Vintage Wine Estates, Inc.

Greetings. Welcome to the Vintage Wine Estates Fourth Quarter Fiscal Year 2022 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. And please note that this conference is being recorded. I will now turn the conference over to Deborah Pulaski, Investor Relations of Vintage Wine Estates. Thank you. You may begin.

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, Terry Wheatley, our president, and Chris Johnston, our CFO. You should have a copy of our earnings release that crossed the wires after the market, as well as the slide deck that will accompany our conversation today. If not, these documents can be found on our website at ir.vintagewineestates.com. Pat will begin with a brief overview of the quarter, then Terry and Chris will provide more details on the results. Chris will also review our guidance for fiscal 2023. We will then open the call to our investors and analysts to ask questions. If you turn to slide two, you will find our safe harbor statement. As you may be aware, we will make some forward-looking statements during this presentation and the Q&A session. These statements apply to future events that are subject to risks and uncertainties, as well as other factors that could cause actual results to differ materially from where we are today. These risks and uncertainties and other factors were provided in our 10-K Filed with Securities and Exchange Commission, as well as noted on our press release. You can find these documents on our website or at sec.gov. I will point out that during today's call, we will also discuss some non-GAAP financial measures which we believe are useful in evaluating our performance. You should not consider the presentation of this additional information in isolation or as a substitute for results prepared in accordance with GAAP. We have provided reconciliations of comparable GAAP with non-GAAP measures in the tables that accompany today's slides. With that, if you'll turn to slide three, I will turn it over to Pat to begin. Pat?

Thanks, Deb, and welcome, everyone. I think we've made excellent progress as an organization in our first full year as a public company. We had quite a bit to learn, had to make some changes to the organization, needed to add some skills and experience to develop the cadence of a public company requiring quarterly reporting, audits, more sophisticated forecasting, the breadth of disclosures, and many other demands. I'm proud of the team and their dedication to achieving our vision of advancing vintage wine estates to being a leader in the U.S. wine industry. Revenue came in as expected for the quarter and the year with strong results in both direct-to-consumer and B2B. We were able to deliver despite the persistent headwinds of supply chain constraints, which continue to pose challenges with getting product at the door as well as creating production inefficiencies. We had the benefit in wholesale and DTC from increased prices, although inflation continued to result in more increases in costs imposed. Although our results were impacted by a $19 million non-cash inventory adjustment, as well as recording some overhead absorption for the first half and the fourth quarter, I'm quite pleased with the significant progress Chris and our team have made with implementing the changes necessary to enable greater accuracy and consistency in our reporting. In the short time that she's been with us, Chris has measurably upgraded and expanded the accounting and financing team, implemented procedures, training, and oversight measures to drive greater accountability throughout the organization. Improved timeliness and accuracy in reporting improves our operational decision-making processes as well. Importantly, the culture of the organization is being tapped into as a strength to help drive these changes. And while we've had equipment delays for expanded canning and bottling lines, we are continuing to make progress with integrating our acquisitions to drive through synergies. Beyond our strong organic growth, our acquisition pipeline remains very promising, and we expect that we'll be able to announce something in the not-so-distant future. With that, let me turn it over to Teri to talk more about our segments. Teri?