MEREDITH CORP

CIK:0000065011|SEC Filings

Condensed Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Revenues
Total revenues	$ 708.6	$ 693.5
Operating expenses
Production, distribution, and editorial	266.4	241.1
Selling, general, and administrative	319.0	311.2
Acquisition, disposition, and restructuring related activities	18.4	14.1
Depreciation and amortization	28.8	49.0
Total operating expenses	632.6	615.4
Income from operations	76.0	78.1
Non-operating income, net	1.5	5.6
Interest expense, net	(38.3)	(43.5)
Earnings before income taxes	39.2	40.2
Income tax benefit (expense)	(14.4)	2.1
Net earnings	24.8	42.3
Diluted earnings attributable to common shareholders	$ 24.3	$ 40.3
Basic earnings per share attributable to common shareholders
Basic earnings per common share (in usd per share)	$ 0.52	$ 0.88
Basic average common shares outstanding (in shares)	46.5	46.0
Diluted earnings per share attributable to common shareholders
Diluted earnings per common share (in usd per share)	$ 0.51	$ 0.88
Diluted average common shares outstanding (in shares)	47.2	46.0
Advertising related
Revenues
Total revenues	$ 338.2	$ 358.5
Consumer related
Revenues
Total revenues	345.9	318.7
Other
Revenues
Total revenues	$ 24.5	$ 16.3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net earnings	$ 24.8	$ 42.3
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation	17.2	18.4
Amortization	11.6	30.6
Non-cash lease expense	9.0	9.0
Share-based compensation	9.8	8.8
Deferred income taxes	0.2	3.0
Amortization of original issue discount and debt issuance costs	3.1	3.1
Amortization of broadcast rights	3.7	4.6
Loss (gain) on sale of assets, net	0.1	(3.0)
Fair value adjustments to contingent consideration	(1.5)	0.0
Changes in assets and liabilities, net of acquisitions	(35.7)	(37.9)
Net cash provided by operating activities	42.3	78.9
Cash flows from investing activities
Additions to property, plant, and equipment	(7.8)	(9.3)
Other	0.0	0.3
Net cash used in investing activities	(7.8)	(9.0)
Cash flows from financing activities
Repayments of long-term debt	(1.0)	(1.0)
Purchases of Company stock	(8.5)	(0.4)
Proceeds from common stock issued	6.0	0.4
Payment of acquisition-related contingent consideration	(1.3)	0.0
Financing lease payments	(0.7)	(0.6)
Net cash used in financing activities	(5.5)	(1.6)
Effect of exchange rate changes on cash and cash equivalents	(0.2)	0.3
Net increase in cash and cash equivalents	28.8	68.6
Cash and cash equivalents at beginning of period	240.2	132.4
Cash and cash equivalents at end of period	$ 269.0	$ 201.0

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2021	Jun. 30, 2021
Current assets
Cash and cash equivalents	$ 269.0	$ 240.2
Accounts receivable, net	501.3	501.1
Inventories	29.7	29.3
Current portion of subscription acquisition costs	226.2	225.6
Other current assets	58.0	115.9
Total current assets	1,084.2	1,112.1
Property, plant, and equipment	865.9	883.8
Less accumulated depreciation	(518.8)	(523.2)
Net property, plant, and equipment	347.1	360.6
Operating lease assets	364.3	371.0
Subscription acquisition costs	178.5	180.4
Other assets	264.8	265.6
Intangible assets, net	1,545.2	1,556.8
Goodwill	1,719.2	1,719.3
Total assets	5,503.3	5,565.8
Current liabilities
Current portion of long-term debt	4.1	4.1
Current portion of operating lease liabilities	36.5	36.2
Accounts payable	195.1	185.1
Accrued expenses and other liabilities	140.5	237.7
Current portion of unearned revenues	401.3	396.4
Total current liabilities	777.5	859.5
Long-term debt	2,743.5	2,741.9
Operating lease liabilities	425.0	432.1
Unearned revenues	215.6	218.8
Deferred income taxes	462.4	462.4
Other noncurrent liabilities	198.8	199.0
Total liabilities	4,822.8	4,913.7
Shareholders’ equity
Series preferred stock, par value $1 per share	0.0	0.0
Additional paid-in capital	185.7	178.5
Retained earnings	531.1	506.3
Accumulated other comprehensive loss	(82.1)	(78.4)
Total shareholders’ equity	680.5	652.1
Total liabilities and shareholders’ equity	5,503.3	5,565.8
Common Stock
Shareholders’ equity
Common stock, par value $1 per share	40.7	40.6
Class B Common Stock
Shareholders’ equity
Common stock, par value $1 per share	$ 5.1	$ 5.1