David Karnovsky
JPMorgan Chase & Co, Research Division

All right. We'll get started. So I'm happy to have back from the New York Times Company, Meredith Kopit Levien, President and CEO. Meredith, thank you for being here.

Meredith Kopit Levien
CEO, President & Director

Happy to be here.

David Karnovsky
JPMorgan Chase & Co, Research Division

Okay. Great.

Meredith Kopit Levien
CEO, President & Director

Spring in Boston. Better than winter.

David Karnovsky
JPMorgan Chase & Co, Research Division

Hot spring in Boston. Okay. So over the past 5 years, you have referred to the New York Times as the essential subscription product for someone wanting to understand and engage with the world. So there's been a lot of evolution in the product that we can cover. But at a high level, what are the key strategic pillars that have guided you as CEO during this period?

Meredith Kopit Levien
CEO, President & Director

Yes. Well, there are three pillars to being the essential subscription that we've been focused on for the last 5 years. The first one is to be the world's best news destination, kind of hard stop. The second one is to have market-leading lifestyle products that help people make the most of their lives and passions. And the third one is to put those two ideas together in an interconnected product experience or a bundle so that whatever is going on in your world or the bigger world, The Times has something relevant for you every single day, and we do that at increasing scale. And I would say that