$2.3 B

MDP Mkt cap, 14-Jun-2018

$810.5 M

Meredith Revenue Q2, 2018
Meredith Net income (Q2, 2018)192.7 M
Meredith EBIT (Q2, 2018)94.1 M
Meredith Cash, 31-Dec-201735 M
Meredith EV3 B

Meredith Revenue Breakdown

Embed Graph

Meredith revenue breakdown by business segment: 33.2% from Local media and 66.8% from National media

Meredith Financials

Meredith Income Statement

Annual

USDFY, 2014FY, 2015FY, 2016

Revenue

1.5 b1.6 b1.6 b

Revenue growth, %

9%3%

Sales and marketing expense

914.2 m

Operating expense total

914.2 m

EBIT

186.5 m242.1 m130.6 m

EBIT margin, %

13%15%8%

Interest expense

12.2 m19.4 m20.4 m

Interest income

10 k

Pre tax profit

174.3 m222.8 m110.2 m

Income tax expense

(60.8 m)(86 m)(76.3 m)

Net Income

113.5 m136.8 m33.9 m

Quarterly

USDQ1, 2014Q2, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q3, 2017Q2, 2018

Revenue

371.2 m398.9 m384.7 m406.4 m398.2 m399.9 m442.6 m422.8 m425.4 m810.5 m

Sales and marketing expense

218 m241.4 m218.7 m241.6 m206 m225.9 m267.1 m222.4 m210.7 m441.1 m

Operating expense total

218 m241.4 m218.7 m241.6 m206 m225.9 m267.1 m222.4 m210.7 m716.3 m

Depreciation and amortization

25 m

EBIT

52.9 m68.9 m29 m60.1 m47.1 m60.8 m109.8 m128 m70 m94.1 m

EBIT margin, %

14%17%8%15%12%15%25%30%16%12%

Interest expense

4.2 m4.8 m5.3 m5.3 m5.2 m4.7 m4.7 m5.1 m4.6 m10.2 m

Pre tax profit

48.6 m64.1 m23.7 m54.8 m41.9 m56 m105.1 m122.9 m65.4 m83.9 m

Income tax expense

(19.2 m)(24.5 m)(12.7 m)(22.3 m)(16.7 m)(22 m)(33.3 m)(42 m)(25.7 m)108.9 m

Net Income

29.4 m39.6 m11 m32.5 m25.3 m34 m71.8 m80.9 m39.8 m192.7 m

Meredith Balance Sheet

Annual

USDFY, 2014FY, 2015FY, 2016

Cash

36.6 m22.8 m25 m

Accounts Receivable

257.6 m284.6 m273.9 m

Inventories

24 m24.7 m20.7 m

Current Assets

470 m482.5 m481.2 m

Goodwill

841.6 m1 b883.1 m

Total Assets

2.5 b2.8 b2.6 b

Accounts Payable

81.4 m93.9 m82.1 m

Short-term debt

87.5 m62.5 m75 m

Current Liabilities

483.1 m531 m477.9 m

Long-term debt

627.5 m732.5 m620 m

Total Debt

715 m795 m695 m

Total Liabilities

1.7 b

Additional Paid-in Capital

41.9 m49 m54.3 m

Retained Earnings

814.1 m870.9 m818.7 m

Total Equity

891.7 m951.9 m889 m

Debt to Equity Ratio

0.8 x0.8 x0.8 x

Debt to Assets Ratio

0.3 x0.3 x0.3 x

Financial Leverage

2.9 x3 x3 x

Quarterly

USDQ1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q2, 2018

Cash

30.3 m18.1 m19.7 m29.9 m27.9 m17.2 m32.1 m44.5 m27.4 m35 m

Accounts Receivable

263.6 m289.7 m269.5 m278.2 m294.6 m281.3 m273.4 m284.8 m275.5 m297.4 m

Inventories

22.2 m26.2 m29.5 m24.2 m23.4 m24 m21.9 m20 m25.7 m21.4 m

Current Assets

476 m522.7 m470.3 m520.1 m531.5 m488.6 m501.7 m531.5 m494.9 m542.9 m

Goodwill

840.8 m941.2 m1 b998.3 m1 b1 b883.1 m895.4 m895.4 m907.6 m

Total Assets

2.5 b2.8 b2.8 b2.9 b2.9 b2.8 b2.6 b2.7 b2.6 b2.7 b

Accounts Payable

77.3 m76.3 m83.7 m96.9 m76.9 m71.2 m74.5 m75.7 m75.7 m83.9 m

Short-term debt

62.5 m62.5 m62.5 m65.6 m68.8 m71.9 m75 m62.5 m62.5 m65.6 m

Current Liabilities

436.2 m484.4 m506.7 m536.9 m510.1 m509.6 m475.2 m491.4 m464.8 m473.7 m

Long-term debt

659.4 m796.3 m763.1 m753.8 m730 m631.3 m622.4 m611.7 m568.7 m631.6 m

Total Debt

697.2 m

Total Liabilities

1.6 b

Additional Paid-in Capital

40.7 m43.6 m47.2 m55.4 m59 m56.5 m56.2 m55.3 m54.8 m58.9 m

Retained Earnings

824 m844.2 m848.9 m861.2 m873 m931.6 m830.2 m879.7 m895.9 m1.1 b

Total Equity

901.2 m923.1 m929.7 m946.4 m964 m1 b904.4 m955.9 m972.7 m1.1 b

Financial Leverage

2.8 x3 x3 x3 x3 x2.8 x2.9 x2.8 x2.7 x2.4 x

Meredith Cash Flow

Annual

USDFY, 2014FY, 2015FY, 2016

Net Income

113.5 m136.8 m33.9 m

Depreciation and Amortization

59.9 m57.8 m59.2 m

Accounts Receivable

(2.4 m)(19 m)10.7 m

Inventories

4.1 m(1 m)3.5 m

Accounts Payable

1.6 m10 m(11.9 m)

Cash From Operating Activities

178.1 m192.3 m226.6 m

Cash From Investing Activities

(442.3 m)(206.8 m)(31.5 m)

Long-term Borrowings

(301 m)(390 m)(267.5 m)

Dividends Paid

(75.4 m)(80 m)(86.1 m)

Cash From Financing Activities

273.1 m740 k(193 m)

Interest Paid

11.3 m19.1 m20.2 m

Income Taxes Paid

35 m40.4 m73 m

Quarterly

USDQ1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q2, 2018

Net Income

29.4 m39.6 m25.3 m11 m32.5 m80.9 m34 m71.8 m39.8 m192.7 m

Depreciation and Amortization

12.8 m14.3 m14.6 m15.1 m15 m14.6 m13.9 m13.5 m13.3 m15.8 m

Accounts Receivable

263.6 m289.7 m269.5 m278.2 m294.6 m281.3 m273.4 m284.8 m275.5 m

Inventories

22.2 m26.2 m29.5 m24.2 m23.4 m24 m21.9 m20 m25.7 m

Accounts Payable

77.3 m76.3 m83.7 m96.9 m76.9 m71.2 m74.5 m75.7 m75.7 m

Cash From Operating Activities

101.6 m

Cash From Investing Activities

(29.6 m)

Long-term Borrowings

(61.3 m)

Dividends Paid

(47.2 m)

Cash From Financing Activities

(59.3 m)

Meredith Ratios

USDY, 2017

EV/EBIT

31.4 x

EV/CFO

29.1 x

Revenue/Employee

231.6 k

Financial Leverage

2.4 x
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Meredith Operating Metrics

Meredith's Monthly Unique Visitors was reported to be 71 m in FY, 2016.
FY, 2014FY, 2015FY, 2016

Agents

8.30 k9 k10 k

Applications (Local Media)

27 38 40

Applications (National Media)

20 20 15

Countries

70 100 80

Monthly Unique Visitors

51 m70 m71 m

Websites (Local Media)

12 13 13

Websites (National Media)

40 50 50
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