New York Times Co (NYT) 2022 Q2 法說會逐字稿

Good morning, and welcome to the New York Times Company's Second Quarter 2022 Earnings Conference Call. (Operator Instructions) Please note that this event is being recorded.

早上好，歡迎參加紐約時報公司 2022 年第二季度收益電話會議。 （操作員說明）請注意，此事件正在記錄中。

I would now like to turn the conference over to Harlan Toplitzky, Vice President of Investor Relations. Please go ahead.

我現在想將會議轉交給投資者關係副總裁 Harlan Toplitzky。請繼續。

Thank you, and welcome to The New York Times Company's Second Quarter 2022 Earnings Conference Call. On the call today, we have Meredith Kopit Levien, President and Chief Executive Officer; and Roland Caputo, Executive Vice President and Chief Financial Officer.

謝謝，歡迎參加《紐約時報》公司 2022 年第二季度收益電話會議。在今天的電話會議上，我們有總裁兼首席執行官 Meredith Kopit Levien；以及執行副總裁兼首席財務官 Roland Caputo。

Before we begin, I would like to remind you that management will make forward-looking statements during the course of this call. These statements are based on our current expectations and assumptions, which may change over time. Our actual results could differ materially due to a number of risks and uncertainties that are described in the company's 2021 10-K and subsequent SEC filings.

在我們開始之前，我想提醒您，管理層將在本次電話會議期間發表前瞻性陳述。這些陳述基於我們當前的預期和假設，這些預期和假設可能會隨著時間而改變。由於公司 2021 年 10-K 和隨後提交給美國證券交易委員會的文件中描述的許多風險和不確定性，我們的實際結果可能會有很大差異。

In addition, our presentation will include non-GAAP financial measures, and we have provided reconciliations to the most comparable GAAP measures in our earnings press release, which is available on our website at investors.nytco.com. And finally, please note that a copy of the prepared remarks from this morning's call will be posted to our investor website shortly after we conclude.

此外，我們的演示文稿將包括非 GAAP 財務指標，我們在收益新聞稿中提供了與最具可比性的 GAAP 指標的對賬，該新聞稿可在我們的網站 Investors.nytco.com 上找到。最後，請注意，今天上午電話會議準備好的講話副本將在我們結束後不久發佈到我們的投資者網站上。

With that, I will turn the call over to Meredith Kopit Levien.

有了這個，我將把電話轉給 Meredith Kopit Levien。

Thanks, Harlan, and good morning, everyone. In a world that is getting ever more complex, we believe that quality journalism can play an even more valuable role in people's lives. Over the course of the year, we've introduced the next phase of our strategy to become the essential subscription for every English-speaking person seeking to understand and engage with the world.

謝謝，哈蘭，大家早上好。在一個越來越複雜的世界裡，我們相信優質的新聞可以在人們的生活中發揮更有價值的作用。在這一年中，我們推出了下一階段的戰略，成為每個尋求了解世界並與世界互動的說英語的人的基本訂閱。

That strategy is grounded in 3 pillars: first, to build on our leadership in news to be the best news destination in the world; second, to be more valuable to more people by helping them make the most of their lives and passions; and third, to put those two things together in a more expansive and connected product experience or bundle that makes The Times even more indispensable to the daily lives of millions more people. We're making palpable progress in each of these areas and have strong conviction in our path forward and ability to create shareholder value.

該戰略基於三個支柱：第一，鞏固我們在新聞領域的領先地位，成為世界上最好的新聞目的地；其次，通過幫助他們充分利用自己的生活和熱情，對更多人更有價值；第三，將這兩個東西放在一個更廣泛和連接的產品體驗或捆綁包中，使時代在數百萬人的日常生活中變得更加不可或缺。我們在這些領域中的每一個領域都取得了明顯的進展，並且對我們的前進道路和創造股東價值的能力有堅定的信念。

Turning to our second quarter results. Overall revenue grew more than 11%, with digital subscription revenue up nearly 26%, and total advertising revenue up just over 4%. We had 180,000 net digital subscriber additions in the quarter, which represents approximately 70% improvement over the second quarter of 2021, driven by the bundle, games and The Athletic. It was also a relatively strong period for subscriber engagement.

轉向我們的第二季度業績。總收入增長超過 11%，其中數字訂閱收入增長近 26%，總廣告收入增長略高於 4%。在捆綁、遊戲和 The Athletic 的推動下，我們在本季度新增了 180,000 個淨數字用戶，比 2021 年第二季度增長了約 70%。這也是訂戶參與度相對較高的時期。

There were 2 big success stories in the quarter, our effectiveness at getting more people to buy our all-access bundle and the performance of our recent acquisitions. Together, they show our strategy and action. As I've said on the last few earnings calls and at our June Investor Day, we believe that the bundle will allow us to better penetrate our addressable market and drive more volume and higher ARPU. News remains core to our value proposition, but the bundle helps ensure that The Times is indispensable to an ever-widening group of people, even as news engagement ebbs and flows.

本季度有兩個重大成功案例，我們在吸引更多人購買我們的全接入捆綁包方面的有效性以及我們最近收購的表現。它們共同展示了我們的戰略和行動。正如我在最近幾次財報電話會議和 6 月投資者日所說的那樣，我們相信該捆綁包將使我們能夠更好地滲透我們的目標市場並推動更多的交易量和更高的 ARPU。新聞仍然是我們價值主張的核心，但該捆綁包有助於確保《泰晤士報》對於不斷擴大的人群來說是不可或缺的，即使在新聞參與度起起落落時也是如此。

In the second quarter, we brought in the highest ever number of new starts to the bundle, thanks to a deliberate effort to prompt more people to buy it versus news-only subscription. As a result, the bundle made up a majority of the quarter's total net subscriber additions. That means we are seeing discernible momentum on a key element of our strategy to drive revenue, profit and shareholder value. Our experience so far is that bundle subscribers, including our newest ones, pay more, engage more frequently and retain better, so our plan is to lean even more heavily into selling the bundle to new subscribers and getting existing subscribers to upgrade in the back half of the year.

在第二季度，我們為該捆綁包帶來了有史以來最高的新開始數量，這要歸功於我們刻意鼓勵更多人購買它而不是只訂閱新聞。因此，該捆綁包佔本季度淨訂閱用戶總數的大部分。這意味著我們在推動收入、利潤和股東價值的戰略的關鍵要素上看到了明顯的勢頭。到目前為止，我們的經驗是捆綁訂戶，包括我們最新的訂戶，支付更多，更頻繁地參與並更好地保留，因此我們的計劃是更加傾向於將捆綁銷售給新訂戶並讓現有訂戶在後半部分升級年。

We expect much of the revenue benefit from this to begin in 2023 as we follow our proven playbook of moving subscribers from introductory offers to higher prices over time. Our acquisitions also played a big role in the quarter. We had 50,000 stand-alone net additions to The Athletic, which is 50% higher than The Athletic's performance in the second quarter last year before we acquired it.

我們預計大部分收入將從 2023 年開始，因為我們遵循我們經過驗證的劇本，隨著時間的推移將訂戶從介紹性優惠轉移到更高的價格。我們的收購在本季度也發揮了重要作用。我們為 The Athletic 增加了 50,000 個獨立的淨增量，這比我們收購前 The Athletic 在去年第二季度的表現高出 50%。

Two quarters into owning The Athletic, we are even more excited about the opportunities we see, and we are moving quickly to realize them. We added The Athletic to our all digital access bundle in June, extending access to existing bundle subscribers and at the end of the month, print subscribers. We also began promoting The Athletic stories on Times surfaces, including our home page, the morning newsletter and our social feeds, and we plan to aggressively market The Athletic as part of the Times bundle to potential new subscribers globally in the second half of the year.

擁有 The Athletic 兩個季度後，我們對所看到的機會更加興奮，我們正在迅速採取行動以實現它們。我們在 6 月將 The Athletic 添加到我們的所有數字訪問捆綁包中，將訪問範圍擴展到現有捆綁包訂閱者，並在月底擴大到印刷訂閱者。我們還開始在《泰晤士報》表面上宣傳 The Athletic 的故事，包括我們的主頁、早間通訊和我們的社交訂閱源，我們計劃在下半年積極將 The Athletic 作為《泰晤士報》捆綁包的一部分向全球潛在的新訂閱者推銷.

The quarter was also our best one yet for games net additions, thanks to the continued success of Wordle in attracting an outsized number of new regular users. While smaller than the bundle as a percent of total net additions games-only starts were significantly higher than the second quarter last year.

由於 Wordle 在吸引大量新常規用戶方面的持續成功，本季度也是我們遊戲淨增數最好的季度。雖然小於捆綁包佔總淨增加遊戲的百分比，但僅遊戲開始顯著高於去年第二季度。

Weekly active users of Wordle have come down off the peak as expected, but they remain high and we have successfully capitalized on Wordle demand to drive engagement with our broader portfolio of games. For example, the number of people playing more than 2 games in a given week has nearly doubled quarter-over-quarter. The Times now has 9.2 million subscribers with 10.6 million subscriptions, and we believe we are well on our way to our next mile marker of 15 million subscribers by the end of 2027.

Wordle 的每週活躍用戶已按預期從峰值回落，但仍然很高，我們已成功利用 Wordle 需求來推動與我們更廣泛的遊戲組合的互動。例如，一周內玩 2 場以上游戲的人數幾乎比上一季度翻了一番。 《紐約時報》現在擁有 920 萬訂閱者和 1060 萬訂閱者，我們相信我們正在朝著 2027 年底 1500 萬訂閱者的下一英里目標邁進。

On advertising, performance for the quarter was on track for total revenue, though digital grew less than expected and print grew more. Let me set this quarter's results and the next quarter's guidance into a broader context. Our advertising revenue is cyclical and is subject to significant fluctuations as a result of exogenous conditions. Having been in and around the ad business for a long time, I would call the patterns we're currently seeing in line with what we had expect given the macroeconomic uncertainty.

在廣告方面，本季度的總收入表現符合預期，儘管數字增長低於預期，而印刷增長則更多。讓我將本季度的業績和下一季度的指導放在更廣泛的背景下。我們的廣告收入是周期性的，並且會因外部條件而出現顯著波動。長期以來，我一直在廣告業務中工作，鑑於宏觀經濟的不確定性，我認為我們目前看到的模式符合我們的預期。

We're confident in our advertising approach, which is grounded in the market-leading suite of first-party data and premium ad products that are subscription-first strategy enabled. So we fully expect digital advertising to be a growth driver over the midterm and overall advertising to continue to be a significant contributor to the company's profits.

我們對我們的廣告方法充滿信心，該方法基於市場領先的第一方數據套件和支持訂閱優先策略的優質廣告產品。因此，我們完全預計數字廣告將成為中期增長動力，整體廣告將繼續成為公司利潤的重要貢獻者。

Now let me turn to costs. Our adjusted cost growth in the New York Times Group slowed in the first and second quarters. Consistent with our plan, and as you'll see in our guidance, you can expect more meaningful improvements to cost growth in the back half of the year. And given the uncertain macroeconomic environment, we'll continue to look closely at costs while prioritizing investment in areas that widen our moat like journalism and digital product development.

現在讓我談談成本。我們在紐約時報集團調整後的成本增長在第一季度和第二季度放緩。與我們的計劃一致，正如您將在我們的指導中看到的那樣，您可以期待在今年下半年對成本增長進行更有意義的改進。鑑於宏觀經濟環境的不確定性，我們將繼續密切關注成本，同時優先投資於拓寬我們護城河的領域，如新聞業和數字產品開發。

Our second quarter results and our actions underscore the 5-part value creation thesis we shared at Investor Day in June. Our confidence in the business is grounded in the following beliefs. First, that our high-quality portfolio of journalism and lifestyle products is our competitive advantage and the basis of our company's value.

我們的第二季度業績和我們的行動強調了我們在 6 月的投資者日分享的由 5 部分組成的價值創造論點。我們對業務的信心基於以下信念。首先，我們高質量的新聞和生活方式產品組合是我們的競爭優勢和公司價值的基礎。

Second, that our product portfolio positions us to pursue a large and still growing TAM of at least 135 million people. Third, that our model itself is advantaged with favorable unit economics, numerous levers for value creation and multiple revenue streams.

其次，我們的產品組合使我們能夠追求至少 1.35 億人的龐大且仍在增長的 TAM。第三，我們的模型本身俱有有利的單位經濟性、眾多價值創造槓桿和多種收入來源。

Fourth, given the scale that we've begun to achieve, we believe that our model will lead to sustained profit growth over time, even as print continues to decline and even as we continue investing to widen our moat. And finally, these things together mean that our model is, and we expect will continue to be increasingly cash generative.

第四，鑑於我們已經開始實現的規模，我們相信我們的模式將隨著時間的推移帶來持續的利潤增長，即使印刷量繼續下降，即使我們繼續投資以拓寬我們的護城河。最後，這些東西加在一起意味著我們的模型是，我們預計將繼續產生越來越多的現金。

As we've articulated vis-a-vis targets, we're aiming for 15 million subscribers by the end of 2027, which we view as a mile marker and not an end point. We're targeting compound annual growth in AOP of between 9% and 12% over the next 3 to 5 years with 2022 as the base year. This is more profit growth than we achieved on a CAGR basis in the previous 5 years.

由於我們已經明確了相對目標，我們的目標是到 2027 年底達到 1500 萬訂閱者，我們將其視為里程標記，而不是終點。我們的目標是在未來 3 到 5 年內以 2022 年為基準年，AOP 的複合年增長率在 9% 到 12% 之間。這比我們在過去 5 年的 CAGR 基礎上實現的利潤增長更多。

We expect to achieve margin expansion on a consolidated basis beginning in 2023 and we expect to return free cash flow to our shareholders in a range of 25% to 50% annually over the midterm. On that last point, in the second quarter and into the third, we continued to be active buyers of our stock.

我們預計從 2023 年開始在綜合基礎上實現利潤率擴張，我們預計在中期每年向股東返還 25% 至 50% 的自由現金流。在最後一點，在第二季度和第三季度，我們繼續成為我們股票的積極買家。

As we articulated at Investor Day, we factored headwinds into our midterm AOP target given the outsized role that advertising plays in our profitability and its sensitivity to macroeconomic conditions. These headwinds have begun to appear and are reflected in our second quarter results and in our forward-looking guidance. We also see potential tailwinds.

正如我們在投資者日所闡述的那樣，鑑於廣告在我們的盈利能力中發揮的巨大作用及其對宏觀經濟狀況的敏感性，我們將不利因素納入了我們的中期 AOP 目標。這些不利因素已經開始出現，並反映在我們的第二季度業績和我們的前瞻性指導中。我們還看到了潛在的順風。

We're encouraged by this quarter's progress, which strengthens our belief in the power of the bundle and our ability to translate our strategy into results. We're also executing well so far with The Athletic, and we have moved faster than initially anticipated in adding it to the bundle. As a result, we expect the impact of The Athletic on this year's consolidated profit will be less negative than we forecasted at the time of acquisition.

我們對本季度的進展感到鼓舞，這加強了我們對捆綁的力量以及我們將戰略轉化為結果的能力的信念。到目前為止，我們在 The Athletic 上的執行情況也很好，而且我們在將其添加到捆綁包中的速度比最初預期的要快。因此，我們預計 The Athletic 對今年綜合利潤的影響將小於我們在收購時的預測。

Let me close with our full year 2022 outlook. We are reaffirming the guidance that we shared in February and again in May, that we continue to expect to grow adjusted operating profit in our core business before the impact from The Athletic, but we do not expect that growth to entirely offset the dilutive impact of The Athletic on a consolidated basis.

讓我以我們的 2022 年全年展望結束。我們重申了我們在 2 月和 5 月再次分享的指導意見，即在受到 The Athletic 影響之前，我們繼續預計核心業務的調整後營業利潤將增長，但我們預計這種增長不會完全抵消田徑運動在綜合基礎上。

We will see how macroeconomic trends play out and also what we can achieve on subscriber ARPU as we lean more aggressively into selling the bundle. And we'll continue to keep you apprised of our progress and trajectory as we go. I look forward to your questions. In the meantime, over to Roland.

我們將看到宏觀經濟趨勢如何發揮作用，以及隨著我們更積極地出售捆綁包，我們可以在訂戶 ARPU 上實現什麼。我們將繼續讓您隨時了解我們的進展和軌跡。我期待著你的問題。與此同時，到了羅蘭身邊。

Thank you, Meredith, and good morning. As Meredith said, our second quarter results suggest real progress against our strategic goals in the face of macroeconomic uncertainties, and we have real confidence in our path forward and ability to create shareholder value.

謝謝你，梅雷迪思，早上好。正如梅雷迪思所說，我們第二季度的業績表明，面對宏觀經濟的不確定性，我們的戰略目標取得了真正的進展，我們對我們的前進道路和創造股東價值的能力充滿信心。

Turning to the quarter. Adjusted diluted earnings per share was $0.24, $0.12 lower than the prior year. We reported adjusted operating profit of approximately $76 million lower than the same period in 2021 by approximately $17 million, largely as a result of the expected losses from our acquisition of The Athletic. Adjusted operating profit in the New York Times Group was approximately $89 million in the quarter, lower by approximately $4 million compared to the prior year, while The Athletic loss of approximately $12.5 million.

轉向季度。調整後的每股攤薄收益為 0.24 美元，比上年低 0.12 美元。我們報告調整後的營業利潤比 2021 年同期減少了約 7600 萬美元，減少了約 1700 萬美元，這主要是由於我們收購 The Athletic 的預期虧損。紐約時報集團本季度調整後的營業利潤約為 8900 萬美元，比上年減少約 400 萬美元，而 The Athletic 虧損約 1250 萬美元。

On a consolidated basis, the company added 180,000 net new digital-only subscribers and 230,000 net new digital-only subscriptions in the quarter, with strong growth in adoption of our bundle product. The number of multiproduct subscribers, which includes bundle subscribers grew by approximately 120,000 in the quarter, driven mainly by increases to the number of bundle subscribers.

在合併的基礎上，該公司在本季度新增了 180,000 個純數字用戶和 230,000 個純數字用戶，我們捆綁產品的採用率強勁增長。包括捆綁訂閱在內的多產品訂閱用戶數量在本季度增長了約 120,000，主要是由於捆綁訂閱用戶數量的增加。

As Meredith mentioned, we began giving our bundle subscribers access to The Athletic late in the second quarter, and as a result, the disclosed number of subscribers with entitlements to The Athletic grew by approximately 420,000 in addition to the approximately 50,000 stand-alone athletic net subscriber additions.

正如 Meredith 所提到的，我們在第二季度末開始讓捆綁訂閱者訪問 The Athletic，因此，除了大約 50,000 個獨立的運動網之外，已披露的有權訂閱 The Athletic 的訂閱者數量增加了大約 420,000 個訂戶添加。

I also want to reiterate that we expect there to be variability in net additions from quarter-to-quarter as a result of seasonality and other factors that may affect audience. However, we remain confident in our ability to achieve our goal of 15 million subscribers by year-end 2027.

我還想重申，由於季節性和其他可能影響觀眾的因素，我們預計每季度的淨增加量會有所不同。但是，我們仍然有信心在 2027 年底之前實現 1500 萬用戶的目標。

Total subscription revenues increased approximately 13% in the quarter, with digital-only subscription revenue growing approximately 25% to approximately $239 million. Digital-only subscription revenue grew as a result of the large number of new subscriptions we have added in the past year, continued strength in retention of the dollar per week promotional subscriptions who have graduated to higher prices and the inclusion of subscription revenue from The Athletic.

本季度總訂閱收入增長約 13%，僅數字訂閱收入增長約 25%，達到約 2.39 億美元。僅數字訂閱收入增長的原因是我們在過去一年中增加了大量新訂閱，每周保留的美元促銷訂閱繼續保持強勁，這些訂閱已經升級到更高的價格，並且包括來自 The Athletic 的訂閱收入.

Moving to subscriber ARPU. As a reminder, the ARPU we are reporting represents the average revenue per digital subscriber and therefore, includes all of our digital products. The ARPU commentary made prior to Q1 referred solely to the digital news product subscriptions. For the quarter, digital-only subscriber ARPU decreased 7.5% compared to the prior year and 3.3% compared to the prior quarter, both largely driven by The Athletic.

轉向訂戶 ARPU。提醒一下，我們報告的 ARPU 代表每個數字訂戶的平均收入，因此包括我們所有的數字產品。第一季度之前的 ARPU 評論僅指數字新聞產品訂閱。本季度，僅數字用戶的 ARPU 與去年同期相比下降了 7.5%，與上一季度相比下降了 3.3%，這主要是由 The Athletic 推動的。

Excluding the impact of The Athletic, the declines were significantly less pronounced, although the effect of new subscribers at introductory promotional prices, including a large number of new games subscribers more than offset the gains from subscribers converting to the bundle or otherwise transitioning to higher prices.

排除 The Athletic 的影響後，下降幅度明顯不那麼明顯，儘管以促銷價格購買的新訂戶（包括大量新遊戲訂戶）的影響足以抵消訂戶轉換為捆綁銷售或以其他方式過渡到更高價格所帶來的收益.

Print subscription revenues declined approximately 3% as the benefit from the first quarter home delivery price increase did not fully offset lower volumes in both home delivery and single copy. Total advertising revenues increased approximately 4% in the quarter with digital advertising declining 2.4%, which was driven by a number of factors, including the impact of the challenging macroeconomic environment, a reduction in marketer spend on advertising adjacent to news coverage and supply constraints in programmatic advertising related to choices we made to drive more audience to our apps.

由於第一季度送貨上門價格上漲帶來的好處並沒有完全抵消送貨上門和單份銷量下降的影響，印刷訂閱收入下降了約 3%。本季度廣告總收入增長約 4%，數字廣告下降 2.4%，這是由多種因素推動的，包括充滿挑戰的宏觀經濟環境的影響、營銷人員在新聞報導附近的廣告支出減少以及供應限制與我們為吸引更多受眾使用我們的應用所做的選擇相關的程序化廣告。

Meanwhile, print advertising was higher by approximately 15% compared with 2021, primarily driven by growth in the live entertainment and luxury categories. Other revenues increased approximately 18% compared with the prior year to approximately $55 million primarily as a result of revenue from higher commercial printing, live events, television and film projects, Wirecutter affiliate referral revenues and licensing.

與此同時，與 2021 年相比，平面廣告增長了約 15%，這主要得益於現場娛樂和奢侈品類別的增長。其他收入與上一年相比增長了約 18%，達到約 5500 萬美元，這主要是由於來自更高的商業印刷、現場活動、電視和電影項目、Wirecutter 附屬推薦收入和許可的收入。

Other revenues came in higher than guidance as a result of higher Wirecutter affiliate referral and television and film revenues. Adjusted operating costs were higher in the quarter by nearly 18% as compared with 2021 mainly due to the addition of costs associated with The Athletic. Adjusted operating costs were in line with the low end of our guidance. Adjusted operating costs at The New York Times Group grew approximately 10%, slightly better than our guidance.

由於 Wirecutter 會員推薦和電視和電影收入增加，其他收入高於預期。與 2021 年相比，本季度調整後的運營成本增加了近 18%，這主要是由於增加了與 The Athletic 相關的成本。調整後的運營成本符合我們指引的低端。紐約時報集團調整後的運營成本增長了約 10%，略好於我們的預期。

I'll now discuss the cost drivers for The New York Times Group. Cost of revenue increased approximately 11% as a result of growth in the number of employees who work in The New York Times newsroom as well as higher subscriber servicing costs and print production and distribution costs. The increase in production and distribution costs was due to higher raw material and fuel costs and increased commercial printing activity.

我現在將討論紐約時報集團的成本驅動因素。由於在《紐約時報》新聞編輯室工作的員工人數增加，以及訂戶服務成本和印刷製作和發行成本增加，收入成本增加了約 11%。生產和分銷成本的增加是由於原材料和燃料成本增加以及商業印刷活動增加。

Sales and marketing costs increased approximately 8.5%, largely due to higher advertising sales costs, which were lower in the prior year due largely to the pandemic. Media expenses were $28 million, approximately 3% below last year. Product development costs increased approximately 18% as a result of growth in the number of digital product development employees in connection with strategic digital subscription initiatives. And general and administrative costs grew approximately 2%.

銷售和營銷成本增加了約 8.5%，主要是由於廣告銷售成本增加，而上一年主要由於大流行而降低。媒體費用為 2800 萬美元，比去年低約 3%。由於與戰略數字訂閱計劃相關的數字產品開發員工數量的增長，產品開發成本增加了約 18%。一般和行政成本增長了約 2%。

We had one special item in the quarter, a $34 million gain related to an agreement to lease and then sell a 4-acre parcel of land adjacent to our College Point printing facility. Our effective tax rate for the second quarter was approximately 28%. As we've said previously, we expect our rate to be approximately 27% on every dollar of marginal income we record with the possibility of some variability around the quarterly effective rate.

我們在本季度有一個特殊項目，與租賃協議相關的 3400 萬美元收益，然後出售與我們的 College Point 印刷設施相鄰的 4 英畝土地。我們第二季度的有效稅率約為 28%。正如我們之前所說，我們預計我們記錄的每一美元邊際收入的利率約為 27%，並且季度有效利率可能存在一些變化。

Moving to the balance sheet. Our cash and marketable securities balance ended the quarter at approximately $453 million, a decrease of approximately $21 million compared with the first quarter of 2022, largely as a result of share repurchases and higher cash taxes.

轉移到資產負債表。截至本季度末，我們的現金和有價證券餘額約為 4.53 億美元，與 2022 年第一季度相比減少了約 2100 萬美元，這主要是由於股票回購和更高的現金稅。

After repurchasing sufficient shares in the first quarter to offset the dilution expected from the issuance of stock-based compensation awards, opportunistic share repurchases during the second quarter totaled $25 million, and the company repurchased an additional $13 million worth of shares subsequent to the end of the quarter. Approximately $82 million remain under the company's repurchase authorization.

在第一季度回購了足夠的股票以抵消基於股票的薪酬獎勵的預期稀釋後，第二季度的機會性股票回購總額為 2500 萬美元，公司在結束後額外回購了價值 1300 萬美元的股票季度。該公司的回購授權下仍有約 8200 萬美元。

Last week, the company entered into an agreement on a 5-year $350 million revolving credit facility which replaces a $250 million facility that was scheduled to expire in 2 years. The company remains debt free.

上週，該公司就一項為期 5 年的 3.5 億美元循環信貸安排達成協議，以取代原定於 2 年到期的 2.5 億美元貸款安排。該公司仍然沒有債務。

Let me conclude with our outlook for the third quarter of 2022 on The New York Times Group, which does not include The Athletic. Comparisons are to the company's consolidated results for the third quarter of 2021 prior to the acquisition of The Athletic. The effect of The Athletic on our consolidated guidance has been included in the Outlook section of the earnings release that we published this morning.

讓我以我們對《紐約時報》集團 2022 年第三季度的展望結束，其中不包括 The Athletic。比較的是公司在收購 The Athletic 之前 2021 年第三季度的綜合業績。 The Athletic 對我們綜合指引的影響已包含在我們今天上午發布的收益報告的展望部分。

For The New York Times Group. Total subscription revenues are expected to increase 5% to 7% compared with the third quarter of 2021, with digital-only subscription revenue expected to increase 10% to 14%. Overall advertising revenues are expected to decrease in the low to mid-single digits compared with the third quarter of 2021, with digital advertising revenues expected to decrease 4% to 8%.

對於紐約時報集團。與 2021 年第三季度相比，訂閱總收入預計將增長 5% 至 7%，僅數字訂閱收入預計將增長 10% 至 14%。與 2021 年第三季度相比，整體廣告收入預計將以中低個位數下降，數字廣告收入預計將下降 4% 至 8%。

As a reminder, the month of September typically plays an outsized role in our third quarter advertising results. Other revenues are expected to decrease approximately 5%. Adjusted operating costs are expected to increase in the mid-single digits compared with the third quarter of 2021, with cost growth for The New York Times Group expected to slow considerably in the second half of 2022.

提醒一下，9 月份通常在我們第三季度的廣告業績中發揮著巨大的作用。其他收入預計將減少約 5%。與 2021 年第三季度相比，調整後的運營成本預計將增長中個位數，而紐約時報集團的成本增長預計將在 2022 年下半年大幅放緩。

As Meredith noted, given the uncertain macroeconomic environment, we continue to look closely at costs while strategically investing in areas that widen our moat like journalism and digital product development. As Meredith also said, we are reaffirming our full year profit guidance. We continue to expect to grow adjusted operating profit in The New York Times Group, though we do not expect that growth to entirely offset the near-term dilutive impact of The Athletic segment on a consolidated basis.

正如 Meredith 所說，鑑於宏觀經濟環境的不確定性，我們將繼續密切關注成本，同時戰略性地投資於拓寬我們護城河的領域，如新聞業和數字產品開發。正如梅雷迪思所說，我們正在重申我們的全年利潤指引。我們繼續預計紐約時報集團的調整後營業利潤將增長，但我們預計這一增長不會完全抵消綜合體育板塊的近期攤薄影響。

With that, I'll turn it back to Meredith for some final thoughts.

有了這個，我會把它轉回給 Meredith 做一些最後的想法。

Thanks, Roland. Before we open the line for Q&A, let me just reiterate a few key takeaways. The macro headwinds we factored into our AOP targets are playing out largely as we anticipated. We slowed cost growth in Q1 and Q2 and expect that trend to continue through the remainder of the year. We're doing better with The Athletic than we expected, and we're encouraged by the potential tailwinds in the business, particularly around the power of the bundle. And with that, we'd be happy to open it up for your questions.

謝謝，羅蘭。在我們開啟問答環節之前，讓我重申一些關鍵要點。我們在 AOP 目標中考慮的宏觀逆風在很大程度上正如我們預期的那樣發揮作用。我們在第一季度和第二季度放緩了成本增長，並預計這一趨勢將持續到今年剩餘時間。我們在 The Athletic 方面做得比我們預期的要好，我們對業務中潛在的順風感到鼓舞，特別是在捆綁的力量方面。有了這個，我們很樂意為您提出問題。

(Operator Instructions) Our first question comes from Douglas Arthur from Huber Research Partners.

（操作員說明）我們的第一個問題來自 Huber Research Partners 的 Douglas Arthur。

Roland, I'm wondering on the breakdown of the subscription adds as opposed to subscribers. Can you give us a sense of the news-only ads in the second quarter? It's a little hard to figure it out from the data you gave.

羅蘭，我想知道訂閱添加的細分而不是訂閱者。你能給我們介紹一下第二季度的新聞廣告嗎？從您提供的數據中很難弄清楚。

Yes. I think the best way to get to that -- we're not breaking out the subscription by product, but I think the best way to get to what you're interested in is to look at the number of subscribers with entitlements to the news product. And you can see that the delta there, that does include both the news stand-alone and the bundled news subscriptions.

是的。我認為實現這一目標的最佳方式——我們不會按產品劃分訂閱，但我認為獲得您感興趣的內容的最佳方式是查看有權獲得新聞的訂閱者數量產品。你可以看到那裡的增量，它確實包括獨立的新聞訂閱和捆綁的新聞訂閱。

So just -- can you make any kind of gradation on second quarter momentum versus first quarter momentum for news only?

所以只是——你能對第二季度的動量和第一季度的動量做任何分級嗎？

Yes. Doug, I'll take that. I would say what you're seeing in the quarter is our strategy in action. We are really pushing the bundle. We're intervening in the news flow to get people to buy the bundle instead and having real success with that. And the -- so -- and obviously, news is part of the bundle, but we're incredibly focused on that at this point.

是的。道格，我會接受的。我想說的是，您在本季度看到的是我們正在實施的戰略。我們真的在推動捆綁。我們正在干預新聞流，讓人們購買捆綁包，並在這方面取得了真正的成功。而且 - 所以 - 顯然，新聞是捆綁的一部分，但我們現在非常關注這一點。

I'll say 2 more things, just I'm not 100% sure what you're getting at, but I'll say 2 more things that the performance in the quarter overall was meaningfully better from a subscriber standpoint than the second quarter of last year. News starts in and of themselves were also better and it was -- I think you may be asking about that, and it was a relatively strong period kind of across the board, across the portfolio for subscriber engagement. And we look closely at what's the percent of subscribers on site, and that was broadly in line with the same period last year. But obviously, we have -- on a percentage basis, we have a larger number of subscribers.

我還要說兩件事，只是我不是 100% 確定你在說什麼，但我還要說兩件事，從訂戶的角度來看，本季度的整體表現比第二季度要好得多去年。新聞開始本身也更好，而且它是 - 我想你可能會問這個問題，而且這是一個相對強勁的時期，在整個投資組合中，用戶參與度都是如此。我們仔細觀察了網站上訂閱者的百分比，這與去年同期大體一致。但顯然，我們有 - 按百分比計算，我們有更多的訂閱者。

And I'll mention one more thing, which is we are feeling very confident about the levers we have in our hands to drive that engagement, both within news. So if you look at our home page, programming or our use of e-mail newsletters, we are really focused on bringing people back to site more regularly and have a lot of confidence that there are plenty of levers there.

我還要提到一件事，那就是我們對我們手中的槓桿來推動這種參與感到非常有信心，無論是在新聞中。因此，如果您查看我們的主頁、程序或我們對電子郵件通訊的使用，我們會真正專注於讓人們更頻繁地回到網站，並且對那裡有很多槓桿充滿信心。

In addition, as we continue to market and merchandise and push the bundle, we believe we have a lot of levers to get people to engage with the bundle. And the point here is that news cycle is going to ebb and flow, news engagement is going to ebb and flow. And the bundle, we believe, makes us that much more indispensable, kind of independent of the news cycle and whatever is going on in the news cycle.

此外，隨著我們繼續營銷和商品化並推動捆綁，我們相信我們有很多槓桿可以讓人們參與捆綁。這裡的重點是新聞周期將起起落落，新聞參與度將起起落落。我們相信，捆綁讓我們變得更加不可或缺，獨立於新聞周期和新聞周期中發生的任何事情。

Okay. A final question. I think when you closed in The Athletic, you were talking about an adjusted operating loss in the mid to low 50s. Can you sort of give us a sense of where you are now?

好的。最後一個問題。我認為當你在 The Athletic 結束時，你說的是 50 年代中期到低點的調整後經營虧損。你能告訴我們你現在在哪裡嗎？

Yes. So that statement referred to what we believe that the loss looked like last year. I believe our statement was we felt we would do a little bit better than that. And actually what we're seeing now is we think we're going to do -- we're going to definitely do a bit better than we expected. So said differently, I would not take the $12.5 million loss in Q2 and extrapolate that to get the full year loss. We'll do a bit better than that we expect to.

是的。因此，該聲明指的是我們認為去年的損失情況。我相信我們的聲明是我們覺得我們會做得比這更好一點。實際上，我們現在看到的是我們認為我們將要做的——我們肯定會做得比我們預期的要好一些。所以換一種說法，我不會將第二季度的 1250 萬美元損失推算為全年損失。我們會做得比我們預期的要好一些。

The next question comes from Thomas Yeh from Morgan Stanley.

下一個問題來自摩根士丹利的 Thomas Yeh。

Going off of what Doug was asking on the subscribers with news net adds, which I think increased 40,000 this quarter compared to 80,000 in the year-ago quarter sequentially despite what I figured it would have been a relatively strong news cycle. I know there's quarterly volatility in typical 2Q seasonality. Could you maybe just further characterize what you're seeing from how hot or cold news cycle is in the current quarter or in 2Q? And from a churn or gross starts perspective, how that shaped out relative to prior quarters?

擺脫道格對新聞網訂閱者的要求，我認為本季度增加了 40,000 人，而去年同期為 80,000 人，儘管我認為這將是一個相對強勁的新聞周期。我知道典型的第二季度季節性波動。您能否進一步描述您從當前季度或第二季度的熱門或冷淡新聞周期中看到的情況？從流失率或總開工率的角度來看，與前幾個季度相比，情況如何？

Yes, I'm happy to do that, Thomas. So a couple of things. I would say the second quarter generally has, if you go back and look at history, most of the time, there are some seasonal factors at work. I'll say 2 things, at least 1 of which I may have said in answer to Doug's question, we actually had more news starts in the second quarter this year than we had last year.

是的，我很高興這樣做，托馬斯。所以有幾件事。我想說第二季度一般都有，如果你回顧歷史，大多數時候，有一些季節性因素在起作用。我要說兩件事，其中至少一件事我可能在回答道格的問題時說過，我們實際上在今年第二季度開始的新聞比去年多。

And you're asking about churn. I'm going to make a broad comment on churn, which is the base is larger. So even at what we believe is a very manageable churn number, you just lose more people every -- the raw number is higher because of the size of the base. But we are feeling confident that our churn number is manageable. And there's nothing in the quarter that we're seeing that makes us overly concerned about churn.

你問的是流失率。我將對流失率做一個廣泛的評論，即基數更大。因此，即使我們認為這是一個非常易於管理的流失數字，你也只會失去更多的人——由於基數的大小，原始數字會更高。但我們確信我們的客戶流失數是可控的。我們在本季度看到的任何情況都沒有讓我們過度擔心客戶流失。

And I think what you're also seeing is focus on a very deliberate strategy of becoming the essential subscription with a widening value proposition, and you're seeing us push that. You're seeing us push the bundle, push The Athletic, push given all of the momentum that Wordle brought, you're seeing us shift a lot of time and attention and energy to games.

而且我認為您還看到的是專注於一個非常深思熟慮的戰略，即成為具有不斷擴大的價值主張的基本訂閱，您正在看到我們推動這一點。你看到我們推動捆綁，推動 The Athletic，推動 Wordle 帶來的所有動力，你看到我們將大量時間、注意力和精力轉移到遊戲上。

Let me step back though, Thomas, and just add a couple of points on news that may be useful here. I said in my prepared remarks, it remains core to the value proposition, and I expect it will always be that. We're always going to see -- or we -- certainly, our history has been that the news cycle is going to ebb and flow. We have yet to see one without the other. And I think we have plenty of levers still to come to drive news engagement.

不過，讓我退後一步，Thomas，在此處可能有用的新聞上添加幾點。我在準備好的評論中說，它仍然是價值主張的核心，我希望它永遠是這樣。我們總是會看到——或者我們——當然，我們的歷史一直是新聞周期會起起落落。我們還沒有看到一個沒有另一個。而且我認為我們還有很多手段可以推動新聞參與。

And just one more kind of step back point on news. We do what we think we'll sort of see variability. We've seen it before from quarter-to-quarter, people asked us after the 2016 political cycle, are people less interested in news, and again, after COVID. And I would say the patterns are going to -- the tide goes in and out, but over a long time horizon, I think we remain very confident that news is going to be central to the value proposition and just plays a huge role here.

還有一種關於新聞的後退點。我們做我們認為我們會看到可變性的事情。我們以前每季度都看到過，人們在 2016 年政治週期之後問我們，人們對新聞不那麼感興趣，在 COVID 之後再次問我們。而且我會說模式將會 - 潮流進進出出，但在很長一段時間內，我認為我們仍然非常有信心新聞將成為價值主張的核心，並且在這裡發揮巨大作用。

Okay. Yes, that's very helpful, Meredith. And then second, can you give us some color on the comments that you made about the spending philosophy adapting to the macro? I mean which areas does it make sense to adjust in the near term versus other areas where it might make sense to invest through a cycle?

好的。是的，這很有幫助，梅雷迪思。其次，您能否就您對適應宏觀的支出理念發表的評論發表一些看法？我的意思是在短期內調整哪些領域是有意義的，而不是在一個週期內進行投資可能有意義的其他領域？

Yes. Great. Really good question. Let me sort of make 2 points, broad points to make sure I'm giving you the whole picture. Roland and I have been talking for a while now about the idea that cost growth was going to begin to really come down in a considerable way in the back half of this year. So I want to say, setting aside the macro environment, you're seeing that. A lot of that is about the product itself becoming an increasingly strong engine of engagement and conversion, and you're seeing us be able to have an effect on marketing spend as a result of that. So let me say that first.

是的。偉大的。真是個好問題。讓我提出 2 點，寬泛的觀點，以確保我為您提供了全貌。 Roland 和我一直在談論成本增長將在今年下半年真正開始大幅下降的想法。所以我想說，拋開宏觀環境，你看到了。其中很多是關於產品本身成為越來越強大的參與和轉換引擎，您會看到我們因此能夠對營銷支出產生影響。所以讓我先說。

And then if you add to that, the headwinds we're seeing from advertising are playing out kind of broadly as we would expect them to. And so we're very focused on making sure we're kind of resilient if and as those headwinds from macroeconomic uncertainty continue.

然後，如果您再加上這一點，我們從廣告中看到的逆風正在像我們預期的那樣廣泛地發揮作用。因此，如果宏觀經濟不確定性帶來的逆風繼續存在，我們非常專注於確保我們具有一定的彈性。

We believe the 2 most important areas of continued investment for the time will not be different from what you've heard from me before, are in our journalism and in our digital product development, and we intend to continue to invest into that. That's our moat. That's how we kind of build our structural advantages. And at the same time, we're looking at cost to make sure we are strategically prioritized to those things and to the highest impact work to drive our medium- and long-term strategy.

我們相信，目前持續投資的兩個最重要的領域與您之前從我那裡聽到的沒有什麼不同，那就是我們的新聞業和我們的數字產品開發，我們打算繼續投資。那是我們的護城河。這就是我們建立結構優勢的方式。與此同時，我們正在考慮成本，以確保我們在戰略上優先考慮這些事情和影響最大的工作，以推動我們的中長期戰略。

Next question comes from Kannan Venkateshwar from Barclays.

下一個問題來自巴克萊銀行的 Kannan Venkateshwar。

So Roland, I just wanted to check something on ARPU, and I'm not sure if the math is correct because of some of the restatements. But when we look at ARPU sequentially, it looks like ARPU declined even though news -- the next news numbers were a lot lower than we expected, excluding The Athletic. So if we take out The Athletics, it looks like sequentially ARPUs were down maybe low-single digits.

所以Roland，我只是想檢查一下ARPU，由於一些重述，我不確定數學是否正確。但是，當我們按順序查看 ARPU 時，似乎 ARPU 下降了，儘管有新聞——下一個新聞數字遠低於我們的預期，不包括 The Athletic。因此，如果我們剔除 The Athletics，看起來 ARPU 連續下降可能低個位數。

And this implies that churn in news was potentially a lot higher. And this also goes back to the previous question around new subs. But if originations were higher than last year, but -- and subs were a lot lower than last year, and ARPUs are basically having this trend, then it would imply churn is a lot higher. Could you just give us some kind of a sense around sequential churn through the year in news? I mean if that's gone up substantially?

這意味著新聞的流失率可能要高得多。這也可以追溯到上一個關於新潛艇的問題。但是，如果起源比去年高，但是 - 訂閱量比去年低很多，並且 ARPU 基本上有這種趨勢，那麼這意味著客戶流失率要高得多。你能給我們一些關於全年新聞連續流失的感覺嗎？我的意思是，如果它大幅上升？

Yes. So let me start, before I talk to churn, which I will, let me talk to kind of the other side of the equation, which is the starts. There's a large, large number of games starts in the quarter driven by our acquisition of Wordle and what that's done to drive folks to funnel and bring them to our other games product and subscribe to games. So that might be a piece that you want to consider.

是的。所以讓我開始，在我談論流失之前，我會，讓我談談等式的另一邊，即開始。在我們收購 Wordle 的推動下，本季度有大量的遊戲開始，以及為推動人們匯集並將他們帶到我們的其他遊戲產品並訂閱遊戲所做的事情。所以這可能是你想要考慮的一塊。

The increase in -- I'm sorry, the decrease in ARPU once you take out The Athletic though, is very slight. So I think maybe the games is the missing piece there. On the churn side, we did not see any difference in churn in the quarter from previous quarters. So it's not being driven by churn.

很抱歉，當你取出 The Athletic 後，ARPU 的下降是非常輕微的。所以我認為也許遊戲是那裡缺失的部分。在客戶流失方面，我們沒有看到本季度的客戶流失與前幾個季度有任何差異。所以它不是由流失驅動的。

And I'll just add to that, to us, the most important driver of churn is or of retention of not churning is subscriber engagement, and we're making a point to say, subscriber engagement in the second quarter was relatively strong, and that is broadly across the portfolio and for news.

我還要補充一點，對我們來說，流失或不流失的最重要驅動因素是訂戶參與度，我們要強調的是，第二季度的訂戶參與度相對較高，並且這廣泛用於投資組合和新聞。

The next question comes from Vasily Karasyov from Cannonball Research.

下一個問題來自 Cannonball Research 的 Vasily Karasyov。

Meredith, I think my question is for you. So in the press release, you said that -- and I think in your prepared remarks, you mentioned that the bundle included The Athletic starting this quarter. So in terms of engagement, can I ask you what you're seeing with subscribers? Do you see a net addition of time spent and an increase in engagement after you do that? Because you would think that if someone was very sport -- interested in sports they would already have The Athletic. So I would be curious if you could talk about what you see in terms of engagement within the bundle by different products when you introduce them to people.

梅雷迪思，我想我的問題是給你的。所以在新聞稿中，你說過 - 我認為在你準備好的評論中，你提到該捆綁包包括本季度開始的 The Athletic。因此，在參與度方面，我可以問一下您對訂閱者的看法嗎？這樣做之後，您是否看到花費的時間淨增加和參與度增加？因為你會認為如果有人非常喜歡運動——對運動感興趣，他們就會擁有 The Athletic。因此，我很好奇，當您將不同產品介紹給人們時，能否談談您在捆綁包中看到的內容。

That's a great question. Let me say a couple of things. We put The Athletic into the bundle for all digital access subscribers and then ultimately print subscribers, too, who are -- who count at the -- in June and for many of them at the very end of June. So I don't have good data to share yet, but you can regard the direction of travel here as we are very encouraged by what we're seeing, I'd say, in terms of everything about the bundle.

這是一個很好的問題。讓我說幾件事。我們將 The Athletic 放入所有數字訪問訂閱者的捆綁包中，然後最終打印訂閱者也是如此，這些訂閱者在 6 月份以及其中許多人在 6 月底都算在內。所以我還沒有很好的數據可以分享，但你可以把這裡的行進方向看成是我們對我們所看到的感到非常鼓舞，我想說，就捆綁包的一切而言。

And our general thesis about the bundle which is that people pay more, a little bit more to start and more over time, they engage more and they retain better as kind of playing out. So that's why you hear us talking optimistically and in encouraging ways about the bundle. And we'll see The Athletic is going to play a big role in that bundle in the back half of the year. And so I'll likely have more color to add once it's doing that.

我們關於捆綁的一般論點是人們支付更多，開始多一點，隨著時間的推移更多，他們參與更多並且他們保持更好作為一種遊戲。所以這就是為什麼您聽到我們以樂觀和鼓勵的方式談論捆綁包的原因。我們將看到 The Athletic 將在今年下半年在該捆綁包中發揮重要作用。因此，一旦這樣做，我可能會添加更多顏色。

But let me say, I think you're asking kind of a more important broad question about can we get people to engage across the portfolio of products when they buy the bundle. And what I'll say is that's a huge area of focus, we talked about this a lot at Investor Day. We have a lot of levers to do it. It's quite important that we do it and we're very encouraged by what we've seen in kind of the first half of this year with our ability to do that.

但是讓我說，我認為你問的是一個更重要的廣泛問題，即我們能否讓人們在購買捆綁產品時參與到產品組合中。我要說的是，這是一個巨大的關注領域，我們在投資者日討論了很多。我們有很多手段可以做到這一點。我們這樣做非常重要，我們對我們在今年上半年看到的情況感到非常鼓舞，因為我們有能力做到這一點。

And there are 2 things I'll point to. We're doing, I think, much better work with still more to come on getting people who buy the bundle to onboard and sort of experience multiple products. I think that's at the root of your question. And then you're going to see more of games, in particular, playing a role in the overall experience. You're going to see us start to connect the products in a better way. And I think -- so I think there's real running room there to do that even further. I think I'm getting at what you're asking about, but please feel free to ask again, if not.

我要指出兩件事。我認為，我們正在做更好的工作，讓購買捆綁包的人加入並體驗多種產品。我認為這是你問題的根源。然後你會看到更多的遊戲，特別是在整體體驗中發揮作用的遊戲。您將看到我們開始以更好的方式連接產品。而且我認為 - 所以我認為那裡有真正的運行空間可以進一步做到這一點。我想我正在了解您的問題，但如果沒有，請隨時再次詢問。

No, this is it.

不，就是這樣。

The next question comes from Craig Huber from Huber Research Partners.

下一個問題來自 Huber Research Partners 的 Craig Huber。

Yes. A question on cost. Let me start there. Just give us a little more details, if you would, about your cost outlook for later this year, where specifically you're cutting back on, where you're investing heavily? And (inaudible) spending on media, you talked about being down, the second quarter. If you take out The Athletic, how should we expect the median cost to do in the second half of the year? And then I have a follow-up.

是的。關於成本的問題。讓我從那裡開始。如果願意，請給我們更多細節，關於今年晚些時候的成本前景，具體是在哪些方面削減開支，在哪些方面進行大量投資？並且（聽不清）媒體支出，您談到第二季度下降。如果去掉 The Athletic，下半年的成本中位數應該怎麼算？然後我有一個跟進。

Yes, I can start, and Meredith, you can jump in. But the big difference is going to be in our marketing spend, in our media spend. And I think you'll see the decrease in that year-over-year spend show up. The vast majority of it showing up there. We don't expect to slow cost growth in journalism or in our engineering.

是的，我可以開始，Meredith，你可以加入。但最大的不同在於我們的營銷支出，我們的媒體支出。而且我認為您會看到同比支出的減少。絕大多數都出現在那裡。我們預計不會減緩新聞業或工程領域的成本增長。

So again, I think where that's going to show up when you look at our lines of expenses, most of that is going to manifest itself in the sales and marketing line. We don't think it's time to pull back on investment in areas that we believe makes sense for the long term that are going to expand our moat versus the competition. And so we don't plan to do that in this cycle given the -- even given the economic uncertainty.

再說一次，我認為當您查看我們的支出線時，這將出現在哪裡，其中大部分將在銷售和營銷線中體現出來。我們認為現在不是時候撤回對我們認為對長期而言有意義的領域的投資，這些領域將擴大我們的護城河對抗競爭對手。因此，即使考慮到經濟不確定性，我們也不打算在這個週期內這樣做。

That's right. And I'm just going to add a beat because I think it's important to say that set aside the market uncertainty, it has long been our plan, and you've heard Roland and I talk about this to get the product itself to do more of the work to engage and convert. And we talked about that a lot at Investor Day, all the levers we have within each individual product in the portfolio and across the bundle. And so that has sort of been part of the plan, and that's why we've said we expect marketing costs to begin to come down this year.

這是正確的。我只是要加一個節拍，因為我認為重要的是要說拋開市場的不確定性，這一直是我們的計劃，你聽說過 Roland 和我談論這個讓產品本身做得更多參與和轉換的工作。我們在投資者日討論了很多，我們在投資組合中的每個單獨產品中以及整個捆綁包中擁有的所有槓桿。所以這已經成為計劃的一部分，這就是為什麼我們說我們預計今年的營銷成本會開始下降。

And also, Meredith, maybe can you talk a little bit further about engagement, what you maybe saw in the second quarter, putting aside The Athletic, engagement in terms of maybe number of minutes spent using, say, the news-only product versus a year ago? How is it sort of trending for you right now?

還有，梅雷迪思，也許你能進一步談談參與度，你可能在第二季度看到的情況，撇開 The Athletic 不談，參與度可能是使用僅新聞產品與一年前？你現在的趨勢如何？

Yes. Good question. We don't share anything about number of minutes spent. What I will say is that broadly, we put it in our prepared remarks that it was a relatively strong period for subscriber engagement and broadly the percent of subscribers on site in the second quarter this year was consistent year-on-year with the same period last year. And obviously, we have more subscribers now. So that's -- we think that's a very good thing. We're very, very focused on that number.

是的。好問題。我們不會分享任何關於花費的分鐘數的信息。我要說的是，從廣義上講，我們在準備好的評論中指出，這是訂戶參與度相對強勁的時期，而且今年第二季度網站上的訂戶百分比與去年同期基本持平去年。顯然，我們現在有更多的訂閱者。所以那是 - 我們認為這是一件非常好的事情。我們非常非常關注這個數字。

And I'll add to it, not to repeat too much of what I said before. We've talked for a long time about kind of which levers we have in our hands to drive engagement, and I'll just say our work there, our experiments, our testing and learning there is really working.

我會補充一點，不要重複我之前說過的太多內容。我們已經討論了很長時間我們手中有哪些槓桿來推動參與，我只想說我們在那裡的工作、我們的實驗、我們的測試和學習確實有效。

And I'll point to 2 things. We are getting better, taking a long time, but we are getting better at a more customized, personalized homepage experience, so we're getting better at sort of knowing what to put in front of you. Obviously, a lot of it is still dictated by judgment. But we're getting better at reflecting an important story you might have missed or where you are in the world, and therefore, what you should see. And that plays a real role in engagement.

我會指出兩件事。我們正在變得越來越好，這需要很長時間，但我們在更加定制化、個性化的主頁體驗方面越來越好，因此我們越來越善於知道將什麼放在您面前。顯然，其中很多仍然是由判斷決定的。但我們在反映您可能錯過的重要故事或您在世界上的哪個位置以及因此您應該看到的內容方面做得越來越好。這在參與中起著真正的作用。

And then the other thing I'll mention which we did not talk a lot -- we didn't talk at all about in the prepared remarks, but it's really a successful product intervention. We have a lot of newsletters now. We have a big portfolio of newsletters, some of which are subscriber only. By the way, that is going very well as a mechanism to help people engage and retain. But we also have newsletters that we can spin up based on something going on in the news. So we have something called the updates from the newsroom, which will send when something happens sort of in the moment. And we're seeing real progress on being able to bring people back to site or bring them back into a Times experience with the content.

然後我要提到的另一件事是我們沒有經常談論的——我們在準備好的評論中根本沒有談論，但這確實是一次成功的產品干預。我們現在有很多時事通訊。我們有大量的時事通訊，其中一些僅供訂閱者使用。順便說一句，作為一種幫助人們參與和留住的機制，這非常好。但是我們也有時事通訊，我們可以根據新聞中發生的事情進行調整。所以我們有一個叫做來自新聞編輯室的更新，它會在某事發生時發送。我們看到在將人們帶回網站或將他們帶回《時代》內容體驗方面取得了真正的進展。

The next question comes from David Karnovsky from JPMorgan.

下一個問題來自摩根大通的 David Karnovsky。

Meredith, just on advertising, I wanted to see if you could provide some additional color on what you're seeing right now, which I think you said is kind of in line with what you'd expect for this type of environment. Was there an observed kind of decel through the quarter at all, maybe for certain verticals? And then what products or data can you offer marketers to help keep them engaged with the platform even with the economic risk?

Meredith，就廣告而言，我想看看您是否可以為您現在看到的內容提供一些額外的顏色，我認為您所說的這與您對這種環境的期望相符。整個季度是否有觀察到的減速，也許是某些垂直行業？然後，即使存在經濟風險，您可以為營銷人員提供哪些產品或數據來幫助他們保持與平台的互動？

All good questions. I would say the headwinds are broadly playing out in advertising as we expected they would. So nothing is surprising us here. And we've kind of factored that into much of what we've been saying to the market. You asked about kind of are we seeing it in particular categories. The nice thing about Times as we work across a lot of categories and we have a very varied product set, but we are, in fact, seeing more pressure in some categories.

所有的好問題。我想說逆風正如我們預期的那樣廣泛地出現在廣告中。所以這裡沒有什麼讓我們感到驚訝的。我們已經將這一點納入了我們對市場所說的大部分內容中。您詢問了我們是否在特定類別中看到它。 Times 的好處在於我們跨多個類別開展工作，並且我們擁有非常多樣化的產品系列，但事實上，我們在某些類別中看到了更大的壓力。

So in digital advertising, we saw real pressure on tech and streaming and finance, which I think you would expect given the macroeconomic uncertainty. And on the flip side, we have categories that can over present in print, luxury is a very big one. and entertainment is another one. And those continue to be brisk. So this is the moment where we really appreciate having not just a variety of digital products, but kind of a whole portfolio of products.

因此，在數字廣告方面，我們看到了科技、流媒體和金融方面的真正壓力，考慮到宏觀經濟的不確定性，我認為你會預料到這一點。另一方面，我們有可以在印刷中過度呈現的類別，奢侈品是一個非常大的類別。娛樂是另一回事。那些繼續活躍。因此，這是我們真正欣賞不僅擁有各種數字產品，而且擁有整個產品組合的時刻。

And I think Roland mentioned in his prepared remarks, you see a little bit of pullback sometimes depending on the news cycle. I have been around the ad business a long time. There are occasions where advertisers say I'm less interested in being adjacent to news, and we saw a bit of that. That feels very cyclical to me, and this is another place where we're very happy to have a wide product set with advertising opportunities across, really across a breadth of kinds of content.

而且我認為羅蘭在他準備好的講話中提到，您有時會看到一些回調，具體取決於新聞周期。我從事廣告業務已有很長時間了。有時廣告商說我對與新聞相鄰的興趣不大，我們也看到了一點。這對我來說是周期性的，這是另一個我們很高興擁有廣泛的產品組合的地方，其中包含廣告機會，真正跨越各種內容的廣度。

The last thing I'll say is that our -- I think you're asking me about what's working? Our first-party data products and our premium ad canvases that perform really well with those first-party data products are -- continue to be strong performers in a market where advertisers want to be in privacy-forward environments and in premium environments.

我要說的最後一件事是我們的——我想你是在問我什麼是有效的？我們的第一方數據產品和與這些第一方數據產品一起表現非常好的優質廣告畫布——在廣告商希望進入隱私轉發環境和優質環境的市場中繼續表現出色。

And then the last thing I'll say, it is early days, but we are very excited about the opportunity with The Athletic. It's -- we're -- even the conversations we're able to have around it just put us in different categories, different kinds of advertisers or even like some of the same advertisers but who are going after different kinds of people, and we're really optimistic that over the medium, long term, that's going to be a real growth driver.

最後我要說的是，現在還處於早期階段，但我們對 The Athletic 的機會感到非常興奮。這是 - 我們是 - 甚至我們能夠圍繞它進行的對話只是將我們置於不同的類別，不同類型的廣告商，甚至像一些相同的廣告商，但他們追求不同類型的人，我們'非常樂觀地認為，從中長期來看，這將成為真正的增長動力。

This concludes our question-and-answer session. I'd like to turn the conference back over to Harlan Toplitzky for any closing remarks.

我們的問答環節到此結束。我想把會議轉回給 Harlan Toplitzky 做任何閉幕詞。

Thank you for joining us this morning. We look forward to talking to you again next quarter.

感謝您今天早上加入我們。我們期待下個季度再次與您交談。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。