Cost basis and return based on previous market day close. Its 2014 and an earthquake just rocked Napa Valley. 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? He shares with us a very rare bottle of 1969 Ermitage which was made by his grandfather. Thanks, Mariela. So every time the POs come in, we're being -- obviously, it's a big priority. [2] Directed by Jason Wise, a sequel, Somm: Into the Bottle, was released in 2015 and a third film, Somm 3, came out in October 2018. Length: 1hr 30min However, given this relative inexpensive price point, we found that we were attracting more discount buyers with lower retention to the brand. Viewers are taken beyond the exam and down the wine (bottle) rabbit hole. In a coda to the film, one year later Ian reattempts the exam and becomes the 197th Master Sommelier, and DLynn is still busy studying. I'll pass it. Silvia Altare tells us about her dad Elio and how he went against his fathers wishes and used new French oak barrels on the 1985 vintage of their Barolo wines. The original Somm Four still make appearances. I believe on the pricing side, you've mentioned further price increases expected in '23. The film's director Jason Wise last directed Somm. Jean Trimbach shares his familys greatest wine, a bottle of 1962 Clos Sainte Hune with his son. That's right -- theythink these 10stocks are even better buys. Now that the government has reversed course, we expect the business in China to improve as the year progresses. And the ones that we haven't taken or we traditionally take less than 5%, we're gonna take less than 5%. Additional information about factors that could potentially impact our financial results will be included in our Form 10-K for the 2022 fiscal year, subsequent filings with the SEC, and in our press release filed this morning. SOMM: Into the Bottle brings viewers a rare and never before seen glimpse inside the private world of both famed and cult winemakers. So for our tax rate, we expect the tax rate to continue to be elevated. It is also possible to rent "Somm: Into the Bottle" on Microsoft Store, Apple iTunes, Amazon Video, Google Play Movies, YouTube . Change your choices anytime by going to Cookie Preferences, as described in the Cookie Notice. At Tupperware, we're looking to reduce single-use plastic anywhere we can. Available from various digital retailers including Amazon Video, iTunes, Google Play, Apple, Vudu and others. [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. 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. These were partially offset by strong performance in Korea, as Miguel highlighted earlier. And then just switching over as far as the new credit agreement. WHAT? Doug Lane -- Vice President, Investor Relations and Strategy. And I told him, and I said, 'This has to be us,'" she said. Adjusted EPS was lower due to lower sales volumes and margins mentioned above, coupled with a higher adjusted tax rate than in 2021. We start to realize that sommeliers preferences are very different than regular wine drinkers. We made meaningful leadership changes midyear. We will be available for Q&A following our prepared remarks. Sales were down 27% on the year as zero COVID policy impacted consumer access to our products. Paul Grieco talks wine history. Thank you That's helpful. StarringSilvia Altare Ian Cauble Fred Dame Aubert De Villaine Geoff Kruth Directed byJason Wise Somm: Into the Bottle is now available via streaming and VOD. Korea is among the most advanced markets in the process of building an omnichannel ecosystem. So you'd think I'd be happy that Wise shifts his lens away from them. 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. Somm: Into the Bottle received positive reviews, with the Hollywood Reporter calling the film "so packed with personality and fascinating details that viewers will be able to return repeatedly to the documentary without soon exhausting all that it has to offer. I SHARED IT WITH NEWS 8, HOPING TO FIND WHO LEFT IT BEHIND. In our new amended credit agreement announced this week, our maximum leverage ratios increased. The father (her grandfather) was outraged and the anger between them was never resolved. The reality is somewhere in between, Review: The Pointless Battle of the Somm [E], Party Down Returns Sharper, Bleaker, and Funnier Than Before. By opening some of the worlds most rare bottles of wine, the viewer will understand how a wine ages, what happens in a cellar and exactly what oak in wine means. Yes. Something went wrong. The U.S. was further impacted by a longer-than-anticipated adoption of our compensation plan changes. Viewers get to watch as some of the most storied bottles of wine are opened; in some cases less than a dozen are . Director Jason Wise Writers Christina Tucker Jason Wise Stars Silvia Altare Brian Carmody Ian Cauble Additional disclosures regarding these non-GAAP measures, including explanations and reconciliations of these measures to the most comparable GAAP measures, can be found in today's press release. And in fairness, each chapter contains some really interesting stories. THEY ACTUALLY RECONNECT THE PEOPLE TOGETHER WITH THAT MESSAGE IN A BOTTLE. Right now, Target is, I'm gonna call it, probably 1% to 2% of our sales, and 98% is coming from direct selling. I CAME UP 74 THE WHOLE WAY. 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. 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. I think it's for us is a learning and it's balancing. So it's going really well. Yes. By submitting your email, you agree to our, Review: Somm: Into the Bottle Squanders the Wonderful Story ofWine, And the last chapter the Memory has an amazing story of Leon Panetta, dark lord muppet of the CIA, drinking a bottle of 1870 Chateau Lafite with legendary somm Fred Dame after killing Bin Laden from little CIA shot glasses. When we exclude those write-downs, the write-down was over 70% of our pre-tax income. We plan to file our 10-K before the deadline of March 16. *Stock Advisor returns as of February 8, 2023. eastern time, and the 2023 first quarter is tentatively scheduled for May 10. So it's not material yet. Instead, Wise breaks down wine into 10 chapters, which he laboriously trots through. The way we saw it is that when it opened up, obviously, a lot of people got sick, right? JUST SOMETHING A FAMILY DID ON A LARK ON A FAMILY VACATION. Thank you for taking the questions. In total, we added 50 retail chain customers around the world. The film takes us through the stunning vineyards of France and Germany . Thank you. The latest breaking updates, delivered straight to your email inbox. A third film, SOMM 3, released in 2018. But now that the product has been on shelf for effectively a quarter, has there been any change in sort of behavior or attitude from the sales force members now that they are, in a sense, competing with Target? 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. The film tells the story and history of wine through ten different bottles opened throughout the film in different chapters. So as of today, we're confident that we will be able to operate without substantial doubt in 2023. Theyjust revealed what they believe are thetenbest stocksfor investors to buy right now and Tupperware Brandswasn't one of them! So first, wanted to see if you guys can talk about China. How should we think about that? By opening some of the worlds most rare bottles of wine, the viewer will understand how a wine ages, what happens in a cellar and exactly what oak in wine means. Please enter a valid email and try again. [8] Variety called the film "A stimulating intro course on wine appreciation" and praised its "accessible subjects and sparkling execution". I THINK ITS GREAT. Poll: Will you see SOMM: Into the Bottle? Whetstones New Agency Wants to Represent It. OK. Fourth, rightsizing. AND WERE TALKING ABOUT THEM HERE ON NEWS 8. So we continue to prioritize our investments and balancing our decisions with our desire to delever this company and reduce debt over time. And we expect that the trend will continue as you would -- as you saw it in the Q4 results. We're learning from this success and are sharing best practices in many markets around the world, throughout this 2023. [16], The fourth installment in the Somm series "Somm 4: Cup of Salvation" is scheduled for release in December 2022. Miguel Fernandez -- President and Chief Executive Officer. Show. OK. First, increase financial flexibility. For the next year, I will expect the tax rate to be higher, excluding these deferred tax assets write-down. For some reason, Wise thinks it adds immensely to the experience if, at every opportunity, some guy opens an extremely rare bottle of wine, mentions how rare it is, then drinks it and contorts his face in ecstasy. Good morning. Our focus for 2023 in the U.S. will be twofold. Madeline Puckette tells us the wine rating system was originally created to help consumers find great wines. The freshest news from the food world every day. 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. The history, politics, pleasure, and BS of wine told through opening ten very different bottles.The history, politics, pleasure, and BS of wine told through opening ten very different bottles.The history, politics, pleasure, and BS of wine told through opening ten very different bottles. The film is organized into 10 chapters, each with a focused story that shows a different side (and style) of wine. So we are carrying good momentum into 2023. Did they think the exam was worth it in the end? Digital rental or purchase allows you to instantly stream and download to watch anywhere and anytime on your favorite devices. So sit back, open a bottle and enjoy as we take you into the bottle and back again. 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. THATS PRICELESS. Can you tell us what inventories were at the end of the quarter? The film tells the story and history of wine through ten different bottles opened throughout the film in different chapters. This is Miguel. 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. 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. This year, we're moving into new product categories. Unfortunately, just as Wise's interrogation of the sommeliers in the first film rang dead, so too do these. Into the Bottle is more heavily informative, but thankfully never feels like a quagmire of exposition."[12]. We get to hear from some of the worlds top sommeliers about their favorite wine and food pairings. 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. Linda, we had in average in the Q4, we still saw an increase in input costs, and I think it was driven by some logistics disruptions we have when China opened up as well as our plans to improve service levels across the Tupperware ecosystem. I assiduously noted the many winemakers interviewed because to a man or woman, each seemed charming and dedicated and intriguing. The regular bottle goes for about $12K. The history, the vintage, and the magic of these bottles are discussed by the best in the business. official plot version from samuelgoldwynfilms.com. See production, box office & company info. We will simultaneously publish a management commentary on our website. Our entry into small appliances was highlighted with air fryer. Therefore, we will expect meaningfully higher interest expenses in 2023 than what we reported in 2022. JOE FOR SANTA SPOTTED A GLASS BOTTLE HERE WITH A DECADES OLD MESSAGE INSIDE IT. Last spring, we hired a new CFO to help us better navigate our turnaround plans. I BET YOURE WATCHING TONIGHT. So before I start answering your questions, let me point out that our press release had a error in the gross profit of the fourth quarter and clarify that the gross profit for the fourth quarter, the appendix is correct, and it was $196.5 million for this quarter, and it was $240 million for the year ago. WHEN THEIR ANNE SHANNON WGAL NEWS 8. Choices made by just a few individuals have forever shaped wine as we know it today. That's us,'" Leonard Moore said.One thing didn't add up. And how do you think about managing the trade-off between the two? Anthony Lebiedzinski -- Sidoti and Company -- Analyst. They all spend 6- to 10-hour days tasting, studying flashcards, and speculating on each others sanity. Another interesting bit of history - the two World Wars put a major dent in the production of wine from France, Spain and Italy. We believe we're still compensating pay friendly and competitively compared to other companies. If you agree, well also use cookies to complement your viewing experience across Amazon video services as described in our Cookie Notice. Your next question comes from the line of Chasen Bender with Citigroup. Do you like food? OK. And then I think in the past, Mariela, maybe you had mentioned or talked about a little bit like some IT investments in things like that that needed to be done in the company. Gross margin in 2022 was 54%, a decrease of 200 basis points from 2021. Good morning, everyone, and welcome to our fourth-quarter call. Got it. It would also allow us to jump right into Q&A on the call after brief introductory remarks. Ian Cauble stays up the entire night studying flash cards as his stress level builds. It was a . ET. The four candidates appearing as themselves are Ian Cauble, Brian McClintic, Dustin Wilson and DLynn Proctor. [4] In 2019, SOMM TV was launched by creator Jason Wise with original shows.[5]. '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. Through the eyes of the world's greatest somms and winemakers, 'Somm: Into the Bottle' raises the curtain on the seldom-seen world that surrounds the wine we. Selling, general, and administrative expenses, SG&A, as a percentage of sales was 57% in 2022, compared with 52% in 2021, and contributing about 500 basis points increase at incremental investments in our growth initiatives, such as B2B expansion in the U.S. on the assumption of fixed cost on the lower sales and higher selling costs with a return to in-person events and meetings for the sales force. I co-founded Wine Folly to help people learn about wine. She did note that the film was "an entree into a little-known world. Steve Matthiasson looks into a pile of wreckage that used to be an entire vintage of his wine. Our excitement in general was dampened by a February conflict in Europe and the COVID lockdown in China in March. "But the name wasn't right. They also begin practice tasting exams with current Master Sommeliers. 50 YEARS AGO, I WAS 13. [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. "They were bouncing up and down on the chairs. "Everything that was said just started to add up. Thanks for that. For the full year 2022, dollar-reported sales declined 18% to $1.3 billion. 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. By region, Asia Pacific declined 19% in local currency mainly related to lower recruiting and overall sports activity. Movie Insider is a registered service mark of The Movie Insider LLC. This, along with an improved service, should growth toward the second half of the year. So it's -- obviously, it's a journey, and we're gonna continue to learn. Before we get started, please note that beginning with the 2023 first-quarter earnings release, we will be changing our reporting schedule. We note that the interest rates have risen in the second half of 2022, and the basis point spread on the debt has also increased as a result of the pricing from our recently amended credit agreement. McClintic, who is most heavily featured in the film, has lost his baby fat and now looks like a slightly beefier Adam Levine, so, you know, he's handsome. Thanks for that, Miguel. The results exceeded our expectations as we exited the quarter with a 10% category market share. //

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