If you agree, well also use cookies to complement your viewing experience across Amazon video services as described in our Cookie Notice. This article is a transcript of this conference call produced for The Motley Fool. In our new amended credit agreement announced this week, our maximum leverage ratios increased. Pricing accounted for an 8% benefit, which was more than offset by a decline in unit volume of approximately 22%. There was lots of spitting, a fair amount of machismo, some mishegoss, some tsuris, and a little bit of naches. I co-founded Wine Folly to help people learn about wine. And we expect that the trend will continue as you would -- as you saw it in the Q4 results. Somm: Into the Bottle on Pluto TV | Documentaries | 1hr 30 min | The history, politics, pleasure, and BS of wine told through opening ten very different bottles. And as we do that, it would take some time to match our tax structure to our countries where we are rapidly growing. First of all, the Nazis bombed many of the vineyards and wineries. You know, "But the name wasn't right. They oversee service to the guests. 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. Well, as it turned out, our initial positive outlook for 2022 changed quickly. Here are the chapters into which the film is divided. Greetings, and welcome to the Tupperware Brands Corporation fourth-quarter 2022 earnings conference call. The movie, at the very least, gets you into the room with them. It was a long and unexpected journey that brought the Moore family back to Fowlers Hollow State Park on Tuesday. These were partially offset by strong performance in Korea, as Miguel highlighted earlier. "Everything that was said just started to add up. Check on our side. Months earlier, Joe Frassetta spotted a glass bottle there with a decades-old message inside. 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. 905 PARKWAY BOULEVARD. [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. It's going better than their expectations and our expectations. And also as a -- just as a quick other question. The Motley Fool has a disclosure policy. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. 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. On this Wikipedia the language links are at the top of the page across from the article title. We have plans to repeat that reduction in the coming quarters. Ian Cauble comes prepared with a suitcase full of 16 pounds of wine for review. 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. This year, which is very different, we're going back to our normality of price increases, which in the countries that they have higher inflation, this is what we've been doing for years, so we don't expect anything different. Please also note that all references, unless otherwise noted, are being made on a continuing operations basis. Obviously, you've said that you expect to remain compliant. It covers ten different chapters using ten different wines that are opened throughout the film. Meanwhile, we are investing in new products, new categories, and most importantly, new ways to reach consumers as our successful entry to Target stores in the U.S. and our creation of a healthy omnichannel ecosystem in Korea have shown us. So let me now answer your question about interest rates. BLAIN, Pa. . AND HIS WIFE, MARCY. 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. Because actually, a lot of the cost elements are starting to come down. While still small, B2B sales grew strongly in the double digits in China last year despite difficult conditions out there, and we look for another strong year in 2023. It's our goal to continue to move into new product categories, where we believe iconic Tupperware brand may resonate with consumers. Finally, Brian McClintic shares one of his favorite wines, a natural wine from Fleurie in Beaujolais by Jean-Louis Dutraive . Advertisement. And those investments continue from time to time. 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. We expect that the improving economic profile we began to see in Q4 will sustain in 2023. 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. Davidson -- Analyst. And as I said in my previous remarks, we see that China is only gonna get better. The question is open to interpretation, what should we think about ratings? China had a very difficult 2022. Digital rental or purchase allows you to instantly stream and download to watch anywhere and anytime on your favorite devices. For the full year 2022, dollar-reported sales declined 18% to $1.3 billion. 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). The films main characters, Ian Cauble, Dustin Wilson, DLynn Proctor, and Brian McClintic are introduced along with their various family members, wives, and girlfriends who all vouch for just how invested they really are in preparing for their Master Sommelier diploma. And are there -- do you have a thought on what capital spending might be in 2023? Ian Cauble (from the 1st Somm film) opens his bottle of 1985 Elio Altare Barolo and tells us the story. [15], Somm 3 was released in the fall of 2018 by distributor Samuel Goldwyn Films. At the end of the movie Brian and Dustin end up passing and are welcomed into the organization, leaving DLynn and Ian on the outside and realizing Brians worst-case scenario. 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? We put some capex plan that is similar to what we executed in 2022. But as in the past, we reacted quickly to external challenges. We remain committed to rightsizing the business in further manufacturing and supply chain optimization. Paul Grieco talks wine history. And I told him, and I said, 'This has to be us,'" she said. By region, Asia Pacific declined 19% in local currency mainly related to lower recruiting and overall sports activity. "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. 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. So it's -- obviously, it's a journey, and we're gonna continue to learn. 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. window.__mirage2 = {petok:"g5SqSBq6JX9L5qmxeaIL7vmhwm4yl34a3h94kP.Nsco-1800-0"}; Somm: Into the Bottle is a 2015 wine documentary and a sequel to SOMM (2013). The Motley Fool has no position in any of the stocks mentioned. Brian McClintic extolls his love for Beaujolais wines. I guess that's all for me. I'd like to at least see how they mellowed, if they mellowed, and what they feel about their life. (A similar bottle went for US$160,000 at auction. James Beard Award-winning author and Wine Communicator of the Year. They took a closer look. Thanks, Miguel. While it is early days, we have already seen some favorable movement in those selling markets where we eliminated the virtual kits. Good morning, everyone. e track upcoming movies through all stages of film production. Pricing accounted for an 8% benefit, which was more than . @WineFolly. So we are still -- have plans to normalize the tax rate in the coming years. ), Throughout the chapters, some tics become apparent. So every time the POs come in, we're being -- obviously, it's a big priority. Length: 1hr 30min So sit back, open a bottle and enjoy as we take you "into the bottle" and back again. ", "Film Review Somm: Into the Bottle | Wine-Searcher News & Features", https://en.wikipedia.org/w/index.php?title=Somm:_Into_the_Bottle&oldid=1072669482, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 18 February 2022, at 22:21. Last spring, we hired a new CFO to help us better navigate our turnaround plans. We are gonna continue to build this company to where it belongs and make the business as big as our brand. During this call, we'll discuss certain non-GAAP measures, including those we refer to as normalized measures. It received 100 points and DLynn Proctor opens it. The film takes us through the stunning vineyards of France and Germany . First will be the cast iron cookware such as Dutch Ovens. 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. This documentary has only a slight focus on the Sommeliers, trained wine experts. There is, nevertheless, much to be gained from watching Somm: Into the Bottle, vastly more than watching the first film. Mr. Lane, you may begin. This is a sommeliers wine. Gross margins were up year on year in the fourth quarter for the first time in six quarters as the benefits from our pricing actions throughout the year began to be realized. And this is the way we wanna operate because it brings brand relevance. Good morning. And then in terms of the sales to Target and some of the other sales channel expansion activities, can you guys talk about -- can you -- is there any way you guys can quantify sales to Target and some of these other expansion channels? Obviously, the return on sales, and the profit, and the margins in the U.S. look much better right now than they used to look six months ago. Thank you very much. Madeline Puckette tells us the wine rating system was originally created to help consumers find great wines. The U.S. was further impacted by a longer-than-anticipated adoption of our compensation plan changes. We will have a laser focus on reducing our inventory levels and rightsizing our fixed cost base, and optimizing our manufacturing and supply chain footprint. Third parties use cookies for their purposes of displaying and measuring personalized ads, generating audience insights, and developing and improving products. 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 . 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. And then the next time I went to see, it was all gone off the shelf, and then I didn't see it replenished very quickly. 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. 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. The latest breaking updates, delivered straight to your email inbox. Rent 4,99 Buy 11,99 Trailers Trailer Cast & Crew Cast Ian Cauble And fifth, new leadership. So that's what we can share right now. We have a plan to continue to produce EBITDA in this company and better EBITDA than the past year of 2022, plus cash generation from our working capital management, as well as our engineering plans that will produce near benefits in the years to come as we continue to rightsize this company and place Tupperware products in all the channels where consumers look for them. It might be on our side. For 2023, we are expecting some of our resin costs to go down as well as our supply chain logistics cost, in line with what you're seeing in other industries. The history, the vintage, and the magic of these bottles are discussed by the best in the business. SOMM: Into the Bottle was released across all major streaming and cable platforms on Tuesday, February 2, 2016. The change in interest expense is related to a slight decrease in the company borrowing as well as a decrease of six percentage points in the interest rate of the term loans as a result of the debt refinancing in late 2021. Have you seen any incremental improvement? So sit back, open a bottle and enjoy as we take you "into the bottle" and back again. There are no further questions at this time. 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. Why do Sommeliers love Riesling so much? 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. 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. Thanks for taking the questions. As you may imagine, selling products into retail chain is a very different proposition from operating a direct selling distribution model. How are their marriages, their children, their partners? They all spend 6- to 10-hour days tasting, studying flashcards, and speculating on each others sanity. It's about everything," focuses on the story of wine around the world and how it is made. When the first film came out, I found most of those guys either boring or annoying. So we are carrying good momentum into 2023. "[10] Great Northwest Wine said, "Somm: Into the Bottle is a marvelous film that lovingly reveals so much about the history and romance of vines and wines. 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. We eliminated that virtual kit. That's a very simple way to look at it. AND I SAID, OH, MY GOSH. But market conditions there remain uncertain. So I'm gonna start with the -- Good morning, Chasen. [1] Directed by Jason Wise, it premiered at the Napa Valley Film Festival[2] and featured the main cast from the original SOMM film as well as additional notable people from the wine world.[3]. However, we will issue our earnings release tonight before -- after the market close. The results exceeded our expectations as we exited the quarter with a 10% category market share. The way we saw it is that when it opened up, obviously, a lot of people got sick, right? Ultimately, wine is something of a time capsule, especially when you age it for a long time. 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. 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. 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. Today's release is preliminary as management completes the year-end procedures and external audit with open items mainly related to tax matters. Additional foreign currency was at $0.81 per share hit to EPS for the year. 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. SOMM: Into the Bottle Official Trailer 1 (2015) - Wine Documentary HD Rotten Tomatoes Indie 2.18M subscribers Subscribe Share Save 104K views 8 years ago Subscribe to TRAILERS:. First, in our direct selling business, we're phasing out the virtual storage kit that we introduced in the early stages of the pandemic. Korea is among the most advanced markets in the process of building an omnichannel ecosystem. (A similar bottle went for US$160,000 at auction. 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. But the passage of time has rendered these characters much more interesting. Too short to portraits, too long to be soundbites, there but glimpses of greatness and, of course, bottles full of it, too. The film is organized into 10 chapters, each with a focused story that shows a different side (and style) of wine. They recognized the family's address and their own handwriting. The Moores call it a miracle to once again capture cherished memories of days gone by. WHAT? [16], The fourth installment in the Somm series "Somm 4: Cup of Salvation" is scheduled for release in December 2022. So I think it might have been in that sort of a little bit of a logistic issue within Target. 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. When consumers have access to Tupperware products, they choose them. I BET YOURE WATCHING TONIGHT. OK. Change your choices anytime by going to Cookie Preferences, as described in the Cookie Notice. Nice to hear you. Thus, America sales increased 10% in local currency, driven primarily by Argentina, from a larger total and active sales force, including from higher retention, higher productivity, as well as higher prices due to inflation. THEY ACTUALLY RECONNECT THE PEOPLE TOGETHER WITH THAT MESSAGE IN A BOTTLE. AND WERE TALKING ABOUT THEM HERE ON NEWS 8. Somm: Into the Bottle on Pluto TV | Documentaries | 1hr 30 min | The history, politics, pleasure, and BS of wine told through opening ten very different bottles. The worlds most famous winemakers and sommeliers unravel what makes wine the most compelling elixir, a beverage that is uniquely intertwined with the history of mankind. 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. 53 /// 2020] "To actually reconnect the people together with that message in a bottle, that's priceless," he said. SOMM begins a countdown leading to the exam at the end of the film. Did they think the exam was worth it in the end? Sales were down 27% on the year as zero COVID policy impacted consumer access to our products. 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. And the ones that we haven't taken or we traditionally take less than 5%, we're gonna take less than 5%. 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. Second, channel expansion. We launched air fryer late 2021 in China. 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. So it's not material yet. Added to that, Brazil is pursuing opportunities in e-commerce, loyalty programs, Tupperware stores, premium brand partnerships, and retail B2B. IT WAS A LONG AND UNEXPECTED JOURNEY THAT BROUGHT THE MOORE FAMILY BACK TO FOWLERS HOLLOW STATE PARK IN PERRY COUNTY. So it's a matter of time to get there. Please review the forward-looking statement disclosure on Page 5 of today's press release. Fourth, rightsizing. So is that still in place, the comp plan change? 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. It was Bernard Moore," Christa Moore Wire said.They took a closer look. 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. For example, our 4.9 leverage ratio in the 2022 fourth quarter would have been 5.6 under the new formula. [14] In November 2015, Somm: Into the Bottle debuted at the opening night of the 2015 Napa Valley Film Festival. Each vintage is different and as wine ages it changes. THATS MY HANDWRITING. [9] The LA Times' critic Kenneth Turan called the film "glib but ultimately engaging. Poll: Will you see SOMM: Into the Bottle? A young woman sommelier by the name of Kelli White (an expert on historical California wines) opens a bottle of 1966 Mondavi. [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. Can you tell us what inventories were at the end of the quarter? They're gonna have higher volume, and they're eventually gonna go back to the absolute dollars that we're making before. Did the 2013 documentary Somm really need a sequel? AFTER ALL THESE YEARS. 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. I do apologize. Our most successful product introduction last year was the SuperSonic Chopper compound, which uses a pull cord quickly and conveniently to chop up herbs and vegetables. By Joshua David Stein. News 8 was there for the reunion.It was a long and unexpected journey that brought the Moore family back to Fowlers Hollow State Park on Tuesday.Months earlier, Joe Frassetta spotted a glass bottle there with a decades-old message inside. So that is one of the big headwinds that we're gonna have in 2023. So you're right, competing is not the right word. Oops. We will simultaneously publish a management commentary on our website. 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. He shared it with News 8, hoping to find who left it behind.Donna Moore, of York County, was watching. "But the name wasn't right. As we said in our last call, we look to spend an additional $100 million in rendering cost over the next three years. Somm: Into the Bottle is much more explicitly about wine and its wonders. Kelli White inspects a glass of Mondavis first vintage: 1966. Obviously, our recurring numbers are gonna go down, but the recruits that we're gonna have are business-oriented people, where they're actually gonna make money. Somm: Into The Bottle goes on a globe-trotting adventure to answer the question "What is wine and why does it matter." The film is organized in 10 mini-stories that each explore a different fundamental facet of wine from the cellar to the table. From the director and team that brought you SOMM, the celebrated documentary behind the quest of four individuals studying to pass one of the most difficult tests youve NEVER heard of, comes the sequel SOMM: Into the Bottle. Thanks for that, Miguel. 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. Details are scarce. So we -- obviously, let me just start with the most important thing. '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. Watch on Netflix or buy on itunes for $9.99. An echo resonates in a dingy cellar after a bottle of 1969 Dom Ruinart champagneone of only 19 bottles in the worldis popped. The follow up to writer/director Jason Wises 2013 cult-hit SOMM. 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. Got it. Viewers get to watch as some of the most storied bottles of wine are opened; in some cases less than a dozen are . "Everything that was said just started to add up. But perhaps you can dimensionalize how less of these have shaped up compared to your expectations. A Susquehanna Valley couple now knows who left behind a message in a bottle they found in a state park in Perry County. Our excitement in general was dampened by a February conflict in Europe and the COVID lockdown in China in March. So for our tax rate, we expect the tax rate to continue to be elevated. Greg La Follette (Mendocino), Carole Meredith (Napa) and Andr Ostertag (Alsace) admit that their job is more like that of a caretaker. MY NAMES LEONARD MOORE. I SHARED IT WITH NEWS 8, HOPING TO FIND WHO LEFT IT BEHIND. See production, box office & company info. He shared it with News 8, hoping to find who left it behind. Thanks for that. Excluding unfavorable currency exchange, sales declined 14%. Got it. But can you just speak to your confidence in remaining in compliance with that and perhaps touch on some of the assumptions you have for the business that kind of underpins that confidence? SOMM: Into the Bottle brings viewers a rare and never before seen glimpse inside the private world of both famed and cult winemakers. 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. A sommelier is a position in a restaurant. Jean-Louis Chave on Hermitage opening a bottle made by his grandfather in 1969. What-- What is a sommelier? Movie Insider is a registered service mark of The Movie Insider LLC. "[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". We have many successful product introductions over the past couple of years that really gained traction last year. We made meaningful leadership changes midyear. For the next year, I will expect the tax rate to be higher, excluding these deferred tax assets write-down. We're ahead of our expectation and also Target's expectations in our initial offers with them. 1996-2023, Amazon.com, Inc. or its affiliates. The movie begins in the San Francisco Bay Area briefly touching on the history of wine and the existence of the prestigious Master Sommelier exam. But who is this really for and what does it serve? 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. 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. 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. In 2022, Korea surpassed Indonesia, our third-largest market in the Asia Pacific region, behind China and Malaysia. Due to our operating performance last year, our financial leverage is much higher than we would like. So actually, it was last week in China. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. A Rich, Buttery, Fruit-Filled Recipe for Filipino Polvoron, The Millennial Urge to Buy a Tiny Pizza Hut-Themed Toy Set. Obviously, you've talked about the inventory management efforts. 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? We plan to file our 10-K before the deadline of March 16. I was 13.' 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. The deadline of March 16 research, investing resources, and the magic of bottles. So actually, a lot of people got sick, right new CFO to us... 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