$STZ
CONSTELLATION BRANDS, INC.

2016 Q4 Form 10-Q Financial Statement

#000001691817000006 Filed on January 05, 2017

View on sec.gov

Income Statement

Concept 2016 Q4 2015 Q4
Revenue $1.993B $1.812B
YoY Change 9.95% 6.08%
Cost Of Revenue $919.1M $907.0M
YoY Change 1.33% 0.47%
Gross Profit $891.4M $733.5M
YoY Change 21.53% 14.81%
Gross Profit Margin 44.73% 40.47%
Selling, General & Admin $357.4M $286.2M
YoY Change 24.88% 8.7%
% of Gross Profit 40.09% 39.02%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $63.50M $51.30M
YoY Change 23.78% -0.58%
% of Gross Profit 7.12% 6.99%
Operating Expenses $357.4M $286.2M
YoY Change 24.88% 8.7%
Operating Profit $534.0M $447.3M
YoY Change 19.38% 19.09%
Interest Expense $77.90M $75.70M
YoY Change 2.91% -12.38%
% of Operating Profit 14.59% 16.92%
Other Income/Expense, Net
YoY Change
Pretax Income $483.9M $399.0M
YoY Change 21.28% 28.38%
Income Tax $78.90M $128.0M
% Of Pretax Income 16.31% 32.08%
Net Earnings $405.9M $270.5M
YoY Change 50.06% 21.74%
Net Earnings / Revenue 20.37% 14.92%
Basic Earnings Per Share
Diluted Earnings Per Share $1.975M $1.189M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q4 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $197.0M $491.0M
YoY Change -59.88% 632.84%
Cash & Equivalents $197.3M $491.3M
Short-Term Investments
Other Short-Term Assets $268.0M $370.0M
YoY Change -27.57% 10.45%
Inventory $2.123B $1.885B
Prepaid Expenses
Receivables $856.0M $715.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.445B $3.461B
YoY Change -0.47% 14.19%
LONG-TERM ASSETS
Property, Plant & Equipment $3.708B $2.949B
YoY Change 25.74% 21.9%
Goodwill $7.518B $6.382B
YoY Change 17.8% 3.54%
Intangibles $3.494B $3.188B
YoY Change 9.61% -0.22%
Long-Term Investments $115.7M $92.00M
YoY Change 25.76% 7.85%
Other Assets $155.2M $177.1M
YoY Change -12.37% 3.08%
Total Long-Term Assets $14.88B $12.65B
YoY Change 17.62% 5.84%
TOTAL ASSETS
Total Short-Term Assets $3.445B $3.461B
Total Long-Term Assets $14.88B $12.65B
Total Assets $18.32B $16.11B
YoY Change 13.73% 7.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $772.3M $420.9M
YoY Change 83.49% -5.61%
Accrued Expenses $538.0M $539.0M
YoY Change -0.19% 68.97%
Deferred Revenue
YoY Change
Short-Term Debt $353.0M $31.00M
YoY Change 1038.71% -69.0%
Long-Term Debt Due $915.7M $856.9M
YoY Change 6.86% 525.47%
Total Short-Term Liabilities $2.637B $1.921B
YoY Change 37.27% 53.85%
LONG-TERM LIABILITIES
Long-Term Debt $7.363B $6.515B
YoY Change 13.01% -8.0%
Other Long-Term Liabilities $199.3M $137.7M
YoY Change 44.73% -25.2%
Total Long-Term Liabilities $7.562B $6.653B
YoY Change 13.67% -8.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.637B $1.921B
Total Long-Term Liabilities $7.562B $6.653B
Total Liabilities $11.32B $9.560B
YoY Change 18.44% 12.28%
SHAREHOLDERS EQUITY
Retained Earnings $6.935B $5.908B
YoY Change 17.37% 16.7%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.029B $1.638B
YoY Change 23.87% -0.75%
Treasury Stock Shares
Shareholders Equity $7.018B $6.492B
YoY Change
Total Liabilities & Shareholders Equity $18.32B $16.16B
YoY Change 13.39% 7.85%

Cashflow Statement

Concept 2016 Q4 2015 Q4
OPERATING ACTIVITIES
Net Income $405.9M $270.5M
YoY Change 50.06% 21.74%
Depreciation, Depletion And Amortization $63.50M $51.30M
YoY Change 23.78% -0.58%
Cash From Operating Activities $370.8M $288.5M
YoY Change 28.53% 251.83%
INVESTING ACTIVITIES
Capital Expenditures $223.0M $219.0M
YoY Change 1.83% -6.05%
Acquisitions
YoY Change
Other Investing Activities -$272.5M $300.0K
YoY Change -90933.33% -101.47%
Cash From Investing Activities -$495.5M -$218.7M
YoY Change 126.57% -13.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 150.6M 92.90M
YoY Change 62.11% -31.44%
NET CHANGE
Cash From Operating Activities 370.8M 288.5M
Cash From Investing Activities -495.5M -218.7M
Cash From Financing Activities 150.6M 92.90M
Net Change In Cash 25.90M 162.7M
YoY Change -84.08% -551.94%
FREE CASH FLOW
Cash From Operating Activities $370.8M $288.5M
Capital Expenditures $223.0M $219.0M
Free Cash Flow $147.8M $69.50M
YoY Change 112.66% -146.0%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">ACCOUNTING GUIDANCE NOT YET ADOPTED:</font></div><div style="line-height:120%;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">Revenue recognition &#8211;</font></div><div style="line-height:120%;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In May 2014, the FASB issued guidance regarding the recognition of revenue from contracts with customers. Under this guidance, an entity will recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. A five step process will be utilized to recognize revenue, as follows:&#160;&#160;(i)&#160;&#160;identify the contract with a customer, (ii)&#160;&#160;identify the performance obligations in the contract, (iii)&#160;&#160;determine the transaction price, (iv)&#160;&#160;allocate the transaction price to the performance obligations in the contract and (v)&#160;&#160;recognize revenue when (or as) the entity satisfies a performance obligation. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. We are required to adopt this guidance for our annual and interim periods beginning March 1, 2018, utilizing one of two methods:&#160;&#160;retrospective restatement for each reporting period presented at time of adoption, or retrospectively with the cumulative effect of initially applying this guidance recognized at the date of initial application. We are currently assessing the financial impact of this guidance on our consolidated financial statements.</font></div><div style="line-height:120%;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">Leases &#8211;</font></div><div style="line-height:120%;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In February 2016, the FASB issued guidance for the accounting for leases. Under this guidance, a lessee will recognize assets and liabilities for most leases, but will recognize expense similar to current lease accounting guidance. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election not to recognize lease assets and lease liabilities. We are required to adopt this guidance for our annual and interim periods beginning March 1, 2019, using a modified retrospective approach. We are currently assessing the financial impact of this guidance on our consolidated financial statements.</font></div><div style="line-height:120%;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">Stock compensation &#8211;</font></div><div style="line-height:120%;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In March 2016, the FASB issued guidance for the accounting for certain aspects of share-based payment transactions. The guidance requires, among other things, the recognition of the income tax effect of awards in the income statement when the awards vest or are settled, thereby eliminating the recording of the income tax effect in additional paid-in capital. The guidance also requires cash flows from excess tax benefits along with other income tax cash flows to be classified as cash flows from operating activities. We are required to adopt this guidance for our annual and interim periods beginning March 1, 2017. We are currently assessing the financial impact of this guidance on our consolidated financial statements.</font></div></div>

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