somm: into the bottle transcriptsomm: into the bottle transcript

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. It's our goal to continue to move into new product categories, where we believe iconic Tupperware brand may resonate with consumers. The results exceeded our expectations as we exited the quarter with a 10% category market share. 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. Master Sommeliers Brian McClintic, Dustin Wilson and Ian Cauble return to Somm: Into the Bottle from the original to narrate the film, with McClintic handling a lot of the duties. The regular bottle goes for about $12K. So it's going really well. Thanks for that. "Everything that was said just started to add up. Please review the forward-looking statement disclosure on Page 5 of today's press release. Available from various digital retailers including Amazon Video, iTunes, Google Play, Apple, Vudu and others. Thanks, Miguel. AND WERE TALKING ABOUT THEM HERE ON NEWS 8. They recognized the family's address and their own handwriting. Gross margin in 2022 was 54%, a decrease of 200 basis points from 2021. We will simultaneously publish a management commentary on our website. While this should be somewhat offset by expansion elsewhere, those B2B channels are still relatively small as a percent of our overall business. YOURE OUT HERE READING INTO? They all spend 6- to 10-hour days tasting, studying flashcards, and speculating on each others sanity. No surprise, I guess. [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. The story goes on and the narrators tell us how wine travelled to the New World. Miguel Fernandez -- President and Chief Executive Officer. The way we saw it is that when it opened up, obviously, a lot of people got sick, right? [3] Yoon Ha describes several food and wine pairings. His reality is very different, his wine is no longer easy. Nothing seems longer and more impressive than a bottle of 1870 Lafite , which is one of the 4 original estates to receive Bordeaux 1st growth classification in 1855 (just 15 short years before). HOW ABOUT THAT? Paul Grieco talks wine history. 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. It would also allow us to jump right into Q&A on the call after brief introductory remarks. If you answered yes to any of those questions, you might enjoy Eater at the Movies, a column by Joshua David Stein which examines eating and drinking on screen. 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. 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. I THINK ITS GREAT. 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. Well, Somm: Into The Bottle is a completely different animal. Davidson -- Analyst. AND 50 YEARS LATER, IT BRINGS BACK MEMORIES. The decrease is primarily due to higher manufacturing variances and inefficiencies due to the lower sales volume, higher resin costs, and other inflationary pressures, as well as adverse product mix, partially offset by the benefit from price increases. He puts on white gloves and delicately opens a volume in the wineries guilted library from 1492 This article is a transcript of this conference call produced for The Motley Fool. When you buy through links on our site, we may earn an commission. Something went wrong. It was Bernard Moore," Christa Moore Wire said.They took a closer look. Change your choices anytime by going to Cookie Preferences, as described in the Cookie Notice. 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, Mariela. The 100-point system, which was used by famous classic wine critic, Robert Parker at Wine Advocate , is even more popular today. Mariela Matute -- Chief Financial Officer. Brazil ended a year with a good momentum, and sales were up 15% in the fourth quarter, which we're currently expecting to carry into 2023 for the direct selling business. So we are still -- have plans to normalize the tax rate in the coming years. So is that still in place, the comp plan change? So basically, that is a friendly proposition for our consumer but not a friendly proposition for a person who is starting a business because, obviously, everyone has access to that 25% discount, so I don't have the space to make money. Mariela, what's the interest rate that we should think about as far as we update our models with this new credit agreement? I guess that's all for me. [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. I CRAZY EASY FOR JOE. The movie, whose tagline is "Wine is simple. Due to its success, we expanded its launch to Philippines, India, Japan, EMEA, showing similar success. '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. The freshest news from the food world every day. Director Jason Wise Writers Christina Tucker Jason Wise Stars Silvia Altare Brian Carmody Ian Cauble They recognized the family's address and their own handwriting. It's a high priority for us. This is Miguel. So can you just comment on the cost environment? And again, this is one of our top priorities, to lower the inventory so we can untrap that cash. 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. "They were bouncing up and down on the chairs. '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. Got it. He's launching some project called Viticole this year. There are no further questions at this time. 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. 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. Our system has an innovative seal system that we have filed patents for. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Greetings, and welcome to the Tupperware Brands Corporation fourth-quarter 2022 earnings conference call. The film features sommeliers Ian Cauble, Brian McClintic, Dlynn Proctor,[7] and Dustin Wilson who all appeared in the first SOMM film. Yoon Ha thinks a basic hot dog is awesome with Beaujolais, and Madeline Puckette says Chili goes shockingly well with Spanish Cava. 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. As you may imagine, selling products into retail chain is a very different proposition from operating a direct selling distribution model. Through the eyes of the worlds greatest somms and winemakers, 'Somm: Into the Bottle' raises the curtain on the seldom-seen world that surrounds the wine we drink by allowing viewers intimate access to the most accomplished sommeliers in the world, as well as to some of the most prestigious winemakers working today. An echo resonates in a dingy cellar after a bottle of 1969 Dom Ruinart champagneone of only 19 bottles in the worldis popped. In the Ruinart Champagne cellar with chef de cave, Frdric Panaotis. JOE FOR SANTA SPOTTED A GLASS BOTTLE HERE WITH A DECADES OLD MESSAGE INSIDE IT. To learn more about how and for what purposes Amazon uses personal information (such as Prime Video Watch History), see our Privacy Notice. Too short to portraits . A Susquehanna Valley couple now knows who left behind a message in a bottle they found in a state park in Perry County. He shares with us a very rare bottle of 1969 Ermitage which was made by his grandfather. If you agree, well also use cookies to complement your viewing experience across Amazon video services as described in our Cookie Notice. 2022, as it turned out, was a real test of our results to turn around this iconic company, and expanding to new channels, and make the company as big as a brand. Linda Bolton-Weiser -- D.A. The film studies the role of wine in human history and its relationship to the land. After all, the newsletter theyhave run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. In addition to friends and family members, several notable sommeliers are interviewed, including Fred Dame, Peter Neptune, Michael Jordan and Geoff Kruth. We expect that the improving economic profile we began to see in Q4 will sustain in 2023. Rent 5.49. SOMM begins a countdown leading to the exam at the end of the film. Jean Trimbach shares his familys greatest wine, a bottle of 1962 Clos Sainte Hune with his son. 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. Do you like movies? Instead, Wise breaks down wine into 10 chapters, which he laboriously trots through. Whats the difference between expensive wine and cheap wine? See production, box office & company info. It covers ten different chapters using ten different wines that are opened throughout the film. 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. The story is told by his daughter who relates that her grandfather, Elio's dad, hardly spoke to his son after that change. The original Somm Four still make appearances. StarringSilvia Altare Ian Cauble Fred Dame Aubert De Villaine Geoff Kruth Directed byJason Wise 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. Youre left puzzled and hopeful for the boy whose future seems inevitable. 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? "[11] Wine Searcher's reaction was, "Somm: Into the Bottle is not so much a sequel as a stand-alone introduction to the industry and culture of wine. And good morning, everybody. Donna kept saying, 'That's us. Today's release is preliminary as management completes the year-end procedures and external audit with open items mainly related to tax matters. Dr. Rowald Hepp may be their winemaker, but he seems aware that he is simply part of the Schlosss history. Invest better with The Motley Fool. THATS MY HANDWRITING. We're learning from this success and are sharing best practices in many markets around the world, throughout this 2023. When everyone finally arrives in Dallas for the test, Dustin Wilson decides to room with another candidate named Sabato Sagaria, leaving Brian McClintic to room with Ian. That confidence in our early outlook of the year led us to authorize a $75 million stock buyback in February. Or like how is that going? Whetstones New Agency Wants to Represent It. 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. Ian Cauble comes prepared with a suitcase full of 16 pounds of wine for review. Well, as it turned out, our initial positive outlook for 2022 changed quickly. 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 . Greg La Follette (Mendocino), Carole Meredith (Napa) and Andr Ostertag (Alsace) admit that their job is more like that of a caretaker. We're in a good space. Rowald Hepp gingerly touches a pamphlet from 1492 in the library at Schloss Vollrads in Rheingau, Schloss Vollrads (in Rheingau, Germany) has been making wine since 1200 and has produced 800 vintages. Please also note that all references, unless otherwise noted, are being made on a continuing operations basis. Good morning, Anthony. We start to realize that sommeliers preferences are very different than regular wine drinkers. Last spring, we hired a new CFO to help us better navigate our turnaround plans. When we exclude those write-downs, the write-down was over 70% of our pre-tax income. Pricing accounted for an 8% benefit, which was more than offset by a decline in unit volume of approximately 22%. Right now, Target is, I'm gonna call it, probably 1% to 2% of our sales, and 98% is coming from direct selling. So I'm gonna start with the -- Good morning, Chasen. What have you seen since they stopped the zero COVID policies? So we continue to prioritize our investments and balancing our decisions with our desire to delever this company and reduce debt over time. WHEN THEIR ANNE SHANNON WGAL NEWS 8. That's us,'" Leonard Moore said.One thing didn't add up. In terms of the U.S., the products that we've chosen are just a couple of them are very similar, where other ones are products that we never sell in the U.S. And some of them are heritage lines, which are the top sellers that we used to sell them in the U.S. but long time ago. 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 such, we're building a new consumer-facing company within our legacy direct-selling consumer push company. 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). Rent 4,99 Buy 11,99 Trailers Trailer Cast & Crew Cast Ian Cauble I just had technical difficulties. 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. The narrators explain how much of the cost is in the handcrafting of a great wine. 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. *Stock Advisor returns as of February 8, 2023. eastern time, and the 2023 first quarter is tentatively scheduled for May 10. [6], The film received mostly positive reviews. AFTER ALL THESE YEARS. In these locations, consumer into our location is run by a member of our sales force to purchase our products. 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. The viewer gets nothing. Thank you, Miguel. Perhaps its because of the struggle. We put some capex plan that is similar to what we executed in 2022. Jean-Louis Chave on Hermitage opening a bottle made by his grandfather in 1969. [3] A TV series based on the movie launched on the Esquire Network in November 2015. 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. [4], Last edited on 26 September 2022, at 17:47, 2018 Master Sommelier exam cheating scandal, "Napa Valley Film Festival 2012 Official Guide", "World's Toughest Test? But as in the past, we reacted quickly to external challenges. Obviously, people are coming back to a new normality. Perhaps, no better showcase for our growth strategy was the success we had in Korea last year. 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. [Operator instructions] Your first question comes from the line of Anthony Lebiedzinski with Sidoti. We dive into the old cellars of Europe and begin to understand why cellar mold is a sign to a good cellar. We should also benefit from the recent returned in-person events since that's where recognition and training is most effective. 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. Free shipping for many products! And fifth, new leadership. Do you like food? It feels like the saddest moment of the film when he tries to explain that wine is meant to be enjoyed, not bought and sold like a commodity. 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. It's about everything," focuses on the story of wine around the world and how it is made. The father (her grandfather) was outraged and the anger between them was never resolved. Due to our operating performance last year, our financial leverage is much higher than we would like. And clearly, with the amendment, you've got a little bit more breathing room over the coming years. AND HIS WIFE, MARCY. And then is it gonna get better? I'll pass it. As an Amazon Associate, we earn from qualifying purchases. Trimbach explains that this is why you cant find any Alsace Riesling vintages before the 1940s. 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. The Master Sommelier Diploma Exam", "The Team Behind the 'Somm' Films Launched a 'SommTV' Streaming Service", "What Wine Guys Can Teach You About Being Great", "Review: 'Somm': Wine, men and one brutal test", "Raise a glass for wine documentary, 'Somm', "Sipping and Studying, When the Subject Is Bottled", "Here's the 'Somm: Inside the Bottle' Exclusive Teaser Trailer", "New Wine Film 'Somm: Into the Bottle' Is Ambitious, Dangerously Selective", "Somm 3 film review: How it compares to the first two", "Wine, Food and Travel Streaming Service Somm TV Sets 2022 Programming Slate, Including Covid Documentary 'Saving the Restaurant', "Esquire Network Unveils 2015 Upfront Lineup Bolstering Original Programming with Five New Series", https://en.wikipedia.org/w/index.php?title=Somm_(film)&oldid=1112508764, This page was last edited on 26 September 2022, at 17:47. By the end of the program, we expect to realize more than $60 million in annual cost savings. [CDATA[ Our entry into small appliances was highlighted with air fryer. Did the 2013 documentary Somm really need a sequel? 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. 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. We launched air fryer late 2021 in China. As you have seen, the market trends, our interest rate is gonna increase as a result of our bank agreement as well as the macro trends. THATS PRICELESS. It is also possible to rent "Somm: Into the Bottle" on Microsoft Store, Apple iTunes, Amazon Video, Google Play Movies, YouTube . Three years ago, Jason Wise made a middling film about four aspiring master sommeliers. e track upcoming movies through all stages of film production. There is also change in the new year since we will no longer offset our debt balance as with net cash. The film's director Jason Wise last directed Somm. Madeline Puckette tells us the wine rating system was originally created to help consumers find great wines. 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. [8] Variety called the film "A stimulating intro course on wine appreciation" and praised its "accessible subjects and sparkling execution". The movie, at the very least, gets you into the room with them. And also as a -- just as a quick other question. 53 /// 2020] 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. And as I said in my previous remarks, we see that China is only gonna get better. Copyright 2023 Apple Inc. All rights reserved. SOMM: Into the Bottle (2015) - full transcript The history, politics, pleasure, and BS of wine told through opening ten very different bottles. During this call, we'll discuss certain non-GAAP measures, including those we refer to as normalized measures. 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. (A similar bottle went for US$160,000 at auction. He shared it with News 8, hoping to find who left it behind. 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. 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. 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 we -- obviously, let me just start with the most important thing. THATS US. Good morning. But market conditions there remain uncertain. During a practice tasting with a Master Sommelier, Ian Cauble becomes convinced that someone has switched his wines. 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. The film was distributed by Samuel Goldwyn Films. This is arguably Australias most important wine and wine producer. Available from various digital retailers including Amazon Video, iTunes, Google Play, Apple, Vudu and others. 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. 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. "[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". YES, WE WOULD LIKE TO SEE THE BOTTLE ONCE EARLIER. [1] One of the most notable individuals in American wines is Robert Mondavi and we follow his vision into reality with old footage. SOMM: Into the Bottle brings viewers a rare and never before seen glimpse inside the private world of both famed and cult winemakers. James Beard Award-winning author and Wine Communicator of the Year. 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. Learn More, Tupperware Brands(TUP -14.27%)Q42022 Earnings CallMar 01, 2023, 8:30 a.m. 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. Donna kept saying, 'That's us. I believe on the pricing side, you've mentioned further price increases expected in '23. And then just switching gears. These were partially offset by strong performance in Korea, as Miguel highlighted earlier. I will now turn the call over to Miguel Fernandez for closing remarks. For example, our 4.9 leverage ratio in the 2022 fourth quarter would have been 5.6 under the new formula. On this Wikipedia the language links are at the top of the page across from the article title. With the elimination of the virtual kits, we expect the pendulum to gradually swing back to business builders. But right now, Target has such low penetration that is -- we haven't seen any change in the behavior of our sales force. [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. "But the name wasn't right. Or kind of what's the situation there? AND I SAID, OH, MY GOSH. //

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