Company Quick10K Filing
Meredith
Price36.44 EPS1
Shares46 P/E47
MCap1,662 P/FCF10
Net Debt2,403 EBIT44
TEV4,065 TEV/EBIT93
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-19
10-Q 2019-12-31 Filed 2020-02-10
10-Q 2019-09-30 Filed 2019-11-12
10-K 2019-06-30 Filed 2019-09-13
10-Q 2019-03-31 Filed 2019-05-14
10-Q 2018-12-31 Filed 2019-02-11
10-Q 2018-09-30 Filed 2018-11-09
10-K 2018-06-30 Filed 2018-09-04
10-Q 2018-03-31 Filed 2018-05-15
10-Q 2017-12-31 Filed 2018-02-08
10-Q 2017-09-30 Filed 2017-10-26
10-K 2017-06-30 Filed 2017-08-29
10-Q 2017-03-31 Filed 2017-04-27
10-Q 2016-12-31 Filed 2017-01-26
10-Q 2016-09-30 Filed 2016-10-27
10-K 2016-06-30 Filed 2016-08-26
10-Q 2016-03-31 Filed 2016-04-28
10-Q 2015-12-31 Filed 2016-01-28
10-Q 2015-09-30 Filed 2015-11-06
10-K 2015-06-30 Filed 2015-08-26
10-Q 2015-03-31 Filed 2015-04-27
10-Q 2014-12-31 Filed 2015-01-28
10-Q 2014-09-30 Filed 2014-10-23
10-K 2014-06-30 Filed 2014-08-27
10-Q 2014-03-31 Filed 2014-04-28
10-Q 2013-12-31 Filed 2014-01-29
10-Q 2013-09-30 Filed 2013-10-24
10-K 2013-06-30 Filed 2013-08-21
10-Q 2013-03-31 Filed 2013-04-25
10-Q 2012-12-31 Filed 2013-01-24
10-Q 2012-09-30 Filed 2012-10-25
10-K 2012-06-30 Filed 2012-08-23
10-Q 2012-03-31 Filed 2012-04-25
10-Q 2011-12-31 Filed 2012-01-24
10-Q 2011-09-30 Filed 2011-10-26
10-K 2011-06-30 Filed 2011-08-24
10-Q 2011-03-31 Filed 2011-04-27
10-Q 2010-12-31 Filed 2011-01-25
10-Q 2010-09-30 Filed 2010-10-27
10-K 2010-06-30 Filed 2010-08-30
10-Q 2010-03-31 Filed 2010-04-28
10-Q 2009-12-31 Filed 2010-01-21
8-K 2020-06-29 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2020-06-25 Other Events, Exhibits
8-K 2020-06-24
8-K 2020-06-22
8-K 2020-05-14
8-K 2020-05-14
8-K 2020-05-12
8-K 2020-05-11
8-K 2020-04-20
8-K 2020-03-30
8-K 2020-02-27
8-K 2020-02-06
8-K 2020-02-06
8-K 2019-12-10
8-K 2019-11-13
8-K 2019-11-07
8-K 2019-11-07
8-K 2019-10-01
8-K 2019-09-05
8-K 2019-09-05
8-K 2019-08-28
8-K 2019-06-10
8-K 2019-05-10
8-K 2019-05-10
8-K 2019-03-31
8-K 2019-03-19
8-K 2019-03-11
8-K 2019-02-11
8-K 2019-02-11
8-K 2019-02-06
8-K 2019-01-15
8-K 2018-11-15
8-K 2018-11-07
8-K 2018-11-07
8-K 2018-10-03
8-K 2018-09-06
8-K 2018-08-10
8-K 2018-08-10
8-K 2018-05-15
8-K 2018-05-10
8-K 2018-05-10
8-K 2018-03-20
8-K 2018-03-15
8-K 2018-02-28
8-K 2018-01-31
8-K 2018-01-31
8-K 2018-01-29
8-K 2018-01-19
8-K 2018-01-04

MDP 10Q Quarterly Report

Part I Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II Other Information
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
EX-10.1 exhibit101amendmentno2.htm
EX-10.2 exhibit102hartyamendme.htm
EX-10.3 exhibit103zieseramendm.htm
EX-10.4 exhibit104mccreeryamen.htm
EX-10.5 exhibit105frierottamen.htm
EX-22 exhibit22listofguarant.htm
EX-31.1 fy20q3exhibit311.htm
EX-31.2 fy20q3exhibit312.htm
EX-32 fy20q3exhibit32.htm

Meredith Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
0.90.70.50.30.1-0.12012201420172020
Rev, G Profit, Net Income
3.11.90.8-0.4-1.5-2.72012201420172020
Ops, Inv, Fin

Document
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
March 31, 2020
Commission file number 1-5128

image6a08.jpg
MEREDITH CORPORATION
(Exact name of registrant as specified in its charter)
 
 
Iowa
42-0410230
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
 
1716 Locust Street,
Des Moines,
Iowa
50309-3023
(Address of principal executive offices)
(ZIP Code)
Registrant’s telephone number, including area code: 
(515)
284-3000
Former name, former address, and former fiscal year, if changed since last report:  Not applicable
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
 
Trading Symbol
 
Name of each exchange on which registered
 
 
Common Stock, par value $1
 
MDP
 
New York Stock Exchange
 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.         Yes x   No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).         Yes x   No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer x     Accelerated filer o     Non-accelerated filer o
Smaller reporting company      Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act     o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes    No x

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
Shares of stock outstanding at April 30, 2020
 
Common shares
40,304,544

Class B shares
5,084,763

Total common and Class B shares
45,389,307

 
 

















(This page has been left blank intentionally.)





 
 
 
 
TABLE OF CONTENTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Page
 
Part I - Financial Information
 
 
 
 
 
Item 1.
Financial Statements (Unaudited)
 
 
 
 
 
 
 
Condensed Consolidated Balance Sheets as of March 31, 2020 and June 30, 2019
 
 
 
 
 
 
Condensed Consolidated Statements of Earnings (Loss) for the Three and Nine Months Ended March 31, 2020 and 2019
 
 
 
 
 
 
Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended March 31, 2020 and 2019
 
 
 
 
 
 
Condensed Consolidated Statements of Shareholders' Equity for the Three and Nine Months Ended March 31, 2020 and 2019
 
 
 
 
 
 
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended March 31, 2020 and 2019
 
 
 
 
 
 
Notes to Condensed Consolidated Financial Statements
 
 
 
 
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
 
 
 
 
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
 
 
 
 
Item 4.
Controls and Procedures
 
 
 
 
 
Part II - Other Information
 
 
 
 
 
Item 1A.
Risk Factors
 
 
 
 
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
 
 
 
 
Item 6.
Exhibits
 
 
 
 
 
Signature
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Meredith Corporation and its consolidated subsidiaries are referred to in this Quarterly Report
 on Form 10-Q (Form 10-Q) as Meredith, the Company, we, our, and us.



PART I
FINANCIAL INFORMATION
 
Item 1.
Financial Statements
 

Meredith Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)

Assets
 
March 31, 2020
 
June 30, 2019
(In millions)
 
 
 
 
Current assets
 
 
 
 
Cash and cash equivalents
 
$
103.4


$
45.0

Accounts receivable, net
 
509.9


609.1

Inventories
 
40.7


62.7

Current portion of subscription acquisition costs
 
226.8


242.0

Assets held-for-sale
 

 
321.0

Other current assets
 
69.9


70.3

Total current assets
 
950.7

 
1,350.1

Property, plant, and equipment
 
887.0

 
897.9

Less accumulated depreciation
 
(474.3
)
 
(447.6
)
Net property, plant, and equipment
 
412.7

 
450.3

Operating lease assets
 
415.1

 

Subscription acquisition costs
 
229.7

 
273.9

Other assets
 
260.6

 
269.6

Intangible assets, net
 
1,676.8

 
1,813.6

Goodwill
 
1,719.1

 
1,979.4

Total assets
 
$
5,664.7

 
$
6,136.9


See accompanying Notes to Condensed Consolidated Financial Statements.

1






Meredith Corporation and Subsidiaries
Condensed Consolidated Balance Sheets (continued)
(Unaudited)

Liabilities, Redeemable Convertible Preferred Stock, and Shareholders' Equity
 
March 31, 2020
 
June 30, 2019
(In millions except per share data)
 
 
 
 
Current liabilities
 
 
 
 
Current portion of operating lease liabilities
 
$
35.5

 
$

Accounts payable
 
131.9

 
242.6

Accrued expenses and other liabilities
 
193.3

 
307.2

Current portion of unearned revenues
 
412.6

 
458.9

Liabilities associated with assets held-for-sale
 

 
252.1

Total current liabilities
 
773.3

 
1,260.8

Long-term debt
 
2,337.2

 
2,333.3

Operating lease liabilities
 
476.8

 

Unearned revenues
 
269.6

 
318.6

Deferred income taxes
 
461.6

 
506.2

Other noncurrent liabilities
 
200.3

 
203.2

Total liabilities
 
4,518.8

 
4,622.1

 
 
 
 
 
Redeemable, convertible Series A preferred stock, par value $1 per share, $1,000 per share liquidation preference
 
553.8

 
540.2

 
 
 
 
 
Shareholders' equity
 
 
 
 
Series preferred stock, par value $1 per share
 

 

Common stock, par value $1 per share
 
40.3

 
40.1

Class B stock, par value $1 per share
 
5.1

 
5.1

Additional paid-in capital
 
225.2

 
216.7

Retained earnings
 
371.6

 
759.0

Accumulated other comprehensive loss
 
(50.1
)
 
(46.3
)
Total shareholders' equity
 
592.1

 
974.6

Total liabilities, redeemable convertible preferred stock, and shareholders' equity
 
$
5,664.7

 
$
6,136.9


See accompanying Notes to Condensed Consolidated Financial Statements.

2


Meredith Corporation and Subsidiaries
Condensed Consolidated Statements of Earnings (Loss)
(Unaudited)

 
Three Months
 
 
Nine Months
Periods ended March 31,
2020
 
2019
 
 
2020
 
2019
(In millions except per share data)
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
Advertising related
$
332.1

 
$
368.0

 
 
$
1,139.0

 
$
1,285.8

Consumer related
345.6

 
364.9

 
 
1,017.6

 
1,060.9

Other
24.0

 
17.2

 
 
80.8

 
56.2

Total revenues
701.7

 
750.1

 
 
2,237.4

 
2,402.9

Operating expenses
 
 
 
 
 
 
 
 
Production, distribution, and editorial
257.4

 
286.5

 
 
811.2

 
881.5

Selling, general, and administrative
294.2

 
309.7

 
 
963.4

 
1,006.0

Acquisition, disposition, and restructuring related activities
6.5

 
16.8

 
 
20.1

 
61.6

Depreciation and amortization
53.5

 
61.5

 
 
170.6

 
190.3

Impairment of goodwill and other long-lived assets
384.1

 

 
 
389.3

 

Total operating expenses
995.7

 
674.5

 
 
2,354.6

 
2,139.4

Income (loss) from operations
(294.0
)
 
75.6

 
 
(117.2
)
 
263.5

Non-operating income (expense), net
(2.4
)
 
4.1

 
 
(1.0
)
 
17.3

Interest expense, net
(36.6
)
 
(38.6
)
 
 
(112.4
)
 
(131.1
)
Earnings (loss) from continuing operations before income taxes
(333.0
)
 
41.1

 
 
(230.6
)
 
149.7

Income tax benefit (expense)
43.6

 
(12.7
)
 
 
15.4

 
(17.0
)
Earnings (loss) from continuing operations
(289.4
)
 
28.4

 
 
(215.2
)
 
132.7

Gain (loss) from discontinued operations, net of income taxes
5.0

 
(4.7
)
 
 
(25.3
)
 
(73.4
)
Net earnings (loss)
$
(284.4
)
 
$
23.7

 
 
$
(240.5
)
 
$
59.3

 
 
 
 
 
 
 
 
 
Earnings (loss) attributable to common shareholders
$
(304.1
)
 
$
4.7

 
 
$
(300.0
)
 
$
1.1

 
 
 
 
 
 
 
 
 
Basic earnings (loss) per share attributable to common shareholders
 
 
 
 
 
 
 
 
Continuing operations
$
(6.76
)
 
$
0.20

 
 
$
(6.01
)
 
$
1.64

Discontinued operations
0.11

 
(0.10
)
 
 
(0.56
)
 
(1.63
)
Basic earnings (loss) per common share
$
(6.65
)
 
$
0.10

 
 
$
(6.57
)
 
$
0.01

Basic average common shares outstanding
45.7

 
45.3

 
 
45.7

 
45.3

 
 
 
 
 
 
 
 
 
Diluted earnings (loss) per share attributable to common shareholders
 
 
 
 
 
 
 
 
Continuing operations
$
(6.76
)
 
$
0.20

 
 
$
(6.01
)
 
$
1.63

Discontinued operations
0.11

 
(0.10
)
 
 
(0.56
)
 
(1.61
)
Diluted earnings (loss) per common share
$
(6.65
)
 
$
0.10

 
 
$
(6.57
)
 
$
0.02

Diluted average common shares outstanding
45.7

 
45.6

 
 
45.7

 
45.7


See accompanying Notes to Condensed Consolidated Financial Statements.

3


Meredith Corporation and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)

 
Three Months
 
 
Nine Months
Periods ended March 31,
2020
 
2019
 
 
2020
 
2019
(In millions)
 
 
 
 
 
 
 
 
Net earnings (loss)
$
(284.4
)
 
$
23.7

 
 
$
(240.5
)
 
$
59.3

Other comprehensive income (loss), net of income taxes
 
 
 
 
 
 
 
 
Pension and other postretirement benefit plans activity
0.4

 
0.4

 
 
1.3

 
1.2

Unrealized foreign currency translation gain (loss), net
(9.4
)
 
3.4

 
 
(5.1
)
 
(1.9
)
Other comprehensive income (loss), net of income taxes
(9.0
)
 
3.8

 
 
(3.8
)
 
(0.7
)
Comprehensive income (loss)
$
(293.4
)
 
$
27.5

 
 
$
(244.3
)
 
$
58.6


See accompanying Notes to Condensed Consolidated Financial Statements.


4


Meredith Corporation and Subsidiaries
Condensed Consolidated Statements of Shareholders' Equity
(Unaudited)

(In millions except per share data)
Common
Stock - $1
par value
Class B
Stock - $1
par value
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
 
Total
Balance at June 30, 2019
$
40.1

$
5.1

$
216.7

$
759.0

 
$
(46.3
)
 
$
974.6

Net earnings



6.1

 

 
6.1

Other comprehensive loss, net of income taxes




 
(4.4
)
 
(4.4
)
Shares issued under incentive plans, net of forfeitures
0.1


0.4


 

 
0.5

Purchases of Company stock
(0.1
)

(1.7
)

 

 
(1.8
)
Share-based compensation


7.5


 

 
7.5

Dividends paid
 
 
 
 
 
 
 
 
Common stock ($0.575 dividend per share)



(24.3
)
 

 
(24.3
)
Class B stock ($0.575 dividend per share)



(2.9
)
 

 
(2.9
)
Series A preferred stock ($22.19 dividend per share)



(14.4
)
 

 
(14.4
)
Accretion of Series A preferred stock



(4.5
)
 

 
(4.5
)
Transition adjustment for adoption of Accounting Standards Update 2016-02



(7.8
)
 

 
(7.8
)
Balance at September 30, 2019
40.1

5.1

222.9

711.2

 
(50.7
)
 
928.6

Net earnings



37.8

 

 
37.8

Other comprehensive income, net of income taxes




 
9.6

 
9.6

Shares issued under incentive plans, net of forfeitures
0.1


0.5


 

 
0.6

Purchases of Company stock


(2.4
)

 

 
(2.4
)
Share-based compensation


2.2


 

 
2.2

Dividends paid
 
 
 
 
 
 
 
 
Common stock ($0.575 dividend per share)



(24.5
)
 

 
(24.5</