The New York Times Company Details the Next Phase of Its Digitally Focused Strategy and Its Midterm Operating and Financial Targets at Investor Day

The New York Times Company (NYSE: NYT) will present today its digitally-focused growth strategy to achieve its midterm operating and financial targets at its first Investor Day in many years. Executives will detail how The Times plans to achieve attractive, sustainable revenue and adjusted operating profit growth by adding subscribers to its differentiated portfolio of leading news and lifestyle products. The Times will also discuss the opportunity ahead for The Athletic.

“Over the past five years, we have transformed The Times into a digital-first, subscription-first definitive market leader with more than 9 million subscribers and a goal of 15 million by year-end 2027,” said Meredith Kopit Levien, president and chief executive officer, The New York Times Company. “We believe we can become the essential subscription for every curious, English-speaking person seeking to understand and engage with the world. With this strategy, there is a tremendous long-term growth opportunity to attract and retain a larger audience driven by an expansive and connected product experience that makes us indispensable to millions of people in their daily lives.”

“Our management team has transformed The New York Times Company into a proven leader, and we believe we are well positioned to execute on, and achieve, our established targets,” said Roland Caputo, chief financial officer, The New York Times Company. “We believe that the combination of our subscriber scale, favorable unit economics, and multi-revenue stream business model will allow for increased operating leverage even while continuing to invest for future growth.”

Midterm Targets

During today’s event, the Company will discuss its operating and financial targets for the midterm, which is defined as three to five years. The targets include:

• 15 million total subscribers by year-end 2027
• 9-12% Adjusted Operating Profit CAGR, with 2022 as the base year
• Consolidated Adjusted Operating Profit Margin improvement over the period, with the potential for some variability from year-to-year
• Return 25-50% of Free Cash Flow to shareholders in the form of dividends and buybacks

Investor Day Webcast Information

The Investor Day will begin at approximately 9:00 a.m. Eastern Time at The New York Times Company’s headquarters in New York City. Attendance in person is by invitation only. Presentation materials and access to a live webcast of the event are available in the Investor Day section of The Times Company’s Investor Relations website at investors.nytco.com. A replay will be available following the event and will remain available for at least 12 months.