Cash flow Brown-Forman Corporation

Equities

BF.B

US1156372096

Distillers & Wineries

Market Closed - Nyse Other stock markets 01:30:02 21/09/2024 am IST			5-day change	1st Jan Change
46.37 ^USD	-2.91%		-0.19%	-18.79%

17/09	Brown-Forman Corporation Presents at TD Cowen's 2nd Annual Sip, Snack & Scrub Summit 2024, Sep-17-2024 11:00 AM
06/09	Bernstein Adjusts Price Target on Brown-Forman to $61 From $64, Maintains Outperform Rating	MT

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Published financial data: BROWN-FORMAN CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: April	2020	2021	2022	2023	2024
Revenues	3.36B	3.46B	3.93B	4.23B	4.18B
Total Revenues	3.36B	3.46B	3.93B	4.23B	4.18B
Cost of Goods Sold, Total	1.24B	1.37B	1.54B	1.73B	1.65B
Gross Profit	2.13B	2.09B	2.39B	2.49B	2.53B
Selling General & Admin Expenses, Total	1.03B	1.08B	1.14B	1.27B	1.36B
Other Operating Expenses	-16M	2M	14M	-5M	23M
Other Operating Expenses, Total	1.01B	1.08B	1.16B	1.26B	1.38B
Operating Income	1.11B	1.02B	1.24B	1.23B	1.14B
Interest Expense, Total	-82M	-81M	-82M	-90M	-127M
Interest And Investment Income	5M	2M	5M	9M	14M
Net Interest Expenses	-77M	-79M	-77M	-81M	-113M
Currency Exchange Gains (Loss)	-14M	17M	7M	16M	8M
EBT, Excl. Unusual Items	1.02B	954M	1.17B	1.17B	1.04B
Merger & Related Restructuring Charges	-	-	-	-55M	-
Gain (Loss) On Sale Of Assets	-	127M	-	-	274M
Asset Writedown	-13M	-	-52M	-96M	-7M
Other Unusual Items	-	-	-	-	-9M
EBT, Incl. Unusual Items	1.01B	1.08B	1.11B	1.02B	1.3B
Income Tax Expense	182M	178M	276M	234M	274M
Earnings From Continuing Operations	827M	903M	838M	783M	1.02B
Net Income to Company	827M	903M	838M	783M	1.02B
Net Income - (IS)	827M	903M	838M	783M	1.02B
Net Income to Common Incl Extra Items	827M	903M	838M	783M	1.02B
Net Income to Common Excl. Extra Items	827M	903M	838M	783M	1.02B
Per Share Items
Net EPS - Basic	1.73	1.89	1.75	1.63	2.15
Basic EPS - Continuing Operations	1.73	1.89	1.75	1.63	2.15
Basic Weighted Average Shares Outstanding	478M	479M	479M	479M	476M
Net EPS - Diluted	1.72	1.88	1.74	1.63	2.14
Diluted EPS - Continuing Operations	1.72	1.88	1.74	1.63	2.14
Diluted Weighted Average Shares Outstanding	480M	481M	481M	480M	477M
Normalized Basic EPS	1.34	1.25	1.52	1.52	1.36
Normalized Diluted EPS	1.33	1.24	1.52	1.52	1.36
Dividend Per Share	0.68	0.71	0.74	0.79	0.85
Payout Ratio	39.3	37.43	42	48.28	39.45
Supplemental Items
EBITDA	1.19B	1.09B	1.32B	1.31B	1.23B
EBITA	1.11B	1.02B	1.24B	1.23B	1.14B
EBIT	1.11B	1.02B	1.24B	1.23B	1.14B
EBITDAR	1.22B	1.13B	1.35B	1.35B	1.28B
Total Revenues (As Reported)	3.36B	3.46B	3.93B	4.23B	4.18B
Effective Tax Rate - (Ratio)	18.04	16.47	24.78	23.01	21.11
Current Domestic Taxes	114M	181M	223M	191M	175M
Current Foreign Taxes	29M	50M	64M	46M	81M
Total Current Taxes	143M	231M	287M	237M	256M
Deferred Domestic Taxes	32M	-6M	-2M	-9M	23M
Deferred Foreign Taxes	7M	-47M	-9M	6M	-5M
Total Deferred Taxes	39M	-53M	-11M	-3M	18M
Normalized Net Income	639M	596M	729M	730M	650M
Non-Cash Pension Expense	6M	7M	13M	28M	1M
Supplemental Operating Expense Items
Advertising Expense	383M	399M	438M	506M	529M
Selling and Marketing Expenses	383M	399M	438M	506M	529M
Net Rental Expense, Total	29M	41M	38M	38M	51M
Imputed Operating Lease Interest Expense	7.47M	10.06M	10.03M	10.24M	16.73M
Imputed Operating Lease Depreciation	21.53M	30.94M	27.97M	27.76M	34.27M
Stock-Based Comp., SG&A Exp. (Total)	11M	12M	15M	18M	25M
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	11M	12M	15M	18M	25M

Fiscal Period: April	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	675M	1.15B	868M	374M	446M
Total Cash And Short Term Investments	675M	1.15B	868M	374M	446M
Accounts Receivable, Total	570M	753M	813M	855M	769M
Total Receivables	570M	753M	813M	855M	769M
Inventory	1.68B	1.75B	1.82B	2.28B	2.56B
Prepaid Expenses	195M	170M	155M	122M	100M
Deferred Tax Assets Current	-	-	-	-	-
Restricted Cash	-	-	6M	10M	-
Other Current Assets, Total	140M	93M	116M	157M	165M
Total Current Assets	3.26B	3.92B	3.78B	3.8B	4.04B
Gross Property Plant And Equipment	1.64B	1.69B	1.8B	2B	2.04B
Accumulated Depreciation	-741M	-792M	-849M	-889M	-866M
Net Property Plant And Equipment	899M	899M	949M	1.12B	1.17B
Long-term Investments	-	-	-	-	270M
Goodwill	756M	779M	761M	1.46B	1.46B
Other Intangibles, Total	635M	676M	586M	1.16B	990M
Deferred Tax Assets Long-Term	15M	70M	74M	66M	69M
Other Long-Term Assets, Total	196M	181M	227M	174M	176M
Total Assets	5.77B	6.52B	6.37B	7.78B	8.17B
Liabilities
Accounts Payable, Total	131M	172M	218M	308M	267M
Accrued Expenses, Total	368M	487M	463M	496M	502M
Short-term Borrowings	333M	205M	-	235M	428M
Current Portion of Long-Term Debt	-	-	250M	-	300M
Current Portion of Leases	16M	20M	21M	22M	24M
Current Income Taxes Payable	30M	34M	81M	22M	38M
Deferred Tax Liability Current	-	-	-	-	-
Other Current Liabilities	2M	-	1M	1M	-
Total Current Liabilities	880M	918M	1.03B	1.08B	1.56B
Long-Term Debt	2.27B	2.35B	2.02B	2.68B	2.37B
Long-Term Leases	37M	49M	54M	63M	73M
Pension & Other Post Retirement Benefits	297M	219M	183M	171M	160M
Deferred Tax Liability Non Current	177M	169M	219M	323M	315M
Other Non Current Liabilities	131M	157M	127M	190M	170M
Total Liabilities	3.79B	3.87B	3.64B	4.51B	4.65B
Common Stock, Total	72M	72M	72M	72M	72M
Additional Paid In Capital	-	-	-	1M	13M
Retained Earnings	2.71B	3.24B	3.24B	3.64B	4.26B
Treasury Stock	-258M	-237M	-225M	-213M	-608M
Comprehensive Income and Other	-547M	-422M	-352M	-235M	-221M
Total Common Equity	1.98B	2.66B	2.74B	3.27B	3.52B
Total Equity	1.98B	2.66B	2.74B	3.27B	3.52B
Total Liabilities And Equity	5.77B	6.52B	6.37B	7.78B	8.17B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	478M	479M	479M	479M	473M
ECS Total Common Shares Outstanding	478M	479M	479M	479M	473M
Book Value / Share	4.13	5.55	5.71	6.83	7.44
Tangible Book Value	584M	1.2B	1.39B	647M	1.07B
Tangible Book Value Per Share	1.22	2.51	2.9	1.35	2.27
Total Debt	2.66B	2.63B	2.34B	3B	3.2B
Net Debt	1.98B	1.48B	1.48B	2.62B	2.75B
Debt Equivalent of Unfunded Proj. Benefit Obligation	256M	176M	105M	125M	103M
Debt Equivalent Oper. Leases	232M	328M	304M	304M	408M
Equity Method Investments, Total	-	-	-	-	270M
Account Code - Inventory Valuation	4	4	4	4	4
LIFO Reserve, Total	-311M	-353M	-385M	-429M	-512M
Inventories - Raw Materials, Total	101M	128M	126M	191M	218M
Inventories - Work In Process, Total	1.26B	1.3B	1.38B	1.58B	1.89B
Inventories - Finished Goods, Total	320M	323M	312M	509M	452M
Land - (BS)	82M	82M	86M	97M	49M
Buildings, Total	652M	659M	660M	717M	782M
Machinery, Total	814M	833M	849M	889M	928M
Full Time Employees	4.8K	4.7K	5.2K	5.6K	5.7K
Part Time Employees	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	11M	7M	13M	7M	8M

Fiscal Period: April	2020	2021	2022	2023	2024
Net Income	827M	903M	838M	783M	1.02B
Depreciation & Amortization - CF	74M	77M	79M	80M	87M
Depreciation & Amortization, Total	74M	77M	79M	80M	87M
(Gain) Loss From Sale Of Asset	-	-127M	-	-	-267M
Asset Writedown & Restructuring Costs	13M	-	61M	96M	7M
Stock-Based Compensation (CF)	11M	12M	15M	18M	25M
Other Operating Activities, Total	54M	-76M	20M	15M	34M
Change In Accounts Receivable	12M	-150M	-77M	-21M	88M
Change In Inventories	-203M	-37M	-93M	-403M	-349M
Change In Accounts Payable	-30M	137M	37M	77M	-31M
Change In Income Taxes	18M	8M	47M	-57M	17M
Change in Other Net Operating Assets	-52M	70M	9M	52M	12M
Cash from Operations	724M	817M	936M	640M	647M
Capital Expenditure	-113M	-62M	-138M	-183M	-228M
Cash Acquisitions	-22M	-14M	-	-1.2B	-
Divestitures	-	177M	-	-	246M
Sale (Purchase) of Intangible assets	-6M	-3M	-	-	-
Other Investing Activities, Total	-	-	11M	23M	31M
Cash from Investing	-141M	98M	-127M	-1.36B	49M
Short Term Debt Issued, Total	178M	390M	-	834M	192M
Long-Term Debt Issued, Total	-	-	-	648M	-
Total Debt Issued	178M	390M	-	1.48B	192M
Short Term Debt Repaid, Total	-	-516M	-196M	-600M	-
Long-Term Debt Repaid, Total	-	-	-	-250M	-
Total Debt Repaid	-	-516M	-196M	-850M	-
Repurchase of Common Stock	-44M	-21M	-11M	-	-400M
Common Dividends Paid	-325M	-338M	-352M	-378M	-404M
Common & Preferred Stock Dividends Paid	-325M	-338M	-352M	-378M	-404M
Special Dividend Paid	-	-	-479M	-	-
Other Financing Activities, Total	-	-	-	-15M	-6M
Cash from Financing	-191M	-485M	-1.04B	239M	-618M
Foreign Exchange Rate Adjustments	-24M	45M	-47M	-14M	-6M
Miscellaneous Cash Flow Adjustments	-	-	-	-10M	-10M
Net Change in Cash	368M	475M	-276M	-500M	62M
Supplemental Items
Cash Interest Paid	83M	79M	80M	85M	125M
Cash Income Tax Paid (Refund)	143M	204M	226M	278M	242M
Levered Free Cash Flow	410M	593M	606M	174M	337M
Unlevered Free Cash Flow	462M	644M	658M	231M	417M
Change In Net Working Capital	200M	15M	71M	455M	183M
Net Debt Issued / Repaid	178M	-126M	-196M	632M	192M

Fiscal Period: April	2020	2021	2022	2023	2024
Profitability
Return on Assets	12.76	10.34	11.98	10.89	8.98
Return on Total Capital	15.96	12.81	14.91	13.58	11.03
Return On Equity %	45.67	39	31.08	26.08	30.18
Return on Common Equity	45.67	39	31.08	26.08	30.18
Margin Analysis
Gross Profit Margin %	63.25	60.5	60.79	58.99	60.46
SG&A Margin	30.63	31.09	29.01	29.94	32.5
EBITDA Margin %	35.3	31.58	33.44	31.05	29.49
EBITA Margin %	33.1	29.36	31.43	29.16	27.41
EBIT Margin %	33.1	29.36	31.43	29.16	27.41
Income From Continuing Operations Margin %	24.59	26.09	21.31	18.52	24.51
Net Income Margin %	24.59	26.09	21.31	18.52	24.51
Net Avail. For Common Margin %	24.59	26.09	21.31	18.52	24.51
Normalized Net Income Margin	18.99	17.23	18.53	17.27	15.56
Levered Free Cash Flow Margin	12.2	17.14	15.41	4.12	8.07
Unlevered Free Cash Flow Margin	13.73	18.61	16.72	5.45	9.97
Asset Turnover
Asset Turnover	0.62	0.56	0.61	0.6	0.52
Fixed Assets Turnover	3.92	3.85	4.26	4.1	3.66
Receivables Turnover (Average Receivables)	5.7	5.23	5.02	5.07	5.15
Inventory Turnover (Average Inventory)	0.77	0.8	0.86	0.85	0.68
Short Term Liquidity
Current Ratio	3.71	4.27	3.65	3.51	2.59
Quick Ratio	1.41	2.07	1.63	1.13	0.78
Operating Cash Flow to Current Liabilities