Connect with us

Business Wire

The US Employment Screening Market Report 2022: Increasing Popularity of HR Technology Presents Opportunities for Growth – ResearchAndMarkets.com

Published

on


DUBLIN–(BUSINESS WIRE)–The “The US Employment Screening Market: Analysis By Service, By Industry Vertical, Size & Forecast with Impact Analysis of COVID-19 and Forecast up to 2027” report has been added to ResearchAndMarkets.com’s offering.

Employment screening is the procedure of discovering and confirming a person’s earlier records, which is generally carried out before the person is hired. It is series of assessment tests that allow the employer to screen potential candidates from the pool and find the best match. These tools consist of different tests, varying in shape and size that assess candidates’ skills, knowledge, cognitive abilities and individual behavior. Employment screening technology helps companies meet their legal, legislative, and financial obligations by founding an objective standard for securing employment. Employment screening helps businesses confirm that their new or prospective hires are the right fit for the job. In 2021, the US employment screening market was valued at US$1.78 billion, and is probable to reach US$2.58 billion by 2027.

Growing demand for time efficient selection systems owing to rising number of job applicants, also secular tailwinds in the labor market including increased workforce mobility, remote work, higher employee churn, and the sizable freelance workforce, would impact demand for the US employment screening market in the coming years. The US employment screening market is projected to grow at a CAGR of 6.42%, during the forecast period of 2022-2027.

Market Segmentation Analysis:

By Services: The report splits the US employment screening market into three services: Verification, Background Screening and Drug Testing. Verification segment is further divided into Employment History, Education, References, and Other. Background screening segment is further segmented into criminal record and Credit Check. Verification segment held more than 55% of the market share in 2021. A Verification process can help certify that the candidate’s listed work experience is valid and adequate, and can also reveal the reasons a candidate left their previous positions is one of the major factors that encouraged verification in the US employment screening industry.

The background screening segment is expected to increase at the highest CAGR of above 7% over the period of 2022-2027. Online platforms make it easier for consumers and companies to opt for background screening, bolstering demand for industry services.

By Industry Vertical: According to the report, the US employment screening market is segregated into eight industry vertical: IT & Telecom, Manufacturing, Retail, Banking, Financial services & Insurance, Healthcare, Travel & Hospitality, Government Agencies and Other. IT & Telecom industry accounted for above 28% share in the US employment screening market in 2021, as the candidates applying in IT & telecom industry are bound to display a high discrepancy in their resumes, paved favorable conditions for the growth of IT & Telecom employment screening market.

The US Employment Screening Market Dynamics:

Growth Drivers: Typical drugs screened in a pre-employment urine drug test include marijuana with the option for employers to test for many additional substances. Drug abuse by employees can cause many expensive problems for business and industry ranging from lost productivity, injuries, and an increase in health insurance claims. Further, the market is expected to increase due to rapid urbanization, dominating millennial and younger population, rising number of start-ups, growing share of immigrants in the total US population, improved regulatory compliance, increased number of job applications, etc.

Challenges: Discriminatory practices can occur in any aspect of employment. Employment discrimination happens when an employee or job candidate is treated unfavorably because of age, disability, genetic information, national origin, pregnancy, race or skin color, religion, or sex. The other challenge that the US employment screening market face is candidate’s information compromised, etc.

Trends: A major trend gaining pace in the US employment screening market is increasing popularity of human resource technology. HR technology enables managers to gather, collect, and deliver information, as well as communicate with employees more easily and efficiently. More trends in the market are believed to augment the growth of the US employment screening market during the forecasted period include introduction of several drug testing methods, leveraging artificial intelligence (AI) and machine learning, escalating importance of social media in employment screening, increasing use of contingent and flexible workforces, etc.

Key Topics Covered:

1. Executive Summary

2. Introduction

3. The US Market Analysis

4. Impact of COVID-19

5. Market Dynamics

6. Competitive Landscape

7. Company Profiles

Companies Mentioned

  • Accurate Background, Inc.
  • First Advantage Corporation
  • Sterling Backcheck
  • Checkr, Inc.
  • Automatic Data Processing Inc., (ADP LLC)
  • HireRight Holdings Corporation
  • Paychex, Inc.
  • Employment Screening Resources
  • Infomart Inc.
  • Trusted Employees
  • A Good Employee
  • Justifacts Credential Verification, Inc.
  • Verified Credentials, LLC

For more information about this report visit https://www.researchandmarkets.com/r/6n2qa9

Contacts

ResearchAndMarkets.com

Laura Wood, Senior Press Manager

press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470

For U.S./ CAN Toll Free Call 1-800-526-8630

For GMT Office Hours Call +353-1-416-8900

This post was originally published on this site



Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business Wire

Cannabis Competition and Awards Return to CA State Fair for 2023

Published

on

By


SACRAMENTO, Calif.–(BUSINESS WIRE)–#cannabis–The CA State Fair today announced the second annual, state-agency sanctioned cannabis competition is set to take place in conjunction with the 2023 CA State Fair. Following the first year’s success, cannabis will once again be celebrated alongside California’s rich agricultural industries on the official state fair roster including wine, craft beer, olive oil and cheese. The CA State Fair Cannabis Awards and Exhibit will be on display at the CA State Fair from July 14-30, 2023, at the Cal Expo Fairgrounds in Sacramento, California.

“The 2022 Cannabis Awards and Exhibit were an overwhelming success for Cal Expo and the State Fair, and the 2023 edition promises to be even better,” said Cal Expo Board of Directors Chairman Jess Durfee. “We are here to support and celebrate the best of California, and we are always looking for new programming to inspire and delight our guests for the 17 days of the CA State Fair.”

In 2018, cannabis became legal for adult recreational use in the State of California, and since that time has grown into a multi-billion-dollar industry. California leads the nation in cannabis cultivation, craft and genetics, and these Awards are a celebration and recognition of those deep agricultural roots.

The CA Cannabis Competition and Awards have been developed in partnership between the California Exhibition & State Fair and Cultivar Events, a California-based marketing and events agency who specializes in the creation of programs that continue to move cannabis into the mainstream.

“We are grateful for all the industry support from the participating farmers, sponsors, cannabis ambassadors and the 85,000 fairgoers who enjoyed the inaugural California Cannabis Exhibit and are looking forward to next year,” said Cultivar Events CEO James Leitz.

The competition is open to all licensed cannabis growers in California. The competition will be scored objectively, through science-based analysis performed and certified by SC Labs. The submission window will be open January 10 to April 30, 2023.

“Greenshock Farms is honored to have been a Golden Bear winner at the first-ever CA State Fair Cannabis Awards and look forward to defending our titles and representing our legacy region,” said Greenshock Farms Founder and CEO Mark Greyshock.

Visit www.castatefaircannabisawards.com.

Link to photos: https://drive.google.com/drive/folders/1vRujKNQS9cM2hlIWhJkISTpEtN6I6NoB.

Contacts

DeeDee Taft

Spin Communications

deedee@spinpr.com, T: +1-415-380-8390

This post was originally published on this site





Source link

Continue Reading

Business Wire

Brown-Forman Delivers Double-Digit Net Sales Growth in the First Half and Raises Full Year Outlook

Published

on

By


LOUISVILLE, Ky.–(BUSINESS WIRE)–Brown-Forman Corporation (NYSE: BFA, BFB) reported financial results for its second quarter and the first half of fiscal 2023. For the second quarter, reported net sales1 increased 10% to $1.1 billion (+16% on an organic basis2) compared to the same prior-year period. Reported operating income decreased 2% to $313 million (+8% on an organic basis) in the quarter, and diluted earnings per share decreased 4% to $0.47.

For the first six months of the fiscal year, reported net sales increased 11% to $2.1 billion (+17% on an organic basis) compared to the same prior-year period. Reported net sales growth was negatively impacted by six percentage points of foreign currency exchange. In the first half, reported operating income increased 8% to $656 million (+19% on an organic basis) and diluted earnings per share increased 11% to $0.99.

Lawson Whiting, Brown-Forman’s President and Chief Executive Officer stated, “Brown-Forman has once again displayed tremendous resolve, delivering double-digit revenue growth for the first half of fiscal 2023. Consumer demand for our brands remains strong, and we have set the organization on a path for continued growth with our sustained brand investments, recently announced acquisitions, product innovation, and strategic relationships.”

Whiting added, “Despite foreign exchange and inflationary headwinds, Brown-Forman is on track to deliver another solid year of growth in fiscal 2023. The Board’s recent approval of a 9% increase in the regular quarterly cash dividend reinforces our shared confidence in the long-term health of our business.”

First Half of Fiscal 2023 Highlights

  • Delivered broad-based reported net sales growth across all geographic clusters and the Travel Retail channel driven by strong consumer demand and the continued rebuilding of distributor inventories
  • Portfolio growth was led by:
    • Jack Daniel’s Tennessee Whiskey with reported net sales growth of 9% (+18% organic),
    • Sustained double-digit growth of Woodford Reserve with reported net sales of 39% (+40% organic), and
    • Ready-to-Drinks3 (RTDs) with double-digit reported net sales growth of 14% (+20% organic) propelled by Jack Daniel’s RTDs and New Mix
  • Reported gross margin contracted 130 basis points driven by inflation, supply chain disruption costs, and foreign exchange
  • Reported advertising expense increased 19% (+25% organic)
  • Diluted earnings per share increased 11%

First Half of Fiscal 2023 Brand Results

  • The Jack Daniel’s family of brands’ reported net sales growth of 9% (+17% organic) was fueled by Jack Daniel’s Tennessee Whiskey, which experienced broad-based growth across all geographic clusters and the Travel Retail channel. Higher pricing and an estimated net increase in distributor inventories positively impacted reported net sales, partially offset by the negative effect of foreign exchange. Continued consumer desire for convenience and flavor drove gains in Jack Daniel’s RTDs, Jack Daniel’s Tennessee Honey, and Jack Daniel’s Tennessee Fire. Innovation also contributed to net sales growth with the launch of the Jack Daniel’s Bonded series.
  • Premium bourbons3, propelled by Woodford Reserve and Old Forester, delivered 39% reported net sales growth (+40% organic) driven by higher volumes in the United States, which included an estimated net increase in distributor inventories as glass supply constraints eased.
  • Ready-to-Drinks delivered double-digit reported net sales growth driven by consumer preference for convenience and flavor. Jack Daniel’s RTDs/Ready-to-Pours (RTPs) grew reported net sales 9% (+15% organic) led by Australia and Germany, partially offset by the negative effect of foreign exchange. New Mix delivered 48% reported net sales growth (+46% organic) fueled by Mexico with market share gains in the RTD category.
  • Reported net sales for the tequila portfolio increased 10% (+11% organic) led by el Jimador and Herradura. el Jimador grew reported net sales 16% (+18% organic) and Herradura increased reported net sales 9% (+9% organic) driven by volumetric growth in the United States. Herradura’s reported net sales were positively impacted by an estimated net increase in distributor inventories as supply constraints eased.

First Half of Fiscal 2023 Market Results

  • Reported net sales grew across all geographic clusters and the Travel Retail channel driven by continued consumer demand, brand strength, and the rebuilding of distributor inventories with some easing of supply chain constraints compared to the first half of fiscal 2022. This broad-based growth was partially offset by foreign exchange headwinds.
  • Reported net sales in the United States grew 11% (+11% organic) with volumetric gains, favorable mix, and higher pricing across the portfolio. Growth was led by higher volume and pricing from Woodford Reserve and Jack Daniel’s Tennessee Whiskey. Korbel California Champagne partially offset the growth due to the combination of higher pricing and lower volumes.
  • Developed International3 markets experienced strong consumer demand as reported net sales increased 3% (+14% organic) due to volumetric growth from Jack Daniel’s Tennessee Whiskey and Jack Daniel’s RTDs. Reported net sales growth in developed international markets was led by Spain, Korea, and Canada.
  • Emerging3 markets’ reported net sales increased 14% (+27% organic) led by the growth of Jack Daniel’s Tennessee Whiskey in Brazil and Sub-Saharan Africa, as well as sustained double-digit growth in Mexico fueled by New Mix.
  • The Travel Retail channel continued to deliver strong growth with a reported net sales increase of 60% (+67% organic) driven by higher volumes across much of the portfolio as travel continued to rebound.

First Half of Fiscal 2023 Other P&L Items

  • Reported gross profit increased 8% (+17% organic). Gross margin contracted 130 basis points to 58.8%, driven by the impact of inflation on input costs, costs related to supply chain disruptions, and the negative effect of foreign exchange. This decline was partially offset by favorable price/mix and the removal of E.U. and U.K. tariffs on American whiskey.
  • Reported advertising expense grew 19% (+25% organic) driven by increased investment in the United States to support Jack Daniel’s Tennessee Whiskey, Herradura, the launch of the Jack Daniel’s Bonded series, and Woodford Reserve. Reported selling, general, and administrative expenses increased 7% (+11% organic), largely driven by higher compensation-related expenses.
  • The company’s reported operating income increased by 8% (+19% organic).
  • Earnings per share increased 11% to $0.99 driven by the increase in reported operating income and the benefit of a lower effective tax rate.

First Half of Fiscal 2023 Financial Stewardship

On November 17, 2022, the Brown-Forman Board of Directors approved a 9% increase in the regular quarterly cash dividend to $0.2055 per share on its Class A and Class B common stock. The dividend is payable on January 3, 2023, to stockholders of record on December 2, 2022. Brown-Forman has paid regular quarterly cash dividends for 79 consecutive years and has increased the regular cash dividend for 39 consecutive years.

Fiscal 2023 Outlook

The company anticipates stronger growth in fiscal 2023 despite global macroeconomic and geopolitical uncertainties. Accordingly, we update our guidance for fiscal 2023 as follows:

  • Reflecting the strength of our portfolio of brands, stronger consumer demand, and the easing of supply chain constraints, we expect organic net sales growth in the high-single digit range.
  • The reported gross margin decline during the first half of fiscal 2023 was driven by higher inflation, supply chain disruption costs, and the negative effect of foreign exchange. For the full year, we expect reported gross margin to be consistent with the first half of fiscal 2023.
  • Based on the above expectations, we anticipate high-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. A live audio broadcast of the conference call, and the accompanying presentation slides, will be available via Brown-Forman’s website, 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 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, The GlenDronach, Benriach, Glenglassaugh, Slane, Herradura, el Jimador, New Mix, Korbel, Sonoma-Cutrer, Finlandia, Chambord, Fords Gin, and Gin Mare. Brown-Forman’s brands are supported by approximately 5,200 employees globally and sold in more than 170 countries worldwide. For more information about the company, please visit 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,” “outlook,” “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 impacts 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 new 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 October 31, 2021 and 2022

(Dollars in millions, except per share amounts)

 

 

 

 

 

 

2021

 

2022

 

Change

 

 

 

 

 

 

Net sales

$

994

 

 

$

1,094

 

 

10

%

Cost of sales

 

404

 

 

 

481

 

 

19

%

Gross profit

 

590

 

 

 

613

 

 

4

%

Advertising expenses

 

104

 

 

 

121

 

 

16

%

Selling, general, and administrative expenses

 

165

 

 

 

180

 

 

9

%

Other expense (income), net

 

(1

)

 

 

(1

)

 

 

Operating income

 

322

 

 

 

313

 

 

(2

%)

Non-operating postretirement expense

 

2

 

 

 

 

 

 

Interest expense, net

 

19

 

 

 

15

 

 

 

Income before income taxes

 

301

 

 

 

298

 

 

(1

%)

Income taxes

 

65

 

 

 

71

 

 

 

Net income

$

236

 

 

$

227

 

 

(4

%)

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

Basic

$

0.49

 

 

$

0.47

 

 

(4

%)

Diluted

$

0.49

 

 

$

0.47

 

 

(4

%)

 

 

 

 

 

 

Gross margin

 

59.3

%

 

 

56.0

%

 

 

Operating margin

 

32.3

%

 

 

28.7

%

 

 

 

 

 

 

 

 

Effective tax rate

 

21.6

%

 

 

23.7

%

 

 

 

 

 

 

 

 

Cash dividends paid per common share

$

0.1795

 

 

$

0.1885

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Basic

 

478,857

 

 

 

479,138

 

 

 

Diluted

 

480,518

 

 

 

480,549

 

 

 

Brown-Forman Corporation

Unaudited Consolidated Statements of Operations

For the Six Months Ended October 31, 2021 and 2022

(Dollars in millions, except per share amounts)

 

 

2021

 

2022

 

Change

 

 

 

 

 

 

Net sales

$

1,900

 

 

$

2,101

 

 

11

%

Cost of sales

 

757

 

 

 

866

 

 

14

%

Gross profit

 

1,143

 

 

 

1,235

 

 

8

%

Advertising expenses

 

194

 

 

 

231

 

 

19

%

Selling, general, and administrative expenses

 

333

 

 

 

355

 

 

7

%

Other expense (income), net

 

5

 

 

 

(7

)

 

 

Operating income

 

611

 

 

 

656

 

 

8

%

Non-operating postretirement expense

 

2

 

 

 

 

 

 

Interest expense, net

 

39

 

 

 

32

 

 

 

Income before income taxes

 

570

 

 

 

624

 

 

10

%

Income taxes

 

142

 

 

 

148

 

 

 

Net income

$

428

 

 

$

476

 

 

11

%

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

Basic

$

0.89

 

 

$

0.99

 

 

11

%

Diluted

$

0.89

 

 

$

0.99

 

 

11

%

 

 

 

 

 

 

Gross margin

 

60.1

%

 

 

58.8

%

 

 

Operating margin

 

32.1

%

 

 

31.2

%

 

 

 

 

 

 

 

 

Effective tax rate

 

24.9

%

 

 

23.7

%

 

 

 

 

 

 

 

 

Cash dividends paid per common share

$

0.3590

 

 

$

0.3770

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Basic

 

478,822

 

 

 

479,106

 

 

 

Diluted

 

480,615

 

 

 

480,494

 

 

 

Brown-Forman Corporation

Unaudited Condensed Consolidated Balance Sheets

(Dollars in millions)

 

 

April 30,

2022

 

October 31,

2022

Assets:

 

 

 

Cash and cash equivalents

$

868

 

$

1,087

Accounts receivable, net

 

813

 

 

894

Inventories

 

1,818

 

 

1,995

Other current assets

 

277

 

 

282

Total current assets

 

3,776

 

 

4,258

 

 

 

 

Property, plant, and equipment, net

 

875

 

 

890

Goodwill

 

761

 

 

748

Other intangible assets

 

586

 

 

571

Other assets

 

375

 

 

385

Total assets

$

6,373

 

$

6,852

 

 

 

 

Liabilities:

 

 

 

Accounts payable and accrued expenses

$

703

 

$

750

Accrued income taxes

 

81

 

 

57

Short-term borrowings

 

 

 

186

Current portion of long-term debt

 

250

 

 

250

Total current liabilities

 

1,034

 

 

1,243

 

 

 

 

Long-term debt

 

2,019

 

 

1,974

Deferred income taxes

 

219

 

 

234

Accrued postretirement benefits

 

183

 

 

183

Other liabilities

 

181

 

 

178

Total liabilities

 

3,636

 

 

3,812

 

 

 

 

Stockholders’ equity

 

2,737

 

 

3,040

 

 

 

 

Total liabilities and stockholders’ equity

$

6,373

 

$

6,852

 

 

 

 

Brown-Forman Corporation

Unaudited Condensed Consolidated Statements of Cash Flows

For the Six Months Ended October 31, 2021 and 2022

(Dollars in millions)

 

 

2021

 

2022

 

 

 

 

Cash provided by operating activities

$

335

 

 

$

316

 

 

 

 

 

Cash flows from investing activities:

 

 

 

Additions to property, plant, and equipment

 

(33

)

 

 

(61

)

Other

 

(2

)

 

 

3

 

Cash provided by (used for) investing activities

 

(35

)

 

 

(58

)

 

 

 

 

Cash flows from financing activities:

 

 

 

Net change in short-term borrowings

 

(184

)

 

 

186

 

Dividends paid

 

(172

)

 

 

(180

)

Other

 

(6

)

 

 

(5

)

Cash provided by (used for) financing activities

 

(362

)

 

 

1

 

 

 

 

 

Effect of exchange rate changes

 

(15

)

 

 

(37

)

 

 

 

 

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

 

(77

)

 

 

222

 

 

 

 

 

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

 

1,150

 

 

 

874

 

 

 

 

 

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

 

1,073

 

 

 

1,096

 

Less: Restricted cash at end of period

 

 

 

 

(9

)

Cash and cash equivalents at end of period

$

1,073

 

 

$

1,087

 

 

 

 

 

Schedule A

Brown-Forman Corporation

Supplemental Statement of Operations Information (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months

Ended

 

Six Months

Ended

 

Fiscal Year Ended

 

 

October 31, 2022

 

October 31, 2022

 

April 30, 2022

 

 

 

 

 

 

 

Reported change in net sales

 

10%

 

11%

 

14%

Acquisitions and divestitures

 

—%

 

—%

 

2%

Foreign exchange

 

6%

 

6%

 

2%

Organic change in net sales2

 

16%

 

17%

 

17%

 

 

 

 

 

 

 

Reported change in gross profit

 

4%

 

8%

 

14%

Acquisitions and divestitures

 

—%

 

—%

 

1%

Foreign exchange

 

9%

 

9%

 

3%

Organic change in gross profit2

 

13%

 

17%

 

17%

 

 

 

 

 

 

 

Reported change in advertising expenses

 

16%

 

19%

 

10%

Foreign exchange

 

7%

 

6%

 

2%

Organic change in advertising expenses2

 

22%

 

25%

 

11%

 

 

 

 

 

 

 

Reported change in SG&A

 

9%

 

7%

 

3%

Foundation

 

—%

 

—%

 

3%

Foreign exchange

 

6%

 

5%

 

1%

Organic change in SG&A2

 

15%

 

11%

 

7%

 

 

 

 

 

 

 

Reported change in operating income

 

(2)%

 

8%

 

3%

Acquisitions and divestitures

 

(1)%

 

—%

 

14%

Foundation

 

—%

 

—%

 

(2)%

Impairment Charges

 

(1)%

 

(1)%

 

6%

Foreign exchange

 

12%

 

14%

 

6%

Organic change in operating income2

 

8%

 

19%

 

27%

 

 

 

 

 

 

 

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 B

Brown-Forman Corporation

Supplemental Brand Information (Unaudited)

Six Months Ended October 31, 2022

 

Brand3

Supplemental Information –

Depletions3

 

Shipments

Net Sales % Change vs. Prior Year Period

9-Liter

(Millions)

% Change

vs. Prior

Year

Period

 

9-Liter

(Millions)

% Change

vs. Prior

Year

Period

Reported

Acquisitions

and

Divestitures

Foreign

Exchange

Organic2

Whiskey

10.8

8%

 

11.5

15%

13%

—%

7%

20%

JDTW

7.4

8%

 

7.8

14%

9%

—%

8%

18%

JDTH

1.1

—%

 

1.1

8%

6%

—%

6%

12%

Gentleman Jack

0.4

5%

 

0.4

20%

14%

—%

7%

21%

JDTF

0.3

15%

 

0.4

24%

23%

—%

5%

28%

JDTA

0.4

(4)%

 

0.3

(11)%

(16)%

—%

6%

(10)%

Woodford Reserve

0.8

15%

 

0.9

34%

39%

—%

1%

40%

Old Forester

0.2

8%

 

0.3

35%

39%

—%

—%

39%

Rest of Whiskey

0.3

24%

 

0.3

36%

19%

1%

8%

27%

Ready-to-Drink

10.8

22%

 

12.6

17%

14%

—%

6%

20%

JD RTD/RTP

6.1

16%

 

7.9

10%

9%

—%

7%

15%

New Mix

4.6

32%

 

4.6

32%

48%

—%

(2)%

46%

Tequila

1.3

5%

 

1.3

5%

10%

—%

1%

11%

Herradura

0.3

(13)%

 

0.4

(2)%

9%

—%

—%

9%

el Jimador

0.9

11%

 

0.9

16%

16%

—%

2%

18%

Wine

0.9

(7)%

 

1.0

(16)%

(9)%

—%

—%

(9)%

Vodka (Finlandia)

1.3

5%

 

1.3

2%

(17)%

—%

12%

(4)%

Rest of Portfolio

0.3

1%

 

0.3

1%

1%

—%

6%

8%

Non-branded and bulk

NM

NM

 

NM

NM

16%

11%

3%

30%

Total Portfolio

25.4

12%

 

28.0

13%

11%

—%

6%

17%

Other Brand Aggregations

 

 

 

 

 

 

 

 

 

Jack Daniel’s Family of Brands

15.9

10%

 

18.2

12%

9%

—%

8%

17%

American Whiskey

10.7

8%

 

11.4

15%

13%

—%

7%

20%

Premium Bourbons

1.0

13%

 

1.1

34%

39%

—%

1%

40%

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)

Six Months Ended October 31, 2022

 

% Change vs. Prior-Year Period

Geographic Area3

 

Net Sales

 

Reported

Acquisitions

and

Divestitures

Foreign

Exchange

Organic2

United States

11%

—%

—%

11%

Developed International

3%

—%

11%

14%

Germany

1%

—%

13%

14%

Australia

3%

—%

6%

9%

United Kingdom

(8)%

—%

10%

2%

France

(18)%

—%

10%

(8)%

Canada

33%

—%

6%

39%

Rest of Developed International

20%

—%

17%

37%

Emerging

14%

—%

13%

27%

Mexico

23%

—%

(2)%

21%

Poland

7%

—%

20%

27%

Brazil

44%

—%

2%

45%

Chile

(17)%

—%

—%

(17)%

Rest of Emerging

8%

—%

23%

30%

Travel Retail

60%

—%

7%

67%

Non-branded and bulk

16%

11%

3%

30%

Total

11%

—%

6%

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 Geographic, Product, and Operations Information (Unaudited)

Six Months Ended October 31, 2022

 

Estimated Net Change in Distributor Inventories3

Geographic Area3 – Net Sales

United States

7%

Developed International

2%

Emerging

3%

Travel Retail

13%

Non-Branded and Bulk

—%

Brand3 – Net Sales

Whiskey

8%

JDTW

5%

JDTH

9%

Gentleman Jack

13%

JDTF

10%

JDTA

(8)%

Woodford Reserve

20%

Old Forester

26%

Rest of Whiskey

10%

Ready-to-Drink

(1)%

JD RTD/RTP

(1)%

New Mix

—%

Tequila

3%

Herradura

12%

el Jimador

2%

Wine

(10)%

Vodka (Finlandia)

(3)%

Rest of Portfolio

(2)%

Non-branded and bulk

—%

Statement of Operations Line Items

Net Sales

5%

Cost of Sales

2%

Gross Profit

6%

Operating Income

11%

Contacts

Brown-Forman Corporation

Rob Frederick

Vice President

Corporate Communications

502-774-7707

Sue Perram

Vice President

Investor Relations

502-774-6862

Read full story here

This post was originally published on this site



Source link

Continue Reading

Business Wire

Europe Medical Cannabis Market Report 2022: Increasing Research Activities on Medicinal Use of Cannabis Drives Growth – ResearchAndMarkets.com

Published

on

By


DUBLIN–(BUSINESS WIRE)–The “Europe Medical Cannabis Market Forecast to 2028 – COVID-19 Impact and Regional Analysis By Product Type, Medical Application, Compound, and Country” report has been added to ResearchAndMarkets.com’s offering.

The Europe medical cannabis market is expected to reach US$ 13,801.0 million by 2028 from US$ 492.1 million in 2021. The market is estimated to grow with a CAGR of 61.1% from 2022 to 2028. The market growth is mainly attributed to factors such as increasing research activities on medicinal use of cannabis and increasing government funding and focus on cannabis use. However, the illegal use of cannabis as a street drug is likely to hinder market growth.

Significant number of countries are adopting medical cannabis laws, but it is rare for government officials to encourage health professionals to learn about cannabis herbal medicines. In 2016, various Cannabis experts were invited to Macedonia on the use of cannabis in clinical practice to train local health providers. The program was held in Skopje and was supported and financed by the Ministry of Health of Macedonia.

Cannabis offers unique opportunities in Macedonia, where the medical system is at a stage of evolution and modernization. Local medical specialists are now able to prescribe cannabis in the country. In view of this, Macedonian cannabis promoters have worked with local governments to set up a medical cannabis training program to support doctors and their patients. The momentum of the Macedonian medical cannabis movement is moving fast, and the public opinion on cannabis has also changed dramatically in the region. The revolution in medical marijuana in the region urges the European Commission and Member States to address regulatory, financial and cultural barriers that burden scientific research and encourage them to fund research.

Similarly, the government is granting funds to accelerate R&D activities on cannabis use for COVID-19. For instance, in September 2020, EXMceuticals Inc. announced receiving funds for focusing on R&D for landmark COVID-19 activities. The European Union and the Portuguese government have allocated funds of ~US$ 353,000 (EUR 302,000) to support the company’s BioBlockCOVID project, which aims to create functional, natural, and innovative biocide formulations targeting specific molecules that makeup COVID-19. It is expected that the funds would enhance the research activities and help in innovating newer techniques.

Thus, due to the above advancements, the medical cannabis market is expected to grow at a rapid pace during the forecast period.

Market Dynamics

Market Drivers

  • Increasing Research Activities on Medicinal Use of Cannabis
  • Increasing Government Funding and Focus on Cannabis Use

Market Restraints

  • Illegal Cannabis Used as Street Drug

Market Opportunities

  • Growing Demand for Cannabis During COVID-19

Future Trends

  • Increased Acceptance and Distribution of Medical Cannabis

Key Topics Covered:

1. Introduction

2. Europe Medical Cannabis Market- Key Takeaways

3. Research Methodology

4. Europe Medical Cannabis- Market Landscape

5. Europe Medical Cannabis Market- Key Industry Dynamics

6. Medical Cannabis Market- Europe Analysis

7. Medical Cannabis Market Analysis and Forecasts To 2028 – Product Type

8. Medical Cannabis Market Analysis and Forecasts To 2028 – Medical Application

9. Medical Cannabis Market Analysis and Forecasts To 2028 – Compound

10. Europe Medical Cannabis Market Revenue and Forecasts To 2028

11. Impact of COVID-19 Pandemic on Europe Medical Cannabis Market

12. Medical Cannabis Market-Industry Landscape

13. Company Profiles

14. Appendix

Companies Mentioned

  • Organigram Holdings Inc
  • Aurora Cannabis Inc
  • Cannabis Science, Inc
  • Canopy Growth Corporation
  • Medical Marijuana Inc
  • VIVO Cannabis Inc
  • Tikun Olam
  • Tilray
  • The Cronos Group
  • Canvory

For more information about this report visit https://www.researchandmarkets.com/r/23zjzf

Contacts

ResearchAndMarkets.com

Laura Wood, Senior Press Manager

press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470

For U.S./ CAN Toll Free Call 1-800-526-8630

For GMT Office Hours Call +353-1-416-8900

This post was originally published on this site



Source link

Continue Reading
Advertisement

Trending

Copyright © 2021 The Art of MaryJane Media