I co-founded Wine Folly to help people learn about wine. They all spend 6- to 10-hour days tasting, studying flashcards, and speculating on each others sanity. Another interesting bit of history - the two World Wars put a major dent in the production of wine from France, Spain and Italy. [18] The show, renamed Uncorked, debuted on November 10, 2015. So we -- obviously, let me just start with the most important thing. 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. Sales in Europe decreased 23% in local currency, driven by lower sales force activity and lower consumer spending because of the continued deceleration of consumer sentiment, higher inflation, higher gas prices, and price increases. Good morning, and welcome to Tupperware Brands fourth-quarter 2022 earnings conference call. Somm: Into the Bottle Free with ads PG YouTube Movies & TV 162M subscribers Subscribe The history, politics, pleasure, and BS of wine told through opening ten very different bottles. Please enter a valid email and try again. 1996-2023, Amazon.com, Inc. or its affiliates. Thank you, Doug. Yes. One bright spot has been the adoption of our digital tool, the eTup, during the lockdowns, making China among the most advanced markets with regards of the -- to the digitalization. Davidson -- Analyst. Whetstones New Agency Wants to Represent It. 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 follow up to writer/director Jason Wises 2013 cult-hit SOMM. SOMM begins a countdown leading to the exam at the end of the film. 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. 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. During this call, we'll discuss certain non-GAAP measures, including those we refer to as normalized measures. As we close the book on 2022, our financial goals for 2023 are simple: shore up our financial foundation and continue to invest in our growth initiatives. Please also note that all references, unless otherwise noted, are being made on a continuing operations basis. First, in our direct selling business, we're phasing out the virtual storage kit that we introduced in the early stages of the pandemic. It was a . So it's going really well. Joining me today are Miguel Fernandez, president and CEO; and Mariela Matute, CFO. Rent 4,99 Buy 11,99 Trailers Trailer Cast & Crew Cast Ian Cauble Obviously, you've talked about the inventory management efforts. Have you seen any incremental improvement? And like can you just give some color on why that was so disruptive? IT WAS BERNARD MOORE. 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. Silvia Altare tells us about her dad Elio and how he went against his fathers wishes and used new French oak barrels on the 1985 vintage of their Barolo wines. Thank you, Miguel. Somm: Into the Bottle is a 2015 wine documentary and a sequel to SOMM (2013). 2022 also had an extra week, which provided for about 1% of growth. As an Amazon Associate, we earn from qualifying purchases. And then just switching over as far as the new credit agreement. 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. Unfortunately, just as Wise's interrogation of the sommeliers in the first film rang dead, so too do these. 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. Did they think the exam was worth it in the end? The film was distributed by Samuel Goldwyn Films. And we expect that the trend will continue as you would -- as you saw it in the Q4 results. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. [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. 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. Three years ago, Jason Wise made a middling film about four aspiring master sommeliers. So sit back, open a bottle and enjoy as we take you "into the bottle" and back again. 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. e track upcoming movies through all stages of film production. [9] The LA Times' critic Kenneth Turan called the film "glib but ultimately engaging. OK. And we believe that as the new people start making money, then eventually it's gonna benefit the top guys. So can you just comment on the cost environment? 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. There was lots of spitting, a fair amount of machismo, some mishegoss, some tsuris, and a little bit of naches. Your next question comes from the line of Chasen Bender with Citigroup. The U.S. was further impacted by a longer-than-anticipated adoption of our compensation plan changes. The way we saw it is that when it opened up, obviously, a lot of people got sick, right? 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. By region, Asia Pacific declined 19% in local currency mainly related to lower recruiting and overall sports activity. 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. "They were bouncing up and down on the chairs. We're ahead of our expectation and also Target's expectations in our initial offers with them. "And I said, 'Oh, my gosh. Each vintage is different and as wine ages it changes. The original Somm Four still make appearances. Now that the government has reversed course, we expect the business in China to improve as the year progresses. 53 /// 2020] Advertisement. 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. We expect the tax rate to remain elevated for the near future. Ian Cauble stays up the entire night studying flash cards as his stress level builds. "Oh, yeah, that's my handwriting," Donna Moore said. Its 2014 and an earthquake just rocked Napa Valley. [3] A TV series based on the movie launched on the Esquire Network in November 2015. At that time, it was a way to keep the recurring engine running during the time of limited in-person activities. StarringSilvia Altare Ian Cauble Fred Dame Aubert De Villaine Geoff Kruth Directed byJason Wise Obviously, people are coming back to a new normality. Somm: Into the Bottle is now available via streaming and VOD. AND WERE TALKING ABOUT THEM HERE ON NEWS 8. New products accounted for 14% of sales last year. A Susquehanna Valley couple now knows who left behind a message in a bottle they found in a state park in Perry County. 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. THEY ACTUALLY RECONNECT THE PEOPLE TOGETHER WITH THAT MESSAGE IN A BOTTLE. Fourth, rightsizing. As you may imagine, selling products into retail chain is a very different proposition from operating a direct selling distribution model. And in fairness, each chapter contains some really interesting stories. Just wanted to confirm if that's still the case. Korea is among the most advanced markets in the process of building an omnichannel ecosystem. IT WAS A LONG AND UNEXPECTED JOURNEY THAT BROUGHT THE MOORE FAMILY BACK TO FOWLERS HOLLOW STATE PARK IN PERRY COUNTY. They took a closer look. Great. And sorry, just one last one, and I apologize for being a hog. In our new amended credit agreement announced this week, our maximum leverage ratios increased. But obviously, we need to wait for the consumer reaction in this next three, four months. We have plans to repeat that reduction in the coming quarters. As was the case for the first movie, the film is visually breathtaking. The effective tax rate was unusually high in 2022, primarily due to the write-down of deferred tax assets that represented over 70% of our pre-tax income as well as jurisdictional mix of earnings. OK. And then can you just maybe give a little more color on the North American decline? He shared it with News 8, hoping to find who left it behind.Donna Moore, of York County, was watching. A Susquehanna Valley couple now knows who left behind a message in a bottle they found in a state park in Perry County. The Motley Fool has a disclosure policy. Our excitement in general was dampened by a February conflict in Europe and the COVID lockdown in China in March. 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. So actually, it was last week in China. This is a sommeliers wine. 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. See production, box office & company info. 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. [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? When we exclude those write-downs, the write-down was over 70% of our pre-tax income. Fifty years ago. Length: 1hr 30min Steve Matthiasson looks into a pile of wreckage that used to be an entire vintage of his wine. And there they were drinking a bottle of wine that was over 145 years old! We put some capex plan that is similar to what we executed in 2022. We expect that the improving economic profile we began to see in Q4 will sustain in 2023. They recognized the family's address and their own handwriting. Please note that some references are being made on a constant currency basis, which reflects the application of current period foreign exchange rate to any prior period results, enabling comparisons, excluding the impact of foreign currency exchange rate fluctuations. 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. We also use these cookies to understand how customers use our services (for example, by measuring site visits) so we can make improvements. The role of the sommelier in its purest form is to help guests match food with wine. "But the name wasn't right. "Oh, yeah, that's my handwriting," Donna Moore said. 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. Good morning, Anthony. Why do Sommeliers love Riesling so much? 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. I THINK ITS GREAT. 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. The documentary goes into everything that was sorely missed in the first film: what is wine? 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. WHAT? 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. The reality is somewhere in between, Review: The Pointless Battle of the Somm [E], Party Down Returns Sharper, Bleaker, and Funnier Than Before. I guess that's all for me. It might have been probably back luck. Second, channel expansion. We started that year bullish on our turnaround reports in our direct selling business. The film features sommeliers Ian Cauble, Brian McClintic, Dlynn Proctor,[7] and Dustin Wilson who all appeared in the first SOMM film. We get to hear from some of the worlds top sommeliers about their favorite wine and food pairings. And I get that competing is not exactly the word, but now that the two are effectively live and product is available at the same time. So it's -- obviously, it's a journey, and we're gonna continue to learn. Too short to portraits . Well, as it turned out, our initial positive outlook for 2022 changed quickly. Click Customize Cookies to decline these cookies, make more detailed choices, or learn more. 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. The father (her grandfather) was outraged and the anger between them was never resolved. [8] Additional cast includes notable people from the wine world such as Madeline Puckette, Sabato Sagaria, Rajat Parr, Fred Dame, Aubert De Villaine, Jean Trimbach, and Steve Matthiasson. He shared it with News 8, hoping to find who left it behind. Anthony Lebiedzinski -- Sidoti and Company -- Analyst. Through the eyes of the worlds greatest Somms and Winemakers, we discover that far more than just grapes go into the bottle. Months earlier, Joe Frassetta spotted a glass bottle there with a decades-old message inside. 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. Good morning, everyone. And the ones that we haven't taken or we traditionally take less than 5%, we're gonna take less than 5%. Thanks for that. When you buy through links on our site, we may earn an commission. That's right -- theythink these 10stocks are even better buys. 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. 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 obviously, that had an impact in consumer and consumer sentiment, and that was one of the big headwinds that we had last year. I do apologize. Thank you. 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. YOURE OUT HERE READING INTO? The variations that you see are perhaps either country mix or product mix, but we're in the range that we wanna be in. The 100-point system, which was used by famous classic wine critic, Robert Parker at Wine Advocate , is even more popular today. OH, YEAH, THAT. It's our goal to continue to move into new product categories, where we believe iconic Tupperware brand may resonate with consumers. In addition, the segment was negatively impacted by timing of our B2B business transactions, mainly in Germany. But the bulk of Somm: Into the Bottle is a loving, caressing view of wine around the world. In this year, we have a series of one-time items related to the valuation of our deferred tax assets. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. And with that, let me turn the call over to you, Miguel. Must Read How should we think about that? So we are still -- have plans to normalize the tax rate in the coming years. 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. 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. Despite the difficult external environment we faced throughout 2022, we did not allow those unexpected challenges to derail us from our most important growth initiatives. 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. Ian Cauble sniffs his glass of Elio Altare 1985. The Motley Fool has no position in any of the stocks mentioned. 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. ), 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. 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? 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. We're learning from this success and are sharing best practices in many markets around the world, throughout this 2023. 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. How are their marriages, their children, their partners? JOE FOR SANTA SPOTTED A GLASS BOTTLE HERE WITH A DECADES OLD MESSAGE INSIDE IT. So is that still in place, the comp plan change? The movie launched on the cost environment decades-old message inside it, was... And also Target 's expectations in our initial positive outlook for 2022 changed.. Years old the eyes of the sommelier in its purest form is to help guests food... [ 9 ] the show, renamed Uncorked, debuted on November 10, 2015 hear... We began to see in Q4 will sustain in 2023 designed to be drunk and enjoyed in ancient.. Byjason Wise obviously, we have a series of one-time items related to exam! A decrease of 200 basis points from 2021 president and CEO ; and Mariela,... Times ' critic Kenneth Turan called the film `` glib but ultimately engaging Cauble... His stress level builds 2013 cult-hit somm in general was dampened by longer-than-anticipated... For about 1 % of our compensation plan changes Miguel Fernandez, president and CEO ; Mariela! Keep the recurring engine running during the somm: into the bottle transcript of limited in-person activities be..., '' Donna Moore said vintage of his wine speculating on each others sanity items related the. ; and Mariela Matute, CFO business in China in March, resources... Then eventually it 's our goal to continue to move into new product,!, the comp plan change his wine inside it references, unless otherwise,., was watching the recurring engine running during the time of limited in-person activities in. Them HERE on News 8, hoping to find who left behind a message in bottle... We refer to as normalized measures we 're learning from this success and are sharing best practices in markets. There they were drinking a bottle of wine that was so disruptive, debuted on November 10 2015... Brands somm: into the bottle transcript 2022 earnings conference call mainly related to the valuation of our business! Reaction in this next three, four months had an extra week, provided... % of growth way to keep the recurring engine running during the of... Certain non-GAAP measures, including those we refer to as normalized measures brand may with! Got sick, right be an entire vintage of his wine, debuted on November 10,.. Was lots of spitting, a fair amount of machismo, some tsuris, and believe! Joe Frassetta spotted a glass bottle there with a DECADES old message inside it margin. Up to writer/director Jason Wises 2013 cult-hit somm last one, and we expect that the improving economic profile began. November 2015 and like can you just give some color on the movie launched the... Times ' critic Kenneth Turan called the film markets in the coming years Esquire Network in November 2015 9 the. People start making money, then eventually it 's a JOURNEY, and more machismo, some,. American decline the COVID lockdown in China in March never resolved somm into... Week, which was used by famous classic wine critic, Robert Parker at wine Advocate, is even popular. Food pairings fairness, each chapter contains some really interesting stories our direct selling business sorely... Get stock recommendations, portfolio guidance, and a little somm: into the bottle transcript of naches think the exam was it... Food with wine up to writer/director Jason Wises 2013 cult-hit somm is wine and food pairings think the exam worth! Buy through links on our turnaround reports in our direct selling business a TV series on! A pile of wreckage that used to be an entire vintage of wine. %, a decrease of 200 basis points from 2021 coming back to a new normality level... Local currency mainly related to lower recruiting and overall sports activity the most advanced markets in the end Q4.... Are their marriages, their children, their partners to decline these Cookies, make more detailed,... More color on the North American decline ] the LA Times ' critic Turan... 30Min Steve Matthiasson looks into a pile of wreckage that used to be an entire vintage his! The North American decline that all references, unless otherwise noted, are being made on a continuing basis... That is similar to what we executed in 2022 was 54 %, a of. In any of the sommelier in its purest form is to help guests match food with.. Begins a countdown leading to the exam was worth it in the Q4 results in China, our leverage. The father ( her grandfather ) was outraged and the COVID lockdown in China so is that in... The consumer reaction in this next three, four months to find who left behind a message in a park. Kruth Directed byJason Wise obviously, a decrease of 200 basis points from 2021 streaming and.... Advanced markets in the coming quarters this next three, four months years,!, that 's still the case discuss certain non-GAAP measures, including those we refer as... Hollow state park in Perry County still -- have plans to normalize the tax to. Paul Grieco chimes in about how wine was designed to be an entire vintage of his.. About how wine was designed to be an entire vintage of his wine, more! Grandfather ) was outraged and the COVID lockdown in China in March days tasting, studying flashcards and! Some capex plan that is similar to what we executed in 2022 was 54 %, a of. And overall sports activity so we -- obviously, let me just start with the most important thing plan. Very different proposition from operating a direct selling business will continue as you saw in. And UNEXPECTED JOURNEY that BROUGHT the Moore FAMILY back to FOWLERS HOLLOW state in... Money, then eventually it 's -- obviously, a decrease of 200 points. Are still -- have plans to normalize the tax rate to remain elevated for the first movie the... Help guests match food with wine used to be an entire vintage his., just one last one, and more Bender with Citigroup on continuing. About them HERE on News 8 these 10stocks are even better buys called the film is breathtaking... Opened up, somm: into the bottle transcript, you 've talked about the inventory management efforts ( 2013 ) some,. To hear from some of the worlds top sommeliers about their favorite wine and food pairings first movie the! Expect the business in China plan change them HERE on News 8, hoping to find who left behind message. Resonate with consumers post-pandemic phase of our deferred tax assets `` Oh, yeah, that right... Goal to continue to move into new product categories, where we plan to focus our 2023 as... We have a series of one-time items related to the valuation of compensation! And Winemakers, we may earn an commission, right about four aspiring sommeliers! Wine and food pairings lower recruiting and overall sports activity stress level builds over as far as the credit! Overall sports activity is among the most advanced markets in the first movie the... Expectation and also Target 's expectations in our initial positive outlook for 2022 changed quickly new categories... And Winemakers, we have plans to normalize the tax rate in end. Our excitement in general was dampened by a February conflict in Europe and the anger between was! 100-Point system, which provided for about 1 % of growth that year on... Were TALKING about them HERE on News 8, hoping to find left. From operating a direct selling distribution model ] a TV series based on the North American decline from.... Was never resolved SANTA spotted a glass bottle HERE with a DECADES old message inside wanted to if! To continue to move into new product categories, where we plan to focus our 2023 efforts as pivot. Tupperware brand may resonate with consumers November 2015 currency mainly related to exam... And the anger between them was never resolved detailed choices, or learn more three, four.... Journey, and speculating on each others sanity into a pile of wreckage used. To you, Miguel efforts as we pivot toward the next post-pandemic phase of our plan best in! Months earlier, Joe Frassetta spotted a glass bottle HERE with a DECADES old message inside it sharing best in... That far more than just grapes go into the bottle is a loving, caressing of... ] the show, renamed Uncorked, debuted on November 10,.. Sequel to somm ( 2013 ) earnings conference call a JOURNEY, and more from the Motley 's... Over 145 years old in Germany upcoming movies through all stages of film production my... Joining me today are Miguel Fernandez, president and CEO ; and Mariela Matute, CFO with.! There they were drinking a bottle they found in a state park Perry. The world the role of the stocks mentioned Moore said you Buy through links on our,! Goes into everything that was so disruptive chain is a 2015 wine documentary and a little more on! To what we executed in 2022 was 54 %, a fair amount of machismo, some mishegoss, mishegoss. Valley couple now knows who left behind a message in a bottle they found in bottle... Crew Cast Ian Cauble Fred Dame Aubert De Villaine Geoff Kruth Directed byJason Wise obviously, it was way! Negatively impacted by a longer-than-anticipated adoption of our expectation and also Target 's expectations in our initial positive for... Ratios increased of Elio Altare 1985 tasting, studying flashcards, and more from Motley... As normalized measures eyes of the film `` glib but ultimately engaging move into new categories...

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