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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, 2024
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. 
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 3, 2024 (exclusive of treasury shares):
 
Class A Common Stock163,530,462 shares
Class B Common Stock780,724 shares




THE NEW YORK TIMES COMPANY
INDEX
  
PART IFinancial Information
Item1Financial Statements
Condensed Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023
Condensed Consolidated Statements of Operations (unaudited) for the quarters ended March 31, 2024 and March 31, 2023
Condensed Consolidated Statements of Comprehensive Income (unaudited) for the quarters ended March 31, 2024 and March 31, 2023
Condensed Consolidated Statements of Changes In Stockholders’ Equity (unaudited) for the quarters ended March 31, 2024 and March 31, 2023
Condensed Consolidated Statements of Cash Flows (unaudited) for the quarters ended March 31, 2024 and March 31, 2023
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
Item5Other Information
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)
March 31, 2024December 31, 2023
(Unaudited)
Assets
Current assets
Cash and cash equivalents$206,817 $289,472 
Short-term marketable securities172,238 162,094 
Accounts receivable (net of allowances of $12,637 in 2024 and $12,800 in 2023)
177,656 242,488 
Prepaid expenses59,049 59,712 
Other current assets65,400 27,887 
Total current assets681,160 781,653 
Other assets
Long-term marketable securities307,204 257,633 
Property, plant and equipment (less accumulated depreciation and amortization of $882,583 in 2024 and $870,329 in 2023)
507,737 514,245 
Goodwill414,627 416,098 
Intangible assets, net278,418 285,490 
Deferred income taxes120,688 114,505 
Miscellaneous assets312,988 344,971 
Total assets$2,622,822 $2,714,595 
 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, 2024December 31, 2023
(Unaudited)
Liabilities and stockholders’ equity
Current liabilities
Accounts payable$120,660 $116,942 
Accrued payroll and other related liabilities88,564 174,316 
Unexpired subscriptions revenue178,210 172,772 
Accrued expenses and other
157,283 147,529 
Total current liabilities544,717 611,559 
Other liabilities
Pension benefits obligation
216,879 219,451 
Postretirement benefits obligation
19,520 19,402 
Other
93,744 100,964 
Total other liabilities330,143 339,817 
Stockholders’ equity
Common stock of $.10 par value:
Class A – authorized: 300,000,000 shares; issued: 2024 – 177,507,685; 2023 – 176,951,162 (including treasury shares: 2024 – 13,893,393; 2023 – 13,189,925)
17,752 17,697 
Class B – convertible – authorized and issued shares: 2024 – 780,724; 2023 – 780,724
78 78 
Additional paid-in capital
299,483 301,287 
Retained earnings
2,136,537 2,117,839 
Common stock held in treasury, at cost
(353,529)(320,820)
Accumulated other comprehensive loss, net of income taxes:
Foreign currency translation adjustments(453)910 
Funded status of benefit plans(350,897)(353,286)
Net unrealized loss on available-for-sale securities(1,009)(486)
Total accumulated other comprehensive loss, net of income taxes(352,359)(352,862)
Total stockholders’ equity1,747,962 1,763,219 
Total liabilities and stockholders’ equity$2,622,822 $2,714,595 
 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, 2024March 31, 2023
Revenues
Subscription$429,005 $397,542 
Advertising103,711 106,241 
Other61,299 56,956 
Total revenues
594,015 560,739 
Operating costs
Cost of revenue (excluding depreciation and amortization)316,867 306,852 
Sales and marketing65,134 67,034 
Product development63,185 57,062 
General and administrative78,815 81,051 
Depreciation and amortization20,706 20,840 
Generative AI Litigation Costs989  
Total operating costs545,696 532,839 
Operating profit48,319 27,900 
Other components of net periodic benefit (costs)/income(1,051)685 
Interest income and other, net8,387 3,173 
Income before income taxes55,655 31,758 
Income tax expense15,238 9,437 
Net income$40,417 $22,321 
Average number of common shares outstanding:
Basic164,632 164,975 
Diluted 165,630 165,398 
Basic earnings per share attributable to common stockholders$0.25 $0.14 
Diluted earnings per share attributable to common stockholders$0.24 $0.13 
Dividends declared per share$0.13 $0.11 
(1) First quarter 2023 was recast to conform to the current presentation of total operating costs.
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, 2024March 31, 2023
Net income$40,417 $22,321 
Other comprehensive income, before tax:
(Loss)/gain on foreign currency translation adjustments(1,846)848 
Pension and postretirement benefits obligation3,288 1,553 
Net unrealized (loss)/gain on available-for-sale securities(709)2,602 
Other comprehensive income, before tax733 5,003 
Income tax expense230 1,294 
Other comprehensive income, net of tax503 3,709 
Comprehensive income attributable to common stockholders$40,920 $26,030 
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, 2024 and March 31, 2023
(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 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 loss— — — — 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 
Balance, December 31, 2023$17,775 $301,287 $2,117,839 $(320,820)$(352,862)$1,763,219 $ $1,763,219 
Net income— — 40,417 — — 40,417 — 40,417 
Dividends— — (21,719)— — (21,719)— (21,719)
Other comprehensive income— — — — 503 503 — 503 
Issuance of stock-based awards, net of withholding taxes:
Restricted stock units vested – 470,820 Class A shares
47 (14,964)— — — (14,917)— (14,917)
Performance-based awards – 85,703 Class A shares
8 (2,696)— — — (2,688)— (2,688)
Share repurchases – 703,468 Class A shares
— — — (32,709)— (32,709)— (32,709)
Stock-based compensation— 15,856 — — — 15,856 — 15,856 
Balance, March 31, 2024$17,830 $299,483 $2,136,537 $(353,529)$(352,359)$1,747,962 $ $1,747,962 
5


THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
For the Three Months Ended
March 31, 2024March 31, 2023
Cash flows from operating activities
Net income$40,417 $22,321 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization20,706 20,840 
Amortization of right of use asset2,221 2,490 
Stock-based compensation expense15,856 10,900 
Change in long-term retirement benefit obligations(5,758)(6,954)
Other – net(1,026)83 
Changes in operating assets and liabilities:
Accounts receivable – net64,832 51,556 
Other assets2,360 (2,295)
Accounts payable, accrued payroll and other liabilities(93,067)(57,103)
Unexpired subscriptions5,438 7,645 
Other noncurrent assets and liabilities1,100 1,247 
Net cash provided by operating activities53,079 50,730 
Cash flows from investing activities
Purchases of marketable securities(112,892) 
Maturities of marketable securities52,374 28,160 
Capital expenditures(6,424)(5,985)
Other – net551  
Net cash (used in)/provided by investing activities(66,391)22,175 
Cash flows from financing activities
Long-term obligations:
Dividends paid(18,621)(15,069)
Payment of contingent consideration (1,724)
Capital shares:
Repurchases(32,458)(30,720)
Share-based compensation tax withholding(17,605)(11,017)
Net cash used in financing activities(68,684)(58,530)
Net (decrease)/increase in cash, cash equivalents and restricted cash(81,996)14,375 
Effect of exchange rate changes on cash(480)(262)
Cash, cash equivalents and restricted cash at the beginning of the period303,172 235,173 
Cash, cash equivalents and restricted cash at the end of the period$220,696 $249,286 
 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, 2024, and December 31, 2023, and the results of operations, changes in stockholders’ equity and cash flows of the Company for the periods ended March 31, 2024, and March 31, 2023. 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, 2023. 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 first quarter of 2024 includes an additional day compared with the first quarter of 2023 as a result of 2024 being a leap 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.
Reclassification
Beginning with the third quarter of 2023, we have updated our presentation of total operating costs to include operating items that are outside the ordinary course of our operations (“special items”). These items have been previously presented separate from operating costs and included in operating profit. We recast operating costs for the prior periods in order to present comparable financial results. There was no change to consolidated operating profit, net income or cash flows as a result of this change.
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
As of March 31, 2024, our significant accounting policies, which are detailed in our Annual Report on Form 10-K for the year ended December 31, 2023, have not changed.
Recently Issued Accounting Pronouncements
Accounting Standard UpdatesTopicEffective PeriodSummary
2023-09Income Taxes (Topic 740): Improvements to Income Tax DisclosuresFiscal years, beginning after December 15, 2025. Early adoption is permitted.Requires entities to provide disaggregated income tax disclosures on the rate reconciliation and income taxes paid. We are currently in the process of evaluating the impact of this guidance on the Company’s disclosures.
2023-07Segment Reporting (Topic 280): Improvements to Reportable Segment DisclosuresFiscal years, beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted.Requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the entity’s CODM. The amendments in this update also expand the interim segment disclosure requirements. We are currently in the process of evaluating the impact of this guidance on the Company’s disclosures.
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.
7

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 Cooking, Games and Wirecutter products), and single-copy and bulk sales of our print products. Subscription revenues are based on both the number of digital-only subscriptions and copies of the printed newspaper sold, and the rates charged to the respective customers.
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 open-market 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 (including direct-sold programmatic advertising). Direct-sold display advertising, a component of core digital advertising, includes offerings on websites and mobile applications sold directly to marketers by our advertising sales teams. Other digital advertising includes open-market programmatic advertising and creative services fees. 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 (including direct-sold programmatic 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”), retail commerce, our live events business, our student subscription sponsorship program and books, television and film.
Subscription, advertising and other revenues were as follows:
For the Quarters Ended
(In thousands)March 31, 2024As % of totalMarch 31, 2023As % of total
Subscription$429,005 72.2 %$397,542 70.9 %
Advertising103,711 17.5 %106,241 18.8 %
Other (1)
61,299 10.3 %56,956 10.3 %
Total
$594,015 100.0 %$560,739 100.0 %
(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 $6.7 million and $7.3 million for the first quarters of 2024 and 2023, respectively.
The following table summarizes digital and print subscription revenues, which are components of subscription revenues above, for the quarters ended March 31, 2024, and March 31, 2023:
For the Quarters Ended
(In thousands)March 31, 2024As % of totalMarch 31, 2023As % of total
Digital-only subscription revenues (1)
$292,978 68.3 %$258,768 65.1 %
Print subscription revenues (2)
136,027 31.7 %138,774 34.9 %
Total subscription revenues$429,005 100.0 %$397,542 100.0 %
(1) Includes revenue from bundled and standalone subscriptions to our news product, as well as to The Athletic and our Cooking, Games and Wirecutter products.
(2) Includes domestic home-delivery subscriptions, which include access to our digital products. Also includes single-copy, NYT International and Other subscription revenues.
8

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table summarizes digital and print advertising revenues, which are components of advertising revenues above, for the quarters ended March 31, 2024, and March 31, 2023:
For the Quarters Ended
(In thousands)March 31, 2024As % of totalMarch 31, 2023As % of total
Advertising revenues:
Digital$63,026 60.8 %$61,271 57.7 %
Print40,685 39.2 %44,970 42.3 %
Total advertising$103,711 100.0 %$106,241 100.0 %
Performance Obligations
We have remaining performance obligations related to digital archive and other licensing and certain advertising contracts. As of March 31, 2024, the aggregate amount of the transaction price allocated to the remaining performance obligations for contracts with a duration greater than one year was approximately $183 million. The Company will recognize this revenue as performance obligations are satisfied. We expect that approximately $76 million, $76 million and $31 million will be recognized in the remainder of 2024, 2025 and thereafter through 2028, respectively.
Unexpired Subscriptions
Payments for subscriptions are typically due upfront and the revenue is recognized ratably over the subscription period. The proceeds are recorded within Unexpired subscriptions revenue in the Condensed Consolidated Balance Sheet. Total unexpired subscriptions as of December 31, 2023, were $172.8 million, of which approximately $110 million was recognized as revenues during the three months ended March 31, 2024.
Contract Assets
As of March 31, 2024, and December 31, 2023, the Company had $3.3 million and $3.5 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.
9

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”). Pre-tax net unrealized losses in Accumulated other comprehensive income (“AOCI”) were $1.4 million and $0.7 million as of March 31, 2024, and December 31, 2023, 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, 2024, and December 31, 2023:
March 31, 2024
(In thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term AFS securities
U.S. Treasury securities$87,303 $25 $(512)$86,816 
Corporate debt securities83,352 7 (848)82,511 
U.S. governmental agency securities2,955  (44)2,911 
Total short-term AFS securities$173,610 $32 $(1,404)$172,238 
Long-term AFS securities
Corporate debt securities$158,301 $352 $(190)$158,463 
U.S. Treasury securities146,981 179 (328)146,832 
U.S. governmental agency securities1,931  (22)1,909 
Total long-term AFS securities$307,213 $531 $(540)$307,204 
December 31, 2023
(In thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term AFS securities
U.S. Treasury securities$48,721 $55 $(667)$48,109 
Corporate debt securities109,891 6 (1,828)108,069 
U.S. governmental agency securities6,000  (84)5,916 
Total short-term AFS securities$164,612 $61 $(2,579)$162,094 
Long-term AFS securities
Corporate debt securities$103,061 $886 $(5)$103,942 
U.S. Treasury securities148,878 1,023 (42)149,859 
U.S. governmental agency securities3,857  (25)3,832 
Total long-term AFS securities$255,796 $1,909 $(72)$257,633 
10

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following tables represent the AFS securities as of March 31, 2024, and December 31, 2023, 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, 2024
Less than 12 Months12 Months or GreaterTotal
(In thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Short-term AFS securities
U.S. Treasury securities$29,247 $(73)$23,487 $(439)$52,734 $(512)
Corporate debt securities9,628 (16)66,987 (832)76,615 (848)
U.S. governmental agency securities1,938 (17)973 (27)2,911 (44)
Total short-term AFS securities$40,813 $(106)$91,447 $(1,298)$132,260 $(1,404)
Long-term AFS securities
Corporate debt securities$68,341 $(190)$ $ $68,341 $(190)
U.S. Treasury securities73,282 (328)  73,282 (328)
U.S. governmental agency securities1,909 (22)  1,909 (22)
Total long-term AFS securities$143,532 $(540)$ $ $143,532 $(540)

December 31, 2023
Less than 12 Months12 Months or GreaterTotal
(In thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Short-term AFS securities
U.S. Treasury securities$995 $(1)$24,978 $(666)$25,973 $(667)
Corporate debt securities5,819 (5)99,504 (1,823)105,323 (1,828)
U.S. governmental agency securities  5,916 (84)5,916 (84)
Total short-term AFS securities$6,814 $(6)$130,398 $(2,573)$137,212 $(2,579)
Long-term AFS securities
Corporate debt securities$2,451 $ $245 $(5)$2,696 $(5)
U.S. Treasury securities14,792 (36)290 (6)15,082 (42)
U.S. governmental agency securities3,832 (25)  3,832 (25)
Total long-term AFS securities$21,075 $(61)$535 $(11)$21,610 $(72)
We assess AFS securities on a quarterly basis or more often if a potential loss-triggering event occurs.
As of March 31, 2024, and December 31, 2023, 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, 2024, and December 31, 2023, we have recognized no losses or allowance for credit losses related to AFS securities.
As of March 31, 2024, our short-term and long-term marketable securities had remaining maturities of less than one month to 12 months and 13 months to 26 months, respectively. See Note 8 for more information regarding the fair value of our marketable securities.
11

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 5. GOODWILL AND INTANGIBLES
The changes in the carrying amount of goodwill as of March 31, 2024, and since December 31, 2022, were as follows:
(In thousands)NYTGThe Athletic Total
Balance as of December 31, 2022$162,686 $251,360 $414,046 
Foreign currency translation2,052  2,052 
Balance as of December 31, 2023164,738 251,360 416,098 
Foreign currency translation(1,471) (1,471)
Balance as of March 31, 2024$163,267 $251,360 $414,627 
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, 2024 and December 31, 2023, the gross book value and accumulated amortization of the intangible assets with definite lives were as follows:
March 31, 2024
(In thousands)Gross Book ValueAccumulated AmortizationNet Book ValueRemaining Weighted-Average Useful Life (Years)
Trademark$162,618 $(19,951)$142,667 18.1
Existing subscriber base136,500 (25,875)110,625 10.0
Developed technology38,401 (17,216)21,185 2.9
Content archive5,751 (4,287)1,464 2.4
Total finite-lived intangibles$343,270 $(67,329)$275,941 13.6
December 31, 2023
(In thousands)Gross Book ValueAccumulated AmortizationNet Book ValueRemaining Weighted-Average Useful Life (Years)
Trademark$162,618 $(17,767)$144,851 18.3
Existing subscriber base136,500 (23,062)113,438 10.2
Developed technology38,401 (15,381)23,020 3.2
Content archive5,751 (4,047)1,704 2.5
Total finite-lived intangibles$343,270 $(60,257)$283,013 13.7
Amortization expense for intangible assets included in Depreciation and amortization in our Condensed Consolidated Statements of Operations was $7.1 million and $7.3 million for the first quarters of 2024 and 2023, respectively. The estimated aggregate amortization expense for the remainder of 2024 and each of the following fiscal years ending December 31 is presented below:
(In thousands)
Remainder of 2024$20,407 
202527,213 
202626,960 
202720,171 
202819,335 
Thereafter161,855 
Total amortization expense$275,941 
The aggregate carrying amount of intangible assets of $278.4 million, which includes an indefinite-lived intangible of $2.5 million, is included in Intangible assets, net in our Condensed Consolidated Balance Sheet as of March 31, 2024.
12

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, 2024, and December 31, 2023, non-marketable equity securities included in Miscellaneous assets in our Condensed Consolidated Balance Sheets had a carrying value of $29.7 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 $2.0 million and $1.7 million for the first quarters of 2024 and 2023, 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, 2024March 31, 2023
Interest income$8,638 $3,421 
Interest expense(251)(248)
Total interest income and other, net$8,387 $3,173 
Restricted Cash
A reconciliation of cash, cash equivalents and restricted cash as of March 31, 2024, and March 31, 2023, from the Condensed Consolidated Balance Sheets to the Condensed Consolidated Statements of Cash Flows is as follows:
(In thousands)March 31, 2024March 31, 2023
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents$206,817 $235,350 
Restricted cash included within miscellaneous assets13,879 13,936 
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows$220,696 $249,286 
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, 2024, and December 31, 2023, there were no borrowings and approximately $0.6 million in outstanding letters of credit, with the remaining committed amount available. As of March 31, 2024, the Company was in compliance with the financial covenants contained in the Credit Facility.
Severance Costs
We recognized $4.4 million and $3.8 million in severance costs for the first quarters of 2024 and 2023, respectively. These costs are recorded in General and administrative costs in our Condensed Consolidated Statements of Operations.
We had a severance liability of $7.5 million and $4.4 million included in Accrued expenses and other in our Condensed Consolidated Balance Sheets as of March 31, 2024, and December 31, 2023, respectively.
13

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Generative AI Litigation Costs
In the first quarter of 2024, the Company recorded $1.0 million of pre-tax litigation-related costs in connection with a lawsuit against Microsoft Corporation (“Microsoft”) and Open AI Inc. and various of its corporate affiliates (collectively, “OpenAI”), alleging unlawful and unauthorized copying and use of the Company’s journalism and other content in connection with their development of generative artificial intelligence products (“Generative AI Litigation Costs”). See Note 14 for additional information.
14

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, 2024, and December 31, 2023:
(In thousands)March 31, 2024December 31, 2023
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Assets:
Short-term AFS securities (1)
U.S Treasury securities$86,816 $ $86,816 $ $48,109 $ $48,109 $ 
Corporate debt securities82,511  82,511  108,069  108,069  
U.S. governmental agency securities2,911  2,911  5,916  5,916  
Total short-term AFS securities$172,238 $ $172,238 $ $162,094 $ $162,094 $ 
Long-term AFS securities (1)
Corporate debt securities$158,463 $ $158,463 $ $103,942 $ $103,942 $ 
U.S Treasury securities146,832  146,832  149,859  149,859  
U.S. governmental agency securities1,909  1,909  3,832  3,832  
Total long-term AFS securities$307,204 $ $307,204 $ $257,633 $ $257,633 $ 
Liabilities:
Deferred compensation (2)(3)
$12,368 $12,368 $ $ $13,752 $13,752 $ $ 
Contingent consideration (4)
$5,528 $ $ $5,528 $4,991 $ $ $4,991 
(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 $53.8 million as of March 31, 2024, and $52.3 million as of December 31, 2023. 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.
15

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, 2024, and March 31, 2023:
Quarters Ended
(In thousands)March 31, 2024March 31, 2023
Balance at the beginning of the period
$4,991 $5,324 
Payments (1,724)
Fair value adjustments (1)
537 792 
Contingent consideration at the end of the period$5,528 $4,392 
(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, 2024March 31, 2023
(In thousands)Qualified
Plans
Non-
Qualified
Plans
All
Plans
Qualified
Plans
Non-
Qualified
Plans
All
Plans
Service cost$1,541 $ $1,541 $1,417 $ $1,417 
Interest cost 13,376 2,207 15,583 14,198 2,296 16,494 
Expected return on plan assets (18,109) (18,109)(19,122) (19,122)
Amortization of actuarial loss 2,603 997 3,600 663 890 1,553 
Amortization of prior service credit (486) (486)(486) (486)
Net periodic pension (income)/cost$(1,075)$3,204 $2,129 $(3,330)$3,186 $(144)
During the first quarters of 2024 and 2023, we made pension contributions of $3.4 million and $2.0 million, respectively, to the APP. We expect to make contractual contributions in 2024 of approximately $12 million, which more than satisfy minimum funding requirements.
16

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, 2024March 31, 2023
Service cost$4 $8 
Interest cost 272 375 
Amortization of actuarial loss 174 486 
Net periodic postretirement benefit cost$450 $869 
NOTE 10. INCOME TAXES
The Company had income tax expense of $15.2 million and $9.4 million in the first quarters of 2024 and 2023, respectively. The Company’s effective tax rates were 27.4% and 29.7% for the first quarters of 2024 and 2023, respectively. The increase in income tax expense was primarily due to higher pre-tax income in the first quarter of 2024. The decrease in the effective tax rate was primarily due to non-deductible items having a lower impact on the rate due to higher pre-tax income in the first quarter of 2024.
The Organization for Economic Co-operation and Development enacted model rules for a new global minimum tax framework, also known as Pillar Two, and certain governments globally have enacted these rules effective January 1, 2024. We are monitoring this development and evaluating its potential impact on our tax rate and eligibility to qualify for the safe harbor provisions and currently do not expect a material impact from the Pillar Two income tax rules.
NOTE 11. EARNINGS PER SHARE
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 1.0 million and 0.4 million in the first quarters of 2024 and 2023, respectively, 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 no restricted stock units excluded from the computation of diluted earnings per share in the first quarter of 2024. There were approximately 1.1 million restricted stock units excluded from the computation of diluted earnings per share in the first quarter of 2023, 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 2024 and 2023.
NOTE 12. SUPPLEMENTAL STOCKHOLDERS’ EQUITY INFORMATION
Share Repurchases
In February 2022, the Board of Directors approved a $150.0 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 $250.0 million Class A share repurchase program. The authorizations provide that shares of Class A 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, 2024, repurchases under these authorizations totaled approximately $182.0 million (excluding commissions and excise taxes), fully utilizing the 2022 authorization and leaving approximately $218.0 million remaining under the 2023 authorization. During the three months ended March 31, 2024, repurchases under these authorizations totaled approximately $32.4 million.
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THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Accumulated Other Comprehensive Income
The following table summarizes the changes in AOCI by component as of March 31, 2024:
(In thousands)Foreign Currency Translation AdjustmentsFunded Status of Benefit PlansNet Unrealized Loss on Available-For-Sale SecuritiesTotal Accumulated Other Comprehensive Loss
Balance as of December 31, 2023$910 $(353,286)$(486)$(352,862)
Other comprehensive loss before reclassifications, before tax(1,846) (709)(2,555)
Amounts reclassified from accumulated other comprehensive loss, before tax 3,288  3,288 
Income tax (benefit)/expense(483)899 (186)230 
Net current-period other comprehensive (loss)/income, net of tax(1,363)2,389 (523)503 
Balance as of March 31, 2024$(453)$(350,897)$(1,009)$(352,359)
The following table summarizes the reclassifications from AOCI for the three months ended March 31, 2024:
(In thousands)

Detail about accumulated other comprehensive loss components
 Amounts reclassified from accumulated other comprehensive lossAffects 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 costs/(income)
Amortization of actuarial loss (1)
3,774 Other components of net periodic benefit costs/(income)
Total reclassification, before tax (2)
3,288 
Income tax expense899 Income tax expense
Total reclassification, net of tax$2,389 
(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, 2024.
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, 2024March 31, 2023
Cost of revenue$3,954 $2,230 
Sales and marketing392 420 
Product development6,235 3,884 
General and administrative5,275 4,366 
Total stock-based compensation expense$15,856 $10,900 
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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 CODM) to make decisions about resources to be allocated to the segment and assess its performance; and (iii) it has available discrete financial information.
The Company has two reportable segments: NYTG and The Athletic. These segments are evaluated regularly by the Company’s CODM in assessing performance and allocating resources. Management uses adjusted operating profit (loss) by segment in assessing performance and allocating resources. Adjusted operating profit is defined as operating profit before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items. Adjusted operating profit for NYTG and The Athletic is presented below, along with a reconciliation to consolidated income before taxes. Asset information by segment is not a measure of performance used by the Company’s CODM. Accordingly, we have not disclosed asset information by segment.
Subscription revenues from and expenses associated with our digital subscription package (or “bundle”) are allocated to NYTG and The Athletic.
Prior to April 1, 2023, we allocated bundle revenues first to our digital news product based on its standalone list price and then the remaining bundle revenues were allocated to the other products in the bundle, including The Athletic, based on their relative standalone list prices. Starting April 1, 2023, we allocate 10% of bundle revenues to The Athletic based on management’s view of The Athletic’s relative value to the bundle, which is derived based on analysis of various metrics, and allocate the remaining bundle revenues to NYTG.
Prior to April 1, 2023, we allocated to NYTG and The Athletic direct variable expenses associated with the bundle, which include credit card fees, third party fees and sales taxes, based on a historical actual percentage of these costs to bundle revenues. Starting April 1, 2023, we allocate 10% of product development, marketing and subscriber servicing expenses (including the direct variable expenses referenced above) associated with the bundle to The Athletic, and the remaining costs are allocated to NYTG, in each case, in line with the revenues allocations.
For comparison purposes, the Company has recast segment results for the first quarter of 2023 to reflect the updated allocation methodology.
The following tables present segment information:
For the Quarters Ended
(In thousands)March 31, 2024
March 31, 2023 (1)
% Change
Revenues
NYTG$557,394 $532,782 4.6 %
The Athletic37,184 27,957 33.0 %
Intersegment eliminations (2)
(563) *
Total revenues$594,015 $560,739 5.9 %
Adjusted operating profit (loss)
NYTG$84,744 $65,287 29.8 %
The Athletic(8,690)(11,312)(23.2)%
Total adjusted operating profit$76,054 $53,975 40.9 %
Less:
Other components of net periodic benefit costs/(income)1,051 (685)*
Depreciation and amortization20,706 20,840 (0.6)%
Severance4,428 3,780 17.1 %
Multiemployer pension plan withdrawal costs1,612 1,455 10.8 %
Generative AI Litigation Costs989  *