The New York Times Company (NYT) Q4 2015 earnings summary

Executive summary

• Ended FY15 with 1.1M digital-only subscribers and 2M total paying subscribers, the highest total in its history.

• Targeting a doubling of digital revenue over five years, with investment in journalism, technology, mobile, video, virtual reality and advertising offerings.

Financial highlights

• FY15 revenue was $1.579B, down 0.6% YoY; operating profit rose 48.5% to $136.6M and net income attributable to common stockholders rose to $63.2M from $33.3M.

• Diluted EPS from continuing operations was $0.38 vs. $0.21; adjusted diluted EPS, excluding severance, non-operating retirement costs and special items, was $0.71 vs. $0.43.

• Operating costs fell 6.1% to $1.393B; adjusted operating costs, excluding D&A, severance and non-operating retirement costs, fell 3.2% to $1.290B.

Outlook and guidance

• Plans for 2016 include targeted investment in digital revenue growth, international audiences, mobile, video, virtual reality, audio and branded content, while pursuing cost savings.

• Long-term priorities include doubling digital revenue over five years, growing profitability and increasing shareholder value; 2016 qualified pension contributions are expected to be ~$8M.

• Cash and investments, operating cash flow and other sources were expected to cover financing needs for the next 12 months, including repayment of ~$189M of 6.625% notes due Dec. 2016.