Brown-Forman Reports Very Strong, Broad-Based Fiscal 2022 Performance; Expects Momentum to Continue in Fiscal 2023

LOUISVILLE, Ky.–(BUSINESS WIRE)–Brown-Forman Corporation (NYSE: BFA, BFB) reported financial results for its fourth quarter and fiscal year ended April 30, 2022. For the fourth quarter, the company’s reported net sales1 of $996 million increased 23% (+27% on an organic basis2). In the quarter, reported operating income increased 46% to $246 million (+62% on an organic basis) and diluted earnings per share increased 26% to $0.31.

For the full year, the company’s reported net sales increased 14% to $3,933 million (+17% on an organic basis). Reported operating income increased 3% to $1,204 million (+27% on an organic basis) in the fiscal year, while diluted earnings per share decreased 7% to $1.74 primarily due to higher income taxes partially offset by the increase in reported operating income. Earnings per share in fiscal 2021 included an estimated $0.20 per share benefit from the gain on the sale of the Early Times, Canadian Mist, and Collingwood brands and related assets.

Lawson Whiting, Brown-Forman’s President and Chief Executive Officer stated, “I am proud of our exceptional results, our strategic progress, and yet another year of growth despite numerous headwinds. We achieved these results due in large part to the resurgence of Jack Daniel’s Tennessee Whiskey, which experienced strong consumer demand as the on-premise channel reopened around the world. Equally important, we believe we are well positioned for continued growth in the fiscal year ahead given our strategic initiatives and our talented teams.”

Fiscal 2022 Highlights

  • Reported net sales grew 14% (+17% organic) building on our fiscal 2021 growth.
    • All geographic clusters contributed meaningfully to strong reported net sales growth.
    • Jack Daniel’s Tennessee Whiskey fueled overall company performance with 20% reported net sales growth (+23% organic).
    • Premium bourbons, led by Woodford Reserve and Old Forester, grew reported net sales 17% (+17% organic).
    • The tequila portfolio, driven by Herradura and el Jimador, grew reported net sales 22% (+20% organic).
    • Gross margin expanded 30 basis points.
    • Reported advertising expense increased 10% (+11% organic) as we continued to invest for growth across the brand portfolio.
    • Returned $831 million to stockholders, which included a special cash dividend of $1 per share, or approximately $480 million, and $351 million in regular dividends.

Fiscal 2022 Brand Results

  • The Jack Daniel’s family of brands delivered double-digit reported net sales growth of 15% (+17% organic) fueled by a strong, broad-based resurgence of Jack Daniel’s Tennessee Whiskey, reflecting higher volumes and a favorable channel mix shift to the on-premise channel. An estimated net increase in distributor inventories positively impacted reported net sales. Further gains for the Jack Daniel’s family of brands were delivered by the continued international launch of Jack Daniel’s Tennessee Apple and the international growth of Jack Daniel’s RTDs. Supply chain disruptions adversely impacted fiscal 2022 results for Jack Daniel’s Tennessee Whiskey, Jack Daniel’s Tennessee Honey, and Jack Daniel’s Tennessee Fire.
  • Premium bourbons, propelled by Woodford Reserve and Old Forester, delivered 17% reported net sales growth (+17% organic). Gains for Woodford Reserve, the leader by volume and value in the super-premium American whiskey category, were driven by higher volumes and pricing in the United States and higher volumes in the Travel Retail channel. Woodford Reserve’s reported net sales were negatively impacted by supply chain disruptions. Old Forester sustained double-digit reported net sales growth and surpassed 400,000 nine-liter cases in fiscal 2022.
  • Our tequilas delivered double-digit reported net sales growth of 22% (+21% organic) driven by the broad-based growth of Herradura and el Jimador, led by the United States.

Fiscal 2022 Market Results

  • The company delivered strong, broad-based reported net sales growth across all geographic clusters and the Travel Retail channel. Supply chain disruptions had an adverse effect on results.
  • Reported net sales in the United States3 grew 10% (+12% organic) led by Jack Daniel’s Tennessee Whiskey, higher volumes and price increases for our premium bourbons, Woodford Reserve, and Old Forester, and volumetric growth of Herradura and el Jimador. An estimated net increase in distributor inventories positively impacted reported net sales. Reported net sales growth was partially offset by the effect of acquisitions and divestitures in the prior year along with lower volumes for Jack Daniel’s Tennessee Honey, which was adversely impacted by supply chain disruptions.
  • Developed international3 markets grew reported net sales 12% (+16% organic) with broad-based volumetric growth from Jack Daniel’s Tennessee Whiskey and higher volumes and prices of Jack Daniel’s RTDs. An estimated net increase in distributor inventories positively impacted reported net sales. Reported net sales growth was partially offset by the negative effect of foreign exchange.
  • Emerging markets3 grew reported net sales 24% (+29% organic) reflecting the broad-based growth of Jack Daniel’s Tennessee Whiskey and the continued international launch of Jack Daniel’s Tennessee Apple, partially offset by the negative effect of foreign exchange. An estimated net increase in distributor inventories positively impacted reported net sales.
  • The Travel Retail3 channel rebounded with reported net sales growth of 65% (+67% organic) as we cycled against significant declines during the same prior year period.

Fiscal 2022 Other P&L Items

  • Reported gross profit increased 14% (+17% organic). Gross margin expanded 30 basis points to 60.8%, driven primarily by favorable price/mix and the effect of acquisitions and divestitures, largely offset by higher costs.
  • Reported advertising expense increased 10% (+11% organic) as the company continued to fuel momentum and invest for future growth. Reported selling, general, and administrative expenses increased 3% (+7% organic) due to higher discretionary spend and one-time items including a special employee bonus and costs related to the impact of Russia’s invasion of Ukraine.
  • During the fourth quarter, we recognized a $52 million non-cash impairment charge for our Finlandia brand name. The impairment reflects a decline in our long-term outlook for Finlandia due to our suspension of operations in Russia, a key market for the brand.
  • The company’s reported operating income increased by 3% (+27% organic).

Fiscal 2022 Financial Stewardship

  • During fiscal 2022, the company returned nearly $831 million to stockholders through its regular quarterly dividend as well as a $480 million special dividend paid during the third quarter of fiscal 2022. Brown-Forman, a member of the prestigious S&P 500 Dividend Aristocrats index, has paid regular quarterly cash dividends for 78 consecutive years and has increased the regular dividend for 38 consecutive years.

Fiscal Year 2023 Outlook

The company anticipates continued growth in fiscal 2023 despite global macroeconomic and geopolitical uncertainties. Accordingly, we expect the following in fiscal 2023:

  • With the strength of our portfolio of brands and strong consumer demand, we expect organic net sales growth in the mid-single digit range.
  • Considering the net effect of inflation and the removal of the EU and UK tariffs on American whiskey, we project reported gross margin to expand slightly.
  • Based on the above expectations, we anticipate mid-single digit organic operating income growth.
  • We expect our fiscal 2023 effective tax rate to be in the range of approximately 22% to 23%.
  • Capital expenditures are planned to be in the range of $190 to $210 million.

Conference Call Details

Brown-Forman will host a conference call to discuss these results at 10:00 a.m. (ET) today. All interested parties in the United States are invited to join the conference call by dialing 833-962-1472 and asking for the Brown-Forman call. International callers should dial +1-442-268-1255. The company suggests that participants dial in 10 minutes in advance of the 10:00 a.m. (ET) start of the conference call. A live audio broadcast of the conference call, and the accompanying presentation slides, will also be available via Brown-Forman’s Internet website, http://www.brown-forman.com/, through a link to “Investors/Events & Presentations.” A digital audio recording of the conference call and the presentation slides will also be posted on the website and will be available for at least 30 days following the conference call.

For over 150 years, Brown-Forman Corporation has enriched the experience of life by responsibly building fine quality beverage alcohol brands, including Jack Daniel’s Tennessee Whiskey, Jack Daniel’s Tennessee RTDs, Jack Daniel’s Tennessee Honey, Jack Daniel’s Tennessee Fire, Jack Daniel’s Tennessee Apple, Gentleman Jack, Jack Daniel’s Single Barrel, Woodford Reserve, Old Forester, Coopers’ Craft, GlenDronach, Benriach, Glenglassaugh, Slane, Herradura, el Jimador, New Mix, Korbel, Sonoma-Cutrer, Finlandia, Chambord, and Fords Gin. Brown-Forman’s brands are supported by approximately 4,700 employees and sold in more than 170 countries worldwide. For more information about the company, please visit http://www.brown-forman.com/.

Important Information on Forward-Looking Statements:

This press release contains statements, estimates, and projections that are “forward-looking statements” as defined under U.S. federal securities laws. Words such as “aim,” “anticipate,” “aspire,” “believe,” “can,” “continue,” “could,” “envision,” “estimate,” “expect,” “expectation,” “intend,” “may,” “might,” “plan,” “potential,” “project,” “pursue,” “see,” “seek,” “should,” “will,” “would,” and similar words indicate forward-looking statements, which speak only as of the date we make them. Except as required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. By their nature, forward-looking statements involve risks, uncertainties, and other factors (many beyond our control) that could cause our actual results to differ materially from our historical experience or from our current expectations or projections. These risks and uncertainties include, but are not limited to:

  • Our substantial dependence upon the continued growth of the Jack Daniel’s family of brands
  • Substantial competition from new entrants, consolidations by competitors and retailers, and other competitive activities, such as pricing actions (including price reductions, promotions, discounting, couponing, or free goods), marketing, category expansion, product introductions, or entry or expansion in our geographic markets or distribution networks
  • Route-to-consumer changes that affect the timing of our sales, temporarily disrupt the marketing or sale of our products, or result in higher fixed costs
  • Disruption of our distribution network or inventory fluctuations in our products by distributors, wholesalers, or retailers
  • Changes in consumer preferences, consumption, or purchase patterns – particularly away from larger producers in favor of small distilleries or local producers, or away from brown spirits, our premium products, or spirits generally, and our ability to anticipate or react to them; further legalization of marijuana; shifts in consumer purchase practices; bar, restaurant, travel, or other on-premise declines; shifts in demographic or health and wellness trends; or unfavorable consumer reaction to new products, line extensions, package changes, product reformulations, or other product innovation
  • Production facility, aging warehouse, or supply chain disruption
  • Imprecision in supply/demand forecasting
  • Higher costs, lower quality, or unavailability of energy, water, raw materials, product ingredients, or labor
  • Impact of health epidemics and pandemics, including the COVID-19 pandemic, and the risk of the resulting negative economic impact and related governmental actions
  • Unfavorable global or regional economic conditions, particularly related to the COVID-19 pandemic, and related economic slowdowns or recessions, low consumer confidence, high unemployment, weak credit or capital markets, budget deficits, burdensome government debt, austerity measures, higher interest rates, higher taxes, political instability, higher inflation, deflation, lower returns on pension assets, or lower discount rates for pension obligations
  • Product recalls or other product liability claims, product tampering, contamination, or quality issues
  • Negative publicity related to our company, products, brands, marketing, executive leadership, employees, board of directors, family stockholders, operations, business performance, or prospects
  • Failure to attract or retain key executive or employee talent
  • Risks associated with acquisitions, dispositions, business partnerships, or investments – such as acquisition integration, termination difficulties or costs, or impairment in recorded value
  • Risks associated with being a U.S.-based company with a global business, including commercial, political, and financial risks; local labor policies and conditions; protectionist trade policies, or economic or trade sanctions, including additional retaliatory tariffs on American whiskeys and the effectiveness of our actions to mitigate the negative impact on our margins, sales, and distributors; compliance with local trade practices and other regulations; terrorism; and health pandemics
  • Failure to comply with anti-corruption laws, trade sanctions and restrictions, or similar laws or regulations
  • Fluctuations in foreign currency exchange rates, particularly a stronger U.S. dollar
  • Changes in laws, regulatory measures, or governmental policies – especially those that affect the production, importation, marketing, labeling, pricing, distribution, sale, or consumption of our beverage alcohol products
  • Tax rate changes (including excise, corporate, sales or value-added taxes, property taxes, payroll taxes, import and export duties, and tariffs) or changes in related reserves, changes in tax rules or accounting standards, and the unpredictability and suddenness with which they can occur
  • Decline in the social acceptability of beverage alcohol in significant markets
  • Significant additional labeling or warning requirements or limitations on availability of our beverage alcohol products
  • Counterfeiting and inadequate protection of our intellectual property rights
  • Significant legal disputes and proceedings, or government investigations
  • Cyber breach or failure or corruption of our key information technology systems or those of our suppliers, customers, or direct and indirect business partners, or failure to comply with personal data protection laws
  • Our status as a family “controlled company” under New York Stock Exchange rules, and our dual-class share structure

For further information on these and other risks, please refer to our public filings, including the “Risk Factors” section of our annual report on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission.

 
 

Brown-Forman Corporation

Unaudited Consolidated Statements of Operations

For the Three Months Ended April 30, 2021 and 2022

(Dollars in millions, except per share amounts)

 

 

2021

 

2022

 

Change

 

 

 

 

 

 

Net sales

$

812

 

 

$

996

 

 

23%

Cost of sales

 

314

 

 

 

370

 

 

18%

Gross profit

 

498

 

 

 

626

 

 

26%

Advertising expenses

 

121

 

 

 

127

 

 

6%

Selling, general, and administrative expenses

 

211

 

 

 

195

 

 

(8%)

Other expense (income), net

 

(2

)

 

 

58

 

 

 

Operating income

 

168

 

 

 

246

 

 

46%

Non-operating postretirement expense

 

2

 

 

 

11

 

 

 

Interest expense, net

 

19

 

 

 

19

 

 

 

Income before income taxes

 

147

 

 

 

216

 

 

47%

Income taxes

 

27

 

 

 

65

 

 

 

Net income

$

120

 

 

$

151

 

 

26%

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

Basic

$

0.25

 

 

$

0.32

 

 

26%

Diluted

$

0.25

 

 

$

0.31

 

 

26%

 

 

 

 

 

 

Gross margin

 

61.4

%

 

 

62.8

%

 

 

Operating margin

 

20.7

%

 

 

24.7

%

 

 

 

 

 

 

 

 

Effective tax rate

 

18.4

%

 

 

30.2

%

 

 

 

 

 

 

 

 

Cash dividends paid per common share

$

0.1795

 

 

$

0.1885

 

 

 

 

 

 

 

 

 

Shares (in thousands) used in the calculation of earnings per share

 

 

 

 

 

Basic

 

478,696

 

 

 

478,976

 

 

 

Diluted

 

480,713

 

 

 

480,456

 

 

 

 
 

Brown-Forman Corporation

Unaudited Consolidated Statements of Operations

For the Twelve Months Ended April 30, 2021 and 2022

(Dollars in millions, except per share amounts)

 

 

2021

 

2022

 

Change

 

 

 

 

 

 

Net sales

$

3,461

 

 

$

3,933

 

 

14%

Cost of sales

 

1,367

 

 

 

1,542

 

 

13%

Gross profit

 

2,094

 

 

 

2,391

 

 

14%

Advertising expenses

 

399

 

 

 

438

 

 

10%

Selling, general, and administrative expenses

 

671

 

 

 

690

 

 

3%

Gain on sale of business

 

(127

)

 

 

 

 

 

Other expense (income), net

 

(15

)

 

 

59

 

 

 

Operating income

 

1,166

 

 

 

1,204

 

 

3%

Non-operating postretirement expense

 

6

 

 

 

13

 

 

 

Interest expense, net

 

79

 

 

 

77

 

 

 

Income before income taxes

 

1,081

 

 

 

1,114

 

 

3%

Income taxes

 

178

 

 

 

276

 

 

 

Net income

$

903

 

 

$

838

 

 

(7%)

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

Basic

$

1.89

 

 

$

1.75

 

 

(7%)

Diluted

$

1.88

 

 

$

1.74

 

 

(7%)

 

 

 

 

 

 

Gross margin

 

60.5

%

 

 

60.8

%

 

 

Operating margin

 

33.7

%

 

 

30.6

%

 

 

 

 

 

 

 

 

Effective tax rate

 

16.5

%

 

 

24.8

%

 

 

 

 

 

 

 

 

Cash dividends paid per common share

$

0.7076

 

 

$

1.7360

 

 

 

 

 

 

 

 

 

Shares (in thousands) used in the calculation of earnings per share

 

 

 

 

 

Basic

 

478,527

 

 

 

478,879

 

 

 

Diluted

 

480,677

 

 

 

480,565

 

 

 

 
 

Brown-Forman Corporation

Unaudited Condensed Consolidated Balance Sheets

(Dollars in millions)

 

 

April 30,

2021

 

April 30,

2022

Assets:

 

 

 

Cash and cash equivalents

$

1,150

 

$

868

Accounts receivable, net

 

753

 

 

813

Inventories

 

1,751

 

 

1,818

Other current assets

 

263

 

 

277

Total current assets

 

3,917

 

 

3,776

 

 

 

 

Property, plant, and equipment, net

 

832

 

 

875

Goodwill

 

779

 

 

761

Other intangible assets

 

676

 

 

586

Other assets

 

318

 

 

375

Total assets

$

6,522

 

$

6,373

 

 

 

 

Liabilities:

 

 

 

Accounts payable and accrued expenses

$

679

 

$

703

Dividends payable

 

 

 

Accrued income taxes

 

34

 

 

81

Short-term borrowings

 

205

 

 

Current portion of long-term debt

 

 

 

250

Total current liabilities

 

918

 

 

1,034

 

 

 

 

Long-term debt

 

2,354

 

 

2,019

Deferred income taxes

 

169

 

 

219

Accrued postretirement benefits

 

219

 

 

183

Other liabilities

 

206

 

 

181

Total liabilities

 

3,866

 

 

3,636

 

 

 

 

Stockholders’ equity

 

2,656

 

 

2,737

 

 

 

 

Total liabilities and stockholders’ equity

$

6,522

 

$

6,373

 
 

Brown-Forman Corporation

Unaudited Condensed Consolidated Statements of Cash Flows

For the Twelve Months Ended April 30, 2021 and 2022

(Dollars in millions)

 

 

2021

 

2022

 

 

 

 

Cash provided by operating activities

$

817

 

 

$

936

 

 

 

 

 

Cash flows from investing activities:

 

 

 

Proceeds from sale of business

 

177

 

 

 

 

Acquisition of business, net of cash acquired

 

(14

)

 

 

 

Additions to property, plant, and equipment

 

(62

)

 

 

(138

)

Other

 

(3

)

 

 

11

 

Cash provided by (used for) investing activities

 

98

 

 

 

(127

)

 

 

 

 

Cash flows from financing activities:

 

 

 

Net change in short-term borrowings

 

(126

)

 

 

(196

)

Dividends paid

 

(338

)

 

 

(831

)

Other

 

(21

)

 

 

(11

)

Cash used for financing activities

 

(485

)

 

 

(1,038

)

 

 

 

 

Effect of exchange rate changes

 

45

 

 

 

(47

)

 

 

 

 

Net increase (decrease) in cash, cash equivalents, and restricted cash

 

475

 

 

 

(276

)

 

 

 

 

Cash, cash equivalents, and restricted cash at beginning of period

 

675

 

 

 

1,150

 

 

 

 

 

Cash, cash equivalents, and restricted cash at end of period

 

1,150

 

 

 

874

 

Less: Restricted cash at end of period

 

 

 

 

(6

)

Cash and cash equivalents at end of period

$

1,150

 

 

$

868

 

 
 

Schedule A

Brown-Forman Corporation

Supplemental Statement of Operations Information (Unaudited)

 

 

 

 

 

 

 

 

 

Three Months

Ended

 

Twelve Months

Ended

 

Fiscal Year

Ended

 

 

April 30, 2022

 

April 30, 2022

 

April 30, 2021

 

 

 

 

 

 

 

Reported change in net sales

 

23%

 

14%

 

3%

Acquisitions and divestitures

 

1%

 

2%

 

—%

Foreign exchange

 

3%

 

2%

 

(1)%

Organic change in net sales2

 

27%

 

17%

 

2%

 

 

 

 

 

 

 

Reported change in gross profit

 

26%

 

14%

 

(2)%

Acquisitions and divestitures

 

—%

 

1%

 

1%

Foreign exchange

 

3%

 

3%

 

(1)%

Organic change in gross profit2

 

28%

 

17%

 

(2)%

 

 

 

 

 

 

 

Reported change in advertising expenses

 

6%

 

10%

 

4%

Foreign exchange

 

5%

 

2%

 

(2)%

Organic change in advertising expenses2

 

10%

 

11%

 

2%

 

 

 

 

 

 

 

Reported change in SG&A

 

(8)%

 

3%

 

4%

Foundation

 

10%

 

3%

 

(3)%

Foreign exchange

 

3%

 

1%

 

(1)%

Organic change in SG&A2

 

4%

 

7%

 

—%

 

 

 

 

 

 

 

Reported change in operating income

 

46%

 

3%

 

7%

Acquisitions and divestitures

 

(1)%

 

14%

 

(10)%

Foundation

 

(19)%

 

(2)%

 

2%

Impairment Charges

 

31%

 

6%

 

(1)%

Foreign exchange

 

4%

 

6%

 

(2)%

Organic change in operating income2

 

62%

 

27%

 

(5)%

 

 

 

 

 

 

 

Note: Totals may differ due to rounding to match the format of other schedules

 

 

 

 

 

 

 

See “Note 2 – Non-GAAP Financial Measures” for details on our use of Non-GAAP financial measures, how these measures are calculated and the reasons why we believe this information is useful to readers.

 
 

Schedule B

Brown-Forman Corporation

Supplemental Brand Information (Unaudited)

Twelve Months Ended April 30, 2022

 

 

 

 

% Change vs. Prior Year Period

Brand3

Depletions (Millions)

Depletions3

Net Sales

9-Liter

Drinks

Equivalent3

9-Liter4

Drinks

Equivalent3

Reported

Acquisitions

and

Divestitures

Foreign

Exchange

Organic2

Whiskey

31.3

21.7

10%

10%

13%

2%

2%

18%

Jack Daniel’s family of brands

29.2

19.6

9%

9%

15%

—%

3%

17%

Jack Daniel’s Tennessee Whiskey

14.0

14.0

12%

12%

20%

—%

4%

23%

Jack Daniel’s RTD and RTP

10.7

1.1

9%

9%

6%

—%

1%

7%

Jack Daniel’s Tennessee Honey

2.1

2.1

1%

1%

—%

—%

2%

2%

Gentleman Jack

0.8

0.8

(8)%

(8)%

(3)%

—%

2%

—%

Jack Daniel’s Tennessee Fire

0.6

0.6

0%

0%

16%

—%

(2)%

13%

Jack Daniel’s Tennessee Apple

0.7

0.7

23%

23%

44%

—%

2%

46%

Other Jack Daniel’s Whiskey Brands

0.3

0.3

0%

0%

17%

—%

2%

19%

Woodford Reserve

1.4

1.4

14%

14%

16%

—%

—%

16%

Rest of Whiskey

0.6

0.6

17%

17%

(10)%

37%

1%

28%

Tequila

10.4

3.3

1%

14%

22%

—%

(2)%

20%

el Jimador

1.6

1.6

25%

25%

27%

—%

(1)%

27%

Herradura

0.7

0.7

27%

27%

29%

—%

(1)%

28%

Rest of Tequila

8.1

1.0

(4)%

(6)%

6%

—%

(3)%

3%

Wine

2.1

2.1

1%

1%

6%

—%

—%

6%

Vodka

2.6

2.6

12%

12%

21%

—%

2%

23%

Rest of Portfolio

0.7

0.7

6%

6%

10%

(2)%

14%

22%

Non-branded and bulk

NM

NM

NM

NM

6%

18%

1%

25%

Total Portfolio

47.1

30.4

7%

10%

14%

2%

2%

17%

Other Brand Aggregations

 

 

 

 

 

 

 

 

American Whiskey

31.1

21.5

10%

10%

14%

1%

2%

17%

Premium Bourbons

1.9

1.9

14%

14%

17%

—%

—%

17%

See “Note 2 – Non-GAAP Financial Measures” for details on our use of Non-GAAP financial measures, how these measures are calculated and the reasons why we believe this information is useful to readers.

Note: Totals may differ due to rounding

 
 

Schedule C

Brown-Forman Corporation

Supplemental Geographic Information (Unaudited)

Twelve Months Ended April 30, 2022

 

% Change vs. Prior-Year Period

Geographic Area3

Net Sales

Reported

Acquisitions

and

Divestitures

Foreign

Exchange

Organic2

United States

10%

2%

—%

12%

Developed International

12%

—%

4%

16%

Germany

11%

—%

3%

14%

Australia

5%

—%

2%

7%

United Kingdom

7%

—%

9%

15%

France

(1)%

—%

3%

2%

Rest of Developed International

32%

2%

3%

37%

Emerging

24%

—%

5%

29%

Mexico

19%

—%

(4)%

15%

Poland

9%

—%

4%

13%

Brazil

22%

—%

(1)%

21%

Russia

7%

—%

6%

13%

Chile

64%

—%

—%

64%

Rest of Emerging

34%

—%

15%

49%

Travel Retail

65%

2%

1%

67%

Non-branded and bulk

6%

18%

1%

25%

Total

14%

2%

2%

17%

 

See “Note 2 – Non-GAAP Financial Measures” for details on our use of Non-GAAP financial measures, how these measures are calculated and the reasons why we believe this information is useful to readers.

Note: Totals may differ due to rounding

 
 

Schedule D

Brown-Forman Corporation

Supplemental Free Cash Flow Information (Unaudited)

(Dollars in millions)

 

 

 

 

 

Twelve Months Ended

 

 

April 30, 2021

 

April 30, 2022

 

 

 

 

 

Cash provided by operating activities

 

$

817

 

 

$

936

 

Additions to property, plant, and equipment

 

 

(62

)

 

 

(138

)

Free Cash Flow2

 

$

755

 

 

$

798

 

See “Note 2 – Non-GAAP Financial Measures” for details on our use of Non-GAAP financial measures, how these measures are calculated and the reasons why we believe this information is useful to readers.

Contacts

ROB FREDERICK

VICE PRESIDENT

CORPORATE COMMUNICATIONS

502-774-7707

SUE PERRAM

DIRECTOR

INVESTOR RELATIONS

502-774-6862

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