New York Times Co (NYT) 2025 Q2 法說會逐字稿

Good morning, and welcome to The New York Times Company's second quarter 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

早安，歡迎參加紐約時報公司 2025 年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Anthony DiClemente, Senior Vice President, Investor Relations. Please go ahead.

現在，我想將會議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 second 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 年第二季財報電話會議。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 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。這些聲明是基於當前的預期和假設，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.

此外，我們的報告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。

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，今天上午電話會議的準備好的演講稿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.

說完這些，我將把電話轉給梅雷迪斯。

Thanks, Anthony, and good morning, everyone. We had a great second quarter across the board, and our strategy continues to work as designed. Our world-class news coverage and diverse portfolio of lifestyle products in big spaces are continuing to attract large audiences who engage deeply. We grew all of our major revenue lines, subscription, advertising, affiliate, and licensing with real running room ahead.

謝謝，安東尼，大家早安。我們第二季的整體表現非常出色，我們的策略繼續按照預期發揮作用。我們世界一流的新聞報導和廣闊空間的多樣化生活方式產品組合正在繼續吸引大量深入參與的觀眾。我們所有主要的收入來源，包括訂閱、廣告、聯盟和許可，都實現了成長，並且擁有真正的成長空間。

And we're generating significant free cash flow, which combined with a strong balance sheet, means we can keep investing in the unparalleled journalism and best-in-class product experiences that enable our leadership and underpin our enduring advantages. Our results so far this year demonstrate that we're well positioned to keep delivering revenue and profit growth for the long term.

我們正在產生大量的自由現金流，再加上強勁的資產負債表，意味著我們可以繼續投資於無與倫比的新聞業和一流的產品體驗，從而鞏固我們的領導地位並鞏固我們持久的優勢。今年迄今的業績表明，我們已做好準備，長期持續實現收入和利潤成長。

Now let me share a few highlights from the quarter. We added 230,000 net new digital subscribers, bringing our total subscriber base to approximately 11.9 million. That puts us further along the path to our next milestone of 15 million. And this quarter, we crossed the threshold of having at least 50% of our subscribers on the bundle or multiple products, which is important because those subscribers engage more, stay longer, and pay more over time.

現在讓我分享本季的一些亮點。我們新增了 23 萬名數位用戶，使我們的總用戶群達到約 1,190 萬人。這使我們朝著下一個里程碑——1500 萬——又邁進了一步。本季度，我們突破了至少 50% 的訂閱用戶購買捆綁或多種產品的門檻，這一點很重要，因為這些訂閱用戶參與度更高、停留時間更長，並且隨著時間的推移支付的費用也更高。

Digital subscription revenue increased by over 15% in the quarter as more and more users experienced our world-class new beverage and the significant value we continue to add across our portfolio. And we saw strong and consistent engagement across the enterprise, giving us confidence in our ARPU trajectory. That high engagement is the result of executing well against our priorities for the year.

隨著越來越多的用戶體驗到我們世界一流的新飲料以及我們在整個產品組合中不斷增加的巨大價值，本季數位訂閱收入增加了 15% 以上。我們看到整個企業都表現出強勁且持續的參與度，這讓我們對 ARPU 軌跡充滿信心。如此高的參與度是我們今年重點任務順利執行的結果。

As a reminder, those priorities are to expertly and ambitiously cover the most important news, make our reporting more accessible to more people by expanding in video and audio, and make each of our products more valuable with new content, shows, features, gains, and other enhancements. All of that is intended to drive a larger engaged audience for the time, including a larger pool of engaged prospects.

提醒一下，這些優先事項是專業且雄心勃勃地報道最重要的新聞，透過擴展視訊和音訊讓更多人能夠更容易獲得我們的報道，並透過新內容、節目、功能、收益和其他增強功能讓我們的每款產品更有價值。所有這些都是為了吸引更多的觀眾，包括更多的潛在觀眾。

Our video expansion is worth highlighting here because it represents an important and ambitious approach to how we reach and engage people. The expertise and global presence of our newsroom, combined with increasing online video consumption, create a big opportunity for the time to capture a greater share of attention. We believe our efforts in this area can make watching The Times as natural and compelling an experience as reading and listening.

我們的影片擴充值得在此強調，因為它代表了我們如何接觸和吸引人們的重要且雄心勃勃的方法。我們新聞編輯室的專業知識和全球影響力，加上日益增長的線上影片消費，為吸引更多注意力創造了巨大的機會。我們相信，我們在這方面的努力可以使觀看《泰晤士報》成為一種像閱讀和聆聽一樣自然和引人入勝的體驗。

To that end, we're rapidly scaling video across three categories in different user needs and moments. First, we're producing substantially more news videos that bring people into the major stories of the day, often by putting our reporters in front of the camera to explain and humanize their work. Second, we're producing more full-length shows, including video versions of podcasts like The Ezra Klein Show and Ross Douthat's Interesting Times, and also Wesley Morris' weekly take on culture.

為此，我們正在根據不同的用戶需求和時刻快速擴展三個類別的影片。首先，我們製作了更多新聞視頻，讓人們了解當天的重大新聞，通常是讓我們的記者站在鏡頭前解釋和人性化他們的工作。其次，我們正在製作更多完整的節目，包括播客的視訊版本，例如《埃茲拉·克萊因秀》和羅斯·杜塞特的《有趣的時光》，以及韋斯利·莫里斯的每周文化節目。

Third, we're using video much more extensively to enhance the experience across our lifestyle products, including sports highlights from major leads on the athletic and new video franchises on cooking. While we're still early in these efforts, they are already showing promise in building our presence and brand equity on video-first platforms and also creating a more compelling and engaging experience on our own sites and apps.

第三，我們正在更廣泛地使用影片來增強我們生活方式產品的體驗，包括體育界主要人物的體育亮點和烹飪方面的新影片系列。雖然我們在這些努力中還處於早期階段，但它們已經顯示出在影片優先平台上建立我們的存在和品牌資產的前景，並且在我們自己的網站和應用程式上創造了更引人注目和更具吸引力的體驗。

Turning to advertising. We had a really strong quarter, with digital advertising growing nearly 19% and total advertising growing more than 12%. This performance reflects how our strategy to create a larger, more durable digital ad business is working. That entails having a portfolio of compelling brands in spaces with broad, marketer appeal, particularly sports and games; a large, engaged audience that marketers can target effectively and a growing supply of high-performing ad products across the range of formats.

轉向廣告。本季我們的表現非常強勁，數位廣告成長近 19%，整體廣告成長超過 12%。這一業績反映了我們打造更大、更持久的數位廣告業務的策略的有效性。這意味著要在具有廣泛行銷吸引力的領域（尤其是體育和遊戲）擁有一系列引人注目的品牌；擁有行銷人員可以有效定位的龐大且參與度高的受眾群體，以及在各種形式中不斷增加的高性能廣告產品供應。

Licensing and affiliate revenues also grew in the quarter. We signed a multiyear deal with Amazon in Q2 that marks our first agreement with generative AI at the center. It's a deal that will bring Times' journalism and recipes and The Athletic's sports coverage to wider audiences across Amazon's products, services, and proprietary foundation models. And it reflects our long-standing openness to enter into commercial partnerships, where there is fair value exchange and control over how our IP is used.

本季度授權和附屬收入也有所成長。我們在第二季與亞馬遜簽署了一項多年期協議，這是我們第一份以生成式人工智慧為中心達成的協議。這筆交易將把《紐約時報》的新聞和食譜以及 The Athletic 的體育報道通過亞馬遜的產品、服務和專有基礎模型帶給更廣泛的受眾。這反映了我們長期以來對建立商業夥伴關係的開放態度，在這種夥伴關係中，我們可以進行公平的價值交換，並控制我們的智慧財產權的使用方式。

At Wirecutter, we continue to see growth, particularly in expansion areas like gifts, apparel, and beauty. Finally, we maintained cost discipline in the quarter while strategically investing into our journalism and product experiences, which are the source of our long-term advantage. I'll close with a few thoughts on our path ahead in the context of the current media environment.

在 Wirecutter，我們持續看到成長，特別是在禮品、服裝和美容等擴展領域。最後，我們在本季度保持了成本控制，同時對新聞和產品體驗進行了策略性投資，這是我們長期優勢的來源。最後，我想談談在當前媒體環境下我們未來發展道路的一些想法。

First and most importantly, we're confident that we're well positioned to continue to grow despite the moves of big tech companies, which are leading to less and less traffic for publishers. That's because we see large and persistent demand for what we do and are becoming more differentiated in meeting that demand. It's also because our top priority is and has been for a long time now to build direct engaged relationships with millions more people who seek us out, form a habit, and make room for our coverage and products in their lives.

首先，也是最重要的一點，儘管大型科技公司的舉動導致出版商的流量越來越少，但我們仍有足夠的信心持續成長。這是因為我們看到市場對我們所做的事情有著巨大而持續的需求，並且在滿足這種需求方面我們變得更加差異化。這也是因為我們的首要任務是並且長期以來一直是與數百萬尋找我們、養成習慣並在生活中為我們的報道和產品騰出空間的人們建立直接的關係。

Every engaged audience member is valuable to us. And as we become more essential in their lives, they power all of our revenue streams: subscription, advertising, licensing, and affiliates. All of that means we're confident that continued execution against our strategy will deliver even more value to even more people and result in a larger and more profitable business.

每位參與的觀眾對我們來說都是寶貴的。隨著我們在他們的生活中變得越來越重要，他們為我們所有的收入來源提供動力：訂閱、廣告、授權和附屬機構。所有這些都意味著，我們相信，繼續執行我們的策略將為更多的人帶來更多的價值，並帶來更大、更有利可圖的業務。

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 Meredith described, our 2025 second-quarter results demonstrate another strong quarter for subscriber growth, revenue growth, AOP growth, margin expansion, and free cash flow generation.

謝謝，梅雷迪斯，大家早安。正如梅雷迪斯所描述的，我們 2025 年第二季的業績表明，用戶成長、收入成長、AOP 成長、利潤率擴大和自由現金流產生又將強勁成長。

The continued strength of our audience and subscriber engagement in the quarter help power healthy growth across our multiple revenue streams. We also continue to operate efficiently while making disciplined investments aimed at further differentiating our high-quality journalism and digital products. Year over year, revenue grew nearly 10%. AOP grew by approximately 28%, and AOP margin expanded by approximately 280 basis points.

本季觀眾和訂閱者參與度的持續增強有助於推動我們多個收入來源的健康成長。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。與去年同期相比，營收成長了近10%。AOP 成長約 28%，AOP 利潤率擴大約 280 個基點。

We generated approximately $193 million of free cash flow in the first half of the year, which reflects our capital-efficient model. Over that same period, we returned approximately $134 million to shareholders, consisting of approximately $83 million in share repurchases and approximately $52 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.

我們在今年上半年產生了約 1.93 億美元的自由現金流，這反映了我們的資本高效模式。在同一時期，我們向股東返還了約 1.34 億美元，其中包括約 8,300 萬美元的股票回購和約 5,200 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 second quarter's key results, followed by our financial outlook for the third quarter of 2025. Please note that all comparisons are to the prior year period unless otherwise specified. I'll start with our subscription business.

現在我將討論第二季的主要業績，然後介紹我們對 2025 年第三季的財務展望。請注意，除非另有說明，所有比較均與去年同期進行比較。我先從我們的訂閱業務開始。

We added approximately 230,000 net new digital subscribers in the quarter, bringing our total subscriber count to approximately 11.9 million. Subscriber growth came from multiple products across our portfolio, particularly from growth in bundle and multiproduct subscribers. I'll also note that we are in the early stages of rolling out our new family plan subscription offering. Total digital-only ARPU grew 3.2% to $9.64 as we stepped up subscribers from promotional to higher prices and raised prices on certain tenured subscribers.

本季我們淨增加約 23 萬名數位訂閱用戶，使我們的總訂閱用戶數量達到約 1,190 萬名。用戶成長來自於我們產品組合中的多種產品，特別是捆綁和多產品用戶的成長。我還要指出的是，我們正處於推出新的家庭計畫訂閱服務的早期階段。由於我們將訂戶從促銷價提升至更高價格，並提高了某些長期訂戶的價格，因此純數位業務總 ARPU 成長了 3.2%，達到 9.64 美元。

We continue to be encouraged by the results we're seeing at pricing step-up points and 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.

我們繼續對在定價提升點看到的結果感到鼓舞，並且對我們在繼續增加產品價值時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。

With both higher digital subscribers and higher digital-only ARPU in the second quarter, digital-only subscription revenues grew approximately 15% and to $350 million. Total subscription revenues grew approximately 10% to $481 million, which was in line with the guidance we provided for the quarter.

由於第二季數位訂閱用戶數量和純數位 ARPU 均有所增加，純數位訂閱收入成長了約 15%，達到 3.5 億美元。總訂閱收入成長約 10%，達到 4.81 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 $134 million, an increase of approximately 12%, which is higher than the guidance we provided for the quarter. Digital advertising revenues also came in above the guidance we provided, increasing approximately 19% to $94 million.

現在轉向廣告。本季廣告總收入為 1.34 億美元，成長約 12%，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 19%，達到 9,400 萬美元。

Digital advertising revenues increased primarily due to new advertising supply in areas of strong marketer demand. Affiliate, licensing, and other revenues increased approximately 6% in the quarter to $70 million as licensing and Wirecutter affiliate revenues continued to perform well.

數位廣告收入的成長主要得益於行銷人員需求強勁的地區的新廣告供應。由於授權和 Wirecutter 附屬收入持續表現良好，本季附屬、授權和其他收入成長約 6%，達到 7,000 萬美元。

Adjusted operating costs grew 6.1%. This was just above the 5% to 6% guidance range that we provided last quarter. Adjusted diluted EPS in Q2 increased $0.13 and to $0.58, primarily driven by higher operating profit and higher interest income.

調整後的營運成本成長了6.1%。這略高於我們上個季度提供的 5% 至 6% 的指導範圍。第二季調整後稀釋每股盈餘增加 0.13 美元至 0.58 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 Q3. 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 low double digits, and total advertising revenues are expected to increase low to mid-single digits. Affiliate, licensing, and other revenues are expected to increase high single digits.

我現在將展望第三季。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低兩位數成長，總廣告收入預計將達到低至中個位數成長。預計聯盟收入、授權收入和其他收入將實現高個位數成長。

Adjusted operating costs are expected to increase 5% to 6%. We intend to continue operating efficiently while making disciplined investments in our high-quality journalism and digital product experiences that add value for our audiences. I would also like to note that we expect to have only one reportable segment as of next quarter.

調整後的營運成本預計將增加5%至6%。我們打算繼續高效地運營，同時對高品質的新聞和數位產品體驗進行嚴格的投資，為我們的觀眾增加價值。我還想指出，我們預計下個季度只有一個可報告的部門。

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 a dynamic market environment. We continue to expect healthy growth in revenues in AOP, margin expansion, and strong free cash flow generation for the full year.

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、大量的自由現金流以及強勁的資產負債表，我們相信我們已準備好應對充滿活力的市場環境。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。

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

我們很樂意回答您的問題。

(Operator Instructions) David Karnovsky, JPMorgan.

（操作員指示）摩根大通的 David Karnovsky。

Meredith, on advertising, the result was really stand out for The Times or even compared to other digital platforms. I just want to see if you could expand on the acceleration here? What are the key factors kind of driving this in terms of your own tech enhancements or maybe expanding inventory to The Athletic or Games?

梅雷迪斯表示，就廣告而言，其效果對於《紐約時報》來說確實非常突出，甚至與其他數位平台相比也是如此。我只是想看看您是否可以在此擴展加速度？就您自己的技術改進或擴大 The Athletic 或 Games 的庫存而言，推動這一進程的關鍵因素是什麼？

Yeah. Great question. Thanks, David. I would say, the big picture on average I think is (technical difficulty) particularly in lifestyle spaces like games and sports in addition to news, although the whole portfolio is really working for advertising. We've got a really big engaged audience across the portfolio that can be effectively targeted at scale with first-party data that we've spent years building and also now with our AI tool brand match. We've got a very wide suite of high-performing ad products.

是的。好問題。謝謝，大衛。我想說的是，我認為總體而言，除了新聞之外，遊戲和體育等生活方式領域尤其存在（技術難度），儘管整個投資組合實際上都是為廣告而運作的。我們在整個產品組合中擁有非常龐大的受眾群體，我們可以透過花費數年時間建立的第一方數據以及現在的人工智慧工具品牌匹配來有效地大規模定位這些受眾群體。我們擁有一系列性能卓越的廣告產品。

And in particular, just in recent months, we added more ad products that can be sort of executed more quickly and easily for marketers, which has really helped during times of uncertainty in the market. And we are continuing to roll out new app supply across the portfolio. And kind of all of that together allows us to be a real option for marketers who are looking for really high-quality brand association and also high reach and high impact. And I would just say, it feels like we have a lot of running room ahead on all that.

特別是最近幾個月，我們增加了更多廣告產品，以便行銷人員更快、更輕鬆地執行，這在市場不確定的時期確實提供了幫助。我們將繼續在整個產品組合中推出新的應用程式供應。所有這些因素共同作用，使我們成為那些尋求真正高品質品牌關聯、高覆蓋率和高影響力的行銷人員的真正選擇。我只想說，感覺我們在所有這些方面都有很大的發展空間。

Okay. And then on the Amazon licensing deal, can you just speak to what you found appealing in terms of extending your editorial content to these platforms. And then with regards to the Amazon using the material to train their AI models, what is it about the agreement maybe in terms of either compensation or guardrails that made you comfortable licensing your content in this way?

好的。然後關於亞馬遜授權協議，您能否談談在將您的編輯內容擴展到這些平台方面您認為有什麼吸引力嗎？然後關於亞馬遜使用這些材料來訓練他們的人工智慧模型，協議中關於補償或護欄的規定是什麼，讓您放心以這種方式授權您的內容？

Yeah. Great, great question. I would say the deal is consistent with our sort of long-held principles about how we work with big tech companies and platforms. It provides fair value exchange in a way that feels sustainable, gives us control over how our work is used. And it's consistent with our long-term strategy, which is about The Times being more essential to more people. And I would say, kind of more broadly, the deal reinforces our principal, that our journalism, and everything we do is worth paying for and our intellectual property should be valued as such.

是的。非常好的問題。我想說，這筆交易符合我們長期以來與大型科技公司和平台合作的原則。它以一種可持續的方式提供公平的價值交換，讓我們能夠控制我們的工作如何使用。這與我們的長期策略一致，那就是讓《紐約時報》對更多人來說變得更加重要。我想說，更廣泛地說，這筆交易強化了我們的原則，即我們的新聞事業以及我們所做的一切都是值得付出的，我們的智慧財產權也應該得到同樣的重視。

Thank you.

謝謝。

Jason Bazinet, Citigroup.

花旗集團的 Jason Bazinet。

I just had two quick questions. You guys are making great progress on your goal towards 15 million subs, but I still get a lot of investors that just treat that you're not going to sort of hit that. So it sounds like you remain confident. Is there any update sort of on the timing when you expect to 15 million?

我只有兩個簡單的問題。你們在實現 1500 萬訂閱者的目標上取得了巨大進展，但我仍然有很多投資者認為你們無法實現這一目標。聽起來你仍然充滿信心。當您預計達到 1500 萬時，有什麼更新消息嗎？

I'm happy to take that one. And I'll just start by saying 15 million by 2027 remains very much our aim, and we continue to see real path to getting there. Let me give you a sort of view of that path and the levers, as I think Will and I both said in our prepared remarks, we continue to see persistent demand for everything we do. We've got a master brand and then sub brands that people trust and love, and they -- all those brands now represent kind of a level of quality and rigor that's well understood.

我很高興接受這個。首先我想說的是，到 2027 年達到 1500 萬仍然是我們的目標，我們將繼續看到實現這一目標的真正途徑。讓我向你們介紹一下這條道路和槓桿，正如我和威爾在準備好的發言中所說的那樣，我們繼續看到對我們所做的一切的持續需求。我們擁有一個主品牌，然後是人們信任和喜愛的子品牌，所有這些品牌現在都代表著一種眾所周知的品質和嚴謹水平。

We have world-class news coverage and leading products in really big spaces with a lot of running room. And our differentiation in those spaces is only getting more pronounced. I reiterated our priorities for this year, which hang from our long-term strategy. And those priorities are about making those products and that coverage more accessible to people and more valuable to people.

我們擁有世界一流的新聞報導和領先的產品，並且擁有很大的運作空間。我們在這些領域的差異化只會越來越明顯。我重申了我們今年的優先事項，這些優先事項取決於我們的長期策略。這些優先事項是為了讓這些產品和覆蓋範圍更容易為人們所接受，並為人們提供更多價值。

And I think probably the most important thing to say is that our audience of people who are registered with The Times, not that audience is still growing or just coming to our sites and apps on a weekly basis is much larger than our current subscriber base. And we have a lot of opportunity to call them back to us, call them to action, and ultimately convert them.

我認為最重要的一點是，我們在《紐約時報》註冊的受眾（並不是仍在增長的受眾或每週訪問我們網站和應用程式的受眾）比我們目前的訂閱用戶群要大得多。我們有很多機會讓他們回到我們身邊，呼籲他們採取行動，並最終改變他們。

Very helpful. Thank you.

非常有幫助。謝謝。

Jason, do you have a second question?

傑森，你還有第二個問題嗎？

Well, the only other question I got from investors is on the Amazon AI deal, if that was included in your guidance.

好吧，投資者問我的另一個問題是關於亞馬遜人工智慧交易的，這是否包含在您的指導中。

I'll take that. Yeah, it is included in our guidance. And I'll just give a little more color on exactly sort of how to think about that. We don't break out revenue by deal. We can say that, that Amazon agreement was operational as of the end of May. So as reflected in our guidance, we are showing an acceleration in the affiliate licensing other revenue line in Q3 to high single digits from what was 6% in Q2, and that will be the first full quarter with that Amazon agreement, which is playing a role in that line.

我會接受的。是的，它包含在我們的指導中。我只是想更詳細地解釋一下如何思考這個問題。我們不會按交易列出收入。我們可以說，該亞馬遜協議於 5 月底開始生效。因此，正如我們的指導意見所反映的那樣，我們顯示第三季度聯盟授權其他收入線從第二季度的 6% 加速至高個位數，這將是與亞馬遜達成協議的第一個完整季度，該協議在該收入線上發揮作用。

Just always remember, with affiliate licensing and other revenue, it has a lot of moving parts that can kind of create some lumpiness. But we certainly expect that overall line to be a growth driver, and Amazon is playing a role there.

只是要永遠記住，對於聯屬許可和其他收入，它有很多活動部件，可能會造成一些不平衡。但我們確實預計整個產品線將成為成長動力，而亞馬遜正在其中發揮重要作用。

Thank you very much.

非常感謝。

Benjamin Soff, Deutsche Bank.

德意志銀行的班傑明‧索夫。

You guys hit your target for 50% of the base being bundled this quarter. Can you reflect on the progress you've made with the bundle strategy to date and share some thoughts on where you think adoption of the bundle can go from here? I'm also curious to hear about this new family plan subscription that you talked about. Thanks.

你們本季已達成 50% 捆綁基礎產品的目標。您能否回顧一下迄今為止捆綁策略所取得的進展，並分享一些您認為捆綁策略的採用未來將走向何方的想法？我也很好奇您談到的這個新的家庭計劃訂閱。謝謝。

Yes. Great. Why don't I start on the bundle, and Will, you can add color on the family plan. I'll just start by saying we are really happy with our achievement of the 50% because bundled subscribers engage more, they stay longer, they pay more over time. And you see that the LTV of bundled subscribers is very strong. You can see that in the fact that bundle ARPU was up this quarter.

是的。偉大的。我為什麼不從捆綁開始呢？威爾，你可以在家庭計劃上添加顏色。首先我想說的是，我們對實現 50% 的目標感到非常高興，因為捆綁訂閱用戶的參與度更高、停留時間更長、支付的費用也更高。您會發現捆綁用戶的 LTV 非常高。你可以從本季度捆綁服務的 ARPU 上升的事實中看出這一點。

And you can regard us as incredibly focused on the bundle continuing to be a primary catalyst for our growth. I'll say we don't expect everyone to choose the bundle. But every subscriber has value to us, and we are getting better and better at driving bundle starts from single products. As a family plan, Will, you should talk about it. But very early, and we're super excited about that, too.

你可以認為我們非常注重捆綁銷售，並繼續將其作為推動我們成長的主要催化劑。我想說的是，我們並不期望每個人都選擇捆綁銷售。但每個訂戶對我們來說都是有價值的，而且我們在從單一產品開始推動捆綁銷售方面做得越來越好。作為一個家庭計劃，威爾，你應該談論它。但還為時過早，我們對此也感到非常興奮。

Yeah. Yeah, we're excited about it, as Meredith just said. And as I mentioned in my remarks, just the early stages of rolling it out, but I'll provide a little bit more context. Our family subscription, it's a single subscription representing two subscribers, one build subscriber and then one additional subscriber to reflect up to three additional entitlements. And we're excited about its potential to help us.

是的。是的，正如梅雷迪斯剛才所說的，我們對此感到很興奮。正如我在演講中提到的，這只是推出的早期階段，但我會提供更多背景資訊。我們的家庭訂閱是一個單一訂閱，代表兩個訂閱者、一個建立訂閱者，然後一個額外的訂閱者，以反映最多三個額外的權利。我們對它能幫助我們的潛力感到非常興奮。

In a few ways, it's definitely, we believe, something that can continue to sort of enable us to penetrate that large addressable market that we definitely see there, strengthen subscriber retention, and improve monetization over the long term. We just think it's a natural way for, and always has been, by the way, for people to experience all the products across The Times as they have -- for enjoyed The Times for many years with family and friends. So it's something we're excited about and more to come in future quarters on that.

從某些方面來說，我們相信，這絕對可以讓我們繼續滲透到我們確實看到的龐大潛在市場，加強用戶保留，並長期提高貨幣化水平。我們只是認為這是一種自然的方式，順便說一句，它一直都是人們體驗《紐約時報》所有產品的方式，就像他們多年來與家人和朋友一起享受《紐約時報》一樣。所以我們對此感到興奮，並且在未來幾季還會有更多進展。

Great. Thank you.

偉大的。謝謝。

Thomas Yeh, Morgan Stanley.

摩根士丹利的 Thomas Yeh。

Meredith, on your earlier point about your larger user base, you've spoken about traffic headwinds related to the AI overviews in the past. Can you maybe just talk about whether you've seen these trends intensify in recent months and what you're doing differently to drive that top of funnel health that you mentioned as a priority?

梅雷迪斯，關於你之前提到的更大的用戶群，你曾經談到過與人工智慧概覽相關的流量阻力。您能否談談您是否發現這些趨勢在最近幾個月加劇，以及您正在採取哪些不同措施來推動您提到的優先漏斗健康？

Yeah. Happy to do that, Thomas. So we see two things as being true. At the same time, the tech companies are making moves that continue to result in less traffic publishers and products like ChatGPT and Google's AI overviews, and now AI mode are playing a significant role in that.

是的。很高興這樣做，托馬斯。因此我們認為有兩件事是正確的。同時，科技公司正在採取行動，導致流量發布商和 ChatGPT 和谷歌的 AI 概覽等產品的流量不斷減少，而現在 AI 模式正在其中發揮重要作用。

And we have spent many years executing on the strategy of building coverage and products that are worthy of direct relationships. And daily habits and our success at that has made us resilient in a dynamic ecosystem. And I'm confident that we're going to continue to demonstrate that resilience as we execute on our strategy and all the priorities I talked about.

我們花了很多年的時間執行建立值得直接建立關係的覆蓋範圍和產品的策略。日常習慣和我們的成功使我們在動態生態系統中具有韌性。我相信，在執行我們的策略和我談到的所有優先事項時，我們將繼續展現這種韌性。

Okay. Great. And maybe more in the weeds one. I noticed the length of bundled promotional pricing varies at times in terms of the offer that you're providing consumers, sometimes it's six months, sometimes it's a year. Anything to note there in terms of your selling strategy and your approach to acclimating consumers towards the value of the bundle? Should we think about the cadence of eligible price graduations still building through the year and into the next?

好的。偉大的。也許還有更多雜亂無章的地方。我注意到捆綁促銷定價的期限有時會根據您向消費者提供的優惠而有所不同，有時是六個月，有時是一年。就您的銷售策略以及讓消費者適應捆綁產品價值的方法而言，有什麼需要注意的嗎？我們是否應該考慮今年甚至下一年合格價格等級的升級節奏？

Thomas, maybe I'll take that. We've talked about this in the past. And I mean, the shortest thing I'll say is we don't have any change to our approach here. We have been, for some time now, having the sort of business as usual, be a six-month promotion with the sort of the promotional opportunity being at 12 months. It's all a system that is just a way of continuing to make sure we're tackling the whole demand curve, getting people engaged in the bundle.

湯瑪斯，也許我會接受。我們過去曾討論過這個問題。我的意思是，簡而言之，我們的做法沒有任何改變。一段時間以來，我們一直像往常一樣開展業務，進行為期六個月的促銷，並將促銷機會延長至 12 個月。這只是一種系統，旨在確保我們能夠解決整個需求曲線，讓人們參與捆綁銷售。

We like all our subscribers. I guess we like our bundled subscribers a little bit more where that is our sort of hero product that we're trying to get people on. And then once we get them on, we're doing everything we can to engage them as quickly as possible and as deeply as possible across as many products as possible. And then we have these depending on when they come on, either the 6-month or the 12-month opportunity to ask them to pay a bit more as they see that value.

我們喜歡我們所有的訂閱者。我想我們更喜歡捆綁訂閱用戶，這是我們試圖吸引人們的明星產品。一旦我們讓他們加入，我們就會盡一切努力讓他們盡快、盡可能深入地參與盡可能多的產品。然後，我們會根據他們的時間來安排這些，無論是 6 個月還是 12 個月的機會，要求他們支付更多一點，因為他們看到了價值。

So that's no change to our strategy there. We're continuing to operate it. And as I said in my remarks, we continue to be quite pleased about the performance at the step-up moments, graduation to higher prices as well as when we ask some groups of tender -- single-product subscribers to pay more over time as well.

所以我們的戰略沒有改變。我們將繼續運營它。正如我在演講中所說，我們對逐步提高價格時的表現以及我們要求一些投標單一產品用戶隨著時間的推移支付更多費用時的表現感到非常滿意。

Understood. That's very helpful. Thank you so much.

明白了。這非常有幫助。太感謝了。

Kutgun Maral, Evercore ISI.

Kutgun Maral，Evercore ISI。

I just wanted to follow up on the AI licensing opportunities since we're all trying to better understand the implications for the company as well as the industry. So maybe can you elaborate on why Amazon was the right partner for you? And whether we should think of this deal as being the first of perhaps more to come now that you've set a tangible set of guardrails for others to adapt and perhaps follow?

我只是想跟進人工智慧授權機會，因為我們都在試圖更好地了解其對公司和行業的影響。那麼，您能否詳細說明為什麼亞馬遜是您合適的合作夥伴？既然你們已經為其他國家製定了切實可行的防護措施，供其適應和效仿，我們是否應該將這項協議視為未來更多協議中的第一項？

And just on the financial impact, I realize that the affiliate licensing and other revenue line is a bit lumpy, but it's certainly encouraging to see the expected acceleration from 6% in the second quarter to high singles in the third quarter. Should we think about the implied Q3 contributions is remaining largely steady as you move forward throughout the deal? Or are there escalators or other factors that could change the financial contributions? Just anything you could share would be helpful. Thank you.

就財務影響而言，我意識到聯盟授權和其他收入線有點不穩定，但看到預期的成長速度從第二季的 6% 加速到第三季的高位，無疑是令人鼓舞的。我們是否應該認為，隨著交易的推進，隱含的第三季貢獻基本上保持穩定？或者是否存在可以改變財政貢獻的升級因素或其他因素？只要您分享任何內容，就會很有幫助。謝謝。

Why don't I start on the first part of the question, and then Will can take the second part of the question. I would just say, in general, we continue to be open to doing deals, doing the right kinds of deals. Our approach to licensing is grounded in sort of three principles. Is it consistent with our long-term strategy to be more essential to more people? Do we see fair value exchange in a way that feels sustainable? And do we have control over how our content is used across the scope of use?

我先回答問題的第一部分，然後威爾再回答問題的第二部分。我只想說，總的來說，我們仍然願意做交易，做正確的交易。我們的許可方法是基於三個原則。這是否符合我們讓更多人更重要這項長期策略？我們是否認為公平價值交換是可持續的？我們是否可以控制我們的內容在整個使用範圍內的使用方式？

I'll add sort of two more things just because I think you're getting at willingness. I think we have a track record of doing deals with big tech companies when the terms are right. And we also continue to believe that enforcing our rates is important to ensuring a sustainable path to fair value exchange for the long term. So very, very open to it, pleased with this. Looking forward to more.

我將補充另外兩點，因為我認為您已經表達了意願。我認為，只要條件合適，我們就能與大型科技公司達成交易。我們始終堅信，執行我們的匯率對於確保長期可持續的公平價值交換路徑至關重要。所以對此非常非常開放，並且很高興。期待更多。

Will you should comment on the second part.

你應該對第二部分發表評論嗎？

Yeah. On the second part, look, I certainly appreciate the question. We've said everything about the terms of the deal already that we're prepared to say. And I gave my previous response on how that's impacted Q2 and then the guide for Q3. So I don't have anything more to add.

是的。關於第二部分，我當然很欣賞這個問題。我們已經把準備要說的有關交易條款的所有內容都說了。我之前已經回答過這對第二季的影響，然後給了第三季的指導。所以我沒有什麼好補充的了。

Thanks, Kutgun. Operator, we have time for one last question or one last analyst to ask a question. Go ahead.

謝謝，Kutgun。接線員，我們還有時間回答最後一個問題，或是最後一位分析師可以提問。前進。

Doug Arthur, Huber Research Partners.

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

Meredith, can you be a little bit more specific in terms of this traffic question on what you consider direct or organic traffic? And how do you define that? What percent?

梅雷迪斯，關於這個流量問題，您能否更具體地說明您認為的直接流量或自然流量？您如何定義這一點？百分之多少？

I would say, it's a great question. We think of direct as people seeking us out, asking for us by name, sort of behaving in a way that reflects the fact that they have made room for us in their lives and that they have a habit with us.

我想說，這是一個很好的問題。我們認為直接就是人們主動尋找我們，叫出我們的名字，他們的行為方式反映出他們在生活中為我們留出了空間，並且他們和我們有習慣。

And The Times has been on a very long journey to drive more of that. That's a huge underpinning of our essential subscription strategy, which we're three, four years into. And you can go all the way back to sort of 2015, 2016, when we said sort of the most important things we can do to propel the business were to be essential in more people's lives and to have that reflected in a direct relationship in a daily habit.

為了推動這一目標的實現，《紐約時報》已經走過了漫長的道路。這是我們基本訂閱策略的重要基礎，我們已經實施該策略三、四年了。你可以追溯到 2015 年、2016 年，當時我們說過，推動業務發展的最重要的事情就是讓產品在更多人的生活中變得必不可少，並將其反映在日常習慣的直接關係中。

So that's really what we're getting at. And I would say, ensuring that we have products that have sufficient gravity to do that is really important. You know we've got 150 million registered users and counting, and we've got extraordinary apps, particularly our core news app and also now our games app, our cooking app, the athletic app.

這就是我們真正想要表達的意思。我想說，確保我們的產品具有足夠的重力來實現這一點非常重要。你知道，我們已經擁有 1.5 億註冊用戶，而且這個數字還在不斷增長，我們擁有非凡的應用程序，特別是我們的核心新聞應用程序，現在還有我們的遊戲應用程序、烹飪應用程序和運動應用程序。

And I think those apps present a big opportunity to continue to build direct relationships and deliver on them in a way that people really make room for us in their lives in a way that has them kind of seeking out The New York Times.

我認為這些應用程式提供了一個巨大的機會，可以繼續建立直接的關係，並以一種方式實現這些關係，讓人們真正在生活中為我們騰出空間，讓他們去尋找《紐約時報》。

This concludes our question-and-answer session. I would like to turn the conference back over to Anthony DiClemente for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 Anthony DiClemente 做最後發言。

Great. That's it. We really appreciate your participation. So thanks for joining us this morning, and we'll see you next quarter.

偉大的。就是這樣。我們非常感謝您的參與。感謝您今天上午加入我們，我們下個季度再見。

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。您現在可以斷開連線。