8-K
filed July 20, 2023, 7:59 PM ET
CIK 0001834045
leadership
confidence high
sentiment negative
materiality 0.85
Vintage Wine Estates, Inc.: restructuring charge — Preliminary FY2023 rev ~$290M, restructuring cuts 25 roles; Seth Kaufman named CEO from Moët Hennessy
Vintage Wine Estates, Inc.
- Preliminary FY2023 revenue ~$290M, gross margin 30-32%; FY2024 guidance revenue $250-270M, gross margin 37-39%.
- Restructuring: 25 roles (4% workforce) cut, annualized savings ~$6M, cash charges $6-7M primarily in Q1 FY2024.
- Appointed Seth Kaufman (ex-Moët Hennessy NA CEO) as President & CEO, effective by Oct 30, 2023.
- President Terry Wheatley resigned; separation includes three years salary over 24 months, $125k lump sum, IP rights sale.
- CFO Johnston salary raised to $400k, retention bonus $175k, equity awards; expects revised lender agreement before Sept.
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.95
Vintage Wine Estates, Inc. reported fiscal 2024 results: revenue approximately $250 million to $270 million. Guidance initiated.
- Period
- fiscal 2024
- Revenue
- approximately $250 million to $270 million
- Guidance
- initiated
- Result
- guidance update
Exact text from the filing
VWE preliminary expectations for fiscal 2024 based on execution of the restructuring and Five-Point Plan are as follows: Revenue: Approximately $250 million to $270 million
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.95
Vintage Wine Estates, Inc. reported fiscal year ended June 30, 2023 results: revenue approximately $290 million.
- Period
- fiscal year ended June 30, 2023
- Revenue
- approximately $290 million
- Result
- preliminary results
Exact text from the filing
Preliminary unaudited fiscal 2023 revenue is estimated to be $290 million with gross margin of approximately 30% to 32%
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Terry Wheatley resigned as President at Vintage Wine Estates, Inc..
- Action
- resigned
- Role
- President
Exact text from the filing
Ms. Wheatley voluntarily elected to resign from the Company, effective July 19, 2023.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Seth Kaufman was appointed as President and Chief Executive Officer at Vintage Wine Estates, Inc..
- Action
- appointed
- Role
- President and Chief Executive Officer
Exact text from the filing
the Board appointed Seth Kaufman, age 49, as the Company’s President and Chief Executive Officer, effective on or prior to October 30, 2023.
View on SEC.gov
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
Vintage Wine Estates, Inc. announced a restructuring with charges of $6 million to $7 million (approximately 25 roles, or 4% of the workforce).
- Type
- restructuring
- Charge
- $6 million to $7 million
- Headcount
- approximately 25 roles, or 4% of the workforce
Exact text from the filing
On July 20, 2023, as a result of recent changes in the Company's financial condition, the Company's executive officers, authorized by the Board of Directors (the "Board") to take such action, approved an organizational restructuring plan (the "Plan") to expand margin through simplification and improved execution, measurably reduce costs, improve cash management, monetize assets, reduce debt and grow revenue of its key brands. As part of the Plan, which was finalized on July 17, 2023, there is a reduction in force affecting approximately 25 roles, or 4% of the workforce, which is expected to increase the Company's annualized cost savings to approximately $6 million, including the impact of the actions taken in March 2023 as discussed in the Company's press release dated April 5, 2023.
View on SEC.gov
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