The New York Times Company (NYSE:NYT) Q2 2020 Earnings Conference Call - Final Transcript

Aug 05, 2020 • 08:00 am ET

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The New York Times Company (NYSE:NYT) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good morning, and welcome to The New York Times Company's Second Quarter 2020 Earnings Conference Call. [Operator Instructions]

I would now like to turn the conference over to Harlan Toplitzky, Vice President, Investor Relations. Please go ahead.

Executive
Harlan Toplitzky

Thank you, and welcome to The New York Times Company's second quarter 2020 earnings conference call. On the call today, we have Mark Thompson, President and Chief Executive Officer; Meredith Kopit Levien, Executive Vice President and Chief Operating Officer; and Roland Caputo, Executive Vice President and Chief Financial Officer.

Before we begin, I would like to remind you that management will make forward-looking statements during the course of this call and our actual results could differ materially. Some of the risks and uncertainties that could impact our business are included in our 2019 10-K, as updated in subsequent quarterly reports on Form 10-Q. 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.

With that, I will turn the call over to Mark Thompson.

Executive
Mark Thompson

Thanks, Harlan, and good morning, everyone. Good morning and goodbye, because as everyone in the room must know by now, this is not just my 35th quarterly earnings call as Chief Executive of The Times, but also my last. Meredith takes the helm in just a few weeks time, which is great news for the company and its shareholders. She is a unique talent and will be a bold and brilliant CEO, but one of the changes she's going to bring is to the language Times' executives use on these calls.

Let's take the word lumpiness, a rather fine expressive would useful in so many contexts, but never more so than when applied to advertising. Now, I've tried. God knows I've tried, to coach Meredith in the use of the word lumpiness, but frankly, it's hopeless. It turns out that unless you've spent decades steeped in true gnarly and above all British lumpiness, you just can't pronounce it with any conviction. Roland, needless to say, is a lost cause, but no more lumpiness, indeed, no more Queen's English at all. From now on, it's all going to be in American.

To paraphrase George The Third in Hamilton, good luck with that. But I do want to thank all of you and particularly, our analysts for your engagement and courtesy to me over the past eight years. You're testing of the company's strategy and performance has helped us improve both and as someone new to the public markets when I arrived in 2012, I've learned a lot from you. I also hope you will forgive me before I hand over to Meredith and Roland to tell the story of the quarter, if I say that it's a source of some pride to me that my last full quarter as CEO of The Times was not only our best ever for new digital subscriptions, but the quarter in which