Company Quick10K Filing
Constellation Brands
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 -0 $-0
10-Q 2020-01-08 Quarter: 2019-11-30
10-Q 2019-10-03 Quarter: 2019-08-31
10-Q 2019-06-28 Quarter: 2019-05-31
10-K 2019-04-23 Annual: 2019-02-28
10-Q 2019-01-09 Quarter: 2018-11-30
10-Q 2018-10-04 Quarter: 2018-08-31
10-Q 2018-06-29 Quarter: 2018-05-31
10-K 2018-04-23 Annual: 2018-02-28
10-Q 2018-01-05 Quarter: 2017-11-30
10-Q 2017-10-05 Quarter: 2017-08-31
10-Q 2017-06-29 Quarter: 2017-05-31
10-K 2017-04-27 Annual: 2017-02-28
10-Q 2017-01-05 Quarter: 2016-11-30
10-Q 2016-10-05 Quarter: 2016-08-31
10-Q 2016-06-30 Quarter: 2016-05-31
10-K 2016-04-25 Annual: 2016-02-29
10-Q 2016-01-07 Quarter: 2015-11-30
10-Q 2015-10-07 Quarter: 2015-08-31
10-Q 2015-07-09 Quarter: 2015-05-31
10-K 2015-04-28 Annual: 2015-02-28
10-Q 2015-01-08 Quarter: 2014-11-30
10-Q 2014-10-09 Quarter: 2014-08-31
10-Q 2014-07-10 Quarter: 2014-05-31
10-K 2014-04-29 Annual: 2014-02-28
10-Q 2014-01-09 Quarter: 2013-11-30
10-Q 2013-10-10 Quarter: 2013-08-31
10-Q 2013-07-10 Quarter: 2013-05-31
10-K 2013-04-29 Annual: 2013-02-28
10-Q 2013-01-09 Quarter: 2012-11-30
10-Q 2012-10-10 Quarter: 2012-08-31
10-Q 2012-07-10 Quarter: 2012-05-31
10-K 2012-04-30 Annual: 2012-02-29
10-Q 2012-01-09 Quarter: 2011-11-30
10-Q 2011-10-11 Quarter: 2011-08-31
10-Q 2011-07-11 Quarter: 2011-05-31
10-K 2011-04-29 Annual: 2011-02-28
10-Q 2011-01-10 Quarter: 2010-11-30
10-Q 2010-10-12 Quarter: 2010-08-31
10-Q 2010-07-12 Quarter: 2010-05-31
10-K 2010-04-29 Annual: 2010-02-28
10-Q 2010-01-11 Quarter: 2009-11-30
8-K 2020-03-24 Regulation FD, Exhibits
8-K 2020-03-23 Regulation FD, Exhibits
8-K 2020-03-02 Regulation FD, Other Events, Exhibits
8-K 2020-02-25 Regulation FD
8-K 2020-01-07 Earnings, Regulation FD, Exhibits
8-K 2019-12-12 Regulation FD, Other Events, Exhibits
8-K 2019-12-11 Enter Agreement, Leave Agreement, Exhibits
8-K 2019-12-08 Officers, Regulation FD, Exhibits
8-K 2019-12-03 Regulation FD, Other Events, Exhibits
8-K 2019-11-22 Regulation FD
8-K 2019-11-01 Other Events
8-K 2019-10-04 Regulation FD, Other Events, Exhibits
8-K 2019-10-02 Earnings, Regulation FD, Exhibits
8-K 2019-09-24 Officers, Regulation FD, Exhibits
8-K 2019-08-26 Regulation FD
8-K 2019-08-12 Regulation FD, Other Events, Exhibits
8-K 2019-07-29 Other Events, Exhibits
8-K 2019-07-29 Regulation FD, Exhibits
8-K 2019-07-24 Regulation FD, Exhibits
8-K 2019-07-24 Other Events, Exhibits
8-K 2019-07-16 Shareholder Vote
8-K 2019-06-28 Off-BS Arrangement, Other Events, Exhibits
8-K 2019-06-27 Earnings, Regulation FD, Exhibits
8-K 2019-06-20 Earnings
8-K 2019-05-17 Other Events
8-K 2019-04-23 Officers, Regulation FD, Other Events, Exhibits
8-K 2019-04-18 Regulation FD, Other Events, Exhibits
8-K 2019-04-03 Earnings, Regulation FD, Other Events, Exhibits
8-K 2019-04-03 Enter Agreement, Exhibits
8-K 2019-04-02 Officers
8-K 2019-01-08 Earnings, Regulation FD, Exhibits
8-K 2019-01-07 Officers, Regulation FD, Exhibits
8-K 2018-11-01 Off-BS Arrangement, Regulation FD, Other Events, Exhibits
8-K 2018-10-29 Other Events, Exhibits
8-K 2018-10-22 Regulation FD, Exhibits
8-K 2018-10-22 Other Events, Exhibits
8-K 2018-10-19 Officers, Exhibits
8-K 2018-10-15 Officers, Regulation FD, Exhibits
8-K 2018-10-03 Earnings, Regulation FD, Exhibits
8-K 2018-10-02 Officers, Amend Bylaw, Exhibits
8-K 2018-09-20 Officers, Regulation FD, Exhibits
8-K 2018-09-14 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-08-22 Regulation FD, Exhibits
8-K 2018-08-15 Regulation FD, Exhibits
8-K 2018-08-14 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-08-10 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2018-07-17 Shareholder Vote
8-K 2018-06-28 Earnings, Regulation FD, Exhibits
8-K 2018-05-22 Regulation FD, Other Events, Exhibits
8-K 2018-04-23 Officers, Exhibits
8-K 2018-03-28 Earnings, Regulation FD, Other Events, Exhibits
8-K 2018-03-27 Officers, Exhibits
8-K 2018-03-20 Regulation FD, Other Events, Exhibits
8-K 2018-02-12 Officers, Amend Bylaw, Regulation FD, Exhibits
8-K 2018-02-07 Other Events, Exhibits
8-K 2018-01-29 Other Events, Exhibits
8-K 2018-01-29 Regulation FD, Exhibits
8-K 2018-01-18 Other Events
8-K 2018-01-04 Earnings, Regulation FD, Other Events, Exhibits
8-K 2018-01-03 Officers
STZ 2019-11-30
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 1. Legal Proceedings.
Item 4. Mine Safety Disclosures.
Item 6. Exhibits.
EX-10.6 stzex10-6_1130201910q.htm
EX-31.1 stzex31-1_1130201910q.htm
EX-31.2 stzex31-2_1130201910q.htm
EX-32.1 stzex32-1_1130201910q.htm
EX-32.2 stzex32-2_1130201910q.htm

Constellation Brands Earnings 2019-11-30

STZ 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
ROX 76 85 66 95 37 8 -0 75 39% -162.2 10%
EAST 46 38 24 13 4 -9 -8 50 35% -6.3 -25%
WVVI 36 67 17 18 11 6 8 35 62% 4.2 9%
BORN 19 3,116 1,110 0 0 0 0 -605 0%
YVR 12 16 5 0 0 0 0 12 0%
THST 9 18 2 10 2 1 1 5 22% 3.6 3%
CCEP
FMX 576,381 240,839 0 0 0 0 -31,768 0%
KOF 263,787 132,037 0 0 0 0 -7,778 0%
STZ 27,555 15,864 8,814 4,137 772 1,517 12,798 47% 8.4 3%

Document
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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended November 30, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     

Commission File Number: 001-08495
image_color.jpg
CONSTELLATION BRANDS, INC.
(Exact name of registrant as specified in its charter)
Delaware
16-0716709
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)

207 High Point Drive, Building 100, Victor, New York 14564
(Address of principal executive offices) (Zip code)
(585) 678-7100
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of Each Exchange on Which Registered
Class A Common Stock
STZ
New York Stock Exchange
Class B Common Stock
STZ.B
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      No

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 (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No

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 the 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
Accelerated filer
Non-accelerated filer
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.   

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

There were 167,512,743 shares of Class A Common Stock, 23,311,506 shares of Class B Common Stock, and 823,377 shares of Class 1 Common Stock outstanding as of December 31, 2019.


Table of Contents

TABLE OF CONTENTS
























This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Companys control, that could cause actual results to differ materially from those set forth in, or implied by, such forward-looking statements. For further information regarding such forward-looking statements, risks and uncertainties, please see “Information Regarding Forward-Looking Statements” under Part I – Item 2 “Managements Discussion and Analysis of Financial Condition and Results of Operations.”

Unless the context otherwise requires, the terms “Company,” “CBI,” “we,” “our,” or “us” refer to Constellation Brands, Inc. and its subsidiaries. Unless otherwise defined herein, refer to the Notes to Consolidated Financial Statements under Item 1 of this Quarterly Report on Form 10-Q for the definition of capitalized terms used herein. All references to “Fiscal 2019” refer to our fiscal year ended February 28, 2019. All references to “Fiscal 2020” refer to our fiscal year ending February 29, 2020. All references to “$” are to U.S. dollars, all references to “C$” are to Canadian dollars, all references to “MXN$” are to Mexican pesos, and all references to “A$” are to Australian dollars.



FINANCIAL STATEMENTS

PART I – FINANCIAL INFORMATION
Item 1.
Financial Statements.
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in millions, except share and per share data)
(unaudited)
 
November 30,
2019
 
February 28,
2019
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
93.7

 
$
93.6

Accounts receivable
808.3

 
846.9

Inventories
1,358.8

 
2,130.4

Prepaid expenses and other
484.3

 
613.1

Assets held for sale - current
724.8

 

Total current assets
3,469.9

 
3,684.0

Property, plant, and equipment
5,187.2

 
5,267.3

Goodwill
7,771.8

 
8,088.8

Intangible assets
2,721.3

 
3,198.1

Equity method investments
3,058.7

 
3,465.6

Securities measured at fair value
1,040.2

 
3,234.7

Deferred income taxes
2,663.0

 
2,183.3

Assets held for sale
562.5

 

Other assets
619.1

 
109.7

Total assets
$
27,093.7

 
$
29,231.5

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
Current liabilities:
 
 
 
Short-term borrowings
$
281.5

 
$
791.5

Current maturities of long-term debt
734.8

 
1,065.2

Accounts payable
676.5

 
616.7

Other accrued expenses and liabilities
767.4

 
690.4

Total current liabilities
2,460.2

 
3,163.8

Long-term debt, less current maturities
11,339.7

 
11,759.8

Deferred income taxes and other liabilities
1,257.5

 
1,470.7

Total liabilities
15,057.4

 
16,394.3

Commitments and contingencies

 

CBI stockholders’ equity:
 
 
 
Class A Common Stock, $.01 par value – Authorized, 322,000,000 shares; Issued, 186,071,345 shares and 185,740,178 shares, respectively
1.9

 
1.9

Class B Convertible Common Stock, $.01 par value – Authorized, 30,000,000 shares; Issued, 28,319,606 shares and 28,322,419 shares, respectively
0.3

 
0.3

Additional paid-in capital
1,472.3

 
1,410.8

Retained earnings
13,439.4

 
14,276.2

Accumulated other comprehensive income (loss)
(383.8
)
 
(353.9
)
 
14,530.1

 
15,335.3

Less: Treasury stock –
 
 
 
Class A Common Stock, at cost, 18,566,568 shares and 18,927,966 shares, respectively
(2,818.5
)
 
(2,782.1
)
Class B Convertible Common Stock, at cost, 5,005,800 shares
(2.2
)
 
(2.2
)
 
(2,820.7
)
 
(2,784.3
)
Total CBI stockholders’ equity
11,709.4

 
12,551.0

Noncontrolling interests
326.9

 
286.2

Total stockholders’ equity
12,036.3

 
12,837.2

Total liabilities and stockholders’ equity
$
27,093.7

 
$
29,231.5

The accompanying notes are an integral part of these statements.

Constellation Brands, Inc. Q3 FY 2020 Form 10-Q
1


FINANCIAL STATEMENTS

CONSTELLATION BRANDS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in millions, except per share data)
(unaudited)
 
For the Nine Months Ended November 30,
 
For the Three Months Ended November 30,
 
2019
 
2018
 
2019
 
2018
Sales
$
7,037.4

 
$
6,916.3

 
$
2,181.5

 
$
2,160.6

Excise taxes
(596.8
)
 
(597.5
)
 
(182.1
)
 
(188.0
)
Net sales
6,440.6

 
6,318.8

 
1,999.4

 
1,972.6

Cost of product sold
(3,238.5
)
 
(3,132.0
)
 
(1,011.9
)
 
(1,002.6
)
Gross profit
3,202.1

 
3,186.8

 
987.5

 
970.0

Selling, general, and administrative expenses
(1,251.7
)
 
(1,239.9
)
 
(406.3
)
 
(413.5
)
Impairment of assets held for sale
(417.0
)
 

 
(390.0
)
 

Gain (loss) on sale of business
76.0

 

 
76.0

 

Operating income (loss)
1,609.4

 
1,946.9

 
267.2

 
556.5

Income (loss) from unconsolidated investments
(2,711.8
)
 
918.2

 
(456.5
)
 
(134.6
)
Interest expense
(329.3
)
 
(248.6
)
 
(103.1
)
 
(72.8
)
Loss on extinguishment of debt
(2.4
)
 
(1.7
)
 

 
(1.7
)
Income (loss) before income taxes
(1,434.1
)
 
2,614.8

 
(292.4
)
 
347.4

(Provision for) benefit from income taxes
1,046.5

 
(405.1
)
 
658.9

 
(35.3
)
Net income (loss)
(387.6
)
 
2,209.7

 
366.5

 
312.1

Net income (loss) attributable to noncontrolling interests
(22.6
)
 
(13.3
)
 
(6.1
)
 
(9.0
)
Net income (loss) attributable to CBI
$
(410.2
)
 
$
2,196.4

 
$
360.4

 
$
303.1

 
 
 
 
 
 
 
 
Comprehensive income (loss)
$
(419.6
)
 
$
1,891.7

 
$
466.6

 
$
98.2

Comprehensive (income) loss attributable to noncontrolling interests
(20.5
)
 
1.7

 
(13.4
)
 
3.6

Comprehensive income (loss) attributable to CBI
$
(440.1
)
 
$
1,893.4

 
$
453.2

 
$
101.8

 
 
 
 
 
 
 
 
Net income (loss) per common share attributable to CBI:
 
 
 
 
 
 
 
Basic – Class A Common Stock
$
(2.17
)
 
$
11.66

 
$
1.90

 
$
1.62

Basic – Class B Convertible Common Stock
$
(1.98
)
 
$
10.59

 
$
1.73

 
$
1.47

 
 
 
 
 
 
 
 
Diluted – Class A Common Stock
$
(2.17
)
 
$
11.21

 
$
1.85

 
$
1.56

Diluted – Class B Convertible Common Stock
$
(1.98
)
 
$
10.35

 
$
1.71

 
$
1.45

 
 
 
 
 
 
 
 
Weighted average common shares outstanding:
 
 
 
 
 
 
 
Basic – Class A Common Stock
168.258

 
167.203

 
168.346

 
166.364

Basic – Class B Convertible Common Stock
23.316

 
23.322

 
23.314

 
23.318

 
 
 
 
 
 
 
 
Diluted – Class A Common Stock
168.258

 
195.921

 
194.856

 
194.820

Diluted – Class B Convertible Common Stock
23.316

 
23.322

 
23.314

 
23.318

 
 
 
 
 
 
 
 
Cash dividends declared per common share:
 
 
 
 
 
 
 
Class A Common Stock
$
2.25

 
$
2.22

 
$
0.75

 
$
0.74

Class B Convertible Common Stock
$
2.04

 
$
2.01

 
$
0.68

 
$
0.67


The accompanying notes are an integral part of these statements.

Constellation Brands, Inc. Q3 FY 2020 Form 10-Q
2


FINANCIAL STATEMENTS

CONSTELLATION BRANDS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(in millions)
(unaudited)
 
Common Stock
 
Additional
Paid-in
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Treasury
Stock
 
Non-controlling
Interests
 
Total
 
Class A
 
Class B
 
Balance at February 28, 2019
$
1.9

 
$
0.3

 
$
1,410.8

 
$
14,276.2

 
$
(353.9
)
 
$
(2,784.3
)
 
$
286.2

 
$
12,837.2

Comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)

 

 

 
(245.4
)
 

 

 
8.3

 
(237.1
)
Other comprehensive income (loss), net of income tax effect

 

 

 

 
(1.6
)
 

 
(1.1
)
 
(2.7
)
Comprehensive income (loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(239.8
)
Dividends declared

 

 

 
(141.9
)
 

 

 

 
(141.9
)
Initial recognition of non-controlling interest

 

 

 

 

 

 
20.2

 
20.2

Shares issued under equity compensation plans

 

 
(9.3
)
 

 

 
6.3

 

 
(3.0
)
Stock-based compensation

 

 
15.5

 

 

 

 

 
15.5

Balance at May 31, 2019
$
1.9

 
$
0.3

 
$
1,417.0

 
$
13,888.9

 
$
(355.5
)
 
$
(2,778.0
)
 
$
313.6

 
$
12,488.2

Comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)

 

 

 
(525.2
)
 

 

 
8.2

 
(517.0
)
Other comprehensive income (loss), net of income tax effect

 

 

 

 
(121.1
)
 

 
(8.3
)
 
(129.4
)
Comprehensive income (loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(646.4
)
Repurchase of shares

 

 

 

 

 
(50.0
)
 

 
(50.0
)
Dividends declared

 

 

 
(142.3
)
 

 

 

 
(142.3
)
Shares issued under equity compensation plans

 

 
17.4

 

 

 
6.4

 

 
23.8

Stock-based compensation

 

 
17.7

 

 

 

 

 
17.7

Balance at August 31, 2019
$
1.9

 
$
0.3

 
$
1,452.1

 
$
13,221.4

 
$
(476.6
)
 
$
(2,821.6
)
 
$
313.5

 
$
11,691.0

Comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)

 

 

 
360.4

 

 

 
6.1

 
366.5

Other comprehensive income (loss), net of income tax effect

 

 

 

 
92.8

 

 
7.3

 
100.1

Comprehensive income (loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
466.6

Dividends declared

 

 

 
(142.4
)
 

 

 

 
(142.4
)
Shares issued under equity compensation plans

 

 
3.0

 

 

 
0.9

 

 
3.9