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Vintage Wine Estates, Inc. (VWE) SEC Filing 10-K Annual Report for the fiscal year ending Thursday, June 30, 2022

Vintage Wine Estates, Inc.

CIK: 1834045 Ticker: VWE

 

Exhibit 99.1

img247847201_0.jpg 

News Release

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937 Tahoe Boulevard, Suite 210 | Incline Village, NV 89451

For Immediate Release

Vintage Wine Estates Revenue Grew 32% to $75.5 Million in Fourth Quarter Fiscal 2022;
Fiscal Year 2022 Revenue Increased to $293.8 Million

Diversified business, omnichannel marketing and acquisitions drove revenue growth in all segments
Fourth quarter business-to-business ("B2B") sales grew 55% while strong tasting room traffic drove
10% organic growth in direct-to-consumer ("DTC")
Made significant progress to improve internal controls; implemented stringent processes around inventory management and financial processes that resulted in $19.1 million in non-cash inventory adjustments
Fourth quarter net loss was $14.7 million reflecting non-cash inventory adjustments; adjusted net income improved to $10.0 million and adjusted EBITDA1 was $7.6 million
Fiscal 22 revenue grew 33% to $293.8 million; net loss for the year was $(0.7) million, adjusted net income expanded to $25.2 million and adjusted EBTIDA1 was $46.8 million, up 21% over the prior year
Continue to advance actionable acquisition pipeline
Establishing revenue expectations for fiscal 2023 of approximately $300 million to $310 million with expected adjusted EBITDA2 of approximately $55 million to $65 million (excluding future acquisitions)

INCLINE VILLAGE, NV, September 13, 2022 –

Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the fastest-growing wine producers in the U.S. with an industry leading direct-to-customer platform, today reported its financial results for its fiscal year 2022 ended June 30, 2022. Results include Vinesse, LLC ("Vinesse") acquired on October 4, 2021, ACE Cider, acquired on November 16, 2021, and Meier's Wine Cellars, Inc. acquired on January 18, 2022.

Pat Roney, Founder and Chief Executive Officer, commented, “We are executing well on our strategy to drive growth, are successfully diversifying and expanding our portfolio and upgrading our capabilities and capacity. As an organization, I believe we made great progress in our first year as a public company even in the face of supply chain constraints and significant cost pressures due to rapid inflation. Importantly, we are establishing an improved accounting structure, implementing strengthened processes and controls and we are investing in our infrastructure to provide a solid foundation from which we can scale. This includes a stronger accounting and finance team under a new chief financial officer as well as the addition of several other key leadership positions. The processes that we have since implemented to work towards remediation of our material weaknesses drove the non-cash adjustments in the quarter. We expect this will not only improve the quality of our financials, but enable greater consistency and transparency moving forward."

He added, "Our acquisitions are integrating nicely and over time, we believe they will deliver greater synergies and margin expansion. Continued challenges with the supply chain disrupted our ability to capture certain synergies as timely as we had planned. For example, necessary equipment for the expansion of our canning capacity in both Sebastapol, CA and Cincinnati, OH was delayed by approximately 6 months. In addition, the pick & pack operation for Vinesse was several months behind schedule. As these operations get back on schedule, we expect to see lower operating costs and improved production efficiencies. We are excited about the strength of our channels to market, the power of our brands, and our digital

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1 As referenced here and throughout the release, adjusted EBITDA is a non-GAAP measure. Please see related disclosures regarding the use of non-GAAP measures in this news release.

2 As referenced here and throughout the release, expected adjusted EBTIDA is a forward-looking non-GAAP measure. Please see related disclosures regarding the inability of reconciling forward-looking non-GAAP measures.

3 As referenced here and throughout the release, adjusted earnings and adjusted earnings per diluted share is a non-GAAP measure. Please see related disclosures regarding the use of non-GAAP measures in this news release.


The following information was filed by Vintage Wine Estates, Inc. (VWE) on Tuesday, September 13, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Assess how Vintage Wine Estates, Inc.'s management team is paid from their Annual Proxy

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Vintage Wine Estates, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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Inside Vintage Wine Estates, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Unaudited) (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations And Comprehensive Income (Loss)
Consolidated Statements Of Stockholders' Equity
Accrued Liabilities
Accrued Liabilities (Tables)
Accrued Liabilities -Schedule Of Accrued Liabilities (Details)
Balance Sheet Components (Tables)
Balance Sheet Components - Schedule Of Inventory (Details)
Business Combinations
Business Combinations (Tables)
Business Combinations - Additional Information (Details)
Business Combinations - Summary Of Allocation Of Purchase Price To The Fair Value Of Assets Acquired (Details)
Commitments And Contingencies
Economic Uncertainties
Employee Benefit Plan
Employee Benefit Plan - Additional Information (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Details)
Fair Value Measurements - Summary Of Fair Value Assets And Liabilities Measured On Recurring Basis (Details)
Fair Value Measurements - Summary Of Reconciliation Of Liabilities Measured At Fair Value On Recurring Basis Using Significant Unobservable Inputs (Level 3) (Details)
Goodwill And Intangible Assets - Additional Information (Details)
Goodwill And Intangible Assets - Schedule Of Components Of Finite-Lived Intangible Assets, Accumulated Amortization, And Indefinite-Lived Assets (Details)
Goodwill And Intangible Assets - Schedule Of Estimated Future Amortization Expense For Finite-Lived Intangible Assets (Detail)
Goodwill And Intangible Assets - Summary Of Goodwill By Segment (Details)
Goodwill And Intangibles Assets
Goodwill And Intangibles Assets (Tables)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Schedule Of Effective Income Tax Expense Reconciliation (Details)
Income Taxes - Schedule Of Income From Continuing Operations Before Provision For Income Taxes (Details)
Income Taxes - Schedule Of Income Tax Provision (Details)
Income Taxes - Schedule Of Unrecognized Tax Benefits Liabilities (Details)
Interest Rate Swap - Additional Information (Details)
Interest Rate Swap - Schedule Of Interest Rate Swaps (Details)
Interest Rate Swaps
Interest Rate Swaps (Tables)
Inventory
Inventory (Tables)
Inventory - Additional Information (Details)
Inventory - Schedule Of Inventory (Details)
Line Of Credit
Line Of Credit - Additional Information (Details)
Long-Term And Other Short-Term Borrowings
Long-Term And Other Short-Term Borrowings (Tables)
Long-Term And Other Short-Term Borrowings - Summary Of Long-Term And Other Short-Term Obligations (Details)
Long-Term And Other Short-Term Borrowings - Summary Of Long-Term And Other Short-Term Obligations (Parenthetical) (Details)
Long-Term Debt And Other Short-Term Borrowings - Additional Information (Details)
Long-Term Debt And Other Short-Term Borrowings - Schedule Of Maturities Of Long-Term And Other Short-Term Borrowings (Details)
Merger And Reverse Recapitalization
Merger And Reverse Recapitalization (Tables)
Merger And Reverse Recapitalization - Additional Information (Details)
Merger And Reverse Recapitalization - Schedule Of Reconciles The Elements Of The Merger To The Consolidated Statement Of Cash Flow And Stockholders Equity (Details)
Net (Loss) Income Per Share
Net (Loss) Income Per Share (Tables)
Net (Loss) Income Per Share - Antidilutive Securities Excluded From Computation Of Earnings Per Share (Details)
Net (Loss) Income Per Share - Computation Of Basic And Diluted Net Loss Per Share Attributable To Common Stockholders (Details)
Organization And Significant Accounting Policies
Organization And Significant Accounting Policies (Additional Information) (Details)
Organization And Significant Accounting Policies (Policies)
Organization And Significant Accounting Policies (Tables)
Organization And Significant Accounting Policies - Schedule Of Estimated Useful Life (Details)
Organization And Significant Accounting Policies - Schedules Of Customer Concentration Risk (Details)
Organization And Significant Accounting Policies - Summary Of Disaggregation Of Revenue (Details)
Organization And Significant Accounting Policies - Summary Of Disaggregation Of Revenue Recognized (Details)
Organization And Significant Accounting Policies - Summary Of Reconciliation Of Cash, Cash Equivalents, And Restricted Cash (Detail)
Property, Plant And Equipment
Property, Plant And Equipment (Tables)
Property, Plant And Equipment - Additional Information (Details)
Property, Plant And Equipment - Schedule Of Property, Plant And Equipment (Details)
Redeemable Series A And Series B Stock And Non-Controlling Interest
Redeemable Series A And Series B Stock And Non-Controlling Interest - Additional Information (Details)
Related Party Transactions And Commitments
Related Party Transactions And Commitments (Table)
Related Party Transactions And Commitments - Additional Information (Details)
Related Party Transactions And Commitments - Schedule Of Components Of The Related Party Receivables And Related Party Liabilities (Details)
Related Party Transactions And Commitments - Schedule Of Future Minimum Lease Payments (Details)
Related Party Transactions And Commitments - Schedule Of Purchase Commitments (Details)
Segments
Segments (Tables)
Segments - Additional Information (Details)
Segments - Summary Of Amortization Expense Recognized By Operating Segment (Details)
Segments - Summary Of Depreciation Expense Recognized By Operating Segment (Details)
Segments - Summary Of Revenue By Segment And Region (Details)
Stock Incentive Plan
Stock Incentive Plan (Tables)
Stock Incentive Plan - Additional Information (Details)
Stock Incentive Plan - Schedule Of Share-Based Compensation Expense (Details)
Stock Incentive Plan - Summary Of Restricted Stock Units Activity (Details)
Stock Incentive Plan - Summary Of Stock Option Activity (Details)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Additional Information (Details)
Stockholders' Equity - Schedule Of Reserved Shares Stock On Converted Basis (Details)
Stockholders' Equity - Summary Of Changes In Repurchases Of Common Stock And Warrants (Details)
Subsequent Events
Subsequent Events (Additional Information) (Details)
Ticker: VWE
CIK: 1834045
Form Type: 10-K Annual Report
Accession Number: 0000950170-22-018415
Submitted to the SEC: Tue Sep 13 2022 4:39:09 PM EST
Accepted by the SEC: Tue Sep 13 2022
Period: Thursday, June 30, 2022
Industry: Beverages

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