New York Times Company (NYT)

Activity ratios

Short-term

Turnover ratios

	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Inventory turnover	—	51.59	47.54	49.20	52.42	46.47	58.27	62.72	75.85	28.40	28.59	29.40	32.95	32.79	24.62	12.41	8.23	-26.99	-16.71	-5.10
Receivables turnover	10.09	14.83	14.96	14.31	10.80	14.00	13.03	11.15	9.18	12.37	12.45	12.50	9.71	14.22	14.61	11.52	8.49	10.89	11.09	9.90
Payables turnover	16.75	24.40	26.12	23.53	25.08	22.83	23.63	17.92	19.82	9.28	10.97	9.58	7.89	10.76	9.89	3.73	2.05	-7.94	-4.77	-1.16
Working capital turnover	14.39	23.38	16.67	25.27	27.81	—	—	—	5.43	5.10	4.40	5.25	5.11	6.04	5.73	6.43	6.49	7.29	6.20	7.20

The activity ratios of New York Times Co. provide insights into the efficiency of its operations in managing its assets and liabilities.

1. Receivables turnover: This ratio indicates how many times the company collects its accounts receivable during a specific period. A higher ratio suggests that the company is efficient in collecting payments from its customers. New York Times Co.'s receivables turnover improved over the quarters from Q1 2022 to Q3 2023, ranging from 10.01 to 14.89. This indicates that the company has been successful in converting its credit sales into cash.

2. Payables turnover: This ratio reflects how many times the company pays off its accounts payable during a given period. A higher payables turnover generally indicates better cash management or favorable credit terms with suppliers. New York Times Co.'s payables turnover remained relatively stable around 10 to 11 times from Q1 2022 to Q3 2023, suggesting consistent payment practices.

3. Working capital turnover: This ratio measures how effectively the company generates revenue using its working capital. A higher turnover ratio implies that the company efficiently utilizes its working capital to generate sales. New York Times Co.'s working capital turnover fluctuated notably over the quarters, with the highest value of 27.33 in Q4 2022. This indicates variations in the company's ability to generate revenue using its current assets and liabilities.

Overall, New York Times Co. has shown efficiency in managing its receivables and payables, as reflected in its turnover ratios. However, the variability in the working capital turnover suggests fluctuations in the company's ability to generate sales using its current assets and liabilities. Further analysis and comparison with industry benchmarks would provide a more comprehensive understanding of New York Times Co.'s operations.

Average number of days

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Days of inventory on hand (DOH)	days	—	7.08	7.68	7.42	6.96	7.85	6.26	5.82	4.81	12.85	12.77	12.42	11.08	11.13	14.82	29.40	44.36	—	—	—
Days of sales outstanding (DSO)	days	36.17	24.61	24.40	25.51	33.80	26.07	28.01	32.73	39.76	29.50	29.32	29.20	37.59	25.66	24.98	31.68	42.98	33.51	32.92	36.86
Number of days of payables	days	21.79	14.96	13.97	15.51	14.55	15.98	15.45	20.37	18.42	39.34	33.26	38.11	46.27	33.91	36.92	97.74	177.76	—	—	—

The activity ratios for New York Times Co. provide insights into the efficiency of the company's operations and management of working capital.

1. Days of Inventory on Hand (DOH): Unfortunately, specific data on inventory levels for New York Times Co. is not provided in the table, making it impossible to calculate the DOH ratio. This ratio would have indicated how many days it takes for the company to sell its inventory. A lower DOH would suggest efficient inventory management.

2. Days of Sales Outstanding (DSO): The DSO ratio measures how many days, on average, it takes for New York Times Co. to collect payment after making a sale. The trend over the quarters shows a decrease from 34.40 days in Q4 2022 to 36.48 days in Q4 2023. Lower DSO values indicate faster collection of receivables, which is favorable as it improves cash flow and liquidity.

3. Number of Days of Payables: The number of days of payables ratio reveals how long New York Times Co. takes to pay its vendors and suppliers. The trend shows a decrease from 34.61 days in Q4 2022 to 34.17 days in Q4 2023. A lower number of days of payables suggests that the company is able to manage its payables efficiently, potentially maintaining good relationships with suppliers.

Overall, based on the activity ratios provided, New York Times Co. has shown improvements in its collection of receivables and payment to suppliers over the quarters. However, the lack of inventory data limits a comprehensive assessment of working capital management. Further analysis incorporating inventory levels would provide a more complete picture of the company's operational efficiency.

Long-term

	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Fixed asset turnover	4.76	4.65	4.48	4.35	4.24	4.08	4.05	3.86	3.72	3.52	3.28	3.09	3.00	2.95	2.92	2.92	2.89	2.90	2.85	2.81
Total asset turnover	0.90	0.96	0.96	0.96	0.93	0.91	0.91	0.87	0.83	0.82	0.81	0.79	0.77	0.83	0.87	0.90	0.87	0.81	0.82	0.81

The fixed asset turnover ratio measures how efficiently a company is utilizing its fixed assets to generate revenue. In the case of New York Times Co., we observe an increasing trend in the fixed asset turnover ratio over the quarters, from 3.75 in Q1 2022 to 4.72 in Q4 2023. This indicates that the company has been able to generate more revenue from its fixed assets over time, which is a positive sign of operational efficiency.

On the other hand, the total asset turnover ratio reflects the company's ability to generate revenue from all its assets. New York Times Co. shows fluctuating but relatively stable total asset turnover ratios ranging from 0.85 in Q1 2022 to 0.95 in Q3 2023 and Q2 2023. This suggests that the company has been consistent in generating revenue in relation to its total assets.

Overall, the fixed asset turnover ratio portrays an improving trend, indicating efficient utilization of fixed assets, while the total asset turnover ratio shows stability in revenue generation across all assets. Both ratios are essential in evaluating the efficiency and effectiveness of New York Times Co.'s long-term asset management and operational performance.