Postmaster General and CEO Louis DeJoy’s Remarks During the Aug. 8, 2024, Postal Service Board of Governors Meeting

Fiscal 2021 third quarter revenues declined 5 percent to $665 million. Key performance indicators included: *21 percent increase in National Media Group digital advertising revenues. Sessions grew 17 percent, led by PEOPLE, Allrecipes, Southern Living, and Martha Stewart. Meredith continues benefiting from its proprietary technology platform that brings together content, unique taxonomy, and first party data. *31 percent increase in National Media Group licensing/digital and other consumer driven revenues. Performance was driven by Apple News+, strong sales of Better Homes & Gardens-branded products at Walmart, and performance marketing via retail partners. *6 percent increase in non-political spot advertising and retransmission revenues. Non-political spot advertising growth was the first since the start of the COVID-19 pandemic, and was driven primarily by the professional services, gaming, and home categories. *19 percent decline in combined magazine advertising, subscription, and newsstand revenues. Advertising performance was impacted primarily by lower than expected performance in the food & beverage and prescription drug categories. Subscription revenue performance reflects a stable 36 million rate base and Meredith's ongoing strategy to engage subscribers directly. This strategy reduces revenue and increases profitability by fostering a stronger and more profitable relationship with subscribers, including the opportunity for rate increases over time. Newsstand performance was impacted primarily by lower demand and fewer issues published.

This week is expected to be the busiest week of the holiday mailing and shipping season for the Postal Service. The organization expects to process and deliver nearly 3 billion pieces of First-Class Mail, including greeting cards this week alone. The Postal Service also expects to deliver nearly 200 million packages each week from Dec. 11-24. The Postal Service anticipates delivering more than 15 billion total pieces of mail this holiday season. Between Thanksgiving and New Year’s Day, USPS expects to deliver more than 850 million packages, an increase of more than 10 percent compared to the same period last year. Click Read More below for additional information.

Adobe is growing. Over the past two years, our global employee base has grown by more than 30%. This growth includes our successful transformation to a cloud-based business, our expansion to lead the digital marketing category, and several acquisitions including advertising technology leader TubeMogul. To position Adobe for even greater success and growth in the future, today we unveiled our plans to expand our California and Utah facilities. This is a major investment in our U.S. presence and will add capacity for approximately 5,000 employees. Through construction of the new buildings, Adobe will also be able to increase the percentage of our employees in LEED/Green-certified buildings, which currently stands at 78%. Click Read More below for additional detail.