EX-99 2 quarterlyebitdainformation.htm EX-99 QUARTERLY FINANCIAL INFORMATION Document

Exhibit 99
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 QuarterSecond QuarterThird QuarterNine Months YTD
(In millions)
Revenues
Advertising related
Digital$105.1 $128.9 $138.9 $372.9 
Magazine114.9 129.7 117.8 362.4 
Total advertising related220.0 258.6 256.7 735.3 
Consumer related
Digital61.4 61.9 60.0 183.3 
Magazine186.3 201.4 194.6 582.3 
Intersegment revenue elimination(6.3)(4.9)(5.5)(16.7)
Total consumer related241.4 258.4 249.1 748.9 
Other
Digital1.1 1.6 1.3 4.0 
Magazine16.4 19.5 19.5 55.4 
Total other17.5 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 
Magazine102.1 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 QuarterSecond QuarterThird QuarterNine Months YTD
(In millions)
Non-operating income, net
Digital$— $— $0.5 $0.5 
Magazine1.0 1.0 0.5 2.5 
Unallocated corporate0.2 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 $— $— $0.3 
Severance and related benefit costs1.3 0.3 — 1.6 
Gain on sale of businesses and assets(97.6)— — (97.6)
Total magazine(96.0)0.3 — (95.7)
Unallocated corporate
Transaction costs8.1 13.9 11.5 33.5 
Integration and restructuring costs1.9 3.6 3.5 9.0 
Severance and related benefit costs— — 0.1 0.1 
Other— — 2.0 2.0 
Total unallocated corporate10.0 17.5 17.1 44.6 
Total special items included in operating profit$(86.0)$17.8 $17.1 $(51.1)
Depreciation and amortization
Digital$13.6 $10.4 $7.7 $31.7 
Magazine14.6 11.3 14.1 40.0 
Unallocated corporate0.3 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 
Magazine21.7 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 QuarterSecond QuarterThird QuarterFourth QuarterTotal
(In millions)
Revenues
Advertising related
Digital$86.8 $70.6 $111.0 $166.6 $435.0 
Magazine159.0 129.9 134.1 160.2 583.2 
Total advertising related245.8 200.5 245.1 326.8 1,018.2 
Consumer related
Digital45.7 51.3 48.4 69.8 215.2 
Magazine212.5 193.7 183.8 202.8 792.8 
Intersegment revenue elimination(4.2)(4.5)(4.8)(6.8)(20.3)
Total consumer related254.0 240.5 227.4 265.8 987.7 
Other
Digital1.8 1.4 1.4 1.3 5.9 
Magazine18.8 15.6 11.6 13.5 59.5 
Total other20.6 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 
Magazine1.0 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 assets160.6 — — — 160.6 
Other— — (0.2)(0.1)(0.3)
Total digital160.6 — 0.9 — 161.5 
Magazine
Integration and restructuring costs0.3 1.8 — — 2.1 
Severance and related benefit costs1.1 2.3 3.8 0.4 7.6 
Write-down of impaired assets182.3 — — — 182.3 
Other— (2.5)(0.9)(0.1)(3.5)
Total magazine183.7 1.6 2.9 0.3 188.5 
3

(Continued)
Year ended December 31,2020
First QuarterSecond QuarterThird QuarterFourth QuarterTotal
(In millions)
Unallocated corporate
Integration and restructuring costs4.2 5.0 3.4 3.9 16.5 
Severance and related benefit costs0.8 0.1 0.6 — 1.5 
Other— — (0.7)— (0.7)
Total unallocated corporate5.0 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 charge0.6 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 
Magazine26.2 23.0 21.9 21.5 92.6 
Unallocated corporate1.1 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 
Magazine73.4 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 



4