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FIRST QUARTER FISCAL YEAR 2022 RESULTS Constellation Brands JUNE 30 , 2021 #WORTHREACHINGFOR | VISIT US in Delivers Excellent Business Performance and Generates Strong Cash Flow Beer Business Generates Double - Digit Depletion Volume , Net Sales , and Operating Income Growth Resumed Share Repurchase Activity and Increases Fiscal 2022 EPS Guidance Operating Income Diluted Net Income ( Loss ) Per Share Attributable to CBI ( EPS ) Diluted EPS Excluding Canopy Net Sales Earnings Before Interest & Taxes ( EBIT ) ( 1 ) First Quarter Fiscal Year 2022 Financial Highlights | In millions , except per share data Reported $ 2,027 $ 75 ΝΑ $ ( 4.74 ) NA % Change 3 % ( 88 % ) ΝΑ NM ΝΑ Comparable $ 2,027 $ 723 $ 679 $ 2.33 $ 2.51 % Change 3 % 5 % 2 % 1 % 3 % ( 1 ) Definitions of reported , comparable , and organic , as well as reconciliations of non - GAAP financial measures , are contained elsewhere in this news release . NA = Not Applicable NM - Not Meaningful HIGHLIGHTS • Generates reported basis EPS of $ ( 4.74 ) and comparable basis EPS of $ 2.33 , including Canopy equity losses of $ 0.18 ; excluding Canopy equity losses , achieved comparable basis EPS of $ 2.51 , an increase of 3 % • Beer depletion growth accelerates driven by robust consumer demand and business delivers strong operating margin • Wine and Spirits Business delivers strong , organic net sales growth driven by solid performance from Meiomi , The Prisoner Brand Family , Simi , Ruffino , and High West • Generates $ 716 million of operating cash flow and $ 602 million of free cash flow , an increase of 4 % and 11 % , respectively • Updates fiscal 2022 reported basis EPS outlook to $ 2.70 - $ 3.00 ; increases comparable basis EPS outlook to $ 10.00 - $ 10.30 • Affirms fiscal 2022 operating cash flow target of $ 2.4- $ 2.6 billion and free cash flow projection of $ 1.4 - $ 1.5 billion • Repurchases 2.2 million shares of common stock for $ 523 million through June of fiscal 2022 • Plans approximately $ 500 million of incremental share repurchases in the second quarter ; increased fiscal 2022 guidance includes approximately $ 1.0 billion of share repurchases while still committed to approximately $ 2.5 billion of share repurchases through fiscal 2023 • Declares quarterly cash dividend of $ 0.76 per share of Class A Common Stock and $ 0.69 per share of Class B Common Stock MEIOMI FLAVOR FORWARD Please enjoy our wines responsibly . © 2020 Melomi Wines , Acampo , CA Corona PROTECT OUR BEACHES PACIFICO CLARA Corona PREMIER Corona Corone CINCO MAYO " Goodness " FROM THE GROUND UP -Isabelle Sim SIMI Calend La Gritza Paci Extra Light MEIOMI Relax responsibly Imperad by Dos inget Dag Discover responsibly T. GOODNESS FROM Bear Imported by Crows Imports , Cicago , IL " Grit " We're emerging from the pandemic in a position of strength as we kick off our fiscal year . Our Beer Business delivered double- digit net sales and profit growth and our Wine & Spirits Business is poised to drive accelerated growth and profitability from its portfolio of high - end , industry - leading brands . Bill Newlands President and Chief Executive Officer Constellation Brands , Inc. Q1 FY2022 Earnings Release " We continue to deliver strong operating performance and cash flow results which enabled significant share repurchase activity during the quarter . This underscores our commitment to execute our goal of returning value of $ 5 billion to shareholders in the form of dividends and share repurchases . " Garth Hankinson Chief Financial Officer #WORTHREACHINGFOR I 1