Exhibit 99.1
meredithlogoa07a.jpg

MEREDITH REPORTS FISCAL 2021 FOURTH QUARTER AND FULL YEAR RESULTS
Fiscal 2021 Features Digital Advertising Revenue Surpassing Magazine; $254 Million Debt Reduction; and Agreement to Sell Local Media Group
Digital and Non-Political Advertising, Digital Consumer, and Licensing Drive Strong 4th Quarter Growth
DES MOINES, IA (August 12, 2021
) – Meredith Corporation (NYSE: MDP) today reported fiscal 2021 fourth quarter and full year results as summarized below. All financial results refer to fiscal 2021 fourth quarter or full year and the comparable prior-year period unless otherwise stated.
Three MonthsTwelve Months
Periods ended June 30, 2021ResultsVariance from Prior YearResultsVariance from Prior Year
(In millions)
Total revenues$717.9 17 %$2,977.4 %
Earnings from continuing operations36.7 F306.6 F
Net special items 1,2
17.8 F(22.9)F
Earnings from continuing operations before special items 2
54.5 F283.7 91 %
Adjusted EBITDA 2
123.6 55 %682.9 25 %
Net cash provided by operating activities60.8 (51)%398.6 30 %
Free cash flow 2
51.2 (55)%363.4 45 %
F represents favorable improvements greater than 100%.
1
Special items for the three months ended June 30, 2021, primarily consisted of transaction costs. Special items for the twelve months ended June 30, 2021, primarily consisted of the gain from the sale of Travel + Leisure brand, partially offset by transaction costs, severance and related benefit costs, integration and restructuring costs, and debt redemption costs.
2See Tables 1-5 for supplemental disclosures regarding non-GAAP financial measures.
“We delivered strong operational performance in fiscal 2021 despite the many challenges presented by the COVID-19 pandemic, ending the year in a stronger financial and competitive position than when we started,” said Meredith Chairman and Chief Executive Officer Tom Harty. “From a strategic standpoint, fiscal 2021 was transformative. Our digital businesses are delivering record performance, and our agreed sale of the Local Media Group significantly strengthens our financial position.”

Driving strategic transformation in fiscal 2021

Revenues grew to $3.0 billion, up 5 percent. Earnings from continuing operations were $307 million, compared to a loss of $209 million. Adjusted EBITDA was $683 million, compared to $548 million.

Key accomplishments included:

Digital advertising revenues surpassing magazine for the first time in Meredith’s history. Digital advertising grew 31 percent. Additionally, Meredith’s licensing and digital and other consumer driven revenues grew 27 percent and 25 percent, respectively.

$254 million debt reduction, enabled by record Cash Flow from Operations and Free Cash Flow. Debt reduction was enabled by total company revenue performance along with proactive actions to enhance Meredith’s financial flexibility.

1

The following information was filed by Meredith Corp (MDP) on Thursday, August 12, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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