- Demonstrated growth in all channels with
business-to-business ("B2B") growing to $33.7 million as a result
of the Meier's acquisition and timing of private label
programs
- Consistently growing traffic in tasting rooms drove 11%
organic growth in direct-to-consumer ("DTC")
- Reported net income of $2.8 million or $0.05 per diluted
share; adjusted earnings per diluted share1 was $0.08
- Achieved adjusted EBITDA2 of $14.0 million, or 17.7% of
revenue
- Increasing revenue guidance for fiscal 2022 to approximately
$290 million to $295 million with expected adjusted EBITDA3 of
approximately $62 million to $64 million
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 third quarter fiscal year
2022 ended March 31, 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
overdelivered on the quarter with revenue up 68%, or $32.0 million.
Organic growth was 44% and was the result of strong execution while
acquisitions contributed $11.4 million in revenue. Our DTC channel
is a hallmark of Vintage Wine Estates and continues to validate the
success of our omnichannel strategy by reaching the consumer
through multiple touch points. Our tasting room traffic is
outperforming as more people are exploring new entertainment
options and we deliver a great experience. Importantly, this
activity has not cannibalized our ecommerce traffic, which has held
relatively stable. The acquisition of Meier's at the beginning of
the quarter drove our B2B results, as well as our ability to
deliver for our customers' private label programs. We are ecstatic
about the continued success of our Bar Dog brand, but equally
excited regarding the strong market appeal for our Firesteed,
Photograph and Clos Pegase brands, as well. We believe that,
similar to our omnichannel marketing strategy, a multibrand
portfolio will help drive our growth."
Mr. Roney continued, "The headwinds of supply chain and labor
constraints have been persistent, but our team is demonstrating the
agility it takes to continue to produce and deliver in these
adverse conditions. The deep experience of our team enables our
ability to quickly pivot on bottling schedules and brands and our
very collaborative culture links our production and marketing teams
which enables rapid decision making to keep operations running.
Inflation is yet another issue we are addressing. We are expecting
price to begin to flow through and help offset rising costs
beginning in the fiscal fourth quarter. We are being creative in
other ways as well to help offset costs such as in packaging.
Despite the challenges, we are energized by the achievements of our
team to drive growth, deliver for our customers and create an
enduring enterprise."
Third Quarter Fiscal 2022 Highlights and Financial Results
Review (compared with prior-year period unless noted
otherwise)
Highlights
- Robust DTC revenue growth of $4.9 million, or 33.5%, to $19.6
million was due to strong organic growth and acquisitions, which
added $3.3 million in revenue. Organic growth of 11% was driven by
tasting room traffic which increased 45% as recovery from COVID
restrictions continues and customers increase their onsite
engagement which also drove wine club membership gains. Combined
Average Order Value (AOV) was stable across all DTC channels.
- B2B revenue increased $22.6 million, or 205.3%, to $33.7
million as customers' private label projects were delivered.
Acquisitions contributed $3.1 million in the quarter.
- Wholesale revenue increased $3.5 million, or 16.4%, to $24.6
million primarily from acquired revenue of $5.0 million which
helped against the strong comparator quarter for off premise market
demand. Across brands, VWE achieved depletion volume growth of 2.4%
over the prior-year period, whereas for the Company’s priority
brands, which represent approximately 55% of total depletion
volume, depletions grew 7.6%. Case volume increases were primarily
driven by the ACE Cider acquisition.
Revenue and Volume (See additional segment data in the attached
tables)
Net revenue in the quarter of $78.9 million was up $32.0
million, or 68.3%, over the prior-year period driven by significant
increases in volume across all segments. Acquisitions contributed
$11.4 million in net revenue for the period.
Three Months Ended March
31,
(in thousands)
2022
2021
Unit Change
% Change
Wholesale
357
318
39
12.3
%
B2B
113
85
28
32.9
%
DTC
87
52
35
67.3
%
Total case volume
557
455
102
22.4
%
Case volume was up 22.4% for the quarter and was strong across
all channels.
Gross Profit and Margin
Gross profit was up $9.8 million to $28.0 million, an increase
of 53.6%. Gross margin decreased 340 basis points to 35.5% as
higher costs due to inflation and supply chain challenges were not
yet offset from pricing actions.
Selling, General and Administrative Expenses
(SG&A)
SG&A increased $8.7 million, or 47%, to $27.0 million, but
declined as a percentage of revenue to 34.3% compared with 39.2% in
the prior-year period. The higher level of SG&A represents
public company costs, investments in talent and incremental
SG&A from acquisitions of $5.8 million including amortization
expense of $2.0 million, which does not yet represent expected
synergies.
Operating and Net Income
Income from operations during the quarter increased $0.7
million, or 380.4%, to $0.9 million in the third quarter of fiscal
2022. Operating margin for the quarter was 1.1%, compared with 0.4%
in the prior-year period. Operating income and margin were impacted
by the acquisitions, which have not yet been fully integrated, as
well as inefficiencies related to labor, logistics and supply chain
challenges. While the Company plans to invest further in its
operating infrastructure to enable growth and scale, it also
expects certain initial public company costs to be reduced
beginning in fiscal 2023. This includes approximately $0.9 million
in annual D&O insurance and professional fees.
Interest expense for the third quarter fiscal 2022 was $3.7
million, down $0.1 million, or 3.0%, on lower outstanding
balances.
Net income available to VWE common shareholders for the quarter
was $2.8 million, up from a loss of $0.9 million in the prior-year
period. On a per diluted share basis, net income available to VWE
common shareholders was $0.05 for the quarter compared with a loss
of $0.04 per diluted share in the prior-year period.
Adjusted net income, which excludes amortization of intangible
assets related to acquisitions, was $4.9 million, or $0.08 per
diluted share. NOTE: Adjusted net income and adjusted net income
per diluted share are non-GAAP metrics. Please see the relevant
disclosures and reconciliations of GAAP to non-GAAP measures in the
tables that accompany this release.
Adjusted EBITDA
Adjusted EBITDA increased 38.2% to $14.0 million, from $10.1
million, on higher revenue. As a percentage of net revenue,
adjusted EBITDA was 17.7% compared with 21.6% in the prior-year
period as the combination of certain acquisitions not being fully
integrated and higher costs not yet covered by pricing actions.
NOTE: Adjusted EBITDA and adjusted EBITDA margin are non-GAAP
metrics. Please see the relevant disclosures and reconciliations of
GAAP to non-GAAP measures in the tables that accompany this
release.
Strong Balance Sheet with Financial Flexibility
Liquidity
At quarter end, the Company had approximately $246.1 million in
liquidity available for organic investments and acquisitions. This
included $69.1 million in unrestricted cash, approximately $77.0
million available under its revolving line of credit and $100.0
million available under the accordion feature of the lending
agreement for acquisitions.
Capital Investments
Capital expenditures in the fiscal 2022 third quarter were $4.5
million and $15.7 million for the year. This was higher than
previously expected due to opportunistic investments in
productivity and the acquisitions. Capital expenditures for fiscal
2022 are now expected to be approximately $19 million to $20
million, which includes expected capital investments related to
acquisitions.
Fiscal Year 2022 Outlook
Mr. Roney noted, "We continue to outperform in the face of tough
headwinds and the team is executing well on all fronts. We have a
very full pipeline of potential acquisitions and continue to sift
through for those that provide the best synergistic potential
gained by leveraging our production facilities, marketing channels
and leadership experience. We are very encouraged with the progress
we are making with our current acquisitions as well as the
excellent performance of our organic business.”
The Company is increasing its revenue guidance for fiscal year
2022 and refining adjusted EBITDA expectations to reflect impacts
of inflation and supply chain challenges. Margin expectations also
accommodate for the costs of consolidation for acquisitions which
create a short term drag on margins until synergies start to be
realized after about six months of ownership. The Company now
expects results to be in the following approximate ranges:
Updated
Guidance
FY22 Net Revenue:
$290 million to $295 million
FY22 Adjusted EBITDA:
$62 million to $64 million
Note regarding forward looking non-GAAP metrics: VWE cannot
provide a reconciliation between its forecasted adjusted EBITDA and
net revenue metrics to the nearest GAAP measure without
unreasonable effort or expense due to the inherent difficulty of
forecasting and providing reliable estimates for certain items.
These non-GAAP financial measures are preliminary estimates and are
subject to risks and uncertainties, including, among others,
changes in connection with quarter-end and yearend adjustments.
These items reside outside the Company’s control and may vary
greatly between periods and could significantly impact future
financial results. For more information regarding the use of
non-GAAP measures, please see discussion provided under Non-GAAP
Financial Measures in this news release and the Company’s filings
with the SEC.
Conference Call and Webcast
The Company will host a conference call and live webcast today
at 4:45 PM ET/ 1:45 PM PT, at which time management will review the
Company’s financial results and strategy. The review will be
accompanied by a slide presentation, which will be available on the
Company’s website at https://ir.vintagewineestates.com/. A
question-and-answer session will follow the formal discussion.
The conference call can be accessed by dialing from the U.S.:
+1.844.200.6205 or International: +1.929.526.1599 and entering the
passcode 108213. The listen-only audio webcast can be monitored at
https://ir.vintagewineestates.com. The telephonic replay will be
available from 7:45 PM ET / 4:45 PM PT on the day of the call
through Monday, May 30, 2022, and can be accessed by dialing
+1.866.813.9403 and entering the conference ID number 311764.
Alternatively, an archived webcast of the call can be found on the
Company’s website in the investor relations section. A transcript
of the call will be posted to the website once available.
About Vintage Wine Estates, Inc.
Vintage Wine Estates is a family of wineries and wines whose
mission is to produce the finest quality wines and provide
incredible customer experiences with wineries throughout Napa,
Sonoma, California’s Central Coast, Oregon and Washington State.
Since its founding 20 years ago, the Company has grown to be the
15th largest wine producer in the U.S. selling more than two
million nine-liter equivalent cases annually. To consistently drive
growth, the Company curates, creates, stewards and markets its many
brands and services to customers and end consumers via a balanced
omni-channel strategy encompassing direct-to-consumer, wholesale
and exclusive brand arrangements with national retailers. While VWE
is diverse across price points and varietals with over 50 brands
ranging from $10 to $150 at retail, its primary focus is on the
fastest growing premium segment of the wine industry with the
majority of brands selling in the $10 to $20 price range. The
Company regularly posts updates and additional information at
www.vintagewineestates.com.
Non-GAAP Financial Measures
In addition to reporting net income prepared in accordance with
accounting principles generally accepted in the United States, VWE
uses adjusted EBITDA and adjusted net income to supplement GAAP
measures of performance to evaluate the effectiveness of its
business strategies. Adjusted EBITDA is defined as earnings before
interest, income taxes, depreciation and amortization, stock-based
compensation expense, casualty losses or gains, impairment losses,
changes in the fair value of derivatives, restructuring related
income or expenses, acquisition and integration costs, and certain
non-cash, nonrecurring, or other items that are included in net
income that VWE does not consider indicative of its ongoing
operating performance. Adjusted net income is defined as net income
as reported adjusted for the impacts of amortization of intangible
assets, acquisition integration costs, gains or losses on
disposition of assets, gain on litigation of proceeds, COVID
impact, and inventory acquisition basis adjustment and also
adjusted for a normalized tax rate.
Adjusted EBITDA and adjusted net income are not recognized
measures of financial performance under GAAP. VWE believes these
non-GAAP measures provide investors with additional insight into
the underlying trends of VWE’s business and assist in analyzing
VWE’s performance across reporting periods on a consistent basis by
excluding items that VWE does not believe are indicative of its
core operating performance, which allows for a better comparison
against historical results and expectations for future performance.
Adjusted EBITDA and adjusted net income have certain limitations as
analytical tools, and they should not be considered in isolation or
as a substitute for analysis of results as reported under U.S.
GAAP. Adjusted EBITDA and adjusted net income, as presented, may
produce results that vary from the most comparable GAAP measure and
may not be comparable with a similarly defined non-GAAP measure
used by other companies.
In evaluating adjusted EBITDA and adjusted net income, be aware
that in the future the Company may incur expenses that are the same
as or similar to some of the adjustments in this presentation.
VWE’s presentation of adjusted EBITDA and adjusted net income
should not be construed as an implication that future results will
be unaffected by the types of items excluded from the calculation
of these non-GAAP measures.
Forward-Looking Statements
Some of the statements contained in this press release are
forward-looking statements within the meaning of applicable
securities laws (collectively, “forward-looking statements”).
Forward-looking statements are all statements other than those of
historical fact, and generally may be identified by the use of
words such as “anticipate,” “believe,” “continue,” “estimate,”
“expect,” “future,” “intend,” “may,” “model,” “outlook,” “plan,”
“pro forma,” “project,” “seek,” “should,” “will,” “would” or other
similar expressions that indicate future events or trends. These
forward-looking statements include, but are not limited to,
estimates and forecasts of financial and performance metrics,
projections of market opportunity and market share, business plans
and strategies, expansion and acquisition opportunities, growth
prospects and consumer and industry trends. These statements are
based on various assumptions, whether or not identified in this
press release, and on the current expectations of VWE’s management
and are not guarantees of actual performance. These forward-looking
statements are provided only to provide information currently
available to us and are not intended to serve as and must not be
relied on by any investor as, a guarantee, assurance or definitive
statement of fact or probability. Actual events and circumstances
are difficult or impossible to predict and may differ materially
from those contained in or implied by such forward-looking
statements. These forward-looking statements are subject to a
number of risks and uncertainties, many of which are beyond the
control of VWE. Factors that could cause actual results to differ
materially from the results expressed or implied by such
forward-looking statements include, among others: the Company’s
ability to remediate its material weakness in internal control over
financial reporting and to maintain effective internal control over
financial reporting, the effect of economic conditions on the
industries and markets in which VWE operates, including financial
market conditions, fluctuations in prices, interest rates and
market demand; risks relating to the uncertainty of the projected
financial information; the effects of competition on VWE’s future
business; risks related to the organic and inorganic growth of
VWE’s business and the timing of expected business milestones; the
potential adverse effects of the ongoing COVID-19 pandemic on VWE’s
business and the U.S. economy; declines or unanticipated changes in
consumer demand for VWE’s products; the impact of environmental
catastrophe, natural disasters, disease, pests, weather conditions
and inadequate water supply on VWE’s business; VWE’s significant
reliance on its distribution channels; potential reputational harm
to VWE’s brands from internal and external sources; possible
decreases in VWE’s wine quality ratings; integration risks
associated with recent acquisitions; changes in applicable laws and
regulations and the significant expense to VWE of operating in a
highly regulated industry; VWE’s ability to make payments on its
indebtedness; and those factors discussed in the Company’s Annual
Report on Form 10-K and in subsequent Quarterly Reports on Form
10-Q or other reports filed with the Securities and Exchange
Commission. There may be additional risks including other
adjustments that VWE does not presently know or that VWE currently
believes are immaterial that could also cause actual results to
differ from those expressed in or implied by these forward-looking
statements. In addition, forward-looking statements reflect VWE’s
expectations, plans or forecasts of future events and views as of
the date and time of this press release. VWE undertakes no
obligation to update or revise any forward-looking statements
contained herein, except as may be required by law. Accordingly,
undue reliance should not be placed upon these forward-looking
statements.
Financial Tables Follow.
Vintage Wine Estates, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
March 31, 2022
June 30, 2021
Assets
Current assets:
Cash
$
69,109
$
118,879
Restricted cash
6,600
4,800
Accounts receivable, net
39,649
21,193
Other receivables
13,668
7,490
Inventories
221,264
221,145
Prepaid expenses and other current
assets
10,968
8,538
Total current assets
361,258
382,045
Property, plant, and equipment, net
234,141
213,673
Goodwill
158,185
109,895
Intangible assets, net
64,809
36,079
Other assets
7,635
1,806
Total assets
$
826,028
$
743,498
Liabilities, redeemable noncontrolling
interest, and stockholders' equity
Current liabilities:
Line of credit
$
146,732
$
87,351
Accounts payable
14,777
17,301
Accrued liabilities and other payables
30,460
25,078
Current maturities of long-term debt
21,200
22,964
Total current liabilities
213,169
152,694
Other long-term liabilities
8,740
2,767
Long-term debt, less current
maturities
172,324
183,541
Interest rate swap liabilities
5,225
13,807
Deferred tax liability
29,965
16,752
Deferred gain
10,999
12,000
Total liabilities
440,422
381,561
Commitments and contingencies (Note
13)
Redeemable noncontrolling interest
1,684
1,682
Stockholders' equity:
Preferred stock, no par value, 2,000,000
shares authorized, and none issued and outstanding at March 31,
2022 and June 30, 2021.
-
-
Common stock, no par value, 200,000,000
shares authorized, 61,691,054 issued and 61,377,515 outstanding at
March 31, 2022 and 60,461,611 issued and outstanding at June 30,
2021.
-
-
Additional paid-in capital
373,196
360,732
Treasury stock, at cost: 313,539 and zero
shares held at March 31, 2022 and June 30, 2021, respectively
(2,833
)
-
Retained earnings
14,176
-
Total Vintage Wine Estates, Inc.
stockholders' equity
384,539
360,732
Noncontrolling interests
(617
)
(477
)
Total stockholders' equity
383,922
360,255
Total liabilities, redeemable
noncontrolling interest, and stockholders' equity
$
826,028
$
743,498
Vintage Wine Estates, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
Three Months Ended March
31,
Nine Months Ended March
31,
2022
2021
2022
2021
Net revenues
Wine, spirits and cider
$
50,859
$
37,238
$
157,292
$
132,086
Nonwine
28,074
9,659
60,939
31,623
78,933
46,897
218,231
163,709
Cost of revenues
Wine, spirits and cider
38,764
23,561
98,428
82,180
Nonwine
12,152
5,095
29,886
17,288
50,916
28,656
128,314
99,468
Gross profit
28,017
18,241
89,917
64,241
Selling, general, and administrative
expenses
27,035
18,378
70,662
50,932
Loss (gain) on sale of property, plant,
and equipment
98
(322
)
(493
)
(1,999
)
Gain on litigation proceeds
-
-
-
(4,750
)
Income from operations
884
184
19,748
20,058
Other income (expense)
Interest expense
(3,729
)
(3,842
)
(10,825
)
(9,173
)
Net unrealized gain on interest rate swap
agreements
4,553
5,589
8,582
8,212
Other, net
1,957
327
1,945
684
Total other income (expense),
net
2,781
2,075
(298
)
(277
)
Income before provision for income
taxes
3,665
2,259
19,450
19,780
Income tax provision
958
1,633
5,412
4,517
Net income
2,707
626
14,038
15,263
Net income (loss) attributable to the
noncontrolling interests
(73
)
53
(138
)
343
Net income attributable to Vintage Wine
Estates, Inc.
2,780
573
14,176
14,920
Accretion on redeemable Series B stock
-
1,446
-
4,760
Net income (loss) allocable to common
stockholders
$
2,780
$
(873
)
$
14,176
$
10,160
Net earnings (loss) per share allocable
to common stockholders
Basic
$
0.05
$
(0.04
)
$
0.23
$
0.38
Diluted
$
0.05
$
(0.04
)
$
0.23
$
0.35
Weighted average shares used in the
calculation of earnings per share allocable to common
stockholders
Basic
61,410,403
21,920,583
60,773,258
21,920,583
Diluted
61,410,403
21,920,583
60,773,258
24,564,309
Vintage Wine Estates, Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited)
Nine Months Ended March
31,
2022
2021
Cash flows from operating
activities
Net income
$
14,038
$
15,263
Adjustments to reconcile net income to net
cash from operating activities:
Depreciation and amortization
17,365
7,732
Amortization of deferred loan fees and
line of credit fees
296
357
Amortization of label design fees
668
251
Litigation proceeds
-
(4,750
)
Stock-based compensation expense
1,943
601
Provision for doubtful accounts
45
87
Impairment of inventory
-
3,302
Net unrealized gain on interest rate swap
agreements
(8,582
)
(8,212
)
(Benefit) provision for deferred income
tax
888
-
Loss (gain) on disposition of assets
508
(999
)
Deferred gain on sale leaseback
(1,000
)
(1,000
)
Deferred rent
285
376
Change in operating assets and liabilities
(net of effect of business combinations):
Accounts receivable
(21,261
)
(1,001
)
Related party receivables
-
(2,038
)
Other receivables
376
(2,338
)
Litigation receivable
-
4,750
Inventories
4,244
(8,964
)
Prepaid expenses and other current
assets
(2,232
)
(5,829
)
Other assets
(6,215
)
1,688
Accounts payable
(8,106
)
616
Accrued liabilities and other payables
2,836
16,073
Related party liabilities
-
3,698
Net cash (used in) provided by operating
activities
(3,903
)
19,661
Cash flows from investing
activities
Proceeds from disposition of assets
105
1,064
Purchases of property, plant, and
equipment
(15,723
)
(30,688
)
Label design expenditures
(225
)
(375
)
Proceeds on related party notes
receivable
-
756
Acquisition of businesses
(74,268
)
-
Net cash used in investing activities
(90,111
)
(29,243
)
Cash flows from financing
activities
Repurchase of common stock
(2,833
)
-
Principal payments on line of credit
(67,210
)
(25,195
)
Proceeds from line of credit
126,591
32,281
Outstanding checks in excess of cash
2,900
9,277
Principal payments on long-term debt
(13,178
)
(15,234
)
Proceeds from long-term debt
-
8,902
Principal payments on related party
note
-
(489
)
Deferred offering costs
-
(768
)
Payments on acquisition payable
(226
)
(486
)
Net cash provided by financing
activities
46,044
8,287
Net change in cash and restricted cash
(47,970
)
(1,295
)
Cash and restricted cash, beginning
of period
123,679
1,751
Cash and restricted cash, end of
period
$
75,709
$
456
Supplemental cash flow
information
Cash paid during the period for:
Interest
$
9,508
$
9,230
Income taxes
$
22
$
25
Noncash investing and financing
activities:
Contingent consideration in a business
combination
$
8,460
$
-
Issuance of common stock in business
combination
$
10,521
$
-
Accretion of redemption value of Series B
redeemable cumulative stock
$
-
$
4,760
Accretion of redemption value of Series A
redeemable stock
$
-
$
16,466
Offering costs
$
-
$
535
Vintage Wine Estates, Inc.
Segment Data (Unaudited)
Three months ended March
31,
(in
thousands)
2022
2021
$ Change
% Change
Net Revenue
Wholesale
$
24,549
$
21,092
$
3,457
16.4
%
Direct to Consumer
19,595
14,675
4,920
33.5
%
Business to Business
33,657
11,026
22,631
205.3
%
Corporate and Other/ Non-Allocable
1,132
104
1,028
NM*
Total
$
78,933
$
46,897
$
32,036
68.3
%
*Not meaningful
Nine Months Ended March
31,
(in
thousands)
2022
2021
$ Change
% Change
Net Revenue
Wholesale
$
62,923
$
55,399
$
7,524
13.6
%
Direct to Consumer
69,316
48,650
20,666
42.5
%
Business to Business
83,349
57,704
25,645
44.4
%
Corporate and Other/ Non-Allocable
2,643
1,956
687
35.1
%
Total
$
218,231
$
163,709
$
54,522
33.3
%
Three months ended March
31,
(in
thousands)
2022
2021
$ Change
Percent Change
Operating Income
Wholesale
$
3,270
$
6,138
$
(2,868
)
(46.7
%)
Direct to Consumer
916
1,986
(1,070
)
(53.9
%)
Business to Business
10,457
3,391
7,066
208.4
%
Corporate and Other/ Non-Allocable
(13,759
)
(11,331
)
(2,428
)
21.4
%
Total
$
884
$
184
$
700
380.4
%
Nine Months Ended March
31,
(in
thousands)
2022
2021
$ Change
Percent Change
Operating Income
Wholesale
$
12,654
$
14,760
$
(2,106
)
(14.3
%)
Direct to Consumer
14,834
9,997
4,837
48.4
%
Business to Business
26,274
18,052
8,222
45.5
%
Corporate and Other/ Non-Allocable
(34,014
)
(22,751
)
(11,263
)
49.5
%
Total
$
19,748
$
20,058
$
(310
)
(1.5
%)
Case Volume
Nine Months Ended March
31,
(in thousands)
2022
2021
Unit Change
% Change
Wholesale
1,072
782
290
37.1
%
B2B
452
437
15
3.4
%
DTC
307
240
67
27.9
%
Total case volume
1,831
1,459
372
25.5
%
Vintage Wine Estates, Inc.
Reconciliation of Net Income to Adjusted EBITDA (Unaudited)
Three Months Ended
Nine Months Ended
(in
thousands)
March 31, 2022
March 31, 2021
March 31, 2022
March 31, 2021
Net income
$
2,707
$
626
$
14,038
$
15,263
Interest expense
3,729
3,842
10,825
9,173
Income tax provision
958
1,633
5,412
4,517
Depreciation and amortization
8,122
2,439
18,033
7,982
Stock-based compensation expense
1,943
143
1,943
601
Net unrealized/(gain) loss on interest
rate swap agreements
(4,553
)
(5,589
)
(8,582
)
(8,212
)
(Gain)/loss on disposition of assets
1,099
678
508
(999
)
Gain on litigation proceeds
(3,000
)
905
(3,000
)
(3,845
)
Deferred rent adjustment
47
126
285
376
Incremental public company costs
912
-
3,060
-
Acquisition integration costs
243
-
643
-
Deferred gain on sale leaseback
(1,000
)
(1,000
)
(1,000
)
(1,000
)
Inventory adjustment for casualty
losses
-
3,302
-
3,302
Transaction expenses
-
3,015
-
3,015
COVID related adjustments
-
-
-
100
Inventory acquisition basis adjustment
2,789
8
3,848
97
Adjusted EBITDA
$
13,996
$
10,128
$
46,013
$
30,370
Revenue
$
78,933
$
46,897
$
218,231
$
163,709
Adjusted EBITDA margin
17.7
%
21.6
%
21.1
%
18.6
%
Reconciliation of Net Income
to Adjusted Net Income (Unaudited)
Three Months Ended
Nine Months Ended
(in
thousands)
March 31, 2022
March 31, 2021
March 31, 2022
March 31, 2021
Net income
$
2,707
$
626
$
14,038
$
15,263
Amortization of intangible assets
1,656
25
3,270
75
Acquisition integration costs
243
-
643
-
(Gain)/loss on disposition of assets
1,099
678
508
(999
)
Gain on litigation proceeds
(3,000
)
905
(3,000
)
(3,845
)
COVID related adjustments
-
-
-
100
Inventory acquisition basis adjustment
2,789
8
3,848
97
Tax effect of above
(585
)
(339
)
(1,106
)
960
Non-GAAP net income
$
4,909
$
1,903
$
18,201
$
11,651
Non-GAAP net income per diluted
share
$
0.08
$
0.09
$
0.30
$
0.47
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220516005940/en/
Investors Deborah K. Pawlowski, Kei Advisors LLC
dpawlowski@keiadvisors.com Phone: 716.843.3908
Media Mary Ann Vangrin
MVangrin@vintagewineestates.com
Grafico Azioni Vintage Wine Estates (NASDAQ:VWEWW)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Vintage Wine Estates (NASDAQ:VWEWW)
Storico
Da Lug 2023 a Lug 2024