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Annual Report New Meet the Meet Meredith Corporation Meredith meetnew the TM 2018 Annual Report 2018 Our Mission We are Meredith Corporation, a publicly held media and marketing company founded upon service to our customers and committed to building value for our shareholders. Our cornerstone is a commitment to service journalism. From that, we have built businesses that serve well-defined readers and viewers, deliver the messages of advertisers and extend our brand franchises and expertise to related markets. Our products and services distinguish themselves on the basis of quality, customer service and value that can be trusted. 2018 Annual Report Financial Highlights Board of Directors Years Ended June 30 (In millions except per share data) GAAP Results 2018 2017 2016 2015 2014 Revenues $ 2,247 $ 1,713 $ 1,650 $ 1,594 $ 1,469 Income from operations 99 309 131 242 187 Net earnings 99 189 34 137 114 Earnings per share 1.47 4.16 0.75 3.02 2.50 Donald A. Baer 2, 3 Donald C. Berg 1 Mell Meredith Frazier 2, 3 Thomas H. Harty Frederick B. Henry 2, 3 Mr. Baer, 63, a director Mr. Berg, 64, a director Ms. Frazier, 62, a director Mr. Harty, 55, a director Mr. Henry, 72, a director Total assets 6,727 2,730 2,627 2,843 2,544 since 2014, is global since 2012, is the president since 2000, is vice chairman since 2017, is president since 1969, is president chairman of BCW, a of DCB Advisory Services, of Meredith Corporation and and chief executive officer of The Bohen Foundation, Total oustanding debt 3,196 701 695 795 715 member of WPP PLC, which provides consulting chairman of the Meredith of Meredith Corporation, a private charitable one of the world’s largest services to food and Corporation Foundation. the leading media and foundation. strategic communications beverage companies. marketing company Non-GAAP Results businesses. serving American women. Adjusted EBITDA(1) $ 421 $ 362 $ 320 $ 319 $ 264 Revenue Dividend Per Share(2) 5-Year CAGR: 9% 5-Year CAGR: 6% $2,247 Joel W. Johnson 1 Beth J. Kaplan 1 Stephen M. Lacy Philip A. Marineau 1 Elizabeth E. Tallett 2, 3 $2,000 $1,713 $2.50 Mr. Johnson, 75, a director Ms. Kaplan, 60, a Mr. Lacy, 64, a director Mr. Marineau, 71, a Ms. Tallett, 69, a $1,650 since 1994, is the retired director since 2017, is since 2004, is executive director since 1998, is a director since 2008, is a $2.18 chairman and chief the managing member chairman of Meredith partner at LNK Partners, consultant to early stage $1,594 $2.08 executive officer of Hormel of Axcel Partners, LLC, Corporation, the leading a private equity firm. pharmaceutical and 2.00 $1.98 Foods Corporation, a leading investing in consumer-facing media and marketing healthcare companies. 1,500 $1,469 $1.83 producer of meat and other early-stage and growth company serving $1.73 products. Mr. Johnson companies founded and American women. will retire from the Board led by women. 1.50 of Directors, effective in November 2018. We thank 1,000 Joel for his contributions to Committee Assignments the Company. 1 Audit/Finance 2 Compensation 3 Nominating/Governance 1.00 500 Officers 0.50 Stephen M. Lacy Jonathan B. Werther Joseph H. Ceryanec John S. Zieser Executive Chairman President, National Media Group Chief Financial Officer Chief Development Officer and General Counsel Thomas H. Harty Patrick J. McCreery Steven M. Cappaert President and Chief Executive Officer President, Local Media Group Corporate Controller 0 0 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 $ in millions In Appreciation Non-GAAP amounts are not in accordance with GAAP (accounting principles generally accepted in the United States of America). While management believes these measures contribute to an understanding of the Company’s financial performance, they should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. See “Reconciliation of Non-GAAP Financial Measures” in the Appendix immediately following the included Form 10-K. Paul Karpowicz Meredith Local Media Group President Paul Karpowicz, who joined Meredith in that role in 2005, retired from his position (1) Adjusted EBITDA – Earnings before discontinued operations, interest, taxes, depreciation, amortization, non-operating expense, and special items. on June 30, 2018. During Paul’s 13 years of leadership, Meredith’s Local Media Group increased its television footprint to 17 television stations, more than doubled revenues and nearly tripled operating profit. Along the way, Paul was inducted into the (2) Annualized dividend per share at end of fiscal year. Broadcasting & Cable Hall of Fame, and served as Chairman of the Television Board of the National Association of Broadcasters on the CBS Affiliates Board and the Television Bureau of Advertising Board. We thank Paul for his many contributions to the Company, and wish his successor, Patrick McCreery, well in his new role. consumer revenue 175unduplicated million American consumers 80% of millennial women The New Bachelor READY FOR LOVE AFTER HEARTBREAK EXCLUSIVE NEW PHOTOS #1 U S Wow! Jane Fonda . Doingnational at 80 brands LIFE, LOVE& WHAT It Their I’VE LEARNED Magazine Publisher Sarah & Jacob Hoggle, missing for 3 years Led by People and Better Homes & Gardens Way ! MEGHAN WHERE ARE HOW HARRY& THESE ARE CHANGING CHILDREN? THE ROYAL RULES A Father’s Anguish— A Mother’s January 8, 2018 Secrets 17 stations local television in 12 markets Reaching 11% of US households digital 140 monthly m illionunique visitors #1 in entertainment, food, lifestyle #2 licensor brand licensing worldwide trusted brands that lead To Our Shareholders On behalf of Meredith Corporation and our employees, we want to thank you for your investment AN ENTERTAINMENT POWERHOUSE in our Company. As a shareholder, you’ve entrusted us with your financial resources. We take that The centerpiece of our acquisition of Time Inc. is responsibility very seriously. the People brand. It brings to its audience of more than 100 million consumers a unique mix of breaking Fiscal 2018 was a transformative year for Meredith, entertainment news, exclusive photos and videos, and highlighted by our acquisition of Time Inc., which in-depth reporting on the most compelling newsmakers closed on January 31, 2018. Additionally, we of our time. From a scale standpoint, the People brand continued to aggressively execute against a number of has no equal. It is the largest single brand within the well-defined strategic initiatives to generate growth in Meredith portfolio. Its circulation is double its largest competitor, and traffic to its digital properties surpasses revenues, operating profit and EBITDA, and increase its competitors as well. shareholder value over time. Fiscal 2018 highlights included: The acquisition of Time Inc., which: Creates an unparalleled portfolio of national media brands with greater scale and efficiency – Combined, Meredith’s brands now reach over 175 million unduplicated American consumers, including 80 percent of U.S. millennial women. Meredith is the No. 1 U.S. magazine operator, possessing leading positions in celebrity entertainment, food, lifestyle, parenting and home categories, as well as enhanced positions in the beauty, fashion and luxury advertising categories. Advances Meredith’s digital position by adding significant scale – With nearly 140 million unique visitors in the U.S., Meredith now operates the largest subscriptions of more than 40 million and a readership premium content digital network for American of more than 120 million. These also include affinity consumers. This includes the No. 1 position in marketer Synapse, which we purchased as part of the key categories of entertainment (People.com), the acquisition of Time Inc., along with our brand food (Allrecipes.com), and lifestyle (BHG.com and licensing, and e-commerce activities. MarthaStewart.com). Meredith now possesses richer and deeper proprietary data, and has greater scale in Enhances our financial scale and flexibility the high-growth and large video, branded content, – Meredith anticipates generating annual cost and programmatic advertising platforms. National synergies that exceed $500 million in the first two Media Group digital advertising revenues grew more full years of combined operations after the Time than 50 percent in fiscal 2018, and represented nearly Inc. acquisition. We have an excellent track record 35 percent of the group’s total advertising. of achieving cost synergies with prior acquisitions, and are confident in our ability to optimize the cost Provides consumer revenue diversification and structure of the combined business. growth – We expect approximately 45 percent of fiscal 2019 National Media Group revenues to be Positions Meredith on a growth track not generated from consumer-related sources. These previously realizable – With the completion of this are high-margin revenues that are not dependent on acquisition, we have set a goal to deliver $1 billion of advertising. These include subscription revenues, debt reduction in fiscal 2019, and generate $1 billion where our national media brands now have paid of annual EBITDA in fiscal 2020. 2 | Meredith Corporation 2018 Annual Report Continued strong and growing brand level responsible for brand-specific sales. With our new sales strategy now in place, we’re contribution from our Local in position to market our enhanced portfolio for Media Group: calendar 2019 advertising buys — which typically happen in the early fall. We expect to deliver Meredith’s portfolio of 17 high-performing television improving advertising performance for the acquired stations in 12 markets delivered record revenues in brands as fiscal 2019 progresses. fiscal 2018. Additionally, operating profit was a record for a non-political year. A larger and more profitable digital business. With our significantly larger scale and our People.com Performance was driven by growth in retransmission brand generating record traffic, we expect to drive revenues, along with the addition of WPCH in Atlanta record digital revenues and profit for our National and MNI Targeted Media (MNI), which was part of Media Group.
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