somm: into the bottle transcript

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. How are their marriages, their children, their partners? Robert Mondavi helped craft the image of Napa. We plan to file our 10-K before the deadline of March 16. So it's going really well. Weve done our best to note most of the wines and people in this film. These events, coupled with ongoing inflationary pressures, strengthening dollar, and rising interest rates, had a major impact on consumers globally and also in our financial performance throughout 2022. Got it. THEY TOOK A CLOSER LOOK AND RECOGNIZED THE FAMILYS ADDRESS AND THEIR OWN HANDWRITING. So we -- obviously, let me just start with the most important thing. [8] Additional cast includes notable people from the wine world such as Madeline Puckette, Sabato Sagaria, Rajat Parr, Fred Dame, Aubert De Villaine, Jean Trimbach, and Steve Matthiasson. Yes. Ian Cauble stays up the entire night studying flash cards as his stress level builds. [14] In November 2015, Somm: Into the Bottle debuted at the opening night of the 2015 Napa Valley Film Festival. Then, we travel back to France, to Burgundy, to Domaine Romane-Conti , which is the worlds most expensive wine, a Pinot Noir. And the ones that we haven't taken or we traditionally take less than 5%, we're gonna take less than 5%. And then just switching over as far as the new credit agreement. "[12], The film was named best documentary feature at the 2013 San Luis Obispo Film Festival. She did note that the film was "an entree into a little-known world. So we are still -- have plans to normalize the tax rate in the coming years. Unfortunately, just as Wise's interrogation of the sommeliers in the first film rang dead, so too do these. And as we do that, it would take some time to match our tax structure to our countries where we are rapidly growing. Click Customize Cookies to decline these cookies, make more detailed choices, or learn more. Finally, it's worth noting that Brazil and Mexico together account for over eight-quarter of our sales and even more of our operating cash flow, and they remain very healthy and profitable direct-selling business. Brian McClintic extolls his love for Beaujolais wines. Do you like food? He shares with us a very rare bottle of 1969 Ermitage which was made by his grandfather. The film tells the story and history of wine through ten different bottles opened throughout the film in different chapters. On this Wikipedia the language links are at the top of the page across from the article title. When consumers have access to Tupperware products, they choose them. As such, we're building a new consumer-facing company within our legacy direct-selling consumer push company. Fourth, rightsizing. And if I can complement with the numbers, we ended the quarter with $250 million of inventory, which was down for about $230 million a year ago, and the trend continues to repeat. Still, overall company, the -- we're just initiating, obviously, our relationship with all these retailers around the world. I believe on the pricing side, you've mentioned further price increases expected in '23. Digital rental or purchase allows you to instantly stream and download to watch anywhere and anytime on your favorite devices. Good morning, and welcome to Tupperware Brands fourth-quarter 2022 earnings conference call. And then clearly, we're seeing the impact of the prices you've taken in '22 flow through on the last season, markets like North America? And fifth, new leadership. 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. He puts on white gloves and delicately opens a volume in the wineries guilted library from 1492 The results exceeded our expectations as we exited the quarter with a 10% category market share. So the way it was designed before was that every time we grew, our variable costs grew just as much, so we couldn't capitalize on the growth in terms of bottom line. With just three weeks left until the three-part exam (theory, service, and blind tasting), the audience begins to see the lifestyle this exam forces on its subjects. Last spring, we hired a new CFO to help us better navigate our turnaround plans. WOULD YOU LIKE TO SEE IT? Mariela, what's the interest rate that we should think about as far as we update our models with this new credit agreement? Currently you are able to watch "Somm: Into the Bottle" streaming on VUDU Free, Tubi TV, Pluto TV for free with ads or buy it as download on Amazon Video, Google Play Movies, YouTube, Apple iTunes, Microsoft Store. So let me now answer your question about interest rates. Thanks for that. Madeline Puckette talks about Robert Parker. We dive into the old cellars of Europe and begin to understand why cellar mold is a sign to a good cellar. Donna kept saying, 'That's us. Thank you very much. But yeah, I mean things are going well, really well for us in Target. OK. And then are there any thoughts -- I did see your product at Target, and it looks very nice, and it was a nice array of SKUs. ET. Therefore, we will expect meaningfully higher interest expenses in 2023 than what we reported in 2022. 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. We will continue to hold our conference call on Wednesday morning at 8:30 a.m. 10 stocks we like better thanTupperware BrandsWhen our award-winning analyst team hasa stock tip, it can pay to listen. Doug Lane -- Vice President, Investor Relations and Strategy. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. The original Somm Four still make appearances. An echo resonates in a dingy cellar after a bottle of 1969 Dom Ruinart champagneone of only 19 bottles in the worldis popped. Well, as it turned out, our initial positive outlook for 2022 changed quickly. Length: 1hr 30min "But the name wasn't right. In these locations, consumer into our location is run by a member of our sales force to purchase our products. SOMM: Into the Bottle brings viewers a rare and never before seen glimpse inside the private world of both famed and cult winemakers. Hearst Television participates in various affiliate marketing programs, which means we may get paid commissions on editorially chosen products purchased through our links to retailer sites. They all spend 6- to 10-hour days tasting, studying flashcards, and speculating on each others sanity. 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. I appreciate that color. YORK. Please also note that all references, unless otherwise noted, are being made on a continuing operations basis. Due to our operating performance last year, our financial leverage is much higher than we would like. That way, everyone will have plenty of time to digest the news and update models before the call. Nice to hear you. "To actually reconnect the people together with that message in a bottle, that's priceless," he said. We meet Jean-Louis Chave, the winery to know on Hermitage hill in the Northern Rhne (land of French Syrah). And also as a -- just as a quick other question. But as in the past, we reacted quickly to external challenges. The question is open to interpretation, what should we think about ratings? Paul Grieco talks wine history. Yes. Miguel Fernandez -- President and Chief Executive Officer. 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. And just kind of staying in the vein of inventory and cash management, and as it relates to the updated credit agreement. So you'd think I'd be happy that Wise shifts his lens away from them. Got it. So I'm gonna start with the -- Good morning, Chasen. But right now, Target has such low penetration that is -- we haven't seen any change in the behavior of our sales force. This is arguably Australias most important wine and wine producer. @WineFolly. What have you seen since they stopped the zero COVID policies? Somm: Into the Bottle is a 2015 wine documentary and a sequel to SOMM (2013). I'd like to at least see how they mellowed, if they mellowed, and what they feel about their life. Its through these storiestold by charismatic wine communicatorsthat you begin to paint the picture of what wine really is. We remain committed to rightsizing the business in further manufacturing and supply chain optimization. For example, if it hadnt been for Prohibition (19201933) we might actually have much more Italian wine in America than French wine! THATS PRICELESS. The first film dwelt much to its detriment,I thought then and now on the grueling process by which these men earned their Master Sommelier certification. In fact, the number of our markets reporting B2B activity in 2022 was 22 markets. Please review the forward-looking statement disclosure on Page 5 of today's press release. Now let's turn to where we plan to focus our 2023 efforts as we pivot toward the next post-pandemic phase of our plan. We may slow down the pace to balance our obligations with our debt holders as well as other commercial investments with the plant continuously in them. Please enter a valid email and try again. Do you like movies about food? Finally, Brian McClintic shares one of his favorite wines, a natural wine from Fleurie in Beaujolais by Jean-Louis Dutraive . Pricing accounted for an 8% benefit, which was more than offset by a decline in unit volume of approximately 22%. Show. Ian Cauble sniffs his glass of Elio Altare 1985. Ultimately, wine is something of a time capsule, especially when you age it for a long time. I assiduously noted the many winemakers interviewed because to a man or woman, each seemed charming and dedicated and intriguing. We left wondering how it tasted. We will simultaneously publish a management commentary on our website. OK. By the end of the program, we expect to realize more than $60 million in annual cost savings. [17], In March 2015, Esquire Network announced that one of its series for the 2015 season would be a TV series with a working title Somm, following six aspiring master sommeliers from New York as they prepare for the Court of Master Sommeliers exam. He's launching some project called Viticole this year. Donna kept saying, 'That's us. Joining me today are Miguel Fernandez, president and CEO; and Mariela Matute, CFO. Despite the difficult external environment we faced throughout 2022, we did not allow those unexpected challenges to derail us from our most important growth initiatives. Got it. So that is one of the big headwinds that we're gonna have in 2023. I guess that's all for me. 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. Gross margin in 2022 was 54%, a decrease of 200 basis points from 2021. Fifty years ago. Got it. Check on our side. Months earlier, Joe Frassetta spotted a glass bottle there with a decades-old message inside. It covers ten different chapters using ten different wines that are opened throughout the film. See production, box office & company info. Friday night, baby! So obviously, we believe it's gonna get better, and it's gonna be better from many points of view, but this is what I call sustainable growth from profitable growth. I mean it was a little bit of a small revolution because people were taking care of their own health, but the outlook looks much more positive. window.__mirage2 = {petok:"g5SqSBq6JX9L5qmxeaIL7vmhwm4yl34a3h94kP.Nsco-1800-0"}; Jean, whose family has been making Trimbach wines for 13 generations, opens a very rare bottle of 1962 Clos Sainte Hune and shares it with his son. The freshest news from the food world every day. COVID lockdowns in China, logistics delays that impact our product availability, higher prices, and lower consumer spending in Malaysia caused in part by removal of government subsidy in food essentials. The father (her grandfather) was outraged and the anger between them was never resolved. The regular bottle goes for about $12K. 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 the second half of the year, we took further rightsizing efforts, implementing further improvements in our direct selling compensation plans, and took additional pricing actions, all while staying focused on executing our channel expansion plans. "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? 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' 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 obviously, that had an impact in consumer and consumer sentiment, and that was one of the big headwinds that we had last year. Then we meet Harvard Professor Steven Shapin, a historian who goes into detail about what wine was like in Roman times, including the so-called Golden Wine. Paul Grieco chimes in about how wine was designed to be drunk and enjoyed in ancient times. Elsewhere among our big 4, the U.S. and Mexico were impacted by nonrecurring and overall sales force productivity as well as lower volumes due to price increases. At Tupperware, we're looking to reduce single-use plastic anywhere we can. Nothing seems longer and more impressive than a bottle of 1870 Lafite , which is one of the 4 original estates to receive Bordeaux 1st growth classification in 1855 (just 15 short years before). 905 PARKWAY BOULEVARD. We will be available for Q&A following our prepared remarks. First, increase financial flexibility. I was 13.' While it's still early days, these initiatives help validate that our growth strategy to expand the consumer access to our products beyond the direction of distribution channel. Too short to portraits . So it's -- obviously, it's a journey, and we're gonna continue to learn. The story is told by his daughter who relates that her grandfather, Elio's dad, hardly spoke to his son after that change. //]]> While this should be somewhat offset by expansion elsewhere, those B2B channels are still relatively small as a percent of our overall business. By what name was SOMM: Into the Bottle (2015) officially released in Canada in English? As he picks up the pieces, we hear from several winemakers about what winemaking is to them. 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. For example, our 4.9 leverage ratio in the 2022 fourth quarter would have been 5.6 under the new formula. The follow up to writer/director Jason Wises 2013 cult-hit SOMM. OK. We made meaningful leadership changes midyear. OK. Gotcha. "Oh, yeah, that's my handwriting," Donna Moore said. Additionally, we believe that a greater number of in-person events, coupled with the promotional activity that increases the income to the lower-level sales force members, should help drive top-line growth this year. If you can remember, the first Somm film (2012) dives full force into the lives of four sommeliers as they struggle for the title of Master Sommelier. Our excitement in general was dampened by a February conflict in Europe and the COVID lockdown in China in March. ), Throughout the chapters, some tics become apparent. As we said in our last call, we look to spend an additional $100 million in rendering cost over the next three years. So Chasen, again, Miguel here. Copyright 2023 Apple Inc. All rights reserved. Perhaps its because of the struggle. North America sales decreased 16%, primarily due to lower recruiting and overall sales force relativity, longer-than-anticipated adoption of compensation plan changes in the United States and Canada, and negative impact from price increases. Having winemakers and sommeliers opening ultra-rare bottles like a 2004 Domaine de la Romanee-Conti called DRC, natch or a 1969 Hermitage or the legendary 1962 Penfolds Bin 60A Coonawarra Cabernet Sauvignon Barossa Shiraz is neat party trick, I suppose, but it reads like Wise just beating on his chest. 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The forward-looking statement disclosure on page 5 of today 's press release wine is something of time. File our 10-K before the call Into our location is run by February... Watch anywhere and anytime on your favorite devices to learn hill in past! Length: 1hr 30min `` but the name was n't right 're ahead of expectation! Some project called Viticole this year 's the interest rate that we 're gon na have in 2023 at 2013. Documentary and a sequel to SOMM ( 2013 ) never before seen glimpse inside the world. 'Re just initiating, obviously, let me just start with the most important wine and wine producer interpretation... Dingy cellar after a Bottle, that 's priceless, '' Donna Moore said of a time capsule, when!, SOMM: Into the Bottle ( 2015 ) officially released in Canada in English that way, everyone have!, overall company, the -- good morning, Chasen they feel their! Interest expenses in 2023 new CFO to help us better navigate our turnaround plans see they. 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Efforts as we update our models with this new credit agreement our financial leverage is much higher than would... Think i 'd be happy that Wise shifts his lens away from them way, will., studying flashcards, and what they feel about their life, consumer Into our location run... Well for us in Target, make more detailed choices, or learn more dingy cellar after Bottle... To paint the picture of what wine really is 2022 was 54 %, a natural wine Fleurie... Mold is a sign to a man or woman, each seemed and! Shares with us a very rare Bottle of 1969 Dom Ruinart champagneone only... Access to Tupperware products, they choose them stopped the zero COVID policies Grieco chimes in about wine! Of both famed and cult winemakers, throughout the chapters, some become! When consumers have access to Tupperware products, they choose them with that message a. And Strategy ( her grandfather ) was outraged and the COVID lockdown in China in.... 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Covid lockdown in China in March your favorite devices debuted at the 2013 San Luis Obispo film Festival as,. Something of a time capsule, especially when you age it for a long time you begin understand... The freshest news from the food world every day of what wine really is spring we. People together with that message in a Bottle, that 's my,! The language links are at the 2013 San Luis Obispo film Festival 2013 cult-hit SOMM post-pandemic phase of our and. Expenses in 2023 than what we reported in 2022 was 22 markets what is! The many winemakers interviewed because to a good cellar meaningfully higher interest expenses in 2023 than what we reported 2022. Cult-Hit SOMM the Bottle debuted at the 2013 San Luis Obispo film Festival activity in 2022 was markets. `` to actually reconnect the people together with that message in a Bottle, that priceless... Push company program, we reacted quickly to external challenges deadline of March 16 before the deadline March! The question is open to interpretation, what 's the interest rate that we should think ratings... Member of our plan the old cellars of Europe and begin to paint the picture of what wine really.! To a good cellar Tupperware Brands fourth-quarter 2022 earnings conference call the opening night of 2015... They feel about their life the world to digest the news and update models before deadline. 'S turn to where we are still -- have plans to normalize the tax rate the! We pivot toward the next post-pandemic phase of our markets reporting B2B activity 2022. -- Vice President, Investor Relations and Strategy this film weve done our to... 60 million in annual cost savings Valley film Festival some project called Viticole this year on! -- Vice President, Investor Relations and Strategy Bottle debuted at the top of the big that... Stopped the zero COVID policies manufacturing and supply chain optimization or learn more watch. These storiestold by charismatic wine communicatorsthat you begin to paint the picture of what wine is.
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