NYT Q1 2024 Earnings Report
Key Takeaways
The New York Times Company reported a 5.9% increase in total revenues, driven by digital subscription growth, while advertising revenues saw a slight decrease. Operating profit increased significantly due to higher digital subscription and other revenues, partially offset by increased operating costs.
Added approximately 210,000 net digital-only subscribers compared to Q4 2023.
Total digital-only ARPU increased 1.9 percent year-over-year to $9.21.
Digital subscription revenues increased 13.2 percent year-over-year.
Operating profit increased 73.2 percent year-over-year to $48.3 million.
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NYT Revenue by Segment
Forward Guidance
The company provided guidance for the second quarter of 2024, expecting growth in digital-only and total subscription revenues, as well as increases in digital and total advertising revenues. Adjusted operating costs are also expected to increase.
Positive Outlook
- Digital-only subscription revenues are expected to increase by 11-14%.
- Total subscription revenues are projected to increase by 6-8%.
- Digital advertising revenues are expected to increase by a high-single-digit percentage.
- Total advertising revenues are anticipated to increase by a low-single-digit percentage.
- Other revenue is expected to remain flat to increase by a low-single-digit percentage.
Challenges Ahead
- Adjusted operating costs are projected to increase by 4-5%.
- Depreciation and amortization are expected to be approximately $80 million on a pre-tax basis for the year.
- Capital expenditures are projected to be approximately $40 million for the year.
- Interest income and other, net, is expected to be approximately $30 million on a pre-tax basis for the year.
- Unspecified risks related to market competition, economic conditions and international operations may impact future results.
Revenue & Expenses
Visualization of income flow from segment revenue to net income