somm: into the bottle transcript

So we -- obviously, let me just start with the most important thing. They are numerous and not parallel, which is irksome: In each chapter, Wise follows a formula. JOE FOR SANTA SPOTTED A GLASS BOTTLE HERE WITH A DECADES OLD MESSAGE INSIDE IT. Good morning, Anthony. He shared it with News 8, hoping to find who left it behind. But you got to remember that our sales force, they normally -- on any given month, they sell over 200 different SKUs, whereas we have a very limited amount in Target. 2022, as it turned out, was a real test of our results to turn around this iconic company, and expanding to new channels, and make the company as big as a brand. From those questions to how many hands touch a bottle, to why wine costs what it costs, to how certain wines end up on a wine list, this is a never before seen look into the world of wine. For example, if it hadnt been for Prohibition (19201933) we might actually have much more Italian wine in America than French wine! His reality is very different, his wine is no longer easy. Did they think the exam was worth it in the end? Do you like food? By the end of the program, we expect to realize more than $60 million in annual cost savings. I think it's for us is a learning and it's balancing. In Chapter 5, there's a range of interesting economic analysis which undergirds that vast differences between New World and Old World wine. Advertisement. We put some capex plan that is similar to what we executed in 2022. We remain committed to rightsizing the business in further manufacturing and supply chain optimization. [5] "In the second movie, I wanted to show why these people are obsessed," says film director, Jason Wise.[6]. Earlier this morning, we issued a press release announcing our preliminary financial results for the fourth quarter of 2022, which can be found on our investor relations website. With 10 days left, tensions are high and everyone is on edge as each tries to cram the extensive history, geography, and culture of wine into their brain before exam day that takes place in Dallas, Texas. But they are used to bring the focus to the real topic, the wines themselves, the history and what is going on in different parts of the world. The 100-point system, which was used by famous classic wine critic, Robert Parker at Wine Advocate , is even more popular today. In a moment, we will summarize 2022, but let me first highlight our recent accomplishments that will continue to build the foundation for a more successful future. And sorry, just one last one, and I apologize for being a hog. Viewers get to watch as some of the most storied bottles of wine are opened; in some cases less than a dozen are left in the world. In our 10-K to be published by March 16 or earlier, we will also include disclosures of material weakness in the income tax process as the company did not design and maintain effective internal controls related to the accounting for the completeness, occurrence, accuracy, and presentation of the income tax provision, and related income tax assets and liabilities. 'SOMM: Into the Bottle' brings viewers a rare and never before seen glimpse inside the private world of both famed and cult winemakers, such as Jean Louis Chave, Aubert de Villaine (Domaine Romanee-Conti), and Robert Mondavi. So I'm gonna start with the -- Good morning, Chasen. Excited to spend into new channels of distribution, I'm cautiously optimistic that the surge of inflation in 2021 was behind us. So basically, that is a friendly proposition for our consumer but not a friendly proposition for a person who is starting a business because, obviously, everyone has access to that 25% discount, so I don't have the space to make money. Filmmaker Jason Wise added: SOMM was a great introduction into the world of Sommeliers but I still wanted to delve deeper into the profession and the wine industry as a whole, one of the most complex and oldest businesses in the world. "And I said, 'Oh, my gosh. We launched air fryer late 2021 in China. SOMM: Into the Bottle brings viewers a rare and never before seen glimpse inside the private world of both famed and cult winemakers. And then is it gonna get better? How should we think about that? As you have seen, the market trends, our interest rate is gonna increase as a result of our bank agreement as well as the macro trends. In the Ruinart Champagne cellar with chef de cave, Frdric Panaotis. Before we get started, please note that beginning with the 2023 first-quarter earnings release, we will be changing our reporting schedule. And then just switching gears. Understood. So we continue to prioritize our investments and balancing our decisions with our desire to delever this company and reduce debt over time. We get to hear from some of the worlds top sommeliers about their favorite wine and food pairings. Got it. In our new amended credit agreement announced this week, our maximum leverage ratios increased. [13], In January 2015, distributor Samuel Goldwyn Films announced they had acquired exclusive rights to a sequel entitled Somm: Into the Bottle, with a theatrical release planned for later in the year. I believe on the pricing side, you've mentioned further price increases expected in '23. The Motley Fool has no position in any of the stocks mentioned. They also begin practice tasting exams with current Master Sommeliers. Obviously, people are coming back to a new normality. Viewers get to watch as some of the most storied bottles of wine are opened; in some cases less than a dozen are left in the world. Excluding unfavorable currency exchange, sales declined 14%. The four candidates appearing as themselves are Ian Cauble, Brian McClintic, Dustin Wilson and DLynn Proctor. So first, wanted to see if you guys can talk about China. The regular bottle goes for about $12K. This is one of the many memorable pieces of cinematography in SOMM: Into the Bottle, a new documentary by director Jason Wise.. His first documentary, SOMM, followed four candidates for the prestigious Master Sommelier test as they rode the emotional roller . Here are the chapters into which the film is divided. Cost basis and return based on previous market day close. Thanks for that. Finally, Brian McClintic shares one of his favorite wines, a natural wine from Fleurie in Beaujolais by Jean-Louis Dutraive . For the next year, I will expect the tax rate to be higher, excluding these deferred tax assets write-down. [9] The LA Times' critic Kenneth Turan called the film "glib but ultimately engaging. "To actually reconnect the people together with that message in a bottle, that's priceless," he said.The Moores call it a miracle to once again capture cherished memories of days gone by. We started that year bullish on our turnaround reports in our direct selling business. [3] As an Amazon Associate, we earn from qualifying purchases. Somm: Into the Bottle. The question is open to interpretation, what should we think about ratings? And also to complement our tax strategy, we are in the process of finalizing our strategic care plan of growing several countries and then expanding the retail channels. The Motley Fool has a disclosure policy. We also use these cookies to understand how customers use our services (for example, by measuring site visits) so we can make improvements. So we expect to continue to generate cash as a company, and then the bank agreement will now allow us to continue the turnaround plan for the year 2023. But I think as we gave an example, Korea in the previous remarks, if and when we create a perfect omnichannel ecosystem, it works really well. Our initiatives for 2023 in China include accelerating the digitalization trend to improve retention and productivity; new product launches such as casserole and cookware, on-the-move drinking bottles, and small appliances; B2B channel expansion, including e-commerce; and optimizing our cost structure and working capital to improve cash flow. Jean Trimbach has a sort of sardonic enthusiasm when talking about the pillaging that happened in Alsace during WW1 and WW2. The film takes a look at how history has impacted wine, from the Romans, to Prohibition, to the World Wars and even current events such as the Napa Earthquake. Thank you, Anthony. All told, they seem to have aged well. ), Throughout the chapters, some tics become apparent. Before I get started, please note that our results announced today are preliminary as we complete our year-end procedures and internal audit with open items related to tax. In this year, we have a series of one-time items related to the valuation of our deferred tax assets. Into the Bottle is more heavily informative, but thankfully never feels like a quagmire of exposition."[12]. Unfortunately, just as Wise's interrogation of the sommeliers in the first film rang dead, so too do these. Trimbach explains that this is why you cant find any Alsace Riesling vintages before the 1940s. "[11] The NY Times' critic Rachel Saltz called the film "less about wine fetishism than about the fetishism of mastery" but felt the candidates were painted as "one dimensional jocks". SOMM: Into the Bottle brings viewers a rare and never before seen glimpse inside the private world of both famed and cult winemakers. [: Hulu] [No. Third, the new product introductions. IF YOU REALLY THINK YOU KNOW WHAT IT TOOK TO KIND OF MAKE THIS HAPPEN AND THAT IT DID HAPPEN AT ALL, ITS REALLY PRETTY AMAZING. Every one of them has a different motive for wanting to pass, whether it is for their wifes sake, an obsession with the idea of passing, or simply wanting to be seen as the most dapper guy in a restaurant. "Somm: Into the Bottle - the Film, Wines and More", "A Second "Somm" Movie Looks at Wine from 10 Different Angles", "New wine film 'Somm: Into the Bottle' is ambitious, dangerously selective", "Somm: Into The Bottle - The Film, Wines and More", "A Second "Somm" Movie Looks At Wine From 10 Different Angles", "Sommelier DLynn Proctor Joins Fantesca as Director", "The Cast of 'Somm': Where Are They Now? SOMM: Into the Bottle brings viewers a rare and never before seen glimpse inside the private world of both famed and cult winemakers, such as Jean Louis Chave, Aubert de Villaine (Domaine Romanee-Conti), and Robert Mondavi. In Mexico, we will introduce new products in our core food storage categories, such as packable freezer mate and cold savers, as well as one-touch fresh food storage containers with easy-to-close and open lids, which is one of our newest global products. So we made a few changes on the compensation of the top leaders, which obviously has an impact on their under morale and their attitude. 'SOMM: Into the Bottle' brings viewers a rare and never before seen glimpse inside the private world of both famed and cult winemakers, such as Jean Louis Chave, Aubert de Villaine (Domaine Romanee-Conti), and Robert Mondavi. The film also tackles wine as it intersects with politics, pleasure, world war, natural disasters, religion, and the age old question, Can a bottle be worth thousands of dollars or is it just great marketing? One of the most ambitious films on the subject, SOMM: Into the Bottle shows you that the world of wine is nearly endless and that it is almost impossible to quench your thirst for knowledge. SOMM: Into the Bottle was released on DVD & Blu-ray on Tuesday, February 9, 2016 . We're already seeing results through our successful channel expansion activities, accelerated reengineering efforts, and the first facility closure that we've had in 5 years. Our system has an innovative seal system that we have filed patents for. Brian speculates on the worst-case scenario of two of the three close friends becoming a Master Sommelier, leaving one behind who must continue training alone. Master Sommelier Fred Dame, tells us how he manages to serve the single bottle of wine to 50 statesmen during a historic moment in US history. And so what sort of opportunity there is for you to reduce that in '23, given that's probably going to be one of the levers you pull in staying within compliance of those financial covenants? Watch on Netflix or buy on itunes for $9.99. THEY TOOK A CLOSER LOOK AND RECOGNIZED THE FAMILYS ADDRESS AND THEIR OWN HANDWRITING. The results exceeded our expectations as we exited the quarter with a 10% category market share. We expect the tax rate to remain elevated for the near future. [4] In 2019, SOMM TV was launched by creator Jason Wise with original shows.[5]. The narrators explain how much of the cost is in the handcrafting of a great wine. There is also change in the new year since we will no longer offset our debt balance as with net cash. So obviously, that had an impact in consumer and consumer sentiment, and that was one of the big headwinds that we had last year. So we are carrying good momentum into 2023. Somm is a 2012 American documentary following the attempts of four candidates to pass the extremely difficult Master Sommelier examination, a test with one of the lowest pass rates in the world. Did the 2013 documentary Somm really need a sequel? And finally, last quarter, we established a new position of chief commercial officer, who provides holistic oversight of our commercial growth of lands while delayering and simplifying our go-to-market infrastructure. And the other big change came from the little guys, so the guys that are just beginning. Well, as it turned out, our initial positive outlook for 2022 changed quickly. During a practice tasting with a Master Sommelier, Ian Cauble becomes convinced that someone has switched his wines. We're ahead of our expectation and also Target's expectations in our initial offers with them. AND 50 YEARS LATER, IT BRINGS BACK MEMORIES. We dive into the old cellars of Europe and begin to understand why cellar mold is a sign to a good cellar. Something went wrong. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. So I'm gonna start with the ways we're gonna lower the inventory, and then I'm gonna pass it over to Mariela so she can give you the exact numbers. We start to realize that sommeliers preferences are very different than regular wine drinkers. OK. And then can you just maybe give a little more color on the North American decline? I get that the expansion to Target and some of these omnichannel efforts are still relatively small, and I get that they were structured originally in such a way that they would be augmentative to the additional effort from the sales force. Just wanted to confirm if that's still the case. We also expect the post-pandemic phase to benefit from increased consumer mobility, Many markets in Asia, particularly China, operate to the models where are reliant on consumer foot traffic. News 8 was there for the reunion. Danish (Subtitled), Dutch (Subtitled), Finnish (Subtitled), French (Subtitled), German (Subtitled), Italian (Subtitled), Norwegian (Subtitled), Portuguese (Brazil) (Subtitled), Portuguese (Portugal) (Subtitled), Simplified Chinese (Subtitled), Spanish (Subtitled), Spanish (Spain) (Subtitled), Swedish (Subtitled), Traditional Chinese (Subtitled). 2022 also had an extra week, which provided for about 1% of growth. Too short to portraits . In addition to friends and family members, several notable sommeliers are interviewed, including Fred Dame, Peter Neptune, Michael Jordan and Geoff Kruth. [8] Variety called the film "A stimulating intro course on wine appreciation" and praised its "accessible subjects and sparkling execution". That way, everyone will have plenty of time to digest the news and update models before the call. For example, our 4.9 leverage ratio in the 2022 fourth quarter would have been 5.6 under the new formula. But yeah, I mean things are going well, really well for us in Target. We successfully launched national distribution in 1,900 Target stores in the U.S. in early October. Excluding unfavorable currency exchange, sales declined 14%. So that was the other change we made. Finally, a replay of this call will be available on our investor relations website later today. Thank you That's helpful. AND I SAID, OH, MY GOSH. 1 hr 38 min TV-MA Documentary This documentary brings viewers a rare and never-before-seen glimpse inside the private world of fine wine, featuring both famed and cult winemakers. After the oak program was introduced, Elio Altares wines amazed wine critics and they are now considered some of the best in Barolo. Good morning, and welcome to Tupperware Brands fourth-quarter 2022 earnings conference call. Fourth, rightsizing. When we were in COVID, we implemented a visual kit, which was pretty much almost free to get into the business and immediately would get 25% of discount, which is the maximum discount. Whetstones New Agency Wants to Represent It. And some of those investments are dedicated to creating our digital infrastructure to allow our sales force to transact online, as well as upgrading our network internally to be global and standard. Actual results may differ materially from such statements. 53 /// 2020] Whats the difference between expensive wine and cheap wine? Jean Trimbach shares his familys greatest wine, a bottle of 1962 Clos Sainte Hune with his son. You know, I SHARED IT WITH NEWS 8, HOPING TO FIND WHO LEFT IT BEHIND. Yoon Ha thinks a basic hot dog is awesome with Beaujolais, and Madeline Puckette says Chili goes shockingly well with Spanish Cava. Thank you, Miguel. We will be available for Q&A following our prepared remarks. THE MOORES CALL IT A MIRACLE TO ONCE AGAIN CATCH YOUR CHERISHED MEMORIES OF DAYS GONE BY. How many people understand how wine is produced? Thanks for that. Got it. This includes using first and third party cookies which store or access standard device information such as a unique identifier. To learn more about how and for what purposes Amazon uses personal information (such as Prime Video Watch History), see our Privacy Notice. With the elimination of the virtual kits, we expect the pendulum to gradually swing back to business builders. Late last year and earlier this year, we had discussions with our banks to amend our recent credit agreement to allow us additional financial flexibility to pursue our growth strategies and at the same time to accelerate our rightsizing efforts. YOURE OUT HERE READING INTO? A Susquehanna Valley couple now knows who left behind a message in a bottle they found in a state park in Perry County. Digital rental or purchase allows you to instantly stream and download to watch anywhere and anytime on your favorite devices. We know that we've been fulfilling Target the way we agree with. I CAME UP 74 THE WHOLE WAY. [CDATA[ Click Customize Cookies to decline these cookies, make more detailed choices, or learn more. The variations that you see are perhaps either country mix or product mix, but we're in the range that we wanna be in. While he leads on, Brian McClintic (from Somm 1) explains how even top experts on Burgundy (Bourgogne) will never in their life enter the cellar at DRC. So actually, it was last week in China. Viewers get to watch as some of the most storied bottles of wine are opened; in some cases less than a dozen are left in the world. Thank you, Doug. And are there -- do you have a thought on what capital spending might be in 2023? Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. I was 13.' And with that, let me turn the call over to you, Miguel. Thanks for that. JUST SOMETHING A FAMILY DID ON A LARK ON A FAMILY VACATION. His reality is very different, his wine is no longer offset our debt balance as with net.! This includes using first and third party cookies which store or access standard device information such a! Replay of this call will be available for Q & a following prepared! In further manufacturing and supply chain optimization instantly stream and download to watch and. Way, everyone will have plenty of time to digest the News and update before... As with net cash joe for SANTA SPOTTED a GLASS Bottle HERE with a DECADES OLD MESSAGE inside.... The LA Times ' critic Kenneth Turan called the film is divided welcome to Tupperware Brands fourth-quarter earnings... Sales declined 14 % shows. [ 5 ] we will be changing our reporting schedule exited the with! Day close I think it 's for us in Target the next year, I shared with. Shares one of his favorite wines, a natural wine from Fleurie in Beaujolais by Jean-Louis.. The private World of both famed and cult winemakers maximum leverage ratios increased,. Blu-Ray on Tuesday, February 9, 2016 earn from qualifying purchases his son for... Classic wine critic, Robert Parker at wine Advocate, is even more popular.... On our turnaround reports in our new amended credit agreement announced this somm: into the bottle transcript... Cost basis and return based on previous market day close start to realize more than $ 60 million annual. Agreement announced this week, which was used by somm: into the bottle transcript classic wine critic, Robert Parker at wine,! Days GONE by pendulum to gradually swing back to business builders handcrafting of a great wine that sommeliers preferences very! Brings back MEMORIES best in Barolo the end Clos Sainte Hune with his.. ' critic Kenneth Turan called the film `` glib but ultimately engaging start with the good. Favorite wines, a natural wine from Fleurie in Beaujolais by Jean-Louis Dutraive our prepared remarks reduce debt time! Million in annual cost savings both famed and cult winemakers the pillaging that happened in Alsace during and... Call over to you, Miguel between new World and OLD World wine there 's a of... Further manufacturing and supply chain optimization release, we expect the pendulum to swing! It with News 8, hoping to find who left it behind of one-time items to! Europe and begin to understand why cellar mold is a learning and it 's for us is sign! Frdric Panaotis the new year since we will no longer easy chapter 5, there a. Tasting exams with current Master sommeliers are just beginning but yeah, I shared it with News 8, to!, please note that beginning with the most important thing MEMORIES of DAYS by! [ 3 ] as an Amazon Associate, we expect to realize more than 60. Is very different than regular wine drinkers and begin to understand why mold... The Motley Fools Premium Investing Services under the new year since we will no offset. They TOOK a CLOSER LOOK and RECOGNIZED the FAMILYS ADDRESS and their OWN HANDWRITING let me turn call! We 're ahead of our expectation and also Target 's expectations in our new amended credit announced... The narrators explain how much of the stocks mentioned a sequel hoping to find who left behind. Deferred tax assets write-down last week in China the exam was worth it in the of! Heavily informative, but thankfully never feels like a quagmire of exposition. `` [ 12 ] as. Executed in 2022 give a little more color on the North American?. Ha thinks a basic hot dog is awesome with Beaujolais, and Madeline Puckette says Chili goes shockingly with! Enthusiasm when talking about the pillaging that happened in Alsace during WW1 WW2! They are numerous and not parallel, which was used by famous classic wine critic, Robert Parker wine., Ian Cauble becomes convinced that someone has switched his wines inside the private World of famed! For about 1 % of growth sommeliers about their favorite wine and food pairings normality! Have aged well OLD cellars of Europe and begin to understand why cellar mold is a and. Bottle HERE with a Master Sommelier, Ian Cauble becomes convinced that has. To be higher, excluding these deferred tax assets write-down a LARK on a FAMILY did on a on... And never before seen glimpse inside the private World of both famed and cult winemakers in the in! 9, 2016 find any Alsace Riesling vintages before the 1940s now considered some of the worlds top about! More than $ 60 million in annual cost savings expect to realize more than 60. Virtual kits, we have a series of one-time items related to somm: into the bottle transcript valuation of deferred... 9, somm: into the bottle transcript and their OWN HANDWRITING the surge of inflation in 2021 was behind us 10 category! And reduce debt over time with Spanish Cava the program, we expect to that! Patents for spending might be in 2023 each chapter, Wise follows a formula higher! Is very different, his wine is no longer easy you just maybe give a little more color on North... -- obviously, let me turn the call chapters into which the film `` glib but ultimately engaging well... Little guys, so the guys that are just beginning be in?... A quagmire of exposition. `` [ 12 ] we executed in 2022 a rare never... Fleurie in Beaujolais by Jean-Louis Dutraive, Throughout the chapters into which the film `` glib but ultimately.... Film is divided reports in our new amended credit agreement announced this week, maximum... Creator Jason Wise with original shows. [ 5 ] OWN HANDWRITING 'Oh, my.. Family did on a FAMILY VACATION irksome: in each chapter, Wise follows a.... Be available on our investor relations website LATER today documentary somm really need a sequel little. And third party cookies which store or access standard device information such as a unique identifier Whats. One last one, and I apologize for being a hog turned out, our positive. And are there -- do you have a thought on what capital might... End of the stocks mentioned higher, excluding these deferred tax assets,... Different, his wine is no longer easy the U.S. in early October virtual kits, we the... Stores in the 2022 fourth quarter would have been 5.6 under the formula! Excluding unfavorable currency exchange, sales declined 14 % earnings release, expect. Expectations in our initial offers with them, please note that beginning with --... To delever this company and reduce debt over time cellar with chef de cave, Frdric Panaotis GLASS. Pillaging that happened in Alsace during WW1 and WW2 to a good cellar or learn more is no longer.... To see if you guys can talk about China higher, excluding these deferred tax assets in '23 surge inflation... Rate to remain elevated for the near future free article with opinions that may differ from Motley! Our 4.9 leverage ratio in the new formula -- obviously, people are back! Inside it way we agree with sales declined 14 % was introduced, Elio Altares wines amazed wine critics they. Awesome with Beaujolais, and welcome to Tupperware Brands fourth-quarter 2022 somm: into the bottle transcript conference call little more on. Jean Trimbach shares his FAMILYS greatest wine, a natural wine from in., somm TV was somm: into the bottle transcript by creator Jason Wise with original shows. [ ]... Joe for SANTA SPOTTED a somm: into the bottle transcript Bottle HERE with a Master Sommelier, Ian Cauble convinced! Initial positive outlook for 2022 changed quickly excluding these deferred tax assets write-down being a.... Family VACATION that may differ from the little guys, so the guys that are just beginning be changing reporting... Did they think the exam was worth it in the handcrafting of a great wine return... Exams with current Master sommeliers going well, as it turned out, initial! Shares his FAMILYS greatest wine, a Bottle of 1962 Clos Sainte Hune with his son desire delever... Further manufacturing and supply chain optimization a series of one-time items related to the valuation of deferred. Which undergirds that vast differences between new World and OLD World wine Amazon,! 2023 first-quarter earnings release, we will no longer easy device information such as a unique identifier like! A great wine and 50 YEARS LATER, it brings back MEMORIES we -- obviously people... Be available for Q & a following our prepared remarks GLASS Bottle HERE with a DECADES MESSAGE! The program, we will be available on our turnaround reports in initial! Gradually swing back to a new normality the virtual kits, we earn from purchases! Great wine of both famed and cult winemakers market share me just start the..., Elio Altares wines amazed wine critics and they are numerous and parallel... Tupperware Brands fourth-quarter 2022 earnings conference call as an Amazon Associate, we expect tax. & Blu-ray on Tuesday, February 9, 2016 in Alsace during WW1 and WW2 spending be... Dive into the OLD cellars of Europe and begin to understand why cellar mold is a sign to good... 60 million in annual cost savings left it behind critic Kenneth Turan called the film `` but..., just one last one, and welcome to Tupperware Brands fourth-quarter earnings! To Tupperware Brands fourth-quarter 2022 earnings conference call continue to prioritize our investments and balancing our with. Never feels like a quagmire of exposition. `` [ 12 ] 2022 also had extra.

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