New York Times Co (NYT) 2023 Q1 法說會逐字稿

Good morning, everyone, and welcome to the New York Times Company's First Quarter 2023 Earnings Conference Call. (Operator Instructions). Please also note today's event is being recorded. And at this time, I'd like to turn the floor over to Mike Brown, Vice President, Assistant General Counsel and Corporate Secretary. Please go ahead.

大家早上好，歡迎來到紐約時報公司 2023 年第一季度收益電話會議。 （操作員說明）。另請注意，今天的活動正在錄製中。現在，我想請副總裁、助理總法律顧問兼公司秘書邁克·布朗發言。請繼續。

Thank you, and welcome to The New York Times Company's First Quarter 2023 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，歡迎來到紐約時報公司 2023 年第一季度收益電話會議。在今天的電話會議上，我們有總裁兼首席執行官 Meredith Kopit Levien；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 2022 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做出前瞻性陳述。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 2022 年 10-K 和隨後的 SEC 文件中描述的許多風險和不確定性，我們的實際結果可能存在重大差異。

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，我們的介紹將包括非 GAAP 財務指標，並且我們在我們的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 上獲取。

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，今天上午的電話會議準備好的評論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, Mike, and good morning, everyone. Last year, we presented the next phase of our long-term strategy with the goal of becoming the essential subscription for every curious English-speaking person seeking to understand and engage with the world.

謝謝，邁克，大家早上好。去年，我們展示了我們長期戰略的下一階段，目標是成為每個尋求了解世界並與世界互動的好奇英語人士的必備訂閱。

In the first quarter, we made steady progress on that strategy with clear signs of substantial runway ahead. Let me share some of the highlights. We crossed 3 million bundle and multiproduct subscribers in the quarter and hit a number of new records for bundled uptake.

在第一季度，我們在該戰略上取得了穩步進展，有明顯跡象表明前方有大量跑道。讓我分享一些亮點。我們在本季度突破了 300 萬捆綁和多產品訂戶，並創下了捆綁採用的多項新記錄。

We drove sequential ARPU expansion as we fully applied our value-based pricing strategy, we enjoyed the strongest enterprise-wide subscriber engagement we've seen in more than a year, and we slowed cost growth for the third consecutive quarter through disciplined cost management.

我們充分應用基於價值的定價策略，推動了 ARPU 的連續擴張，我們享受了一年多來最強勁的企業範圍用戶參與度，並且通過嚴格的成本管理，我們連續第三個季度放緩了成本增長。

Our performance in the quarter reflects our strategy playing out as it was designed to. With our high-quality product portfolio and multi-revenue stream models, giving us a variety of levers for growth even in an uncertain market, and the cash-generative nature of our model was on full display.

我們在本季度的表現反映了我們的戰略按照設計的方式發揮作用。憑藉我們高質量的產品組合和多收入流模型，即使在不確定的市場中也為我們提供了多種增長槓桿，我們模型的現金生成特性得到了充分展示。

I'll turn now to the quarter's specifics. We added 190,000 net new digital subscribers roughly on pace with the last 3 quarters growth despite considerable market headwinds. We now have more than 9.7 million total subscribers and remain on the path for a goal of 15 million subscribers by year-end 2027.

我現在將談談本季度的具體情況。儘管存在相當大的市場逆風，我們還是增加了 190,000 名淨新數字用戶，與過去 3 個季度的增長大致相同。我們現在擁有超過 970 萬訂戶，並繼續朝著到 2027 年底達到 1500 萬訂戶的目標邁進。

Thanks to aggressive marketing across all of our product bundles, we had our highest ever number of bundled starts in the quarter, highest percentage of bundle starts and highest number of bundle upgrades.

由於我們所有產品捆綁包的積極營銷，我們在本季度的捆綁啟動數量、捆綁啟動百分比和捆綁升級數量均創歷史新高。

This matters as strong uptake of the bundle is a positive signal of revenue growth expansion because the average bundled subscriber engages more, pays more and retains better than the average single product subscriber.

這一點很重要，因為捆綁產品的強勁使用是收入增長擴張的一個積極信號，因為平均捆綁用戶比普通單一產品用戶參與更多，支付更多並且保留得更好。

Subscriber engagement in the quarter measured in weekly usage was especially strong driven in part by high usage from early tenured subscribers, many of whom bought the bundle. We also continued our deliberate efforts to grow top line audiences and widen our pools of high-quality prospects across our product portfolio.

本季度以每週使用量衡量的訂戶參與度特別強勁，部分原因是早期長期訂戶的高使用率，其中許多人購買了捆綁包。我們還繼續深思熟慮地努力增加頂級受眾，並在我們的產品組合中擴大我們的高質量潛在客戶群。

That work is intended to be a driver of medium- and long-term subscriber growth. And also to counteract the headwinds on news, we've talked about for some time now, including slowing referrals from the platform and fluctuations in demand driven by a changing use cycle.

這項工作旨在推動中長期用戶增長。為了抵消新聞方面的不利因素，我們已經討論了一段時間，包括放慢平台的推薦速度以及由不斷變化的使用周期驅動的需求波動。

While the full impact of this work will play out over time, we're already seeing results. Progress was most evident on The Athletic where weekly active users are up 50% year-on-year, and new registrations have grown strongly. This is the result of leaning into covering the daily sports news cycle and big game moments while tapping into new audiences by a time and off-platform.

雖然這項工作的全部影響會隨著時間的推移逐漸顯現出來，但我們已經看到了結果。 The Athletic 的進步最為明顯，每週活躍用戶同比增長 50%，新註冊人數增長強勁。這是傾向於覆蓋每日體育新聞周期和重大比賽時刻，同時通過時間和平台外吸引新觀眾的結果。

We're pleased with this early progress, which validates our approach and sets us up well to capitalize on the big opportunity we see in sports. More than a year into our ownership, Worldle is still attracting tens of millions of passionate players each week and acting as a robust top of the funnel to both NYT games and the bundle.

我們對這一早期進展感到高興，它驗證了我們的方法，並使我們能夠很好地利用我們在體育運動中看到的巨大機遇。在我們擁有一年多的時間裡，Worldle 仍然每週吸引數千萬熱情的玩家，並充當 NYT 遊戲和捆綁包的強大渠道。

And we've been busy adding value to NYT games so that as Worldle players move deeper into the games funnel, they find more reasons to convert and retain. We added Sudoku puzzles into the app in the quarter and continue to drive strong engagement with Spelling.

我們一直忙於為 NYT 遊戲增加價值，以便隨著 Worldle 玩家更深入地進入遊戲渠道，他們會找到更多轉化和保留的理由。我們在本季度將數獨遊戲添加到應用程序中，並繼續推動與拼寫的緊密互動。

Another area of momentum was pricing. We advanced a coordinated set of pricing strategies in the quarter, designed to drive the modest digital ARPU expansion we've been aiming for while continuing to scale subscribers. To optimize for conversion, we used attractive promotional pricing for the bundle in combination with a new full funnel bundle marketing campaign.

另一個勢頭領域是定價。我們在本季度推進了一套協調的定價策略，旨在推動我們一直致力於實現的適度數字 ARPU 擴展，同時繼續擴大用戶規模。為優化轉化率，我們結合新的全漏斗捆綁營銷活動對捆綁包使用了極具吸引力的促銷價格。

We also continued to have success in the quarter stepping up subscribers on promotion to interim and full prices at the 1-year mark. And the high levels of engagement we see with early tenure bundled subscribers give us confidence that we'll be able to continue stepping up subscribers to higher prices as their tenure increases. We also began rolling out price increases for tenured nonbundled news and games subscribers toward the end of the quarter, and we are pleased with the early results.

我們還在本季度繼續取得成功，在 1 年大關將訂戶推廣到臨時和全價。我們看到早期捆綁訂閱者的高參與度讓我們相信，隨著訂閱者訂閱期的增加，我們將能夠繼續提高訂閱者的價格。我們還開始在本季度末對非捆綁新聞和遊戲的終身訂閱用戶進行提價，我們對早期結果感到滿意。

We expect this component of the playbook to increase digital ARPU in Q2 and beyond, while driving even more people to the bundle as its relative price becomes more attractive. The net result is that in Q1, we had our fully coordinated value-based pricing strategy in action aimed at maximizing the lifetime value of our growing subscriber base.

我們預計該劇本的這一部分將在第二季度及以後增加數字 ARPU，同時隨著其相對價格變得更具吸引力而吸引更多人購買。最終結果是，在第一季度，我們實施了完全協調的基於價值的定價策略，旨在最大限度地提高不斷增長的用戶群的生命週期價值。

Let me turn now to advertising. Macroeconomic pressure on our ad business is playing out largely as we thought it would, although visibility from quarter-to-quarter remains a challenge and we expect it to continue to impact our ad business in the near term.

現在讓我談談廣告。我們廣告業務面臨的宏觀經濟壓力在很大程度上與我們預期的一樣，儘管每個季度的可見度仍然是一個挑戰，我們預計它將在短期內繼續影響我們的廣告業務。

Given this volatility, advertising was down more than we expected in the quarter, a function of marketers pulling back on brand spend especially in some of our largest categories like tech, finance and media. We view this as cyclical, meaning nothing has changed in our optimism about advertising as a medium and long-term growth driver. In fact, there were a number of encouraging signs about the competitiveness of our ad product set and growth prospects.

鑑於這種波動性，廣告在本季度的降幅超過了我們的預期，這是營銷人員減少品牌支出的結果，尤其是在我們最大的一些類別，如科技、金融和媒體。我們認為這是周期性的，這意味著我們對廣告作為中長期增長動力的樂觀態度沒有改變。事實上，我們的廣告產品集的競爭力和增長前景出現了許多令人鼓舞的跡象。

Direct sold premium display advertising held up well in the quarter, which we believe reflects the effectiveness of our proprietary ad canvases and first-party data to drive performance for marketers. Athletic advertising was also strong. We doubled revenue over the last year, and we added new advertisers to the enterprise.

直銷優質展示廣告在本季度表現良好，我們認為這反映了我們專有廣告畫布和第一方數據在推動營銷人員績效方面的有效性。運動廣告也很強勁。去年我們的收入翻了一番，並且我們為企業增加了新的廣告商。

We have big ambitions for advertising, especially as we apply our high-performing ad products across the bundle. To help us realize those ambitions, during the quarter, we hired a seasoned new leader, Joy Robins as Global Chief Advertising Officer. Joy is our first outside executive hire in advertising in a decade and has hit the ground running with our strong team.

我們對廣告抱有遠大的抱負，尤其是當我們將我們的高性能廣告產品應用於整個捆綁包時。為了幫助我們實現這些雄心壯志，在本季度，我們聘請了一位經驗豐富的新領導者 Joy Robins 擔任全球首席廣告官。 Joy 是我們十年來在廣告領域聘請的第一位外部高管，並且已經與我們強大的團隊一起開始運作。

Beyond subscriptions and advertising other revenue, which includes our wire cutter affiliate business, licensing and more was strong in the quarter, and is another testament to the power of our multi-revenue stream model.

除了訂閱和廣告，其他收入（包括我們的剪線鉗附屬業務、許可等）在本季度表現強勁，這再次證明了我們的多收入流模式的力量。

Let me spend a few minutes now on costs. Q1 was the third consecutive quarter during which we meaningfully slowed cost growth. Consistent with our plans in the last 2 quarters, we found efficiencies in 3 major areas. First, given the fact that we continue to drive the vast majority of our subscribers starts. Organically, we reduced our overall marketing spend while also making the dollars we did spend more efficient.

現在讓我花幾分鐘談談成本。第一季度是我們連續第三個季度大幅放緩成本增長。與我們過去兩個季度的計劃一致，我們在 3 個主要領域發現了效率。首先，考慮到我們繼續推動絕大多數訂戶開始的事實。有機地，我們減少了整體營銷支出，同時也使我們花的錢更有效率。

These savings are strategic as we continue to lean into our product as a more and more effective driver of growth. We also continue to actively manage headcount growth, particularly in digital product development, where we have succeeded in attracting top-tier talent and expect growth to slow from here.

這些節省是戰略性的，因為我們繼續將我們的產品作為越來越有效的增長驅動力。我們還繼續積極管理員工人數增長，特別是在數字產品開發方面，我們已經成功吸引了頂尖人才，預計增長將從這裡放緩。

And finally, we're always on the lookout for ways to modernize our legacy operations and to find efficiencies. Over the last 2 quarters, that has resulted in modest headcount reduction in nondigital areas for business and G&A functions.

最後，我們一直在尋找使我們的遺留運營現代化並提高效率的方法。在過去的兩個季度中，這導致業務和 G&A 職能的非數字領域的員工人數適度減少。

I'll summarize the quarter's results by saying that we're making steady progress executing our strategy in a dynamic market. While advertising continues to experience near-term challenges, our bundled strategy is gaining momentum, subscriber engagement metrics are strong, pricing initiatives are taking hold and we're slowing cost growth. Our strategy was purpose-built to give us multiple growth levers and we are confident that we're on the path to building a larger and more profitable company.

我將通過說我們在動態市場中執行我們的戰略取得穩步進展來總結本季度的結果。雖然廣告繼續面臨近期挑戰，但我們的捆綁戰略正在獲得動力，訂戶參與度指標強勁，定價舉措正在實施，我們正在放緩成本增長。我們的戰略是專門為我們提供多種增長槓桿的，我們相信我們正在建立一個更大、更有利可圖的公司的道路上。

Now before I close, I want to congratulate my colleague, Will Bardeen, will become our next CFO effective July 1. Will's appointment follows the comprehensive search to identify roll-in successor. We evaluated many talented candidates, and it was clear that Will is the most uniquely suited and qualified leader to step into the role.

現在，在我結束之前，我要祝賀我的同事 Will Bardeen 將於 7 月 1 日成為我們的下一任首席財務官。Will 的任命是在全面搜索以確定接替者之後進行的。我們評估了許多有才華的候選人，很明顯 Will 是最適合和最有資格擔任這個角色的領導者。

Will has served as the Times Chief Strategy Officer since 2018 and as a key leader within our finance organization. In my 10 years here, Will has been a driving force in all the major strategic decisions we made to put us on the promising path we're on today. Few people understand our business, our strategy and the market better than Will, and we're confident he is the right person to help The Times deliver on our financial and operational goals.

自 2018 年以來，Will 一直擔任時代首席戰略官，並且是我們財務組織的主要領導者。在我在這裡的 10 年裡，Will 一直是我們做出的所有重大戰略決策的推動力，這些決策使我們走上了今天充滿希望的道路。很少有人比 Will 更了解我們的業務、我們的戰略和市場，我們相信他是幫助時報實現我們的財務和運營目標的合適人選。

Among his early priorities as CFO will be to ensure that we're communicating as clearly as possible with investors so they understand the track of our progress.

作為首席財務官，他早期的優先事項之一是確保我們與投資者進行盡可能清晰的溝通，以便他們了解我們的進展軌跡。

And finally, I want to take a moment to celebrate Roland and his 37-year career at The New York Times. Now many of you on this call know Roland personally and understand what a wonderful leader and colleague and person he is. So much of our strong relationships with the investment community, our reputation as good stewards of capital and our commitment to financial discipline is attributable to Roland.

最後，我想花點時間慶祝羅蘭和他在紐約時報 37 年的職業生涯。現在，在座的許多人都認識羅蘭本人，了解他是一位多麼出色的領導者、同事和人。我們與投資界的牢固關係、我們作為優秀資本管理者的聲譽以及我們對財務紀律的承諾都歸功於 Roland。

And on top of being a remarkable strategic and financial operator and representative of the times, Roland has been a trusted partner and adviser to me and so many others, and I will miss him very much. Roland will stay on with the company through the end of September to help ensure a smooth transition of responsibilities and our entire team wishes him all the best and a well-deserved retirement.

羅蘭不僅是一位傑出的戰略和財務運營商以及時代代表，還是我和許多其他人值得信賴的合作夥伴和顧問，我會非常想念他。 Roland 將在 9 月底之前留在公司，以幫助確保職責的順利過渡，我們的整個團隊祝愿他一切順利，當之無愧地退休。

And with that, I will hand it back to Roland one last time.

就這樣，我最後一次把它還給羅蘭。

Thank you, Meredith, and good morning. As Meredith said, in the first quarter, we made steady progress executing on our strategy with plenty of runway ahead.

謝謝你，梅雷迪思，早上好。正如梅雷迪思所說，在第一季度，我們在執行我們的戰略方面取得了穩步進展，未來還有很多跑道。

Turning to the specifics of the quarter. Adjusted diluted earnings per share was $0.19, $0.02 lower than in the prior year. We reported adjusted operating profit of $54 million in the quarter, lower than the same period in 2022 by approximately $7 million.

談到本季度的具體情況。調整後每股攤薄收益為 0.19 美元，比上年減少 0.02 美元。我們報告本季度調整後的營業利潤為 5400 萬美元，比 2022 年同期低約 700 萬美元。

Adjusted operating profit at The New York Times Group was approximately $62 million, a decrease of approximately $6 million compared to the prior year, while the Athletic had adjusted operating losses of approximately $8 million, an increase of $1 million compared to the prior year. Please note that the first quarter of 2023 includes 3 months of results for the Athletic, while the first quarter of 2022 included only 2 months of Athletic results.

紐約時報集團調整後的營業利潤約為 6200 萬美元，比上年減少約 600 萬美元，而 Athletic 調整後的營業虧損約為 800 萬美元，比上年增加 100 萬美元。請注意，2023 年第一季度包括 3 個月的運動成績，而 2022 年第一季度僅包括 2 個月的運動成績。

Free cash flow in the quarter was approximately $45 million compared with negative free cash flow of approximately $23 million in the same period of 2022. The $45 million of free cash flow in the quarter was composed of approximately $51 million of operating cash flow, less approximately $6 million of capital expenditures.

本季度的自由現金流約為 4500 萬美元，而 2022 年同期的負自由現金流約為 2300 萬美元。本季度的 4500 萬美元自由現金流包括約 5100 萬美元的運營現金流，減去約600萬美元的資本支出。

In the first quarter, the company added 190,000 net new digital-only subscribers with continued strong growth and adoption of the bundle. The number of digital-only bundle and multiproduct subscribers grew by approximately 520,000 in the quarter, driven mainly by increases to the number of new subscribers choosing to bundle augmented by existing subscribers who upgraded to the bundle. We now have over 3 million digital-only bundle and multiproduct subscribers.

第一季度，隨著捆綁服務的持續強勁增長和採用，該公司新增了 190,000 名純數字用戶。本季度純數字捆綁和多產品訂戶數量增長了約 520,000，這主要是由於選擇捆綁的新訂戶數量增加以及升級到捆綁的現有訂戶增加所致。我們現在擁有超過 300 萬數字捆綁包和多產品訂閱者。

Moving to revenues. Total subscription revenues increased approximately 7% in the quarter, with digital-only subscription revenue growing approximately 14% to approximately $259 million. Digital-only subscription revenue grew primarily as a result of the new subscriptions we have added in the past year, a large number of subscribers whose introductory promotional subscriptions graduated to higher prices, subscribers who have upgraded to the bundle and the additional month of Athletic revenues in 2023.

轉向收入。本季度總訂閱收入增長約 7%，其中純數字訂閱收入增長約 14% 至約 2.59 億美元。純數字訂閱收入的增長主要是由於我們在過去一年中增加了新訂閱，大量訂閱者的介紹性促銷訂閱升級到更高的價格，升級到捆綁包的訂閱者以及額外月份的運動收入2023年。

Print subscription revenues declined approximately 4% due mainly to lower volumes in both home delivery and single copy partially offset by an increase in home delivery ARPU associated with the first quarter price increase. In addition, the new stand price for the daily paper was increased from $3 to $4 in mid-February.

印刷訂閱收入下降約 4%，這主要是由於送貨上門和單份副本的銷量下降，部分被與第一季度價格上漲相關的送貨上門 ARPU 的增加所抵消。此外，2 月中旬，日報的新攤位價格從 3 美元上調至 4 美元。

Moving to digital-only subscriber ARPU, which includes all of our digital products. On a sequential basis, digital-only subscriber ARPU increased approximately 130 basis points compared to the prior quarter. Compared to the prior year, digital-only subscriber ARPU decreased approximately 1% and due to 3 percentage points of dilution from the Athletic.

轉向純數字用戶 ARPU，其中包括我們所有的數字產品。按順序計算，純數字用戶 ARPU 與上一季度相比增加了約 130 個基點。與上一年相比，純數字用戶 ARPU 下降了約 1%，這是由於 Athletic 帶來的 3 個百分點的稀釋。

It's worth noting that during the quarter, approximately 550,000 digital news and game subscribers were notified of price increases on their individual product subscriptions. These increases will mostly take effect beginning in the second quarter. We expect to notify approximately 1 million additional subscribers of price increases for their subscriptions by the end of the year.

值得注意的是，本季度約有 550,000 名數字新聞和遊戲訂閱者收到了其個人產品訂閱價格上漲的通知。這些增加將主要在第二季度開始生效。我們預計將在年底前通知大約 100 萬名額外訂閱者其訂閱價格上漲。

Both digital and total advertising revenue decreased approximately 9% in the quarter, coming in below the first quarter guidance we issued. The decline in digital advertising revenue was mainly due to lower revenue from our podcasts and other creative services, which was partially offset by higher advertising revenue at the Athletic.

本季度數字和廣告總收入均下降了約 9%，低於我們發布的第一季度指引。數字廣告收入的下降主要是由於我們的播客和其他創意服務的收入減少，這部分被 Athletic 的廣告收入增加所抵消。

Print advertising was lower by approximately 9% compared with 2022, primarily driven by declines in the media, advocacy, finance and technology categories. These print declines were partially offset by growth in the luxury category.

與 2022 年相比，平面廣告下降了約 9%，這主要是受媒體、宣傳、金融和技術類別下降的推動。這些印刷量下降部分被奢侈品類別的增長所抵消。

Other revenues increased approximately 16% compared with the prior year to approximately $57 million. The increase is primarily the result of higher television and film, licensing and commercial printing revenues.

其他收入與上年相比增長約 16%，達到約 5700 萬美元。這一增長主要是由於電視和電影、許可和商業印刷收入增加。

Adjusted operating costs were higher in the quarter by approximately 6% as prepared with 2022, primarily due to growth in the number of employees in our newsroom and an additional month of athletic expenses, partially offset by lower sales and marketing costs. Costs at The New York Times Group were less than 3% higher than prior year.

與 2022 年相比，本季度調整後的運營成本增加了約 6%，這主要是由於我們新聞編輯部員工人數的增加以及額外一個月的運動費用，部分被較低的銷售和營銷成本所抵消。紐約時報集團的成本比上一年高出不到 3%。

I'll now discuss the cost drivers for The New York Times Group. Cost of revenue increased approximately 6% as a result of higher journalism costs related to growth in the number of newsroom employees. Sales and marketing costs decreased approximately 19% largely due to lower media expenses. Media expenses were approximately $29 million, approximately 34% below last year.

我現在將討論紐約時報集團的成本動因。由於與新聞編輯部員工人數增長相關的新聞成本增加，收入成本增加了約 6%。銷售和營銷成本下降了約 19%，這主要是由於媒體費用下降。媒體費用約為 2900 萬美元，比去年減少約 34%。

Product development costs increased approximately 15% as a result of growth in the number of digital product development employees in connection with improving our digital product portfolio. And general and administrative costs were higher by approximately 7% due to an increase in the number of employees needed to support the growth in our business over the last several years and onetime building maintenance costs associated with investments in more efficient lighting at our headquarters building, partially offset by lower outside services costs.

由於與改進我們的數字產品組合有關的數字產品開發員工人數的增加，產品開發成本增加了約 15%。由於過去幾年支持我們業務增長所需的員工人數增加，以及與總部大樓更高效照明投資相關的一次性建築維護成本，一般和行政成本增加了約 7%，部分被較低的外部服務成本所抵消。

There were no special items in the quarter. However, a severance charge of approximately $4 million we booked in the quarter. Our effective tax rate for the first quarter was approximately 30% versus an expected marginal rate of 27% due to a lower tax deduction on stock-based compensation vesting in the quarter.

本季度沒有特殊項目。但是，我們在本季度預訂了大約 400 萬美元的遣散費。我們第一季度的有效稅率約為 30%，而預期的邊際稅率為 27%，這是由於本季度基於股票的薪酬歸屬的稅收減免較低。

Moving to the balance sheet. Our cash and marketable securities balance ended the quarter at approximately $472 million, a decrease of approximately $14 million compared with the fourth quarter of 2022. The company remains debt-free with a $350 million revolving line of credit available. Share repurchases during the first quarter totaled approximately $31 million.

轉到資產負債表。我們的現金和有價證券餘額在本季度結束時約為 4.72 億美元，與 2022 年第四季度相比減少了約 1400 萬美元。公司仍然沒有債務，有 3.5 億美元的可用循環信貸額度。第一季度的股票回購總額約為 3100 萬美元。

Let me conclude with our outlook for the second quarter of 2023 for the consolidated New York Times Company. Total subscription revenues are expected to increase 6% to 8% compared with the second quarter of 2022 and with digital-only subscription revenue expected to increase approximately 12% to 15%.

最後，讓我總結一下我們對合併後的紐約時報公司 2023 年第二季度的展望。與 2022 年第二季度相比，總訂閱收入預計將增長 6% 至 8%，而純數字訂閱收入預計將增長約 12% 至 15%。

Overall advertising revenues are expected to decrease between 4% and 8% compared with the second quarter of 2022 mainly due to macroeconomic conditions and the comparison to a strong quarter in print in 2022. Digital advertising revenues are expected to decrease in the low to mid-single digits. Other revenues are expected to increase in the high single digits. Both operating costs and adjusted operating costs are expected to increase by approximately 6% to 8% compared with the second quarter of 2022.

與 2022 年第二季度相比，總體廣告收入預計將下降 4% 至 8%，這主要是由於宏觀經濟狀況以及與 2022 年印刷業強勁季度相比。數字廣告收入預計將在中低端下降個位數。其他收入預計將以高個位數增長。與 2022 年第二季度相比，運營成本和調整後的運營成本預計將增長約 6% 至 8%。

We expect expense growth to slow later in the year compared with the second quarter guidance. Before we go to questions, I would like to take a moment here on my 21st and final earnings call to thank you with the sell-side analysts for the time and effort you've put in covering The New York Times Company.

與第二季度的指引相比，我們預計今年晚些時候的費用增長將放緩。在我們開始提問之前，我想在我的第 21 次也是最後一次財報電話會議上花點時間與賣方分析師一起感謝你們為報導紐約時報公司所付出的時間和努力。

I would also like to thank the investor community for their continued interest in and support of The New York Times. I've enjoyed working with you over the past 5 years and wish you all the best.

我還要感謝投資者群體對《紐約時報》的持續關注和支持。在過去的 5 年裡，我很高興與您一起工作，並祝您一切順利。

And now we would be happy to open it up for questions.

現在我們很樂意公開提問。

(Operator Instructions). And our first question today comes from Doug Arthur from Huber Research.

（操作員說明）。我們今天的第一個問題來自 Huber Research 的 Doug Arthur。

Yes. Thank you. Roland, thanks for all your help over the years, and William, congratulations on your appointment. Meredith, I'm just trying to untangle these bundled versus subscriber numbers. It looks sequentially that your bundles take-up was very high. I mean you added a lot of bundled subscribers on a sequential basis. The actual digital subscriber number was okay. It was up 120,000. So the difference between bundle adds and actual underlying subscribers is quite stark in this quarter. Is that a pattern that we're likely to see? And how does that play out in terms of its impact on ARPU?

是的。謝謝。羅蘭，感謝你多年來的幫助，威廉，恭喜你獲得任命。梅雷迪思，我只是想理清這些捆綁的用戶號碼。從順序上看，您的捆綁包使用率非常高。我的意思是您按順序添加了很多捆綁訂閱者。實際的數字用戶號碼沒問題。上漲了 120,000。因此，本季度捆綁添加和實際基礎訂閱者之間的差異非常明顯。這是我們可能會看到的模式嗎？這對 ARPU 有何影響？

I'll make 2 sort of headline comments, then Roland, you might give the detail. It was a very strong quarter for everything about the bundle. As I said in the prepared remarks, our bundle starts were very good, bundle engagement, strong. Percentage of folks who bought the bundle versus a new seasonal product was very, very good, and the number of people upgrading was very good. And that was all because of kind of deliberate work to make that happen.

我會做 2 種標題評論，然後羅蘭，你可以提供細節。對於捆綁包的所有方面來說，這是一個非常強勁的季度。正如我在準備好的評論中所說，我們的捆綁啟動非常好，捆綁參與度很高。與新的季節性產品相比，購買捆綁包的人的百分比非常非常好，升級的人數也非常多。而這一切都是因為為了實現這一目標而進行的某種刻意的工作。

And Roland can talk in more detail, but all of that should ultimately have positive effect on ARPU. But Roland, why don't you answer, Doug, particular of that.

Roland 可以更詳細地談談，但所有這些最終都會對 ARPU 產生積極影響。但是羅蘭，你為什麼不回答，道格，尤其是那個。

Sure. So Doug, in the quarter, we had -- and specific to the bundle numbers. We have quite a few new subs, but we also had -- and that was the biggest single contributor to the number, but we also had quite a large number of upgrades and most of those upgrades are coming from the news product.

當然。所以道格，在這個季度，我們有 - 並且具體到捆綁數量。我們有很多新的潛艇，但我們也有 - 這是這個數字的最大單一貢獻者，但我們也有相當多的升級，其中大部分升級來自新聞產品。

So you don't see an increase in total subscribers from that. You have to switch from one category to the other. We like that because as we said a few times, we like the bundle subscribers, they retain better. We think they'll have a longer life of the company. They'll ultimately pay more. So that should be a positive contributor both to ARPU in the near and long term and also to life-term value.

所以你看不到總訂閱者的增加。您必須從一個類別切換到另一個類別。我們喜歡這樣，因為正如我們多次說過的那樣，我們喜歡捆綁訂閱者，他們留存率更高。我們認為他們的公司壽命會更長。他們最終會付出更多。因此，這應該對近期和長期的 ARPU 以及終生價值做出積極貢獻。

Okay. And just as a quick follow-up, Meredith, you've made several references over the quarter that the big platforms we're sending less leads to The Times. Can you quantify the impact of that versus year-over-year or quarter-over-quarter?

好的。作為快速跟進，梅雷迪思，你在本季度多次提到我們發送較少的大平台導致時報。您能否量化其與同比或環比相比的影響？

Yes. I can't really quantify it. What I can tell you is we've talked about it, I think, for 3 quarters now in a deliberate way because we're feeling the effects of it, and it's kind of across the board. The sort of most prominent example is Facebook has really dramatically shifted away from sending referrals to news and closed the new tab, but I would say it's happened across the board change.

是的。我真的無法量化它。我可以告訴你的是，我認為，我們已經有意地討論了 3 個季度，因為我們感受到了它的影響，而且它是全面的。最突出的例子是 Facebook 確實已經從將推薦發送到新聞並關閉了新選項卡，這確實發生了巨大的變化，但我想說它已經發生了全面的變化。

And we are doing a ton of work. We anticipated ecosystem change. We've got a really good track record of kind of evolving around it. And we now have this wide product that gives value to people in lots of different ways, for journalism, rescue shopping advice, games, those all attract audiences in sort of different ways.

我們正在做大量的工作。我們預計生態系統會發生變化。我們在圍繞它的發展方面有著非常好的記錄。我們現在擁有這種廣泛的產品，可以通過許多不同的方式為人們提供價值，例如新聞、救援購物建議、遊戲，這些都以不同的方式吸引觀眾。

4 of our 5 products are also destinations. We've got a very big registration model and lots of e-mails and lots of ways to be in touch with people. So I would say we're feeling the pressure from audience. We've said that -- the referral sources, but also doing a lot of work, I would say, in the short term to counteract that, but also to kind of build the audience funnels for each product, which is really meant to be the medium and long game on counteracting that.

我們的 5 種產品中有 4 種也是目的地。我們有一個非常大的註冊模型和很多電子郵件以及很多與人聯繫的方式。所以我想說我們感受到了來自觀眾的壓力。我們已經說過 - 推薦來源，但也做了很多工作，我想說，在短期內抵消這一點，但也為每個產品建立觀眾渠道，這真的意味著抵消這一點的中長期遊戲。

And our next question comes from David Karnovsky from JPMorgan.

我們的下一個問題來自摩根大通的 David Karnovsky。

Meredith and Roland, I wanted to see if you could comment a bit more on the pricing initiatives, how that looked in the testing phase in terms of churn or subs kind of uptick in the bundle.

Meredith 和 Roland，我想看看你們是否可以就定價計劃發表更多評論，以及在測試階段在捆綁包中的流失或訂閱量增加方面的情況。

And then Roland, I think you mentioned a total of 1.5 million subs that will see a price increase. Can you confirm, does that number basically reflects the number of fully tenured new subs? And then can you also just confirm will that price increase be for $3?

然後是羅蘭，我想你提到了總共 150 萬個訂閱者會看到價格上漲。你能確認一下，這個數字是否基本上反映了完全終身的新潛艇的數量？然後你能不能確認漲價是 3 美元？

Roland, do you want to take both of those?

羅蘭，你兩個都要嗎？

Yes, sure. David, thanks for the question. So on the pricing, we increased the price on about 550,000 news and game subscribers in the first quarter. Most of them, about 500,000 of them actually were news-only subscribers, and we're happy with the results we're seeing in terms of retention there. It's very similar to what we've seen in the past when we increased the price originally up to $17 back in the beginning of 2020. So all that's going according to plan. So we're happy with that.

是的，當然。大衛，謝謝你的提問。因此在定價上，我們在第一季度提高了約 550,000 名新聞和遊戲訂閱者的價格。他們中的大多數，大約 500,000 人實際上是純新聞訂閱者，我們對我們在留存率方面看到的結果感到滿意。這與我們過去看到的情況非常相似，當時我們在 2020 年初將價格最初提高到 17 美元。所以一切都在按計劃進行。所以我們對此很滿意。

On the number of subs that are going to ultimately get an increase this year. So that's going to be new subs, also game subs. It will also be the cooking subs, which will happen later in the year. So I mentioned last quarter was about 550,000, mostly news. Next quarter is going to be about 700,000, and that's going to be mostly folks who are multiproduct subscriptions.

關於今年最終會增加的潛艇數量。所以這將是新的潛艇，也是遊戲潛艇。這也將是烹飪潛艇，這將在今年晚些時候發生。所以我提到上個季度大約有 550,000，主要是新聞。下個季度將達到 700,000 左右，其中大部分是多產品訂閱用戶。

So they're paying for more than one individual subscription, and then that will taper down for the rest of the year. But yes, the total we expect for calendar year is about 1.5 million people getting increases in their individual subscriptions.

因此，他們為多個個人訂閱付費，然後在今年餘下時間逐漸減少。但是，是的，我們預計日曆年的總數約為 150 萬人的個人訂閱量增加。

And would you be willing to quantify the level of the price rise?

您願意量化價格上漲的水平嗎？

So tenured new subs in general, are moving from $17 to $20 per 4 weeks and gains in cooking are moving from $5 to $6.

因此，總體而言，終身新潛艇從每 4 週 17 美元漲到 20 美元，而烹飪的收益從 5 美元漲到 6 美元。

Great. And then, Meredith, just wanted to see if you could discuss just Athletic advertising, how that rollout is going and maybe how that's complicated just by the overall softer market you're launching into?

偉大的。然後，梅雷迪思，只是想看看你是否可以只討論運動廣告，推出的情況如何，也許只是因為你要進入的整體市場疲軟，這有多複雜？

It's gone well. I'll just remind folks on the call that we took our kind of long-serving, highly effective Head of Times advertising, and we sent them over to the Athletic to run the commercial and all the non-sub efforts there. And the idea behind that is you take the playbook from The New York Times, which is premium ad canvases and first-party data and build that on the Athletic. And we really like what we see so far.

一切順利。我只是提醒電話會議上的人們，我們採用了那種長期服務、高效的時代領袖廣告，我們將他們派往 Athletic 來運行商業廣告和那裡的所有非替補工作。而這背後的想法是，你可以藉鑑《紐約時報》的劇本，即優質廣告畫布和第一方數據，並將其構建在 Athletic 上。我們真的很喜歡我們目前所看到的。

The whole ad market is obviously uncertain and complicated and there's lots of pressure, but the Athletic is starting from a tiny base. So even in a tough market, if you've got a great product, you can really get growth. And we like what we're seeing. There are 2 other things I'll say, and there's just a ton of interest in advertising around sports and the Athletic is pretty wide in its coverage so that -- there's a lot of marketer appeal there.

整個廣告市場顯然充滿不確定性和復雜性，壓力很大，但 Athletic 的起點很小。因此，即使在艱難的市場中，如果您擁有出色的產品，您也可以獲得真正的增長。我們喜歡我們所看到的。我還要說兩件事，人們對圍繞體育的廣告很感興趣，而 Athletic 的覆蓋範圍非常廣泛，因此 - 那裡有很多營銷人員的吸引力。

And what we like kind of everything about it so far, but one of the things that we've been particularly focused on is bring new advertisers to the enterprise of the times. I keep joking (inaudible). But that is also having a positive effect. So it's all going well.

到目前為止，我們喜歡它的所有方面，但我們特別關注的一件事是為時代的企業帶來新的廣告商。我一直在開玩笑（聽不清）。但這也產生了積極的影響。所以一切都很順利。

It's early days. You're going to hear us continue to talk about building the audience for the Athletic and that's obviously going to be an important driver of how big the ad business can be as well. And we saw a really nice lead up in audience this quarter, but there's a lot more room to go and grow there, and we are highly, highly focused on that.

現在還早。你會聽到我們繼續談論為 Athletic 培養觀眾，這顯然也將成為廣告業務規模的重要驅動力。本季度我們在觀眾中看到了非常好的領先優勢，但那裡還有很大的發展空間，我們非常非常關注這一點。

And our next question comes from Vasily Karasyov from Cannonball Research.

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

Roland, I wanted to ask you sort of a modeling question. Now that your sales and marketing expenses are -- have a different trajectory as Meredith pointed out with organic starts growing and so on. What is the best way for us to sort of think about modeling expenses, specifically cost of revenue, sales marketing and G&A? Is it -- some of them are just quarter-to-quarter will remain more or less constant like G&A.

羅蘭，我想問你一個建模問題。現在你的銷售和營銷費用——正如梅雷迪思指出的那樣，有著不同的軌跡，有機開始增長等等。我們考慮建模費用的最佳方式是什麼，特別是收入成本、銷售營銷和 G&A？是嗎——其中一些只是按季度計算，或多或少會像 G&A 一樣保持不變。

And then should we look at cost of revenue as a percentage of digital revenue, same with sales and marketing, or should we look at quarter-to-quarter progression? I would appreciate your help here, especially if we look past the Q2 and in outer years. How are you thinking about it?

然後我們應該將收入成本視為數字收入的百分比，與銷售和營銷相同，還是應該查看季度到季度的進展？我會很感激你在這裡的幫助，特別是如果我們回顧第二季度和其他年份。你怎麼想的？

You're welcome. Thanks for the question, Vasily. I don't know if I'll be quite specific as you'd like. But I think the way I would think about it is what we're going to continue to invest in our journalism as you know and that's quarter-to-quarter and year-to-year, that's important for us to kind of grow our moat and continue to increase the value of the company.

不客氣。謝謝你的問題，瓦西里。我不知道我是否會像您希望的那樣非常具體。但我認為我會考慮的方式是，如你所知，我們將繼續投資於我們的新聞業，這是逐季和逐年的，這對我們擴大護城河很重要並持續提升公司價值。

As you mentioned, we have slowed the growth on our marketing spend, and actually, we've been reducing that. I think going forward, you can think about that more as being in the range of what we're currently spending. So we don't really see big drops from that area in the future and always with the possibility that we might see a reason to upspend in one quarter or another, but the general trend should be pretty flattish.

正如你提到的，我們已經放慢了營銷支出的增長，實際上，我們一直在減少。我認為展望未來，您可以將其更多地視為在我們目前的支出範圍內。因此，我們並沒有真正看到未來該領域的大幅下降，而且我們總是有可能在一個季度或另一個季度看到增加支出的理由，但總體趨勢應該相當平穩。

Product development, Meredith mentioned how we've attracted some great talent over the last few years, and you've noticed that we've been putting a bunch of money into that area over the last few years. You can expect that to slow. That growth should slow over the remainder of this year and in the future. And G&A also should slow. We did spend quite a few dollars there over the last recent quarters, and we can expect that to slow as well.

產品開發，Meredith 提到我們在過去幾年中如何吸引了一些優秀人才，您已經註意到我們在過去幾年中一直在該領域投入大量資金。你可以預期它會變慢。在今年剩餘時間和未來，這種增長應該會放緩。 G&A 也應該放緩。在過去的最近幾個季度裡，我們確實在那里花費了很多美元，我們預計這也會放緩。

In terms of overall costs, as I mentioned in my prepared remarks, we expect to slow the rate of growth year-over-year in the back half of the year, and I'd say, most significantly in Q4.

就總體成本而言，正如我在準備好的發言中提到的那樣，我們預計今年下半年的同比增長率將放緩，我想說的是，在第四季度最為顯著。

And our next question comes from Kannan Venkateshwar from Barclays Capital.

我們的下一個問題來自巴克萊資本的 Kannan Venkateshwar。

Roland, thank you for all the help over the years and all the best for the future, and William, welcome. I look forward to interacting with you in the future as well.

羅蘭，感謝你多年來的幫助，祝你未來一切順利，歡迎威廉。我也期待著在未來與您互動。

And in terms of the pricing trajectory, Roland, you mentioned all the price increases that you plan to pass through over the course of the year. Could you help us think through what that means for the ARPU trajectory for the rest of the year? Because I think Q1, excluding the Athletic, you guys were up 2% on the core product. And sequentially, it was up as well. Should that accelerate going forward as these price increases take effect?

就定價軌跡而言，羅蘭，你提到了你計劃在這一年中經歷的所有價格上漲。您能否幫助我們思考一下這對今年剩餘時間的 ARPU 軌跡意味著什麼？因為我認為第一季度，不包括 Athletic，你們在核心產品上上漲了 2%。隨後，它也上漲了。隨著這些價格上漲生效，這是否應該加速前進？

No, go ahead, give your other question.

不，繼續，提出你的另一個問題。

The other question I had was on sales and marketing. I mean, the absolute dollars did drop year-over-year, but the ratio to sales actually went up after dropping for a couple of quarters, I think. And so if we think about the quarter in itself, was there any extra spending you guys did from a unit growth perspective just because there were price increases and you want to manage that process or something along those lines?

我的另一個問題是關於銷售和營銷的。我的意思是，絕對美元確實同比下降，但我認為與銷售額的比率在下降了幾個季度後實際上上升了。因此，如果我們考慮這個季度本身，從單位增長的角度來看，你們是否有任何額外支出只是因為價格上漲並且您想管理該流程或類似的事情？

And is it fair to think about sales and marketing as a percentage of revenue? And is that how you manage that budget?

考慮銷售和營銷佔收入的百分比是否公平？這就是你管理預算的方式嗎？

So maybe I'll take your second question first. Actually, we reduced the media spend, as you heard as in the press release and in my prepared remarks. But actually, if you split that between brand and direct acquisition spend, we actually spent a hair more in acquisition than we had last year in this quarter, but we cut way back on brand.

所以也許我會先回答你的第二個問題。實際上，正如您在新聞稿和我準備好的發言中所聽到的那樣，我們減少了媒體支出。但實際上，如果你將其分為品牌支出和直接收購支出，我們在本季度的收購支出實際上比去年多了一點，但我們削減了品牌支出。

So there's a little bit of a rebalancing between that ratio of acquisition and brand. And yes, we did see a reason to spend a little bit more on direct for a number of reasons. One is we're really pushing hard on the bundle because that's a big ROI to get folks up to the bundle and that we've got those price increases in the market. But I'd say it's mostly because we're making a more fully focused effort on marketing the bundle.

因此，在收購比率和品牌比率之間有一點重新平衡。是的，出於多種原因，我們確實看到了在直接廣告上多花一點錢的理由。一是我們真的在努力推動捆綁，因為讓人們接受捆綁是一個很大的投資回報率，而且我們已經在市場上獲得了這些價格上漲。但我想說這主要是因為我們正在更加專注於營銷捆綁包。

On your ARPU question. Starting next quarter, we expect year-over-year ARPU to be increasing. So in addition to sequential increases, we expect the year-to-year increases to begin next quarter and continue for the remainder of the year. We have a large number of people stepping up to higher prices, which is really the biggest driver. It's a bigger driver than the price increases. You should understand that.

關於您的 ARPU 問題。從下個季度開始，我們預計 ARPU 將同比增長。因此，除了環比增長外，我們預計下個季度將開始同比增長，並持續到今年剩餘時間。我們有很多人願意提高價格，這確實是最大的推動力。這是比價格上漲更大的驅動力。你應該明白這一點。

And we'll be done lapping the acquisition of the athletic next quarter. This quarter, even though we had the Athletic in both quarters, as I mentioned earlier, we only had it in our financial results for 2 months of the quarter last year, and we had it for 3 months. So there was still a bit of a dilutive effect there.

我們將在下個季度完成對運動的收購。本季度，儘管我們在兩個季度都有 Athletic，正如我之前提到的，我們在去年該季度的 2 個月的財務業績中只有它，而且我們有 3 個月。所以那裡仍然有一點稀釋作用。

Our next question comes from Thomas Yeh from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Thomas Yeh。

My congratulations to Roland and Will as well. I wanted to ask about the pricing strategy for the bundle itself and kind of dovetail that with the really strong comments on engagement trends that you're seeing. Roland, you kind of just mentioned the majority of an ARPU uplift might be coming more from just the gradual migration of some of these promotional subs as we kind of lap that 1-year mark.

我也祝賀羅蘭和威爾。我想問一下捆綁包本身的定價策略，以及與您所看到的對參與趨勢的強烈評論相吻合的問題。 Roland，你剛才提到 ARPU 的大部分提升可能更多地來自於其中一些促銷訂閱的逐漸遷移，因為我們有點接近 1 年大關。

Could you talk about the strategy around that initial cohort on higher pricing? I mean given their higher engagement, any signs of being able to take more than you would typically to a high full price tier relative to your stand-alone product, that would be helpful.

您能否談談圍繞較高定價的初始隊列的策略？我的意思是，考慮到他們的參與度更高，任何跡象表明他們能夠比通常情況下更多地獲得相對於獨立產品的高全價位，這將是有幫助的。

So on the ability to take to higher prices, it's yet to be seen. Right. We fully believe in the value that the bundle will deliver. All of our early signs on all of those metrics are positive. We're only now beginning to see -- if you recall, we only really leaned into the bundle beginning last year.

因此，關於提高價格的能力，還有待觀察。正確的。我們完全相信捆綁包將帶來的價值。我們所有這些指標的所有早期跡像都是積極的。我們現在才開始看到——如果你還記得的話，我們只是從去年開始才真正傾向於捆綁。

So we're only now beginning to see the initial surge of new bundle subscribers hitting the end of their promotional period. So far, so good. But I don't know that we have any indications that we'll be able to move them to higher prices faster than we were able to move the new sub cohorts, for instance.

因此，我們現在才開始看到新捆綁用戶的最初激增達到了促銷期的末尾。到目前為止，一切都很好。但是我不知道我們是否有任何跡象表明我們能夠比我們能夠移動新的子隊列更快地將它們移動到更高的價格。

Okay. That's helpful. And that really notable Athletic subscriber growth, even more so than overall bundle net add. What were the big levers for the quarter? Were there any more new subscribers being granted access? Or is that purely organic?

好的。這很有幫助。 Athletic 用戶的增長非常顯著，甚至超過了整體捆綁淨增加。本季度的主要槓桿是什麼？是否有更多新訂閱者被授予訪問權限？還是純有機的？

I mean the biggest driver to the increase in the number of subscribers with access to the Athletic is those who are buying the bundle. That is far and away, the biggest driver to the increase in that number. We're actually much more focused on opening up that funnel and building the audience for the Athletic than selling individual subs right now.

我的意思是，能夠訪問 Athletic 的訂戶數量增加的最大推動力是那些購買捆綁包的用戶。這是遠遠超過這個數字增長的最大驅動力。實際上，我們現在更專注於打開漏斗並為 Athletic 培養觀眾，而不是現在銷售個人潛艇。

The focus is setting ourselves up to sell more of those in the future and to make the Athletic a more well-known brand and destination to both sell individual subs, but also to illustrate the value that is added to the bundle by the addition of the Athletic.

重點是讓我們自己在未來銷售更多這樣的產品，並使 Athletic 成為一個更知名的品牌和目的地，既可以銷售個人潛艇，也可以說明通過添加運動。

And I'll just add to that. If you think about what we've done with Wordles on games, Wordle is this incredible kind of megaphone to say, it's free, lots of passionate players play it every day, every week, and then they get exposed to the other things The Times is doing in games and across the bundle. That is like in very broad terms, part of the aim with the Athletic.

我會補充一點。如果你想一想我們在遊戲中使用 Wordles 所做的事情，Wordle 是一種令人難以置信的擴音器，它是免費的，很多熱情的玩家每天、每週都在玩它，然後他們就會接觸到其他東西正在遊戲和整個捆綁包中進行。從廣義上講，這是 Athletic 目標的一部分。

We want a really wide audience who comes to us every day, every week for their sports journalism and then they get to know the whole of The Times as they do that. So to Roland's point, the big thing we're aiming for right now on the Athletic is strong audience growth, and we like what we saw in the first quarter, and we're going to be focused on that for some time.

我們需要大量的受眾，他們每天、每週都來找我們報導他們的體育新聞，然後他們會在這樣做的過程中了解整個時報。所以在 Roland 看來，我們現在在 Athletic 上的最大目標是觀眾的強勁增長，我們喜歡第一季度看到的情況，我們將在一段時間內專注於此。

The new editor who started, I'm forgetting if it was right at the end of the year or I think the very beginning of this year is off to a really good start and a lot of the moves we're making about sort of being more on the news in sports and having the sort of during game experience be enriched should help with that.

開始的新編輯，我忘了是不是在今年年底，還是我認為今年年初是一個非常好的開始，我們正在採取的很多舉措都是更多關於體育新聞和豐富比賽體驗的信息應該會有所幫助。

And with that, we'll be concluding today's question-and-answer session. I'd like to turn the floor back over to Mike Brown for any closing remarks.

至此，我們將結束今天的問答環節。我想將發言權轉回給 Mike Brown，讓他發表任何結束語。

Thank you for joining us this morning, and 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。

And with that, we'll conclude today's conference call and presentation. We do thank you for attending. You may now disconnect your lines.

至此，我們將結束今天的電話會議和演示。我們非常感謝您的出席。您現在可以斷開線路。