New York Times Co (NYT) 2022 Q3 法說會逐字稿

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

早上好，歡迎參加《紐約時報》2022 年第三季度收益電話會議。 （操作員說明）。請注意，正在記錄此事件。

I'd 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 Third 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 年第三季度財報電話會議。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.

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。

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.

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. Our third quarter results support our confidence in our strategy and reinforce our conviction in the long-term opportunity for The New York Times Company. We made steady progress in the quarter toward becoming 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。我們第三季度的業績支持了我們對戰略的信心，並加強了我們對紐約時報公司長期機會的信念。我們在本季度取得了穩步進展，成為每個尋求了解和參與世界的說英語的人的基本訂閱。

We did so by advancing the 3 pillars of our strategy: leading in news, helping people make the most of their lives and passions and putting those ideas together in a bundle that makes The Times indispensable in the daily lives of millions more people.

我們通過推進我們戰略的 3 個支柱來做到這一點：引領新聞，幫助人們充分利用他們的生活和激情，並將這些想法整合在一起，使《紐約時報》成為數百萬人日常生活中不可或缺的一部分。

Even with the macroeconomic headwinds we anticipated playing out largely as we expected, we're showing the potential of our differentially valuable product portfolio and multi-revenue stream model to drive sustainable growth and profit improvement as we scale.

即使我們預期的宏觀經濟逆風在很大程度上像我們預期的那樣發揮作用，我們也展示了我們具有不同價值的產品組合和多收入流模型的潛力，以在我們擴大規模時推動可持續增長和利潤改善。

Overall revenue grew in the quarter nearly 8% with subscription revenue growth more than making up for a slight decline in overall advertising. That revenue growth, combined with slowing cost growth drove a 6% increase in adjusted operating profit.

本季度總收入增長近 8%，訂閱收入增長彌補了整體廣告的小幅下滑。收入增長，加上成本增長放緩，推動調整後的營業利潤增長了 6%。

With 3 quarters of the year behind us, we are improving our outlook for full year 2022 results to the high end of the range we first provided in February. We now expect adjusted operating profit on a consolidated basis between $320 million and $330 million even with the dilution from our acquisition of The Athletic.

今年已經過去了 3 個季度，我們正在將 2022 年全年業績展望提高到我們在 2 月份首次提供的範圍的高端。我們現在預計調整後的綜合營業利潤在 3.2 億美元至 3.3 億美元之間，即使我們收購 The Athletic 會稀釋。

I'll turn now to our third quarter subscriber results. We added 180,000 net new subscribers in the quarter with a slow start in July, a pickup in August and a strong September. The biggest story of the quarter was our continued progress on the bundle, with mounting evidence that our strategy is working.

我現在將轉向我們第三季度的訂戶結果。我們在本季度新增了 180,000 名淨新訂戶，7 月開局緩慢，8 月回升，9 月強勁。本季度最大的故事是我們在捆綁包方面的持續進展，越來越多的證據表明我們的戰略正在奏效。

The third quarter was our best quarter yet for bundle net additions with a record number of bundle starts and percentage of starts taking the bundle. To give you a sense of the pace of our progress, in Q3, the percentage of starts on the bundle was double what we saw in Q1.

第三季度是我們迄今為止最好的一個季度，捆綁包的開始數量和開始使用捆綁包的百分比都創紀錄。為了讓您了解我們的進度，在第三季度，捆綁包的啟動百分比是我們在第一季度看到的兩倍。

This progress was the result of deliberate efforts to cross-promote our products on our biggest news surfaces and also to begin making them more interconnected.

這一進展是在我們最大的新聞表面上交叉推廣我們的產品並開始使它們更加相互關聯的刻意努力的結果。

For example, we added Wordle to the main feed of our core news app and rolled out a play tab in the app. We also substantially shifted our merchandising efforts to feature the bundle more prominently across News, Cooking and Games. And we continue to improve onboarding to the bundle to help new subscribers engage with multiple products.

例如，我們將 Wordle 添加到我們的核心新聞應用程序的主要提要中，並在應用程序中推出了一個播放選項卡。我們還大幅改變了我們的銷售工作，以在新聞、烹飪和遊戲中更突出地展示該捆綁包。我們將繼續改進捆綁包的使用，以幫助新訂戶與多種產品互動。

This was the first full quarter that The Athletic has been part of the bundle, and we began to more aggressively market it as such to prospects. We also made it easier for current Times subscribers to find and engage with The Athletic by adding a sign-in with The Times feature.

這是 The Athletic 第一個完整的季度，我們開始更積極地向潛在客戶推銷它。我們還通過添加“泰晤士報”功能的登錄功能，讓當前的“泰晤士報”訂閱者更容易找到並與 The Athletic 互動。

While it's early days, we're encouraged by the number of bundle subscribers who have activated their Athletic access by their level of engagement with The Athletic and by their early retention.

雖然現在還處於早期階段，但通過與 The Athletic 的互動程度和早期留存率激活了 Athletic 訪問權限的捆綁訂閱用戶的數量令我們感到鼓舞。

Leveraging the whole of our portfolio to drive the bundle is our priority over the coming quarters. As we do that, we'll be taking measures to further open up The Athletic's hard paywall to substantially increase awareness and free sampling of The Athletic in order to build a large, sustainable audience funnel. We expect that this will result in slower additions of subscribers on a stand-alone basis for some time as it did in the third quarter.

利用我們的整個產品組合來推動捆綁銷售是我們未來幾個季度的首要任務。在此過程中，我們將採取措施進一步開放 The Athletic 的硬付費牆，以大幅提高 The Athletic 的知名度和免費採樣，從而建立一個大型、可持續的受眾漏斗。我們預計這將導致在一段時間內像第三季度那樣在獨立的基礎上增加訂閱用戶的速度較慢。

Our ambition here is to become one of the leading players in global sports journalism, and we're confident that in doing so, we'll create significant value for shareholders.

我們的目標是成為全球體育新聞業的領先者之一，我們相信這樣做，我們將為股東創造重大價值。

Notably, we continue to see higher engagement among bundle subscribers with 10% to 20% more bundle subscribers engaging each week than news-only subscribers. This is true across the entire base and among cohorts of bundle subscribers who are in their first few months with us, an encouraging sign given the strong relationships we've seen between subscriber engagement and retention.

值得注意的是，我們繼續看到捆綁訂閱者的參與度更高，每週捆綁訂閱者的參與度比僅新聞訂閱者多 10% 到 20%。在整個基礎以及在最初幾個月與我們在一起的捆綁訂戶群體中都是如此，鑑於我們在訂戶參與度和留存率之間看到的牢固關係，這是一個令人鼓舞的跡象。

As a result of the efforts I've just described, The Times crossed an important milestone in the quarter. We now have more than 1 million bundle subscribers, discernible momentum on a key element of our strategy to drive revenue, profit and shareholder value. The Times now has more than 9.3 million subscribers with 10.8 million subscriptions, well on our way to our next mile marker of 15 million subscribers by 2027.

由於我剛才描述的努力，《紐約時報》在本季度跨越了一個重要的里程碑。我們現在擁有超過 100 萬捆綁訂閱用戶，在我們推動收入、利潤和股東價值的戰略的關鍵要素上有著明顯的勢頭。 《紐約時報》現在擁有超過 930 萬訂閱者和 1080 萬訂閱者，我們正在朝著 2027 年達到 1500 萬訂閱者的下一英里目標邁進。

Digital subscriber revenue grew 23% in the quarter, driven primarily by successfully stepping up subscribers from promotional offers to higher prices, which continues to go well and reflects our strategy in action.

本季度數字訂戶收入增長了 23%，這主要是由於成功地將訂戶從促銷優惠提升到更高的價格，這繼續進展順利，並反映了我們正在實施的戰略。

In addition, we view progress on our bundle strategy as a key indicator of future revenue growth as bundle subscribers pay roughly 50% more than news subscribers. We continue to believe that volume growth is our biggest driver of long-term shareholder value, but we are also working through how best to exercise our pricing power on our individual products.

此外，我們將捆綁策略的進展視為未來收入增長的關鍵指標，因為捆綁訂閱用戶的費用比新聞訂閱用戶高約 50%。我們仍然相信銷量增長是我們長期股東價值的最大驅動力，但我們也在研究如何最好地對我們的個別產品行使定價權。

We believe price increases on individual products can drive more people to take our bundle and can also help us realize more value from tenured subscribers. We expect to have more to say about this in the coming months.

我們相信個別產品的價格上漲可以推動更多人購買我們的捆綁包，也可以幫助我們從長期訂閱者那裡實現更多價值。我們希望在接下來的幾個月中對此有更多的發言權。

Let me turn now to advertising. For The New York Times Group, digital advertising outperformed our guidance in the quarter while print slightly underperformed. Overall performance was as expected, given the stiff headwinds we anticipated.

現在讓我談談廣告。對於紐約時報集團而言，數字廣告在本季度的表現優於我們的預期，而印刷品的表現則略遜一籌。考慮到我們預期的強勁逆風，整體表現符合預期。

We saw the impact of deteriorating macroeconomic conditions, most clearly in our tech and media categories. Still, there were several areas of relative strength in a tough market, like direct sold display advertising. We believe that strength underscores the value of our first-party data and premium ad products, our unique audio offerings and the appeal of The Times brand and varied product set to a wide range of marketers.

我們看到了宏觀經濟狀況惡化的影響，在我們的科技和媒體類別中最為明顯。儘管如此，在艱難的市場中仍有幾個相對優勢的領域，例如直銷展示廣告。我們相信，實力凸顯了我們的第一方數據和優質廣告產品的價值、我們獨特的音頻產品以及時代品牌和多樣化產品對廣大營銷人員的吸引力。

Speaking of our appeal to a wide range of marketers, we officially launched display advertising on The Athletic at the end of the quarter. While it will take time for the business to fully ramp up, demand is strong, and we're off to a good start. Even in a difficult market, The Athletic is attracting new advertisers and securing incremental ad buys from existing Times advertisers.

談到我們對廣大營銷人員的吸引力，我們在本季度末正式在 The Athletic 上推出了展示廣告。雖然業務完全增長需要時間，但需求強勁，我們有了一個良好的開端。即使在困難的市場中，The Athletic 也在吸引新的廣告商，並從現有的時代廣告商那裡獲得更多的廣告購買。

As reflected in our forward-looking guidance, we expect continued macroeconomic headwinds to impact our ad business in the near term. But the resilience of The Times ad strategy and the attractiveness of The Athletic opportunity give us confidence in advertising as a longer-term growth driver.

正如我們的前瞻性指引所反映的，我們預計持續的宏觀經濟逆風將在短期內影響我們的廣告業務。但《紐約時報》廣告策略的彈性和 The Athletic 機會的吸引力讓我們對廣告作為長期增長動力充滿信心。

Now having talked about revenue, let me turn to costs. In Q3, we began to see the benefits of our commitment to meaningfully slow cost growth. Savings came from 2 major areas and are part of a deliberate strategy we've been pursuing and describing for some time now.

現在談到收入，讓我談談成本。在第三季度，我們開始看到我們承諾顯著減緩成本增長的好處。節省來自兩個主要領域，是我們一段時間以來一直在追求和描述的深思熟慮戰略的一部分。

First, as we've become more effective in driving subscription growth through our organic audience engine and digital product work, we've substantially reduced our marketing spend.

首先，隨著我們通過有機受眾引擎和數字產品工作更有效地推動訂閱增長，我們大幅減少了營銷支出。

Second, while we continue to invest thoughtfully in areas that widen our moat, our newsroom, engineering and data teams, we've slowed head count growth across the company. Given our strategic clarity and ability to execute, we believe we are well positioned to support our future growth. These cost discipline efforts are strategic, and we expect them to be sustainable.

其次，雖然我們繼續在擴大護城河、新聞編輯室、工程和數據團隊的領域進行深思熟慮的投資，但我們已經減緩了整個公司的員工人數增長。鑑於我們的戰略清晰性和執行能力，我們相信我們有能力支持我們未來的增長。這些成本紀律努力具有戰略意義，我們希望它們是可持續的。

2022 has been a year of intense market uncertainty. The headwinds that we envisioned when we shared our midterm AOP target have materialized largely as we expected, but we have a powerful multi-revenue stream model with great unit economics, and we believe we are well poised for further growth. We're managing through the headwinds effectively and aggressively working to capture the tailwinds.

2022 年是市場充滿不確定性的一年。我們在分享中期 AOP 目標時所設想的不利因素已在很大程度上如我們預期的那樣實現，但我們擁有強大的多收入流模型和出色的單位經濟效益，我們相信我們已做好進一步增長的準備。我們正在有效地應對逆風，並積極努力捕捉順風。

And with that, I'll hand it over to Roland. I look forward to answering your questions shortly.

有了這個，我會把它交給羅蘭。我期待盡快回答您的問題。

Thank you, Meredith, and good morning. As Meredith said, our third quarter results, combined with our fourth quarter outlook suggests we expect to post a strong full year 2022 results even as we face macroeconomic headwinds.

謝謝你，梅雷迪思，早上好。正如 Meredith 所說，我們的第三季度業績以及我們的第四季度展望表明，即使我們面臨宏觀經濟逆風，我們仍有望發布強勁的 2022 年全年業績。

Turning to the quarter. Adjusted diluted earnings per share was $0.21, $0.02 lower than the prior year. We reported adjusted operating profit of $69 million higher than the same period in 2021 by approximately $4 million as growth in profit at The New York Times Group was partially offset by losses at The Athletic, which was slightly less than we expected in our acquisition plan.

轉向季度。調整後的每股攤薄收益為 0.21 美元，比上年低 0.02 美元。我們報告調整後的營業利潤比 2021 年同期高出約 400 萬美元，因為紐約時報集團的利潤增長被 The Athletic 的虧損部分抵消，該虧損略低於我們在收購計劃中的預期。

Adjusted operating profit at The New York Times Group was approximately $79 million in the quarter, higher by approximately $13 million compared to the prior year, while The Athletic lost approximately $9.5 million.

紐約時報集團本季度調整後的營業利潤約為 7,900 萬美元，比上年增加約 1,300 萬美元，而 The Athletic 虧損約 950 萬美元。

On a consolidated basis, the company added 180,000 net new digital-only subscribers and 210,000 net new digital-only subscriptions in the quarter, with continued strong growth in adoption of our bundle products. As Meredith noted, in the third quarter, the percentage of starts on the bundle doubled versus what we saw in the first quarter, and we passed 1 million digital 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 210,000 個純數字用戶，我們捆綁產品的採用持續強勁增長。正如 Meredith 指出的那樣，在第三季度，捆綁包的啟動百分比與我們在第一季度看到的相比翻了一番，我們的數字捆綁包訂閱者超過了 100 萬。

As reflected in our public reporting, we also surpassed the 2 million mark for combined digital-only bundle and multiproduct subscribers. This is a key metric because the data tells us that those subscribers using two or more products, not only pay more, but are more likely to retain than those using only one product.

正如我們的公開報告所反映的那樣，我們的純數字捆綁和多產品訂閱用戶也超過了 200 萬大關。這是一個關鍵指標，因為數據告訴我們，那些使用兩種或多種產品的訂閱者不僅支付更多，而且比只使用一種產品的訂閱者更有可能保留。

The number of digital-only bundle and multiproduct subscribers grew by approximately 150,000 in the quarter, driven mainly by increases to the number of bundle subscribers.

本季度純數字捆綁和多產品用戶的數量增加了約 150,000，主要是由於捆綁用戶數量的增加。

Note that we made a slight change in this metric since last quarter by excluding our print home delivery subscribers in order to provide investors with a clearer picture of our digital growth. We continue to enable access to The Athletic to additional bundle subscribers in the third quarter, a process which began late in the second quarter. This action was the primary driver of the increase in digital-only subscribers to The Athletic in the quarter.

請注意，自上個季度以來，我們通過排除我們的印刷送貨上門訂戶對這一指標進行了輕微改變，以便讓投資者更清楚地了解我們的數字增長。我們將在第三季度繼續向更多捆綁訂閱用戶開放 The Athletic，這一過程從第二季度末開始。這一行動是本季度 The Athletic 的純數字訂閱用戶增加的主要驅動力。

Total subscription revenue increased approximately 12% in the quarter, with digital-only subscription revenue growing approximately 23% to approximately $244 million. Digital-only subscription revenue grew primarily as a result of the large number of subscribers whose introductory promotional subscriptions graduated to higher prices, the new subscriptions we have added in the past year and the inclusion of subscription revenue from Athletic stand-alone subscriptions.

本季度總訂閱收入增長約 12%，僅數字訂閱收入增長約 23% 至約 2.44 億美元。純數字訂閱收入的增長主要是由於大量訂閱者的介紹性促銷訂閱升級到更高的價格、我們在過去一年增加的新訂閱以及包括來自 Athletic 獨立訂閱的訂閱收入。

It's worth noting that we began enabling access to The Athletic products for our digital bundle subscribers late in the second quarter, which we believe increases the value of the bundle for both potential and existing subscribers.

值得注意的是，我們在第二季度末開始為我們的數字捆綁訂閱用戶啟用 The Athletic 產品，我們認為這增加了捆綁對潛在和現有訂閱者的價值。

To account for this value, as noted in our second quarter 10-Q, we are allocating a portion of digital subscription bundle revenue from The New York Times Group to The Athletic, resulting in a reduction in the amount of revenue recorded at The New York Times Group.

如我們在第二季度 10-Q 中所述，為了考慮這一價值，我們將紐約時報集團的部分數字訂閱捆綁收入分配給 The Athletic，從而導致紐約記錄的收入減少時代集團。

Moving to digital-only subscriber ARPU, which includes all of our digital products. For the quarter, digital-only subscriber ARPU decreased 8% compared to the prior year from $9.64 to $8.87 and increased approximately 50 basis points compared to the prior quarter.

轉向純數字用戶 ARPU，其中包括我們所有的數字產品。本季度，僅數字用戶的 ARPU 與去年同期相比下降了 8%，從 9.64 美元降至 8.87 美元，與上一季度相比增加了約 50 個基點。

The year-over-year decline on the consolidated ARPU is primarily a result of the inclusion of The Athletic. 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 ongoing Games from subscribers converting to the bundle or otherwise transitioning to higher prices.

綜合 ARPU 的同比下降主要是由於加入了 The Athletic。排除 The Athletic 的影響後，下降幅度明顯不那麼明顯，儘管以促銷價推出的新訂閱者（包括大量新遊戲訂閱者）的影響足以抵消正在進行的遊戲從訂閱者轉換為捆綁包或以其他方式過渡到更高價格的影響。價格。

Ex The Athletic domestic ARPU increased modestly both year-over-year and sequentially due to the large cohort of subscribers graduating from promotional to higher prices in the period. The domestic ARPU result demonstrates the power of our long-term pricing strategy continuing to play out.

Ex The Athletic 國內 ARPU 同比和環比均小幅增長，原因是在此期間大量訂閱者從促銷價轉為更高價。國內 ARPU 結果顯示了我們長期定價策略的力量繼續發揮作用。

Print subscription revenues declined approximately 3.5% as the benefit from the first quarter home delivery price increase did not fully offset lower volumes in both home delivery and single copy.

印刷訂閱收入下降了約 3.5%，因為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。

Our advertising revenues decreased approximately 0.5% in the quarter, with growth in digital advertising, nearly offsetting declines in print. Digital advertising grew 5% as a result of higher direct sold advertising at The New York Times Group and the addition of advertising revenue from The Athletic, which more than offset lower revenue from fewer programmatic advertising impressions at The New York Times Group.

我們的廣告收入在本季度下降了約 0.5%，數字廣告的增長幾乎抵消了印刷廣告的下降。數字廣告增長 5%，原因是 The New York Times Group 的直銷廣告增加以及 The Athletic 的廣告收入增加，抵消了 The New York Times Group 程序化廣告展示次數減少導致的收入下降。

Meanwhile, print advertising was lower by 8.5% compared with 2021, primarily driven by declines in the advocacy and media categories.

與此同時，與 2021 年相比，平面廣告下降了 8.5%，這主要是由於宣傳和媒體類別的下降。

Other revenues decreased approximately 2% compared with the prior year to approximately $55 million, primarily as a result of lower licensing revenues, partially offset by higher revenue from wire cutter affiliate and live events. Licensing revenues were lower primarily due to a onetime book deal in 2021.

其他收入與上年相比下降約 2% 至約 5500 萬美元，主要是由於許可收入減少，部分被剪線鉗附屬公司和現場活動的收入增加所抵消。許可收入下降主要是由於 2021 年的一次性圖書交易。

Adjusted operating costs were higher in the quarter by nearly 8% as compared with 2021 due to the addition of costs associated with The Athletic while costs at The New York Times Group were flat. These results were consistent with our plan for cost growth to slow in the back half of the year.

由於增加了與 The Athletic 相關的成本，而紐約時報集團的成本持平，本季度調整後的運營成本比 2021 年高出近 8%。這些結果與我們在今年下半年放緩成本增長的計劃一致。

Adjusted operating costs were slightly better than the guidance we provided in the second quarter as a result of lower cost of revenue, mainly in print production and distribution and subscriber servicing.

調整後的運營成本略好於我們在第二季度提供的指導，因為收入成本降低，主要是印刷生產和分銷以及用戶服務。

I'll now discuss the cost drivers for The New York Times Group. Cost of revenue increased 7% 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.

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增加，收入成本增加了 7%。

Sales and marketing costs decreased approximately 32%, largely due to lower media expenses. Media expenses were $27 million, approximately 50% below last year, which was a period of elevated marketing spend.

銷售和營銷成本下降了約 32%，主要是由於媒體費用減少。媒體費用為 2700 萬美元，比去年同期減少約 50%，而去年是營銷支出增加的時期。

Product development costs increased approximately 14% 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 6%.

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 14%。一般和行政成本增長了約 6%。

We had one special item in the quarter, a $7 million gain related to a multiemployer pension liability adjustment. Our effective tax rate for the third quarter was approximately 28% versus an expected marginal rate of 27%.

我們在本季度有一個特殊項目，與多雇主養老金負債調整相關的 700 萬美元收益。我們第三季度的有效稅率約為 28%，而預期的邊際稅率為 27%。

Moving to the balance sheet. Our cash and marketable securities balance ended the quarter at approximately $469 million, an increase of approximately $16 million compared with the second quarter of 2022. The company remains debt-free with a $350 million revolving line of credit available. Share repurchases during the third quarter totaled $25 million, and the company continued to purchase shares subsequent to the end of the quarter. Approximately $57 million currently remains under the company's repurchase authorization.

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 4.69 億美元，與 2022 年第二季度相比增加了約 1600 萬美元。該公司仍然沒有債務，可提供 3.5 億美元的循環信貸額度。第三季度的股票回購總額為 2500 萬美元，該公司在該季度末之後繼續購買股票。目前約有 5700 萬美元仍在公司的回購授權下。

Taken together with the payment of our $0.09 quarterly dividend, we expect 2022 capital returns to exceed the high end of the guidance we provided at our June Investor Day, targeting capital return of 25% to 50% of free cash flow.

加上我們支付 0.09 美元的季度股息，我們預計 2022 年的資本回報將超過我們在 6 月投資者日提供的指導的高端，目標資本回報率為自由現金流的 25% 至 50%。

The continuing repurchase activity reflects our view that our share is an attractive value and our willingness to repurchase shares beyond offsetting the impact of share-based compensation when we see opportunity in the market.

持續的回購活動反映了我們的觀點，即我們的股票具有有吸引力的價值，並且我們願意在看到市場機會時回購股票，以抵消基於股票的薪酬的影響。

Within the context of our prudent capital structure, we will continue to evaluate opportunities for capital return.

在我們審慎的資本結構的背景下，我們將繼續評估資本回報的機會。

Let me conclude with our outlook for the fourth quarter of 2022 on The New York Times Group, which does not include The Athletic. Please note that this guidance reflects the impact of an extra week in our fourth quarter of 2022 as compared with 13 weeks in the same period of 2021.

讓我以我們對紐約時報集團 2022 年第四季度的展望結束，其中不包括 The Athletic。請注意，該指南反映了我們在 2022 年第四季度增加一周的影響，而 2021 年同期增加了 13 週。

Comparisons are to the company's consolidated results for the fourth 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.

比較的是公司在收購 The Athletic 之前 2021 年第四季度的綜合業績。 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 10% to 13% compared with the fourth quarter of 2021, with digital-only subscription revenue expected to increase approximately 20%.

對於紐約時報集團而言，與 2021 年第四季度相比，總訂閱收入預計將增長 10% 至 13%，其中僅數字訂閱收入預計將增長約 20%。

Both overall and digital advertising revenues are expected to be lower by approximately 10% compared with the fourth quarter of 2021, which was our largest digital quarter ever, mainly due to macroeconomic conditions on top of the challenging comparisons to last year, especially in the technology category.

與 2021 年第四季度（這是我們有史以來最大的數字季度）相比，總體和數字廣告收入預計將下降約 10%，這主要是由於宏觀經濟狀況與去年相比具有挑戰性，尤其是在技術方面類別。

Other revenues are expected to increase in the low single digits. Adjusted operating costs are expected to be approximately flat compared with the fourth quarter of 2021. Given the uncertain macroeconomic environment, we continue to look closely at costs while strategically investing in areas that widen our moats, like journalism and digital product development.

其他收入預計將以低個位數增長。與 2021 年第四季度相比，調整後的運營成本預計將大致持平。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，例如新聞業和數字產品開發。

Given our performance through September and our outlook for Q4, we are updating and further quantifying our AOP guidance range for the full year to between $320 million and $330 million.

鑑於我們截至 9 月的表現和我們對第四季度的展望，我們正在更新並進一步量化我們全年的 AOP 指導範圍至 3.2 億美元至 3.3 億美元之間。

Given the challenging macroeconomic backdrop, we feel this updated guidance reflects the strength of our model and soundness of our essential subscription strategy.

鑑於充滿挑戰的宏觀經濟背景，我們認為這一更新的指引反映了我們模型的實力和我們基本訂閱策略的穩健性。

And 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 reiterate a few key takeaways. We're making great progress with the bundle, which underpins our ability to better penetrate our addressable market and drive more volume and revenue. Given our confidence in our strategy and the investments we've already made, we've been able to actively slow cost growth.

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。我們在捆綁方面取得了巨大進展，這鞏固了我們更好地滲透我們的目標市場並推動更多銷量和收入的能力。鑑於我們對我們的戰略和我們已經進行的投資的信心，我們已經能夠積極減緩成本增長。

Even amid ongoing macroeconomic headwinds, we believe the strength of our subscription-first multi-revenue stream model will enable us to build a larger, more profitable business, and we're aggressively chasing the tailwinds that will best position us to grow revenue and profit.

即使在持續的宏觀經濟逆風中，我們相信我們以訂閱為先的多收入流模式的優勢將使我們能夠建立更大、更有利可圖的業務，並且我們正在積極追逐最適合我們增加收入和利潤的順風.

And with that, we'd be happy to open it up for questions.

有了這個，我們很樂意提出問題。

(Operator Instructions) Our first question comes from Thomas Yeh from Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Thomas Yeh。

I really appreciate all the color on the bundle adoption strategy. We're starting to see the uncertain macro environment impacting advertising more broadly across the space really. Can you talk a bit about maybe more on the offsetting impact of -- on the subscription side as you shift towards selling more on a higher ARPU bundle whether or not there's an increased impact related to churn or gross acquisitions?

我真的很欣賞捆綁採用策略的所有顏色。我們開始看到不確定的宏觀環境確實對整個空間的廣告產生了更廣泛的影響。您能否多談談 - 在訂閱方面的抵消影響，因為您轉向在更高的 ARPU 捆綁銷售更多產品，無論與流失或總收購相關的影響是否增加？

I think typically, 3Q sees a seasonal uptick in subscriber net adds relative to 2Q and the 180,000 was sequentially similar. Just wondering if the ongoing changes to how you merchandise the product is causing some additional noise there?

我認為通常情況下，第三季度的訂戶淨增加量相對於第二季度出現季節性上升，而 180,000 的順序相似。只是想知道您對產品銷售方式的持續變化是否會在那裡引起一些額外的噪音？

Thomas, I'll say a few things and, Roland, you'll add as you see fit. The first thing to say is if we look back in history, changes in the macroeconomic environment thus far at the times have tended to have more impact on the ad business than on our subscription business. And I'd say that's been the case as long as we've been doing both things very, very broadly. So that's what history would suggest.

托馬斯，我會說幾句話，羅蘭，你會在你認為合適的時候添加。首先要說的是，如果我們回顧歷史，迄今為止宏觀經濟環境的變化對廣告業務的影響往往比對訂閱業務的影響更大。我想說，只要我們一直非常非常廣泛地做這兩件事，情況就是如此。這就是歷史所暗示的。

As far as the net add number in the quarter, I'll point to the pattern. Typically, we do have a slow summer, and we did, and we saw a real pickup in August and further acceleration in September. And I would just say, in general, we continue to believe we're well on track for our medium-term target of next mile marker of 15 million subscribers by year-end 2027, and we feel really good about the progress we're making on the bundle.

至於本季度的淨增數，我將指出模式。通常情況下，我們確實有一個緩慢的夏天，我們確實做到了，我們在 8 月看到了真正的回升，並在 9 月進一步加速。我只想說，總的來說，我們仍然相信我們的中期目標是到 2027 年底達到 1500 萬用戶的下一英里目標，我們對我們的進展感覺非常好在捆綁上製作。

I'll just remind everyone that the bundle itself ultimately, people pay somewhere in the neighborhood of 50% more for it, but it's also part of the penetration strategy. We think news is going to continue to be very appealing to people. But whatever the news cycle, we now have a number of other things that will appeal as well.

我只是提醒大家，捆綁包本身最終會導致人們為此多付 50% 左右的費用，但這也是滲透策略的一部分。我們認為新聞將繼續對人們非常有吸引力。但無論新聞周期如何，我們現在還有許多其他的東西也會吸引人。

The one thing I would add is that we didn't see any negative signs on the retention side of the business. As a matter of fact, it was a tick better than we had seen recently. So we're happy about that. You might expect to see a little bit of that in cancellations from the economy, and we did not see that.

我要補充的一件事是，我們在業務保留方面沒有看到任何負面跡象。事實上，它比我們最近看到的要好一點。所以我們對此感到高興。您可能期望在經濟取消中看到一點，而我們沒有看到。

That's helpful. And then just as a follow-up for Roland. We're starting to see some nice operating leverage in the model as you mentioned. Does the advertising environment change your view on the ability to deliver on margin expansion expectations into next year?

這很有幫助。然後只是作為羅蘭的後續行動。正如您所提到的，我們開始在模型中看到一些不錯的運營槓桿。廣告環境是否會改變您對明年實現利潤率擴張預期能力的看法？

Yes. At this point, we don't see a reason to come off those expectations. We still think the core of the business is strong. You've seen this quarter a good illustration of what we've been able to do on the cost side. And as Meredith mentioned, the action we took on the cost side, we believe, to be strategic, and that will be durable, and we expect that to follow through into future quarters. So we still feel good about that.

是的。在這一點上，我們認為沒有理由放棄這些期望。我們仍然認為業務的核心是強大的。您已經看到本季度很好地說明了我們在成本方面能夠做到的事情。正如梅雷迪思所提到的，我們認為，我們在成本方面採取的行動具有戰略意義，這將是持久的，我們預計這將持續到未來幾個季度。所以我們仍然對此感覺良好。

I'll just add that we largely anticipated what we're seeing in advertising, and that's been reflected in everything we've suggested.

我只想補充一點，我們在很大程度上預測了我們在廣告中看到的內容，這已經反映在我們建議的所有內容中。

The next question comes from Vasily Karasyov from Cannonball Research.

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

I wanted to ask you to talk about your visibility into subscriber acquisition and retention trends now versus a couple of years ago or a little earlier when you were just starting your digital business growth because if you -- we all remember that it was hard for you to predict what the quarter would look like even in the middle of the quarter. Has that changed? And if so, why? And what kind of expectations do you have now based on that?

我想請您談談您現在對訂戶獲取和保留趨勢的可見性與幾年前或更早時您剛剛開始數字業務增長時相比，因為如果您 - 我們都記得這對您來說很難即使在季度中期，也可以預測該季度的情況。那改變了嗎？如果是這樣，為什麼？基於此，您現在有什麼樣的期望？

Vasily, I'm happy to start on that. A couple of things. I think the durability of the subscription model would suggest that our visibility on revenue remains pretty good. We don't guide on net adds because we don't think that -- we've long said we don't expect that to be linear quarter-to-quarter, and you're going to see a lot of variability for a lot of different reasons.

瓦西里，我很高興從這個開始。有幾件事。我認為訂閱模式的持久性表明我們對收入的可見性仍然相當不錯。我們不指導淨增加量，因為我們不這麼認為——我們早就說過，我們不希望每個季度都是線性的，你會看到很多變化很多不同的原因。

I'll point to a few things about the drivers and maybe this is part of what was under underlying Thomas's question as well. The things we do see as sort of increasing control over key levers, Roland mentioned churn. We've long said now, and we talked about this last year, that churn was at a manageable level. We needed to keep it as such. And we feel anything could change at any moment, but we feel pretty good about our ability to do that so far.

我會指出一些關於司機的事情，也許這也是托馬斯問題的一部分。 Roland 提到了客戶流失，我們確實看到了對關鍵槓桿的控制越來越多的事情。我們早就說過，我們去年也談到過，流失率處於可控水平。我們需要保持原樣。我們覺得任何事情都可能隨時發生變化，但到目前為止，我們對自己做到這一點的能力感到非常滿意。

We also talked a lot last year and at the beginning of this year about the importance of subscriber engagement, which is like the most important leading indicator on churn. And we also feel quite good about our ability to drive that through the differential quality and value of the product, the widening product set, but also the kind of product interventions we make when we enhance how the product works.

去年和今年年初，我們還談了很多關於訂戶參與度的重要性，這就像客戶流失最重要的領先指標。我們也對我們通過產品的不同質量和價值、不斷擴大的產品組合以及我們在增強產品工作方式時所做的產品干預來推動這一點的能力感到非常滿意。

That's really working, and that gives us some greater sense of control, which you're getting at. What we have less control over is audience, and I'll point to two things that certainly change. Obviously, the new cycle itself is going to continue to change. It will ebb and flow. The big thing that we've seen this year that's been different from past years as we've had a number of years where it was kind of one or two very, very big story lines driving the news cycle. And now we're seeing a much more varied set of stories and that means the audience pattern changes.

這真的很有效，這給了我們一些更大的控制感，你正在理解。我們無法控制的是觀眾，我將指出兩件肯定會改變的事情。顯然，新周期本身將繼續發生變化。它會潮起潮落。今年我們看到的一件大事與過去幾年不同，因為我們已經有很多年了，它是一種或兩個非常非常大的故事情節推動新聞周期。現在我們看到的故事更加多樣化，這意味著觀眾模式發生了變化。

And then there's been a fair amount said kind of about the exogenous factors, the big tech platforms are, in some ways, kind of shifting away from sending audience, as much audience as they were sending to new sites. And I'll just say there, we felt that a bit in the quarter. We've also got a really good track record of adapting to exogenous changes in the ecosystem.

然後有相當多的關於外生因素的說法，大型科技平台在某些方面正在從發送觀眾轉移，與他們發送到新網站的觀眾一樣多。我只想說，我們在本季度感覺到了一點。我們在適應生態系統的外生變化方面也有很好的記錄。

The next question comes from Doug Arthur from Huber Research Partners.

下一個問題來自 Huber Research Partners 的 Doug Arthur。

Two questions. Roland, the 45% drop in media expenses in the third quarter, is that just because of the big expenditure a year ago? Or is there some sustainability to kind of the funnel -- the strength of the funnel that you feel you can keep that contained going forward? And then I've got a follow-up on net adds.

兩個問題。羅蘭，第三季度媒體費用下降45%，是因為一年前的大筆支出嗎？或者這種漏斗是否有一些可持續性——你認為你可以保持它向前發展的漏斗強度？然後我對淨添加進行了跟進。

Sure. So -- thanks for the question, Doug. It's much more the latter, though the comp -- the comp did contribute to the 45%. But we are now at a point that I think we've been predicting for quite a while, where we believe the investments we've made in the product, the improvements we've made there are starting to really pay off to get the product to do some of the work that we used to have done with paid marketing. So we do see this as completely sustainable and kind of the approach that we'll take going forward. So we're quite happy about how that's working out.

當然。所以——謝謝你的問題，道格。後者更多，儘管補償——補償確實貢獻了 45%。但我們現在處於一個我認為我們已經預測了很長一段時間的點，我們相信我們在產品上所做的投資，我們在那裡所做的改進已經開始真正得到回報，以獲得產品做一些我們過去在付費營銷方面所做的工作。因此，我們確實認為這是完全可持續的，也是我們將採取的一種方法。所以我們對它的結果感到非常高興。

Okay. Great. And then, Meredith, when you onboarded The Athletic, the digital subscriber number was about 1.2 million. The way you're reporting it now looks like it's just under 2.3 million. Is that an apples-to-apples comparison? Or does that include some benefit of the bundle? I'm a little confused on that. Or have you actually added -- what's that?

好的。偉大的。然後，Meredith，當你加入 The Athletic 時，數字訂戶數量約為 120 萬。您現在報告它的方式看起來不到 230 萬。這是蘋果對蘋果的比較嗎？或者這是否包括捆綁包的一些好處？我對此有點困惑。或者你真的添加了——那是什麼？

The short answer is it does include the benefit of the bundle, and that's been a huge area of focus, getting our current all-digital access subscribers, -- all access subscribers to activate The Athletic and then getting them to engage. But Roland may have more to say about the kind of specifics on reporting.

簡短的回答是它確實包括捆綁的好處，這是一個巨大的關注領域，讓我們當前的全數字訪問訂戶——所有訪問訂戶激活 The Athletic，然後讓他們參與。但對於報導的那種細節，羅蘭可能有更多話要說。

And just on the reporting, that is everyone who has access -- who was a paid subscription -- paid digital subscription and has access to The Athletic. So as I mentioned in my prepared remarks, we enabled a very large number of our existing bundle subscribers to get access to The Athletic that happened at the very end of last quarter, but most of it happened this quarter. So this is the first full quarter, but you see a large number of folks on the bundle added into that number. And we now have over 1 million bundle subscribers. So that is the big push there.

就在報導中，每個人都可以訪問——他們是付費訂閱者——付費數字訂閱並且可以訪問 The Athletic。因此，正如我在準備好的評論中提到的那樣，我們使大量現有的捆綁訂閱用戶能夠訪問上季度末發生的 The Athletic，但大部分都發生在本季度。所以這是第一個完整的季度，但是您會看到捆綁包中的大量人員添加到該數字中。我們現在擁有超過 100 萬捆綁訂閱用戶。這就是那裡的一大推動力。

Okay. Great. And just as a quick follow-up. Meredith, when you acquired The Athletic, I think you guided to a loss of $50-plus million for 2022. That looks like you're running well below that at this point. Is that fair?

好的。偉大的。就像快速跟進一樣。梅雷迪思，當你收購 The Athletic 時，我認為你在 2022 年虧損了 50 多萬美元。看起來你目前的表現遠低於這一水平。這公平嗎？

Fair.

公平的。

The next question comes from David Karnovsky from JPMorgan.

下一個問題來自摩根大通的 David Karnovsky。

Meredith, you noted in your prepared remarks, potentially increasing prices on the stand-alone products to drive bundle uptake. Just interested to know how you think about when is the right time to execute on something like that, especially as we're kind of hitting a potentially weaker economic period?

Meredith，您在準備好的評論中指出，可能會提高獨立產品的價格以推動捆綁銷售。只是想知道您如何看待何時是執行此類事情的合適時機，尤其是在我們正處於經濟可能疲軟時期的情況下？

And then one for Roland. Since you're now guiding the year in terms of adjusted operating profit, is it possible to just quantify the benefit of that extra week to fourth quarter?

然後是給羅蘭的一份。由於您現在根據調整後的營業利潤來指導這一年，是否有可能量化這額外一周到第四季度的收益？

Yes. Good questions. The first thing to say is when we think about our shareholder value broadly, we continue to believe that growing volume is the best way to create more value. So we are always looking for what is the optimal way to grow both volume and realized price.

是的。好問題。首先要說的是，當我們從廣義上考慮我們的股東價值時，我們仍然相信增長量是創造更多價值的最佳方式。因此，我們一直在尋找增加銷量和實現價格的最佳方式。

But we're now living through a period of what I would call prolonged inflation, and we're paying close attention to what other companies are doing around inflation and price rises. I'll say we've got a strong history here of taking a measured approach and kind of testing and learning to positive effect.

但我們現在正經歷一段我稱之為長期通脹的時期，我們正在密切關注其他公司圍繞通脹和價格上漲所做的事情。我要說的是，我們在這方面有著悠久的歷史，即採取一種衡量的方法、一種測試和學習來產生積極的影響。

And you -- some will remember, we did that with a tenured price increase on news, I think a couple of years ago now, Roland, so kind of tested our way into it, figured out that the optimal way to do that. And that's how we're thinking now, really asking ourselves, is there an opportunity to do that across the individual products for two reasons to sort of compel people to take the bundle and also because tenured subscribers tend to be the ones who are getting the most value out of the product.

而你——有些人會記得，我們是在新聞中長期提價的，我想幾年前的現在，羅蘭對我們的方式進行了測試，找到了實現這一目標的最佳方式。這就是我們現在的想法，真的問自己，是否有機會在單個產品中這樣做，原因有兩個原因可以迫使人們接受捆綁包，而且因為終身訂閱者往往是獲得產品的最大價值。

So as we work our way through that and figure out if we can find that point of optimal volume and price, we'll share more.

因此，當我們努力解決這個問題並確定我們是否能找到最佳數量和價格的那個點時，我們將分享更多信息。

David, to your question about the 53rd week, we're not able to describe perfectly to the 53rd week. But I think the way to think about it is that, that week is worth about $10 million on an adjusted operating profit basis.

大衛，關於你關於第 53 週的問題，我們無法完美地描述到第 53 週。但我認為考慮的方式是，按調整後的營業利潤計算，那一周的價值約為 1000 萬美元。

Next question comes from Craig Huber from Huber Research Partners.

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

Meredith, can you just talk a little bit further about engagement of your digital products you have on a like-for-like basis, how that might have changed now versus a year ago? That's my first question.

梅雷迪思，您能否進一步談談您在同類產品中的數字產品的參與度，與一年前相比，現在可能發生了怎樣的變化？這是我的第一個問題。

Yes. Happy to do that. Great question. We are intensely focused on subscriber engagement across the portfolio. And while we don't quantify that, I'll just say we broadly feel quite good about it. Even as the subscriber base grows, we're kind of able to hold on broadly to a level of engagement that we think is important to the model, important to getting to our next mile marker on volume and important to everything we're doing from a bundle perspective.

是的。很高興這樣做。好問題。我們非常關注整個產品組合的訂戶參與度。雖然我們沒有量化這一點，但我只想說我們總體上感覺很好。即使訂戶群增長，我們也能夠廣泛地保持我們認為對模型很重要的參與度，對達到我們的下一個里程標記很重要，對我們所做的一切都很重要束透視。

And I'll say on the bundle, something that's been very pleasing is we continue -- obviously, we're driving more people to the bundle in all the ways we've described so far, but we're continuing to see bundle subscribers engage 10% to 20% better than news subscribers.

我會在捆綁包上說，非常令人高興的是我們繼續 - 顯然，我們正在以我們迄今為止描述的所有方式吸引更多人使用捆綁包，但我們繼續看到捆綁包訂閱者參與度比新聞訂閱者高 10% 到 20%。

And again, I'm telling you kind of enterprise engagement is good, but bundle is even better, and that's a huge area of focus. That's why both Roland and I have described, we've said like first priority on The Athletic is get it into the bundle and get people using it. So I'd say that feels -- all feels broadly good.

再說一次，我要告訴你的是，企業參與度很好，但捆綁包更好，這是一個很大的關注領域。這就是為什麼 Roland 和我都描述過，我們說過 The Athletic 的首要任務是將它放入捆綁包中並讓人們使用它。所以我會說感覺 - 一切都感覺很好。

There's a bunch of stuff we don't control in overall audience. And there, we feel confident that we've got a good track record of adapting to whatever comes our way in terms of the platforms and the ecosystem. But feel really good about subscriber engagement.

在整體觀眾中，有很多我們無法控制的東西。在那裡，我們相信我們在適應平台和生態系統方面的任何事情方面都有良好的記錄。但對訂閱者的參與感覺非常好。

And I'll say one more thing within each product and then across the bundle, we still have plenty of levers to drive -- to continue to drive engagement. There's just a lot in these products to get people to come back.

我將在每個產品中再說一件事，然後在整個捆綁包中，我們仍然有很多槓桿可以推動——繼續推動參與。這些產品中有很多東西可以讓人們回來。

And then my other two questions real quick, if I could. I think, Roland, you mentioned you have $57 million left on your share buyback program. I mean, if you wanted to, obviously, you could exhaust that in one quarter, pretty quick order. How are you, your management team and your Board of Directors think about capital returns going forward once that is exhausted here, I mean, given you a very clean balance sheet?

如果可以的話，我的另外兩個問題很快。我想，羅蘭，你提到你的股票回購計劃還剩 5700 萬美元。我的意思是，如果你願意，很明顯，你可以在四分之一的時間內用完，非常快的訂單。你，你的管理團隊和董事會如何看待未來的資本回報，一旦在這裡用盡，我的意思是，給你一個非常乾淨的資產負債表？

Are you guys thinking about potentially upping that significantly here? And also what we can talk about the dividend as well. Is there any potential chance to increase that? And then my nitpick question, if I could, where is your -- the size of your newsroom at now, the number of journalists versus, say, beginning of the year?

你們是否考慮在這裡顯著提高這一點？還有我們可以談論的股息。有沒有增加它的潛在機會？然後是我挑剔的問題，如果可以的話，你現在的新聞編輯室規模在哪裡，記者人數與年初相比？

I'll take the first question. So I mean, the capital return policy and the moves we might make prospectively would be a conversation that we would have with our Board, don't have a lot more to say about it today. I think the moves we made and announced last February showed a bit of a shift in our philosophy, which we think was a positive step to be able to return capital to shareholders.

我會回答第一個問題。所以我的意思是，資本回報政策和我們未來可能採取的行動將是我們與董事會進行的對話，今天沒有太多要說的了。我認為我們去年 2 月採取和宣布的舉措表明我們的理念發生了一些轉變，我們認為這是能夠向股東返還資本的積極步驟。

I'm happy to take the newsroom question, Roland. I'll say, as we've said for a long time, we continue to invest thoughtfully into the newsroom. We believe our moat is having a product that is differentially valuable first in news, but across the breadth of human experience and then across now a growing bundle of products.

我很高興接受新聞編輯室的問題，羅蘭。我會說，正如我們長期以來所說的那樣，我們會繼續對新聞編輯室進行深思熟慮的投資。我們相信我們的護城河正在擁有一種產品，它首先在新聞中具有不同的價值，但跨越人類經驗的廣度，然後跨越現在越來越多的產品包。

And I think we've been very conscientious about those investments, particularly in the current macroeconomic environment. But the number is growing modestly. Harlan, I always forget what we disclose here but I think it's around 1,700 and growing a little bit beyond that this year. Maybe 1,800 now. Yes.

我認為我們對這些投資非常認真，尤其是在當前的宏觀經濟環境下。但這個數字正在適度增長。哈蘭，我總是忘記我們在這裡披露的內容，但我認為它在 1,700 左右，並且在今年有所增長。現在可能有 1,800 個。是的。

This concludes our question-and-answer session. I would 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。