Meredith Corporation (NYSE:MDP) Q2 2019 Earnings Conference Call Transcript

Feb 11, 2019 • 08:30 am ET


Meredith Corporation (NYSE:MDP) Q2 2019 Earnings Conference Call Transcript


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Good morning, my name is Leandra and I will be your conference operator today. At this time, I would like to welcome everyone to Meredith's Fiscal 2019 Second Quarter Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions) Mr. Mike Lovell, Investor Relations Director, you may begin your conference.

Mike Lovell

Good morning and thanks everyone for joining us. Our call today will begin with comments from President and Chief Executive Officer, Tom Harty, followed by Chief Financial Officer, Joe Ceryanec. Then we'll turn the call over to your questions. Also on the line with us today are National Media Group President, Jon Werther; and Local Media Group President, Patrick McCreery. An archive of the call will be available on our website later this afternoon. Remarks this morning will include forward-looking statements and actual results may differ from our forecasts. Some of the reasons are described at the end of our news release that was issued earlier this morning and in some of our SEC filings.

Certain financial measures that we're discussing on this call are expressed on a non-GAAP basis and have been adjusted to exclude the impact of special items. Reconciliations of these non-GAAP measures are included in our earnings release which is available on the Investor Relations section of our website. With that, Tom will begin.

Thomas Harty

Thank you very much, Mike, and good morning , everyone. I hope you've had the opportunity to see our news release that was issued earlier this morning. I'll begin with a quick review of our fiscal 2019 first half accomplishments and early second half revenue outlook. Then I'll update you on the integration of Time, Inc. and the strategies that we're pursuing to maximize our new and exciting national media portfolio. CFO, Joe Ceryanec will then provide detail on our very robust Local Media Group operations, discuss our fiscal 2019 second quarter and first half results, and provide a financial outlook for both our third quarter and full year ending June 30th, 2019.

Before I begin, I want to acknowledge the many contributions made by Steve Lacy on behalf of the Meredith Corporation during his 21 years of service. As many of you know, Steve will retire as Executive Chairman on March 31st, but continue to serve as Chairman of the Board. Steve was a great steward of our shareholders' investment, doubling revenue and tripling profit during his tenure at Meredith. On behalf of all of us, I want to say thank you. On a lighter note, Steve participated in 84 of these quarterly conference calls and I'm sure he appreciates someone else doing it for a change.

As we turn the corner into early calendar 2019, we are particularly excited about calendar 2019 advertising trends, where we see significant improvement in both our national and local media groups. In our National Media Group, we see total comparable advertising revenue pacing down in the mid-single digits.