Segment Information (Tables)

3 Months Ended

Mar. 31, 2023

The following tables present segment information:


	For the Quarters Ended
(In thousands)	March 31, 2023			March 27, 2022			% Change
Revenues
NYTG	$	532,092		$	525,268		1.3	%
The Athletic	28,647			12,157			*
Total revenues	$	560,739		$	537,425		4.3	%
Adjusted operating costs
NYTG	$	470,337		$	457,543		2.8	%
The Athletic	36,427			18,979			91.9	%
Total adjusted operating costs	$	506,764		$	476,522		6.3	%
Adjusted operating profit (loss)
NYTG	$	61,755		$	67,725		(8.8)	%
The Athletic	(7,780)			(6,822)			14.0	%
Total adjusted operating profit	$	53,975		$	60,903		(11.4)	%
AOP margin % - NYTG	11.6		%	12.9		%	(130) bps
* Represents a change equal to or in excess of 100% or not meaningful.


Revenues detail by segment
	For the Quarters Ended
(In thousands)	March 31, 2023		March 27, 2022		% Change
NYTG
Subscription	$	373,466	$	361,602	3.3	%
Advertising	102,090		114,490		(10.8)	%
Other	56,536		49,176		15.0	%
Total	$	532,092	$	525,268	1.3	%
The Athletic
Subscription	$	24,076	$	10,377	*
Advertising	4,151		1,780		*
Other	420		—		*
Total	$	28,647	$	12,157	*
The New York Times Company
Subscription	$	397,542	$	371,979	6.9	%
Advertising	106,241		116,270		(8.6)	%
Other	56,956		49,176		15.8	%
Total	$	560,739	$	537,425	4.3	%
* Represents a change equal to or in excess of 100% or not meaningful.


Adjusted operating costs (operating costs before depreciation and amortization, severance and multiemployer pension plan withdrawal costs) detail by segment
	For the Quarters Ended
(In thousands)	March 31, 2023		March 27, 2022		% Change
NYTG
Cost of revenue (excluding depreciation and amortization)	$	284,931	$	269,476	5.7	%
Sales and marketing	60,121		74,460		(19.3)	%
Product development	51,877		45,179		14.8	%
Adjusted general and administrative (1)	73,408		68,428		7.3	%
Total	$	470,337	$	457,543	2.8	%
The Athletic
Cost of revenue (excluding depreciation and amortization)	$	21,921	$	11,889	84.4	%
Sales and marketing	6,913		3,128		*
Product development	5,185		2,254		*
Adjusted general and administrative (2)	2,408		1,708		41.0	%
Total	$	36,427	$	18,979	91.9	%
The New York Times Company
Cost of revenue (excluding depreciation and amortization)	$	306,852	$	281,365	9.1	%
Sales and marketing	67,034		77,588		(13.6)	%
Product development	57,062		47,433		20.3	%
Adjusted general and administrative	75,816		70,136		8.1	%
Total	$	506,764	$	476,522	6.3	%
(1) Excludes severance of $3.3 million and multiemployer pension withdrawal costs of $1.5 million for the first quarter of 2023, respectively. Excludes multiemployer pension withdrawal costs of $1.2 million first quarter 2022.
(2) Excludes $0.5 million of severance for the first quarter of 2023.
* Represents a change equal to or in excess of 100% or not meaningful.


Reconciliation of operating costs before depreciation and amortization, severance and multiemployer pension plan withdrawal costs (or adjusted operating costs)

	For the Quarters Ended
(In thousands)	March 31, 2023		March 27, 2022		% Change
Operating costs	$	532,839	$	496,429	7.3	%
Less:
Depreciation and amortization	20,840		18,686		11.5	%
Severance	3,780		—		*
Multiemployer pension plan withdrawal costs	1,455		1,221		19.2	%
Adjusted operating costs	$	506,764	$	476,522	6.3	%
* Represents a change equal to or in excess of 100% or not meaningful.


Reconciliation of operating profit before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items (or adjusted operating profit)

	For the Quarters Ended
(In thousands)	March 31, 2023		March 27, 2022		% Change
Operating profit	$	27,900	$	6,284	*
Add:
Depreciation and amortization	20,840		18,686		11.5	%
Severance	3,780		—		*
Multiemployer pension plan withdrawal costs	1,455		1,221		19.2	%
Special items:
Acquisition-related costs	—		34,712		*


Adjusted operating profit	$	53,975	$	60,903	(11.4)	%
* Represents a change equal to or in excess of 100% or not meaningful.