Constellation Brands Inc., adjustment to net income (loss) attributable to CBI

US$ in thousands

12 months ended:	Feb 28, 2022	Feb 28, 2021	Feb 29, 2020	Feb 28, 2019	Feb 28, 2018	Feb 28, 2017
Net income (loss) attributable to CBI (as reported)	(40,400)	1,998,000)	(11,800)	3,435,900)	2,318,900)	1,535,100)
Add: Unrealized gain (loss) on available-for-sale debt securities	—)	—)	—)	2,500)	(200)	500)
Net income (loss) attributable to CBI (adjusted)	(40,400)	1,998,000)	(11,800)	3,438,400)	2,318,700)	1,535,600)

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Constellation Brands Inc., adjusted profitability ratios

	Feb 28, 2022	Feb 28, 2021	Feb 29, 2020	Feb 28, 2019	Feb 28, 2018	Feb 28, 2017
Net Profit Margin
Reported net profit margin	-0.46%	23.19%	-0.14%	42.33%	30.57%	20.94%
Adjusted net profit margin	-0.46%	23.19%	-0.14%	42.37%	30.57%	20.95%
Return on Equity (ROE)
Reported ROE	-0.34%	14.69%	-0.10%	27.38%	28.82%	22.28%
Adjusted ROE	-0.34%	14.69%	-0.10%	27.40%	28.82%	22.28%
Return on Assets (ROA)
Reported ROA	-0.16%	7.37%	-0.04%	11.75%	11.29%	8.25%
Adjusted ROA	-0.16%	7.37%	-0.04%	11.76%	11.29%	8.25%

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Constellation Brands Inc. adjusted net profit margin ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Constellation Brands Inc. adjusted ROE improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Constellation Brands Inc. adjusted ROA improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.

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	Feb 28, 2022	Feb 28, 2021	Feb 29, 2020	Feb 28, 2019	Feb 28, 2018	Feb 28, 2017
As Reported
Selected Financial Data (US$ in thousands)
Net income (loss) attributable to CBI	(40,400)	1,998,000)	(11,800)	3,435,900)	2,318,900)	1,535,100)
Net sales	8,820,700)	8,614,900)	8,343,500)	8,116,000)	7,585,000)	7,331,500)
Profitability Ratio
Net profit margin¹	-0.46%	23.19%	-0.14%	42.33%	30.57%	20.94%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in thousands)
Adjusted net income (loss) attributable to CBI	(40,400)	1,998,000)	(11,800)	3,438,400)	2,318,700)	1,535,600)
Net sales	8,820,700)	8,614,900)	8,343,500)	8,116,000)	7,585,000)	7,331,500)
Profitability Ratio
Adjusted net profit margin²	-0.46%	23.19%	-0.14%	42.37%	30.57%	20.95%

2022 Calculations

¹ Net profit margin = 100 × Net income (loss) attributable to CBI ÷ Net sales
= 100 × -40,400 ÷ 8,820,700 = -0.46%

² Adjusted net profit margin = 100 × Adjusted net income (loss) attributable to CBI ÷ Net sales
= 100 × -40,400 ÷ 8,820,700 = -0.46%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Constellation Brands Inc. adjusted net profit margin ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.

	Feb 28, 2022	Feb 28, 2021	Feb 29, 2020	Feb 28, 2019	Feb 28, 2018	Feb 28, 2017
As Reported
Selected Financial Data (US$ in thousands)
Net income (loss) attributable to CBI	(40,400)	1,998,000)	(11,800)	3,435,900)	2,318,900)	1,535,100)
Total CBI stockholders’ equity	11,731,900)	13,598,900)	12,131,800)	12,551,000)	8,046,100)	6,891,200)
Profitability Ratio
ROE¹	-0.34%	14.69%	-0.10%	27.38%	28.82%	22.28%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in thousands)
Adjusted net income (loss) attributable to CBI	(40,400)	1,998,000)	(11,800)	3,438,400)	2,318,700)	1,535,600)
Total CBI stockholders’ equity	11,731,900)	13,598,900)	12,131,800)	12,551,000)	8,046,100)	6,891,200)
Profitability Ratio
Adjusted ROE²	-0.34%	14.69%	-0.10%	27.40%	28.82%	22.28%

2022 Calculations

¹ ROE = 100 × Net income (loss) attributable to CBI ÷ Total CBI stockholders’ equity
= 100 × -40,400 ÷ 11,731,900 = -0.34%

² Adjusted ROE = 100 × Adjusted net income (loss) attributable to CBI ÷ Total CBI stockholders’ equity
= 100 × -40,400 ÷ 11,731,900 = -0.34%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Constellation Brands Inc. adjusted ROE improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.

	Feb 28, 2022	Feb 28, 2021	Feb 29, 2020	Feb 28, 2019	Feb 28, 2018	Feb 28, 2017
As Reported
Selected Financial Data (US$ in thousands)
Net income (loss) attributable to CBI	(40,400)	1,998,000)	(11,800)	3,435,900)	2,318,900)	1,535,100)
Total assets	25,855,800)	27,104,800)	27,323,200)	29,231,500)	20,538,700)	18,602,400)
Profitability Ratio
ROA¹	-0.16%	7.37%	-0.04%	11.75%	11.29%	8.25%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in thousands)
Adjusted net income (loss) attributable to CBI	(40,400)	1,998,000)	(11,800)	3,438,400)	2,318,700)	1,535,600)
Total assets	25,855,800)	27,104,800)	27,323,200)	29,231,500)	20,538,700)	18,602,400)
Profitability Ratio
Adjusted ROA²	-0.16%	7.37%	-0.04%	11.76%	11.29%	8.25%

2022 Calculations

¹ ROA = 100 × Net income (loss) attributable to CBI ÷ Total assets
= 100 × -40,400 ÷ 25,855,800 = -0.16%

² Adjusted ROA = 100 × Adjusted net income (loss) attributable to CBI ÷ Total assets
= 100 × -40,400 ÷ 25,855,800 = -0.16%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Constellation Brands Inc. adjusted ROA improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.

Constellation Brands Inc. (NYSE:STZ)

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