New York Times Co (NYSE:NYT) Q4 2022 Earnings Conference Call February 8, 2023 8:00 AM ET
Company Participants
Harlan Toplitzky - Executive Director, IR and Financial Planning & Analysis
Meredith Kopit Levien - CEO, President & Director
Roland Caputo - EVP & CFO
Conference Call Participants
David Karnovsky - JPMorgan Chase & Co.
Douglas Arthur - Huber Research Partners
Vasily Karasyov - Cannonball Research
Thomas Yeh - Morgan Stanley
Ashton Welles - Evercore ISI
Operator
Good morning, and welcome to The New York Times Fourth Quarter and Full Year 2022 Earnings Conference Call. [Operator Instructions].
I would now like to turn the conference over to Harlan Toplitzky, Vice President of Investor Relations. Please go ahead.
Harlan Toplitzky
Thank you, and welcome to The New York Times Company's Fourth Quarter and Full Year 2022 Earnings Conference Call.
On the call today, we have Meredith Kopit Levien, President and Chief Executive 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. 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 2021 10-K and subsequent SEC filings.
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.
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.
With that, I will turn the call over to Meredith Kopit Levien.
Meredith Kopit Levien
Thanks, Harlan, and good morning, everyone. 2022 was the first full year of executing our strategy to become the essential subscription for every serious English-speaking person seeking to understand and engage with the world.
We're proud of our results, which reflect the differential value of our expanded product portfolio, the multi-revenue stream nature of our model, strong unit economics and disciplined cost management.
I'll start by sharing a few highlights from the year. Consolidated adjusted operating profit was $348 million, well ahead of our guidance and an increase over 2021. At The New York Times Group, we grew adjusted operating profit by 14% and drove more than 100 basis point improvement in margin. Notably, that margin improvement follows a 200 basis point improvement in 2021 and reflects palpable progress on our journey to building a larger and more profitable company.