New York Times (NYT) risk factors, FY2024 10-K

Risks Related to Our Business and Industry

1. 01We face significant competition in all aspects of our business
2. 02Our ability to grow the size and profitability of our subscriber base depends on many factors within and beyond our control, and a failure to do so could adversely affect our results of operations and business
3. 03THE NEW YORK TIMES COMPANY – P. 9
4. 04Our ability to attract, retain and monetize a significant portion of our users is dependent on third parties. If these third parties make changes outside of our control, it could adversely affect our business, financial condition and results of operations
5. 05Our user and other metrics are subject to inherent challenges in measurement, and real or perceived inaccuracies in those metrics may harm our reputation and our business
6. 06Our advertising revenues are affected by numerous factors, including market dynamics, evolving digital advertising trends and the evolution of our strategy
7. 07providers, and audience fragmentation. These dynamics have affected, and will likely continue to affect, our ability to attract and retain advertisers and to maintain or increase our advertising rates and resulting revenues
8. 08Our brand and reputation are key assets of the Company. Negative perceptions or publicity could adversely affect our business, financial condition and results of operations
9. 09Generative AI technology may negatively impact our ability to attract, engage, and retain audience and subscribers; protect and monetize our intellectual property; maintain and grow other revenue streams; and retain and grow trust in our brand and journalism; and may involve other risks
10. 10P. 12 – THE NEW YORK TIMES COMPANY
11. 11Our business and financial results may be adversely impacted by economic, market and political conditions or other events or conditions causing significant disruption
12. 12THE NEW YORK TIMES COMPANY – P. 13
13. 13The international scope of our business exposes us to risks inherent in foreign operations
14. 14The Times newspaper, as well as other commercial print products, are printed at our production and distribution facility in College Point, N.Y. Outside of the New York area, The Times is printed and distributed under contracts with print and distribution partners across the United States and internationally
15. 15P. 14 – THE NEW YORK TIMES COMPANY
16. 16Expectations relating to environmental, social and governance matters, and any related reporting obligations, may impact our businesses
17. 17Litigation or governmental investigations can impact our business practices and operating results

Risks Related to Intellectual Property

1. 18Our business may suffer if we cannot protect our intellectual property
2. 19We have been, and may be in the future, subject to claims of intellectual property infringement that could adversely affect our business

Risks Related to Our Data Platform, Information Systems and Other Technology

1. 20Our success depends on our ability to effectively improve and scale our technical and data infrastructure
2. 21Security incidents and other network and information systems disruptions could affect our ability to conduct our business effectively, cause us to incur significant costs, subject us to significant liability and/or damage our reputation
3. 22THE NEW YORK TIMES COMPANY – P. 17
4. 23Failure to comply with laws and regulations with respect to privacy, data protection and consumer marketing and subscriptions practices could adversely affect our business
5. 24P. 18 – THE NEW YORK TIMES COMPANY
6. 25We are subject to payment processing risk
7. 26Our business depends on continued and unimpeded access to the internet and cloud-based hosting services we utilize

Risks Related to Our Employees and Pension Obligations

1. 27If we are unable to attract and maintain a talented and diverse workforce, it could have a negative impact on our competitive position, reputation, business, financial condition or results of operations
2. 28costs to attract new employees and retain our existing employees, and we may lose talent through attrition and/or be unable to hire new employees quickly enough to meet our needs
3. 29A significant number of our employees are unionized, and our business and results of operations could be adversely affected if labor agreements were to increase our costs or further restrict our ability to maximize the efficiency of our operations
4. 30The nature of significant portions of our expenses may limit our operating flexibility and could adversely affect our results of operations
5. 31The size and volatility of our pension plan obligations may adversely affect our operations, financial condition and liquidity
6. 32In addition, the Company and the NewsGuild of New York jointly sponsor a defined benefit plan that continues to accrue active benefits for certain employees represented by the NewsGuild
7. 33As a result of required contributions to our qualified pension plans, we may have less cash available for working capital and other corporate uses, which may have an adverse impact on our results of operations, financial condition and liquidity
8. 34We participate in, and make periodic contributions to, three multiemployer pension plans. Our required contributions to certain plans have been impacted and may be further impacted by changes in our production, distribution and commercial printing operations

Risks Related to Acquisitions, Divestitures and Investments

1. 35Acquisitions, divestitures, investments and other transactions could adversely affect our costs, revenues, profitability and financial position
2. 36Investments we make in new and existing products and services expose us to risks and challenges that could adversely affect our operations and profitability

Risks Related to Common Stock and Debt

1. 37We may fail to meet our publicly announced guidance and/or targets, which could cause the trading price of our Class A Common Stock to decline
2. 38The terms of our credit facility impose restrictions on our operations that could limit our ability to undertake certain actions
3. 39We may not have access to the capital markets on terms that are acceptable to us or may otherwise be limited in our financing options
4. 40Our Class B Common Stock is principally held by descendants of Adolph S. Ochs, through a family trust, and this control could create conflicts of interest or inhibit potential changes of control