Vintage Wine Estates, Inc.: auditor change — Vintage Wine Estates restates FY2023 quarterly results, lowers revenue view to ~$280M

Vintage Wine Estates, Inc.

Non-reliance on prior Q1-Q3 FY2023 financials; restatements due to accounting errors including $10.7M deferred gain and $4.7M revenue reversal.
Preliminary FY2023 revenue lowered to ~$280M (from ~$290M); gross margin ~30%.
Filing of FY2023 10-K delayed; seeking credit agreement amendment for covenant relief within two weeks.
Seth Kaufman to join as President & CEO on October 30, 2023.
FY2024 guidance reaffirmed: revenue $250-270M, gross margin 37-39%, SG&A $95-105M.

item 2.02 item 4.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Vintage Wine Estates, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: Cherry Bekaert LLP

Exact text from the filing

The Company’s management and the Audit Committee have discussed the matters disclosed in this Item 4.02 with the Company’s independent registered public accounting firm, Cherry Bekaert LLP. Due to the impact of the above matters on the Company’s ability to timely file its financial statements, the Company intends to file a Form 12b-25 (NT 10-K) to extend the filing date for the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2023.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Vintage Wine Estates, Inc. reported fiscal year ended June 30, 2023 results: revenue approximately $280 million.

Period: fiscal year ended June 30, 2023
Revenue: approximately $280 million
Result: preliminary results

Exact text from the filing

The Company’s preliminary unaudited financial results for fiscal 2023 are estimated to be as follows: Previous Expectations Current Expectations Preliminary unaudited revenue: Approximately $290 million Approximately $280 million Gross margin: 30% to 32% Approximately 30% SG&A: $118 million to $122 million Approximately $119 million Non-cash amortization expense $7 million to $7.5 million Approximately $7.3 million

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Source: SEC EDGAR

accession 0000950170-23-050175

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