 
$
51,158

 
$
106,137

 
$
69,545

 
$
55,543

 
$
125,088


Performance Obligations
We have remaining performance obligations related to digital archive and other licensing and certain advertising contracts. As of March 29, 2020, the aggregate amount of transaction price allocated to the remaining performance obligations for contracts with a duration greater than one year was approximately $131 million. The Company will recognize this revenue as performance obligations are satisfied. We expect that approximately $33 million, $32 million and $66 million will be recognized in the remainder of 2020, 2021 and thereafter, respectively.
Contract Assets
As of March 29, 2020, and December 29, 2019, the Company had $3.0 million and $3.4 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. The decrease in the contract assets balance of $0.4 million for the quarter ended March 29, 2020, is due to consideration that was reclassified to Accounts receivable when invoiced based on the contractual billing schedules for the period ended March 29, 2020.
NOTE 4. MARKETABLE SECURITIES
The Company accounts for its marketable securities as available for sale (“AFS”). The Company recorded $1.5 million and $0.8 million of net unrealized gains in Accumulated other comprehensive income (“AOCI”) as of March 29, 2020, and December 29, 2019, respectively.
The following tables present the amortized cost, gross unrealized gains and losses, and fair market value of our AFS debt securities as of March 29, 2020, and December 29, 2019:
 
 
March 29, 2020
(In thousands)
 
Amortized Cost
 
Gross unrealized gains
 
Gross unrealized losses
 
Fair Value
Short-term AFS securities
 
 
 
 
 
 
 
 
Corporate debt securities
 
$
90,893

 
$
23

 
$
(570
)
 
$
90,346

U.S. Treasury securities
 
66,792

 
393

 
(2
)
 
67,183

U.S. governmental agency securities
 
29,613

 
137

 
(1
)
 
29,749

Commercial paper
 
18,779

 

 

 
18,779

Certificates of deposit
 
10,601

 

 

 
10,601

Total short-term AFS securities
 
$
216,678

 
$
553

 
$
(573
)
 
$
216,658

Long-term AFS securities
 
 
 
 
 
 
 

Corporate debt securities
 
$
99,044

 
$
141

 
$
(1,740
)
 
$
97,445

U.S. Treasury securities
 
92,720

 
2,857

 

 
95,577

U.S. governmental agency securities
 
58,646

 
261

 
(3
)
 
58,904

Total long-term AFS securities
 
$
250,410

 
$
3,259

 
$
(1,743
)
 
$
251,926



10


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

 
 
December 29, 2019
(In thousands)
 
Amortized Cost
 
Gross unrealized gains
 
Gross unrealized losses
 
Fair Value
Short-term AFS securities
 
 
 
 
 
 
 
 
Corporate debt securities
 
$
98,864

 
$
271

 
$
(9
)
 
$
99,126

U.S. Treasury securities
 
43,098

 
8

 
(11
)
 
43,095

U.S. governmental agency securities
 
37,471

 
35

 
(4
)
 
37,502

Commercial paper
 
12,561

 

 

 
12,561

Certificates of deposit
 
9,501

 

 

 
9,501

Total short-term AFS securities
 
$
201,495

 
$
314

 
$
(24
)
 
$
201,785

Long-term AFS securities
 
 
 
 
 
 
 
 
Corporate debt securities
 
$
103,149

 
$
617

 
$
(29
)
 
$
103,737

U.S. Treasury securities
 
101,457

 
84

 
(103
)
 
101,438

U.S. governmental agency securities
 
46,600

 
5

 
(84
)
 
46,521

Total long-term AFS securities
 
$
251,206

 
$
706

 
$
(216
)
 
$
251,696


The following tables represent the AFS securities as of March 29, 2020, and December 29, 2019, 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 29, 2020
 
 
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
 
$
76,998

 
$
(570
)
 
$

 
$

 
$
76,998

 
$
(570
)
U.S. Treasury securities
 

 

 
9,501

 
(2
)
 
9,501

 
(2
)
U.S. governmental agency securities
 
4,999

 
(1
)
 

 

 
4,999

 
(1
)
Total short-term AFS securities
 
$
81,997

 
$
(571
)
 
$
9,501

 
$
(2
)
 
$
91,498

 
$
(573
)
Long-term AFS securities
 
 
 
 
 
 
 
 
 
 
 
 
Corporate debt securities
 
$
76,311

 
$
(1,740
)
 
$

 
$

 
$
76,311

 
$
(1,740
)
U.S. governmental agency securities
 
8,747

 
(3
)
 

 

 
8,747

 
(3
)
Total long-term AFS securities
 
$
85,058

 
$
(1,743
)
 
$

 
$

 
$
85,058

 
$
(1,743
)

11


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

 
 
December 29, 2019
 
 
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
 
$
20,975

 
$
(6
)
 
$
8,251

 
$
(3
)
 
$
29,226

 
$
(9
)
U.S. Treasury securities
 
13,296

 
(3
)
 
11,147

 
(8
)
 
24,443

 
(11
)
U.S. governmental agency securities
 

 

 
15,000

 
(4
)
 
15,000

 
(4
)
Total short-term AFS securities