The New York Times Company Reports 2018 Fourth-Quarter and Full-Year Results and Announces Dividend Increase
NEW YORK–(BUSINESS WIRE)–The New York Times Company (NYSE: NYT) announced today fourth-quarter
2018 diluted earnings per share from continuing operations of $.33
compared with a loss of $.35 in the same period of 2017. Adjusted
diluted earnings per share from continuing operations (defined below)
was $.32 in the fourth quarter of 2018 compared with $.38 in the fourth
quarter of 2017.
Operating profit decreased to $74.7 million in the fourth quarter of
2018 from $90.5 million in the same period of 2017 and adjusted
operating profit (defined below) decreased to $94.0 million in the
fourth quarter of 2018 from $105.9 million in the prior year,
principally due to the benefit from an extra week in the Company’s 2017
fiscal calendar and higher costs in 2018.
Mark Thompson, president and chief executive officer, The New York Times
Company, said, “A strong quarter capped a strong year for The New York
Times. We added 265,000 net new digital subscriptions in Q4, the biggest
gain since the months immediately following the 2016 election. Digital
subscription growth accelerated in the second half of 2018 and we ended
the year with 3.4 million digital subscriptions and 4.3 million total
subscriptions. We achieved digital advertising revenue growth of 23
percent year-over-year in Q4, or 32 percent on a like-for-like basis,
our best result for many years.
“We ended 2018 with $709 million in total digital revenue. This means
that after just three years, we are already three quarters of the way to
achieving our five-year goal of doubling digital revenue to $800 million
by 2020. As a result we are setting ourselves a new goal – to grow our
subscription business to more than 10 million subscriptions by 2025.
“Our appeal to subscribers – and to the world’s leading advertisers –
depends more than anything on the quality of our journalism. That is why
we have increased, rather than cut back, our investment in our newsroom
and opinion departments. We want to accelerate our digital growth
further, so in 2019, we will direct fresh investment into journalism,
product and marketing.
“We believe that a conservative approach to our balance sheet makes
sense as we navigate our digital transition. Nonetheless, in the light
of the progress we have made, our Board of Directors has approved a
dividend increase of $.01 per share to $.05 per share. The Board will of
course continue to keep the balance sheet and the best use of capital
under close review.”
Comparisons
Unless otherwise noted, all comparisons are for
the fourth quarter of 2018 to the fourth quarter of 2017.
Because of the Company’s fiscal calendar, the 2017 fourth quarter and
year included an additional week (14 weeks and 53 weeks, respectively)
compared with the 2018 fourth quarter and year (13 weeks and 52 weeks,
respectively). A reconciliation of revenues, excluding the estimated
impact of the additional week, to revenues including the additional
week, is included in the exhibits to this release.
In the first quarter of 2018, the Company adopted Accounting Standards
Update 2017-07 Compensation— Retirement Benefits (Topic 715): Improving
the Presentation of Net Periodic Pension Cost and Net Periodic
Postretirement Benefit Cost (“ASU 2017-07”). The Company has recast its
fourth quarter and twelve months ended December 31, 2017, results to
reflect the impact of the adoption of ASU 2017-07 for comparability
purposes; there was no impact to net income as a result of the adoption.
Refer to the Condensed Consolidated Statements of Operations for more
details.
This release presents certain non-GAAP financial measures, including
diluted earnings per share from continuing operations excluding
severance, non-operating retirement costs and special items (or adjusted
diluted earnings per share from continuing operations); operating profit
before depreciation, amortization, severance, multiemployer pension plan
withdrawal costs and special items (or adjusted operating profit); and
operating costs before depreciation, amortization, severance and
multiemployer pension plan withdrawal costs (or adjusted operating
costs). Refer to Reconciliation of Non-GAAP Information 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.
In connection with the adoption of ASU 2017-07 in the first quarter of
2018, the Company modified its definitions of adjusted operating profit,
adjusted operating costs and non-operating retirement costs in response
to changes in the GAAP presentation of single employer pension and
postretirement benefit costs. For comparability purposes, the Company
has also presented each of its non-GAAP financial measures for the
fourth quarter and twelve months ended December 31, 2017, reflecting the
recast of its financial statements for such periods to account for the
adoption of ASU 2017-07 and the revised definitions of the non-GAAP
financial measures. Refer to Reconciliation of Non-GAAP Information in
the exhibits for more details. As disclosed in the Company’s first
quarter 2018 earnings release, in the revised full-year 2017
presentation of non-GAAP financial measures, the Company’s adjusted
diluted earnings per share from continuing operations decreased by $.04
from $.80 to $.76, its adjusted operating costs increased by $9.7
million, and its adjusted operating profit decreased by the same amount,
in each case compared with the previously reported amounts.
Fourth-quarter 2018 results included the following special items:
-
A $11.3 million gain ($7.1 million or $.04 per share after tax and net
of noncontrolling interest) reflecting our proportionate share of a
distribution from the sale of assets by Madison Paper Industries
(“Madison”), in which the Company has an investment through a
subsidiary. -
A $1.4 million charge ($1.0 million after tax or $.01 per share) in
connection with the redesign and consolidation of space in our
headquarters building.
Fourth-quarter 2017 results included the following special items:
-
$102.1 million in pension settlement charges ($61.5 million after tax
or $.38 per share) in connection with the transfer of certain pension
benefit obligations to insurers. -
A $37.1 million gain ($22.3 million after tax or $.14 per share) in
connection with the settlement of contractual funding obligations
primarily from a postretirement plan. -
A $14.8 million loss ($8.3 million or $.05 per share after tax and net
of noncontrolling interest) reflecting (i) our proportionate share of
the loss recognized by Madison, resulting from Madison’s settlement of
pension obligations, and (ii) a loss resulting from the sale of our 49
percent equity interest in Donahue Malbaie Inc. (“Malbaie”), a
Canadian newsprint company. -
A $3.2 million charge ($1.9 million after tax or $.01 per share) in
connection with the redesign and consolidation of space in our
headquarters building. -
A $68.7 million charge ($.42 per share) primarily attributable to the
remeasurement of our net deferred tax assets required as a result of
recent tax legislation.
Results from Continuing Operations
Revenues
Including the impact of the additional week in
2017, total revenues for the fourth quarter of 2018 increased 3.8
percent to $502.7 million from $484.1 million in the fourth quarter of
2017. Subscription revenues decreased 2.2 percent, while advertising
revenues increased 5.0 percent and other revenues increased 47.7
percent. Excluding the impact of the additional week in 2017, estimated
total revenues increased 10.4 percent, with subscription and advertising
revenues up 5.0 percent and 11.0 percent, respectively.
Subscription revenues in the fourth quarter of 2018 declined primarily
due to the extra week in 2017. Revenue from the Company’s digital-only
subscription products (which include our news product, as well as our
Crossword and Cooking products) increased to $105.3 million, a rise of
9.3 percent compared with the fourth quarter of 2017, primarily due to
growth in recent years in the number of subscriptions. Excluding the
additional week, estimated revenue from the Company’s digital-only
subscription products increased 17.9 percent.
Paid digital-only subscriptions totaled approximately 3,360,000 at the
end of the fourth quarter of 2018, a net increase of 265,000
subscriptions compared with the end of the third quarter of 2018 and a
27.1 percent increase compared with the end of the fourth quarter of
2017. Of the 265,000 additions, 172,000 came from the Company’s digital
news product, while the remainder came from the Company’s Cooking and
Crossword products.
Fourth-quarter digital advertising revenue increased 22.8 percent, while
print advertising revenue decreased 10.2 percent. Digital advertising
revenue was $103.4 million, or 53.9 percent of total Company advertising
revenues, compared with $84.2 million, or 46.1 percent, in the fourth
quarter of 2017. Excluding the impact of the additional week, estimated
digital advertising revenue increased 31.5 percent, while print
advertising revenue decreased 6.2 percent. The increase in digital
advertising revenue primarily reflected growth in both direct-sold
advertising on our digital platforms and creative services.
Other revenues rose 47.7 percent in the fourth quarter primarily as a
result of growth in our commercial printing operations; affiliate
referral revenue associated with the product review and recommendation
website, Wirecutter; our live events business and five and a half
additional floors of rental income from our New York headquarters
building.
Operating Costs
Operating costs increased in the fourth
quarter of 2018 to $426.7 million compared with $394.8 million in the
fourth quarter of 2017, while adjusted operating costs increased to
$408.7 million from $378.3 million in the fourth quarter of 2017 largely
due to higher marketing expenses, labor and raw material costs from
commercial printing, and costs related to our advertising business,
partially offset by lower print production and distribution costs
related to our newspaper.
Marketing expenses increased to $48.6 million in the fourth quarter of
2018 from $32.6 million in 2017 largely due to an increase in
subscription acquisition and brand marketing costs.
Other Data
Other Components of Net Periodic Benefit Costs
Other
components of net periodic benefit costs decreased in the fourth quarter
of 2018 to $2.0 million compared with $67.8 million in the fourth
quarter of 2017. The fourth quarter of 2017 included pension settlement
charges related to the transfer of certain pension benefit obligations
to insurers, partially offset by a gain related to the settlement of
contractual funding obligations, primarily from a post retirement plan.
Interest Expense and Other, net
Interest expense and other,
net decreased in the fourth quarter of 2018 to $3.1 million compared
with $4.7 million in the fourth quarter of 2017 as a result of higher
interest income from cash and marketable securities.
Income Taxes
The Company had income tax expense of $23.3
million in the fourth quarter of 2018 compared with $63.1 million in the
fourth quarter of 2017. The decrease was primarily due to a one-time
charge of $68.7 million in the fourth quarter of 2017 attributable to
the remeasurement of our net deferred tax assets required as a result of
federal tax reform legislation, which was partially offset by a tax
benefit from pension settlement charges in the fourth quarter of 2017.
Liquidity
As of December 30, 2018, the Company had cash and
marketable securities of $826.4 million (excluding restricted cash of
$18.3 million, substantially all of which is set aside to collateralize
certain workers’ compensation obligations). We have an option,
exercisable in 2019, to repurchase the condo interest in our
headquarters building for $250.0 million, and we have provided notice of
our intent to exercise this option. We expect to fund the repurchase of
the condo interest from our existing cash and marketable securities.
Included within marketable securities are securities used to
collateralize approximately $48 million of letters of credit issued by
the Company in connection with the leasing of floors in our headquarters
building. Total debt and capital lease obligations were $253.6 million.
Dividends
The Company’s Board of Directors declared a $.05
dividend per share on the Company’s Class A and Class B common stock, an
increase of $.01 from the previous quarter. The dividend is payable on
April 18, 2019, to shareholders of record as of the close of business on
April 3, 2019.
Capital Expenditures
Capital expenditures totaled
approximately $8 million in the fourth quarter of 2018 compared with $37
million in the fourth quarter of 2017. The expenditures were primarily
related to improvements at our College Point printing and distribution
facility and the redesign and consolidation of space in our headquarters
building.
Outlook
Total subscription revenues in the first quarter of
2019 are expected to increase in the low to mid-single digits compared
with the first quarter of 2018, with digital-only subscription revenue
expected to increase in the mid-teens.
Total advertising revenues in the first quarter of 2019 are expected to
decrease in the low to mid-single digits compared with the first quarter
of 2018, with digital advertising revenue expected to increase in the
mid-teens.
Other revenues in the first quarter of 2019 are expected to increase
approximately 50 percent compared with the first quarter of 2018.
Operating costs and adjusted operating costs are expected to increase
approximately 10 percent in the first quarter of 2019 compared with the
first quarter of 2018 as a result of continued investment into the
drivers of digital subscription growth: marketing, product and
journalism; as well as in commercial printing operations.
The Company expects the following on a pre-tax basis in 2019:
- Depreciation and amortization: $60 million to $65 million,
- Interest expense and other, net: $10 million to $12 million, and
- Capital expenditures: $45 million to $55 million.
Conference Call Information
The Company’s fourth-quarter and
full-year 2018 earnings conference call will be held on Wednesday,
February 6, at 11:00 a.m. E.T.
Participants can pre-register for the telephone conference at dpregister.com/10127485,
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 callers). Online listeners can link to the
live webcast at investors.nytco.com.
An archive of the webcast will be available beginning about two hours
after the call at investors.nytco.com.
The archive will be available for approximately three months. An audio
replay will be available at 877-344-7529 (in the U.S.) and 412-317-0088
(international callers) beginning approximately two hours after the call
until 11:59 p.m. E.T. on Wednesday, February 20. The passcode is
10127485.
Except for the historical information contained herein, the matters
discussed in this press release are forward-looking statements that
involve risks and uncertainties, and actual results could differ
materially from those predicted by such forward-looking statements.
These risks and uncertainties include changes in the business and
competitive environment in which the Company operates, the impact of
national and local conditions and developments in technology, each of
which could influence the levels (rate and volume) of the Company’s
subscriptions and advertising, the growth of its businesses and the
implementation of its strategic initiatives. They also include other
risks detailed from time to time in the Company’s publicly filed
documents, including the Company’s Annual Report on Form 10-K for the
year ended December 31, 2017. 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.
The New York Times Company is a global media organization dedicated to
enhancing society by creating, collecting and distributing high-quality
news and information. The Company includes The New York Times, NYTimes.com
and related properties. It is known globally for excellence in its
journalism, and innovation in its print and digital storytelling and its
business model. Follow news about the company at @NYTimesPR.
| Exhibits: | Condensed Consolidated Statements of Operations | ||
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Footnotes |
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Reconciliation of Non-GAAP Information |
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This press release can be downloaded from www.nytco.com
| THE NEW YORK TIMES COMPANY | ||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
| (Dollars and shares in thousands, except per share data) | ||||||||||||||||
|
Fourth Quarter |
Twelve Months | |||||||||||||||
| 2018 | 2017 |
|
% Change |
2018 | 2017 |
|
% Change |
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| (13 weeks) | (14 weeks) | (52 weeks) | (53 weeks) | |||||||||||||
| Revenues | ||||||||||||||||
| Subscription(a) | $ | 263,553 | $ | 269,381 | (2.2%) | $ | 1,042,571 | $ | 1,008,431 | 3.4% | ||||||
| Advertising(b) | 191,728 | 182,618 | 5.0% | 558,253 | 558,513 | * | ||||||||||
| Other(c) | 47,463 | 32,127 | 47.7% | 147,774 | 108,695 | 36.0% | ||||||||||
| Total revenues | 502,744 | 484,126 | 3.8% | 1,748,598 | 1,675,639 | 4.4% | ||||||||||
| Operating costs | ||||||||||||||||
| Production costs | ||||||||||||||||
| Wages and benefits | 99,990 | 93,773 | 6.6% | 380,678 | 363,686 | 4.7% | ||||||||||
| Raw materials | 22,052 | 17,843 | 23.6% | 76,542 | 66,304 | 15.4% | ||||||||||
| Other production costs | 58,502 | 51,581 | 13.4% | 196,956 | 186,352 | 5.7% | ||||||||||
| Total production costs(d) | 180,544 | 163,197 | 10.6% | 654,176 | 616,342 | 6.1% | ||||||||||
| Selling, general and administrative costs(d) | 231,127 | 216,698 | 6.7% | 845,591 | 815,065 | 3.7% | ||||||||||
| Depreciation and amortization | 15,042 | 14,910 | 0.9% | 59,011 | 61,871 | (4.6%) | ||||||||||
| Total operating costs(d) | 426,713 | 394,805 | 8.1% | 1,558,778 | 1,493,278 | 4.4% | ||||||||||
| Headquarters redesign and consolidation(e) | 1,364 | 3,161 | (56.8%) | 4,504 | 10,090 | (55.4%) | ||||||||||
|
Multiemployer pension and other contractual gains(f)(g) |
— | (4,320) | * | (4,851) | (4,320) | 12.3% | ||||||||||
| Operating profit(d) | 74,667 | 90,480 | (17.5%) | 190,167 | 176,591 | 7.7% | ||||||||||
| Other components of net periodic benefit costs (d)(g) | 2,048 | 67,805 | (97.0%) | 8,274 | 64,225 | (87.1%) | ||||||||||
| Gain/(Loss) from joint ventures(h) | 10,773 | (12,823) | * | 10,764 | 18,641 | (42.3%) | ||||||||||
| Interest expense and other, net | 3,127 | 4,665 | (33.0%) | 16,566 | 19,783 | (16.3%) | ||||||||||
| Income from continuing operations before income taxes | 80,265 | 5,187 | * | 176,091 | 111,224 | 58.3% | ||||||||||
| Income tax expense (i) | 23,289 | 63,083 | (63.1%) | 48,631 | 103,956 | (53.2%) | ||||||||||
| Income from continuing operations | 56,976 | (57,896) | * | 127,460 | 7,268 | * | ||||||||||
| Loss from discontinued operations, net of income taxes (j) | — | 57 | * | — | (431) | * | ||||||||||
| Net income (loss) | 56,976 | (57,839) | * | 127,460 | 6,837 | * | ||||||||||
| Net (income)/loss attributable to the noncontrolling interest | (1,777) | 1,026 | * | (1,776) | (2,541) | (30.1%) | ||||||||||
|
Net income/(loss) attributable to The New York Times Company common stockholders |
$ | 55,199 | $ | (56,813) | * | $ | 125,684 | $ | 4,296 | * | ||||||
| Average number of common shares outstanding: | ||||||||||||||||
| Basic | 165,154 | 162,311 | 1.8% | 164,845 | 161,926 | 1.8% | ||||||||||
| Diluted | 167,249 | 162,311 | 3.0% | 166,939 | 164,263 | 1.6% | ||||||||||
|
Basic earnings per share attributable to The New York Times Company common stockholders |
$ | 0.33 | $ | (0.35) | * | $ | 0.76 | $ | 0.03 | * | ||||||
|
Diluted earnings per share attributable to The New York Times Company common stockholders |
$ | 0.33 | $ | (0.35) | * | $ | 0.75 | $ | 0.03 | * | ||||||
| Dividends declared per share | $ | 0.04 | $ | 0.04 | * | $ | 0.16 | $ | 0.16 | * | ||||||
|
* Represents a change equal to or in excess of 100% or not meaningful. |
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| See footnotes pages for additional information. | ||||||||||||||||
| THE NEW YORK TIMES COMPANY | ||||||||||||||||||||||
| FOOTNOTES | ||||||||||||||||||||||
| (Amounts in thousands) | ||||||||||||||||||||||
| (a) |
The following table summarizes digital-only subscription revenues for the fourth quarters and twelve months of 2018 and 2017: |
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| Fourth Quarter | Twelve Months | |||||||||||||||||||||
| 2018 | 2017 | % Change | 2018 | 2017 | % Change | |||||||||||||||||
| (13 weeks) | (14 weeks) | (52 weeks) | (53 weeks) | |||||||||||||||||||
| Digital-only subscription revenues: | ||||||||||||||||||||||
| News product subscription revenues(1) | $ | 98,791 | $ | 91,722 | 7.7% | $378,484 | $ | 325,956 | 16.1% | |||||||||||||
| Other product subscription revenues(2) | 6,467 | 4,577 | 41.3% | 22,136 | 14,387 | 53.9% | ||||||||||||||||
| Total digital-only subscription revenues | $ | 105,258 | $ | 96,299 | 9.3% | $400,620 | $ | 340,343 | 17.7% | |||||||||||||
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(1) Includes revenues from subscriptions to |
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(2) Includes revenues from standalone |
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The following table summarizes digital-only subscriptions as of the end of 2018 and 2017: |
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December 30, |
December 31, |
% Change | ||||||||||||||||||||
| (52 weeks) | (53 weeks) | |||||||||||||||||||||
| Digital-only subscriptions: | ||||||||||||||||||||||
| News product subscriptions(1) | 2,713 | 2,231 | 21.6% | |||||||||||||||||||
| Other product subscriptions(2) | 647 | 413 | 56.7% | |||||||||||||||||||
| Total digital-only subscriptions | 3,360 | 2,644 | 27.1% | |||||||||||||||||||
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(1) Includes subscriptions to the Company’s |
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(2) Includes standalone subscriptions to the |
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| (b) |
The following table summarizes advertising revenues by category for the fourth quarters and twelve months of 2018 and 2017: |
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| Fourth Quarter 2018 | Fourth Quarter 2017 | % Change | ||||||||||||||||||||||||
| (13 weeks) | (14 weeks) | |||||||||||||||||||||||||
| Digital | Total | Digital | Total | Digital | Total | |||||||||||||||||||||
| Display | $ | 80,306 | $ | 78,168 | $ | 158,474 | $ | 88,843 | $ | 69,650 | $ | 158,493 | (9.6)% | 12.2% | —% | |||||||||||
| Other | 8,038 | 25,216 | 33,254 | 9,576 | 14,549 | 24,125 | (16.1)% | 73.3% | 37.8% | |||||||||||||||||
| Total advertising | $ | 88,344 | $ | 103,384 | $ | 191,728 | $ | 98,419 | $ | 84,199 | $ | 182,618 | (10.2)% | 22.8% | 5.0% | |||||||||||
| Twelve Months 2018 | Twelve Months 2017 | % Change | ||||||||||||||||||||||||
| (52 weeks) | (53 weeks) | |||||||||||||||||||||||||
| Digital | Total | Digital | Total | Digital | Total | |||||||||||||||||||||
| Display | $ | 269,160 | $ | 202,038 | $ | 471,198 | $ | 285,679 | $ | 198,658 | $ | 484,337 | (5.8)% | 1.7% | (2.7)% | |||||||||||
| Other | 30,220 | 56,835 | 87,055 | 34,543 | 39,633 | 74,176 | (12.5)% | 43.4% | 17.4% | |||||||||||||||||
| Total advertising | $ | 299,380 | $ | 258,873 | $ | 558,253 | $ | 320,222 | $ | 238,291 | $ | 558,513 | (6.5)% | 8.6% | —% | |||||||||||
| (c) |
Other revenues primarily consist of revenues from affiliate referrals, commercial printing, news services/syndication, building rental income, digital archive licensing, NYT Live (our live events business) and retail commerce. Digital other revenues, which consist primarily of affiliate referral revenue and digital archive licensing revenue, totaled $15.5 million and $49.4 million for the fourth quarter and full year 2018, respectively. |
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| (d) |
As a result of the adoption of the ASU 2017-07 during the first |
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| (e) |
In the fourth quarter of 2018 and 2017, the Company recognized $1.4 million and $3.2 million pre-tax expenses related to the redesign and consolidation of space in our headquarters building, respectively and $4.5 million and $10.1 million pre-tax expenses in the twelve months of 2018 and 2017, respectively. |
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| (f) |
In the third quarter of 2018, the Company recorded a $4.9 million gain from a pension liability adjustment. |
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| (g) |
In the fourth quarter of 2017, the Company recorded a gain of $4.3 |
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| (h) |
In the fourth quarter of 2018, the Company recorded an $11.3 million gain from joint ventures reflecting our proportionate share of a distribution from Madison. In the fourth quarter of 2017, the Company recorded (i) an $8.4 million loss from joint ventures reflecting our proportionate share of the loss recognized by Madison, resulting from Madison’s settlement of pension obligations and (ii) a $6.4 million loss from joint ventures from the sale of our 49% equity interest in Malbaie. In the third quarter of 2017, the Company recorded a $30.1 million gain from joint ventures reflecting our proportionate share of the gain related to the sale of the remaining assets at a paper mill previously operated by Madison. |
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| (i) |
In the fourth quarter of 2017, the Company recorded a $68.7 million charge primarily attributable to the remeasurement of our net deferred tax assets required as a result of recent tax legislation. |
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| (j) |
In the fourth and third quarters of 2017, the Company recorded a gain of $0.1 million ($0.0 million after tax) and charge of $0.8 million ($0.5 million after tax), respectively, in connection with the settlement of litigation involving NEMG T&G, a subsidiary of the Company and a part of the New England Media Group, which the Company sold in 2013. |
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Contacts
The New York Times Company
For Media: Danielle Rhoades Ha,
212-556-8719; danielle.rhoades-ha@nytimes.com
For
Investors: Harlan Toplitzky, 212-556-7775; harlan.toplitzky@nytimes.com