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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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| |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended August 31, 2019
or
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☐ | 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
CONSTELLATION BRANDS, INC.
(Exact name of registrant as specified in its charter)
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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:
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| | |
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.
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| | | |
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 167,498,276 shares of Class A Common Stock, 23,314,407 shares of Class B Common Stock, and 823,377 shares of Class 1 Common Stock outstanding as of September 30, 2019.
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 Company’s 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 “Management’s 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.
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) |
| | | | | | | |
| August 31, 2019 | | February 28, 2019 |
ASSETS | | | |
Current assets: | | | |
Cash and cash equivalents | $ | 81.3 |
| | $ | 93.6 |
|
Accounts receivable | 953.7 |
| | 846.9 |
|
Inventories | 1,311.4 |
| | 2,130.4 |
|
Prepaid expenses and other | 525.1 |
| | 613.1 |
|
Assets held for sale - current | 666.0 |
| | — |
|
Total current assets | 3,537.5 |
| | 3,684.0 |
|
Property, plant, and equipment | 5,141.6 |
| | 5,267.3 |
|
Goodwill | 7,696.7 |
| | 8,088.8 |
|
Intangible assets | 2,787.0 |
| | 3,198.1 |
|
Equity method investments | 3,003.8 |
| | 3,465.6 |
|
Securities measured at fair value | 1,572.2 |
| | 3,234.7 |
|
Deferred income taxes | 2,146.8 |
| | 2,183.3 |
|
Assets held for sale | 1,019.1 |
| | — |
|
Other assets | 650.4 |
| | 109.7 |
|
Total assets | $ | 27,555.1 |
| | $ | 29,231.5 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | |
Current liabilities: | | | |
Short-term borrowings | $ | 150.9 |
| | $ | 791.5 |
|
Current maturities of long-term debt | 636.1 |
| | 1,065.2 |
|
Accounts payable | 608.6 |
| | 616.7 |
|
Other accrued expenses and liabilities | 800.3 |
| | 690.4 |
|
Total current liabilities | 2,195.9 |
| | 3,163.8 |
|
Long-term debt, less current maturities | 12,159.8 |
| | 11,759.8 |
|
Deferred income taxes and other liabilities | 1,508.4 |
| | 1,470.7 |
|
Total liabilities | 15,864.1 |
| | 16,394.3 |
|
Commitments and contingencies |
| |
|
CBI stockholders’ equity: | | | |
Class A Common Stock, $.01 par value – Authorized, 322,000,000 shares; Issued, 185,880,112 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, 28,321,821 shares and 28,322,419 shares, respectively | 0.3 |
| | 0.3 |
|
Additional paid-in capital | 1,452.1 |
| | 1,410.8 |
|
Retained earnings | 13,221.4 |
| | 14,276.2 |
|
Accumulated other comprehensive income (loss) | (476.6 | ) | | (353.9 | ) |
| 14,199.1 |
| | 15,335.3 |
|
Less: Treasury stock – | | | |
Class A Common Stock, at cost, 18,604,964 shares and 18,927,966 shares, respectively | (2,819.4 | ) | | (2,782.1 | ) |
Class B Convertible Common Stock, at cost, 5,005,800 shares | (2.2 | ) | | (2.2 | ) |
| (2,821.6 | ) | | (2,784.3 | ) |
Total CBI stockholders’ equity | 11,377.5 |
| | 12,551.0 |
|
Noncontrolling interests | 313.5 |
| | 286.2 |
|
Total stockholders’ equity | 11,691.0 |
| | 12,837.2 |
|
Total liabilities and stockholders’ equity | $ | 27,555.1 |
| | $ | 29,231.5 |
|
The accompanying notes are an integral part of these statements.
|
| |
Constellation Brands, Inc. Q2 FY 2020 Form 10-Q | 1
|
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in millions, except per share data) (unaudited) |
| | | | | | | | | | | | | | | |
| For the Six Months Ended August 31, | | For the Three Months Ended August 31, |
| 2019 | | 2018 | | 2019 | | 2018 |
Sales | $ | 4,855.9 |
| | $ | 4,755.7 |
| | $ | 2,573.4 |
| | $ | 2,525.7 |
|
Excise taxes | (414.7 | ) | | (409.5 | ) | | (229.4 | ) | | (226.6 | ) |
Net sales | 4,441.2 |
| | 4,346.2 |
| | 2,344.0 |
| | 2,299.1 |
|
Cost of product sold | (2,226.6 | ) | | (2,129.4 | ) | | (1,158.1 | ) | | (1,130.9 | ) |
Gross profit | 2,214.6 |
| | 2,216.8 |
| | 1,185.9 |
| | 1,168.2 |
|
Selling, general, and administrative expenses | (872.4 | ) | | (826.4 | ) | | (466.4 | ) | | (403.2 | ) |
Operating income (loss) | 1,342.2 |
| | 1,390.4 |
| | 719.5 |
| | 765.0 |
|
Income (loss) from unconsolidated investments | (2,255.3 | ) | | 1,052.8 |
| | (1,324.7 | ) | | 688.4 |
|
Interest expense | (226.2 | ) | | (175.8 | ) | | (111.6 | ) | | (88.0 | ) |
Loss on extinguishment of debt | (2.4 | ) | | — |
| | (2.4 | ) | | — |
|
Income (loss) before income taxes | (1,141.7 | ) | | 2,267.4 |
| | (719.2 | ) | | 1,365.4 |
|
(Provision for) benefit from income taxes | 387.6 |
| | (369.8 | ) | | 202.2 |
| | (214.1 | ) |
Net income (loss) | (754.1 | ) | | 1,897.6 |
| | (517.0 | ) | | 1,151.3 |
|
Net income (loss) attributable to noncontrolling interests | (16.5 | ) | | (4.3 | ) | | (8.2 | ) | | (1.8 | ) |
Net income (loss) attributable to CBI | $ | (770.6 | ) | | $ | 1,893.3 |
| | $ | (525.2 | ) | | $ | 1,149.5 |
|
| | | | | | | |
Comprehensive income (loss) | $ | (886.2 | ) | | $ | 1,793.5 |
| | $ | (646.4 | ) | | $ | 1,232.6 |
|
Comprehensive (income) loss attributable to noncontrolling interests | (7.1 | ) | | (1.9 | ) | | 0.1 |
| | (9.1 | ) |
Comprehensive income (loss) attributable to CBI | $ | (893.3 | ) | | $ | 1,791.6 |
| | $ | (646.3 | ) | | $ | 1,223.5 |
|
| | | | | | | |
Net income (loss) per common share attributable to CBI: | | | | | | | |
Basic – Class A Common Stock | $ | (4.08 | ) | | $ | 10.03 |
| | $ | (2.77 | ) | | $ | 6.11 |
|
Basic – Class B Convertible Common Stock | $ | (3.71 | ) | | $ | 9.11 |
| | $ | (2.52 | ) | | $ | 5.55 |
|
| | | | | | | |
Diluted – Class A Common Stock | $ | (4.08 | ) | | $ | 9.64 |
| | $ | (2.77 | ) | | $ | 5.87 |
|
Diluted – Class B Convertible Common Stock | $ | (3.71 | ) | | $ | 8.89 |
| | $ | (2.52 | ) | | $ | 5.41 |
|
| | | | | | | |
Weighted average common shares outstanding: | | | | | | | |
Basic – Class A Common Stock | 168.215 |
| | 167.617 |
| | 168.310 |
| | 167.172 |
|
Basic – Class B Convertible Common Stock | 23.316 |
| | 23.325 |
| | 23.316 |
| | 23.323 |
|
| | | | | | | |
Diluted – Class A Common Stock | 168.215 |
| | 196.468 |
| | 168.310 |
| | 195.907 |
|
Diluted – Class B Convertible Common Stock | 23.316 |
| | 23.325 |
| | 23.316 |
| | 23.323 |
|
| | | | | | | |
Cash dividends declared per common share: | | | | | | | |
Class A Common Stock | $ | 1.50 |
| | $ | 1.48 |
| | $ | 0.75 |
| | $ | 0.74 |
|
Class B Convertible Common Stock | $ | 1.36 |
| | $ | 1.34 |
| | $ | 0.68 |
| | $ | 0.67 |
|
The accompanying notes are an integral part of these statements.
|
| |
Constellation Brands, Inc. Q2 FY 2020 Form 10-Q | 2
|
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 |
|
| | | | | | | | | | | | | | | |
Balance at February 28, 2018 | $ | 2.6 |
| | $ | 0.3 |
| | $ | 2,825.3 |
| | $ | 9,157.2 |
| | $ | (202.9 | ) | | $ | (3,807.4 | ) | | $ | 16.6 |
| | $ | 7,991.7 |
|
Cumulative effect of change in accounting principle | — |
| | — |
| | — |
| | 2,242.0 |
| | — |
| | — |
| | — |
| | 2,242.0 |
|
Comprehensive income (loss): | | | | | | | | | | | | | | | |
Net income (loss) | — |
| | — |
| | — |
| | 743.8 |
| | — |
| | — |
| | 2.5 |
| | 746.3 |
|
Other comprehensive income (loss), net of income tax effect | — |
| | — |
| | — |
| | — |
| | (175.7 | ) | | — |
| | (9.7 | ) | | (185.4 | ) |
Comprehensive income (loss) | | | | | | | | | | | | | | | 560.9 |
|
Repurchase of shares | — |
| | — |
| | — |
| | — |
| | — |
| | (100.0 | ) | | — |
| | (100.0 | ) |
Dividends declared | — |
| | — |
| | — |
| | (140.6 | ) | | — |
| | — |
| | — |
| | (140.6 | ) |
Shares issued under equity compensation plans | — |
| | — |
| | (7.7 | ) | | — |
| | — |
| | 2.3 |
| | — |
| | (5.4 | ) |
Stock-based compensation | — |
| | — |
| | 17.2 |
| | — |
| | — |
| | — |
| | — |
| | 17.2 |
|
Balance at May 31, 2018 | $ | 2.6 |
| | $ | 0.3 |
| | $ | 2,834.8 |
| | $ | 12,002.4 |
| | $ | (378.6 | ) | | $ | (3,905.1 | ) | | $ | 9.4 |
| | $ | 10,565.8 |
|
Comprehensive income (loss): | | | | | | | | | | | | | | | |
Net income (loss) | — |
| | — |
| | — |
| | 1,149.5 |
| | — |
| | — |
| | 1.8 |
| | 1,151.3 |
|
Other comprehensive income (loss), net of income tax effect | — |
| | — |
| | — |
| | — |
| | 74.0 |
| | — |
| | 7.3 |
| | 81.3 |
|
Comprehensive income (loss) | | | | | | | | | | | | | | | 1,232.6 |
|
Repurchase of shares | — |
| | — |
| | — |
| | — |
| | — |
| | (404.3 | ) | | — |
| | (404.3 | ) |
Dividends declared | — |
| | — |
| | — |
| | (139.0 | ) | | — |
| | — |
| | — |
| | (139.0 | ) |
Conversion of long-term debt to noncontrolling equity interest | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 248.4 |
| | 248.4 |
|
Shares issued under equity compensation plans | — |
| | — |
| | 12.3 |
| | — |
| | — |
| | 1.2 |
| | — |
| | 13.5 |
|
Stock-based compensation | — |
| | — |
| | 18.2 |
| | — |
| | — |
| | — |
| | — |
| | 18.2 |
|
Balance at August 31, 2018 | $ | 2.6 |
| | $ | 0.3 |
| | $ | 2,865.3 |
| | $ | 13,012.9 |
| | $ | (304.6 | ) | | $ | (4,308.2 | ) | | $ | 266.9 |
| | $ | 11,535.2 |
|
The accompanying notes are an integral part of these statements.
|
| |
Constellation Brands, Inc. Q2 FY 2020 Form 10-Q | 3
|
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) (unaudited) |
| | | | | | | |
| For the Six Months Ended August 31, |
| 2019 | | 2018 |
CASH FLOWS FROM OPERATING ACTIVITIES | | | |
Net income (loss) | $ | (754.1 | ) | | $ | 1,897.6 |
|
| | | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | | | |
Unrealized net (gain) loss on securities measured at fair value | 1,666.6 |
| | (950.4 | ) |
Equity in (earnings) losses of equity method investees and related activities, net of distributed (earnings) losses | 580.3 |
| | 2.1 |
|
Depreciation | 169.1 |
| | 168.8 |
|
Loss on inventory and related contracts | 61.0 |
| | — |
|
(Gain) loss on sale of business and assets held for sale | 36.0 |
| | (6.2 | ) |
Stock-based compensation | 33.6 |
| | 35.9 |
|
Impairment and amortization of intangible assets | 13.9 |
| | 3.0 |
|
Amortization of debt issuance costs and loss on extinguishment of debt | 9.7 |