8-K
filed February 8, 2023, 6:59 PM ET
CIK 0001834045
earnings
confidence high
sentiment negative
materiality 0.85
Vintage Wine Estates, Inc.: auditor change — VWE restates Q1 FY23, preliminary Q2 rev ~$81M, withdraws guidance, CEO transitions
Vintage Wine Estates, Inc.
2023-Q2 EPS reported
-$2.20
revenue$155,222,000
- Q1 FY23 restatement: net income down $0.8M, EPS from $0.02 to $0.00; revenue +$0.7M, COGS +$2.9M.
- Preliminary Q2 FY23: revenue ~$81M, gross margin ~35%, SG&A ~$33M, adj. EBITDA ~$3.5M.
- Withdraws FY23 guidance due to business realignment; Q2 filing delayed to mid-March.
- CEO Pat Roney transitions to Executive Chairman; Director Jon Moramarco becomes Interim CEO.
- Business realignment targets ~$10M annual cost savings, asset sales to reduce debt.
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
determined that the Company’s previously issued financial statements as of and for the three months ended September 30, 2022 (the “Subject Period”) should no longer be relied upon and should be restated
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
Vintage Wine Estates, Inc. reported the quarterly period ended December 31, 2022 results: revenue approximately $81 million.
- Period
- the quarterly period ended December 31, 2022
- Revenue
- approximately $81 million
- Result
- preliminary results
Exact text from the filing
the Company provided certain preliminary unaudited/unreviewed financial results for the second quarter fiscal 2023, as follows: • Revenue is expected to be approximately $81 million as acquisitions offset declines related to a customer’s retail television programming schedule and slower consumer discretionary spending. • Gross margin is expected to be
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Jon Moramarco was appointed as Interim Chief Executive Officer at Vintage Wine Estates, Inc..
- Action
- appointed
- Role
- Interim Chief Executive Officer
Exact text from the filing
Also on February 7, 2023, the Board appointed Jon Moramarco, a member of the Board, as the Company’s Interim Chief Executive Officer.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Patrick Roney changed role as Executive Chairman at Vintage Wine Estates, Inc..
- Action
- transitioned
- Role
- Executive Chairman
Exact text from the filing
On February 7, 2023, the Company and Patrick Roney, founder of VWE, entered into a letter agreement (the “Letter Agreement”) whereby Mr. Roney voluntarily elected to transition from Chief Executive Officer of the Company to Executive Chairman of the Board, effective February 7, 2023.
View on SEC.gov
This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice.
See methodology for how this pipeline works.