Constellation Brands Inc. (NYSE:STZ) Q2 2021 Earnings Conference Call - Final Transcript
Oct 01, 2020 • 11:30 am ET
gain recognized since our initial Canopy investment in November of 2017 is $64 million. In August, Canopy reported first quarter fiscal '21 results. We are pleased with the progress that has been made since David Klein took over as CEO in right-sizing the business, reducing the company's cash burn and improving free cash flow. We are bullish on the growth prospects for Canopy Growth as they continue to execute against their strategic plan.
Now, let's shift the discussion to outlook and guidance. Given the unprecedented COVID-19 events that began to abruptly and dramatically impact consumers and the marketplace almost concurrently with the start of our fiscal year and given the related uncertainty, volatility and fast-moving developments that have evolved during the first half of our fiscal year, we still do not believe it is prudent or appropriate to provide formal financial guidance for fiscal '21 at this time. However, let me reiterate that in a normalized environment, our medium-term growth algorithm remains unchanged for both our beer and wine and spirits segments.
In closing, I'd like to reiterate our capital allocation priorities. While we remain focused on our goal of returning $5 billion to shareholders in the form of dividends and share repurchases through fiscal '23, in the short term, given the volatile environment, we remain focused on paying down debt and further reducing our leverage ratio. In fact, we've reduced our net debt by nearly $600 million since the end of fiscal '20 resulting from our strong cash flow generation, while continuing to maintain our quarterly dividend rate.
And with that, Bill and I are happy to take your questions.