New York Times Co (NYT) 2025 Q1 法說會逐字稿

Good morning, everyone, and welcome to (technical difficulty) (Operator Instructions). Please also note today's event is being recorded.

大家早安，歡迎來到（技術難度）（操作員指示）。另請注意，今天的活動正在記錄。

At this time, I'd like to turn the floor over to Anthony DiClemente, Senior Vice President, Investor Relations. Please go ahead.

現在，我想把發言權交給投資人關係資深副總裁 Anthony DiClemente。請繼續。

Thank you, and welcome to The New York Times Company's first-quarter 2025 earnings conference call. On the call today, we have Meredith Kopit Levien, President and Chief Executive Officer; and Will Bardeen, Executive Vice President and Chief Financial Officer.

謝謝，歡迎參加紐約時報公司 2025 年第一季財報電話會議。參加今天電話會議的有總裁兼執行長 Meredith Kopit Levien 和執行副總裁兼財務長 Will Bardeen。

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 2024 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。這些陳述是基於我們目前的預期和假設，可能會隨著時間而改變。由於公司 2024 年 10-K 報表和隨後的 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會存在重大差異。

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. In addition to our earnings press release, we have also posted a slide presentation relating to our results 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，我們的簡報將包含非公認會計準則 (Non-GAAP) 財務指標，並已在收益新聞稿中提供與最具可比性的公認會計準則 (GAAP) 指標的對帳表，該新聞稿可在我們的網站 investors.nytco.com 上查閱。除了收益新聞稿外，我們還在我們的網站 investors.nytco.com 上發布了與業績相關的幻燈片簡報。最後，請注意，今天上午電話會議的準備好的發言稿副本將在會議結束後不久發佈到我們的投資者網站上。

And with that, I will turn the call over to Meredith.

說完這些，我將把電話轉給梅雷迪斯。

Thanks, Anthony, and good morning, everyone. As our first quarter results show, we've had a strong start to the year. Our strategy is working and our business is growing and demonstrating resilience amidst the current economic and geopolitical uncertainty. Let me say how. First, we have a diverse portfolio of world-class news coverage and leading lifestyle products, which means there's always a reason for millions of people to turn to The Time.

謝謝，安東尼，大家早安。正如我們的第一季業績所顯示，我們今年的開局表現強勁。我們的策略正在發揮作用，我們的業務正在成長，並在當前的經濟和地緣政治不確定性中表現出韌性。我來說說怎麼做吧。首先，我們擁有多樣化的世界級新聞報導和領先的生活風格產品，這意味著數百萬人總有理由關注《時代》雜誌。

Our coverage is sought out by people from all walks of life trying to understand a busy and important news moment. And each of our lifestyle products is in a space with sizable audience interest. That means The Times draws 50 million to 100 million people each week looking to become more informed about the world and also to play games, follow the sports teams they love, cook and shop.

各行各業的人們都在尋求我們的報道來了解繁忙而重要的新聞時刻。我們的每款生活風格產品都處於一個受到大量受眾關注的領域。這意味著《紐約時報》每週吸引 5000 萬到 1 億人，他們希望了解更多世界訊息，同時玩遊戲、關注他們喜愛的運動隊伍、烹飪和購物。

Second, we have multiple complementary revenue-wise, subscriptions, advertising, affiliate and licensing, all of which are growing at a healthy rate, and we believe have ample opportunity for continued growth. Third, our model generates significant free cash flow, and our balance sheet is strong. which enables us to keep investing in the unparalleled journalism and best-in-class product experiences that are our enduring advantage.

其次，我們在收入方面有多種互補的收入，包括訂閱、廣告、聯盟和許可，所有這些收入都在以健康的速度成長，我們相信有足夠的機會繼續成長。第三，我們的模式產生了大量的自由現金流，而且我們的資產負債表強勁，這使我們能夠繼續投資於無與倫比的新聞業和一流的產品體驗，這是我們持久的優勢。

Taken together, these points mean we see running room in every direction and we're confident we're continuing to build a larger and more profitable New York Times Company. Now let me share a few highlights from the quarter. We added 250,000 net new digital subscribers surpassing 11 million digital-only subscribers and bringing our total subscriber base to $11.7 million. This puts us further along the path to our next milestone of 15 million total subscribers.

綜合起來，這些要點意味著我們在各個方向都看到了發展空間，我們有信心繼續打造一個更大、更有利可圖的紐約時報公司。現在讓我分享本季的一些亮點。我們新增了 25 萬名數位訂閱用戶，超過了 1,100 萬名純數位訂閱用戶，使我們的總訂閱用戶群達到了 1,170 萬美元。這讓我們距離實現 1500 萬總訂閱用戶這一里程碑又更近了一步。

Digital subscription revenue, our largest and fastest-growing revenue stream increased by more than 14%. Engagement was consistently high in the quarter, buoyed by our expert reporting on multiple big stories simultaneously. Our lifestyle products beloved by users helped drive high engagement as well, and they contributed meaningfully to bundle growth, which is a key element of our strategy in action. Beyond subscriptions, digital advertising grew 12%, which is our strongest growth rate in 3 years. We see this as evidence that the strategy that has propelled our subscription business is working for advertising, too.

數位訂閱收入是我們最大、成長最快的收入來源，成長了 14% 以上。由於我們專家同時報導多個重大新聞，本季的參與度一直很高。我們深受用戶喜愛的生活方式產品也有助於提高參與度，並為捆綁銷售成長做出有意義的貢獻，這是我們實施策略的關鍵要素。除了訂閱之外，數位廣告成長了 12%，這是我們 3 年來最強勁的成長率。我們認為這證明推動我們訂閱業務發展的策略也適用於廣告業務。

We have a diverse set of products in categories with broad marketer appeal, a large and deeply engaged audience that marketers are able to target effectively and a suite of high-performing ad products that we continue to expand and improve. We're still in the early stages of leveraging these advantages across our full portfolio and expect them to keep powering ad revenue growth.

我們擁有多樣化的產品類別，對行銷人員具有廣泛的吸引力，擁有龐大且深度參與的受眾群體，行銷人員能夠有效地定位這些受眾，並且我們不斷擴展和改進一系列高效能的廣告產品。我們仍處於在整個產品組合中利用這些優勢的早期階段，並希望它們能夠繼續推動廣告收入的成長。

Licensing and affiliate revenues grew strongly in the quarter as well, and we see them as sustainable growth levers. Finally, we stayed disciplined on cost growth even as we continue to make journalism and product investments aimed at building on our market position for the long term.

本季授權和附屬收入也強勁成長，我們將其視為可持續的成長槓桿。最後，儘管我們繼續進行新聞和產品投資以鞏固我們的長期市場地位，但我們仍嚴格控製成本成長。

I'll close with a reminder of our priorities for the year and share a bit about the traction we're getting on each of them. Our first priority is to continue to comprehensively cover the most important stories with the deep reporting independence and expertise the time is known for. That kind of coverage resulted in 4 full surprises earlier this week. They honored Doug Mills once-in-a-lifetime photos, capturing the near assassination of President from last July, an unflinching account of the civil war in Sudan and a regulatory look at the failed strategy in Americas 20-year war in Afghanistan.

最後，我將回顧我們今年的優先事項，並分享我們在每項事項上取得的進展。我們的首要任務是繼續憑藉我們深厚的報道獨立性和專業知識全面報道最重要的新聞。此類報道導致本週早些時候出現了 4 起令人大吃一驚的事件。他們向道格·米爾斯 (Doug Mills) 一生難得一見的照片致敬，這些照片捕捉了去年 7 月總統險遭暗殺的場景、對蘇丹內戰的毫不畏懼的描述以及對美國在阿富汗 20 年戰爭中失敗戰略的監管審視。

The Times also want to prize for a collaboration with the Baltimore banner for a series on the tragic impact of the opioid prices in Baltimore. In Q1, our newsroom continued its work with unmatched coverage of the early months of the new administration and its impact at home and abroad among other outstanding reporting. Second, we're innovating in video and audio to make our reporting more accessible to more people. Users love our growing video library, especially our reporter-led videos that provide an entry point into major storylines and our audio offering, which includes both our signature podcast, and automated voice powered by AI, on platform engagement with both audio and video more than doubled in Q1.

《紐約時報》也希望與巴爾的摩旗幟報合作，推出一系列有關巴爾的摩阿片類藥物價格悲慘影響的報導。在第一季度，我們的新聞編輯室繼續開展工作，對新政府成立初期的幾個月及其在國內外的影響進行了無與倫比的報道，並發布了其他出色的報道。其次，我們在視訊和音訊方面進行創新，以便讓更多人能夠看到我們的報導。用戶喜歡我們不斷增長的視頻庫，尤其是由記者主導的視頻，它為了解主要故事情節提供了切入點，而我們的音頻產品包括我們的標誌性播客和由人工智能驅動的自動語音，平台對音頻和視頻的參與度在第一季度增加了一倍以上。

Third, we're making each of our products more valuable to more people with new content, shows, features, games and other enhancements. Already this year, we added to our suite of original interview shows with the debut of interesting times with (inaudible), Games began beta testing new puzzles and unveiled a new friends tab to encourage (inaudible) launched detailed reviews of everyday essentials in skin care and the athletic published the beast that deeply reported an uniquely comprehensive guide to the NFL draft with a host of new digital features. That's just the beginning, and we've got much more in the pipeline for the remainder of 2025.

第三，我們透過新內容、新節目、新功能、新遊戲和其他增強功能，使我們的每一款產品對更多人更有價值。今年，我們已經在原始訪談節目系列中新增了與（聽不清）一起度過的有趣時光，遊戲開始對新謎題進行 Beta 測試，並推出了新的好友標籤以鼓勵（聽不清）推出對日常皮膚護理必需品的詳細評論，而運動員出版了深入報道 NFL 選秀的獨特綜合指南的野獸，其中包含一系列新的數字功能。這只是個開始，2025 年剩餘時間我們還有更多的計畫。

And finally, all of this is intended to drive a larger engaged audience for the time. That is exactly what we are seeing even in an ecosystem dominated by big tech platforms that have generally been sending less and less traffic to publishers. We also continue to rank first among digital news destinations in time spent per visitor. Everything I just described shows that our essential subscription strategy is working as designed with a valued product portfolio, multiple revenue streams significant free cash flow generation and a strong balance sheet, we believe we are well positioned to navigate an uncertain market environment, and we remain confident in our long-term growth drivers and our ability to continue delivering even more value to even more people and to our shareholders.

最後，這一切都是為了吸引更多的觀眾。這正是我們所看到的，即使在由大型科技平台主導的生態系統中，這些平台向出版商發送的流量總體上越來越少。在每位訪客所花費的時間方面，我們也繼續在數位新聞網站中排名第一。我剛才描述的一切都表明，我們的基本訂閱策略正在按照設計發揮作用，擁有有價值的產品組合、多種收入來源、顯著的自由現金流和強勁的資產負債表，我們相信我們已做好準備應對不確定的市場環境，我們對我們的長期增長動力以及繼續為更多人和股東提供更多價值的能力仍然充滿信心。

And with that, I'll turn it over to Will for more details on the quarter.

接下來，我將把話題交給威爾，讓他介紹本季的更多細節。

Thanks, Meredith, and good morning, everyone. As Marillyn said, our 2025 first quarter results demonstrate a strong start to the year for subscriber growth, revenue growth, AOP growth margin expansion and free cash flow generation. We reached 11.7 million total subscribers at the end of Q1. With bundle and multiproduct subscribers now making up approximately 49% of the total, we are well along the path to exceeding 50% this year. Our strong audience and subscriber engagement in the quarter helped power healthy growth across our multiple revenue streams.

謝謝，梅雷迪斯，大家早安。正如瑪麗蓮所說，我們的 2025 年第一季業績表明，今年用戶成長、營收成長、AOP 成長利潤率擴大和自由現金流產生均表現強勁。截至第一季末，我們的訂閱用戶總數已達 1,170 萬。目前捆綁和多產品訂閱用戶約佔總數的 49%，我們今年預計將超過 50%。本季我們強大的觀眾和訂閱者參與度幫助推動了我們多個收入來源的健康成長。

We also continue to operate efficiently while making disciplined investments aimed at further differentiating our high-quality journalism and digital products. When taken together, AOP grew by approximately 22% year-over-year and AOP margin expanded by approximately 180 basis points year-over-year.

我們還將繼續高效運營，同時進行嚴格的投資，旨在進一步使我們的高品質新聞和數位產品脫穎而出。總體而言，AOP 年成長約 22%，AOP 利潤率年增約 180 個基點。

We generated approximately $90 million of free cash flow in the first quarter, including a onetime benefit of approximately $33 million from the sale of excess land at our College Point facility. Over that same period, we returned approximately $81 million to shareholders consisting of approximately $59 million in share repurchases and approximately $22 million in dividends. This is consistent with our capital allocation strategy of returning at least 50% of free cash flow to our shareholders over the midterm.

我們在第一季產生了約 9,000 萬美元的自由現金流，其中包括透過出售 College Point 工廠多餘土地而獲得的約 3,300 萬美元的一次性收益。在同一時期，我們向股東返還了約 8,100 萬美元，其中包括約 5,900 萬美元的股票回購和約 2,200 萬美元的股息。這與我們的資本配置策略一致，即在中期內向股東返還至少 50% 的自由現金流。

Now I'll discuss the first quarter's key results, followed by our financial outlook for the second quarter of 2025. Please note that all comparisons for the prior year period, unless otherwise specified. I'll start with a discussion of our subscription business. We added approximately 250,000 net new digital subscribers in the quarter with growth coming from multiple products across our portfolio. Total digital-only ARPU grew 3.6% to $9.54 as we stepped up subscribers from promotional to higher prices and raised prices on some tenured subscribers.

現在我將討論第一季的主要業績，然後介紹 2025 年第二季的財務展望。請注意，除非另有說明，所有比較均針對去年同期。我先來討論一下我們的訂閱業務。本季度，我們新增了約 25 萬名淨數位用戶，成長來自我們產品組合中的多種產品。由於我們將訂戶從促銷價提升至更高價格，並提高了部分長期訂戶的價格，因此純數位業務總 ARPU 成長了 3.6%，達到 9.54 美元。

We continue to be encouraged by the results we're seeing at pricing step-up points. We are also pleased with the strong engagement we are seeing as we continue to add value to our products. As a result, we remain confident in our ARPU trajectory. With both higher digital subscribers and higher total digital-only ARPU in the first quarter, digital-only subscription revenues grew approximately 14% to $335 million. Total subscription revenues grew approximately 8% to $464 million, which was in line with the guidance we provided for the quarter.

我們繼續對價格提升點所看到的結果感到鼓舞。隨著我們不斷提升產品價值，我們也對看到的強烈參與感到高興。因此，我們對我們的 ARPU 軌跡仍然充滿信心。由於第一季數位訂閱用戶數量和數位訂閱 ARPU 總額均有所增加，數位訂閱收入成長約 14%，達到 3.35 億美元。總訂閱收入成長約 8%，達到 4.64 億美元，與我們為本季提供的指導一致。

Now turning to advertising. Total advertising revenues for the quarter were $108 million, an increase of approximately 4%, which is higher than the guidance we provided for the quarter. Digital advertising revenues also came in above the guidance we provided, increasing approximately 12% to $71 million. Digital advertising revenues increased primarily due to areas of strong marketer demand and new advertising supply.

現在轉向廣告。本季廣告總收入為 1.08 億美元，成長約 4%，高於我們為本季提供的預期。數位廣告收入也高於我們提供的預期，成長約 12%，達到 7,100 萬美元。數位廣告收入的成長主要得益於行銷人員需求強勁和新的廣告供應。

Affiliate, licensing and other revenues previously labeled as other revenues increased approximately 4% in the quarter to $64 million. Wirecutter affiliate revenues and licensing revenues continue to perform well. Adjusted operating costs grew 4.9% in the quarter. This was slightly better than our 5% to 6% guidance range. Adjusted diluted EPS in Q1 increased $0.10 to $0.41, primarily driven by higher operating profit and higher interest income.

先前被標記為其他收入的附屬收入、授權收入和其他收入在本季度增長了約 4%，達到 6,400 萬美元。Wirecutter 的附屬收入和授權收入持續表現良好。本季調整後的營運成本成長了 4.9%。這比我們 5% 至 6% 的指導範圍略好一些。第一季調整後稀釋每股盈餘增加 0.10 美元至 0.41 美元，主要得益於營業利潤和利息收入的增加。

I'll now look ahead to Q2 for the consolidated New York Times Company. Digital-only subscription revenues are expected to increase 13% to 16%, and total subscription revenues are expected to increase 8% to 10%. Digital advertising revenues are expected to increase high single digits and total advertising revenues are expected to be flat to increase low single digits. Affiliate licensing and other revenues are expected to increase mid-single digits. Adjusted operating costs are expected to increase 5% to 6%.

我現在展望合併後的紐約時報公司第二季的業績。預計純數位訂閱收入將成長 13% 至 16%，總訂閱收入預計將成長 8% 至 10%。預計數位廣告收入將實現高個位數成長，而總廣告收入預計將持平或實現低個位數成長。預計聯營許可和其他收入將實現中等個位數成長。調整後的營運成本預計將增加5%至6%。

We intend to continue maintaining a disciplined approach to cost while making investments in our high-quality journalism and digital product portfolio that adds value for our audiences.

我們打算繼續保持嚴謹的成本控制方法，同時投資於高品質的新聞和數位產品組合，為我們的觀眾增加價值。

In summary, our essential subscription strategy is working as designed. With a valued product portfolio, multiple revenue streams, significant free cash flow generation and a strong balance sheet, we believe we are well positioned to navigate an uncertain market environment. The impact of tariffs on our business has been immaterial to date, and our growth drivers feel strong. We continue to expect healthy growth in revenues in AOP, margin expansion and strong free cash flow generation for the full year, and we remain on the path toward our midterm targets for subscribers, AOP growth and capital returns.

總而言之，我們的基本訂閱策略正在按設計運行。憑藉有價值的產品組合、多種收入來源、大量的自由現金流和強勁的資產負債表，我們相信我們完全有能力應對不確定的市場環境。到目前為止，關稅對我們業務的影響並不大，我們的成長動力依然強勁。我們繼續預計全年 AOP 收入將健康成長、利潤率將擴大、自由現金流將強勁成長，並且我們將繼續朝著用戶、AOP 成長和資本回報的中期目標邁進。

With that, we're happy to take your questions.

我們很樂意回答您的問題。

(Operator Instructions) Benjamin Soff, Deutsche Bank.

（操作員指令）Benjamin Soff，德意志銀行。

I wanted to dig into the strength in digital ad revenue this quarter. So were there any areas in particular where you saw a pickup in activity? And then could you give us an update on what you've been seeing in that business since the tariff announcements?

我想深入了解本季數位廣告收入的優勢。那麼，您是否看到哪些特定區域的活動增加呢？那麼，您能否向我們介紹一下自關稅公告發布以來您在該業務中看到的最新情況？

I'm happy to take that. Thanks for the question. I think broadly now, we are sort of talking about and thinking about our ad business the same way we think about our consumer business. We are in big categories with broad appeal to the end user, in this case, to the marketer. We've got engaged audiences that marketers can target.

我很高興接受這個。謝謝你的提問。我認為，從廣義上講，我們現在談論和思考廣告業務的方式與我們思考消費者業務的方式是一樣的。我們屬於大類別，對最終用戶（在這種情況下，對行銷人員）具有廣泛的吸引力。我們擁有可供行銷人員瞄準的忠實受眾。

Effectively, we've got a suite of high-performing sort of well-owned ad products, and we're still in the relatively early days of extending those products across the portfolio.

實際上，我們擁有一系列性能卓越、自有品牌的廣告產品，而且我們仍處於將這些產品擴展到整個產品組合的相對早期階段。

So we have a lot of confidence in the growth drivers and long term and the potential resilience of the business. And yes, I don't know, Will, if you'd add anything to that.

因此，我們對業務的成長動力、長期前景和潛在彈性充滿信心。是的，我不知道，威爾，你還有什麼要補充的。

Great. Okay. Thanks, Ben. Ben, if you don't have a follow-up, operator, we'll take our next question.

偉大的。好的。謝謝，本。本，接線員，如果您沒有後續問題，我們將回答下一個問題。

Thomas Yeh, Morgan Stanley.

摩根士丹利的 Thomas Yeh。

I wanted to ask about the news-only subscriber base, which I think saw the least attrition this quarter that we've seen since the bundle strategy really took off. Have we reached a greater level of stability on that cohort? And how much opportunity is there still to drive conversion of those legacy new subscribers into the bundle? And then in a similar vein, can you maybe just revisit your appetite for stand-alone product price increases and whether an uncertain economic environment changes that calculus at all?

我想問一下純新聞訂閱用戶群的情況，我認為自從捆綁策略真正實施以來，本季純新聞訂閱用戶群的流失率是最低的。我們是否已經達到了該群體更高的穩定水平？那麼，還有多少機會可以推動這些舊有新用戶轉向套餐服務呢？然後，類似地，您是否可以重新審視您對獨立產品價格上漲的興趣，以及不確定的經濟環境是否會改變這種計算？

Thanks, Thomas. I'll take that. So first, what you're seeing there with the news-only is our strategy working as designed as we've been telegraphing for quite some time. And I think sort of underlying -- the -- we've talked about how the -- there's a lot of value in the product. We're pleased with what we're seeing at pricing step-up moments news only has been one of the places where for tenured cohorts.

謝謝，托馬斯。我會接受的。首先，您在新聞中看到的只是我們的策略在發揮作用，正如我們相當長一段時間以來所傳達的那樣。我認為，從根本上來說，我們已經討論過該產品具有很大的價值。我們很高興看到定價升級時刻的新聞只是終身任職群體的場所之一。

We've at the right times when we see the opportunity. We've been asking those readers to pay a little bit more.

當我們看到機會時，我們正處於正確的時機。我們一直要求這些讀者多付一點錢。

So I think what you should expect to see there is a continuation of us exercising our strategy, and we continue to primarily market the bundle and over time, would expect more and more people to be on the bundle. So it's just our strategy working as designed there. With regard to price increases on single product. I simply sort of say that overall, I think both Meredith and I talked about the underlying drivers of the digital subscription business and of ARPU growth or ARPU is very strong.

所以我認為你應該會看到我們繼續實施我們的策略，我們繼續主要行銷捆綁產品，並且隨著時間的推移，預計會有越來越多的人使用捆綁產品。所以這只是我們設計好的策略在發揮作用。關於單品漲價。我只是說，總的來說，我認為 Meredith 和我都談到了數位訂閱業務和 ARPU 成長的根本驅動因素，或者說 ARPU 非常強勁。

We're adding a lot of value to the products. Meredith talked about the great pipeline for the rest of the year. We've been seeing strong audience and subscriber engagement. We've been pleased with the pricing step-up performance, as I mentioned, and we continue to see lots of running room across the drivers. So I think you can expect us to continue to execute the strategy going forward that you've seen over the last couple of years.

我們正在為產品增加很多價值。梅雷迪斯談到了今年剩餘時間的偉大管道計劃。我們看到了強勁的觀眾和訂閱者參與度。正如我所提到的，我們對價格提升的表現感到滿意，我們繼續看到驅動程式中存在很大的運行空間。因此，我認為您可以期待我們繼續執行過去幾年所採取的策略。

David Karnovsky, JPMorgan.

摩根大通的戴維卡諾夫斯基。

Well, maybe just following up on some of the subscriber dynamics just on bundle and multiproduct ARPU. The number was lower quarter-over-quarter. I know there's a lot there under the surface. Maybe you could just unpack a bit the drivers in terms of promo net adds versus kind of the subs you're graduating. And then just a separate topic, Meredith, you talked a bit more recently, I think, about the importance of video on the platform.

好吧，也許只是專注於捆綁和多產品 ARPU 上的一些用戶動態。該數字比上一季有所下降。我知道表面之下還有很多東西。也許您可以稍微分析一下促銷淨增值與您正在畢業的訂閱量之間的驅動因素。然後是一個單獨的話題，梅雷迪斯，我認為你最近談到了影片在平台上的重要性。

I don't know if you could dig in a bit on where you're seeing the most engagement and kind of what innovation is still available to you there?

我不知道您是否可以深入了解您認為最受關注的領域以及您認為還有哪些創新可以利用？

Great. Well, why don't you --

偉大的。那你為什麼不--

Yes. I can start with that question about the bundle ARPU in the trend (inaudible). Let me just say, overall, we're pleased with that year-over-year increase in total digital-only ARPU we delivered in Q1 and the health of its drivers, as I just said in my response to Thomas' question. And I've said this before, is that total digital-only ARPU number that we focus on. We break out those subscriber types to really help illustrate and understand how we're using the bundle in our full product portfolio to capture the entire demand curve.

是的。我可以先問一下關於捆綁 ARPU 趨勢的問題（聽不清楚）。我只想說，總的來說，我們對第一季純數位業務 ARPU 總額的同比增長及其驅動因素的健康狀況感到滿意，正如我剛才在回答托馬斯的問題時所說的那樣。我之前說過，我們關注的是純數位 ARPU 總值。我們將這些訂閱者類型分開，以真正幫助說明和理解我們如何在整個產品組合中使用捆綁包來捕捉整個需求曲線。

So I don't think there's sort of more to unpack there -- we've obviously provided Q2 guidance on digital subscription revenue growth, which is what we're trying to maximize over the long term, which is, of course, a function of both the growth in our subscriber base and ARPU. And specifically to ARPU, I've mentioned, sort of our confidence in the trajectory due to the value right into the products, the engagement, the pricing performance that we're encouraged by and the running room we see there.

所以我認為沒有什麼可解釋的了——我們顯然已經提供了第二季度數位訂閱收入成長的指導，這是我們試圖在長期內實現最大化的目標，當然，這取決於我們的用戶群和 ARPU 的成長。具體到 ARPU，我已經提到過，我們對發展軌跡充滿信心，因為產品的價值、參與度、令我們鼓舞的定價表現以及我們看到的運行空間。

Yes. I'm happy to take the (inaudible) video and audio. I'm happy to talk about both of them and will give me a good point kiosk, which is just the kind of value we're adding to the product. We are making a lot more video and audio, especially reporter video, which is a way for people to get a taste of a story and also see how a reporter got the story. So it both gives people a way into a story that may in and of itself be kind of enough to understand the story or it makes them interested to go and read further, and it also kind of does double duty in showing the work, which we think is really good for building trust.

是的。我很高興拍攝（聽不清楚）影片和音訊。我很高興談論他們兩個，並會給我一個很好的積分亭，這正是我們為產品增加的那種價值。我們正在製作更多的視頻和音頻，尤其是記者視頻，這是一種讓人們了解故事並了解記者如何獲得故事的方式。因此，它既為人們提供了一種進入故事的方式，這種方式本身就足以讓人們理解故事，或者讓他們有興趣繼續閱讀，而且它在展示作品方面也起到了雙重作用，我們認為這對於建立信任非常有益。

People love it. It's driving a lot of engagement I'd say we are also doing more embedded video and multimedia just as part of the report, so you see that if you are on our app every day. We're also doing more short-form video off platform. So we cut that from our longer work, and it helps us get new audiences engaged in the times, and we continue to expand podcast and podcast video. We launched and I said in my prepared remarks, we launched to show interesting times, which is both a video and an audio show with (inaudible), we have a culture show coming this quarter, and we are also continuing to expand and improve automated voice.

人們喜歡它。它推動了大量的參與，我想說，作為報告的一部分，我們還做了更多的嵌入式視頻和多媒體，所以如果你每天都使用我們的應用程序，你就會看到這一點。我們也在平台外製作更多短影片。因此，我們從長期工作中刪除了這一部分，這有助於我們吸引新的觀眾，並且我們將繼續擴展播客和播客影片。我們推出了《有趣的時光》，我在準備好的發言中說過，我們推出了《有趣的時光》，這是一個視頻和音頻節目（聽不清），本季度我們將推出一個文化節目，我們還在繼續擴展和改進自動語音。

They can listen to more of the report in automated voice and the quality of that voice is getting better. And I would just say all of that is good for engagement, and it's making the report more accessible to people and making more people sort of understand what we do.

他們可以聽到更多自動語音的報告，而且語音的品質也越來越好。我想說的是，所有這些都有利於提高參與度，讓報告更容易被人們理解，讓更多的人了解我們所做的事情。

Jason Bazinet, Citi.

花旗銀行的 Jason Bazinet。

Thanks so much. You guys have done incredibly well with your digital subscription strategy. I just had a question in terms of your tactics that you employ when someone comes off of the promo price. What happens then? Like how do you manage it?

非常感謝。你們的數位訂閱策略做得非常好。我只是想問一下，當有人放棄促銷價格時，您會採取什麼策略。那麼會發生什麼事呢？例如你是如何處理的？

Because it's a big step up to the full price, which sort of belies the -- catch all the area under the demand curve. But at another level, maybe I missed it, but I just haven't heard you guys talk about how you sort of -- the tactics to graduate someone up to full price from promo price?

因為這與全價相比有一大步差距，這有點掩蓋了需求曲線下的所有區域。但在另一個層面上，也許我錯過了，但我只是沒有聽到你們談論如何讓某人從促銷價升級到全價的策略？

Yes. Thanks. I'm happy to take that, Jason. I mean I think in broad brush, we are bringing people in on the bundle, in particular on promotional price, as we've said. And we then take in a lot of signal and understand how well they're engaging.

是的。謝謝。我很高興接受這個，傑森。我的意思是，我認為從廣義上講，我們正在以捆綁的方式吸引人們，特別是以促銷價格，正如我們所說的那樣。然後我們接收大量訊號並了解他們的參與程度。

Overall, we have strong engagement. But as you can imagine, that engagement can vary depending on the nature of the subscriber. And so over time, what we're doing then is asking people to pay more when we're seeing the strength of that engagement.

整體而言，我們的參與度很高。但正如您所想像的，這種參與度會根據訂閱者的性質而有所不同。因此，隨著時間的推移，當我們看到這種參與度的強度時，我們就會要求人們支付更多費用。

And so we have both sometimes bringing people at the step-up moment, whether that's 6 months or 12 months to the full price. And we also bring up people sometimes to intermediate prices, and every once in a while, we will decide to let people someone let someone stay on promotion longer as well. So there's a range of pricing, and we're continuing managing that. Underlying that is obviously the what we've talked about here, I just mentioned a couple of times, it was in our scripts, the value of the product that we continue to add value to it and continue to keep that engagement strong, look to keep driving daily habit.

因此，我們有時會在升級階段吸引人們，無論是 6 個月還是 12 個月，直到達到全額。有時我們也會將人們的價位提高到中等水平，有時我們也會決定讓人們繼續享受促銷活動更長時間。因此存在一系列定價，並且我們會繼續管理。這其中的根本原因顯然是我們在這裡討論過的內容，我剛才提到過幾次，它在我們的腳本中，產品的價值是我們不斷為其增加價值，並繼續保持強大的參與度，希望繼續推動日常習慣。

And with that, we feel really confident about our ARPU trajectory and the ability to bring people up to higher prices over time.

因此，我們對 ARPU 的走勢以及隨著時間的推移提高用戶購買更高價格的能力充滿信心。

And I'll just add a bit that underlying all of that is very sophisticated data science that we're getting better and better at deploying and sort of executing around the tech is obviously getting better and better.

我只想補充一點，所有這一切的背後都是非常複雜的數據科學，我們在部署和執行技術方面做得越來越好，顯然也越來越好。

Doug Arthur, Huber Research Partners.

道格·亞瑟（Doug Arthur），Huber Research Partners。

Yes, two questions. Meredith, if you take the athletic digital ad revenues out, it looks like underlying was up 5.5%, if I have that right. Is that about what you expected? And any comment on that mid-single-digit underlying growth in digital?

是的，兩個問題。梅瑞迪斯，如果我沒記錯的話，如果扣除體育數字廣告收入，看起來基礎收入上漲了 5.5%。這和你預期的一樣嗎？對於數位領域中個位數的潛在成長，您有何評論？

Yes, two questions. Meredith, if you take the athletic digital ad revenues out, it looks like underlying was up 5.5%, if I have that right. Is that about what you expected? And any comment on that mid-single-digit underlying growth in digital?

是的，有兩個問題。 Meredith，如果沒記錯的話，如果扣除體育數位廣告收入，基礎收入似乎上漲了5.5%。這和你的預期差不多嗎？對於數位領域中個位數的潛在成長，您有何評論？

I'll just say broadly, we feel optimistic about all the drivers in our ad business. We like the performance in the quarter. We like the trajectory we're on. And we like it and across the portfolio, and I'll just we're back to what I said in my prepared remarks about the ad business now really feeling strategically akin to the consumer business where we're in these broad spaces, news and sports and games and recipes and shopping advice of a lot of marketer appeal, a lot of engaged audience in all of those spaces, improving ability to target that audience and add products that we're still in early days of extending across the portfolio. So I would say the results are good.

我想說的是，總體而言，我們對廣告業務的所有驅動因素都感到樂觀。我們喜歡本季的表現。我們喜歡我們現在的軌跡。我們喜歡它，並且在整個產品組合中，我回到我在準備好的發言中所說的內容，關於廣告業務現在在戰略上確實感覺類似於消費者業務，我們在這些廣闊的領域，新聞和體育和遊戲和食譜和購物建議，很多營銷人員的吸引力，在所有這些領域都有很多參與的觀眾，提高了針對該受眾和擴展產品的能力，我們仍處於整個產品的早期階段。所以我想說結果是好的。

You see the guide, we kind of feel good about all of it.

你看這個指南，我們對這一切都感覺很好。

Okay. And just -- yes. The -- I think this is already asked, I'm not sure it was answered, but the single product sequential growth was slightly up. Was that a surprise? Or is that a seasonal thing with gifting around Christmas?

好的。是的。我想這個問題已經被問過了，我不確定是否得到了回答，但單一產品的連續增長略有上升。這很令人驚訝嗎？還是這是聖誕節期間贈送禮物的季節性活動？

Any comment on that?

對此有何評論？

I wouldn't provide any more color than what I've said. In any kind of given quarter, you can see some variations. Overall, what we're really focused on is what I mentioned, adding value to the products focused on that strength of subscriber engagement and then making sure with all of the data science that Meredith mentioned that we're bringing people up to higher prices, we're identifying -- partly by identifying areas of tenured cohorts that we see lots of signs, value the product so much that ask them to pay a bit more over time makes sense.

我不會提供比我所說的更多的細節。在任何一個季度，你都可以看到一些變化。總的來說，我們真正關注的是我提到的，即透過專注於用戶參與度來增加產品的價值，然後利用 Meredith 提到的所有數據科學來確保我們能為人們帶來更高的價格，我們正在識別——部分是通過識別長期用戶群體的領域，我們看到了很多跡象，這些跡象表明，他們非常重視產品，因此要求他們隨著時間的推移支付更多費用是合理的推移。

And we can see -- continue to see running room across those drivers.

我們可以看到—繼續看到這些驅動程式的運行空間。

Ladies and gentlemen, at this time, I'm showing no additional questions, I'd like to turn the floor back over to Anthony DiClemente for closing comments.

女士們、先生們，現在我沒有其他問題，我想把發言權交還給安東尼·迪克萊門特 (Anthony DiClemente) 進行最後評論。

Great. Well, I just want to say thank you all for joining us once again this quarter, and we'll see you next quarter.

偉大的。好吧，我只想再次感謝大家本季加入我們，我們下個季度再見。

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

今天的電話會議和演示就此結束。我們非常感謝您的加入。現在您可以斷開線路了。