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Name | Symbol | Market | Type |
---|---|---|---|
Vintage Wine Estates Inc | NASDAQ:VWEWW | NASDAQ | Equity Warrant |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0092 | 0.0071 | 0.0093 | 0.0093 | 0.0085 | 0.0085 | 1,585 | 22:00:00 |
Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the top wine producers in the U.S. with an industry leading direct-to-consumer platform, today reported its financial results for its fourth quarter and fiscal year ended June 30, 2023. These financial results reflect the impacts of the restatement of prior fiscal 2023 quarters and the related revisions of fiscal 2022 financial results. Results include Vinesse, LLC ("Vinesse") acquired on October 4, 2021, ACE Cider, acquired on November 16, 2021, and Meier's Wine Cellars, Inc. (“Meier’s”) acquired on January 18, 2022. (Note: all references to revenue are equivalent to net revenue)
Jon Moramarco, Interim Chief Executive Officer, commented, "My objective these last eight months since being appointed as interim CEO has been to stabilize operations and strengthen the foundation of our business to provide a focused enterprise with which our new CEO can drive cash generation and reduce debt while delivering a great customer experience with key brands and leveraging our channels to market and top-tier estate wineries. We have made progress with further improving customer experience in our tasting rooms and maintaining our industry leading retention rates of club members with our estate properties. We have measurably improved efficiencies in our warehousing and bottling operations, meaningfully cleaned out our inventory and strengthened inventory management. Importantly, we have instituted appropriate pricing for many brands and channels. Solid shipments and depletion rates on most of our priority brands reflect the strength of the premiumization trend and our positioning in the market. We have also gained more distribution points for ACE Cider and our depletion rates demonstrate the appeal of our cider with consumers. In addition, Meier's has increased booked business by improving market penetration. We expect additional progress as we advance through our transition year of fiscal 2024.”
He added, "We still have work to do. We are further evaluating profitability of various categories of our business and relationships with certain customers. We have to strengthen brand integrity and make much needed investments in health, safety and efficiency for our facilities. Nevertheless, I am very encouraged by the energy of the VWE team, the focus on driving improvements and the opportunities in front of us."
Five-Point Plan Progress
The Company’s Five-Point Plan is centered around five priorities which include margin expansion through simplification and better execution, measurable cost reduction, disciplined cash management, monetizing assets and reducing debt and growing revenue in its key brands.
Since initiating the plan in the latter half of fiscal 2023 through the first quarter of fiscal 2024 the Company has accomplished the following:
Fourth Quarter Fiscal 2023 Highlights and Financial Results Review (compared with revised prior-year period unless noted otherwise)
1Case Volume is a Key Performance Measure (“KPI”). Please see related disclosures regarding the use of this KPI in this news release. 2As referenced here and throughout the release, adjusted net income and adjusted EBITDA are non-GAAP measures. Please see related disclosures regarding the use of non-GAAP measures in this news release.
Fiscal Year 2023 Highlights and Financial Results Review (compared with revised prior-year results unless noted otherwise)
Strong Balance Sheet with Financial Flexibility
Liquidity
At fiscal year end, the Company had approximately $54 million in liquidity comprised of $18.2 million in cash and approximately $35.9 million available under its revolving line of credit.
During fiscal 2023, the Company reduced total debt by $24.9 million to $303.3 million at June 30, 2023, primarily using the proceeds from the sale of assets. Separately today, the Company announced that it has amended its credit agreement (the "Amended Credit Agreement") to, among other things, waive existing events of default, redefine financial covenants and allow for additional types of asset sales up to $60 million. Collateral underlying the Amended Credit Agreement includes real estate valued at approximately $215 million plus receivables and bulk and cased inventory. The Company intends to market certain assets assuming a return of fair value.
The Company believes that the availability on its revolver, strong working capital management and asset monetization efforts will be sufficient to execute its operating plan and meet required debt service over the next twelve months.
Kristina L. Johnston, Chief Financial Officer, noted, "We believe the Amended Credit Agreement together with our focused cash management and operational improvements to generate cash in fiscal 2024 provide the necessary liquidity to execute on our plans. In addition, we intend to market certain assets at fair value. We believe these efforts during our transition year will support our ability to make the required principal payments in fiscal 2024 to avoid higher interest rates and achieve our goal to reduce debt."
Capital Investments
Capital expenditures were $2.9 million for the fiscal 2023 fourth quarter and $14.2 million for the year. Capital expenditures in the fourth quarter and full year fiscal 2022 were $9.1 million and $24.8 million, respectively. Higher capital expenditures in fiscal 2022 were the result of the expansion of the Hopland bottling operations. Fiscal 2023 capital expenditures included increased barrel capacity, barrels, installment of the solar power system at the Hopland facility, upgrading the Firesteed tasting room, vineyard development and other productivity and safety enhancements. Capital expenditures for fiscal 2024 are expected to be approximately $12 million.
Fiscal Year 2024 Outlook
VWE's expectations for fiscal 2024 have been refined from its preliminary expectations provided on July 20, 2023. The Company expects the following to be driven by execution of its restructuring and Five-Point Plan:
Revenue:
Approximately $260 million to $270 million
Gross margin:
Approximately 38%, an estimated 800 basis point improvement on lower volume
SG&A(excludes amortization expense):
Approximately $98 million, excluding restructuring costs
Depreciation expense:
Non-cash amortization expense:
Approximately $16 million
Approximately $6.1 million
Estimated restructuring charges:
$5 million to $6 million
Lower expected revenue in fiscal 2024 primarily reflects approximately $33 million related to lower sales of aged bulk whiskey inventory due to depleting inventory, $6 million related to the discontinued bottled spirits program and an estimated $9 million related to SKU rationalization. These declines are expected to be somewhat offset by improved pricing and higher volume in select brands. For fiscal 2024, SG&A excludes restructuring costs and executive stock-based compensation awards expected with new leadership.
Conference Call and Webcast
The Company will host a conference call and live webcast Monday, October 16, 2023 at 9:00 AM ET/ 6:00 AM PT, at which time management will review the Company’s financial results, plans and outlook. The review will be accompanied by a slide presentation, which will be available on the Company’s website at https://ir.vintagewineestates.com. A question-and-answer session will follow the formal discussion.
The conference call can be accessed by dialing 1.404.975.4839 and providing access code 358700. The listen-only audio webcast can be monitored at https://ir.vintagewineestates.com/events-and-presentations. A telephonic replay will be available through Monday, October 23, 2023, and can be accessed by dialing 1.929.458.6194 and entering the conference ID number 406504. Alternatively, an archived webcast of the call can be found on the Company’s website in the investor relations section. A transcript of the call will be posted to the website once available.
About Vintage Wine Estates, Inc.
Vintage Wine Estates is a family of wineries and wines whose singular focus is producing the best quality wines and incredible customer experiences with wineries throughout Napa, Sonoma, California’s Central Coast, Oregon, and Washington State. Since its founding 20 years ago, the Company has grown to be the 14th largest wine producer in the U.S., selling more than 2.2 million nine-liter equivalent cases annually. With approximately 40 brands, key focus brands include ACE Cider, Bar Dog, B.R. Cohn, Cameron Hughes, Cherry Pie, Firesteed, and Kunde, many of which have achieved critical acclaim. To consistently drive growth, the Company curates, creates, stewards, and markets its many brands and services to customers and end consumers via a balanced omni-channel strategy encompassing direct-to-consumer, wholesale, and private label and custom wine making services. While VWE is diverse across price points and varietals with brands ranging from $10 to $150 USD at retail, its primary focus is on the fastest growing luxury segment of the U.S. wine industry with the majority of brands selling in the range of $10 to $20 per bottle. The Company regularly posts updates and additional information at vintagewineestates.com.
Non-GAAP Financial Measures
In addition to reporting net income/(loss) and net income/(loss) margin prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), VWE uses adjusted EBITDA, adjusted EBITDA margin, adjusted net income/(loss) and adjusted net income/(loss) per share to supplement GAAP measures of performance to evaluate the effectiveness of its business strategies. Adjusted EBITDA is defined as earnings/(loss) before interest, income taxes, depreciation and amortization, stock-based compensation expense, casualty losses or gains, impairment losses, changes in the fair value of derivatives, restructuring related income or expenses, acquisition and integration costs, and certain non-cash, nonrecurring, or other items that are included in net income that VWE does not consider indicative of its ongoing operating performance. Adjusted EBTIDA margin is the ratio of adjusted EBITDA to net revenue. Adjusted net income/(loss) is defined as net income/(loss) as reported adjusted for the impacts of amortization of intangible assets, acquisition integration costs, gains or losses on disposition of assets, gain on litigation of proceeds, COVID impact, and inventory acquisition basis adjustment and also adjusted for a normalized tax rate. Adjusted net income/(loss) per share is calculated based on the weighted average shares outstanding for the period.
Adjusted EBITDA, adjusted EBITDA margin, adjusted net income/(loss) and adjusted net income/(loss) per share are not recognized measures of financial performance under GAAP. VWE believes these non-GAAP measures provide investors with additional insight into the underlying trends of VWE’s business and assist in analyzing VWE’s performance across reporting periods on a consistent basis by excluding items that VWE does not believe are indicative of its core operating performance, which allows for a better comparison against historical results and expectations for future performance. Adjusted EBITDA, adjusted EBITDA margin, adjusted net income/(loss), and adjusted net income/(loss) per share have certain limitations as analytical tools, and they should not be considered in isolation or as a substitute for analysis of results as reported under U.S. GAAP. These non-GAAP measures, as presented, may produce results that vary from the most comparable GAAP measure and may not be comparable with a similarly defined non-GAAP measure used by other companies.
In evaluating adjusted EBITDA, adjusted EBITDA margin, adjusted net income/(loss), and adjusted net income/(loss) per share, be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in this presentation. VWE’s presentation of adjusted EBITDA, adjusted EBITDA margin, adjusted net income/(loss), and adjusted net income/(loss) per share should not be construed as an implication that future results will be unaffected by the types of items excluded from the calculation of these non-GAAP measures.
Key Performance Indicators
A key performance indicator ("KPI") is generally defined as a quantifiable measurement or metric used to gauge performance, specifically to help determine strategic, financial, and operational achievements, especially compared to those of similar businesses.
Case volumes represents the number of 9-liter equivalent cases of wine that we sell during a particular period. Case volumes are an important indicator of what is driving gross margin. This metric also allows us to develop our supply and production targets for future periods.
Forward-Looking Statements
Some of the statements contained in this press release are forward-looking statements within the meaning of applicable securities laws (collectively, “forward-looking statements”). Forward-looking statements are all statements other than those of historical fact, and generally may be identified by the use of words such as “actively,” “believe,” “efforts,” “estimate,” “evaluating,” “expect,” “forecast,” “intend,” “may,” “ongoing,” “opportunity,” “outlook,” “plan,” “potential,” “should,” “will,” or other similar expressions that indicate future events or trends. These forward-looking statements include, but are not limited to, statements regarding VWE’s organization restructuring and other cost savings and expected results therefrom, expected results from the implementation of the Company’s Five-Point Plan, expectations reflecting restructuring benefits and business improvements in fiscal 2024, and the appointment of Seth Kaufman as President and CEO. These statements are based on various assumptions, whether or not identified in this news release, and on the current expectations of VWE’s management. These forward-looking statements are not intended to serve as, and should not be relied on by any investor as, a guarantee of actual performance or an assurance or definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ materially from those contained in or implied by such forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the control of VWE. Factors that could cause actual results to differ materially from the results expressed or implied by such forward-looking statements include, among others: risks relating to the uncertainty of projected financial information; the risk that we are unable to regain and maintain compliance with Nasdaq continued listing requirements and our securities are delisted from Nasdaq; potential reputational harm to VWE’s brands from internal and external sources; the effect of economic conditions on the industries and markets in which VWE operates, including financial market conditions, rising inflation, fluctuations in prices, interest rates and market demand; inability to achieve some or all of the expected benefits from cost reduction and revenue enhancing initiatives and any future restructuring plans or changes in management may adversely affect our business; declines or unanticipated changes in consumer demand for VWE’s products or a shift in consumer sentiment to purchase less wine through VWE’s direct-to-consumer channel; the effects of competition on VWE’s future business; VWE’s significant reliance on its distribution channels, including independent distributors and their effect on VWE’s wholesale operations and revenue; loss or significant decline of sales to one or more of the Company’s distributors; possible decreases in VWE’s wine quality ratings; VWE’s level of insurance against catastrophic events and losses; VWE’s ability to protect its trademarks and other intellectual property rights; the potential adverse effects of health pandemics, epidemics or contagious diseases; risks associated with new lines of businesses or products; the ability of the Company to retain key personnel; possible litigation relating to misuse or abuse of alcohol; changes in applicable laws and regulations and the significant expense to VWE of operating in a highly regulated industry; increases in costs or the disruption of supply or shortage of energy; the impact of climate change, environmental catastrophe, natural disasters, disease, pests, weather conditions and inadequate water supply on VWE’s business including the Hopland facility; VWE’s ability to adequately source grapes and other raw materials and any increase in the cost of such materials; risks associated with the Company’s information technology and ability to maintain and protect personal information; VWE’s ability to maintain necessary licenses; the Company’s limited experience operating as a public company and its ability to remediate its material weakness in internal controls over financial reporting and to maintain effective internal controls over financial reporting; integration risks associated with recent and future acquisitions; VWE’s ability to make payments on its indebtedness; and those factors discussed in the Company’s most recent Annual Report on Form 10-K and in subsequent Quarterly Reports on Form 10-Q or other reports filed with the Securities and Exchange Commission. There may be additional risks including other adjustments that VWE does not presently know or that VWE currently believes are immaterial that could also cause actual results to differ from those expressed in or implied by these forward-looking statements. In addition, forward-looking statements reflect VWE’s expectations, plans or forecasts of future events and views as of the date and time of this news release. VWE undertakes no obligation to update or revise any forward-looking statements contained herein, except as may be required by law. Accordingly, undue reliance should not be placed upon these forward-looking statements.
Financial Tables Follow.
Vintage Wine Estates, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
June 30, 2023
June 30, 2022
Assets
Current assets:
Cash and cash equivalents
$
18,233
$
44,758
Restricted cash
-
4,800
Accounts receivable, net
24,561
37,869
Other receivables
507
3,866
Inventories
201,363
192,922
Assets held for sale, net
511
-
Current interest rate swap asset
4,669
2,877
Prepaid expenses and other current assets
14,895
11,864
Total current assets
264,739
298,956
Property, plant, and equipment, net
215,967
238,719
Operating lease right-of-use assets
32,945
-
Finance lease right-of-use-assets
630
-
Goodwill
-
154,951
Intangible assets, net
38,994
63,097
Interest rate swap asset
4,317
6,280
Other assets
3,562
3,464
Total assets
$
561,154
$
765,467
Liabilities, redeemable noncontrolling interest, and stockholders' equity
Current liabilities:
Line of credit
$
115,444
$
144,215
Accounts payable
20,413
13,473
Accrued liabilities and other payables
26,286
26,997
Current operating lease liabilities
6,243
-
Current finance lease liabilities
304
-
Current maturities of long-term debt
14,449
14,909
Total current liabilities
183,139
199,594
Other long-term liabilities
4,196
7,055
Long-term debt, less current maturities
173,409
169,095
Long-term operating lease liabilities
26,792
-
Long-term finance lease liabilities
334
-
Deferred tax liability
506
29,325
Deferred gain
-
10,666
Total liabilities
388,376
415,735
Commitments and contingencies (Note 14)
Redeemable noncontrolling interest
262
1,494
Stockholders' equity:
Preferred stock, no par value, 2,000,000 shares authorized, and none issued and outstanding at June 30, 2023 and June 30, 2022.
-
-
Common stock, no par value, 200,000,000 shares authorized, 62,234,028 issued and 59,362,134 outstanding at June 30, 2023 and 61,691,054 issued and 58,819,160 outstanding at June 30, 2022.
-
-
Additional paid-in capital
381,689
376,099
Treasury stock, at cost: 2,871,894 shares held at June 30, 2023 and June 30, 2022, respectively.
(26,034
)
(26,034
)
Accumulated deficit
(182,308
)
(1,092
)
Total Vintage Wine Estates, Inc. stockholders' equity
173,347
348,973
Noncontrolling interests
(831
)
(735
)
Total stockholders' equity
172,516
348,238
Total liabilities, redeemable noncontrolling interest, and stockholders' equity
$
561,154
$
765,467
Vintage Wine Estates, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
Three Months Ended June 30,
Year Ended June 30,
2023
2022
2023
2022
Net revenue
Wine, spirits and cider
$
42,109
$
50,379
$
189,361
$
208,019
Nonwine
19,987
23,877
93,867
84,816
62,096
74,256
283,228
292,835
Cost of revenue
Wine, spirits and cider
30,792
44,227
138,043
150,834
Nonwine
14,680
22,493
60,009
53,088
45,472
66,720
198,052
203,922
Gross profit
16,624
7,536
85,176
88,913
Selling, general, and administrative expenses
28,337
31,296
118,431
96,978
Amortization expense
1,828
2,010
7,257
5,948
Goodwill impairment losses
20,673
-
145,958
-
Intangible impairment losses
3,553
1,281
16,196
1,281
Gain on remeasurement of contingent liability
3,430
(3,570
)
141
(3,415
)
Gain on insurance and litigation proceeds
(876
)
(3,000
)
(2,290
)
(3,000
)
Loss (gain) on sale leaseback
-
(334
)
-
(1,334
)
Loss (gain) on sale of assets
9,846
(22
)
8,300
366
Loss from operations
(50,167
)
(20,125
)
(208,817
)
(7,911
)
Other income (expense)
Interest expense
(5,085
)
(3,085
)
(18,407
)
(13,910
)
Net gain on interest rate swap agreements
1,451
3,103
6,343
22,578
Loss on modification or extinguishment of debt
-
-
(479
)
-
Other, net
(555
)
(2,681
)
(229
)
(736
)
Total other (expense) income, net
(4,189
)
(2,663
)
(12,772
)
7,932
(Loss) income before provision for income taxes
(54,356
)
(22,787
)
(221,589
)
21
Income tax (benefit) provision
(6,480
)
(5,673
)
(31,360
)
723
Net loss
(47,876
)
(17,115
)
(190,229
)
(702
)
Net loss attributable to the noncontrolling interests
(27
)
(203
)
(1,262
)
(277
)
Net loss attributable to common stockholders
$
(47,849
)
$
(16,912
)
$
(188,967
)
$
(425
)
Net earnings per share allocable to common stockholders
Basic
$
(0.81
)
$
(0.28
)
$
(3.20
)
$
(0.01
)
Diluted
$
(0.81
)
$
(0.28
)
$
(3.20
)
$
(0.01
)
Weighted average shares used in the calculation of earnings per share allocable to common stockholders
Basic
59,340,325
60,374,289
59,096,045
60,673,789
Diluted
59,340,325
60,374,289
59,096,045
60,673,789
Vintage Wine Estates, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
Year Ended June 30,
2023
2022
Cash flows from operating activities
Net loss
$
(190,229
)
$
(702
)
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation expense
15,926
15,248
Amortization expense
8,702
6,343
Loss on goodwill and intangible assets impairment
162,154
1,281
Stock-based compensation expense
6,737
5,116
Provision for credit losses
369
(294
)
Provision for inventory reserves
10,828
3,667
Inventory write-down
-
15,433
Remeasurement of contingent consideration liabilities
141
(3,415
)
Net gain on interest rate swap agreements
(6,343
)
(22,578
)
Provision for deferred income tax
(31,734
)
643
Loss on sale of assets
8,300
366
Deferred gain on sale leaseback
-
(1,334
)
Loss on modification or extinguishment of debt
479
-
Deferred rent
-
375
Change in operating assets and liabilities (net of effect of business combinations):
Accounts receivable
12,939
(12,588
)
Other receivables
3,459
3,624
Inventories
(17,569
)
18,462
Prepaid expenses and other current assets
(3,031
)
(3,127
)
Other assets
1,565
(2,607
)
Accounts payable
5,264
(7,535
)
Accrued liabilities and other payables
5,637
297
Net change in lease assets and liabilities
(2,005
)
-
Other
-
(836
)
Net cash (used in) provided by operating activities
(8,411
)
15,839
Cash flows from investing activities
Proceeds from sale of assets
20,078
153
Purchases of property, plant and equipment
(14,204
)
(24,835
)
Acquisition of businesses
-
(73,680
)
Net cash provided by (used in) investing activities
5,874
(98,362
)
Cash flows from financing activities
Principal payments on line of credit
(136,358
)
(144,706
)
Proceeds from line of credit
112,878
201,570
Financing costs incurred
(2,710
)
-
Change in outstanding checks in excess of cash
1,676
1,025
Principal payments on long-term debt
(76,903
)
(22,763
)
Proceeds from debt
74,635
-
Principal payments on finance leases
(257
)
-
Payments of minimum tax withholdings on stock-based payment awards
(990
)
-
Distributions to noncontrolling interest
(66
)
-
Repurchase of common stock
-
(26,034
)
Repurchase of public warrants
(172
)
(270
)
Payments on acquisition payable
(521
)
(420
)
Net cash (used in) provided by financing activities
(28,788
)
8,402
Net change in cash, cash equivalents and restricted cash
(31,325
)
(74,121
)
Cash, cash equivalents and restricted cash, beginning of year
49,558
123,679
Cash, cash equivalents and restricted cash, end of year
$
18,233
$
49,558
Vintage Wine Estates, Inc.
Fiscal 2023 and Fiscal 2022 Segment Data
Revenue
(in thousands)
Fiscal Year 2023
Three months ended
Year ended
Net Revenue
September 30, 2022
December 31, 2022
March 31, 2023
June 30, 2023
June 30, 2023
Wholesale
$
23,987
$
23,083
$
20,811
$
18,837
$
86,718
Direct to Consumer
19,992
26,472
17,008
19,897
83,369
Business to Business
34,180
28,814
26,831
23,358
113,183
Other/ Non-Allocable
(79
)
32
1
4
(42
)
Total
$
78,080
$
78,401
$
64,651
$
62,096
$
283,228
Fiscal Year 2022
Three months ended
Year ended
Net Revenue
September 30, 2021
December 31, 2021
March 31, 2022
June 30, 2022
June 30, 2022
Wholesale
$
16,203
$
22,171
$
24,549
$
20,990
$
83,913
Direct to Consumer
15,263
34,806
19,595
22,537
92,201
Business to Business
24,467
25,225
33,657
30,486
113,835
Other/ Non-Allocable
102
1,409
1,132
243
2,886
Total
$
56,035
$
83,611
$
78,933
$
74,256
$
292,835
Year-Over-Year $ Change
Three months ended
Year ended
Net Revenue
September 30
December 31
March 31
June 30
June 30
Wholesale
7,784
912
(3,738
)
(2,153
)
2,805
Direct to Consumer
4,729
(8,334
)
(2,587
)
(2,640
)
(8,832
)
Business to Business
9,713
3,589
(6,826
)
(7,128
)
(652
)
Other/ Non-Allocable
(181
)
(1,377
)
(1,131
)
(239
)
(2,928
)
Total
$
22,045
$
(5,210
)
$
(14,282
)
$
(12,160
)
$
(9,607
)
Year-Over-Year % Change
Three months ended
Year ended
Net Revenue
September 30
December 31
March 31
June 30
June 30
Wholesale
48.0
%
4.1
%
-15.2
%
-10.3
%
3.3
%
Direct to Consumer
31.0
%
-23.9
%
-13.2
%
-11.7
%
-9.6
%
Business to Business
39.7
%
14.2
%
-20.3
%
-23.4
%
-0.6
%
Other/ Non-Allocable
(177.5
%)
(97.7
%)
(99.9
%)
(98.4
%)
(101.5
%)
Total
39.3
%
-6.2
%
-18.1
%
-16.4
%
-3.3
%
Vintage Wine Estates, Inc.
Fiscal 2023 and Fiscal 2022 Segment Data
Operating Income
(in thousands)
Fiscal Year 2023
Three months ended
Year ended
Operating Income (Loss)
September 30, 2022
December 31, 2022
March 31, 2023
June 30, 2023
June 30, 2023
Wholesale
$
2,288
$
(126,896
)
$
(1,573
)
$
(4,294
)
$
(130,475
)
Direct to Consumer
1,969
1,424
(2,905
)
(18,774
)
(18,286
)
Business to Business
10,533
(1,167
)
2,406
512
12,284
Other/ Non-Allocable
(18,175
)
(20,443
)
(6,110
)
(27,612
)
(72,340
)
Total
$
(3,385
)
$
(147,082
)
$
(8,182
)
$
(50,168
)
$
(208,817
)
Fiscal Year 2022
Three months ended
Year ended
Operating Income (Loss)
September 30, 2021
December 31, 2021
March 31, 2022
June 30, 2022
June 30, 2022
Wholesale
$
3,042
$
4,204
$
3,256
$
(7,471
)
$
3,031
Direct to Consumer
2,031
10,523
1,014
2,427
15,995
Business to Business
6,229
7,255
10,016
(5,749
)
17,751
Other/ Non-Allocable
(8,093
)
(12,525
)
(14,738
)
(9,332
)
(44,688
)
Total
$
3,209
$
9,457
$
(452
)
$
(20,125
)
$
(7,911
)
Year-Over-Year $ Change
Three months ended
Year ended
Operating Income (Loss)
September 30
December 31
March 31
June 30
June 30
Wholesale
(754
)
(131,100
)
(4,829
)
3,177
(133,506
)
Direct to Consumer
(62
)
(9,099
)
(3,919
)
(21,201
)
(34,281
)
Business to Business
4,304
(8,422
)
(7,610
)
6,261
(5,467
)
Other/ Non-Allocable
(10,082
)
(7,918
)
8,628
(18,280
)
(27,652
)
Total
$
(6,594
)
$
(156,539
)
$
(7,730
)
$
(30,043
)
$
(200,906
)
Year-Over-Year % Change
Three months ended
Year ended
Operating Income (Loss)
September 30
December 31
March 31
June 30
June 30
Wholesale
-24.8
%
-3118.5
%
-148.3
%
-42.5
%
-4404.7
%
Direct to Consumer
-3.1
%
-86.5
%
-386.5
%
-873.5
%
-214.3
%
Business to Business
69.1
%
-116.1
%
-76.0
%
-108.9
%
-30.8
%
Other/ Non-Allocable
124.6
%
63.2
%
-58.5
%
195.9
%
61.9
%
Total
-205.5
%
-1655.3
%
1710.2
%
149.3
%
2539.6
%
Vintage Wine Estates, Inc.
Fiscal 2023 and Fiscal 2022 Segment Data
Case Volume1
(case volume in thousands)
The following table summarizes 9-liter equivalent cases sold by segment:
Fiscal Year 2023
Three Months Ended
Year Ended
September 30, 2022
December 31, 2022
March 31, 2023
June 30, 2023
June 30, 2023
Wholesale
539
453
433
472
1,897
Business to Business
*
*
*
*
*
Direct to Consumer
99
125
67
70
361
Total case volume
638
578
500
542
2,258
Fiscal Year 2022
Three Months Ended
Year Ended
September 30, 2021
December 31, 2021
March 31, 2022
June 30, 2022
June 30, 2022
Wholesale
209
379
484
489
1,561
Business to Business
*
*
*
*
*
Direct to Consumer
60
160
87
101
408
Total case volume
269
539
571
590
1,969
Year-Over-Year Unit Change
Three Months Ended
Year Ended
September 30
December 31
March 31
June 30
June 30
Wholesale
330
74
(51
)
(17
)
336
Business to Business
*
*
*
*
*
Direct to Consumer
39
(35
)
(20
)
(31
)
(47
)
Total case volume
369
39
-71
-48
289
Year-Over-Year % Change
Three Months Ended
Year Ended
September 30
December 31
March 31
June 30
June 30
Wholesale
157.9
%
19.5
%
-10.5
%
-3.5
%
21.5
%
Business to Business
*
*
*
*
*
Direct to Consumer
65.0
%
-21.9
%
-23.0
%
-30.7
%
-11.5
%
Total case volume
137.2
%
7.2
%
(12.4
%)
(8.1
%)
14.7
%
*B2B segment sales are primarily not related to case volumes, therefore the Company has elected to not report case volumes for this segment as it would not be indicative of the underlying performance of the business.
Vintage Wine Estates, Inc.
Reconciliation of Net Loss to Adjusted EBITDA
and Net Loss to Adjusted EBITDA Margin
(Unaudited, in thousands)
Three Months Ended
Year Ended
(in thousands)
June 30, 2023
June 30, 2022
June 30, 2023
June 30, 2022
Net loss
$
(47,876
)
$
(17,115
)
$
(190,229
)
$
(702
)
Interest expense
5,085
3,085
18,407
13,910
Income tax (benefit) provision
(6,480
)
(5,673
)
(31,360
)
723
Depreciation expense
4,127
5,864
15,926
15,248
Amortization expense
1,828
2,010
7,257
5,948
Gain on insurance and litigation proceeds
(876
)
(3,000
)
(2,290
)
(3,000
)
Stock-based compensation expense
1,071
3,722
6,737
5,116
Goodwill and Intangibles Impairment
24,226
1,281
162,154
1,281
Net gain on interest rate swap agreements
(1,451
)
(3,103
)
(6,343
)
(22,578
)
(Gain)/loss on disposition of assets
9,846
(22
)
8,300
366
Adjusted EBITDA
$
(10,500
)
$
(12,951
)
$
(11,441
)
$
16,312
Net revenue
$
62,096
$
74,256
$
283,228
$
292,835
Net loss margin
-77.1
%
-23.0
%
-67.2
%
-0.2
%
Adjusted EBITDA margin
-16.9
%
-17.4
%
-4.0
%
5.6
%
Reconciliation of Net Loss to Adjusted Net Loss
and Net Loss per Share to Adjusted Net Loss per Share
(Unaudited, in thousands, except per share data)
Three Months Ended
Year Ended
June 30, 2023
June 30, 2022
June 30, 2023
June 30, 2022
Net loss
$
(47,876
)
$
(17,115
)
$
(190,229
)
$
(702
)
Amortization expense
1,828
2,010
7,257
5,948
Gain on insurance and litigation proceeds
(876
)
(3,000
)
(2,290
)
(3,000
)
Loss on goodwill and intangible assets impairment
24,226
1,281
162,154
1,281
Net gain on interest rate swap agreements
(1,451
)
(3,103
)
(6,343
)
(22,578
)
(Gain)/loss on sale of assets
9,846
(22
)
8,300
366
Non-GAAP adjusted net loss
$
(14,303
)
$
(19,949
)
$
(21,151
)
$
(18,685
)
Net loss per share
(0.81
)
(0.28
)
(3.22
)
(0.01
)
Non-GAAP adjusted net loss per share
(0.24
)
(0.33
)
(0.36
)
(0.31
)
View source version on businesswire.com: https://www.businesswire.com/news/home/20231013788448/en/
Investors Deborah K. Pawlowski, Kei Advisors LLC dpawlowski@keiadvisors.com 716.843.3908
Media Mary Ann Vangrin MVangrin@vintagewineestates.com
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