VWE - Earnings call transcript Q4 2022 | Vintage Wine Estates, Inc.

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Deborah Pawlowski

Thanks, John, and hello, everyone. We certainly appreciate your time today and your interest in Vintage Wine Estates.

Joining me on our call are Pat Roney, our Founder and CEO, and Terry Wheatley, our President and Kris Johnston, our CFO.

You should have a copy of our earnings release across the wires after the market as well as the slide deck that will accompany our conversations today. If not these documents can be found on our website at ir.vintagewineestates.com. a will of the provide with Terry quarter, results. begin Kris and more will brief the overview then Pat details on Kris fiscal our review will guidance also XXXX. for

and the open will We to questions. analysts to then ask our call investors

will you Harbor our statement. If Safe find X, to Slide turn you

cause actual from this other apply, These were filed uncertainties, As results materially you could future factors on subject risks risks and during release. and events well we the as Q&A that some Commission forward-looking provided will are XX-K our today. to we are noted may Exchange differ and make where our well session. as and other uncertainties factors with be statements as press aware, as and Securities presentation These in statements to

on we our find will call, today's our or that in point non-GAAP are we which evaluating believe can useful will these performance. financial website sec.gov. out I You measures, during some also discuss documents in

the consider additional results with not a information GAAP. prepared in should for as or presentation substitute You isolation accordance in this of

GAAP to provided Pat? you non-GAAP Slide have I to will comparable it that, that with slides. begin. of reconciliations tables turn measures in if turn will X, Pat accompany today’s to We over the With

Pat Roney

Thanks, Deb, and welcome everyone.

I'm deliver the and public and achieving to as able we've add needs in and the year learn excellent of direct had although organization, and make audits well and quarter sophisticated in advancing We to had as I U.S. in breadth result were chain inflation more with continue to Wine had of to prices, the of results organization as inputs. our a challenges think cost disclosures cadence reporting, a of headwinds team Estates skills the which for full We made to to production bit constraints, demands. other progress Vintage with changes forecasting, experience came the requirement, company a first being wholesale We in creating pose from the our benefit an dedication vision quarterly as in with as quite public year BXB. out company. some both persistent increases door some develop and their many to increased despite Revenue the to supply to DTC wine and continued to consumer to and the expected more in industry. the strong leader efficiencies. the getting in products proud the

by changes. make of to to culture accountability through decision-making the and implemented and organization Improved well. we're lines, acquisitions to progress as well absorption has with were our with drive results quite our inventory for overhead Although impacted implementing to Kris progress these procedures reporting. and enable our as our canning and and upgraded Kris operational help to accuracy fourth being the drive organization. the oversight made as and timeliness she's have a is tapped accounting strength as more a a team the million the And $XX first pleased And greater on been recording expanded bottling throughout had reporting the into some since measurably half for and I'm changes with we've processes in training adjustment, non-cash significant the delays accuracy measures us, with continuing time expanded and short and team, drive financing improves In necessary integrating quarter, greater the equipment while synergies. consistency importantly,

let distant the our more to it With talk Beyond our announce future. our very Terry acquisition remains about pipeline that, me to strong segments. growth, in not be we promising. And expect we'll over able organic Terry? turn that so to something

Terry Wheatley

Pat. thanks, Yes,

Slide to four. turn Now please

against marketing customer new grew capabilities the that digital Our direct-to-consumer We focus. direct-to-consumer up of and room but the hit well. this did in tasting quarter, In segment for as traffic up as our continues you comps, and year. and to segment. XX% membership records was and in X% we tough we strength club our segment captured capture in over our demonstrate the XX% know, price was Wholesale quarter in the price

depletions While remained period, quarter the negative were XX-month in for positive. we the

by of sales and bXb Our the also sales bolstered distilled spirits. were acquisition, bulk Meier's

Bar Clos our brands for the hot key just by awarded and to year, really leading Firesteed, resonates Photograph Dog, calendar Bar appeal. with retailers. demonstrate strong XXXX prospect Pegase Impact of continue Dog magazine Our market was which

strategy continue to five, Slide us provides stool advantage. competitive confident Looking our exercise three-legged are our we and at a omni-channel approach

believe also mitigate diversified risk. and helps vineyard channels, within to diversity We sourcing our our go-to-market

It's highest we offer our innovative digitally native through margin Cameron Kevin tasting relationship from of loyalists, ecommerce, includes a the clubs XX% net our brand This Company Sommelier and direct-to-consumer division, which our our services revenue. for rooms, QVC O'Leary with Our represents including wine channel brand, number personalized QVC. Tank. Shark brands, telesales our label of personalized our Hughes

and which our hotel of this past revenue, net revenue. XX% tough And our year, fiscal represented net represents bulk As skewed sales. our of comps our faced mentioned, alcohol was segment XX% by bXb segment,

about let more expect Kris? to for outlook Kris forward. over results turn We talk our normalize it me to that, us our moving XX. and fiscal With to

Kris Johnston

and good afternoon, Terry, Thank you, everyone.

discussion. Slide which six, to grew segment million revenue. will acquired the XX.X see included you additional in Revenue XX% of quarter, Turning

up acquired was revenue revenue. XX.X included which year, million XX%, of the For

strong of in revenue. result Terry million of revenue growth X.X organic As acquired was our very XX.X the and with strong XX% we DTC segment up in mentioned, XX% the to quarter growth This had of million.

acquired that table 'XX. quarter year have You revenues by in find reported we fiscal a slides as that supplemental the provides in will our

with While DTC down volume was was offset this somewhat, price.

of increased inclusion ACE the Moving shows of on is volume. acquired Cider that pricing to Note offset XX.X to which to high-volume helped lower a wholesale, million due This wholesale million X.X revenue revenue. including a increase and XX% wine substantial volume to business.

Layer by some varietals as our is out the see in addition, impacts. address by reposition There which impacting supply of impacted We was stocks the in what Cake plans and working certain are and wildfire in XXXX segment. brand wholesale are brand to to a tight weakness we

on business, revenue distilled for Next, by X.X and growth Meier's of due We inventory was had label in to contributed acquisitions XX% bulk quarter. modest the in million our alcohol. programs lack driven sales of private bXb specific programs. a decline

have I'd that events look If turn remediation the to adjusted we what Slide undergoing. unusual at to you'll would related without margins to seven, efforts gross the been our been have like

were quarter quarters, material million These the X.X to had First, overhead in that absorption first half. deemed related these the reporting approximately actually looking periods. in costs across were at the we fourth

gross As GAAP and second quarters that a margin margin was I were the quarter on add we our that back would to the take result, fourth would for profit. a slightly gross the can Adjusted be you and overstated quarter the think and have understated quarter adjusted million for also XX.X% basis. fourth year of XX.X%. XX.X gross that first and adjustments been the took in the

Adjusted on for Turning year Adjusted to Slide to I'll the million. XX% eight, increased EBITDA EBITDA and net XX.X touch income.

reasons. was fourth quarter expected lower than of of EBITDA Our number a million X.X adjusted for

was included consider in COGS a to that in about forward. X.X the should X.X not that SG&A result expect do few EBITDA, we to approximately there's million going million evaluating Other You factors. that of our of margin repeat also adjusted impacts

all we we cost First, acquisitions. synergies captured haven't of with the expect

As can to two-year a integrate. before, process mentioned we have this be fully

by instituted affected And have cover inefficiencies production we finally, also from chain [ph] previously while resulted [now] COGS cost Second, it's margin price constraints. supply was increases. increases, fully incurred, inflationary that

adapting this to have EBITDA and optimal way While for available have our changing margin million lines, adjusted job operations been XX.X% not this what account into the excellent is to Taking supplies quarter an our X would it would are the and year, production out for operate. been doing are an XX.X%.

more believe we our year profile, of reflection or diluted fiscal an per non-GAAP net of acquisitive that adjusted XX On our share. accurate provides was a capital Slide end. our XXXX income given X.XX for understanding on, cash at adjusted structure income performance. basis net nine normalized million presents Moving

the sheet invest our to balance strong continue flexibility a have strategy. growth financial We and in to

million maintenance support million for than Our CapEx capturing see capacity be is our on and focused to in million XX which you On Slide about guidance for productivity fiscal our rest X XX growth. to expansion The less XX improving fiscal is can CapEx. synergies, 'XX. will of XX,

between expect XXXX. XX% at million midpoint by fiscal X XX XX million, revenue from be between incremental to million to points Adjusted of of a about fiscal the We XXX of XXX the This margin an about range, improving XX million over represents million. nearly which million should XXXX EBITDA acquisitions. XX includes the to

me extent up XX. back turn supply and to chain We estimates. considered have Pat somewhat With let easing in on some these inflation that, to wrap to Slide stabilizing it

Pat Roney

Thanks, Kris.

and our on our capabilities to We well successfully are our diversifying drive capacity. are and portfolio strategy upgrading growth executing and expanding

We added are excited Kris to to the have team.

actively into in company John, the larger, wine strong are that, fiscal a acquisition open significant pipeline. much for Wine transform be call the for I our With the questions. We another XXXX year that will as believe Estates advancing we we more player Vintage industry. can

Operator

this question. session. line the with time, Cowen. Vivian we At Our proceed of with [Operator first be conducting question-and-answer a your will from question Thank Please comes you. Azer Instructions]

Vivian Azer

afternoon. Good Thanks.

growth start in there off, curious or on expectations what just performance relative Terry So organic dive for as about to industry think what's of to your I'm Thanks. terms in and you FY kind 'XX. implied of of I in are wanted guidance. Please Pat Kris. or kind sales

Pat Roney

growth even industry wines to we think the to think to the Then flat premium category the a segment looking the I outperform of may overall digit in to negative looking it terms is ourselves we category premium growth, wine going segment. mid-single we're at for category be of continue that growth year. this slightly -- in and in

So we're with cautious but pressures there's be upsides, that. everything inflationary and we're to still about going we think some else,

Vivian Azer

presumably yes, the current kind just downgrading worth and prudent, guys the guys inflation is that's established color out? seems than that worse any on consumer. there are being how that? responding impact you'd guidance, calling around high curious given, category How consumers is I'm you taken are expected the Thanks. to have of trends as that it, the is pricing the any across you Certainly, taken

Pat Roney

anything? price continue with trends think the on the Terry, Terry, price segment. that consider trading of add well, and our down taking to increases, with jump color. in the in certainly below price trends case may holding, to seen up, increases $XX that. for But we this think additional inflationary depending we trading later in the and happens category we start if anything, like in would lot can not a another what while you'd And are I to and I'll have if down plans haven't like that go some as like and we add the don't you continue increase year, costs any year, things you

Terry Wheatley

with brands starting add can the in some our be couple and Photograph and And price where our see category things. the call. still we it's we I will what I Nielsen. that a play mean, Bar outperforming you now. of Yes. we're right of Dog that reflected lifestyle Vivian to

the rooms, has continue our we Lutetia about that numbers are direct-to-consumer that So down industry numbers still Bodega Napa, Sonoma ocean over And in gone up segment had took those strong, slowing, the The not or starting what see to in and seeing down on climb, the And properties our our our flat. actually X% are But coast. up the revenue people but Nielsen's. X X% good. there, and we the to We're coastal numbers March are magazines strong. flipping different be the just We've weeks, direct-to-consumer in is side. Bay tasting our price over SCV some is X%, to numbers, our holding strong. side and XX revenue on slow traffic on then, to like the the price commented continue traffic or it's and latest

have some we side. comes bXb bXb So of increased our and back when And do interest a business, retailers looking in major wholesale and it the feel like direct-to-consumer label. in on then both our from our good position with to for private we game were our we

do I XXXX. see in that going So to strong that's be for us

Vivian Azer

specific for Thanks. expand you critical. remedies apologies the all on that one, challenges last line with top just the just Layer you're of it's But And it. seeing and implementing? that some I think Cake plan much the here. so at you on Can do focusing some Got that of on

Terry Wheatley

Well, Layer that it was and caught to brands. a a Cake, I it want spot hard during rock say XX wasn't top between in pandemic,

come have floor of lot a as it's segment back, that bit. then get And struggling didn't action really it there. is in So things price a a

partners core come whole third repositioning to do a marketing we for complete out some quarter our we a to have So expect the campaign, new with us. are working in packaging

really May, next April, brand. June we year, that probably of impact So think the will

So working on we have core press here. full Layer a on Cake

Vivian Azer

Understood. jump in the I back. back will you. Thank

Operator

from Thank you. line Davidson. DA Please your comes question the next our question. of And Baker proceed Mike with with

Mike Baker

right, growth? Okay. has to to I acquisitions flat. down the way XXXX. think to organic expect is any on does sales you guidance the growth How XX I If XX% of that to said, is for much XXX right another What slightly, would little from I In just to other the can to first about is of the made ask you that say guess idea a just XXX. wanted math you annual flash And you acquisitions, expected? if mean picture, organic year, organic about But that XX% which even I X%. then, bigger then line, changed million guess in million from the business does next the what Well, that from look presume XX out to you, my that acquisitions, bit add the include be to X% growth? it.

Pat Roney

I of have -- to you're revise the current then we've path taken a from year to we related baseline have numbers. that acquisitions of organic there we mid-single in on front. bit acquisition And acquisitions under actually for we little to continue last revenue an we're is digits. Michael, doesn't that guidance any the no to going include correct, our and the these next and active though in But there acquisitions There's think And guidance. even add, acquisition acquisitions. acquisition when be year's announce growth

Mike Baker

talking of or acquisitions half from XX% X% half, growth. think growth suppose it's counting organic from Again, I X% it, quarters we're next about whether well, you're to growth, total two half I like Okay, how sales year. ago, acquisitions

pulling your the in outlook? consumer to in last So, what inflation? the mind, back? such has sales six has the in what lead lower Is changed a the business what's to guess it changed -- months just I

Pat Roney

growth, table of we're and midpoint, whether is what's a we supply acquisition, conservative market. to more XX% on don't it's to acquisitions, to currently. get inflation in it's going the to out consumer in reflected is uncertainties that the ability Well, the from reflects the general, XXX and with again, with the guidance given the know the that the in range growth our happening about just terms to growth, number not get off the and our glass that it projecting, And side of more not product of overall improve slightly

Mike Baker

Okay. I understand.

the I don't these for about XX% it past not guidance You potential from guess, year, are is, in we know, is just that be, will know expectation. an acquisitions, talked whereas I but upside don't this and including the what number to potential or numbers, guess other as I point me

slides think I then, the haven't them math And to down had about I sorry, the didn't this about we math -- the late, fourth all. through until my think, was I acquisitions got quarter wrong But go I -- X%. X Okay. your chance business once wholesale but a in guess I get

can -- of share? you is market between that correct you math that's to even But premise, do that differentiate off on premise down close think just right, if wrong. if is if me think I'm I sort right? Why

Pat Roney

Yes.

and for question good that's a think for Kris. I Terry

Terry Wheatley

was Bar quarter Photograph. in. Dog, mean, Kris by to in wholesale, you fourth But some the Clos the showed quarter. that that speak last Cake gains think Kris, in by great really with offset in well. primarily And, driven Yes. increases to Layer Pegase I jump I can you want the if as

Kris Johnston

with really it's were We as addressed Terry, I'm in this agree. Layer but the segment the I the softening aligned Cake, impacted call, comments. there. Yes. we've across previously with

Mike Baker

that that's so -- more Is And premise right? Okay. primarily. off

Terry Wheatley

Yes, target. Cake off of Dog, to course, when Layer in comes that and Photograph, Bar it is really is premise

some are in [indiscernible], Layer fourth wholesale side, on on-premise. on We gains it's wholesale But side. the declines offset in again, by our Cake the quarter showed seeing the coming has larger nice just side, gains in in

Mike Baker

long-term I will to be issues? if one believe margin point chain was there -- do some so we're that think margin I XX%. guess costs the and increased more you of Is out thinking year what Again, could, think long-term One I you the this guidance -- mid-XX%, for this supply Okay. about do -- shakes just was EBITDA Where business? EBITDA your guidance, outlook. close year your next

Pat Roney

in it to actually that chain confident of coming EBITDA the to the we as going still issues And growth expect margins, through – margin we with plus we segments at better inventory the all in XX% to I’m higher efficiencies some well. growth work very, in brands, that. our and very production higher businesses to then and higher have management in acquisitions as long-term we're DTC continue margin continue And our can and the looking I some get margin that be continue of the of our business we're supply some more the are that virtually on.

So those combinations will all help.

Kris Johnston

if really scale added we've to our incremental increasing which add, Yes. SG&A, to. can to is just is hit referring infrastructure, enhance And, numbers and Pat, through those going our that I ability Pat

capturing we're guidance So that in for conservative XX. in our being

Mike Baker

someone Okay, I'll else. Thanks. fair over enough. turn to it

Operator

Thank question. Please of next Luke the Hannan your question proceed you. line with our from Canaccord. And comes with

Luke Hannan

as well the far seen exactly movement et And onto I cetera? pace in what risk magnitude I you're on those the trends inflation, from Have of diesel all is guess that on that, at in we guidance the the specifically like suppliers the focus trying Thanks. and increase see wanted abate cost to seeing to freight you of potential your quarter-to-date? as cost downside Good quarter-to-date be things. afternoon. your side as as building upside or built ascertain what if could into or things the

Pat Roney

to dry baked prices for easing are still quarter the we're knows more, let and -- although maybe in this speak of the cost that little a as terms little those. the plan upside in a we I'll of and of glass of see little other will prices and into year, goods transportation. we high actual free availability in to are this side gas quarter next in first to of I and bit year Kris we that and bit what to Transportation that year. a as they talk about anything it fourth numbers want Kris Well, you last of expect better on over the and terms starting But think petroleum on put bit starting everyone increases. is up there some might of the abate those the

Kris Johnston

Right.

we've So used and considered off ’XX inflation definitely the in but built assumptions the actuals stabilizing. have somewhat of FY we

it So estimates. in easing the we've some been we've historically. up supply our on focused seeing chain levels in we ramp continued at haven't And to

held we've not but steady bloom. again, So continue expecting it to to

Pat Roney

And any take either then again we guidance didn't will than again, expected, find price the that costs bake and our increases or up into if the are we higher we going season. after we L&D model price what

Luke Hannan

Okay, on then the acquisition a synergies. understood. clarification And quick question

about across in the that the activities of of a quick Is be ’XX us get that and able run are flow or the expect fiscal least the in ‘XX? when you that, fiscal -- out when might to acquisitions pushed I one you've P&L of in give at to six release update mentioned done these is transactions you through and update one that you an the synergies months. by can press just for think you undertaking through

Pat Roney

Yes.

in been with running in that to until corrected not brand we line that because didn't We out then, with stock be delays. very integrate. have it fully that delays, running and machinery though to there's increases month acquisitions hard to good XX we're well said had from which new created and recently. I going had getting delays at March always line other and had situations start running which the as we supposed And did strong ACE was shift as but they'll facility within profitability a some a was August getting of -- thing And in we've It just cans. canning in and So some the up front up providing to some for related supply same Meier's, chain and think month going the fully we've through even it been be actually have, new months canning actually the now a expect of takes glass created some hopefully of months weren't we synergies. XX of and had still each that cider

Luke Hannan

question understood. me then Okay, line. pass And I'll last the then, for and

debt need Just the that sheet know math the you just of have, net share based sheet? you for your balance that EBITDA to mentioned my here. fiscal sheet Or net which on of liquidity midpoint balance does you that the as in in that to. a levered, the and [indiscernible] Xx your balance a or you're arises particular just today? ’XX guidance you expand to look stands where to where it I running the you're thoughts seemed I Is your transaction bit comfortable have the close kind if you can on access But is high. this at to there opportunity if potential implies on

Pat Roney

two the at flex company up as a us into we to and But look to flex have sheet terms long-term sometimes in because we four in we debt that back back, those to of pay we down put and it for net the Well, EBITDA. years certainly look acquisitions may three within net to think we, balance debt relative our the ideally times the I suggests that hedges low cost for with growth place have to years that and next opportunities along room opportunities the rates to acquisitions business. to margin for based capital seven with market in growth opportunities the the our upon total ample we of make overall to improve in and make acquisitions six and the lot EBITDA continue interest EBITDA the we'll in still around

Luke Hannan

you. understood. Okay, Thank

Operator

from the of And with Joe with your proceed Advisory line our Group. question next Feldman Please Telsey comes question.

Joe Feldman

Thanks taking the for guys. questions. Hey,

to first on year EBITDA, adjusted of the think So But quarters through you math first my had of the did I'd there's something better guys I to out. million, but three $X.X wanted first half around that $XX the clarify the you you adjusted the gap, in off, quarter, the maybe figured number that I the to release in adjusted just I the million gone gets it's just and million why EBITDA fourth you say press it why $XX.X But have year? is $XX.X like down would of million. understand it

Kris Johnston

Joe. is I'll one. Kris. This that take Yes,

So in we're to to the earlier that quarters that overhead out do and adjustment, calling where related $X.X we with has were QX. million unburdening quarter our the overburdening

impact, number up really So where nets adjusted year, it full we're three across coming June four with as net when that quarters. zero EBITDA we're talking our of XX, months about is because but that's adjusted all

Joe Feldman

Right.

it's worse because was was So overall then million overstated first in half. it just $X.X because guess by over, I it the

Okay, know. but quarter, the you're adjust don't I to in so fourth trying it

like take of can offline. you It your it's it benefiting we not, from double, it twice. are seems Okay, sort

and controls hold right up to put place in rest get the in acquisitions and away to new wouldn't So and you inventory with the on clean just way business everything of the then adjustments acquisitions? and have regard and acquisitions, the the why accounting clean everything begin place have a baseline new up just to squared

Pat Roney

think risky today and outside the think the to to can presents right wouldn't but got opportunities it. itself, it just was demonstrate to when I see of that we've up opportunity very or probably those controls presents we our story make that you we in tremendous for EBITDA with it accounting a get and and take forward mean, compelling it accountants team not I a we We're make there, significantly us. comes acquisition you to provides when ahead that one we're story, we're to have I pretty actually those think are work acquisition along, going are a long-term easily and if there think acquisitions. acquisitions finishing do bullish very and something place for with our opportunity most you'd and accreted growth the on, the that go integrated that then marginal go make the

Joe Feldman

Okay. needs at beginning that, the controls, controls? of terms like you a potential Like, or and little regard still that are this accounting done with to that to more that quarter first of but And it for more touched else be done and of year this then point? on response mean sounds in what this accounting the work where charges we there's what has to be at

Pat Roney

answer can think you question. I Kris, that

Kris Johnston

I can take that.

in the put forward. all in that to in about we're of going the so items and are of that place with we've right we've confident that items direction sustained place moving we done the So with have it's really the got right what in evidence externally put place this I'm in that that build out the team we've that place and the we we've that we've team over confident the with and of got quarter, fourth operation

Terry Wheatley

March. you would just Kris, like started add that, to And Kris in

So new this these last been new have of a she's have put a Kris over quarter. are new new the all new we people we we CFO, place have in Accounting, Controller, a by FP&A, Director have

coming all feel the confident controls place. All and that's team, working reporting the with she's out, of closely our very Kris I her are with in very and put teams

I'm So, really as it about great feeling well.

Joe Feldman

That's great. Thank you guys.

Operator

Johnson] line [ph], Thank of with a [Peter Private you. from comes question. your [Operator Yeah, please And question Investor Instructions] next the our proceed

Unidentified Analyst

you. thank Yes,

prior discouraging. mean, $XX up concerns some projections have I you And about We net correctly, lower that, I'm so understand I sales there debt up the to also the about perils We a I fantastic the it's But million agree the that that be a math And don't it's that $XX mean of even thing [indiscernible] balance the mean of seems about you additional clean XX% debt. million on of $XX be conservative just if sales the stock wondering look about for -- while to of but the of don't course, for same million leverage million, lot but spent was a opportunity million that year-over-year you acquisition. down so is if modest projected. to cash talking the back person I want undervalued fairly that's here, little I'm dropped said buying may sheet. that. doing sort yes about that then. rate we're maybe highlights $XXX pass is stock is $XX since again, I and a stuff all increase up same the token, in there then by

I'm wondering path a we're prudent choosing just more here? why So not

Pat Roney

amount decided Certainly, we’ll thinly to of margins the us I expect an in think how stock in terms that of we opportunities going I reject I base. that and stock of to those sense things the a got the we'll and also is the can we're don't those place we buyback do anytime to that make look traded look acquisition to -- doesn't, significant we market to business our certainly be more value the improving I stock actually at are think make when the it's the immediate going if make, to any help going a we're of react buybacks more and if now to grow doing the stock we've investor none with organization on can continue us where the of focus acquisition and to stock at. control we evaluate just and future that of think and

Kris Johnston

And -- Pat, just would add I

Unidentified Analyst

I’m ahead, sorry. Go

Kris Johnston

The quickly to we able delever. generator, cash and to to business flow down be is and expect a strong work pay

Operator

Thank At we call reached you. closing for of Pat question-and-answer And turn over to remarks. now have session. the back time, I'll this end any the the

Pat Roney

thank look and our again, And and growth you everybody to I'd for just a the for time like of thank for listen everybody Estates. taking to Wine strong Vintage future continued your time presentation to very today today. for

Operator

you Thank lines now your for and your may participation you at and time. great conference, today's have concludes disconnect a this day. This

Vintage Wine Estates (VWESQ) 14 Sep 222022 Q4 Earnings call transcript