3Q24 Investor Update
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES (continued)
(in millions, except per share data)
(unaudited)
Canopy Equity Earnings (Losses) and Related Activities ("Canopy EIE")
Non-GAAP Canopy EIE financial measures are provided because management uses this information to separately monitor our
investment in Canopy. The measures that exclude all of our equity in the earnings (losses) of Canopy and related activities are
defined as "excluding Canopy EIE." Financial measures excluding Canopy EIE are non-GAAP and are provided because
management uses this information to evaluate the results of our core operations which management has determined does not
include our investment in Canopy. In addition, we believe this information provides our investors valuable insight to understand
how management views the Company's performance and on underlying business trends and results in order to evaluate year-
over-year financial performance of our ongoing core business, including relative to industry competitors.
Three Months Ended
November 30, November 30,
2023
2022
(in millions)
Equity earnings (losses) and related activities, Canopy EIE
(GAAP) (¹)
(2)
(Provision for) benefit from income taxes
Net income (loss) attributable to CBI, Canopy EIE (GAAP) (¹) $
Equity earnings (losses) and related activities, Canopy EIE
(GAAP) (¹)
Net (gain) loss on fair value financial instruments
(Gain) loss on dilution of Canopy stock ownership
Acquisition costs
Restructuring and other strategic business development
costs
Goodwill impairment
Net loss on discontinued operations
Other (gains) losses, net
Comparable adjustments, Canopy EIE (Non-GAAP)
Comparable equity earnings (losses), Canopy EIE (Non-
GAAP) (¹)
Comparable (provision for) benefit from income taxes (Non-
(2)
GAAP) (2
Comparable net income (loss) attributable to CBI, Canopy
EIE (Non-GAAP) (¹)
EPS, Canopy EIE (GAAP)
Comparable adjustments, Canopy EIE (Non-GAAP)
Comparable EPS, Canopy EIE (Non-GAAP) (3)
(56.5) $
0.4
(56.1) $
$
(56.5) $
16.3
8.7
1.6
(4.7)
25.0
3.1
50.0
(6.5)
(2.3)
(8.8) $
(0.30) $
0.26
(0.05) $
(60.8) $
4.0
(56.8) $
(60.8) $
7.6
(0.1)
4.0
12.9
0.6
(0.9)
24.1
(36.7)
Nine Months Ended
November 30, November 30,
2023
2022
3.4
Three Months Ended
November 30, November 30,
2023
2022
(33.3) $
(288.3) $
8.6
(279.7) $
(0.31) $
0.13
(0.18) $
(288.3) $
8.2
16.5
4.3
156.3
14.1
25.0
7.1
231.5
(56.8)
5.9
(50.9) $
(876.5)
52.4
(824.1)
(1.52) $
1.24
(0.28) $
(876.5)
69.2
93.9
5.5
115.6
461.4
7.4
753.0
(123.5)
15.1
Nine Months Ended
November 30, November 30,
2023
2022
(108.4)
(4.41)
3.83
(0.58)View entire presentation