Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the
“Company”), one of the top wine producers in the U.S. with an
industry leading direct-to-consumer platform, today reported its
financial results for the first three months of fiscal 2024 ended
September 30, 2023 ("first quarter fiscal 2024").
Seth Kaufman, President and CEO commented, “These are exciting
times for VWE, and I am pleased to be a part of the journey to turn
the business around and define our new direction. While the
business is beginning to stabilize, we still have much work to do.
We will continue to execute the Five-Point Plan which defines our
focus as we work through this transition year. We are intent upon
driving improved cash generation, further simplifying the business,
strengthening brand development and marketing, and increasing
points of distribution. We believe we have a solid foundation from
which we can build a long-term strategy that I expect can deliver a
growing enterprise with stronger earnings power."
He continued, "I have three critical priorities over my first
100 days. First and foremost, I will provide the team the support
and resources necessary to deliver our Five-Point Plan.
Simultaneously, I will be doing a deep dive across the business,
our teams and our stakeholders to develop an in-depth understanding
in-support of both immediate-term and longer-term needs. This
effort will underpin my third priority to begin creating the
comprehensive vision, strategy and execution plans necessary to
secure a marketplace advantage and create enhanced value for
consumers and shareholders. Given that I have only just begun these
efforts, we are withdrawing previously provided guidance for fiscal
2024. As I advance on my first 100-day priorities, I believe we can
further solidify our internal processes and build a structure
around our long-term plan to deliver the most value for our
shareholders. VWE has a solid underlying structure and a talented
and experienced team. I have confidence in our ability to deliver,
while we re-imagine our potential and uncover our future
opportunity during this transition year."
First Quarter Fiscal 2024 Highlights and Financial Results
Review (compared with restated prior-year period unless
otherwise noted)
Net revenue of $73.3 million, declined $4.8 million, reflecting
the impact of Five-Point Plan actions to simplify the business
- Direct-to-Consumer ("DTC") revenue of $18.0 million was down
$2.0 million, or 10.0%, primarily driven by weakness in digital
marketing sales and the impact of the sale of The Sommelier
Company, which was somewhat offset by improvements in tasting
rooms/wine clubs. The higher rate of case volume decline relative
to revenue demonstrates improved pricing.
- Wholesale revenue decreased 20.2%, or $4.8 million, to $19.1
million. Double digit growth in core focus brands of Bar Dog,
Cherry Pie and Firesteed, as well as low single digit growth of
Kunde, helped to offset $2.6 million in lower sales related to
timing of programming for the House of the Dragon brand, $1.6
million in lower sales of an externally managed brand, $1.3 million
slower international sales and approximately $0.7 million
associated with discontinued SKUs. ACE Cider sales were relatively
unchanged while case volume was down 9%, reflecting the impact of
pricing.
- From a case volume perspective, the 14% growth in core focus
brands noted previously helped offset lower case volume related to
the externally marketed brand, ACE Cider, the timing of the House
of the Dragon programming, international volume and discontinued
SKUs.
- Business-to-business ("B2B") revenue increased 5.8%, or $2.0
million, to $36.1 million driven by a large private label wine
shipment to a key national retailer that offset $4.4 million less
in sales of bulk distilled spirits. Private label shipments are
expected to decline quarterly from this point through the remainder
of the fiscal year.
Gross profit declined $4.8 million to $24.7 million, or 33.7% of
sales, primarily as a result of lower sales of higher margin bulk
distilled spirits. On a consecutive basis, gross margin was up 690
basis points from 26.8% as pricing, higher productivity and
efficiencies resulting from the Five-Point Plan are realized.
SG&A, which excludes amortization expense, decreased $2.7
million to $28.7 million. Lower SG&A reflected $2.2 million
lower stock-based compensation expense and exclusion of $2.3
million in costs related to historic acquisitions realized in the
prior-year period. Offsetting these benefits was approximately $1.0
million in elevated professional fees. Sequentially, SG&A was
similar to the fourth quarter of fiscal 2023. As a percent of
sales, SG&A in the first quarter of fiscal 2024 declined to 39%
compared with 40% in the prior-year period.
Loss from operations of $9.9 million included $4.0 million in
restructuring costs of which $2.3 million was related to the
Wholesale segment. The restructuring resulted in a 4% reduction of
the workforce that is expected to provide total annualized savings
of approximately $6 million. These expenses were partially offset
by the $0.8 million gain from the $1.3 million sale of the Tamarack
building in July 2023.
Interest expense was $4.9 million, an increase of $1.5 million,
or 45.7%, on higher interest rates.
Net loss attributable to VWE common stockholders was $15.1
million, compared with income of $1.5 million in the prior-year
period. On a per diluted share basis, net loss attributable to VWE
common stockholders was $(0.25) compared with net income of $0.03
per diluted share in the prior-year period.
Year-to-date adjusted EBITDA1 was $0.4 million compared with
adjusted EBITDA of $5.8 million in the prior-year period.
[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.
Balance Sheet and Amended Credit Agreement Support Cash
Requirements
As of September 30, 2023, the Company had $309.5 million of
current debt outstanding. Total debt increased $6.2 million from
$303.3 million at June 30, 2023. At September 30, 2023,
approximately 40% of debt was hedged at a blended rate of 2.3%
until 2025.
As of September 30, 2023, the Company had $18.6 million in cash.
The Company has approximately $37.5 million available under its
revolving line of credit and expects incremental availability in
the range of $20 million to $25 million with an adjustment to the
borrowing base, subject to lender approval.
Subsequent to the end of the first quarter of fiscal 2024, the
Company executed an amendment (the “Fourth Amendment”) to its
Second Amended and Restated Loan and Security Agreement (the
“Second A&R Loan and Security Agreement”) that among other
items waived existing defaults for the quarter ended June 30, 2023,
redefines financial covenants, allows for additional asset sales
and requires mandatory prepayments at certain times and under
certain circumstances. The Company was in compliance with its
covenants contained in the Second A&R Loan and Security
Agreement as of September 30, 2023.
Capital expenditures in the quarter were $3.5 million.
Investments were primarily related to barrels, as well as facility
and production line upgrades. Capital expenditures for fiscal 2024
are expected to be approximately $8 million to $10 million.
Fiscal Year 2024 Guidance Withdrawn
VWE has withdrawn guidance for fiscal 2024 in connection with
Mr. Kaufman’s review of the business.
Conference Call and Webcast
The Company will host a conference call and live webcast on
Tuesday, November 14, 2023 at 1:45 pm PT/4:45 pm ET. During the
call management will review the Company’s financial results, plans
and outlook. The review will be accompanied by a slide
presentation, which will be available on the Company’s website at
ir.vintagewineestates.com. A question-and-answer session will
follow the formal discussion.
The conference call can be accessed by dialing 1.646.904.5544
and providing access code 979050. The listen-only audio webcast can
be monitored at ir.vintagewineestates.com/events-and-presentations.
A telephonic replay will be available through Tuesday, November 21,
2023, and can be accessed by dialing 1.929.458.6194 and entering
the conference ID number 464925. 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
singular focus is producing the best quality wines and 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 14th largest
wine producer in the U.S., selling more than 2.2 million nine-liter
equivalent cases annually. With approximately 40 brands, key focus
brands include ACE Cider, Bar Dog, B.R. Cohn, Cameron Hughes,
Cherry Pie, Firesteed, and Kunde, many of which have achieved
critical acclaim. 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 private
label and custom wine making services. While VWE is diverse across
price points and varietals with brands ranging from $10 to $150 USD
at retail, its primary focus is on the fastest growing luxury
segment of the U.S. wine industry with the majority of brands
selling in the range of $10 to $20 per bottle. The Company
regularly posts updates and additional information at
vintagewineestates.com.
Non-GAAP Financial Measures
In addition to reporting net income/(loss) and net income/(loss)
margin prepared in accordance with accounting principles generally
accepted in the United States (“GAAP”), VWE uses adjusted EBITDA,
adjusted EBITDA margin, adjusted net income/(loss) and adjusted net
income/(loss) per share to supplement GAAP measures of performance
to evaluate the effectiveness of its business strategies. Beginning
for the three months ended September 30, 2023, Adjusted EBITDA is
defined as net income (loss) attributable to common stockholders
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. Prior to the three
months ended September 30, 2023, we used net income (loss) in our
calculation of Adjusted EBITDA. We believe the use of net income
(loss) attributable to common stockholders in our calculation of
Adjusted EBITDA is more helpful than net income (loss) in
evaluating our operating performance because it excludes amounts
attributable to non-controlling interests. Adjusted EBITDA margin
is the ratio of adjusted EBITDA to net revenue. Presentations of
Adjusted EBITDA and Adjusted EBITDA margin for prior periods have
been recast to conform to the current period presentation. Adjusted
net income/(loss) is defined as net income/(loss) attributable to
common stockholders 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 net
income/(loss) per share is calculated based on the weighted average
shares outstanding for the period.
Adjusted EBITDA, adjusted EBITDA margin, adjusted net
income/(loss) and adjusted net income/(loss) per share 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, adjusted EBITDA margin,
adjusted net income/(loss), and adjusted net income/(loss) per
share 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. These non-GAAP measures, 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, adjusted EBITDA margin, adjusted
net income/(loss), and adjusted net income/(loss) per share, 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, adjusted
EBITDA margin, adjusted net income/(loss), and adjusted net
income/(loss) per share 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.
Key Performance Indicators
A key performance indicator ("KPI") is generally defined as a
quantifiable measurement or metric used to gauge performance,
specifically to help determine strategic, financial, and
operational achievements, especially compared to those of similar
businesses.
Case volumes represents the number of 9-liter equivalent cases
of wine that we sell during a particular period. Case volumes are
an important indicator of what is driving gross margin. This metric
also allows us to develop our supply and production targets for
future periods.
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 “believe,” “continue,” “driving,” “execute,”
“expect,” “future,” “intent,” “may,” “plan,” “should,” “simplify,”
“will,” or other similar expressions that indicate future events or
trends. These forward-looking statements include, but are not
limited to, statements related to the ability of the Company to
remain in compliance with its financial covenants under its lending
agreement, estimates and forecasts of financial and performance
metrics, projections of market opportunity and market share,
business plans and strategies, expansion and acquisition
opportunities, potential synergies from prior acquisitions, growth
prospects and consumer and industry trends. These statements are
based on various assumptions, whether or not identified in this
news release, and on the current expectations of VWE’s management.
These forward-looking statements are not intended to serve as, and
should not be relied on by any investor as, a guarantee of actual
performance or an 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 continue as a going
concern; the Company’s ability to remain in compliance with the
financial covenants in its lending agreements; the Company’s
limited experience operating as a public company and its ability to
remediate its material weaknesses in internal control over
financial reporting and to maintain effective internal control over
financial reporting, the ability of the Company to retain key
personnel, the effect of economic conditions on the industries and
markets in which VWE operates, including financial market
conditions, rising inflation, fluctuations in prices, interest
rates and market demand; risks relating to the uncertainty of
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 pandemics, or other
outbreaks that could disrupt VWE’s business and the U.S. economy;
declines or unanticipated changes in consumer demand for VWE’s
products; VWE’s ability to adequately source grapes and other raw
materials and any increase in the cost of such materials; the
impact of environmental catastrophe, natural disasters, disease,
pests, weather conditions and inadequate water supply on VWE’s
business; VWE’s level of insurance against catastrophic events and
losses; VWE’s significant reliance on its distribution channels,
including independent distributors; 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; possible litigation relating to misuse or
abuse of alcohol; changes in applicable laws and regulations and
the significant expense to VWE of operating in a highly regulated
industry; VWE’s ability to maintain necessary licenses; VWE’s
ability to protect its trademarks and other intellectual property
rights; risks associated with the Company’s information technology
and ability to maintain and protect personal information; VWE’s
ability to make payments on its indebtedness; and those factors
discussed in the Company’s most recent 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 news 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
(in thousands)
September 30, 2023
June 30, 2023
Assets
(Unaudited)
Current assets:
Cash and cash equivalents
$
18,624
$
18,233
Accounts receivable, net
33,448
24,561
Other receivables
566
507
Inventories
199,402
201,363
Assets held for sale, net
-
511
Current interest rate swap asset
4,715
4,669
Prepaid expenses
8,688
14,895
Total current assets
265,443
264,739
Property, plant, and equipment, net
215,242
215,967
Operating lease right-of-use assets
30,082
32,945
Finance lease right-of-use-assets
606
630
Intangible assets, net
37,476
38,994
Interest rate swap asset
4,167
4,317
Other assets
3,229
3,562
Total assets
$
556,245
$
561,154
Liabilities, redeemable noncontrolling
interest, and stockholders' equity
Current liabilities:
Line of credit
$
121,919
$
115,444
Accounts payable
20,084
20,413
Accrued liabilities and other payables
17,124
19,668
Accrued employee compensation
10,495
6,618
Current operating lease liabilities
6,210
6,243
Current finance lease liabilities
297
304
Current maturities of long-term debt
17,605
14,449
Total current liabilities
193,734
183,139
Other long-term liabilities
7,321
4,196
Long-term debt, less current
maturities
170,013
173,409
Long-term operating lease liabilities
25,104
26,792
Long-term finance lease liabilities
317
334
Deferred tax liability
701
506
Total liabilities
397,190
388,376
Commitments and contingencies (Note 7)
Redeemable noncontrolling interest
255
262
Stockholders' equity:
Preferred stock, no par value, 2,000,000
shares authorized, and none issued and outstanding at September 30,
2023 and June 30, 2023.
-
-
Common stock, no par value, 200,000,000
shares authorized, 62,437,684 issued and 59,565,790 outstanding at
September 30, 2023 and 62,234,028 issued and 59,362,134 outstanding
at June 30, 2023.
-
-
Additional paid-in capital
383,064
381,689
Treasury stock, at cost: 2,871,894 shares
held at September 30, 2023 and June 30, 2023, respectively.
(26,034
)
(26,034
)
Accumulated deficit
(197,366
)
(182,308
)
Total Vintage Wine Estates, Inc.
stockholders' equity
159,664
173,347
Noncontrolling interests
(864
)
(831
)
Total stockholders' equity
158,800
172,516
Total liabilities, redeemable
noncontrolling interest, and stockholders' equity
$
556,245
$
561,154
Vintage Wine Estates,
Inc.
Condensed Consolidated
Statements of Operations
(in thousands, except per share
data)
Three Months Ended September
30,
2023
2022
Net revenue
Wine, spirits and cider
$
52,663
$
52,270
Nonwine
20,611
25,810
Total revenue
73,274
78,080
Cost of revenue
Wine, spirits and cider
34,935
33,021
Nonwine
13,639
15,529
Total cost of revenue
48,574
48,550
Gross profit
24,700
29,530
Selling, general, and administrative
expenses
28,749
31,449
Amortization expense
1,636
1,811
Loss on remeasurement of contingent
liability
971
185
Restructuring expenses
4,002
-
Gain on insurance and litigation
proceeds
-
(530
)
Gain on sale of assets
(797
)
-
Loss from operations
(9,861
)
(3,385
)
Other income (expense)
Interest expense
(4,925
)
(3,381
)
Net (loss) gain on interest rate swap
agreements
(95
)
9,327
Other, net
27
271
Total other (expense) income,
net
(4,993
)
6,217
(Loss) income before provision for income
taxes
(14,854
)
2,832
Income tax provision
244
1,474
Net (loss) income
(15,098
)
1,358
Net loss attributable to the
noncontrolling interests
(40
)
(174
)
Net (loss) income attributable to
common stockholders
$
(15,058
)
$
1,532
Net earnings per share allocable to
common stockholders
Basic
$
(0.25
)
$
0.03
Diluted
$
(0.25
)
$
0.03
Weighted average shares used in the
calculation of earnings per share allocable to common
stockholders
Basic
59,413,048
58,819,160
Diluted
59,413,048
59,137,036
Vintage Wine Estates,
Inc.
Condensed Consolidated
Statements of Cash Flows
(in thousands)
Three months ended September
30,
2023
2022
Cash flows from operating
activities
Net (loss) income
$
(15,098
)
$
1,358
Adjustments to reconcile net (loss) income
to net cash from operating activities:
Depreciation expense
4,131
3,996
Non-cash operating lease expense
1,387
37
Amortization expense
1,714
1,880
Amortization of deferred loan fees and
line of credit fees
236
98
Stock-based compensation expense
1,269
3,440
Provision for credit losses
(17
)
(8
)
Provision for inventory reserves
110
-
Remeasurement of contingent consideration
liabilities
971
185
Net loss (gain) on interest rate swap
agreements
95
(9,327
)
Provision for deferred income tax
195
2,296
Gain on sale of assets
(797
)
-
Change in operating assets and
liabilities:
Accounts receivable
(8,870
)
(547
)
Other receivables
(59
)
(8
)
Inventories
1,851
(6,953
)
Prepaid expenses and other current
assets
6,207
2,388
Other assets
68
(1,861
)
Accounts payable
(1,452
)
2,103
Accrued liabilities and other payables
3,853
3,702
Net change in lease assets and
liabilities
(245
)
(791
)
Net cash (used in) provided by operating
activities
(4,451
)
1,988
Cash flows from investing activities
Proceeds from sale of assets
1,364
-
Purchases of property, plant and
equipment
(3,462
)
(3,454
)
Net cash used in investing activities
(2,098
)
(3,454
)
Cash flows from financing activities
Principal payments on line of credit
(2,519
)
(34,466
)
Proceeds from line of credit
8,995
30,317
Change in outstanding checks in excess of
cash
1,123
6,074
Principal payments on long-term debt
(328
)
(3,753
)
Principal payments on finance leases
(78
)
(67
)
Payments of minimum tax withholdings on
stock-based payment awards
(23
)
-
Distributions to noncontrolling
interest
-
(66
)
Repurchase of public warrants
-
(172
)
Payments on acquisition earnout
(230
)
(39
)
Net cash provided by (used in) financing
activities
6,940
(2,172
)
Net change in cash, cash equivalents and
restricted cash
391
(3,638
)
Cash, cash equivalents and restricted
cash, beginning of year
18,233
49,558
Cash and cash equivalents, end of
year
$
18,624
$
45,920
Supplemental cash flow
information
Noncash investing and financing
activities:
Increase in operating lease assets and
liabilities upon adoption of ASC 842
$
-
$
36,776
Increase in finance lease assets and
liabilities upon adoption of ASC 842
$
-
$
67
Operating lease assets obtained in
exchange for operating lease liabilities
$
5
$
-
Finance lease assets obtained in exchange
for finance lease obligations
$
81
$
-
Issuance of shares in lieu of payment to
consultant
$
129
$
-
Vintage Wine Estates,
Inc.
Segment Data
(in thousands)
Segment Revenue
Three months ended September
30,
Net Revenue
2023
2022
$ Change
% Change
Direct-to-Consumer
$
17,983
$
19,992
$
(2,009
)
(10.0
%)
Wholesale
19,144
23,987
(4,843
)
(20.2
%)
Business to Business
36,148
34,180
1,968
5.8
%
Other/ Non-Allocable
(1
)
(79
)
78
(98.7
%)
Total
$
73,274
$
78,080
$
(4,806
)
(6.2
%)
Segment Operating
Income
Three months ended September
30,
Operating Income
2023
2022
Dollar Change
Percent Change
Direct-to-Consumer
$
2,214
$
1,969
$
245
12.4
%
Wholesale
(1,293
)
2,288
(3,581
)
n/m
Business to Business
4,898
10,533
(5,635
)
n/m
Other/ Non-Allocable
(15,680
)
(18,175
)
2,495
n/m
Total
$
(9,861
)
$
(3,385
)
$
(6,476
)
191.3
%
n/m - Not meaningful
Segment Case Volume
Three months ended September
30,
(in thousands)
2023
2022
Unit Change
% Change
Direct-to-Consumer
76
99
-23
-23.2
%
Wholesale
449
539
-90
-16.7
%
Total case volume
525
638
-113
-17.7
%
Vintage Wine Estates,
Inc.
Reconciliation of Net Income
Attributable to Common Stockholders to Adjusted EBITDA
(Unaudited, in thousands)
Three months ended
(in thousands)
September 30, 2023
September 30, 2022
Net (loss) income attributable to
common stockholders
$
(15,058
)
$
1,532
Interest expense
$
4,925
$
3,381
Depreciation Expense
$
4,131
$
3,996
Restructuring expenses*
4,002
-
Amortization expense
1,636
1,811
Stock-based compensation expense
1,269
3,440
Income tax provision
244
1,474
Net loss (gain) on interest rate swap
agreements
95
(9,327
)
Gain on insurance and litigation
proceeds
-
(530
)
Gain on sale of assets
(797
)
-
Adjusted EBITDA
$
447
$
5,777
Net revenues
$
73,274
$
78,080
Net Income (loss) attributable to
common stockholders margin
n/m
2.0
%
Adjusted EBITDA margin
0.6
%
7.4
%
n/m - Not meaningful
* Restructuring expenses are
primarily comprised of employee severance and related benefit
costs.
Reconciliation of Net Income
Attributable to Common Stockholders to Adjusted Net Income
(Unaudited, in thousands, except
per share data)
Three Months Ended
September 30, 2023
September 30, 2022
Net (loss) income attributable to
common stockholders
$
(15,058
)
$
1,532
Restructuring expenses*
4,002
-
Amortization expense
1,636
1,811
Net loss (gain) on interest rate swap
agreements
95
(9,327
)
Gain on insurance and litigation
proceeds
-
(530
)
Gain on sale of assets
(797
)
-
Adjusted net loss
(10,122
)
(6,514
)
Net (loss) income per share
$
(0.25
)
$
0.03
Non-GAAP net income per share
$
(0.17
)
$
(0.11
)
* Restructuring expenses are
primarily comprised of employee severance and related benefit
costs.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231114941296/en/
Investors Deborah K. Pawlowski, Kei Advisors LLC
dpawlowski@keiadvisors.com Phone: 716.843.3908
Media Mary Ann Vangrin
MVangrin@vintagewineestates.com
Vintage Wine Estates (NASDAQ:VWEWW)
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