Vintage Wine Estates, Inc.

Thank you for standing by. This is the conference operator. Welcome to the Vintage Wine Estates first quarter fiscal year 2023 financial results conference call. As a reminder, all participants are in listen only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star and zero. I would now like to turn the conference over to Debra Pawlowski, Investor Relations. Please go ahead.

Thanks, Sachi, and good afternoon, everyone. We certainly appreciate your time today and your interest in Vintage Wine Estates. Joining me on the 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, The Cross the Wires After the Market, as well as the slide deck that will accompany our conversation today. If you do not have these documents, they can be found on our website at ir.vintagewineestates.com. Pat's going to 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. Afterwards, we will open the call to our 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 uncertainty, 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 10Q filed with Securities and Exchange Commission as well as noted in the press release. You can find these documents on our website or at sec.gov. I'll also point out that during today's call, we will 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've provided reconciliations of comparable GAAP with non-GAAP measures in the tables that accompany today's release. Pat and Terry's discussion are covered on slide 325. So with that, let me now turn it over to Pat to begin. Pat?

Thanks, Deb, and welcome, everyone. We're off to a solid start for the year as we continue to execute against our key strategic growth objectives. Highlights for the first quarter include double-digit revenue growth across our business segments, including 13% organic net revenue growth. I'm especially pleased with the results on our direct-to-consumer business, where Terry will provide additional details in a few minutes. We are uniquely positioned in the premium and luxury wine categories that are proving resilient in this rapidly changing macroeconomic environment. Interestingly, back in the Great Recession, these wine categories, and our business in particular, demonstrated great resiliency. We were able through that time to grow both our revenue and net income. We expect as we navigate these current times, our categories, brands, and value propositions will help to differentiate us from the competition. Beyond our excellent organic growth results, we also saw strong contributions from our acquisitions. We are making progress with the integration of the acquisitions into our operations in order to capture synergies. In fact, in this quarter, Ace Cider achieved record shipments as a result of a new canning line installed at the Ace Cider facility in Sebastopol. This enhanced capacity enables accelerated growth for the business. We made progress in a number of areas to improve operational efficiencies, despite the headwinds of ongoing cost pressures driven by increased shipping costs related to elevated gas prices. While we continue to experience ongoing supply chain constraints with closures in the timing of supply, the agility of our team has helped to keep production flexing to deliver to our customers. We are working to improve operations further, including more communications with trucking companies to get them to pick up products as they struggle with their schedules. As you know, we've selectively taken price to offset some of these headwinds, and we will continue to evaluate additional pricing opportunities as we progress through the year. We've recently enhanced the talent within the organization in key areas. Zach Long, who has been our Senior Vice President of Winemaking and Production, was recently promoted to the Chief Operations Officer position. Jack continues to prove that his insights, leadership, and organizational skills highly complement his depth of knowledge in winemaking. He now has full operational oversight over supply chain and all production activities. In addition, we expanded the responsibilities of Jessica Cogan and named her Chief Growth and Experience Officer, where she will be focused on unique ways to deepen consumer affinity to drive additional gains for our businesses across the beverage alcohol category. Jessica originally joined Vintage Wine Estates in 2017 with our acquisition of Cameron Hughes Wines, a digitally native business that she co-founded. I'm proud to report that we've advanced our ESG strategy with the receipt of a sustainable certification designation for all of our California state wineries and vineyards. These certifications are a reflection of our ongoing commitment to environmental stewardship, and support our sustainability strategy. Speaking of the vineyards, we successfully completed this year's harvest. While California's volume was light, quality is very good, as is the quality in Oregon and Washington. With that, let me turn it over to Terri to talk more about our segment results. Terri?