And good morning, everybody. And the ones that we haven't taken or we traditionally take less than 5%, we're gonna take less than 5%. Thank you very much. Release Date: January 29, 2016 This is arguably Australias most important wine and wine producer. Good morning, and welcome to Tupperware Brands fourth-quarter 2022 earnings conference call. "Oh, yeah, that's my handwriting," Donna Moore said. SOMM: Into the Bottle 2015 1 h 30 m IMDb RATING 7.3 /10 1.9K YOUR RATING Rate Play trailer 1:08 1 Video 4 Photos Documentary The history, politics, pleasure, and BS of wine told through opening ten very different bottles. 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 Mexico, we will introduce new products in our core food storage categories, such as packable freezer mate and cold savers, as well as one-touch fresh food storage containers with easy-to-close and open lids, which is one of our newest global products. Understood. And are there -- do you have a thought on what capital spending might be in 2023? We put some capex plan that is similar to what we executed in 2022. First, increase financial flexibility. In the summer, we hired a new executive vice president of supply chain to help us optimize our supply chain network and improve service levels. Available from various digital retailers including Amazon Video, iTunes, Google Play, Apple, Vudu and others. AND HIS WIFE, MARCY. Great. A sommelier is a position in a restaurant. That's us,'" Leonard Moore said.One thing didn't add up. I mean some of them obviously grow more than other ones. Good morning, everyone, and welcome to our fourth-quarter call. I BET YOURE WATCHING TONIGHT. ET. Your next question comes from the line of Chasen Bender with Citigroup. "They were bouncing up and down on the chairs. Too short to portraits, too long to be soundbites, there but glimpses of greatness and, of course, bottles full of it, too. And just given how much cost inflation there's been this year, is there any way to dimensionalize how much of that inventory is kind of up on a volume basis? So it's -- obviously, it's a journey, and we're gonna continue to learn. Or kind of what's the situation there? In total, we added 50 retail chain customers around the world. Somm: Into the Bottle is now available via streaming and VOD. Crazy," Wire said.Frassetta and his wife, Marci, were happy to be a part of it all. So let me now answer your question about interest rates. Due to our operating performance last year, our financial leverage is much higher than we would like. Thank you, operator. WHEN THEIR ANNE SHANNON WGAL NEWS 8. Now back to this quarter just reported. 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. Actual results may differ materially from such statements. Thanks for taking the questions. *Average returns of all recommendations since inception. Good morning, Anthony. So basically, 2022 was a really tough year from the pricing point in the U.S. As you know, we had inflations everywhere in the world, really high. "Everything that was said just started to add up. Free shipping for many products! That way, everyone will have plenty of time to digest the news and update models before the call. I THINK ITS GREAT. We are gonna continue to build this company to where it belongs and make the business as big as our brand. Good morning. We expect that the improving economic profile we began to see in Q4 will sustain in 2023. Show. We remain committed to rightsizing the business in further manufacturing and supply chain optimization. 905 PARKWAY BOULEVARD. THEY ACTUALLY RECONNECT THE PEOPLE TOGETHER WITH THAT MESSAGE IN A BOTTLE. Sales were down 27% on the year as zero COVID policy impacted consumer access to our products. 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. 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. Through the eyes of the worlds greatest Somms and Winemakers, we discover that far more than just grapes go into the bottle. Change your choices anytime by going to Cookie Preferences, as described in the Cookie Notice. Mariela, what's the interest rate that we should think about as far as we update our models with this new credit agreement? We're learning from this success and are sharing best practices in many markets around the world, throughout this 2023. Whats the difference between expensive wine and cheap wine? That's us,'" Leonard Moore said. Do you like movies about food? AND I TOLD HIM AND I SAID, THIS HAS TO BE AWESOME. 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. DLynn Proctor works as the custodian at Penfolds, which doesn't mean he sweeps the cellars but that he safeguards that 160-year-old company's portfolio. '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. 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. EVERYTHING THAT WAS SAID JUST STARTED TO ADD UP. We plan to file our 10-K before the deadline of March 16. How many people understand how wine is produced? Directors Jason Wise Starring Ian Cauble, Fred Dame, Geoff Kruth Genres Documentary Youre left puzzled and hopeful for the boy whose future seems inevitable. Its through these storiestold by charismatic wine communicatorsthat you begin to paint the picture of what wine really is. And with that, let me turn the call over to you, Miguel. Donna kept saying, 'That's us. Yes. It covers ten different chapters using ten different wines that are opened throughout the film. 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. While it is early days, we have already seen some favorable movement in those selling markets where we eliminated the virtual kits. Each vintage is different and as wine ages it changes. If you could just help us think about the tax rate here going forward. Here's how I described them back in 2013: Its a gas to see where they ended up after four years. AFTER ALL THESE YEARS. The viewer gets nothing. THEY WERE BOUNCING UP AND DOWN THE CHAIRS WHEN THEY DONT HAVE TO SEE. Now that the government has reversed course, we expect the business in China to improve as the year progresses. "They were bouncing up and down on the chairs. The film is organized into 10 chapters, each with a focused story that shows a different side (and style) of wine. ", "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. Adjusted EPS was lower due to lower sales volumes and margins mentioned above, coupled with a higher adjusted tax rate than in 2021. ), Throughout the chapters, some tics become apparent. 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. After the oak program was introduced, Elio Altares wines amazed wine critics and they are now considered some of the best in Barolo. Pricing accounted for an 8% benefit, which was more than offset by a decline in unit volume of approximately 22%. We will be available for Q&A following our prepared remarks. The film was distributed by Samuel Goldwyn Films. The talks recently came to a successful completion, and we appreciate the support our lenders continue to provide us even as market conditions became more difficult. Poll: Will you see SOMM: Into the Bottle? Thank you, Anthony. AND WERE TALKING ABOUT THEM HERE ON NEWS 8. He is taken aback when he takes his first sip, he seems to understands more about his grandfather. A Susquehanna Valley couple now knows who left behind a message in a bottle they found in a state park in Perry County. In these locations, consumer into our location is run by a member of our sales force to purchase our products. 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. Linda Bolton-Weiser -- D.A. 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. 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. YEAH. Miguel Fernandez -- President and Chief Executive Officer. 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. [5] "In the second movie, I wanted to show why these people are obsessed," says film director, Jason Wise.[6]. You know, Steve Matthiasson looks into a pile of wreckage that used to be an entire vintage of his wine. 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? By region, Asia Pacific declined 19% in local currency mainly related to lower recruiting and overall sports activity. SOMM begins a countdown leading to the exam at the end of the film. SOMM: Into the Bottle was released across all major streaming and cable platforms on Tuesday, February 2, 2016. Finally, a replay of this call will be available on our investor relations website later today. Thanks, Miguel. Yes. 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? Yes. Here are the chapters into which the film is divided. 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. In this way it is far more invested in everything wine than the first film, which was often more a foil for exploring ideas of passion, obsession, and what people do to excel - whatever the field. How are their marriages, their children, their partners? So I'm gonna start with the ways we're gonna lower the inventory, and then I'm gonna pass it over to Mariela so she can give you the exact numbers. 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. Ian Cauble comes prepared with a suitcase full of 16 pounds of wine for review. 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. JUST SOMETHING A FAMILY DID ON A LARK ON A FAMILY VACATION. 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. Yoon Ha describes several food and wine pairings. Somm: Into the Bottle is a 2015 wine documentary and a sequel to SOMM (2013). 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. So first, wanted to see if you guys can talk about China. Choices made by just a few individuals have forever shaped wine as we know it today. Available from various digital retailers including Amazon Video, iTunes, Google Play, Apple, Vudu and others. Greetings, and welcome to the Tupperware Brands Corporation fourth-quarter 2022 earnings conference call. 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. 6.9 1 h 30 min 2018 16+. AND I SAID, OH, MY GOSH. 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. 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. Second, we will continue to invest in our B2B efforts in retail and home TV shopping. Silvia Altare talks about how her dad changed their future with oak. 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. On this Wikipedia the language links are at the top of the page across from the article title. And we expect that the trend will continue as you would -- as you saw it in the Q4 results. In addition, the segment was negatively impacted by timing of our B2B business transactions, mainly in Germany. We took a hit on sales, but now we have a solid foundation to build a profitable, sustainable business. But it's gonna -- obviously, we expect high growth in that area. OH, YEAH, THAT. Somm: Into the Bottle. 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. And sorry, just one last one, and I apologize for being a hog. Thanks, Mariela. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. Paul Grieco talks wine history. So for our tax rate, we expect the tax rate to continue to be elevated. (A similar bottle went for US$160,000 at auction. 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. Ian Cauble stays up the entire night studying flash cards as his stress level builds. We will simultaneously publish a management commentary on our website. There are no further questions at this time. For the next year, I will expect the tax rate to be higher, excluding these deferred tax assets write-down. And then just switching gears. Watch on Netflix or buy on itunes for $9.99. 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. It's a high priority for us. We took even a double-digit price increase in countries that we've never -- we haven't taken a price increase in 10 years. Invest better with The Motley Fool. "To actually reconnect the people together with that message in a bottle, that's priceless," he said. Best of luck, and I'll pass it on to the next caller. 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. SOMM: Into the Bottle was released on DVD & Blu-ray on Tuesday, February 9, 2016 . [14] In November 2015, Somm: Into the Bottle debuted at the opening night of the 2015 Napa Valley Film Festival. 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. 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. Davidson -- Analyst. There is also change in the new year since we will no longer offset our debt balance as with net cash. 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. Theyjust revealed what they believe are thetenbest stocksfor investors to buy right now and Tupperware Brandswasn't one of them! JOE FOR SANTA SPOTTED A GLASS BOTTLE HERE WITH A DECADES OLD MESSAGE INSIDE IT. 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. [1] window.__mirage2 = {petok:"g5SqSBq6JX9L5qmxeaIL7vmhwm4yl34a3h94kP.Nsco-1800-0"}; 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. I'd like to at least see how they mellowed, if they mellowed, and what they feel about their life. They all spend 6- to 10-hour days tasting, studying flashcards, and speculating on each others sanity. 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. Thank you That's helpful. To make the world smarter, happier, and richer. Must Read There was lots of spitting, a fair amount of machismo, some mishegoss, some tsuris, and a little bit of naches. [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. As far as the tax rate, obviously, was elevated, what's kind of the right way to think about the tax rate for 2023? And I told him, and I said, 'This has to be us,'" she said. Our trailing 12-month bank covenant leverage ratio was 4.9, within our recently amended maximum leverage ratio for the fourth quarter of 5.25. official plot version from samuelgoldwynfilms.com. WOULD YOU LIKE TO SEE IT? And as I said in my previous remarks, we see that China is only gonna get better. Interest expense decreased by $3.5 million in 2022 to $31.7 million. Yes. 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. So that is one of the big headwinds that we're gonna have in 2023. Thanks for that. Pricing accounted for an 8% benefit, which was more than . Our story Email Us Call Us: 248.387.9826, USA TODAY • L.A. Times • CBS Detroit • Crains Detroit Business • Corp Magazine. But as in the past, we reacted quickly to external challenges. THATS US. Let me remind you that the following discussion and our responses to your questions reflect management's views as of today, March 1, 2023, and may include forward-looking statements. Thanks for that. 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. Movie Insider is a registered service mark of The Movie Insider LLC. And in fairness, each chapter contains some really interesting stories. He does point out, somewhere in the beginning, that wine does grow in the most beautiful regions of the world, so in some ways, he's got it made. So we made a few changes on the compensation of the top leaders, which obviously has an impact on their under morale and their attitude. I just had technical difficulties. Unfortunately, just as Wise's interrogation of the sommeliers in the first film rang dead, so too do these. The next question comes from the line of Linda Bolton-Weiser. Whereas SOMM was focused tightly on the micro, profiling a ragtag friend-group of aspiring master sommeliers, SOMM: Into the Bottle zooms out on the subject to provide an engrossing overview of the macro a history of wine production and the world of wine itself. Gross margin in 2022 was 54%, a decrease of 200 basis points from 2021. "Everything that was said just started to add up. And there they were drinking a bottle of wine that was over 145 years old! However, given this relative inexpensive price point, we found that we were attracting more discount buyers with lower retention to the brand. They recognized the family's address and their own handwriting. And it's like, I'm gonna call it, paid advertising because we obviously we made -- wanna to make money in these retailers, but also brings the top of our brand and that iconic brand that we have brings it to the mind of consumers that we're not accessing right now. I get that the expansion to Target and some of these omnichannel efforts are still relatively small, and I get that they were structured originally in such a way that they would be augmentative to the additional effort from the sales force. 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. For example, our 4.9 leverage ratio in the 2022 fourth quarter would have been 5.6 under the new formula. Into the Bottle is more heavily informative, but thankfully never feels like a quagmire of exposition."[12]. So that has basically been proving very, very successful for us because they get a gift, and they can resell the gift, and they actually earn even more money than what they were expecting. Frassetta and his wife, Marci, were happy to be a part of it all. It's our goal to continue to move into new product categories, where we believe iconic Tupperware brand may resonate with consumers. 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. A look at the SOMM: Into the Bottle behind-the-scenes crew and production team. Copyright 2023 Apple Inc. All rights reserved. And again, this is one of our top priorities, to lower the inventory so we can untrap that cash. 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. Thanks for that, Miguel. We dive into the old cellars of Europe and begin to understand why cellar mold is a sign to a good cellar. When you buy through links on our site, we may earn an commission. And like can you just give some color on why that was so disruptive? Thank you, Miguel. And we believe that as the new people start making money, then eventually it's gonna benefit the top guys. Kelli White inspects a glass of Mondavis first vintage: 1966. A young woman sommelier by the name of Kelli White (an expert on historical California wines) opens a bottle of 1966 Mondavi. [8] Variety called the film "A stimulating intro course on wine appreciation" and praised its "accessible subjects and sparkling execution". Thank you for taking the questions. In this year, we have a series of one-time items related to the valuation of our deferred tax assets. The film's director Jason Wise last directed Somm. But yeah, I mean things are going well, really well for us in Target. [16], The fourth installment in the Somm series "Somm 4: Cup of Salvation" is scheduled for release in December 2022. With that, we will open the line for questions. By Brian D. Renner Jan. 25, 2016. Director Jason Wise Writers Christina Tucker Jason Wise Stars Silvia Altare Brian Carmody Ian Cauble 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. "[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. Just wanted to confirm if that's still the case. Its 2014 and an earthquake just rocked Napa Valley. It's about everything," focuses on the story of wine around the world and how it is made. You will want a glass in your hand to watch this film.. As was the case for the first movie, the film is visually breathtaking. First of all, the Nazis bombed many of the vineyards and wineries. THEY TOOK A CLOSER LOOK AND RECOGNIZED THE FAMILYS ADDRESS AND THEIR OWN HANDWRITING. Jean Trimbach has a sort of sardonic enthusiasm when talking about the pillaging that happened in Alsace during WW1 and WW2. I'd like to start on the inventory side. A Rich, Buttery, Fruit-Filled Recipe for Filipino Polvoron, The Millennial Urge to Buy a Tiny Pizza Hut-Themed Toy Set. She did note that the film was "an entree into a little-known world. As you may imagine, selling products into retail chain is a very different proposition from operating a direct selling distribution model. This documentary has only a slight focus on the Sommeliers, trained wine experts. With the elimination of the virtual kits, we expect the pendulum to gradually swing back to business builders. Ian Cauble (from the 1st Somm film) opens his bottle of 1985 Elio Altare Barolo and tells us the story. Digital rental or purchase allows you to instantly stream and download to watch anywhere and anytime on your favorite devices. Thank you. 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. [4] In 2019, SOMM TV was launched by creator Jason Wise with original shows.[5]. And also as a -- just as a quick other question. So is that still in place, the comp plan change? Check on our side. We feel that we're already protecting our margin. From those questions to how many hands touch a bottle, to why wine costs what it costs, to how certain wines end up on a wine list, this is a never before seen look into the world of wine. Please enter a valid email and try again. SOMM: Into the Bottle brings viewers a rare and never before seen glimpse inside the private world of both famed and cult winemakers. Therefore, we will expect meaningfully higher interest expenses in 2023 than what we reported in 2022. "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? They are now 6.25 for the first, second, and third quarters of 2023, a stepping down to 5.75 in the fourth quarter and first quarter and second quarters of 2024, then stepping down to 4.50 for the third quarter and beyond of 2024. 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