MEREDITH CORPORATION
Meredith Holdings Corporation
Supplemental Disclosures Regarding Non-GAAP Financial Measures
The following tables show results of operations as reported under accounting principles generally accepted in the United States of America (GAAP) and segment adjusted EBITDA. Segment adjusted EBITDA and special items are non-GAAP measures. Management uses and presents GAAP and non-GAAP results to evaluate and communicate its performance. While non-GAAP measures should not be construed as alternatives to GAAP measures, management believes these non-GAAP measures are useful as an aid to further understand Meredith Holdings Corporation's current performance, performance trends, and financial condition.
Segment adjusted EBITDA is a measure of segment operating profit and non-operating income, net before depreciation, amortization, and special items. These special items have been removed as they have been deemed to be non-operational in nature. Management does not use adjusted EBITDA as a measure of liquidity or funds available for management's discretionary use because it excludes certain contractual and nondiscretionary expenditures.
| Year ended December 31, | 2021 | |||||||
| First Quarter | Second Quarter | Third Quarter | Nine Months YTD | |||||
| (In millions) | ||||||||
| Revenues | ||||||||
| Advertising related | ||||||||
| Digital | $ | 105.1 | $ | 128.9 | $ | 138.9 | $ | 372.9 |
| Magazine | 114.9 | 129.7 | 117.8 | 362.4 | ||||
| Total advertising related | 220.0 | 258.6 | 256.7 | 735.3 | ||||
| Consumer related | ||||||||
| Digital | 61.4 | 61.9 | 60.0 | 183.3 | ||||
| Magazine | 186.3 | 201.4 | 194.6 | 582.3 | ||||
| Intersegment revenue elimination | (6.3) | (4.9) | (5.5) | (16.7) | ||||
| Total consumer related | 241.4 | 258.4 | 249.1 | 748.9 | ||||
| Other | ||||||||
| Digital | 1.1 | 1.6 | 1.3 | 4.0 | ||||
| Magazine | 16.4 | 19.5 | 19.5 | 55.4 | ||||
| Total other | 17.5 | 21.1 | 20.8 | 59.4 | ||||
| Total revenues | $ | 478.9 | $ | 538.1 | $ | 526.6 | $ | 1,543.6 |
| Operating profit | ||||||||
| Digital | $ | 32.3 | $ | 46.5 | $ | 53.8 | $ | 132.6 |
| Magazine | 102.1 | 26.5 | 8.2 | 136.8 | ||||
| Unallocated corporate | (23.2) | (37.6) | (27.1) | (87.9) | ||||
| Income from operations | $ | 111.2 | $ | 35.4 | $ | 34.9 | $ | 181.5 |
1
| (Continued) | ||||||||
| Year ended December 31, | 2021 | |||||||
| First Quarter | Second Quarter | Third Quarter | Nine Months YTD | |||||
| (In millions) | ||||||||
| Non-operating income, net | ||||||||
| Digital | $ | - | $ | - | $ | 0.5 | $ | 0.5 |
| Magazine | 1.0 | 1.0 | 0.5 | 2.5 | ||||
| Unallocated corporate | 0.2 | 0.3 | 0.2 | 0.7 | ||||
| Non-operating income, net | $ | 1.2 | $ | 1.3 | $ | 1.2 | $ | 3.7 |
| Special items included in operating profit | ||||||||
| Magazine | ||||||||
| Integration and restructuring costs | $ | 0.3 | $ | - | $ | - | $ | 0.3 |
| Severance and related benefit costs | 1.3 | 0.3 | - | 1.6 | ||||
| Gain on sale of businesses and assets | (97.6) | - | - | (97.6) | ||||
| Total magazine | (96.0) | 0.3 | - | (95.7) | ||||
| Unallocated corporate | ||||||||
| Transaction costs | 8.1 | 13.9 | 11.5 | 33.5 | ||||
| Integration and restructuring costs | 1.9 | 3.6 | 3.5 | 9.0 | ||||
| Severance and related benefit costs | - | - | 0.1 | 0.1 | ||||
| Other | - | - | 2.0 | 2.0 | ||||
| Total unallocated corporate | 10.0 | 17.5 | 17.1 | 44.6 | ||||
| Total special items included in operating profit | $ | (86.0) | $ | 17.8 | $ | 17.1 | $ | (51.1) |
| Depreciation and amortization | ||||||||
| Digital | $ | 13.6 | $ | 10.4 | $ | 7.7 | $ | 31.7 |
| Magazine | 14.6 | 11.3 | 14.1 | 40.0 | ||||
| Unallocated corporate | 0.3 | 0.3 | 0.3 | 0.9 | ||||
| Total depreciation and amortization | $ | 28.5 | $ | 22.0 | $ | 22.1 | $ | 72.6 |
Adjusted EBITDA
| ||||||||
| Digital | $ | 45.9 | $ | 56.9 | $ | 62.0 | $ | 164.8 |
| Magazine | 21.7 | 39.1 | 22.8 | 83.6 | ||||
| Unallocated corporate | (12.7) | (19.5) | (9.5) | (41.7) | ||||
Total adjusted EBITDA
| $ | 54.9 | $ | 76.5 | $ | 75.3 | $ | 206.7 |
2
| Year ended December 31, | 2020 | |||||||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | ||||||
| (In millions) | ||||||||||
| Revenues | ||||||||||
| Advertising related | ||||||||||
| Digital | $ | 86.8 | $ | 70.6 | $ | 111.0 | $ | 166.6 | $ | 435.0 |
| Magazine | 159.0 | 129.9 | 134.1 | 160.2 | 583.2 | |||||
| Total advertising related | 245.8 | 200.5 | 245.1 | 326.8 | 1,018.2 | |||||
| Consumer related | ||||||||||
| Digital | 45.7 | 51.3 | 48.4 | 69.8 | 215.2 | |||||
| Magazine | 212.5 | 193.7 | 183.8 | 202.8 | 792.8 | |||||
| Intersegment revenue elimination | (4.2) | (4.5) | (4.8) | (6.8) | (20.3) | |||||
| Total consumer related | 254.0 | 240.5 | 227.4 | 265.8 | 987.7 | |||||
| Other | ||||||||||
| Digital | 1.8 | 1.4 | 1.4 | 1.3 | 5.9 | |||||
| Magazine | 18.8 | 15.6 | 11.6 | 13.5 | 59.5 | |||||
| Total other | 20.6 | 17.0 | 13.0 | 14.8 | 65.4 | |||||
| Total revenues | $ | 520.4 | $ | 458.0 | $ | 485.5 | $ | 607.4 | $ | 2,071.3 |
| Operating profit (loss) | ||||||||||
| Digital | $ | (151.2) | $ | 3.5 | $ | 20.6 | $ | 79.8 | $ | (47.3) |
| Magazine | (137.5) | 12.5 | 11.8 | 39.3 | (73.9) | |||||
| Unallocated corporate | (7.4) | (14.0) | (16.8) | (13.4) | (51.6) | |||||
| Income (loss) from operations | $ | (296.1) | $ | 2.0 | $ | 15.6 | $ | 105.7 | $ | (172.8) |
| Non-operating income (expense), net | ||||||||||
| Digital | $ | - | $ | - | $ | 3.6 | $ | - | $ | 3.6 |
| Magazine | 1.0 | 1.0 | 0.9 | 0.9 | 3.8 | |||||
| Unallocated corporate | (0.5) | (0.4) | 0.7 | (1.0) | (1.2) | |||||
| Non-operating income (expense), net | $ | 0.5 | $ | 0.6 | $ | 5.2 | $ | (0.1) | $ | 6.2 |
| Special items included in operating profit (loss) | ||||||||||
| Digital | ||||||||||
| Integration and restructuring costs | $ | - | $ | - | $ | 0.2 | $ | - | $ | 0.2 |
| Severance and related benefit costs | - | - | 0.9 | 0.1 | 1.0 | |||||
| Write-down of impaired assets | 160.6 | - | - | - | 160.6 | |||||
| Other | - | - | (0.2) | (0.1) | (0.3) | |||||
| Total digital | 160.6 | - | 0.9 | - | 161.5 | |||||
| Magazine | ||||||||||
| Integration and restructuring costs | 0.3 | 1.8 | - | - | 2.1 | |||||
| Severance and related benefit costs | 1.1 | 2.3 | 3.8 | 0.4 | 7.6 | |||||
| Write-down of impaired assets | 182.3 | - | - | - | 182.3 | |||||
| Other | - | (2.5) | (0.9) | (0.1) | (3.5) | |||||
| Total magazine | 183.7 | 1.6 | 2.9 | 0.3 | 188.5 |
3
| (Continued) | ||||||||||
| Year ended December 31, | 2020 | |||||||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | ||||||
| (In millions) | ||||||||||
| Unallocated corporate | ||||||||||
| Integration and restructuring costs | 4.2 | 5.0 | 3.4 | 3.9 | 16.5 | |||||
| Severance and related benefit costs | 0.8 | 0.1 | 0.6 | - | 1.5 | |||||
| Other | - | - | (0.7) | - | (0.7) | |||||
| Total unallocated corporate | 5.0 | 5.1 | 3.3 | 3.9 | 17.3 | |||||
| Total special items included in operating profit (loss) | $ | 349.3 | $ | 6.7 | $ | 7.1 | $ | 4.2 | $ | 367.3 |
| Special items included in non-operating income (expense), net | ||||||||||
| Digital - gain on sale of business | $ | - | $ | - | $ | (3.6) | $ | - | $ | (3.6) |
| Unallocated corporate - pension settlement charge | 0.6 | 0.4 | - | 1.8 | 2.8 | |||||
| Total special items included in non-operating income (expense), net | $ | 0.6 | $ | 0.4 | $ | (3.6) | $ | 1.8 | $ | (0.8) |
| Depreciation and amortization | ||||||||||
| Digital | $ | 17.3 | $ | 17.3 | $ | 19.2 | $ | 20.3 | $ | 74.1 |
| Magazine | 26.2 | 23.0 | 21.9 | 21.5 | 92.6 | |||||
| Unallocated corporate | 1.1 | 0.4 | 0.3 | 0.4 | 2.2 | |||||
| Total depreciation and amortization | $ | 44.6 | $ | 40.7 | $ | 41.4 | $ | 42.2 | $ | 168.9 |
| Adjusted EBITDA | ||||||||||
| Digital | $ | 26.7 | $ | 20.8 | $ | 40.7 | $ | 100.1 | $ | 188.3 |
| Magazine | 73.4 | 38.1 | 37.5 | 62.0 | 211.0 | |||||
| Unallocated corporate | (1.2) | (8.5) | (12.5) | (8.3) | (30.5) | |||||
Total adjusted EBITDA
| $ | 98.9 | $ | 50.4 | $ | 65.7 | $ | 153.8 | $ | 368.8 |
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Meredith Corporation published this content on 18 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 November 2021 12:32:00 UTC.
