Obviously, you've said that you expect to remain compliant. 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. OK. Our focus for 2023 in the U.S. will be twofold. They recognized the family's address and their own handwriting. As was the case for the first movie, the film is visually breathtaking. 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. So it's a matter of time to get there. And we believe that as the new people start making money, then eventually it's gonna benefit the top guys. So we -- obviously, let me just start with the most important thing. Esquire Magazine's Cal Fussman praised the film as "a great film.." "..with a tense arc that pushes you to the edge of your seat". I mean some of them obviously grow more than other ones. When we exclude those write-downs, the write-down was over 70% of our pre-tax income. [9] The LA Times' critic Kenneth Turan called the film "glib but ultimately engaging. 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. "But the name wasn't right. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. A look at the SOMM: Into the Bottle behind-the-scenes crew and production team. Jean-Louis Chave on Hermitage opening a bottle made by his grandfather in 1969. 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. Finally, a replay of this call will be available on our investor relations website later today. Or like how is that going? I guess that's all for me. Another interesting bit of history - the two World Wars put a major dent in the production of wine from France, Spain and Italy. It never delved deeper into the forces motivating them to embark on such insanity, nor did it offer a compelling case as to why this might not be insanity after all. OH, YEAH, THAT. OK. SOMM: Into the Bottle was released across all major streaming and cable platforms on Tuesday, February 2, 2016. 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. Thank you very much. We meet Jean-Louis Chave, the winery to know on Hermitage hill in the Northern Rhne (land of French Syrah). Greetings, and welcome to the Tupperware Brands Corporation fourth-quarter 2022 earnings conference call. 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. 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. But the bulk of Somm: Into the Bottle is a loving, caressing view of wine around the world. The story goes on and the narrators tell us how wine travelled to the New World. Thank you. 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. Excited to spend into new channels of distribution, I'm cautiously optimistic that the surge of inflation in 2021 was behind us. 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. 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. ), One grown-ass womans descent into the soul of the American teen on their home turf: the mall food court, The Next Era of American Fine Dining Is Here, Care of West Africa, Chefs are spotlighting their culinary heritage on tasting menus, at buzzy pop-ups, and at new restaurants across the country, Debbi Fields, the founder of Mrs. Fields, has been called both a "feminist American dream" and a "good-looking front" for a multimillion-dollar brand. We expect the tax rate to remain elevated for the near future. 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. Third, the new product introductions. And then just switching over as far as the new credit agreement. WOULD YOU LIKE TO SEE IT? Have you seen any incremental improvement? WHAT? There is, nevertheless, much to be gained from watching Somm: Into the Bottle, vastly more than watching the first film. 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. 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. It received 100 points and DLynn Proctor opens it. The original Somm Four still make appearances. Nice to hear you. We know that we've been fulfilling Target the way we agree with. So have you done so well at Target that you're having trouble actually keeping the supply replenished? This year, we're moving into new product categories. Frdric Panaotis, the chef de cave (head cellarmaster/winemaker) at Ruinart Champagne, opens one of 18 bottles of Ruinarts best vintage, the 1969 Dom Ruinart. 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. While this should be somewhat offset by expansion elsewhere, those B2B channels are still relatively small as a percent of our overall business. We should also benefit from the recent returned in-person events since that's where recognition and training is most effective. 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. Somm: Into the Bottle is now available via streaming and VOD. We launched air fryer late 2021 in China. In addition to friends and family members, several notable sommeliers are interviewed, including Fred Dame, Peter Neptune, Michael Jordan and Geoff Kruth. In fact, the number of our markets reporting B2B activity in 2022 was 22 markets. During this call, we'll discuss certain non-GAAP measures, including those we refer to as normalized measures. 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 as of today, we're confident that we will be able to operate without substantial doubt in 2023. And those investments continue from time to time. [CDATA[ Crazy," Wire said.Frassetta and his wife, Marci, were happy to be a part of it all. Donna Moore, of York County, was watching. This is arguably Australias most important wine and wine producer. 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. To learn more about how and for what purposes Amazon uses personal information (such as Prime Video Watch History), see our Privacy Notice. Pricing accounted for an 8% benefit, which was more than offset by a decline in unit volume of approximately 22%. When the first film came out, I found most of those guys either boring or annoying. To make the world smarter, happier, and richer. 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. But perhaps you can dimensionalize how less of these have shaped up compared to your expectations. Weve done our best to note most of the wines and people in this film. We took even a double-digit price increase in countries that we've never -- we haven't taken a price increase in 10 years. YOURE OUT HERE READING INTO? ET. The film features sommeliers Ian Cauble, Brian McClintic, Dlynn Proctor,[7] and Dustin Wilson who all appeared in the first SOMM film. 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. 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. This is a sommeliers wine. In the Ruinart Champagne cellar with chef de cave, Frdric Panaotis. OK. Well, that's all I have here. "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. Somm is a 2012 American documentary following the attempts of four candidates to pass the extremely difficult Master Sommelier examination, a test with one of the lowest pass rates in the world. You know, Madeline Puckette talks about Robert Parker. Here's how I described them back in 2013: Its a gas to see where they ended up after four years. He shares with us a very rare bottle of 1969 Ermitage which was made by his grandfather. 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. official plot version from samuelgoldwynfilms.com. 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. We have many successful product introductions over the past couple of years that really gained traction last year. 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. Because you did make some comp plan changes, and I know it was like a matter of time before those kind of got settled out and stuff. 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. ", "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. Geoff Kruth loves simple pairings like Muscadet and oysters "Oh, yeah, that's my handwriting," Donna Moore said. Aubert de Villaine opens a bottle (the 2004 vintage, considered a bad vintage) and explains that he believes this wine shows more honesty. 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. And just kind of staying in the vein of inventory and cash management, and as it relates to the updated credit agreement. Thank you for taking the questions. Common study techniques include tracing Internet maps for color-coding wine regions, making an absurd amount of flashcards, even Skyping with each other at 2:30AM for mock quizzes. Can you tell us what inventories were at the end of the quarter? A third film, SOMM 3, released in 2018. So, hi. "[10] The NY Post praised the film for doing "..a fairly impressive job of making wine tasting somewhat cinematic despite its being essentially unfilmable. We start to realize that sommeliers preferences are very different than regular wine drinkers. 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. Viewers are taken beyond the exam and down the wine (bottle) rabbit hole. But who is this really for and what does it serve? Your next question comes from the line of Chasen Bender with Citigroup. The regular bottle goes for about $12K. 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. 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. 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. Movie Insider is a registered service mark of The Movie Insider LLC. 2022 proved to be a much more challenging year than we could ever expected. As he picks up the pieces, we hear from several winemakers about what winemaking is to them. [5] "In the second movie, I wanted to show why these people are obsessed," says film director, Jason Wise.[6]. Brian McClintic extolls his love for Beaujolais wines. What goes on in the cellar? 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. Great. When consumers have access to Tupperware products, they choose them. Were in the Age of Food Talent. Details are scarce. Just wanted to confirm if that's still the case. AND 50 YEARS LATER, IT BRINGS BACK MEMORIES. The film takes us through the stunning vineyards of France and Germany . [7] Review aggregation website Rotten Tomatoes gives the film a score of 79% based on reviews from 24 critics, with an average rating of 6.7/10. But obviously, we need to wait for the consumer reaction in this next three, four months. Do you like movies? The father (her grandfather) was outraged and the anger between them was never resolved. [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. 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. In total, Korea grew 16% last year in constant currency as core sales increase in middle single digits and B2B expansion, particularly in TV shopping, added over 10 percentage points to growth. "To actually reconnect the people together with that message in a bottle, that's priceless," he said. See production, box office & company info. Companywide, we closed 2022 with a max 18% lower active sales force than we did in 2021, which will continue to pressure the top line for our direct selling business. [18] The show, renamed Uncorked, debuted on November 10, 2015. 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. And this is the way we wanna operate because it brings brand relevance. Because actually, a lot of the cost elements are starting to come down. 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. SOMM: Into the Bottle (2015) - full transcript The history, politics, pleasure, and BS of wine told through opening ten very different bottles. And also as a -- just as a quick other question. As we said in our last call, we look to spend an additional $100 million in rendering cost over the next three years. Mariela Matute -- Chief Financial Officer. Ian Cauble comes prepared with a suitcase full of 16 pounds of wine for review. "And I said, 'Oh, my gosh. So that was the other change we made. DONNA MOORE WAS WATCHING. Got it. Korea is among the most advanced markets in the process of building an omnichannel ecosystem. 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 sit back, open a bottle and enjoy as we take you into the bottle and back again. 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. By Brian D. Renner Jan. 25, 2016. We also use these cookies to understand how customers use our services (for example, by measuring site visits) so we can make improvements. Gross margin in 2022 was 54%, a decrease of 200 basis points from 2021. 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. We believe we're still compensating pay friendly and competitively compared to other companies. Additional foreign currency was at $0.81 per share hit to EPS for the year. Thanks, Miguel. During a practice tasting with a Master Sommelier, Ian Cauble becomes convinced that someone has switched his wines. [3] He is taken aback when he takes his first sip, he seems to understands more about his grandfather. 2023, Hearst Television Inc. on behalf of WGAL-TV. Mr. Lane, you may begin. 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. The results exceeded our expectations as we exited the quarter with a 10% category market share. Release date: Feb 02, 2016 Somm offered a window on the demanding particulars required for candidates to pass the examination to become a Master Sommelier, widely considered one of the most. "Oh, yeah, that's my handwriting," Donna Moore said. SOMM: Into the Bottle brings viewers a rare and never before seen glimpse inside the private world of both famed and cult winemakers. Donna kept saying, 'That's us. 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