NYT New York Times

Harlan Toplitzky Vice President of Investor Relations
Mark Thompson President and Chief Executive Officer
Roland Caputo Executive Vice President and Chief Financial Officer
Meredith Kopit Levien Executive Vice President and Chief Operating Officer
John Belton Evercore ISI
Alexia Quadrani J.P. Morgan
Vasily Karasyov Cannonball Research
Doug Arthur Huber Research Partners
Craig Huber Huber Research Partners
Call transcript
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Good morning, and welcome to The New York Times Company's First Quarter 2020 Earnings Conference Call. All participants will be in listen-only mode [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded.

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

Harlan Toplitzky

to conference York call. welcome quarter Company's and earnings XXXX you The Times New first Thank

Executive Chief On Thompson, Executive Executive Levien President call Vice and President the today, Financial Chief Officer; we President and Meredith Officer. Roland Officer and Operating have Chief Mark Vice Caputo, and Kopit

results to Before the call this course like that could materially. will remind actual differ we begin, I make management of and you would Forward-Looking during our Statements

are business in uncertainties that could XX-K. of our Some risks our XXXX the and impact included

In presentation have earnings on our measures most will addition, available measures include at our and provided comparable non-GAAP we press in the is website financial release which reconciliations to our GAAP

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

Mark Thompson

start the colleagues, the observations with a And Harlan. go Ron Thanks few corona ask my I will about will Meredith then and in detail. through to good morning, quarter I pandemic. high-level everyone.

hear the with so encouraging that are broadly story our should you a we breaking can audiences how for record during going far a and strategy roll company. subscriptions, the and about firm Today, ambitious out to and performing belief to the is continue time growth pandemic,

lose tragedy But to hardship never the and will a the world. human and of America we the of Coronavirus and haven't scale and disruption bringing economic sight because is

Some of ground our reporter colleagues day. are chronicling the this tragedy every on

can we as they safe, them doing are of keep are professionals. healthcare frontline risks to the some we same everything Although running

Our health never thoughts from covering. and workers and are far patients from or them, the

strong this able a the clock readers of a our when and to to everywhere those most. of around serve who grateful and readers obstacles, great colleagues as are number them, incredibly working need overcoming to newspaper indeed are to keep time at We it and all

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into leading Our our digital growth all aggressively strategy. teams

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be us. paramount always will to safety and health Their

results. our effectiveness impacts do on that remote of any business the not decision Given current believe have will we this significant working,

far has succeeded because we of year-in have momentum transformation so many maintained change now. years the digital and over Our year-out

momentum. present the allow are to We this disruption determined not reduce to

slow in profitability will down ways put the can, will we cut will of that we hear, ad some As lower time. only costs strategy. not where mitigate revenue you execution pressure but will on we our To believe

will months. coming These likely some cost the reductions to in losses job lead

of expect we a number these. compactly small So

and impact job would in We such, reductions no journalism our none core expect that growth strategy.

journalism We other strategy functions. to and engineering digital in in will to invest and product data continue hire and the both in that

decrease head We net expect count to the increase company rather end. year's by than

This subscribers is in week of clutch has journalists our do things some clearly York the everyone, we times. celebrate have unsettling Times a of been strange details for some moment work but give the time milestones. those - amazing will celebrated a thanks of a to again, new you the at brilliant passed the significant new with this and to and Meredith New Once has

million the American news XXXX we quarter, More words, four first business. month five products. our million news high and than digital in all for of of By total other the to digital had more all, than than subscriptions print present the including million end April, in the entire and more six and both Company only digital across subscriptions for this historic the subscribers

our for of assessment going full QX of Meredith to over and hand me let review now prospects forward. But our

Meredith Kopit Levien

everyone. and Mark morning Thanks good

For of and never the in business investment, over company's strategy been evident. more it have most investment importance that in history, we sensuality a is made the the has journalism decade ambitious our original to

every let start thanking who supports colleagues person work. in the or of So The in me York newsroom by New staff their the extraordinary the Times and organization

threes this honored and reporting for said, with investigative and Mark for privates reporting, were the pilasters for earlier awarded week Times international commentary. the was As

awarded a just testament awards any inspiring storytelling, our this That brings What Dean total institution so visual modern work and from also teams. Baquet organizations. XXX to is said a honoring is but narrative the that and investigations, they our audio video, other television involved they and executive year's Monday not far journalists than this news to editor number many news on organization about as to desks more are of pilasters many

trusted understand navigate truth time, pandemic. that people at and the and to more difficult newsroom information with to people help need incredibly mission tirelessly our readers Our to to is of the than seek the understand is this the our they world XXXX working and

public began dataset. available comprehensive domestic was all into County-by-County study We agency late scientists, the virus. could government so left made tracking that publicly that no of a or officials health When of journalists, spread set other Times better and building publicly data Coronavirus, cases government January understand researchers, and Journalists action the in U.S. and

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the the the that of virus vast stories majority open not made vast use. access of they times the majority did see to During a the early circumstances, extraordinary March to decision up on our payroll in leaders many coverage, that we

anonymous While fewer in registered, record subscribed subscription they readers a those converted to ran payroll into numbers. and still readers who because

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week encouraged We have of week. by improving been the over behavior are return whose registered rates readers

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fundamentals the what business the me pull together. long-term confidence all in subscription our of the pressure from Notwithstanding for let just of first said So model, feel give company. us advertising, I prospects

our again, who professionals And the so surreal saving country world. city, I We responders so our everywhere through keeping appreciate will many and living period we safe. workers, end and first and are essential remark are lives us the a medical and of harrowing for

and York are who of we first have to deeply around Times New and And audience our all navigate unprecedented our grateful understand this in crisis. are world the They sound people helping thanks. our

that, over with will And it I to turn Roland.

Roland Caputo

everyone. good morning, And Meredith. you, Thank

in at decline resilience stream thirds term we affected by revenue grow short be expect represents our do results and revenue, we Excel a expected negatively mission. to two of to that core our strength provides our subscription a to advertising, is approximately source a which Although as recurring to continue business, further of

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open up that, we to happy And would it for with questions. be


Evercore. comes The first John Please of go from ahead. [Operator Instructions] Belton question

John Belton

Thanks to subscriber you everyone. wanted the Good seeing. bit morning. talk just little a are about I more trends

just you higher about think then So after I wanted to subscribers winds How think check seeing crisis. target double the I before to Meredith, net expecting longer the is down term. the talked trajectory, you were what million you way a And about the that impacting thing. crisis relative XX one addition

you now of said over million X only subscribers digital news you end think of have the I April. as

you. hundred implies that product alone So North thousand something in a April. of additions net for Thank that

Meredith Kopit Levien

answer get John. are a optimism down. getting which to ads again, I period. say them we or morning, will even of registered this a form increase I we come audience so function as overall Good so step And version more ahead the and come is I continued a them many that go better are in earlier, our and net what stimulating what drive that. in said idea ability drives would at getting users habit, to back to

that the We confident in model. are lift we'll some see

the question $XX I is, that us And path on your second million. where leave think does to

I that way right a think in you the own milestone right. we its gate the have at see that said or all goal through we

Mark Thompson

the guess would a I perhaps what XXXX are looking we just hit Also, election is I is the John. peak. add at where we

As XXXX, we as bigger not a first just quarter said hit now. of we peak the have in

But then higher a is fell times they back. a And quarters, after after audience Trump bump run have come people the to then of the diminish, say And rate then. had that. we we, much effect subscribers of of couple lot because a

gaining. of logged what on users the in particularly registered says were large about And matters number

people got of will real Coronavirus the of And loyal lot certainly them coming hope have although a for users we subscribers confidence We us and are stay. long-term that will that time. become now many to with

John Belton

much. Got it. Thank very you


Please The comes go Alexia from ahead. of JPMorgan. next Quadrani question

Alexia Quadrani

hope Good well. Thank you. morning. is safe and I everybody

Mark Thompson

you Thank Alexia.

Alexia Quadrani

$X sort in your ball, a at just I heightened you wanted of have to given that the that staying have But on hope so level, the but outside. you times you churn of insight your a you crisis a maintaining subscriber you through more the are to what sort trend curious thinking fully month. I'm the sort I know of demand topic. follow we couple high of up that different this your for of have think think of lead How of about seeing forth you crystal back demand, you vast of begins down. I to then should stuff $X more vacillate die know leadership into these and don't do understand in ask clearly growth. so on when you level new week walk and promotions, much Can maintaining questions if of to you subscribers on eventually

Mark Thompson

going new I'm just like first this, to Meredith question. to say to churn, pass big for the each want about talk part. might I people She event manifestly in. part second But with on of to we get new

are Meredith are more the says, some for As I diverse think to we we New seeing excitingly, Times times. some York geographically very the Company, people younger, actively seeing actually, and coming

in than U.S. and, very be we good stage trends. half of I has at be is retention life now to touched we far think would of more company the of understanding too a say more including kind got which at subscriber expert precise people backdrop And churn the It understanding cycle of to foolish churn. about want adults. large every

every in strike, Coronavirus was organization of trying journey customer fundamental also the before even times journalism. make senior the the to experience And but the focused on

of compelling usage will and so after value high will back day bring kind high, perceived be features, will low. of and be So risk in therefore churn that addictive day terms be you

question. main of now let for But part the Meredith to me the hand

Meredith Kopit Levien

you, Thank good and Sure. Alexia. morning Mark

as in leaning a use very would demand dollar and into question can we been you strong promotion On aggressive have week where of the a we promotional say what as see is our a are of offer. I this period

us In racial young outer of earlier the include to geographic circle more part to think more comments diversity. of the subscriber and because and our takes edges base we about made propensity people, widening I and it the ethnic our

that. say in ability to to would demand also and the are work said really a testament we across I a and them confident then we of this I have moment. people manage is more promotional curve, think our about price at whole bring up the a getting, calls, through step in think I And prior

I that I pricing that is in our they fact the so the bring in being feeling value people product. will we I are power, described. accept getting confident a alluded of much what ultimately curve subscriber to price And to along that because that to that And then out rise that tenured the ability our real just are think,

up. why we at people is dollar us week, you that So have see successful because we we graduate, think to continuing the been use can graduating

say me come a couple behind on in marks. of things to churn Let

is number that in the net both core stops. strong function One quarter high and ads was low news a very the starts of

churn role So big a this. on alluded And news churn. play did Mark that, good to in

I mentioned I at on will it, mechanic is of sort been a we just most lot are we things better thing I a underscore churn that think is you those not the games of are the important of getting them. It improving have and but getting in couple although people and of do, that I think to realized. engage the product

and virus of a a back. keep was and during covering to it we still a in at to ton done pandemic into of things are really and reason advance work to coming be There leaned better people in way give Corona then the live

are in role find in. people they as then users engagement an other things to in getting playing the is big registered just are interested and times a is That and logged on

just are We more much effective able being to that. at do

Alexia Quadrani

a advertising across advertising. to weakness may. if really And advertisers, different widespread several isolated really I'm digital the was follow-up How then verticals. your I just on just quick on it

you pull of back you in daily. numbers I'm forward, the strong cuts if So advertising saw the you curious some daily. know, and you saw the across mentioned, at really

Meredith Kopit Levien

of trends Mark, is Yes. happy one. that take the to what going are follow I'm on broadly advertising macro sort I would say economically.

in general, as pressure particularly digital, I earlier said in have and everywhere, we digital. So seen both in print

categories hold bigger, held to financial continue better and the tech to we do up tend telecom, likely integrated has of like and collaboration where better. services will and up Some

talked categories. we that legacy a And and say, of about in saw is both One have advertisers crisis. a I more our the the through smaller fair of idea for it in have number the will while can I And assume print think just trends is categories. of will we that and larger that we concentration digital to think we continue pressure a

me about daily And getting surge was Though will demand second before tell mentioned is daily, continues you than for softer for actual the the your I and marketer from I'm do would question. answer in an it if perspective And question everything we advertising the audience. was the to be say, demand strong. I try we to already your pandemic.

are The relative though other will is I quarter. places. daily And in cans very do to continue Daily so because us audience to for the the is year. it first and the story think was strong good demand all - But still significant because

Alexia Quadrani

was that you. you. helpful. Thank Thank very

Mark Thompson

Alexia churn. actually I to have just come again one back point And once final

sure Just this clearly how said I'm we quite remarks. our written in not

As we involved prices. previously tenured to the number know, rise in we also a as you $X subscribers. we through for were who And got higher setting of we new of subscribers exercises are price system the mentioned on you know, week going general

the better continue encouraging both of think modeling those our than we beforehand. actually see to very we Before on were Coronavirus results hit as

long-term was these So of future the for in the model. changes, the underlying story price very the with all encouraging

on of on is more be all heard, propensity effect have things you reduce we as the as and have equal churn a as Coronavirus will the it positive and top that. of will were likely it And think being retentive that retention it

I good is the actually the So very would - say. this is picture looking churn

Alexia Quadrani

Thank you.


ahead. Karasyov comes next The Research. go question Cannonball Please of from Vasily

Vasily Karasyov

environments If economic remind morning. Thank it wanted recession? One, normally happens Good if impact you isolate from usually in we COVID-XX us have economic I in ask what how to a an I couple. revenue behaves print of subscription you the could could downturn? you.

And Weekly is the you question maybe why Roland, your me. the that Is to would in Can said due happens? Roland. think then, it COVID-XX. That make revenue quick I prepared for sense Thank advertising. from remarks, you down of you. to that type explain

Mark Thompson

Thank you Vasily.

you think dresses. should I address of Roland, both maybe these

Roland Caputo

a home it. are Okay, is, a delivery great. period. reacts, how guess question How and with in So that Hi, about Vasily. The you? I is recessionary associated revenue

holds So the very, actually answer is it well. very up

raise to we that prices how period. during that XXXX If actually worked able XXXX, you look were at

looked have new and we during And in both the an the seen if the reaction we pandemic, actually starts across consumers at country. increase locally of now

that hold closure of really side we will single with the the the get is it So But well. we all to most, copy expect very outlets. where up the of hurt

of some and in up habit of is folks and more delivery that single home swept delivery. getting get can't a for More who already are see home copy. we a had And demand single them copy now

stable very is in that recession. So a

lower in revenue QX episodes I not the question it expect that guidance is we about about when And it is a of the about we advertising is think air. The weekly, revenue, it to book episodes. number we and the for air

from to any that. significant we repeat And we to I with that expect and going think Meredith to said so just fewer line, make mentioned Meredith months episodes with forward our we Hulu, also change the ESX expect be don't will from, impacts on the and longer what agreement, the economics for in expect somewhat. coming that bottom But


Research next The ahead. Partners. Doug comes of question Huber from Please go Arthur

Doug Arthur

questions. Two thanks. Yes

digital XX.X First, so up or was revenue subscription in about QX.

saying are QX twenties believe. in You I high

that what with the increase? impact I is one a delta about driver the of is cost. contours of of of between the Is the and higher of the some You QX it but because and sort have QX of mostly price the So volume? that, got talked of follow-up

Mark Thompson

you question. do to that want answer Meredith, Okay.

Meredith Kopit Levien

to. happy I'm

coming price a price, people a in it the we up. on probably to are is very those driven in think stepping those things more months so as by promotional eight of particular, seven, but now I but in folks of large have said, we volume, combination on number

is that in well. we off. subscribers, we I mentioned and well. broadly step think also And line tenured have also then also, in price in what large has very sometime Roland up for a is taken XX% with back increase the of this that annual a increase his It through we saw gone going number remarks, on And prepared have

it So of those I of things. think is a all combination

Roland Caputo

well. And coast Doug a you had as on question

Doug Arthur


bucketed can know if But I back describe to bit about being of I the in down. you goods. of the production And circulation. Roland, reclassification thinking is of SG&A behind bucketing? mostly the go QX costs And of you guess re kind at just it I XX% a into broke like looks XXXX, looking Just little re that cost, it is

Roland Caputo


business is, many here for like, idea our been the was the run really So many, presentation decades. previous had of a how vestige

idea how today. so running of more presentation is And is the a representative the create are that to business much we

that cost we have So of revenue category.

And digital that our the what delivery. content costs is print also content it really and our And all the and production creation, our us to service and advertisers, distribution. subscribers

content web. our costs cloud on the with sorting associated the So

Our that content. costs produce to

apps illustration our that we the breaking a and item. there. that better And And line spending then development product really to a and are web sales products then marketing what cost of produce our enhance there and our isolating out in single as and so is is

is G&A And does corporate really, general management. enterprise the tech. It include then

So, the unallocated really cost that areas G&A system investing. to costs. we accounting are to But in be we our where of the other going the wanted isolate is and

Doug Arthur

you thank Okay, much. very


of The Please next go question comes Huber Partners. Huber from Research Craig ahead.

Craig Huber

I people that to on And far as follow if talk you. thoughts the or think sort first Meredith speaking Thank it set of terms on with Yes, as your please. you English you in Mark? but stuff, the hi. you Good college you morning. want past, outside educated market Thank sort start of the When that, about digital addressable Can your you. here talked us update U.S., the my could ups. for about have the some of and I long-term maybe question just subscribers. opportunity in

Mark Thompson

take you don't why this one. Meredith,

Meredith Kopit Levien

I'm happy Yes, to.

different XXX is more. few pay than some fewer have the demonstration suggest some English But educated, no of we speaking, million essentially We to willingness that of people at every with looking college target audience a ways at for addressable in use it there have of we and it. look way

gone smaller. and and of think now, the roughly on, million number a we that United States. getting in half years United think has probably that And time I States as XXX using couple is I it for the So XXX million people bigger have is number not been probably half outside the

I today on And of have terms number we shared subscribers based in what now. say, would have just we of

I think we on is said one more lot that have I think this. saying, we addressable enough revenue converting audience. worth was And about got don't quite of still that thing have room this a

also we the very Australia, a just domestically, have markets this where internationally. we this think it Canada approach And second in pricing, is was market a and talked a very particularly This beyond launched beyond strong world. a more about period assuming strong you are I breed internationally we English and period are that but speaking in quarter new aggressive ago

of have India. So with have in how Europe we and parts know, you pricing gotten us opens approach just are of more far America beginning And we also audience. the meter, addressable good the suggest we a aggressive that. markets with Southern seen getting up we And everything that and at at Latin Asia would and apply also like to audience that so the very and think that I and gives

Mark Thompson

as modeling, unique number, this briefly, some to in Indian numbers Times a comScore I in remarks, March. as really would her in people the suggest and the to I Meredith million just add I striking. U.S. got Craig XXX in the our are own mentioned we came mean said, of

I number as is in a than broad way of time XX-years of of is is size. the real up appeal, XXXX, a far typically. million That I seen And under moving we the we were kind sense seeing real numbers five or huge When greater a ago. hundred a unique times at unique arrived that a brand were there think

This historically is younger, diverse, just news provider more becoming a those reaching also genuinely but is more geographically both into taste. spread a global have or

the classic the fact suggest. posting would miss the broader than who follow sometimes is closely appeal those of much think stereotypes I very the that people times becoming some of

for the, also kind for the think of course I who of people grounds, but users, grow become more fishing subscribers, bigger. that within engaged could So they the

think I encouraging. very So

Craig Huber

part going this Then question I the the print right delivery? now, my to circulation, I legacy on overwhelming business, other right case, I XX% am is virus non is is thinking away stuff. If volumes of ask the assume roughly your for that that that correct home majority and wanted that of the keeping now on

the first might quarter. you, I in down in home down have daily if I take but Underlying XX% XX% Maybe conjunction worse, you delivery the be, roughly the with down of that worse little be second you that. nothing thinking quarter. was might between said and or if Sunday fall is number the I'm think so not in like in overly significant off bit the a sounds maybe when And acceleration come

your plus you mind just advertising copy are eventually don't, right company volume don't conjunction think the here accelerate to print are potentially in a on for environment numbers paper. the printing, you I to the Does down print that are to hard you advertising long-term, here? XX% shutdown your product And side this know this seeing digital but guys you of move only When side that make you now with in now. to the I about positioned call, want focus main

look cash free a for? when would know of main There of road you question. negative, that off my but is A only soon, the what And it anytime is flow the sort long-term cut you is sort is down when points thought what there print here. to is, get version, is that, digital you it go is here. your the, I to not just is

Mark Thompson

substantively, I’m let going off our to years just we print saying, of by and but of it. successful profitable product me ask many, Roland believe start got a this ahead to life many has address that

Our know, big we focus, principal strategic is love offering business, you visual as a building but products.

during it crisis. demands, print seen as many corona the in encouraging said, fresh virus have actually, So we very very, do the Roland is signs subscribers, terms product ways in it is, of

So completely massively obvious for time very a are product. this clearly is have been you we committed. are hit Single tough mean, sales this copy I for have reasons. suggested as

less say of than it? take And as we why would long are the just still you of see I revenue print Executive, I And much our than think time confirm the will Chief don't committed Roland XX% from But portfolio product. if that to to come. you probably of for a total we as part print. really

Roland Caputo


is not an in trend declines. there is delivery say that home been of all, want to increase the a First of I

see product loyalty base, the that value to the on increases able So nine of that pass X%. consecutive of pass been X% through able basis. an of dropped the price we changing to to volume and between and subscriber the and quarters, we because annual has have been don't have We

see don't all. I So trend it changing that

it On for decline is somewhat want that side or copy our copy that. of in I single slow side, revenue. to the the something say single been like XX-years than less is And XX%

that if landscape a the of the will and crisis COVID the Yet very move outlets that of folks habit delivery copy be to changes strong many landscape to how copy. then home subscription. have single determined think a I single admittedly, change But retail and will

see our our being don't that I there. a So in giant profile in change revenue

On the dollars experience return. leave ad from do side, been most that though, product print not that has the advertising our

is is an last to there folks there. say without guess remind thing the I $X probably newspaper would profitable of I is I the say advertising. So And want print acceleration that to

sufficient we to is a continue there as print product, be have long to will as we so generative. and And will cash continue and demand,

Meredith Kopit Levien

that a the that into only there testament home to we still engaged launching customer product. and in value innovation is and that our of there new is and section belief our high still very add print will deeply put think to is of lots a I to imagination

So to our to come there value audience. of more real we think still terms delivering there in is

Craig Huber

a If I here. could just question ask

for the in the quarters. second month anything assume when materially the Your in is different of for saw month April? Does advertising that outlook June of you

Meredith Kopit Levien

and on Roland think I say, about may what remarks take me in our would you think answer. But behind would for business come our a I sharper as give is advertising ready you about to I see put context them much And the described. that and as in generally as applied. say. generally And that we and macroeconomic the you then are think I trends -

Craig Huber

Thank you.


go question comes The Kannan Barclays. ahead. Please next of from Venkateshwar

Unidentified Analyst

for questions. two have This I you. Kannan. on (Ph) [Calvin] is Thank

The print. declines. about first can segments offset on you revenue you out one costs of it print is talks how much to in cost Can take

are subs are instead a cost rolling but are other Thank mentioned there? approaching economic on second stepping how those you to other any subs costs the price environment price. $X flexibility earlier, proactively up? or is pricing. full say Does More off? $X you. to advertising words, the dollar current promo change you drivers step to on In of You reactively a And ups say of

Mark Thompson

don’t Thank why take you Thanks Roland Calvin. you. this.

Roland Caputo


So we a and found that path driving the I'm on print expect and on efficiency costs, going video, that to and successful many to for years, we more but continue. more cite to I been a not have very at

we changes either make There with be some will partners, internally or our a. as

bit much chase would that. this we ad will we the more Not little otherwise we'll have to efficiencies, aggressively chase a dollars, chase So I expected. given more that them we being would think less continue to say than

the On pricing we side subs. first, have our on digital paused price increase

occurred started than that haven't up to more a reinstate March. and and that, another trench a or believe less that were higher get pause tranche in There fall wait have is decision and we early are paying a appropriate. would yet. we'll we later, that, little That a have when We tenured hit and see price So prices made subs notified were few the we lined first XXX,XXX we had increase. of to came in

dollar to bit little Meredith Maybe about the wants talk promotion are week a we and managing that. how and

Meredith Kopit Levien

happy Yes, I'm Roland. to

people. for again, I at we but say seven I eight are think an I being earlier, said renewal into or will this months annual

in least dollar came group on our well growing a first as The of it week is, expectations. and at folks as who a

price basically broadly line folks going we prior being to who moved full saw the is week our promotion. dollar to with a for in primary XX% it what up off And

and, are I also what we we to expect, will are get it. with far, continually that seeing expect we but we better So pleased say and so at

go we We the are we can have up, full to out determine we are algorithms to partially prior step said what that who we sort in signals price. calls training to engagement use how

in in to important get that price. very role take bit economics, bit and you well recognizing general, And have use in but gone how on bit the say, price confidence ability of promotion, I up little a our we in a our continued of this, better as is get has by we a built single executing this at would to should people be


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

Harlan Toplitzky

us to for talking We joining you forward again look to you quarter. next Thank this morning.


concluded. presentation. The Thank for attending conference has today's now you

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