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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 September 25, 2022
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 classTrading Symbol(s)Name of each exchange on which registered
Class A Common StockNYTNew 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 filerAccelerated filerNon-accelerated filer
Smaller reporting companyEmerging 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 October 28, 2022 (exclusive of treasury shares):  
Class A Common Stock164,637,412 shares
Class B Common Stock780,724 shares




THE NEW YORK TIMES COMPANY
INDEX
  
PART IFinancial Information
Item1Financial Statements
Condensed Consolidated Balance Sheets as of September 25, 2022 (unaudited) and December 26, 2021
Condensed Consolidated Statements of Operations (unaudited) for the quarters and nine months ended September 25, 2022 and September 26, 2021
Condensed Consolidated Statements of Comprehensive Income (unaudited) for the quarters and nine months ended September 25, 2022 and September 26, 2021
Condensed Consolidated Statements of Changes In Stockholders’ Equity (unaudited) for the quarters and nine months ended September 25, 2022 and September 26, 2021
Condensed Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 25, 2022 and September 26, 2021
Notes to the Condensed Consolidated Financial Statements
Item2Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item3Quantitative and Qualitative Disclosures About Market Risk
Item4Controls and Procedures
PART IIOther Information
Item1Legal Proceedings
Item1ARisk Factors
Item2Unregistered Sales of Equity Securities and Use of Proceeds
Item6Exhibits






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)
September 25, 2022December 26, 2021
(Unaudited)
Assets
Current assets
Cash and cash equivalents$190,050 $319,973 
Short-term marketable securities102,620 341,075 
Accounts receivable (net of allowances of $11,991 in 2022 and $12,374 in 2021)
163,553 232,908 
Prepaid expenses58,733 33,199 
Other current assets28,252 25,553 
Total current assets543,208 952,708 
Other assets
Long-term marketable securities175,945 413,380 
Property, plant and equipment (less accumulated depreciation and amortization of $813,330 in 2022 and $777,637 in 2021)
561,068 574,952 
Goodwill406,373 166,360 
Intangible assets, net328,735 14,246 
Deferred income taxes
111,678 95,800 
Miscellaneous assets
388,385 346,662 
Total assets$2,515,392 $2,564,108 
 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)
September 25, 2022December 26, 2021
(Unaudited)
Liabilities and stockholders’ equity
Current liabilities
Accounts payable$119,531 $127,073 
Accrued payroll and other related liabilities145,197 166,464 
Unexpired subscriptions revenue152,409 119,296 
Accrued expenses and other
138,621 146,319 
Total current liabilities555,758 559,152 
Other liabilities
Pension benefits obligation
270,307 295,104 
Postretirement benefits obligation
33,949 36,086 
Other
113,020 133,041 
Total other liabilities417,276 464,231 
Stockholders’ equity
Common stock of $.10 par value:
Class A – authorized: 300,000,000 shares; issued: 2022 – 176,286,593; 2021 – 175,971,801 (including treasury shares: 2022 – 11,195,509; 2021 – 8,870,801)
17,629 17,597 
Class B – convertible – authorized and issued shares: 2022 – 780,724; 2021 – 781,724
78 78 
Additional paid-in capital
245,549 230,115 
Retained earnings
1,918,152 1,845,343 
Common stock held in treasury, at cost
(251,014)(171,211)
Accumulated other comprehensive loss, net of income taxes:
Foreign currency translation adjustments
(5,947)3,754 
Funded status of benefit plans
(374,434)(385,680)
Net unrealized loss on available-for-sale securities(9,660)(1,276)
Total accumulated other comprehensive loss, net of income taxes
(390,041)(383,202)
Total New York Times Company stockholders’ equity
1,540,353 1,538,720 
Noncontrolling interest
2,005 2,005 
Total stockholders’ equity1,542,358 1,540,725 
Total liabilities and stockholders’ equity$2,515,392 $2,564,108 
 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 EndedFor the Nine Months Ended
September 25, 2022September 26, 2021September 25, 2022September 26, 2021
(13 weeks)(39 weeks)
Revenues
Subscription$382,672 $342,609 $1,138,270 $1,010,910 
Advertising110,467 110,887 344,116 320,777 
Other54,541 55,607 158,399 148,958 
Total revenues
547,680 509,103 1,640,785 1,480,645 
Operating costs
Cost of revenue (excluding depreciation and amortization)294,856 256,978 876,804 759,333 
Sales and marketing64,732 83,767 205,089 197,475 
Product development50,474 40,638 148,729 119,280 
General and administrative71,970 64,418 212,468 183,278 
Depreciation and amortization21,760 14,326 61,150 43,529 
Total operating costs503,792 460,127 1,504,240 1,302,895 
Acquisition-related costs  34,712  
Gain from pension liability adjustment(7,127) (7,127) 
Lease termination charge   3,831 
Operating profit51,015 48,976 108,960 173,919 
Other components of net periodic benefit costs1,757 2,599 4,903 7,796 
Interest income and other, net1,579 28,569 38,258 31,953 
Income from continuing operations before income taxes50,837 74,946 142,315 198,076 
Income tax expense14,220 20,290 39,196 47,994 
Net income36,617 54,656 103,119 150,082 
Net income attributable to The New York Times Company common stockholders$36,617 $54,656 $103,119 $150,082 
Average number of common shares outstanding:
Basic166,433 168,027 167,290 167,895 
Diluted 166,497 168,546 167,418 168,492 
Basic earnings per share attributable to The New York Times Company common stockholders$0.22 $0.33 $0.62 $0.89 
Diluted earnings per share attributable to The New York Times Company common stockholders$0.22 $0.32 $0.62 $0.89 
Dividends declared per share$0.09 $0.07 $0.18 $0.14 
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 EndedFor the Nine Months Ended
September 25, 2022September 26, 2021September 25, 2022September 26, 2021
(13 weeks)(39 weeks)
Net income$36,617 $54,656 $103,119 $150,082 
Other comprehensive (loss)/income, before tax:
Loss on foreign currency translation adjustments(7,603)(1,654)(13,219)(3,421)
Pension and postretirement benefits obligation5,247 6,405 15,371 19,220 
Net unrealized loss on available-for-sale securities(1,631)(770)(11,458)(2,616)
Other comprehensive (loss)/income, before tax(3,987)3,981 (9,306)13,183 
Income tax (benefit)/expense(983)1,067 (2,467)3,532 
Other comprehensive (loss)/income, net of tax(3,004)2,914 (6,839)9,651 
Comprehensive income attributable to The New York Times Company common stockholders$33,613 $57,570 $96,280 $159,733 
 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 September 25, 2022 and September 26, 2021
(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, June 27, 2021$17,674 $217,565 $1,756,198 $(171,211)$(403,444)$1,416,782 $2,005 $1,418,787 
Net income— — 54,656 — — 54,656 — 54,656 
Dividends— — (11,831)— — (11,831)— (11,831)
Other comprehensive income— — — — 2,914 2,914 — 2,914 
Issuance of shares:
Stock options – 700 Class A shares
— 4 — — — 4 — 4 
Restricted stock units vested – 1,379 Class A shares
1 (48)— — — (47)— (47)
Stock-based compensation— 5,049 — — — 5,049 — 5,049 
Balance, September 26, 2021$17,675 $222,570 $1,799,023 $(171,211)$(400,530)$1,467,527 $2,005 $1,469,532 
Balance, June 26, 2022$17,705 $236,495 $1,896,646 $(225,680)$(387,037)$1,538,129 $2,005 $1,540,134 
Net income— — 36,617 — — 36,617 — 36,617 
Dividends— — (15,111)— — (15,111)— (15,111)
Other comprehensive loss— — — — (3,004)(3,004)— (3,004)
Issuance of shares:
Restricted stock units vested – 11,655 Class A shares
2 (209)— — — (207)— (207)
Share repurchases – 850,378 Class A shares
— — — (25,334)— (25,334)— (25,334)
Stock-based compensation— 9,263 — — — 9,263 — 9,263 
Balance, September 25, 2022$17,707 $245,549 $1,918,152 $(251,014)$(390,041)$1,540,353 $2,005 $1,542,358 

5


THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
For the Nine Months Ended September 25, 2022 and September 26, 2021
(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 27, 2020$17,609 $216,714 $1,672,586 $(171,211)$(410,181)$1,325,517 $2,594 $1,328,111 
Net income— — 150,082 — — 150,082 — 150,082 
Dividends— — (23,645)— — (23,645)— (23,645)
Other comprehensive income— — — — 9,651 9,651 — 9,651 
Issuance of shares:
Stock options – 324,060 Class A shares
33 2,418 — — — 2,451 — 2,451 
Restricted stock units vested – 189,366 Class A shares
19 (5,002)— — — (4,983)— (4,983)
Performance-based awards - 142,253 Class A shares
14 (5,947)— — — (5,933)— (5,933)
Stock-based compensation— 14,387 — — — 14,387 14,387 
Distributions— — — — — — (589)(589)
Balance, September 26, 2021$17,675 $222,570 $1,799,023 $(171,211)$(400,530)$1,467,527 $2,005 $1,469,532 
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— — 103,119 — — 103,119 — 103,119 
Dividends— — (30,310)— — (30,310)— (30,310)
Other comprehensive loss— — — — (6,839)(6,839)— (6,839)
Issuance of shares:
Stock options – 400 Class A shares
— 3 — — — 3 — 3 
Restricted stock units vested –149,874 Class A shares
16 (4,295)— — — (4,279)— (4,279)
Performance-based awards –163,518 Class A shares
16 (5,573)— — — (5,557)— (5,557)
Share repurchases – 2,324,708 Class A shares
(79,803)(79,803)— (79,803)
Stock-based compensation— 25,299 — — — 25,299 — 25,299 
Balance, September 25, 2022$17,707 $245,549 $1,918,152 $(251,014)$(390,041)$1,540,353 $2,005 $1,542,358 
6


THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
For the Nine Months Ended
September 25, 2022September 26, 2021
(39 weeks)
Cash flows from operating activities
Net income$103,119 $150,082 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization61,150 43,529 
Lease termination charge 3,831 
Amortization of right of use asset7,465 7,069 
Stock-based compensation expense25,299 14,387 
Gain on pension liability adjustment(7,127) 
Gain on the sale of land(34,227) 
Gain on non-marketable equity investment (27,156)
Change in long-term retirement benefit obligations(19,100)(13,440)
Fair market value adjustment on life insurance products1,494 312 
Other – net(1,221)(568)
Changes in operating assets and liabilities, net of business acquisitions:
Accounts receivable – net74,869 19,072 
Other assets(25,575)(13,192)
Accounts payable, accrued payroll and other liabilities(106,174)15,311 
Unexpired subscriptions5,052 10,320 
Net cash provided by operating activities85,024 209,557 
Cash flows from investing activities
Purchases of marketable securities(6,650)(550,649)
Maturities of marketable securities469,863 421,679 
Business acquisitions, net of cash acquired(515,299) 
Sales of investments – net(1,886)20,569 
Capital expenditures(27,809)(23,750)
Other – net2,482 2,466 
Net cash used in investing activities(79,299)(129,685)
Cash flows from financing activities
Long-term obligations:
Dividends paid(41,878)(33,627)
Payment of contingent consideration(1,724)(862)
Capital shares:
Proceeds from stock option exercises3 2,451 
Repurchases(79,803) 
Share-based compensation tax withholding(9,837)(10,916)
Net cash used in financing activities(133,239)(42,954)
Net (decrease)/increase in cash, cash equivalents and restricted cash(127,514)36,918 
Effect of exchange rate changes on cash(3,074)(560)
Cash, cash equivalents and restricted cash at the beginning of the period334,306 301,964 
Cash, cash equivalents and restricted cash at the end of the period$203,718 $338,322 

 See Notes to Condensed Consolidated Financial Statements.

7

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 September 25, 2022, and December 26, 2021, and the results of operations, changes in stockholders’ equity and cash flows of the Company for the periods ended September 25, 2022, and September 26, 2021. 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 26, 2021. 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 and 39 weeks for the third quarter and first nine months, respectively.
In December 2021, the Board of Directors approved a resolution to change the Company’s fiscal year from a 52/53 week fiscal year ending the last Sunday of December to a calendar year. Accordingly, the Company’s 2022 fiscal year, which commenced December 27, 2021, will be extended from December 25, 2022, to December 31, 2022, and subsequent fiscal years will begin on January 1 and end on December 31 of each year.
On February 1, 2022, we acquired The Athletic Media Company (“The Athletic”), a global digital subscription-based sports media business. The results of The Athletic have been included in our Condensed Consolidated Financial Statements beginning February 1, 2022. The Athletic is a separate reportable segment of the Company. As a result, beginning in the first quarter of 2022, the Company has two reportable segments: The New York Times Group and The Athletic. Management, including the Company’s President and Chief Executive Officer (who is the Company’s Chief Operating Decision Maker), uses adjusted operating profit (loss) by segment (as defined below) in assessing performance and allocating resources. The Company includes in its presentation revenues and adjusted operating costs (as defined below) to arrive at adjusted operating profit (loss) by segment.
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
Except as described herein, as of September 25, 2022, our significant accounting policies, which are detailed in our Annual Report on Form 10-K for the year ended December 26, 2021, have not changed materially.
Recently Adopted Accounting Pronouncements
Accounting Standard Update(s)TopicEffective PeriodSummary
2021-08Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with CustomersFiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption is permitted.
Requires entities to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 2014-09, Revenue from Contracts with Customers (Topic 606). The update will generally result in an entity recognizing contract assets and contract liabilities at amounts consistent with those recorded by the acquiree immediately before the acquisition date rather than at fair value. The Company adopted this guidance on December 27, 2021. As a result of The Athletic acquisition, the Company assumed unexpired subscriptions revenue of $28.1 million.
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.
8

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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 Games, Cooking, 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. Advertising revenue from The Athletic is primarily podcast revenue and therefore is reflected in this category. 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.
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”), retail commerce, television and film, our live events business and our student subscription sponsorship program.
Subscription, advertising and other revenues were as follows for the third quarters and first nine months ended September 25, 2022, and September 26, 2021:
For the Quarters EndedFor the Nine Months Ended
(In thousands)September 25, 2022As % of totalSeptember 26, 2021As % of totalSeptember 25, 2022As % of totalSeptember 26, 2021As % of total
Subscription$382,672 69.9 %$342,609 67.4 %$1,138,270 69.3 %$1,010,910 68.3 %
Advertising110,467 20.1 %110,887 21.7 %344,116 21.0 %320,777 21.6 %
Other (1)
54,541 10.0 %55,607 10.9 %158,399 9.7 %148,958 10.1 %
Total
$547,680 100.0 %$509,103 100.0 %$1,640,785 100.0 %$1,480,645 100.0 %
(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 third quarters of 2022 and 2021, respectively, and approximately $22 million and $20 million for the first nine months of 2022 and 2021, respectively.
9

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table summarizes digital and print subscription revenues, which are components of subscription revenues above, for the third quarters and first nine months ended September 25, 2022, and September 26, 2021:
For the Quarters EndedFor the Nine Months Ended
(In thousands)September 25, 2022As % of totalSeptember 26, 2021As % of totalSeptember 25, 2022As % of totalSeptember 26, 2021As % of total
Digital-only subscription revenues (1)
$243,889 63.7 %$198,633 58.0 %$709,378 62.3 %$568,378 56.2 %
Print subscription revenues:
Domestic home delivery subscription revenues (2)
124,653 32.6 %128,895 37.6 %387,125 34.0 %398,045 39.4 %
Single-copy, NYT International and Other subscription revenues (3)
14,130 3.7 %15,081 4.4 %41,767 3.7 %44,487 4.4 %
Subtotal print subscription revenues138,783 36.3 %143,976 42.0 %428,892 37.7 %442,532 43.8 %
Total subscription revenues$382,672 100.0 %$342,609 100.0 %$1,138,270 100.0 %$1,010,910 100.0 %
(1) Includes revenue from digital-only bundled and standalone subscriptions to our news product, as well as The Athletic and our Games, Cooking, Audm and Wirecutter products.
(2) Domestic home delivery subscriptions include access to our digital news product, as well as The Athletic and our Games, Cooking 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 third quarters and first nine months ended September 25, 2022, and September 26, 2021:
For the Quarters EndedFor the Nine Months Ended
(In thousands)September 25, 2022As % of totalSeptember 26, 2021As % of totalSeptember 25, 2022As % of totalSeptember 26, 2021As % of total
Advertising revenues:
Digital$70,282 63.6 %$66,981 60.4 %$206,588 60.0 %$197,472 61.6 %
Print40,185 36.4 %43,906 39.6 %137,528 40.0 %123,305 38.4 %
Total advertising$110,467