The New York Times Company Reports First-Quarter 2025 Results
NEW YORK, May 7, 2025 – The New York Times Company (NYSE: NYT) announced today first-quarter 2025 results.
Key Highlights
•The Company added approximately 250,000 net digital-only subscribers compared with the end of the fourth quarter of 2024, bringing the total number of subscribers to 11.66 million.
•Total digital-only average revenue per user (“ARPU”) increased 3.6 percent year-over-year to $9.54 largely driven by subscribers transitioning from promotional to higher prices and price increases on tenured non-bundled subscribers.
•Growth in both digital subscribers and ARPU drove a year-over-year increase in digital subscription revenues of 14.4 percent.
•Digital advertising revenues increased 12.4 percent year-over-year primarily due to areas of strong marketer demand and new advertising supply.
•Affiliate, licensing and other revenues increased 3.7 percent year-over-year as a result of higher Wirecutter affiliate referral revenues and licensing revenues.
•Operating costs increased 5.8 percent and adjusted operating costs (defined below) increased 4.9 percent year-over-year, largely as a result of higher cost of revenue, product development and general and administrative expenses.
•Operating profit increased 21.3 percent year-over-year to $58.6 million, while adjusted operating profit (defined below) increased 21.9 percent year-over-year to $92.7 million.
•Operating profit margin for the quarter was 9.2 percent and adjusted operating profit margin (defined below) was 14.6 percent, a year-over-year increase of approximately 110 and 180 basis points, respectively.
•Diluted earnings per share for the quarter was $.30, a $.06 increase year-over-year and adjusted diluted earnings per share (defined below) was $.41, a $.10 increase year-over-year.
Meredith Kopit Levien, president and chief executive officer, The New York Times Company, said, “As our first quarter results show, we've had a strong start to the year. Our strategy is working and our business is growing and demonstrating resilience amidst the current economic and geopolitical uncertainty. We have a diverse portfolio of world-class news coverage and leading lifestyle products; multiple, complementary revenue lines across subscriptions, advertising, affiliate and licensing; and a model that generates significant free cash flow and a strong balance sheet. All of which makes us confident we are continuing to build a larger, more profitable New York Times company.”
Summary of Quarterly Results
(In millions, except percentages, subscriber metrics (in thousands), ARPU and per share data)
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| | Q1 2025 | | Q4 2024 | | Q3 2024 | | Q2 2024 | | Q1 2024 |
Total subscribers(1) | | 11,660 | | | 11,430 | | | 11,090 | | | 10,840 | | | 10,550 | |
Digital-only subscribers(1) | | 11,060 | | | 10,820 | | | 10,470 | | | 10,210 | | | 9,910 | |
Digital-only subscribers quarterly net additions(1) | | 250 | | | 350 | | | 260 | | | 300 | | | 210 | |
| Total digital-only ARPU | | $ | 9.54 | | | $ | 9.65 | | | $ | 9.45 | | | $ | 9.34 | | | $ | 9.21 | |
| % change year-over-year | | 3.6 | % | | 4.4 | % | | 1.8 | % | | 2.1 | % | | 1.9 | % |
| | | | | | | | | | |
| Digital-only subscription revenues | | $ | 335.0 | | | $ | 334.9 | | | $ | 322.2 | | | $ | 304.5 | | | $ | 293.0 | |
| % change year-over-year | | 14.4 | % | | 16.0 | % | | 14.2 | % | | 12.9 | % | | 13.2 | % |
| Digital advertising revenues | | $ | 70.9 | | | $ | 117.9 | | | $ | 81.6 | | | $ | 79.6 | | | $ | 63.0 | |
| % change year-over-year | | 12.4 | % | | 9.5 | % | | 8.8 | % | | 7.8 | % | | 2.9 | % |
| Total revenues | | $ | 635.9 | | | $ | 726.6 | | | $ | 640.2 | | | $ | 625.1 | | | $ | 594.0 | |
| % change year-over-year | | 7.1 | % | | 7.5 | % | | 7.0 | % | | 5.8 | % | | 5.9 | % |
| | | | | | | | | | |
| Total operating costs | | $ | 577.3 | | | $ | 580.0 | | | $ | 563.5 | | | $ | 545.7 | | | $ | 545.7 | |
| % change year-over-year | | 5.8 | % | | 6.0 | % | | 5.4 | % | | 2.0 | % | | 2.4 | % |
Adjusted operating costs(2) | | $ | 543.2 | | | $ | 556.2 | | | $ | 536.0 | | | $ | 520.4 | | | $ | 518.0 | |
| % change year-over-year | | 4.9 | % | | 6.5 | % | | 5.4 | % | | 4.4 | % | | 2.2 | % |
| | | | | | | | | | |
| Operating profit | | $ | 58.6 | | | $ | 146.6 | | | $ | 76.7 | | | $ | 79.4 | | | $ | 48.3 | |
| Operating profit margin % | | 9.2 | % | | 20.2 | % | | 12.0 | % | | 12.7 | % | | 8.1 | % |
| Adjusted operating profit (“AOP”) - NYTG | | $ | 89.8 | | | $ | 167.0 | | | $ | 101.5 | | | $ | 107.1 | | | $ | 84.7 | |
| AOP margin % - NYTG | | 15.3 | % | | 24.6 | % | | 17.0 | % | | 18.3 | % | | 15.2 | % |
| AOP - The Athletic | | $ | 2.9 | | | $ | 3.5 | | | $ | 2.6 | | | $ | (2.4) | | | $ | (8.7) | |
AOP(2) | | $ | 92.7 | | | $ | 170.5 | | | $ | 104.2 | | | $ | 104.7 | | | $ | 76.1 | |
AOP margin %(2) | | 14.6 | % | | 23.5 | % | | 16.3 | % | | 16.7 | % | | 12.8 | % |
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| Diluted earnings per share (“EPS”) | | $ | 0.30 | | | $ | 0.75 | | | $ | 0.39 | | | $ | 0.40 | | | $ | 0.24 | |
Adjusted diluted EPS(2) | | $ | 0.41 | | | $ | 0.80 | | | $ | 0.45 | | | $ | 0.45 | | | $ | 0.31 | |
| Diluted shares | | 164.9 | | | 165.3 | | | 165.8 | | | 165.5 | | | 165.6 | |
(1) Subscribers (including net subscriber additions) are rounded to the nearest ten thousand.
(2) Non-GAAP financial measure. See “Comparisons”, “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” for more details.
Comparisons
Unless otherwise noted, all comparisons are for the first quarter of 2025 to the first quarter of 2024.
The Company has changed the revenue caption on its Condensed Consolidated Statement of Operations from “Other” to “Affiliate, licensing and other” effective for the quarter ended March 31, 2025.
As of the first quarter of 2025 we have updated our discussion of digital advertising revenue and no longer distinguish between “core” and “other” digital advertising. Digital advertising consists of display (which includes website and mobile applications), audio, email and video advertising revenue from advertisements that are sold either directly to marketers by our advertising sales teams or, currently for a smaller proportion, through programmatic auctions run by third-party ad exchanges. Digital advertising revenue also includes creative services fees.
There was one fewer day in the first quarter of 2025 compared with the first quarter of 2024 as a result of 2024 being a leap year.
First quarter 2025 results included the following special items:
•A $4.5 million charge ($3.3 million or $0.02 per share after tax) related to a multiemployer pension plan liability adjustment.
•$4.4 million of pre-tax litigation-related costs ($3.2 million or $0.02 per share after tax) in connection with a lawsuit against Microsoft Corporation and Open AI Inc. and various of its corporate affiliates 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”). Management determined to report Generative AI Litigation Costs as a special item beginning in the first quarter of 2024 because, unlike other litigation expenses, the Generative AI Litigation Costs arise from a discrete, complex and unusual proceeding and do not, in management’s view, reflect the Company’s ongoing business operational performance.
First quarter 2024 results included the following special item:
•$1.0 million of Generative AI Litigation Costs ($0.7 million or $0.0 per share after tax).
This release refers to certain non-GAAP financial measures, including adjusted operating profit, adjusted operating costs, adjusted diluted EPS and free cash flow. See “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” for more details, including a discussion of management’s reasons for the presentation of these non-GAAP financial measures and reconciliations to the most comparable GAAP financial measures.
Consolidated Results
Subscribers and Net Additions
The Company ended the first quarter of 2025 with approximately 11.66 million subscribers to its print and digital products, including approximately 11.06 million digital-only subscribers. Of the 11.06 million digital-only subscribers, approximately 5.76 million were bundle and multiproduct subscribers.
Compared with the end of the fourth quarter of 2024, there was a net increase of 250,000 digital-only subscribers. Compared with the end of the first quarter of 2024, there was a net increase of 1,150,000 digital-only subscribers.
Average Revenue Per User
Average revenue per user or “ARPU,” a metric we calculate to track the revenue generation of our digital subscriber base, represents the average revenue per digital subscriber over a 28-day billing cycle during the applicable quarter. For more information, please refer to the Supplemental Subscriber, ARPU and Subscriptions Revenues Information in the exhibits.
Total digital-only ARPU was $9.54 for the first quarter of 2025, an increase of 3.6 percent compared with the first quarter of 2024 driven primarily by subscribers transitioning from promotional to higher prices and price increases on tenured non-bundled subscribers.
Subscription Revenues
Total subscription revenues increased 8.2 percent to $464.3 million in the first quarter of 2025. Subscription revenues from digital-only products increased 14.4 percent to $335.0 million due to an increase in bundle and multiproduct revenues and an increase in other single-product subscription revenues, partially offset by a decrease in news-only subscription revenues. Print subscription revenues decreased 5.0 percent to $129.2 million, primarily due to lower domestic home-delivery revenues.
Advertising Revenues
First-quarter 2025 total advertising revenues increased 4.2 percent to $108.1 million while digital advertising revenues increased 12.4 percent and print advertising revenues decreased 8.5 percent.
Digital advertising revenues were $70.9 million, or 65.6 percent of total Company advertising revenues, compared with $63.0 million, or 60.8 percent, in the first quarter of 2024. Digital advertising revenues increased primarily due to areas of strong marketer demand and new advertising supply. Print advertising revenues decreased primarily due to declines in the entertainment and luxury categories.
Affiliate, Licensing and Other Revenues
Affiliate, licensing and other revenues increased 3.7 percent to $63.6 million in the first quarter of 2025, primarily as a result of higher Wirecutter affiliate referral revenues and licensing revenues.
Total Revenues
In the aggregate, subscription, advertising and affiliate, licensing and other revenues for the first quarter of 2025 increased 7.1 percent to $635.9 million from $594.0 million in the first quarter of 2024.
Operating Costs
Total operating costs increased 5.8 percent in the first quarter of 2025 to $577.3 million compared with $545.7 million in the first quarter of 2024. Operating costs in the first quarter of 2025 included, as special items, Generative AI Litigation Costs of $4.4 million and a multiemployer pension plan liability adjustment of $4.5 million. Operating costs in the first quarter of 2024 included, as a special item, Generative AI Litigation Costs of $1.0 million. Adjusted operating costs increased 4.9 percent to $543.2 million from $518.0 million in the first quarter of 2024.
Cost of revenue increased 5.6 percent to $334.6 million compared with $316.9 million in the first quarter of 2024 due mainly to higher journalism costs, higher subscriber servicing costs, and higher digital content delivery costs.
Sales and marketing costs increased 1.3 percent to $66.0 million compared with $65.1 million in the first quarter of 2024 due mainly to higher marketing and promotion costs. Media expenses, a component of sales and marketing costs that primarily represents the cost to promote our subscription business, increased 4.7 percent to $31.3 million in the first quarter of 2025 from $29.9 million in the first quarter of 2024.
Product development costs increased 5.3 percent to $66.5 million compared with $63.2 million in the first quarter of 2024, primarily due to higher compensation and benefits expenses.
General and administrative costs increased 1.4 percent to $79.9 million compared with $78.8 million in the first quarter of 2024, largely due to higher expenses from professional services and compensation and benefits, partially offset by lower severance expenses.
Business Segment Results
We have two reportable segments: NYTG and The Athletic. Management uses adjusted operating profit (loss) by segment in assessing performance and allocating resources. The Company includes in its presentation revenues and adjusted operating costs to arrive at adjusted operating profit (loss) by segment. Adjusted operating costs are defined as operating costs before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items. Adjusted operating profit is defined as operating profit before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items. Refer to Segment Information in the exhibits for more information on these segment measures.
The New York Times Group
NYTG revenues increased 5.7 percent in the first quarter of 2025 to $588.9 million from $557.4 million in the first quarter of 2024. Subscription revenues increased 7.5 percent to $431.5 million from $401.4 million in the first quarter of 2024, primarily due to growth in subscription revenues from digital-only products, partially offset by decreases in print subscription revenues. Advertising revenues decreased 0.4 percent to $97.7 million from $98.0 million in the first quarter of 2024, due to lower revenues from print advertising which more than offset higher revenues from digital advertising. Affiliate, licensing and other revenues increased 3.0 percent to $59.7 million from $58.0 million in the first quarter of 2024, due to higher Wirecutter affiliate referral revenues.
NYTG adjusted operating costs increased 5.6 percent in the first quarter of 2025 to $499.1 million from $472.7 million in the first quarter of 2024, primarily due to higher journalism, subscriber servicing, general and administrative and sales and marketing costs.
NYTG adjusted operating profit increased 6.0 percent to $89.8 million from $84.7 million in the first quarter of 2024. This was primarily the result of higher digital subscription revenues, digital advertising revenues and affiliate, licensing and other revenues, partially offset by higher adjusted operating costs and lower print subscription and print advertising revenues.
The Athletic
The Athletic revenues increased 27.9 percent in the first quarter of 2025 to $47.6 million from $37.2 million in the first quarter of 2024. Subscription revenues increased 18.5 percent to $32.7 million from $27.6 million in the first quarter of 2024, primarily due to growth in the number of subscribers with access to The Athletic (including through bundle subscriptions). Advertising revenues increased 82.5 percent to $10.4 million from $5.7 million in the first quarter of 2024, primarily due to higher revenues from display advertising. Affiliate, licensing and other revenues increased 14.7 percent to $4.4 million from $3.8 million in the first quarter of 2024, primarily due to an increase in licensing revenues.
The Athletic adjusted operating costs decreased 2.6 percent in the first quarter of 2025 to $44.7 million from $45.9 million in the first quarter of 2024. The decrease was mainly due to lower sales and marketing costs and general and administrative costs, partially offset by higher journalism and product development costs.
The Athletic adjusted operating profit increased $11.6 million to $2.9 million from a loss of $8.7 million in the first quarter of 2024. This was primarily the result of higher digital subscription revenues, higher digital advertising revenues and lower adjusted operating costs.
Consolidated Other Data
Interest Income and Other, net
Interest income and other, net in the first quarter of 2025 was $10.0 million compared with $8.4 million in the first quarter of 2024. The increase was primarily a result of higher interest rates on cash and marketable securities.
Income Taxes
The Company had income tax expense of $14.4 million in the first quarter of 2025 compared with $15.2 million in the first quarter of 2024. The effective income tax rate was 22.5 percent in the first quarter of 2025 and 27.4 percent in the first quarter of 2024. The decrease in income tax expense in the first quarter of 2025 was due to a tax benefit in 2025 from stock appreciation on stock-based awards that settled in the quarter, partially offset by an increase in pre-tax income in the first quarter of 2025. The decrease in the effective income tax rate compared to the first quarter of 2024 was primarily attributable to a tax benefit from stock-based awards that settled in the first quarter of 2025.
Earnings Per Share
Diluted EPS in the first quarter of 2025 was $.30 compared with $.24 in the same period of 2024. The increase in diluted EPS was primarily driven by higher operating profit and higher interest income. Adjusted diluted EPS was $.41 in the first quarter of 2025 compared with $.31 in the first quarter of 2024.
Liquidity
As of March 31, 2025, the Company had cash and marketable securities of $902.3 million, a decrease of $9.5 million from $911.9 million as of December 31, 2024.
The Company has a $350 million unsecured revolving line of credit. As of March 31, 2025, there were no outstanding borrowings under this credit facility, and the Company did not have other outstanding debt.
Net cash provided by operating activities in the first quarter of 2025 was $99.1 million compared with $53.1 million in the same period of 2024. Free cash flow in the first quarter of 2025 was $89.9 million compared with $46.7 million in the same period of 2024. Net cash provided by operating activities in the first quarter of 2025 included net proceeds of approximately $33 million in connection with the lease and subsequent sale of approximately four acres of excess land at our printing and distribution facility in College Point, N.Y., which was finalized in February 2025.
Shares Repurchases
During the quarter ended March 31, 2025, the Company repurchased 1,180,186 shares of its Class A Common Stock for an aggregate purchase price of approximately $58.9 million. As of May 2, 2025, approximately $443.0 million remains available and authorized for repurchases.
Capital Expenditures
Capital expenditures totaled approximately $8 million in the first quarter of 2025 compared with approximately $7 million in the first quarter of 2024.
Outlook
Below is the Company’s guidance for revenues and adjusted operating costs for the second quarter of 2025 compared with the second quarter of 2024.
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| The New York Times Company |
| |
| Digital-only subscription revenues | increase 13 - 16% |
| Total subscription revenues | increase 8 - 10% |
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| Digital advertising revenues | increase high-single-digits |
| Total advertising revenues | flat to increase low-single-digits |
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| Affiliate, licensing and other revenues | increase mid-single-digits |
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| Adjusted operating costs | increase 5 - 6% |
The Company expects the following on a pre-tax basis in 2025:
•Depreciation and amortization: approximately $80 million
•Interest income and other, net: approximately $40 million, and
•Capital expenditures: approximately $40 million.
Conference Call Information
The Company’s first-quarter 2025 earnings conference call will be held on Wednesday, May 7, 2025, at 8:00 a.m. E.T.
A live webcast of the earnings conference call will be available at investors.nytco.com.
Participants can pre-register for the conference call at https://dpregister.com/sreg/10198896/fef35a3730, which will generate dial-in instructions allowing participants to bypass an operator at the time of the call. Alternatively, to access the call without pre-registration, dial 844-413-3940 (in the U.S.) or 412-858-5208 (international).
An archive of the webcast will be available beginning about two hours after the call at investors.nytco.com. An audio replay will also be available at 877-344-7529 (in the U.S.) and 412-317-0088 (international) beginning approximately two hours after the call until 11:59 p.m. E.T. on Wednesday, May 21. The passcode for accessing the audio replay via phone is 4727904.
About The New York Times Company
The New York Times Company (NYSE: NYT) is a trusted source of quality, independent journalism whose mission is to seek the truth and help people understand the world. With more than 11 million subscribers across a diverse array of print and digital products — from news to cooking to games to sports — The Times Company has evolved from a local and regional news leader into a diversified media company with curious readers, listeners and viewers around the globe. Follow news about the company at NYTCo.com.
Forward-Looking Statements
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Terms such as “aim,” “anticipate,” “believe,” “confidence,” “contemplate,” “continue,” “conviction,” “could,” “drive,” “estimate,” “expect,” “forecast,” “future,” “goal,” “guidance,” “intend,” “likely,” “may,” “might,” “objective,” “opportunity,” “optimistic,” “outlook,” “plan,” “position,” “potential,” “predict,” “project,” “seek,” “should,” “strategy,” “target,” “will,” “would” or similar statements or variations of such words and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such terms. Forward-looking statements are based upon our current expectations, estimates and assumptions and involve risks and uncertainties that change over time; actual results could differ materially from those predicted by such forward-looking statements. These risks and uncertainties include, but are not limited to: significant competition in all aspects of our business; our ability to grow the size and profitability of our subscriber base; our dependence on third-party platforms for attracting, retaining and monetizing a significant portion of our users; our dependence on user and other metrics that are subject to inherent challenges in measurement; numerous factors that affect our advertising revenues, including market dynamics, evolving digital advertising trends and the evolution of our strategy; damage to our brand or reputation from negative perceptions or publicity or otherwise; risks associated with generative artificial intelligence technology; economic, market and political conditions or other events; risks associated with the international scope of our business and foreign operations; significant disruptions in our newsprint supply chain or newspaper printing and distribution channels or a significant increase in the costs to print and distribute our newspaper; risks associated with environmental, social and governance matters; risks associated with litigation or governmental investigations; our ability to protect our intellectual property; claims against us of intellectual property infringement; our ability to improve and scale our technical and data infrastructure; security incidents and other network and information systems disruptions; our ability to comply with laws and regulations with respect to privacy, data protection and consumer marketing and subscriptions practices; payment processing risk; our dependence on continued and unimpeded access to the internet and cloud-based hosting services we utilize; risks associated with attracting and maintaining a talented and diverse workforce; the impact of labor negotiations and collective bargaining agreements; potential limits on our operating flexibility due to the nature of our employee-related costs; the effects of the size and volatility of our pension plan obligations; liabilities that may result from our participation in multiemployer pension plans; risks associated with acquisitions, divestitures, investments and similar transactions; the risks and challenges associated with investments we make in new and existing products and services; our ability to meet our publicly announced guidance and/or targets; the effects of restrictions on our operations as a result of the terms of our credit facility; potential limits on our future access to capital markets and other financing options; and the concentration of control of our company due to our dual-class capital structure.
More information regarding these risks and uncertainties and other important factors that could cause actual results to differ materially from those in the forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2024, and subsequent filings. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Non-GAAP Financial Measures
This release refers to certain non-GAAP financial measures, including adjusted operating profit, defined as operating profit before depreciation, amortization, severance, multiemployer pension plan withdrawal costs and special items; adjusted operating profit margin, defined as adjusted operating profit divided by revenues; adjusted operating costs, defined as operating costs before depreciation, amortization, severance and multiemployer pension plan withdrawal costs and special items; adjusted diluted EPS, defined as diluted EPS excluding amortization of acquired intangible assets, severance, non-operating retirement costs and special items; and free cash flow, defined as net cash provided by operating activities less capital expenditures. Refer to “Reconciliation of Non-GAAP Financial Measures” in the exhibits for a discussion of management’s reasons for the presentation of these non-GAAP financial measures and reconciliations to the most comparable GAAP financial measures. Certain guidance is provided on a non-GAAP basis and not reconciled to the most directly comparable GAAP measure because we are unable to provide, without unreasonable effort, a calculation or estimation of amounts necessary for such reconciliation due to the inherent difficulty of forecasting such amounts.
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| Exhibits: | | Condensed Consolidated Statements of Operations |
| | Footnotes |
| | Supplemental Subscriber and ARPU Information |
| | Segment Information |
| | Reconciliation of Non-GAAP Financial Measures |
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| Contacts: | | |
| Media: | | Danielle Rhoades Ha, 212-556-8719; danielle.rhoades-ha@nytimes.com |
| Investors: | | Anthony DiClemente, 212-556-7661; anthony.diclemente@nytimes.com |
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| THE NEW YORK TIMES COMPANY |
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
| (Dollars and shares in thousands, except per share data) |
| | | | | | | | | | | |
| First Quarter | | |
| | 2025 | | 2024 | | % Change | | | | | | |
| Revenues | | | | | | | | | | | |
Subscription(a) | $ | 464,257 | | | $ | 429,005 | | | 8.2 | % | | | | | | |
Advertising(b) | 108,076 | | | 103,711 | | | 4.2 | % | | | | | | |
Affiliate, licensing and other(c) | 63,577 | | | 61,299 | | | 3.7 | % | | | | | | |
| Total revenues | 635,910 | | | 594,015 | | | 7.1 | % | | | | | | |
| Operating costs | | | | | | | | | | | |
| Cost of revenue (excluding depreciation and amortization) | 334,637 | | | 316,867 | | | 5.6 | % | | | | | | |
| Sales and marketing | 65,959 | | | 65,134 | | | 1.3 | % | | | | | | |
| Product development | 66,539 | | | 63,185 | | | 5.3 | % | | | | | | |
| General and administrative | 79,913 | | | 78,815 | | | 1.4 | % | | | | | | |
| Depreciation and amortization | 21,378 | | | 20,706 | | | 3.2 | % | | | | | | |
Generative AI Litigation Costs(d) | 4,397 | | | 989 | | | * | | | | | | |
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Multiemployer pension plan liability adjustment(e) | 4,453 | | | — | | | * | | | | | | |
| Total operating costs | 577,276 | | | 545,696 | | | 5.8 | % | | | | | | |
| Operating profit | 58,634 | | | 48,319 | | | 21.3 | % | | | | | | |
| Other components of net periodic benefit costs | (4,638) | | | (1,051) | | | * | | | | | | |
| | | | | | | | | | | |
| Interest income and other, net | 9,972 | | | 8,387 | | | 18.9 | % | | | | | | |
| Income before income taxes | 63,968 | | | 55,655 | | | 14.9 | % | | | | | | |
| Income tax expense | 14,417 | | | 15,238 | | | (5.4) | % | | | | | | |
| Net income | $ | 49,551 | | | $ | 40,417 | | | 22.6 | % | | | | | | |
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| Average number of common shares outstanding: | | | | | | | | | | | |
| Basic | 163,779 | | | 164,632 | | | (0.5) | % | | | | | | |
| Diluted | 164,908 | | | 165,630 | | | (0.4) | % | | | | | | |
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| Basic earnings per share attributable to common stockholders | $ | 0.30 | | | $ | 0.25 | | | 20.0 | % | | | | | | |
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| Diluted earnings per share attributable to common stockholders | $ | 0.30 | | | $ | 0.24 | | | 25.0 | % | | | | | | |
| Dividends declared per share | $ | 0.18 | | | $ | 0.13 | | | 38.5 | % | | | | | | |
| * Represents a change equal to or in excess of 100% or not meaningful. | | | | | | |
| See footnotes pages for additional information. |
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| THE NEW YORK TIMES COMPANY |
| FOOTNOTES |
| (Dollars in thousands) |
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| (a) The following table summarizes digital and print subscription revenues for the first quarters of 2025 and 2024: |
| | | | | | | | | | |
| | First Quarter | | |
| | 2025 | | 2024 | | % Change | | | | | | |
Digital-only subscription revenues(1) | | $ | 335,026 | | | $ | 292,978 | | | 14.4 | % | | | | | | |
Print subscription revenues(2) | | 129,231 | | | 136,027 | | | (5.0) | % | | | | | | |
| Total subscription revenues | | $ | 464,257 | | | $ | 429,005 | | | 8.2 | % | | | | | | |
(1)Includes revenue from bundled subscriptions and standalone subscriptions to our news product, as well as to The Athletic and to our Audio, 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.
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| (b) The following table summarizes digital and print advertising revenues for the first quarters of 2025 and 2024: |
| | | | |
| | First Quarter | | |
| | | | |
| | 2025 | | 2024 | | % Change | | | | | | |
| Digital advertising revenues | | $ | 70,866 | | | $ | 63,026 | | | 12.4 | % | | | | | | |
| Print advertising revenues | | 37,210 | | | 40,685 | | | (8.5) | % | | | | | | |
| Total advertising revenues | | $ | 108,076 | | | $ | 103,711 | | | 4.2 | % | | | | | | |
(c)Affiliate, licensing and other revenues include revenues from licensing, Wirecutter affiliate referrals, commercial printing, the leasing of floors in the Company headquarters, retail commerce and our live events business. Digital affiliate, licensing and other revenues, which consist primarily of Wirecutter affiliate referral revenue and digital licensing revenues, totaled $40.1 million and $35.8 million for the first quarter of 2025 and 2024, respectively.
(d)In the first quarters of 2025 and 2024, the Company recorded $4.4 million ($3.2 million or $0.02 per share after tax) and $1.0 million ($0.7 million or $0.0 per share after tax), respectively, of pre-tax litigation-related costs in connection with a lawsuit against Microsoft and Open AI Inc. 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.
(e)In the first quarter of 2025, the Company recorded a $4.5 million charge ($3.3 million or $0.02 per share after tax) related to a multiemployer pension plan liability adjustment.
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| THE NEW YORK TIMES COMPANY |
| SUPPLEMENTAL SUBSCRIBER AND ARPU INFORMATION |
| (Amounts in thousands, except for ARPU) |
We offer a digital subscription package (or “bundle”) that includes access to our digital news product (which includes our news website, NYTimes.com, and mobile applications), as well as to The Athletic and to our Audio, Cooking, Games and Wirecutter products. Our subscriptions also include standalone digital subscriptions to each of these products.
The following tables present information regarding the number of subscribers to the Company’s products as well as certain additional metrics. A subscriber is defined as a user who has subscribed (and provided a valid method of payment) for the right to access one or more of the Company’s products. Subscribers with a domestic home-delivery print subscription to The New York Times, which includes access to our digital products, are excluded from digital-only subscribers.
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The following table sets forth subscribers as of the end of the five most recent fiscal quarters: |
| | | | | | | | | | |
| | Q1 2025 | | Q4 2024 | | Q3 2024 | | Q2 2024 | | Q1 2024 |
| Digital-only subscribers: | | | | | | | | | | |
Bundle and multiproduct(1)(2) | | 5,760 | | | 5,440 | | | 5,120 | | | 4,830 | | | 4,550 | |
News-only(2)(3) | | 1,790 | | | 1,930 | | | 2,110 | | | 2,290 | | | 2,500 | |
Other single-product(2)(4) | | 3,500 | | | 3,450 | | | 3,240 | | | 3,100 | | | 2,860 | |
Total digital-only subscribers(2)(5) | | 11,060 | | | 10,820 | | | 10,470 | | | 10,210 | | | 9,910 | |
Print subscribers(6) | | 600 | | | 610 | | | 620 | | | 630 | | | 640 | |
| Total subscribers | | 11,660 | | | 11,430 | | | 11,090 | | | 10,840 | | | 10,550 | |
(1)Subscribers with a bundle subscription or standalone digital-only subscriptions to two or more of the Company’s products.
(2)Includes group corporate and group education subscriptions, which collectively represented approximately 6% of total digital-only subscribers as of the end of the first quarter of 2025. The number of group subscribers is derived using the value of the relevant contract and a discounted subscription rate.
(3)Subscribers with only a digital-only news product subscription.
(4)Subscribers with only one digital-only subscription to The Athletic or to our Audio, Cooking, Games or Wirecutter products.
(5)Subscribers with digital-only subscriptions to one or more of our news product, The Athletic, or our Audio, Cooking, Games and Wirecutter products.
(6)Subscribers with a domestic home-delivery or mail print subscription to The New York Times, which includes access to our digital products, or a print subscription to our Book Review or Large Type Weekly products.
The sum of individual metrics may not always equal total amounts indicated due to rounding. Subscribers (including net subscriber additions) are rounded to the nearest ten thousand.
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The following table sets forth ARPU metrics relating to the above digital-only subscriber categories for the five most recent fiscal quarters: |
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| | Q1 2025 | | Q4 2024 | | Q3 2024 | | Q2 2024 | | Q1 2024 |
| Digital-only ARPU: | | | | | | | | | | |
| Bundle and multiproduct | | $ | 12.38 | | | $ | 12.53 | | | $ | 12.35 | | | $ | 11.96 | | | $ | 11.79 | |
| News-only | | $ | 12.12 | | | $ | 11.95 | | | $ | 11.48 | | | $ | 11.26 | | | $ | 10.88 | |
Other single-product | | $ | 3.54 | | | $ | 3.58 | | | $ | 3.59 | | | $ | 3.65 | | | $ | 3.59 | |
| Total digital-only ARPU | | $ | 9.54 | | | $ | 9.65 | | | $ | 9.45 | | | $ | 9.34 | | | $ | 9.21 | |
ARPU metrics are calculated by dividing the digital subscription revenues in the quarter by the average number of digital-only subscribers divided by the number of days in the quarter multiplied by 28 to reflect a 28-day billing cycle. In calculating ARPU metrics, for our subscriber categories (Bundle and multiproduct, News-only and Other single-product), we use the monthly average number of digital-only subscribers (calculated as the sum of the number of subscribers in each category at the beginning and end of the month, divided by two) and for Total digital-only ARPU, we use the daily average number of digital-only subscribers.
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| THE NEW YORK TIMES COMPANY |
| SEGMENT INFORMATION |
| (Dollars in thousands) |
We have two reportable segments: NYTG and The Athletic. Management uses adjusted operating profit (loss) by segment in assessing performance and allocating resources. The Company includes in its presentation revenues and adjusted operating costs to arrive at adjusted operating profit (loss) by segment. Adjusted operating costs are defined as operating costs before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items. Adjusted operating profit is defined as operating profit before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items. Adjusted operating profit expressed as a percentage of revenues is referred to as adjusted operating profit margin.
Subscription revenues from and expenses associated with our bundle are allocated to NYTG and The Athletic.
We allocate 10% of all bundle subscription revenues to The Athletic based on management’s view of The Athletic’s relative value to the bundle, which we derived based on analysis of various metrics.
We allocate 10% of product development, marketing and subscriber servicing expenses (including direct variable expenses such as credit card fees, third party fees and sales taxes) associated with the bundle to The Athletic, and the remaining costs are allocated to NYTG, in each case, in line with the revenues allocations.
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| | First Quarter | | |
| | 2025 | | 2024 | | % Change | | | | | | |
| Revenues | | | | | | | | | | | | |
| NYTG | | $ | 588,913 | | $ | 557,394 | | 5.7 | % | | | | | | |
| The Athletic | | 47,560 | | 37,184 | | 27.9 | % | | | | | | |
Intersegment eliminations(1) | | (563) | | (563) | | — | | | | | | | |
| Total revenues | | $ | 635,910 | | $ | 594,015 | | 7.1 | % | | | | | | |
| Adjusted operating costs | | | | | | | | | | | | |
| NYTG | | $ | 499,091 | | $ | 472,650 | | 5.6 | % | | | | | | |
| The Athletic | | 44,684 | | 45,874 | | (2.6) | % | | | | | | |
Intersegment eliminations(1) | | (563) | | (563) | | — | | | | | | | |
| Total adjusted operating costs | | $ | 543,212 | | $ | 517,961 | | 4.9 | % | | | | | | |
| Adjusted operating profit (loss) | | | | | | | | | | | | |
| NYTG | | $ | 89,822 | | $ | 84,744 | | 6.0 | % | | | | | | |
| The Athletic | | 2,876 | | (8,690) | | * | | | | | | |
| Total adjusted operating profit | | $ | 92,698 | | $ | 76,054 | | 21.9 | % | | | | | | |
| AOP margin % - NYTG | | 15.3 | % | | 15.2 | % | | 10 bps | | | | | | |
(1)Intersegment eliminations (“I/E”) related to content licensing.
* Represents a change equal to or in excess of 100% or not meaningful.
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| THE NEW YORK TIMES COMPANY |
| SEGMENT INFORMATION |
| (Dollars in thousands) |
| | | | | | | | | | | | |
| Revenues detail by segment | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | First Quarter | | |
| | 2025 | | 2024 | | % Change | | | | | | |
| NYTG | | | | | | | | | | | | |
| Subscription | | $ | 431,520 | | | $ | 401,370 | | | 7.5 | % | | | | | | |
| Advertising | | 97,658 | | | 98,004 | | | (0.4) | % | | | | | | |
| Affiliate, licensing and other | | 59,735 | | | 58,020 | | | 3.0 | % | | | | | | |
| Total | | $ | 588,913 | | | $ | 557,394 | | | 5.7 | % | | | | | | |
| The Athletic | | | | | | | | | | | | |
| Subscription | | $ | 32,737 | | | $ | 27,635 | | | 18.5 | % | | | | | | |
| Advertising | | 10,418 | | | 5,707 | | | 82.5 | % | | | | | | |
| Affiliate, licensing and other | | 4,405 | | | 3,842 | | | 14.7 | % | | | | | | |
| Total | | $ | 47,560 | | | $ | 37,184 | | | 27.9 | % | | | | | | |
| | | | | | | | | | | | |
I/E(1) | | $ | (563) | | | $ | (563) | | | — | | | | | | | |
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| The New York Times Company | | | | | | | | | | | | |
| Subscription | | $ | 464,257 | | | $ | 429,005 | | | 8.2 | % | | | | | | |
| Advertising | | 108,076 | | | 103,711 | | | 4.2 | % | | | | | | |
| Affiliate, licensing and other | | 63,577 | | | 61,299 | | | 3.7 | % | | | | | | |
| Total | | $ | 635,910 | | | $ | 594,015 | | | 7.1 | % | | | | | | |
(1)Intersegment eliminations (“I/E”) related to content licensing recorded in Affiliate, licensing and other revenues.
* Represents a change equal to or in excess of 100% or not meaningful.
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| THE NEW YORK TIMES COMPANY |
| SEGMENT INFORMATION |
| (Dollars in thousands) |
| | | | | | | | | | | | |
| Adjusted operating costs (operating costs before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items) detail by segment |
| | | | | | | | | | | | |
| | First Quarter | | |
| | 2025 | | 2024 | | % Change | | | | | | |
| NYTG | | | | | | | | | | | | |
| Cost of revenue (excluding depreciation and amortization) | | $ | 307,260 | | | $ | 292,457 | | | 5.1 | % | | | | | | |
| Sales and marketing | | 59,982 | | | 55,481 | | | 8.1 | % | | | | | | |
| Product development | | 57,249 | | | 54,865 | | | 4.3 | % | | | | | | |
Adjusted general and administrative(1) | | 74,600 | | | 69,847 | | | 6.8 | % | | | | | | |
| Total | | $ | 499,091 | | | $ | 472,650 | | | 5.6 | % | | | | | | |
| The Athletic | | | | | | | | | | | | |
| Cost of revenue (excluding depreciation and amortization) | | $ | 27,940 | | | $ | 24,973 | | | 11.9 | % | | | | | | |
| Sales and marketing | | 5,977 | | | 9,653 | | | (38.1) | % | | | | | | |
| Product development | | 9,290 | | | 8,320 | | | 11.7 | % | | | | | | |
Adjusted general and administrative(2) | | 1,477 | | | 2,928 | | | (49.6) | % | | | | | | |
| Total | | $ | 44,684 | | | $ | 45,874 | | | (2.6) | % | | | | | | |
| | | | | | | | | | | | |
I/E(3) | | $ | (563) | | | $ | (563) | | | — | | | | | | | |
| | | | | | | | | | | | |
| The New York Times Company | | | | | | | | | | | | |
| Cost of revenue (excluding depreciation and amortization) | | $ | 334,637 | | | $ | 316,867 | | | 5.6 | % | | | | | | |
| Sales and marketing | | 65,959 | | | 65,134 | | | 1.3 | % | | | | | | |
| Product development | | 66,539 | | | 63,185 | | | 5.3 | % | | | | | | |
| Adjusted general and administrative | | 76,077 | | | 72,775 | | | 4.5 | % | | | | | | |
| Total | | $ | 543,212 | | | $ | 517,961 | | | 4.9 | % | | | | | | |
(1)Excludes severance of $2.6 million and multiemployer pension withdrawal costs of $1.2 million for the first quarter of 2025. Excludes severance of $4.0 million and multiemployer pension withdrawal costs of $1.6 million for the first quarter of 2024.
(2)Excludes severance of $0.4 million for the first quarter of 2024. There were no severance costs in the first quarter of 2025.
(3)Intersegment eliminations (“I/E”) related to content licensing recorded in Cost of revenue (excluding depreciation and amortization).
* Represents a change equal to or in excess of 100% or not meaningful.
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| THE NEW YORK TIMES COMPANY |
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
In this release, the Company has referred to non-GAAP financial information with respect to adjusted diluted EPS, defined as diluted EPS excluding amortization of acquired intangible assets, severance, non-operating retirement costs and special items; adjusted operating profit, defined as operating profit before depreciation, amortization, severance, multiemployer pension plan withdrawal costs and special items; adjusted operating profit margin, defined as adjusted operating profit divided by revenues; adjusted operating costs, defined as operating costs before depreciation, amortization, severance, multiemployer pension withdrawal costs and special items; and free cash flow, defined as net cash provided by operating activities less capital expenditures. The Company has included these non-GAAP financial measures because management reviews them on a regular basis and uses them to evaluate and manage the performance of the Company’s operations. Management believes that, for the reasons outlined below, these non-GAAP financial measures provide useful information to investors as a supplement to reported diluted earnings/(loss) per share, operating profit/(loss) and operating costs. However, these measures should be evaluated only in conjunction with the comparable GAAP financial measures and should not be viewed as alternative or superior measures of GAAP results.
Adjusted diluted EPS provides useful information in evaluating the Company’s period-to-period performance because it eliminates items that the Company does not consider to be indicative of earnings from ongoing operating activities. Adjusted operating profit and adjusted operating profit margin are useful in evaluating the ongoing performance of the Company’s business as they exclude the significant non-cash impact of depreciation and amortization as well as items not indicative of ongoing operating activities. Total operating costs include depreciation, amortization, severance, multiemployer pension plan withdrawal costs and special items. Adjusted operating costs provide investors with helpful supplemental information on the Company’s underlying operating costs that is used by management in its financial and operational decision-making.
Management considers special items, which may include impairment charges, pension settlement charges, acquisition-related costs, and beginning in the first quarter of 2024, Generative AI Litigation Costs, as well as other items that arise from time to time, to be outside the ordinary course of our operations. Management believes that excluding these items provides a better understanding of the underlying trends in the Company’s operating performance and allows more accurate comparisons of the Company’s operating results to historical performance. Management determined to report Generative AI Litigation Costs as a special item and thus exclude them beginning in the first quarter of 2024 because, unlike other litigation expenses which are not excluded, the Generative AI Litigation Costs arise from a discrete, complex and unusual proceeding and do not, in management’s view, reflect the Company’s ongoing business operational performance. In addition, management excludes severance costs, which may fluctuate significantly from quarter to quarter, because it believes these costs do not necessarily reflect expected future operating costs and do not contribute to a meaningful comparison of the Company’s operating results to historical performance.
The Company considers free cash flow as providing useful information to management and investors about the amount of cash that is available to be used to strengthen the Company’s balance sheet, for strategic opportunities, including investing in the Company’s business and strategic acquisitions, and/or for the return of capital to stockholders in the form of dividends and stock repurchases.
Non-operating retirement costs include (i) interest cost, expected return on plan assets, amortization of actuarial gains and loss components and amortization of prior service credits of single-employer pension expense, (ii) interest cost, amortization of actuarial gains and loss components and (iii) all multiemployer pension plan withdrawal costs. These non-operating retirement costs are primarily tied to financial market performance including changes in market interest rates and investment performance. Management considers non-operating retirement costs to be outside the performance of the business and believes that presenting adjusted diluted EPS excluding non-operating retirement costs and presenting adjusted operating results excluding multiemployer pension plan withdrawal costs, in addition to the Company’s GAAP diluted EPS and GAAP operating results, provide increased transparency and a better understanding of the underlying trends in the Company’s operating business performance.
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are set out in the tables below.
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| THE NEW YORK TIMES COMPANY |
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
| (Dollars in thousands, except per share data) |
| | | | | | | | | | | | |
| Reconciliation of diluted EPS excluding amortization of acquired intangible assets, severance, non-operating retirement costs and special items (or adjusted diluted EPS) |
| | | | | | | | |
| | First Quarter | | |
| | 2025 | | 2024 | | % Change | | | | | | |
| Diluted EPS | | $ | 0.30 | | | $ | 0.24 | | | 25.0 | % | | | | | | |
| Add: | | | | | | | | | | | | |
| Amortization of acquired intangible assets | | 0.04 | | | 0.04 | | | — | | | | | | | |
| Severance | | 0.02 | | | 0.03 | | | (33.3) | % | | | | | | |
| Non-operating retirement costs: | | | | | | | | | | | | |
| Multiemployer pension plan withdrawal costs | | 0.01 | | | 0.01 | | | — | | | | | | | |
| Other components of net periodic benefit costs | | 0.03 | | | 0.01 | | | * | | | | | | |
| Special items: | | | | | | | | | | | | |
| Generative AI Litigation Costs | | 0.03 | | | 0.01 | | | * | | | | | | |
| Multiemployer pension plan liability adjustment | | 0.03 | | | — | | | * | | | | | | |
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| | | | | | | | | | | | |
| Income tax expense of adjustments | | (0.04) | | | (0.02) | | | * | | | | | | |
Adjusted diluted EPS(1) | | $ | 0.41 | | | $ | 0.31 | | | 32.3 | % | | | | | | |
(1)Amounts may not add due to rounding.
* Represents a change equal to or in excess of 100% or not meaningful.
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| Reconciliation of operating profit before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items (or adjusted operating profit) |
| | | | | | | | | | | | |
| | First Quarter | | |
| | 2025 | | 2024 | | % Change | | | | | | |
| Operating profit | | $ | 58,634 | | $ | 48,319 | | 21.3 | % | | | | | | |
| Add: | | | | | | | | | | | | |
| Depreciation and amortization | | 21,378 | | 20,706 | | 3.2 | % | | | | | | |
| Severance | | 2,607 | | 4,428 | | (41.1) | % | | | | | | |
| Multiemployer pension plan withdrawal costs | | 1,229 | | 1,612 | | (23.8) | % | | | | | | |
| Generative AI Litigation Costs | | 4,397 | | 989 | | * | | | | | | |
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| Multiemployer pension plan liability adjustment | | 4,453 | | — | | * | | | | | | |
| Adjusted operating profit | | $ | 92,698 | | $ | 76,054 | | 21.9 | % | | | | | | |
| Divided by: | | | | | | | | | | | | |
| Revenues | | $ | 635,910 | | $ | 594,015 | | 7.1 | % | | | | | | |
| Operating profit margin | | 9.2 | % | | 8.1 | % | | 110 bps | | | | | | |
| Adjusted operating profit margin | | 14.6 | % | | 12.8 | % | | 180 bps | | | | | | |
* Represents a change equal to or in excess of 100% or not meaningful.
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| THE NEW YORK TIMES COMPANY |
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
| (Dollars in thousands) |
| | | | | | | | | | | | | | | | | | |
| Reconciliation of total operating costs before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items (or adjusted operating costs) |
| | | | | | | | | | | | | | | | | | |
| | First Quarter |
| | 2025 | | 2024 | | |
| | NYTG | | The Athletic | | I/E(1) | | Total | | NYTG | | The Athletic | | I/E(1) | | Total | | % Change |
| Total operating costs | | $ | 526,558 | | | $ | 51,281 | | | $ | (563) | | | $ | 577,276 | | | $ | 493,275 | | | $ | 52,984 | | | $ | (563) | | | $ | 545,696 | | | 5.8 | % |
| Less: | | | | | | | | | | | | | | | | | | |
| Depreciation and amortization | | 14,781 | | | 6,597 | | | — | | | 21,378 | | | 14,025 | | | 6,681 | | | — | | | 20,706 | | | 3.2 | % |
| Severance | | 2,607 | | | — | | | — | | | 2,607 | | | 3,999 | | | 429 | | | — | | | 4,428 | | | (41.1) | % |
| Multiemployer pension plan withdrawal costs | | 1,229 | | | — | | | — | | | 1,229 | | | 1,612 | | | — | | | — | | | 1,612 | | | (23.8) | % |
| Generative AI Litigation Costs | | 4,397 | | | — | | | — | | | 4,397 | | | 989 | | | — | | | — | | | 989 | | | * |
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| Multiemployer pension plan liability adjustment | | 4,453 | | | — | | | — | | | 4,453 | | | — | | | — | | | — | | | — | | | * |
| Adjusted operating costs | | $ | 499,091 | | | $ | 44,684 | | | $ | (563) | | | $ | 543,212 | | | $ | 472,650 | | | $ | 45,874 | | | $ | (563) | | | $ | 517,961 | | | 4.9 | % |
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(1)Intersegment eliminations (“I/E”) related to content licensing.
* Represents a change equal to or in excess of 100% or not meaningful.
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| Reconciliation of net cash provided by operating activities before capital expenditures (or free cash flow) |
| | | | |
| | Three Months |
| | 2025 | | 2024 |
Net cash provided by operating activities(1) | | $ | 99,088 | | | $ | 53,079 | |
| Less: Capital expenditures | | (9,237) | | | (6,424) | |
| Free cash flow | | $ | 89,851 | | | $ | 46,655 | |
(1)Net cash provided by operating activities in the first quarter of 2025 included net proceeds of approximately $33 million in connection with the lease and subsequent sale of approximately four acres of excess land at our printing and distribution facility in College Point, N.Y., which was finalized in February 2025.
