Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Net Profit Margin since 2005
- Debt to Equity since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
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Constellation Brands Inc., consolidated cash flow statement (quarterly data)
US$ in thousands
Based on: 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-K (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-Q (reporting date: 2021-05-31), 10-K (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-Q (reporting date: 2020-05-31), 10-K (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-31), 10-K (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31), 10-Q (reporting date: 2018-05-31), 10-K (reporting date: 2018-02-28), 10-Q (reporting date: 2017-11-30), 10-Q (reporting date: 2017-08-31), 10-Q (reporting date: 2017-05-31), 10-K (reporting date: 2017-02-28), 10-Q (reporting date: 2016-11-30), 10-Q (reporting date: 2016-08-31), 10-Q (reporting date: 2016-05-31).
- Net income (loss)
- The net income shows significant volatility over the observed periods, with notable peaks such as $1.15 billion in Aug 2018 and $1.29 billion in Nov 2020. However, there are also periods of negative net income, for example in May 2019 (-$237.1 million), Aug 2019 (-$517 million), and May 2021 (-$897.3 million). This variability indicates episodic profitability and potential one-time impacts affecting earnings.
- Unrealized net gain/loss on securities
- This item reflects large unrealized losses in many quarters, particularly between Nov 2017 and Feb 2019 where losses exceeded $600 million, and again in later quarters with amounts in the hundreds of millions, signifying volatility in fair value measurements of securities held by the company.
- Deferred tax provision (benefit)
- The deferred tax provision fluctuates markedly, with significant benefits recorded in periods such as Nov 2019 (-$740.1 million) and Aug 2019 (-$207.3 million), contrasted with provisions in other quarters. This suggests large deferred tax adjustments, likely reflecting tax planning or changes in tax law.
- Depreciation
- Depreciation steadily increases from about $55.8 million in May 2016 to roughly $94.9 million in Nov 2022, indicating asset base growth or changes in asset composition over time.
- Stock-based compensation
- Stock-based compensation fluctuates but generally trends upward, peaking at $21 million in Nov 2022. The fluctuations indicate changes in the use or valuation of stock incentive programs.
- Equity in earnings/losses of equity method investees
- This item exhibits wide swings, including extremely high earnings of $650.1 million in Nov 2022 and losses in other quarters. Such variation may reflect the performance of affiliated companies or significant one-time events.
- Noncash lease expense
- The noncash lease expense remains relatively stable in the $20-23 million range over the latest reported quarters, suggesting consistent lease obligations accounted on a noncash basis.
- Impairment and amortization of intangible assets
- Significant occasional impairments occur, notably $109.5 million in Feb 2019, indicating reassessments of intangible asset values that impact earnings non-recurringly.
- Amortization of debt issuance costs and debt extinguishment losses
- This expense shows irregular spikes, such as $81.1 million in Feb 2018, highlighting episodes of debt refinancing or restructuring costs.
- Impairment of Canopy Equity Method Investment
- A substantial impairment charge of over $1 billion appears in Nov 2022, likely representing a major write-down impacting equity affiliates and profitability in that period.
- Net cash provided by operating activities
- Operating cash flow generally trends positively, exceeding $900 million in several quarters, but with some fluctuations that may reflect working capital changes or earnings volatility.
- Investing activities
- Purchases of property, plant, and equipment show sustained capital expenditure, generally between $140 million and $430 million per quarter, reflecting ongoing investment. The company also reports significant outflows for business acquisitions at times, including a $575 million inflow in Feb 2017 related to sale proceeds. Overall, net cash used in investing activities is persistently negative, indicative of continuous investment.
- Financing activities
- Financing cash flows vary widely, with large positive inflows corresponding to issuances of long-term debt and large negative outflows linked to repayments and share repurchases. The company exhibits active debt management with considerable refinancing and borrowing activity. Dividends are consistently paid, generally increasing slightly over time. Notably, share repurchases display large negative cash outflows in multiple quarters, confirming significant capital return to shareholders.
- Working capital accounts
- Accounts receivable, inventories, and accounts payable show notable volatility with substantial negative and positive changes in several quarters, suggesting variability in operational working capital management. Negative accounts receivable balances in many periods may indicate adjustments or timing differences. Inventory swings are pronounced, with large negative impacts possibly related to write-downs or changes in demand and supply management.
- Additional observations
- Unusual and large one-time items appear intermittently, such as impairments on brewery construction and assets held for sale, loss on business sales, and settlements associated with treasury locks, impacting profitability and cash flows. Exchange rate effects are relatively minor but occasionally contribute small positive or negative impacts on cash and equivalents.
- Summary
- The financial data exhibits cyclical patterns with intermittent significant non-recurring items that contribute to considerable fluctuations in net income and cash flows. The company maintains substantial capital expenditures and acquisition activity, financed through a dynamic debt issuance and repayment strategy alongside shareholder returns via dividends and buybacks. Large impairments and tax provision adjustments signal ongoing portfolio reassessments and tax planning initiatives. Overall, the data reflects a complex financial profile with variable profitability and robust investment and financing activities.